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Daniel Barkowitz

Nov 21, 2008

Red Lines, Death Vows, Foreclosures, Risk Structures

Posted in: Visit, Life & Culture

I must not get out of my office enough...

Today at lunch I ran from my office:

to the ATM in Lobby 10 to get some cash:

Before grabbing my lunch, I stumbled across Compton Gallery:

where I find a phenomenal exhibit entitled:

The exhibit highlights the whole mortgage mess, starting really from the 1920s to today.

The exhibit is produced by Damon Rich and the Center for Urban Pedagogy (CUP) and commissioned by the MIT Center for Advanced Visual Studies (CAVS):

The exhibit runs through December 21st and is open from 10:00 - 5:00 every day. If you are in town, you really need to go see it. I won't spoil the exhibit by revealing all of its secrets, but two pieces that particularly caught my attention include:

1) The Flow of Funds - a room divider cut into the shape of the prime rate from 1929 to 2008:


Exhibition view. Photo: Judith M. Daniels/Courtesy of the MIT Museum.

2) In the mind of real estate - a plywood bust of Frederick Babcock who was a pioneer in the theory of real estate appraisal and one of the first people to codify credit underwriting standards for homes:


Exhibition view. Photo: Judith M. Daniels/Courtesy of the MIT Museum.

There was also some very cool interactive content including some videos, an "S & L Railroad" model train set, a computer with searchable data from the HMDAR (Home Mortgage Disclosure Act) and other pieces.

Have you seen the exhibit? What were your thoughts?

To me, this is one of the greatest things about MIT. No matter what corner you turn here, you always find something fascinatingly relevant to your daily life. What corner at MIT have you turned recently, and what have you found there?

Comments (Closed after 30 days to reduce spam)

First! It's great that MIT is so connected with the current economic crisis. I like the idea of putting up an exhibit to give the public an idea of what's going on in a historical context.

Posted by: Dupre on November 21, 2008

Nice neon gif!

Posted by: Snively on November 21, 2008

Looks like there is always something to see at MIT.
I hope there is enough time to go to exhibits.

What are some other exhibits you went to that you thought were cool?

Posted by: Ivan on November 21, 2008

I also particularly liked the exhibit from the Terrascope students who went to the Galapagos.

Posted by: Daniel Barkowitz on November 21, 2008

Speaking of foreclosures, financial meltdowns, the Great Depression, etc., is MIT going to raise tuition next year? Our family falls into the category of needing a federal tax cut (according to President-elect Obama), yet our income is above the cutoff to receive any sort of financial aid from MIT. Like everyone else in America, we've seen our savings, college-fund account, and retirement funds lose half their value. We pay full-freight tuition. I know the Institute has provided assurance to families receiving financial aid that their financial assistance will not change. What about those of us who do not qualify for any sort of assistance? Would it be possible to know the projected tuition for next year? It would be nice to know whether we should start counseling our MIT-sophomore daughter to start thinking of transferring to U.C. Berkeley. Thanks for considering the question.

Posted by: MIT Parent '11 on November 21, 2008

As a matter of fact Danny I just need to know the consequences of the financial crisis on international students.will it adversely affect their chances of admission if they applied for aid or does MIT have a way to help such students without harsh changes in financial policies?

Posted by: Stranger on November 22, 2008

Mr.Barkowitz, my Dad works for the merchant navy. I'm an international student. In the last year, due to certain circumstances, my Dad did not go out to sea. In the financial aid form, do I attach the last salary amount or do I just put down "NIL" for earnings. That might make things look really bad, but actually it isn't. It's not like he is out of work, as a ship-master, he works on-and-off, and he just stayed home for 2008 due to various reasons.

As a person who earns money outside the nation, the laws of my country(India) exempts people like my Dad from paying income tax. Plus, my Dad's annual salary is reported( per sailing period) in US dollars. So, is there any additional material I might need to send?

I emailed the MIT office with this, but no answer.Do you have any advice you could give?

Posted by: Monorina on November 22, 2008

MIT Parent '11, I don't have the answer yet on how much tuition will change for next year although it is important to note that for many years MIT has exapnded its financial aid faster than its tuition (look at the Baucus and Grassley report for more details). From that report you can see, for instance, that while our average tuition and fees have had an annual growth rate of 4.2% over the last 10 years, our committment to our undergraduates in the form of MIT scholarships has had an average annual increase of 9.2% during the same period of time (more than double the tuition increase).

I would also strongly urge you to apply for financial aid again this year, especially if your asset and income situation has changed. We will examine each financial aid applcation carefully and attempt to work with you to find an affordable solution.

Stranger, I have answered this before, but let me try to be as clear as possible. The economic crisis will have NO effect on our process of admitting (or aiding) international undergraduate students. We still are need-blind for admissions and full-need / need-based for financial aid.

Monorina, send whatever documentation you have that can clarify what his actual earnings were for 2008. This could be a letter from his employer(s), copies of pay tickets, copies of bank records indicating the deposits, etc. While we understand that the income may not appear on the Saral declaration, you can attach a copy of whatever documentation you can provide.

Posted by: Daniel Barkowitz on November 22, 2008

Being an international student from India, I certainly would like to know if you require any documentation along with the financial aid forms. As of now, I am only aware that parents' tax returns need to be attached.

Posted by: Karthik on November 23, 2008

Thank you very much Danny.I appreciate your taking the time to answer my question immediately.I am quite relieved now.

Posted by: Stranger on November 23, 2008

To MIT '11 Parent: I am another MIT '11 parent who is in the same boat as you. We qualify for no aid whatsoever, but we would also qualify for no tax increase under President Obama. When I pay the Jan. 2009 tuition bill in a few weeks, I will have sent about $100,000 of our hard earned after tax savings to MIT, and we are only half way there! Essentially our savings will be wiped out by the time we are done, and we have a 12 year old daughter who will start college 2 years after that. I truly believe that families in our situation who qualify for no aid will be left broke. It is a painful price to pay for our kid's education, but I keep telling myself that this is what money is for. The good news is that my son is having an amazing experience at MIT. If he weren't, I think I would go out and shoot myself!!

Posted by: Another MIT '11 Parent on November 23, 2008

actually i just saw that exhibit yesterday, i think. the wooden bust was really cool

Posted by: Hafsa on November 25, 2008

Thank you so much.I'll send bank receipts.

Posted by: Monorina on November 28, 2008

After reading about all articles on art events in MIT, I realize that MIT is distictive among other TECH schools like CalTech & it is my top choice(visual art is my major interest outside school!).
Hope that I will see all these art events at MIT myself next year!

Thank you a lot for the article.

(hopefully)MIT 2013'

Posted by: Sylvia the MIT fan on December 14, 2008

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