TIME corruption

America’s Most Corrupt State Is Standing Up for Itself

LSU v Mississippi
Stacy Revere—Getty Images Detailed view of the exterior of Vaught-Hemingway Stadium on the Ole Miss campus.

Officials argue a recent report doesn’t take into account recent anti-corruption efforts

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This post is in partnership with Fortune, which offers the latest business and finance news. Read the article below originally published at Fortune.com.

The entire world must contend with corruption. It costs honest citizens thousands of dollars per year and saps trust in public and private institutions.

We’ve all experienced corruption on at least a small scale at some point in our lives, but actually measuring it is difficult. Recently, Fortune covered a study by two public policy researchers—Cheol Liu of the City University of Hong Kong and John L. Mikesell of Indiana University—who looked the rate at which public employees in each of the 50 U.S. states had been convicted on federal corruption charges from 1976 to 2008 to determine which state was the most corrupt in the union.

Their conclusion? Mississippi, The Hospitality State, has not been all that hospitable to its citizens over the past 30-plus years, according to the study. The state had the highest ratio of public workers who were censured for misuse of public funds and other charges.

The researchers looked at the hard numbers—federal convictions—to control for differences in spending on law enforcement and the rigor of state corruption laws.

While these numbers don’t lie, Mississippi officials were none too pleased to top this list. As the state’s top corruption fighter, Mississippi State Auditor Stacey Pickering argued in an interview with Fortune that the study relied on old data and didn’t take into account the state’s anti-corruption efforts.

“This is dated material that goes back to 1976 until 2008, the year I was sworn into office,” said Pickering.

For the rest of the story, please visit Fortune.com.

TIME housing

4 Charts That Will Totally Ruin Your Saturday

Housing development under construction on farmland, aerial view.
Ryan McVay—Getty Images Housing development under construction on farmland, aerial view.

If you’re waiting to sell your house because you think prices will continue to rise, don’t

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This post is in partnership with Fortune, which offers the latest business and finance news. Read the article below originally published atFortune.com.

The housing recovery that began in 2012 came on almost as quickly and forcefully as the real estate crash that preceded it.

The combination of low interest rates, investor interest, and good, old-fashioned confidence conspired to cause a rapid and vigorous turnaround in home prices after years of tumbling or stagnant home values. But a number of key metrics suggest that the party is over, and any future home price appreciation will be slow and steady from here on out. Here are four charts showing why the housing recovery has ended:

1. Price-to-rent ratios are near their long-term average. Price-to-rent ratios are an important housing indicator that can tell you whether the housing market is overvalued. During the housing bubble, this metric skyrocketed, as speculative fever led people to believe that housing prices would always rise. But the fact that rent rates didn’t rise with purchase prices should have been a warning that the underlying demand for shelter hadn’t increased as much as the demand for owning property as an asset. As you can see, price-to-rent ratios have snuck up above their historical averages, meaning that home values are already a little pricey relative to rents in many markets.

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2. Homeownership rates are also near their long-term average.In the decades leading up to the housing bubble, politicians pushed policies that would increase the homeownership rate. The theory was that homeownership gave people a vested interest in the economy and in their neighborhoods, and that would lead to greater prosperity. But giving out credit to those who didn’t have the wherewithal to afford a home was one factor that led to the failure of the subprime mortgage market. It’s likely, now that policy makers are more aware of the dangers of pushing homeownership, that those rates will remain in the 64% or 65% historical average.

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For the rest of the story, go to Fortune.com.

TIME Out There

Happy 70th Birthday, Jerry Garcia

Legendary Grateful Dead frontman Jerry Garcia would have turned 70 on August 1. LightBox celebrates his legacy with a collection of photographs taken by the prolific rock 'n' roll photographer Jim Marshall.


On what would have been Jerry Garcia’s 70th birthday, LightBox presents a collection of images of the iconic Grateful Dead frontman taken by legendary music photographer Jim Marshall.

Any counterculture worth its salt will eventually succeed in having its values coopted by the broader culture. This, of course, can lead to such ironic outcomes as The Grateful Dead–the once underground ambassadors of indolence, free love and heavy drugs–becoming the best selling concert act in all of America, beloved by long-haired liberals and buttoned-down Reaganites alike.

Jim Marshall

And Jerry Garcia, the lead guitarist, singer and spiritual glue of America’s Greatest Touring Band, contained a few contradictions of his own. For instance, he was one of rock music’s most revered guitarists –named by Rolling Stone as the 13th greatest of all time–but was missing a finger in his right hand. He was a counterculture icon who profited handsomely from hawking ties and ice cream. And most tragically, he was an ardent advocate of mind-expanding drugs, but spent much of his life hobbled by addictions to cocaine and heroin.

Garcia, who would have turned 70 on Aug. 1, cut his teeth in the small San Francisco folk music scene of the early 1960s playing in a jug band with future Dead members Bob Weir and Ron “Pigpen” Mckernan. But Garcia and his hometown of San Francisco were quickly shaken from their attachment to the staid aesthetics of folk music by the arrival of LSD. The drug inspired Garcia to give up his half-hearted attempt at raising a family and earning a steady paycheck. As he told Jan Wenner in 1972:

“It just changed everything you know, it was just – ah, first of all, for me personally, it freed me, you know, the effect was that it freed me because I suddenly realized that my little attempt at having a straight life and doing that was really a fiction and just wasn’t going to work out.”

From its humble beginnings as the house band for Ken Kesey’s famous “Acid Test” parties in the Bay Area in the mid-to-late sixties, the Grateful Dead went on to tour the world and build one of the most loyal and ardent fan bases in the history of rock and roll. It did so not on the strength of platinum records, but on it’s reputation for lively and improvisational live shows, which featured foremost the dulcet guitar work and silky voice of Jerry Garcia. Garcia didn’t posses the raw power of a Jimmy Page or the slick perfectionism of Eric Clapton–but he did have a remarkable feel for the instrument, as well as an unrivaled musical intuition. As Rolling Stone told it,

“Garcia could dazzle on slide (“Cosmic Charlie”) or pedal steel (“Dire Wolf”), but his natural home was playing lead onstage, exploring the frontier of psychedelic sound. The piercing lyricism of this tone was all the more remarkable for the fact that he was missing the third finger of his right hand — the result of a childhood accident while he and his brother Tiff were chopping wood.”

And though The Grateful Dead were never chart-toppers at their peak like Led Zeppelin or The Rolling Stones, their influence is just as palpable today as those bands. In an age where fewer and fewer artists can make an honest living by selling records alone, the live show has become the medium through which many artists make their most significant artistic statements. Acts like stadium-packing Phish owe a huge debt to The Grateful Dead’s improvisational style.

But beyond the music, much of The Grateful Dead’s popularity can be attributed to Jerry Garcia’s magnetic personality. The man’s shaggy beard and incandescent smile are not only a defining image of his own band, but for sixties music in general. And those who knew him best were in awe of his ability to enthrall. “Insofar as you were able, you were an exponent of a dream in the continual act of being defined into a reality,” wrote Garcia’s longtime lyricist, Robert Hunter on the anniversary of his death. “You had a massive personality and talent to present it to the world. That dream is the crux of the matter, and somehow concerns beauty, consciousness and community.”

Chris Matthews is a writer-reporter at TIME.com.

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