Tom McGrath, former editor-in-chief of Philadelphia magazine, talks about his new book on the Yuppie movement, Reagan, and Jack Welch. They discuss media issues and Gen Z's potential. Topics include the broken media landscape, fixing it, and the generational shift. They also touch on nostalgia and media songs.
The rise of yuppies in the 1980s symbolized a cultural shift towards individualism and market-driven values.
Financial figures like Michael Milken revolutionized finance through innovations like junk bonds, impacting the economy's financialization.
Jack Welch's emphasis on shareholder returns and efficiency reshaped corporate strategies, prioritizing profits over social considerations.
Deep dives
The Rise of Yuppies and Their Cultural Impact
In the 1980s, the term 'yuppie' emerged to describe young urban professionals focused on success, material wealth, and career advancement. Originating from observations of a gentrifying Chicago and fueled by lifestyle books and media attention, yuppies symbolized a cultural trend. Their prominence in Reagan-era politics as a voting base reflected a shift towards individualism and market-driven values.
The Influence of Wall Street and Financial Innovations
Financial figures like Michael Milken reshaped the corporate landscape through innovations like junk bonds, aiming to democratize access to capital. While criticized for focusing solely on shareholder value, Milken's impact on finance and market dynamics was significant, contributing to the financialization of the economy.
Corporate Restructuring and Market Emphasis
Executives like Jack Welch epitomized a focus on shareholder returns and corporate efficiency, leading to downsizing and restructuring at companies like GE. Welch's strategies heightened the importance of stock performance over other social considerations, laying the foundation for the prioritization of profits over employee well-being.
Reaganomics and Societal Divides
The economic policies of Ronald Reagan, emphasizing deregulation and market forces, contributed to income inequality and the shift towards a shareholder-centric economy. Through rhetoric like 'welfare queens,' Reagan fostered a narrative pitting social classes against each other, influencing public perceptions and policy directions for decades to come.
Challenges Faced by Journalism in the Digital Age
The podcast delves into the challenges that modern journalism faces, particularly in the digital age. The speaker, drawing from his experience in the media industry, discusses how the traditional business models supporting journalism have been disrupted by digital platforms like Google and Facebook. This disruption has led to a decline in resources available for quality journalism, affecting both local and national news coverage. Additionally, the speaker highlights the increasing polarization in media, with partisan divides becoming more pronounced, impacting the trust in journalism and the coverage of important stories.
Navigating Media Coverage in Current Political Environment
The podcast explores the complexities of media coverage amidst the polarized political landscape, focusing on the coverage of political figures like Donald Trump. The speaker reflects on the challenges journalists face in reporting on contentious issues while maintaining objectivity and credibility. Discussions revolve around the balance between holding politicians accountable for misinformation and avoiding repetitive narratives that may lead to audience fatigue. The conversation also touches on the role of newer generations, like Gen Z, in shaping future media trends and potentially addressing the current challenges in journalism.
Tom McGrath was the editor-in-chief of Philadelphia magazine, as well as chief content officer of Metro Corp., the parent company of Philadelphia and Boston between 2010 and 2020. Under his leadership, the magazines won more than fifty awards for editorial excellence. In 2022, he was named Writer of the Year at the National City and Regional Magazine Awards. He’s written two previous books: “MTV: The Making of a Revolutio,” and, with John Basedow, “Fitness Made Simple.” He has a Substack, called Common Good. His new book is “Triumph of the Yuppies: America, the Eighties, and the Creation of an Unequal Nation.”
Greg Olear talks to Tom about his new book, the Yuppie movement and what it portended to the country, Ronald Reagan and Jack Welch, and nostalgia. In the second half, they talk about how the media is broken, how it might be fixed, and how Gen Z could be just the folks to do so. Plus: media songs!
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