What’s News In This Story?
–Lower East Coast (3418 NW 7th Ave, Miami) is a small storefront that features zines and has a hipster feel.
-It’s one of those independent places that Miami doesn’t seem to have enough of.
–Founded by longtime friends and coworkers Steven Sanz and Rees Escobar, Lower East Coast is starting to get some buzz in the Miami artsy scene.
–It also serves as a pop up venue for musicians that Lower East Coast Management represents, and others.
–The shop is one of the anchors to a bunch of recent activity in the Allapattah area.
The full story:
Lower East Coast is a small hipster shop that specializes in selling local zines, independent magazines and local apparel brands that are a bit obscure and weird.
It’s also something that co-founders Steven Sanz and Rees Escobar say that they have to do for Miami.
“We’ve been friends for a long time and we’ve been talking about doing something for Miami and this is what we landed on,” Sanz said in an interview with RISE NEWS.
The shop is an outgrowth of Lower East Coast Management, a local talent agency that manages the careers of artists like Denzel Curry and PSYCHIC MIRRORS.
Sanz and Escobar first met over 15 years ago and have similar interests.
They decided to launch a Lower East Coast storefront during last year’s Art Basel.
Since then, they have hosted a series of pop up events with artists they manage, and others.
They also sell street wear brands like the Miami based Stray Rats and their own original tees.
“Everything we do is small batch runs,” Sanz said. “What we do is very niche. When you work with the young art kids, the rarer it is, the cooler it is.”
The interior of the shop is an all-white industrial space with high ceilings. It also features wood bleachers were you can sit and read through the collection of rare zines.
Ultimately Sanz said that they are trying to create a sense of community in Miami with Lower East Coast.
“It’s inspired by places we visit in New York and London,” Sanz said. “We need more mom and pop shops here. It’s something we’re missing.”
***HOT TIP- You can also watch World Cup games and hang at the store. Lower East Coast is also partnering with Hialeah thrift and consignment store, Ropa Vieja, to sell a variety of select 90’s soccer kits and a custom, limited edition World Cup T-shirt.
**IF YOU GO: Open Wednesday through Sunday from 12 PM to 8 PM.
Lower East Coast (3418 NW 7th Ave, Miami, 33127)
——Here’s Something Completely Different: ——
RISE NEWS is South Florida’s digital news network. Follow us on Facebook to make sure you never miss a story!
Have a news tip about this topic or something completely different? Send it to firstname.lastname@example.org.
What Do You Think?
About the AuthorRich Robinson is the CEO and publisher of Rise News. He is also a journalist and a native of Miami. Robinson graduated from the University of Alabama and can be followed on Twitter @RichRobMiami.
You Might also like
By Nick Hickman
It is both exhilarating and intimidating; the fuel of the youth and the burden of the curmudgeon; the moment when overwhelming hysteria meets eager anticipation, uniting in triumphant beauty. Court storming.
Some have experienced the sensation but many more have watched the familiar scene unfold on the T.V. in front of them.
And thanks to Arizona head coach Sean Miller, we now have a reason to dispute and debate the prospect of court storming until, once more, we lose interest after a lack of action.
After his team’s 75-72 loss, Miller spoke out saying, “eventually what’s going to happen in the Pac-12 is this: An Arizona player is going to punch a fan… out of self defense.” Miller continued on to voice a specific frustration over a lack of concern for player safety.
And the hard truth is that he’s not wrong. The decent of hundreds of college students down onto the same floor as the visiting players is nothing but an unruly, chaotic mess, and has long been a nightmare for coaches. As a fan, you want nothing else. It is the unspoken marketing pitch for every big game; if we beat the unbeatable, we storm the court and we go berserk.
However, more than that is another hard reality; court storming is near impossible to stop. The S.E.C. is the only conference with a formal penalty in place, an incremental fine that extends up to $250,000.
While it has reduced the frequency of occurrences, it has far from stopped them. In the waning seconds of a 2014 South Carolina upset win over 17th-ranked Kentucky, the public address announcer warned Gamecock fans not to storm the court for risk of fine. The school ended up coughing up $25,000, something the students—most of which pay between $26,000 – $45,000 to attend—didn’t seem to mind.
What we can do, however, is be smart. In the face of a crisis we must not blink, but instead learn from our past blunders.
This is, perhaps, the kind of situation that would benefit from a sort of last resort, instructive list of principles. Allow me to digress.
Rule #1, always protect the players. Security for the players and coaches alike is no longer debatable. While coaches receive an escort, it must be customary for players to receive the same protection while leaving the court. It is far easier to protect twelve players than it is to prevent hundreds of students from storming the court. What’s more is that it allows security personnel to act with justified authority in the event that a student posse a threat to a visiting player.
After Kansas St.’s upset win over rival Kansas last season, campus police issued a student a disorderly conduct citation for forcefully bumping Kansas forward Jamari Taylor in the midst of a court storming celebration. The current policy states that it’s the responsibility of individual conferences and schools to provide appropriate security, which only leaves 351 different Division One schools each with their own protocols. There is no excuse, with several designated officers in charge of immediately securing the players the chances of a violent altercation decrease exponentially.
Rule #2, the game must be over. It is unrealistic to think that security ought to restrain students for 2-3 minuets following the game to give players enough time to escape the scene, not to mention, it essentially defeats the purpose behind court storming. But there is, however, a remaining responsibility that must be assumed by the students; do not storm if the game is not yet over.
In a 2009 matchup between Washington St. and Oregon, fans began storming the court after a late Washington St. basket… with .3 seconds still left on the clock. The team was issued a technical, allowing Oregon the opportunity to send the game to overtime where they eventually won. Waiting is hard, but what’s even harder is earning a loss for a team that you don’t even play for.
Rule #3, do not go over, under or through game staff and officials. It’s a pretty straightforward and encompassing rule. There are numerous reporters, analysts, cameramen and officials all surrounding the court. There are also numerous points of entrance to the court. Above all, there are hundreds of students all eager to share and take part in the celebration. The individuals who are being paid for their services at the game do not share the same feeling.
Rule #4, protect the players! I need not touch on the dynamics of college sports revenue and how it’s allocated, but the priority of player safety is unparalleled.
Even the prohibition of court storming, which would initiate outrage from fans, would likely have a greater financial impact than hiring a few extra security guards.
Rule #5, remember that you don’t want to fight a player. The evolving technology that we’ve all gotten used to can be deceiving, let me assure you, you do not want to engage in a fight with the 215lb, six-foot-eight forward that you’ve been mocking all night. Those are, already, not great odds and when you combine them with the raw emotion following a heartbreaking loss you are perfecting the ingredients for a recipe that you do not want to taste.
Rule #6, do not enter the court if you cannot also exit it. Yes, this is a necessary rule. In 2013, following their win over Duke, North Carolina St. forward C.J. Leslie assisted a student who had fallen from his wheelchair in the midst of storming the court. The student later admitted it was, the “dumbest thing” to do. If you are not readily able to fend for yourself amongst a heard of wild and crazed fanatics, please do not even attempt the exercise.
Rule #7, don’t forget that we’re all on the same team. Before the game it was a mass migration with everyone heading for the arena. During the game and as the camera pans over the student section a roar erupts in unison, a collective and exultant battle cry. It’s a sad tale when group members are hurt by their own, but it’s a story that has been told before.
In 1993, what became known as the “Camp Randall Crush” left 70 Wisconsin fans injured after storming the court in their team’s win over Michigan. It’s undoubtedly a moment to cherish and celebrate, but in doing so, you must also look out for the kid that sits three rows ahead of you in class.
Report on the Camp Randall Crush:
RULE #8, ALWAYS PROTECT THE PLAYERS!!
Rule #9, remember what you’re celebrating. Just like the Cup Noodles that sits ominously at the back of your pantry, court storming can get old real quickly. It is a rare gem that must be kept scarce in order to preserve its value. Storming the court in light of any circumstances beyond a notable win is a disservice to every basketball fan in the country.
In December of 2014, University of Alabama-Birmingham students stormed the court after a marginal twelve-point victory in order to protest the school’s cut of the football program. But fear not, it’s not too late to save the name of court storming for future generations.
Rule #10, don’t look stupid. This is your chance. Many schools never grace the highlight tapes of ESPN, but you can guarantee that a court-storming win will earn you a spot. Don’t blow it. You don’t want to be the person that hurdles sideline reporters and falls on their face on national T.V. You don’t want to run on the floor with .3 seconds left and cost your team a win. You don’t want to be the headline, you want to save that for the big win.
Cover Photo Credit: John Smith/Flickr (CC by-SA 2.0).Post Views: 235
What Do You Think?
What’s News In This Story?
–Eileen Higgins has a good chance to win an open seat on the Miami-Dade County Commission Tuesday.
–Higgins is a Democrat. If she wins the election, then Democrats would have 7 of the 13 seats on the Commission.
-Despite being technically non-partisan, the race has become politicized by both the local Democratic and Republican parties.
-Bruno Barreiro represented the 5th district (which stretches from Miami Beach to Little Havana and includes much of Downtown Miami) for 20 years. He was forced to step down in order to run for Congress due to a new state “resign to run” law.
-Barreiro’s wife, Zoraida is running to succeed him in the seat. She was born in Cuba and helps run her family’s home healthcare business in Miami.
-Higgins was born in Ohio and raised in New Mexico. She also spent time in Latin America running Peace Corps operations and in Washington, D.C. where she worked for the State Department. She now runs a marketing company.
-A white woman (hence the “la gringa” nickname) probably wouldn’t have stood a chance in this district in recent decades. But Higgins has run a smart campaign that has motivated Democrats to get off the sidelines and commit resources to getting her elected.
-Higgins also speaks close to fluent Spanish, which has helped her while campaigning in the nearly 63% Hispanic district.
-If Higgins can win, experts think that Democrats will copy her campaign and make other local races like the upcoming 2020 Mayor race a partisan affair.
***”Why Does Any Of This Matter?”***: Because local elections in Miami have historically been non-partisan and that is about to change, probably to the benefit of Democrats.
——Here’s Something Completely Different: ——
RISE NEWS is South Florida’s digital news network. Follow us on Facebook to make sure you never miss a story!
Have a news tip about this topic or something completely different? Send it to email@example.com.Post Views: 770
What Do You Think?
Nearly a decade of economic stagnation has fostered an environment of distrust and anger around some of our most important institutions, and this has lead us to Bernie Sanders and Donald Trump.
Both candidates pose as warriors for the underclass, promising that their policies and/or personality will break the vice grip of the “establishment” or the “1%” or the “upper class” or any other number of buzzwords thrown around at campaign rallies to generalize America’s wealthiest and most powerful citizens.
The way our politicians talk about the rich, it’s as if they’re a monolithic class of people.
The top one percent are not a homogenous group of monetary zealots hell bent on destroying civilization one Machiavellian step at a time; they’re a somewhat diverse group of white people (roughly 96%) whose jobs range from pediatricians, to athletes, to “managers” of everything you could possibly imagine.
The Chief Economic Adviser to global insurance giant Allianz, Mohamed El-Erian essentially wrote the thesis for this piece in his interview with Business Insider:
“Don’t underestimate the power of a simple framework to put into context a lot of the unusual and improbable things we see.”
Looking at the composition of Fortune 500 directors, we see a distorted example of the same issues surrounding race and gender that we have struggled with since the dawn of humanity.
When Bernie Sanders derides “the one percent,” he’s doing the truth in his message a disservice.
“The one percent” stretch across nearly every industry in America. Surely Senator Sanders does not believe that LeBron James is engaged in a cynical attempt to drive middle class workers’ wages down, but the generality of his rhetoric implies just that.
When trying to determine the central issues surrounding our economic malaise, simply saying “the rich are winning and we’re all losing” does not do the importance of the topic justice. In short, no shit.
We need to dive deep into the causes of our problems, instead of blanketing people and industries with cheap generalizations that barely scratch the surface, and then retreating to our corners.
All that said, there is one industry that stands out when searching for the genesis of our modern economic dysfunction: finance.
Ever since the crash of 2008, the world of investment’s public perception has taken a major blow, and it was not exactly in the best shape to begin with.
Matt Taibbi has popularized the term “Vampire Squid” as a nickname for Goldman Sachs in his reporting on financial malfeasance. Goldman Sachs has certainly done plenty to earn this derisive moniker, with one example being their complex plan to drive up the price of aluminum in order to further pad their wallets.
However, just because executives at some of our largest financial institutions have proven to be corrupt and inhumanly greedy, even at the expense of the people supposedly working for them, it does not mean that the entire industry is rotten.
My father worked as a stockbroker for 35 years, and I can promise you that a lot of the complexity coming out of the executive offices of Wall Street is nothing like what your average broker does while trying to create wealth for their clients.
Nearly one million people work in financial services in America, and the majority of them are trying to do right by their customers and play by the rules.
Many of the problems with finance don’t stem from some nefarious, evil plot to enslave mankind in some sort of New World Order (like Alex Jones’ four million monthly unique subscribers to Infowars might assert), but from what precipitates the fall of all great empires: a toxic combination of secrecy and ego.
The world of “shadow banking” has been blamed for much of our economic corruption, as it is an easy target due to its complex nature.
Tucker Hart Adams is one of the few people who foresaw the economic crash of 2008.
Her travels have taken her everywhere from leading classrooms in Russia to the heads of boards in both the private and public sector.
“We’ve just outsmarted ourselves,” Adams said in an interview with RISE NEWS. “Shadow banking isn’t some sinister thing, it’s simply something that we don’t know that much about.”
It’s similar to how scientists call dark matter “dark” because we know it’s there, and we can measure its impact on us, but we can’t even begin to rationally explain its inner mechanisms; the same can be said of shadow banking.
In fact, “shadow banking” has been around for ages.
Izabella Kaminska asserted in the Financial Times that Pompey’s offensive against the Cilician pirates in 67 BC is similar to today’s battle against offshore banking and off-balance sheet accounting.
The problem with determining if she is correct is that no matter how far and wide you search, there is no universally agreed upon definition of “shadow banking.” Kaminska goes on to write in the FT:
“The nearest thing to a formal definition comes from Perry Mehrling, professor of economics at Barnard College in New York City, who suggests that anything involving money market funding of capital market lending qualifies as shadow banking. For others, it’s simply lending done by any unlicensed institution, or non-bank, which doesn’t have access to ‘lender of last resort’ liquidity in a crisis.”
Even though the term conjures up images of the executive suites of Manhattan’s skyscrapers, there are many financial entities that would qualify as “shadow banking,” like Bitcoin.
So when we’re talking about “shadow banking” in the sense that most TV news discusses it, we’re really talking about the derivatives market, which is a real problem.
It was one of the prime causes of the 2008 crash, which stemmed from an effort to try to get ahead of the market, and the market nearly swallowed itself whole using financial instruments that Wall Street didn’t quite understand.
These complex swaps that basically amount to various forms of financial insurance have led to a situation where only the biggest banks have the capital and the expertise to play in this space. However, just because a bunch of wonks are on the case with a nuclear silo full of cash doesn’t mean that they will succeed in this post-2008 world, as it was revealed that five Wall St banks just failed living will tests.
Now, this doesn’t mean that derivatives were solely responsible for that result, but given the explosion of their popularity in the first part of the 21st century and its resulting impact on the economic crash, one would have to imagine that they played a role in these failures.
Four large commercial banks were responsible for 91% of the total banking industry notional amounts in the derivatives market in Q4 2015, which is a fairly tenuous situation.
Given the amount of this space that is controlled by so few entities, one misstep might cause a hiccup that could have drastic consequences for the rest of the economy.
Our government has a hand in all of this mess, as it creates the conditions for everyone to operate within. The derivatives market is in the shadows because the federal government has not found a suitable method to regulate these securities, yet will not ban them outright either. This ambivalent position sows the seeds of confusion for later crises.
The chart below further demonstrates the dramatic effect that certain government policies can have on the economy. Accounting for capital gains, which the government taxes at less than half of the tax rate for labor, the top 10% are taking a greater share of the income than they did during the Gilded Age.
The Panama Papers, which will dominate much of the news cycle over the coming months, will produce a veritable truckload of stories about companies dodging taxes (amongst many other potentially scandalous revelations once the 11 million documents get sorted through and litigated).
A report just stated that the 50 biggest US companies stash an estimated $1.3 trillion overseas. Ironically enough, the Financial Secrecy Index ranks the United States as the 3rd best place in the world to hide money.
Somehow, we manage to chase our own cash out of the country with one of the highest corporate tax rates in the world, yet we let much of it and others back in through faceless shell companies exempting millions (billions? trillions?) of dollars from taxation.
The statistic that most embodies the absurdity of US tax havens is that 64% of Fortune 500 companies are based in Delaware (I’m sure that it has nothing to do with their state tax code and everything to do with Joe Biden’s charm).
Andy Fastow, the former felon/CFO of Enron, is lending his expertise to help firms spot fraud, sometimes even pro bono. He gives lectures on how companies engage in tactics today similar to what he performed at Enron.
Because of the shitshow that is the US tax code, it’s more beneficial for Apple to station their global HQ in Ireland than in Cupertino.
“If Apple did not do this, your iPhone would cost $2,000,” Fastow told the Irish Times. “They run over $50 billion of earnings through this building [in Ireland].”
Once accounting for state taxes, the average corporate tax rate in the United States is 39.2% (unless you have an army of lawyers, accountants, and Congress on your payroll, then you pay much less). To compare, the global average is around 25%.
Tucker Adams provided RISE NEWS with a simple solution to keep tax money within our borders:
“You have all these companies going through all this to avoid taxes at 39%, you’ll collect more revenue if you bring the rate down to match everyone else.”
According to the Atlantic, only three OECD countries (Mexico, Turkey and Japan) bring in less tax revenue as a percentage of GDP than the United States.
Now, that’s not a list that you necessarily want to find yourself at the top of; tax policy should be focused on funneling as much money into the hands of consumers, because my spending is your income etcetera, etcetera, etcetera…but if your tax rate is high and the relative income you gain from it is low, something is fundamentally wrong.
Tax rates are not the only area where the government is fomenting big problems, central bank policies have contributed as well. Keeping interest rates near 0% for nearly a decade has been punishing savers, as Larry Fink, the CEO of Blackrock, one of the largest hedge funds in the world said in an annual letter to his shareholders:
“Not nearly enough attention has been paid to the toll these low rates — and now negative rates — are taking on the ability of investors to save and plan for the future. People need to invest more today to achieve their desired annual retirement income in the future. For example, a 35-year-old looking to generate $48,000 per year in retirement income beginning at age 65 would need to invest $178,000 today in a 5% interest rate environment. In a 2% interest rate environment, however, that individual would need to invest $563,000 (or 3.2 times as much) to achieve the same outcome in retirement.”
Interest rates are a double edged sword.
When they’re low, it encourages borrowing but discourages saving. If I take on $1,000 in debt at 1% interest, I’ll only owe $10 on my interest payment. I don’t know about you, but a $10 interest payment that I have to make sounds a lot more appealing than a $10 interest payment that I will receive.
The main reason for this dependence on the Fed to play the role of economic Batman comes from the fact that our political system is completely paralyzed, which lets markets know that any major tax reform is completely off the table.
People should be angry. The deck is stacked, the game is rigged, and the bad guys have already won before you even finished reading this sentence, yet no one seems to be doing anything about it.
However, just because all you hear on TV is gloom and doom does not mean that is all that’s occurring. Our most pressing issues are largely concentrated in rectifiable areas; there’s simply a lack of will to undertake the effort to correct them. Perhaps it’s an issue of culture, as we assume that the “smart guys” will eventually fix it.
Warren Buffett’s right hand man, Charlie Munger certainly thinks so, as he stated during Whitney Tilson’s annual meeting:
“Too much of the new wealth has gone to people who either own a casino or are playing in a casino. And I don’t think the exaltation of that group has been good for life generally, and I am to some extent a member of that group. Both Elizabeth Warren and Bernie Sanders are not two of my favorite people on earth, but they are absolutely right.”
Some investors like Bill Ackman are speculating that the next economic calamity will come from student debt, as they say it could resemble the housing crisis.
But Tucker Adams disagrees with this assessment, telling RISE NEWS:
“No I do not believe this is like 2005, 06, 07. The average student debt is about $28,000, and there isn’t the speculation around it like there was with housing, so it’s much more manageable.”
If there is a bubble that could be created by this student debt, it might be in apartments, as millennials have been reluctant up to this point to seriously invest in housing, but we would be the first American generation in history to buck this trend.
“These new apartments they’re building just outside the city and not near much public transportation, those are the ones I would worry about, but I think it would be very very sad if millennials decided not to buy houses,” Adams said. “They’re a solid investment.”
Whatever economic future we are entering, the general sentiment amongst experts seems to be that it is manageable, so long as we have the political will to do what is needed.
Given that Donald Trump is the overwhelming favorite to win the Republican nomination, political will to do real, challenging things seems to be off the table right now.
Things are bad, but they’re fixable.
There are simple steps we can take to tilt the scales back in favor of the many. One example is to find a better way to compensate federal regulators in the financial sector.
America is fighting off a recession with one arm, and we need the government to function properly and join the Fed in this fight. The fact of the matter is that our political and economic futures are intertwined. Without government creating the right conditions, economic growth stalls, and the levers of power are leveraged by the powerful to grab a larger slice for themselves while the rest of us struggle to grow the pie.
Our economic dysfunction is largely in response to a tax code devised to help a select few and waste resources for everyone else. Nearly everyone agrees that the current tax code is less valuable than a Nickelback cassette, but nothing is being done about it.
Why? It makes no sense. Americans have abandoned our responsibility to govern ourselves effectively, or even show up for an election every two years.
Congress’ approval rating hovers near 10%, yet we reelect our Congressmen at a 90% clip, effectively proving that Americans are political hypocrites. We despise our Congress, but don’t care enough to change it, thus creating the conditions for corruption to flourish.
Hopefully we will use this election as a moment to understand how our apathy has helped to create all of this misfortune. We demand that government be for the people, of the people, and by the people, but we don’t hold any of the people accountable.
Like every single one in recent memory, the main issue in this election is the economy. We want government to fix it for us, but in order for that to happen, Americans need to step up and fix our government first.
RISE NEWS is a grassroots journalism news organization that is working to change the way young people become informed and engaged in public affairs. You can write for us.
Cover Photo Credit: Kurtis Garbutt/ Flickr (CC By 2.0)Post Views: 389
What Do You Think?