Zack Snyder Hopes to Film Ayn Rand’s The Fountainhead

After exiting the DC Comics cinematic universe, director Zack Snyder this week repeated something he’s been saying for many years: He wants to adapt Ayn Rand’s The Fountainhead, the 1943 novel that, while more about art and the media than politics per se, marked Rand as an effective public voice for individualism.

The only new news here is that Snyder told someone on the social media site Vero that this will be his next project. Rand fans should see this as tentative in the extreme, vaporware until proven otherwise. Why, the movie’s IMDB page doesn’t even mark it as being in pre-production yet, merely “announced.”

In short, Snyder’s interest in filming The Fountainhead doesn’t mean he’ll find the funding, actors, script, and other ingredients necessary to actually get it to a cineplex near you.

All that said, Snyder would be an interesting director to take on Rand’s story of Howard Roark, an architect whose self-driven mind leads him to abandon conventional worldly success to practice architecture only under terms acceptable to him. This eventually leads him to—spoiler alert—blow up an (unoccupied) public housing project.

Snyder’s attitudes toward heroism, as expressed in his DC movies, have been attacked as contrary to what people love about Superman. He made Superman selfish, fans complained. He was slammed for presenting a Kent family that didn’t encourage Clark to publicly use his powers to help others even at risk to his own happiness or peace. He’s been accused of not wanting to present well-rounded human characters but just “contrivances designed to explore whatever idea seems to be on Zack Snyder’s mind,” and of having a “neoliberal” view that heroism is about individuals using their abilities as they wish.

Writing in Splice Today, Todd Seavey, very knowledgeable on the aesthetics of both Rand and superheroes, looks at Snyder’s film 300 through the eyes of a Russian emigre friend and sees the “freedom-fighting she’d come to this country to embrace combined with the superhuman propaganda-poster aesthetic she’d been born into, which is roughly immigrant Rand’s own story.”

Snyder’s views on heroism thus might be perfectly suited to properly present Rand’s Roark, whose heroism is expressed via the freely chosen expression of his own genius, ignoring or fighting against the pressures of the leading minds of his field, of the market, and of other people’s needs.

Roark is most definitely not a hero who sacrifices himself for others. That standard definition of heroism is in fact exactly what Roark fights. See how Roark defends himself against criminal charges for blowing up the unoccupied public housing project Cortlandt Homes:

It is said that I have destroyed the homes of the destitute…but for me the destitute could not have had this particular home….I came here to say that I do not recognize anyone’s right to one minute of my life. Nor to any part of my energy. Nor to any achievement of mine. No matter who makes the claim, how large their number or how great their need. I wished to come here and say that I am a man who does not exist for others….The world is perishing from an orgy of self-sacrificing….[T]he integrity of a man’s creative work is of greater importance than any charitable endeavor….I recognize no obligations toward men except one: to respect their freedom and to take no part in a slave society.

Does the jury buy it? Sorry, no more spoilers here.

Are those lines likely to appear in any possible Snyder-directed film of The Fountainhead? Seems unlikely. But Rand felt that important ideas and a proper sense of life could (at least in theory) be inculcated through art without such explicit political or philosophical messaging.

Rand deliberately wrote the novel as a volley in a war against New Deal–era centralism and statism, marveling at the time that “I performed a miracle in getting a book like this published in these times when the whole publishing world is trembling before Washington….[I]f it’s allowed to be killed by the Reds—our good industrialists had better not expect anyone else to stick his neck out in order to try to save them from getting their throat cut.”

Still, Rand first loved America less for the Declaration of Independence than for Cecil B. DeMille. To the extent that the 21st century lives up to Rand’s sense of human glory, it will be less because of politicians than creators—as I once wrote, “the men and women who will develop new computer technologies; new sources of energy; new methods of bringing the physical world, from steel to our very genes, under our control; and the physical and market techniques to take us off the planet’s surface. It is for those sorts of people—the businessmen and technologists who make life richer and more option filled for everyone—that Ayn Rand is patron saint and inspiration.”

That she should have her vision play out in big-budget Hollywood cinema, whether the results please all her fans or not, is only appropriate.

I deeply regret that Philip Seymour Hoffman didn’t live to get a chance to play the novel’s social and artistic critic-villain Ellsworth Toohey, perhaps as the editor of a Brooklyn-based political-literary journal and website. But maybe Snyder will give us a dramatic slow-motion sequence of Cortlandt Homes blowing up when Roark decides his rights as a creator in designing the public housing project have been violated.

In other possibly-on-the-horizon Rand film news, a TV miniseries based on her book Atlas Shrugged remains a possibility. I reported in real time on the Atlas Shrugged feature film trilogy version that came out earlier this decade: parts one, two, and three.

The trailer for the 1949 Fountainhead film, featuring a screenplay by Rand (though an edit she did not approve of) and Gary Cooper as Roark:

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Welcome To Debt Serfdom: ‘Real World’ Costs Triple Since 2001

Authored by Charles Hugh Smith via OfTwoMinds blog,

Welcome to debt-serfdom, the only possible output of the soaring cost of living.

Long-time readers may recall the Burrito Index, my real-world measure of inflation. The Burrito Index: Consumer Prices Have Soared 160% Since 2001 (August 1, 2016). The Burrito Index tracks the cost of a regular burrito since 2001. Since we keep detailed records of expenses (a necessity if you’re a self-employed free-lance writer), I can track the cost of a regular burrito at our favorite taco truck with great accuracy: the cost of a regular burrito has gone up from $2.50 in 2001 to $5 in 2010 to $6.50 in 2016.

It’s time for an update: the cost of a regular burrito has now reached $7.50, triple the 2001 cost. That’s a 200% increase in 17 years. According to the federal government, inflation since 2001 has risen about 40%: what $1 bought in 2001 now costs $1.43, according to the BLS Inflation calculator.

The Burrito Index is five times the official inflation rate. As I noted in The Disaster of Inflation–For the Bottom 95% (October 28, 2016) and Inflation Isn’t Evenly Distributed: The Protected Are Fine, the Unprotected Are Impoverished Debt-Serfs (May 25, 2017), the gross under-reporting of inflation (i.e. the loss of purchasing power of “money” and labor) is only part of the distortion: some of the populace is protected by subsidies from the real ravages of inflation, while those exposed to the unsubsidized real-world costs are being savaged by supposedly benign inflation.

Lest you reckon only burritos have tripled in cost since 2001–have you checked out college tuition or rents lately? Consider a typical public university:

University of California at Davis:

2004 in-state tuition $5,684

2018 in state tuition $14,463

So tuition at a state university soared 2.5 times while official inflation rose by a mere 35% since 2004. If UCD tuition had only risen by 35%, it would total $7,673, not $14,463. The cost above and beyond what we would expect had tuition tracked official inflation adds up to $27,000 per four-year bachelor’s degree per student. Now multiply that by millions of college students, and you get a sense of the enormity of the gulf between real-world inflation and the official inflation rate of 2.5% annually.

In regions with hot job markets, rents have doubled since 2001. As for the unsubsidized costs of healthcare insurance: many of those paying the unsubsidized costs would be happy if their premiums had only doubled since 2001:

Why Your Health Insurer Doesn’t Care About Your Big Bills (via Maoxian)

But the cost of health care is a growing burden for MCS and its 170 employees. A decade ago, Master said, an MCS family policy cost $1,000 a month with no deductible. Now it’s more than $2,000 a month with a $6,000 deductible. MCS covers 75 percent of the premium and the entire deductible. Those rising costs eat into every employee’s take-home pay.

And here’s how the bottom 95% of American households pay for soaring tuition/fees: with borrowed money:

Welcome to debt-serfdom, the only possible output of the soaring cost of living for the unprotected who are ruled by a hubris-soaked, Protected Elite. Our job is to shoulder the higher prices by taking on more debt–debt which is immensely profitable for the Protected Elite.

Here’s what you’re supposed to swallow: big-ticket expenses such as rent, healthcare and higher education cost tens of thousands of dollars more, but TVs cost a few bucks less, and as a result, official inflation is 2.1% annually.

As long as we accept this travesty of a mockery of a sham, we deserve what we get.

*  *  *

My new book Money and Work Unchained is $9.95 for the Kindle ebook and $20 for the print edition. Read the first section for free in PDF format. If you found value in this content, please join me in seeking solutions by becoming a $1/month patron of my work via patreon.com.

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Stocks, Bond Yields Tumble As EU Threatens “Immediate Retaliation” To Trump Tariffs

Confirming expectations, Wilbur Ross announced the steel, aluminum tariffs expemptions were lifted on EU, Mexico, and Canada. This prompted angry responses from the head of the EU bloc’s executive Jean-Claude Juncker who said that the European Union will impose counter measures immediately.

“This is a bad day for world trade,” Juncker said in a speech in Brussels.

“So we will immediately introduce a settlement dispute with the WTO and will announce counter balancing measures in the coming hours.”

“It is totally unacceptable that a country is imposing unilateral measures when it comes to world trade.” 

US Stocks slumped on the news…

But, Wilbur Ross told CNBC shortly after the tariffs announcement that “we don’t know why the stock market is going down.”

And Treasury yields are sliding once again…

And the dollar is safe-haven bid…

As Italian bond yields are rising once again…

 

 

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Goodbye Rajoy: Basques To Vote Against Prime Minister, Assuring New Spanish Government

Mariano Rajoy became prime minister of Spain on December 20, 2011 and barring some miracle, his political career will end on June 1, 2018, because moments ago it appears that the required number of votes to ouster the premier in tomorrow’s vote of no-confidence was reached.

As we reported earlier, Socialist leader Pedro Sanchez who is spearheading the vote against the unpopular premier, already had the backing of the anti-establishment group Podemos, and Catalan separatists Esquerra Republicana and PdeCat. He only needed the support of Basque Nationalists to clinch it.

Moments ago the Basques officially sided with Sanchez, when the Basque Nationalists informed both Rajoy’s People’s Party and the Socialists that they’ve decided to vote against the prime minister, according to state broadcaster Television Espanola. With the Catalans of PdeCat also expected to support Sanchez, that would be enough to defeat Rajoy, as there are now 177 votes against Rajoy with 176 needed.

Being the decisive vote against Rajoy must be a welcome revenge for the various Basque and Catalan separatist groups following the unprecedented crackdown that Rajoy unleashed against the various parties last fall when in the aftermath of the Catalan referendum, Spain cracked down on all separatists in the region.

And while markets had been largely prepared for the possibility of Rajoy’s ouster, Bloomberg’s Paul Dobson points out some potential complications, noting the possibility for the socialists to try to govern without a new election, or that they could find a way to form a government after a new election (with Catalan separatists and Basque nationalists). According to Dobson that would be bad for bonds (and stocks) because:

  • The socialists governing with a minority and the current parliamentary line-up would be very unstable and struggle to get anything done, adding to uncertainty.
  • They may also take a conciliatory approach to the Catalans, raising the prospect of releasing separatists from jail and putting the issue of independence in Catalonia back on the agenda — that’s the biggest risk scenario, as our local expert Ben Sills puts it.
  • The Socialists also want to tax the banks more heavily, another market negative.

In other words, while Italy remains the top risk for euro-area markets, “and the longer-term view with Ciudadanos gaining traction may still be more favorable, it may pay to be alert to the Spanish risks.”

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Housing Rebound Dies: Higher Rates Spark New, Existing, & Pending Home Sales Slump

After disappointment in new- and existing-home-sales, pending home sales in April tumbled 1.3% MoM (missing expectations of a 0.4% gain – and well below the lowest analysts estimate).

Contract signings to purchase previously owned U.S. homes unexpectedly declined in April, underscoring the housing market’s challenge centered around a persistent inventory shortage, according to data released Thursday from the National Association of Realtors in Washington.

Signings dropped in three of four regions, led by a 3.2 percent decline in the Midwest; fell 1 percent in the South and 0.4 percent in the West, while sales agreements were unchanged in the Northeast. Pending home sales index for West was lowest since June 2014.

A limited number of for-sale properties is keeping prices elevated at a time when mortgage rates have climbed to an almost seven-year high.

“The unfortunate reality for many home shoppers is that reaching the market will remain challenging if supply stays at these dire levels,” Lawrence Yun, NAR’s chief economist, said in a statement.

At the same time, “demand for buying a home is very robust,” Yun said. “Listings are typically going under contract in under a month, and instances of multiple offers are increasingly common and pushing prices higher.”

As a reminder, economists consider pending sales a leading indicator because they track contract signings. Purchases of existing homes are tabulated when a deal closes, typically a month or two later

And housing does not look like it’s going to get a bounce anytime soon…

 

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Why Does Maryland Hate Airbnb?: New at Reason

When Marriott International Inc. was considering relocating its global headquarters from Baltimore to Northern Virginia in 1999, Maryland handed over $44 million in grants to keep the hotel chain in the state.

In 2016, after Marriott again made noises about moving out of Maryland, Gov. Larry Hogan, state lawmakers, and local officials coughed up another $62 million in taxpayer subsidies to support the construction of new headquarters in the affluent D.C. suburb of Bethesda.

But even that wasn’t good enough. After padding the bottom line of the world’s largest hotel chain, Maryland lawmakers are now trying to protect it from competition from home-sharing options like Airbnb and HomeAway, writes Reason‘s Eric Boehm.

View this article.

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Chicago PMI Survey Rebounds Despite Slump In ‘Hard’ Data

After tumbling through March and stabilizing in April, Chicago PMI rebounded in May printing a better-than-expected 62.7, despite the ongoing slump in ‘hard’ actual economic data.

May’s PMI print was above the highest analyst forecast (forecast range 56.6 – 62 from 30 economists surveyed)

 

Under the hood, everything is awesome:

  • Prices paid rose at a slower pace, signaling expansion

  • New orders rose at a faster pace, signaling expansion

  • Employment rose at a faster pace, signaling expansion

  • Inventories rose at a faster pace, signaling expansion

  • Supplier deliveries rose at a faster pace, signaling expansion

  • Production rose at a faster pace, signaling expansion

  • Order backlogs rose and the direction reversed, signaling expansion

  • Business activity has been positive for 12 months over the past year.

  • Number of components rising vs last month: 6

 

 

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Trump Imposes Steel, Aluminum Tariffs On EU, Canada And Mexico

As widely leaked over the past few days and as confirmed earlier this morning, moments ago Commerce Secretary confirmed that the Trump administration is imposing steel and aluminum tariffs on the EU, Canada and Mexico, with the tariff set to begin at midnight tonight to help protect America’s manufacturing base:

  • U.S. COMMERCE SECRETARY ROSS SAYS EUROPEAN UNION, CANADA AND MEXICO WILL FACE STEEL AND ALUMINUM TARIFFS BEGINNING AT MIDNIGHT TONIGHT
  • TRUMP TO IMPOSE STEEL, ALUMINUM TARIFFS ON CANADA, MEXICO, EU
  • ROSS SAYS EU, CANADA, MEXICO WILL PAY 25 PCT STEEL TARIFF AND 10 PCT ALUMINUM TARIFF: RTRS

Canada, Mexico and Europe were exempted from import duties of 25% on steel and 10 per cent on aluminum when they were first imposed in March, but those exemptions will expire at midnight.

Ross told a conference call with media this morning that he is looking forward to continuing negotiations. But in the case of Canada and Mexico, he said the decision was based on making progress in the ongoing North American Free Trade Agreement talks, and there is no resolution in sight. “The talks are taking longer than we had hoped.”

Ross also said he’s looking forward to “continued negotiations” with Canada, Mexico and EU “because there are other issues” that need to be resolved. There’s potential “flexibility” in the future because the president has the power to increase or cut tariffs, remove them, or enact quotas, he said.

President Donald Trump has justified the metals duties by invoking a national security provision under Section 232 of a 1960s trade law.

US Steelmakers were delighted with the news, as Alcoa, the largest U.S. aluminum producer, rose over 2% to $49.60 while Nucor, the biggest US steelmaker, also rose more than 2% percent to $65.50 a share.

Meanwhile, as noted earlier, both the CAD and MXN continued selling off on the news, with the  Loonie erasing yesterday’s BOC hawkish language-driven gains…

… while the Peso slumped to one-week lows…

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Bye-Bye Benz – Trump Reportedly Planning Ban On Luxury German Autos

Having cornered his European allies over the Iran sanctions, and tightened his grip on the EU economy over metals tariffs, an exclusive report by German magazine WirtschaftsWoche claims that President Trump is taking direct aim at Merkel and is preparing to impose a total ban on German luxury carmakers from the U.S. market.

Citing several unnamed U.S. and European diplomats, the weekly business magazine reported that Trump told French President Emmanuel Macronlast month he would maintain his trade policy with the aim of stopping Mercedes-Benz models from driving down Fifth Avenue in New York.

WiWo reports that Trump’s grudge against the German automaker – and especially against Mercedes models in New York – is not new

In January 2017, prior to his inauguration, he said in an interview, “When you walk down Fifth Avenue, everyone has a Mercedes-Benz in front of their house.” But that’s not reciprocity. “How many Chevrolets do you see in Germany? Not too many, maybe none at all, you do not see anything over there, it’s a one-way street,” said the real estate billionaire. 

Although he is for free trade, but not at any price: “I love free trade, but it must be a smart trade, so I call him fair.”

The report comes less than two weeks after the U.S. Department of Commerce launched an investigation into automobile imports to determine whether they “threaten to impair the national security” of the U.S. That could lead to tariffs of up to 25 percent on the same “national security” grounds used to impose metal imports charges in March.

WiWo also points out that an import duty of 25 percent would also have a significant economic impact – the Ifo Institute comes in own calculations alone in the German carmakers at the cost of about five billion euros. That would depress German GDP by 0.16 percent.

“No country would fear higher absolute losses through such an inch than Germany,” says Gabriel Felbermayr, director of the Ifo Center for Foreign Trade.

Is it any wonder Der Spiegel did this?

As European Council President and former Prime Minister of Poland, Donald Tusk, raged:

” Looking at latest decisions of @realDonaldTrump someone could even think: with friends like that who needs enemies….

But frankly, EU should be grateful. Thanks to him we got rid of all illusions. We realise that if you need a helping hand, you will find one at the end of your arm.

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Liberals Freak Out As Kim Kardashian Visits White House to Talk Criminal Justice Reform: Reason Roundup

Hate, hypocrisy, and short memories on display after Kardashian meeting. For years, the push for federal criminal justice reform hasn’t meant much more than a series of high-profile summits and conferences at which the same tireless advocates and impotent politicians talk about the things they have no shot in hell (and often no real intention) of getting done. Enter Kim Kardashian. The reality TV star and fashion mogul sat down with President Donald Trump at the White House yesterday to chat about prison and sentencing reform.

No one I’ve encountered thinks Kardashian can usher in the serious, dramatic types of reform we need. But can she set something in motion? Perhaps. Regardless, and independent of any actual federal policy changes, Kardashian’s high-profile attention to our draconian criminal sentencing policies raises the issue leaps and bounds beyond its previous profile. I can’t imagine a way in which one of the most recognizable women in the world calling for criminal justice reforms—and visiting the president to talk about these things—could be bad for the cause.

But there is a certain (not small) segment of people who would rather dunk on Kardashian or Trump than appreciate any small glimmers of brightness in these murky political times. So a large amount of reaction to Kardashian going to Washington was centered on insulting her intelligence or implying that it is somehow uniquely alarming and dystopian for a Hollywood celebrity to bend a president’s ear.

CNN’s Chief White House Correspondent Jim Acosta had a small conniption fit on live television over the meeting:

Forget about the fact that Kim Kardashian is here at the White House today and what planet that is anything resembling normal because it’s not. She shouldn’t be here talking about prison reform. It’s very nice that she is here but that’s not a serious thing to have happen here at the White House.

But of course recent presidents have met with all sorts of celebrities, sometimes at the White House, to talk about various issues. Indeed, in 2016 Barack Obama hosted a cadre of pop stars including Nicki Minaj, Alicia Keys, and Ludacris at the White House to talk about criminal justice reform. (Acosta didn’t seem to have a problem with star-studded efforts back then.)

And the Obama administration’s Title IX expansion and campus sexual assault initiatives were rife with celebrity endorsers. A promotional trailer for the White House’s “It’s On Us” initiative even opens with: “It started with a celebrity spot to gain attention, which led to a pledge, that became a viral badge…” Vice President Joe Biden debuted the video (which features him and Obama along with Jon Hamm, Questlove, Connie Britton, Kerry Washington, Mayim Bialik, and other celebs) alongside Lady Gaga at the Academy Awards.

There’s nothing unique about Trump inviting Kardashian to the White House to talk about an issue, especially when it’s one that a part of his administration has been focused on lately and one where some small changes both are politically possible and could make a tangible positive difference in people’s lives.

And hey, Kardashian has proved herself capable of just about anything she decides she wants to accomplish. I’ve learned better than to expect much from any federal justice reform attempts, no matter how briefly high profile. But I do give Kardashian better odds than anyone in Washington or Hollywood who has previously attached themselves to the cause.

“Specifically, Kardashian [was at the White House] pushing for a presidential pardon for a 62-year-old woman convicted of nonviolent drug offenses,” C.J. Ciaramella noted here yesterday:

Kardashian also tweeted out the story of Matthew Charles. Charles was released from federal prison after serving 21 years behind bars for a crack cocaine offense, but two years after he started putting his life back together a federal appeals court ruled he had been set free in error. He has since been returned to prison.

FREE MINDS

American Civil Liberties Union loses lawsuit against D.C. transit system.

FREE MARKETS

Trump signs right-to-try bill. Terminally ill patients in the U.S. will now have access to unproven but potentially lifesaving treatments, thanks to a “right to try” bill that Trump signed on Wednesday. Under the new law, these patients are allowed to try medications and procedures not yet approved by the Food and Drug Administration.

“Thousands of terminally ill Americans will finally have hope, and the fighting chance, and I think it’s going to better than a chance, that they will be cured, they will be helped, and be able to be with their families for a long time, or maybe just for a longer time,” said Trump at yesterday’s White House bill signing ceremony.

Among the bill’s sponsors were Indiana Sen. Joe Donnelly, “a vulnerable Democrat up for reelection” this fall, reports Jesse Hellmann at The Hill. “Despite calling Donnelly a ‘really incredible swamp person’ earlier this month, Trump thanked the senator for his work on the bill.”

The only other Democrat co-sponsoring the bill was West Virginia Sen. Joe Manchin. “Most Democrats and public health groups oppose the bill,” writes Hellmann, “arguing that it could put patients in danger.”

QUICK HITS

Roseanne reboot reboot?

“It is telling that no mainstream figure anywhere on the political spectrum has come to Barr’s defense, while everyone from Bill O’Reilly to Tomi Lahren have condemned her,” writes Cathy Young at Forward.

If you see something, say something culture hits human-trafficking panic. Can you guess what happens next?

RIP The Americans.

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