By 2006, S&P was making its own study of such loans' performance. It singled out 639,981 loans made in 2002 to see if its benign assumptions had held up. They hadn't. Loans with piggybacks were 43% more likely to default than other loans, S&P found. In April 2006, S&P said it would raise by July the amount of collateral underwriters must include in many new mortgage portfolios. For instance, S&P could require that mortgage pools have extra loans in them, since it now expected a larger number to go bad. Still, S&P didn't lower its ratings on existing securities, saying it had to further monitor the performance of loans backing them. It thus helped the market for these loans hold up through the end of 2006.

“It’s striking that for all the talk about polarization in the US, the Tea Party Movement and Occupy Wall Street are entirely non-violent. Overseas, no one expected the Arab Spring protests to be as nonviolent as they were,” Pinker wrote in an email. The threat of overwhelming reprisal from authorities may have brought some peace to seventeenth- and eighteenth-century England, but Pinker also pointed to research that, today, “nonviolent protest movements achieve their aims far more often than violent ones.” Still, the story of violence’s decline contains much violence, and America is no exception.

On the 1988 presidential election and the boys on the bus.

In 2009, Condé Nast allowed this story to appear in print but refused to publish it online or distribute it in Russia for fear of retribution. The story, which details the intrigue behind the Moscow apartment bombings that allowed Vladimir Putin’s rapid ascension to power, is reprinted on Longform courtesy of the author.

The downfall of a Goldman Sachs director:

"Now from, for the last three or four, I mean four or five years, I've given him a million bucks a year, right?" says Rajaratnam. "Yeah, yeah," says Gupta, who doesn't appear taken aback at all by Rajaratnam's next remark: "After taxes. Offshore. Cash."

In a speech that’s getting a bit of flak for recycling some of his past lines, the stage- and screenwriter says it’s okay to make mistakes along the way:

And make no mistake about it, you are dumb. You're a group of incredibly well-educated dumb people. I was there. We all were there. You're barely functional. There are some screw-ups headed your way. I wish I could tell you that there was a trick to avoiding the screw-ups, but the screw-ups, they're a-coming for ya. It's a combination of life being unpredictable, and you being super dumb.

“As we enter into a new age, maybe art will be free. Maybe the students are right. They should be able to download music and movies. I’m going to be shot for saying this. But who said art has to cost money?”

The Radiolab host on why young journalists should stop waiting for their turn and embrace the idea of horizontal loyalty:

Think about turning to people you already know, who are your friends, or friends of their friends and making something that makes sense to you together, that is as beautiful or as true as you can make it.

“Transforming into an Administrative Jekyll for a certain amount of time every day limits the amount of time my Creative Hyde can come up with content to market and sell. Luckily, amphetamines have that problem tackled as well: when you’re using them, you don’t have to sleep… at all.”

Joshua Williams was 18 when he was arrested in 2014 for stealing a bag of chips and lighting a QuikTrip trash can on fire in the aftermath of a protest sparked by the death of Antonio Martin near Ferguson, MO. He is still in prison.

Joan Didion versus the boys on the bus:

American reporters “like” covering a presidential campaign (it gets them out on the road, it has balloons, it has music, it is viewed as a big story, one that leads to the respect of one’s peers, to the Sunday shows, to lecture fees and often to Washington), which is one reason why there has developed among those who do it so arresting an enthusiasm for overlooking the contradictions inherent in reporting that which occurs only in order to be reported.

An uncertain future for the retailer.

"Sears was so powerful and so successful at one time that they could build the tallest building in the world that they did not need," says James Schrager, a professor of entrepreneurship and strategy at the University of Chicago's Booth School of Business. "The Sears Tower stands as a monument to how quickly fortunes can change in retailing, and as a very graphic example of what can go wrong if you don't 'watch the store' every minute of every day."

On cell phones and the decline of public space.

One of the great irritations of modern technology is that when some new development has made my life palpably worse and is continuing to find new and different ways to bedevil it, I'm still allowed to complain for only a year or two before the peddlers of coolness start telling me to get over it already Grampaw--this is just the way life is now.