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104-515: A "love letter to San Francisco," the festival is named for the city's western neighborhoods, which were known as The Outside Lands in the 1800s. The 80-acre festival grounds feature art installations and exhibits by local artists and San Francisco-centric areas devoted to cannabis, activism and sustainability. With stages named after San Francisco locations including the Panhandle , Lands End , Twin Peaks ,

208-418: A 150 percent salary increase. Deregulation also precipitated financial fraud - often tied to real estate investments - sometimes on a grand scale, such as the savings and loan crisis . By the end of the 1980s, many workers in the financial sector were being jailed for fraud, but many Americans were losing their life savings. Large investment banks began merging and developing financial conglomerates; this led to

312-499: A CNBC interview that by a "common sense definition", the U.S. economy was already in a recession. Buffett has also stated that the definition of recession is flawed and that it should be three consecutive quarters of GDP growth that is less than population growth. However, the U.S. only experienced two consecutive quarters of GDP growth less than population growth. Federal Reserve Chair Ben Bernanke testified in September 2010 regarding

416-553: A birthday cake for Del the Funky Homosapien , who joined him on stage. Susan Feniger cooked with Adam Duritz , and Action Bronson "spit bars" and talked about his cookbook, An Annotated Guide To Eating Well. In 2018, Bill Nye did "something having to do with science" with chef Matty Matheson , Shangela (of RuPaul's Drag Race ) joined chef Tiffani Faison for "Fish and Tea" and Naomi Pomeroy collaborated with Portugal. The Man . Katey Red stood in for Big Freedia at

520-506: A draw than those that performed in 2008, and in 2009 attendance dropped to 90,000. In 2010, to keep Outside Lands alive during the recession , the festival was shortened from three days to two and ticket prices were reduced. 'Food and Wine' was added to the festival's 'Music and Arts' tagline as its culinary emphasis became more prominent. 30 "rock star food and wine vendors" were announced in May, generating significant media attention. With 99% of

624-740: A historically low 0.25% from December 2008 until December 2015, when it began to raise them again. However, the Great Recession was different in kind from all the recessions since the Great Depression, as it also involved a banking crisis and the de-leveraging (debt reduction) of highly indebted households. Research indicates recovery from financial crises can be protracted, with lengthy periods of high unemployment and substandard economic growth. Economist Carmen Reinhart stated in August 2011: "Debt de-leveraging [reduction] takes about seven years ... And in

728-518: A large extent for the recession in the United States and the resultant vast unemployment. Factors include: "Members of the Right tried to blame the seeming market failures on government; in their mind the government effort to push people with low incomes into home ownership was the source of the problem. Widespread as this belief has become in conservative circles, virtually all serious attempts to evaluate

832-587: A negative COVID-19 test result conducted within 72 hours of entering the festival grounds. SOMA, a tent with continuous DJ sets, premiered in 2021; only fully vaccinated people were allowed inside the tent, and masks were required. In addition to Lizzo , Vampire Weekend , and the Strokes , J Balvin performed, becoming the first Latinx headliner at Outside Lands. "Taste of the Bay Area" featured 85 restaurants and more than 100 wines were offered at Wine Lands. Outside Lands

936-566: A portion of their claims for a public park in return for clear title to the remainder of their lands. The proposal won Supervisor McCoppin the Mayor’s office, and gained the approval of the state legislature. On April 4, 1870, the state legislature passed “An Act to provide for the improvement of Public Parks in the City of San Francisco” Soon after, the newly formed park commission advertised bonds to fund park improvements. Enough bonds were sold to finance

1040-539: A recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP. The Dow Jones Industrial Average lost 679 points that same day. On January 4, 2009, Nobel Memorial Prize –winning economist Paul Krugman wrote, "This looks an awful lot like the beginning of a second Great Depression." The Great Recession cost millions of jobs initially and high unemployment lingered for years after

1144-517: A solar-powered stage as well as a recycling center were unveiled. Gastro Magic, a series of live shows that brought high-profile chefs together with comics and musicians, debuted on a dedicated stage in McLaren Pass. Hundreds of forged Outside Lands tickets were seized by the San Francisco police in 2014. They had been sold outside the festival grounds for as much as $ 1000. In 2015, the security at

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1248-482: A stage for performances and DJ sets and demos and discussions with cannabis industry leaders. "A stoner's paradise," in 2022, a communal mural was painted by attendees; Stiiizy sponsored a snack-stocked bodega, and local restaurants set up booths to sell foods such as grilled cheese. High Times sponsored a farmer's market—a dispensary—and Zig-Zag hosted a joint-rolling bar. Local LGBTQ+ brands and small farms were again featured. and Headcount's Cannabis Voter Project

1352-495: A topographical survey of Golden Gate Park and its approach. Surveyor and engineer William Hammond Hall won the contract to survey park land, completed his report on February 15, 1871, and in August of the same year, was appointed as engineer of the park. Initial work completed in 1871 included grading, fencing, drainage and irrigation work, and development of a park nursery. In 1872, 22,000 hardy and quick-growing trees were planted, park roads were built, and visitors began to arrive by

1456-471: Is that the job count was artificially high and the unemployment rate was artificially low prior to the recession due to an unsustainable housing bubble , which had increased construction and other employment substantially. In 2003, prior to the significant expansion of subprime lending of 2004-2006, the unemployment rate was close to 6%. The wider measure of unemployment ("U-6") which includes those employed part-time for economic reasons or marginally attached to

1560-818: The Billboard Music Awards . Its founders received the environmental service award from the San Francisco Department of the Environment. Outside Lands began with a 2004 conversation between Allen Scott of Another Planet Entertainment, a Berkeley-based promoter, and Rick Farman, a founder of Superfly , the creators and producers of Bonnaroo . Another Planet and Superfly partnered with Starr Hill Presents to develop and produce Outside Lands. The first nighttime ticketed event at Golden Gate Park, Outside Lands required approval and cooperation from governmental agencies including San Francisco Recreation and Parks and

1664-555: The Bounce and Beignet Brunch . In 2019, the GastroMagic stage hosted a Bon Appétit test kitchen, emceed by editor-in-chief Andy Rappaport, Molly Baz and Andy Baraghani cooked with Cupcakke and Ella Mai . Anderson .Paak hit the GastroMagic stage, and Boyfriend's rap cabaret became a "snack cabaret" with Chris Cosentino . (Cosentino was also featured during 2020's Inside Lands, the virtual Outside Lands that streamed on Twitch during

1768-468: The Bureau of Economic Analysis in May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative economic growth for at least two consecutive fiscal quarters, some analysts suggested this indicates that the U.S. economy was not in a recession at the time. However, this estimate has been disputed by analysts who argue that if inflation is taken into account,

1872-550: The Department of Labor , roughly 8.7 million jobs (about 7%) were shed from February 2008 to February 2010, and real GDP contracted by 4.2% between Q4 2007 and Q2 2009, making the Great Recession the worst economic downturn since the Great Depression . The GDP bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession that is defined by "a period of falling economic activity spread across

1976-501: The GSEs by the Treasury, and $ 1.5 trillion insurance for unsecured bank debt by FDIC. ProPublica maintains a "bailout tracker" that indicated about $ 626 billion was "spent, invested or loaned" in bailouts of the financial system due to the crisis as of March 2018, while $ 713 billion had been repaid to the government ($ 390 billion in principal repayments and $ 323 billion in interest) indicating

2080-487: The SFMTA in addition to several neighborhood associations and community groups. To respond to neighborhood concerns, Another Planet and Superfly set up a multi-lingual community hotline, and in partnership with the city, developed a transportation system that included shuttles and dedicated bus lines. Several additional measures related to security, and reducing waste were also implemented. It took more than three years to secure

2184-622: The economic stimulus checks going to 130 million households started being spent. A chief economist at Moody's predicted in March 2008 that policymakers would act in a concerted and aggressive way to stabilize the financial markets, and that the economy would suffer, but not enter a prolonged and severe recession. It takes many months before the National Bureau of Economic Research, the unofficial arbiter of when recessions begin and end, would make its own ruling. According to numbers published by

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2288-449: The public sector included: statutory gaps and conflicts between regulators; ineffective use of regulatory authority; and ineffective crisis management capabilities. Bernanke also discussed " Too big to fail " institutions, monetary policy, and trade deficits. The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that "the crisis was avoidable and

2392-563: The "cheese-forward" Total Meltdown. A mainstay of Outside Lands since the festival was founded, Eco Lands hosts national and local non-profit organizations that offer educational opportunities related to environmental sustainability. Eco Land's features have included a solar-powered stage, solar-powered cell charging stations, furniture reclaimed from landfills, and tools that allow people to check their carbon footprint. Outside Lands pays permit fees of $ 2.3 million annually to San Francisco Recreation and Parks. It has injected more than $ 1bn into

2496-465: The 2000–2008 period (roughly doubling it and fueling the housing bubble), then reduced their debt level from the peak in Q3 2008 until Q3 2012, the only period this debt declined since at least the 1950s. However, the debt held by the public rose from 35% GDP in 2007 to 77% GDP by 2016, as the government spent more while the private sector (e.g., households and businesses, particularly the banking sector) reduced

2600-483: The Barbary Stage. The small stages built for newer artists were expanded across the festival grounds. In 2016, with only the partial lineup announced, weekend passes for the festival sold out in 45 minutes. The reformed LCD Soundsystem performed on Friday night, and Radiohead returned to headline on Saturday. In addition to Lana Del Rey , Lionel Richie , and Anderson .Paak , The Muppets house band, Dr. Teeth and

2704-781: The Electric Mayhem , played live for the first time ever. Their five-song set included " With a Little Help from My Friends " (with the Oakland Interfaith Gospel Choir) and a cover of The Mowgli's "San Francisco." Outside Lands marked its tenth anniversary in 2017 with Metallica, The Who , Gorillaz , Solange and Lorde . Queens of the Stone Age cancelled and were replaced by Cage the Elephant . The seventh consecutive sell-out, 78 restaurants, 40 wineries, and 28 breweries were on site. Roy Choi took over an area overlooking

2808-568: The Friday night show with a two-set, three-and-a-half hour performance. Wine Lands, which became one of the most popular features of the festival, debuted with 30 regional vineyards. An organic farmer's market, a sports bar, and a food truck forest were also introduced, and a wooded area that shortened the time required to travel between stages, McLaren Pass, was opened. Another sell-out, Outside Lands grossed $ 12.9m in 2011. Headlined by Neil Young and Crazy Horse , Stevie Wonder , and Metallica —"easily

2912-519: The GDP growth was negative for those two quarters, making it a technical recession. In a May 9, 2008 report, the chief North American economist for investment bank Merrill Lynch wrote that despite the GDP growth reported for the first quarter of 2008, "it is still reasonable to believe that the recession started some time between September and January", on the grounds that the National Bureau of Economic Research's four recession indicators all peaked during that period. New York's budget director concluded

3016-439: The GastroMagic stage. Following its 2014 debut, Big Freedia 's Bounce and Beignet Brunch with chef Brenda Buenviaje—a "twerk for your supper situation"—became an annual tradition. Part of its success was based on audience participation; in 2015, more interactive performances took place on the GastroMagic stage. They included the fast-food-themed tribute act Mac Sabbath, who threw french fries and boxes of chicken nuggets into

3120-813: The Grass Lands area, which was restricted to people 21 and older. More than $ 1 million in cannabis products including edibles, vaping cartridges and joints were sold by 28 companies, including the Francisco-based brands Green Door, Lady Chatterley Delivery, Flower to the People and Posh Green Collective. In addition to cannabis products, Bloom offered an oxygen bar, and Flow Kana's Farm to Bong provided produce such as eggplant that could be used to create smoking devices. THC-free food such as Johnny's Donuts were sold. Cannabis Voter and United Playaz—a gun buy-back organization—had booths within Grass Lands. In 2021, Grass Lands added

3224-509: The January 2008 level until May 2014. For comparison, the severe 1981-82 recession had a jobs decline of 3.2%. Full-time employment did not regain its pre-crisis level until August 2015. The unemployment rate ("U-3") rose from the pre-recession level of 4.7% in November 2008 to a peak of 10.0% in October 2009, before steadily falling back to the pre-recession level by May 2016. One factor to consider

Outside Lands (festival) - Misplaced Pages Continue

3328-496: The Lands at Outside Lands have included Bacon Lands, Cheese Lands, Choco Lands, Clam Lands and Farm Lands. Outside Lands has also hosted culinary one-offs, such as Michael Mina 's Outside Lambs in 2012. The GastroMagic stage was introduced in 2014. It featured cooking demonstrations and collaborations between high-profile chefs and musicians, comics, and other personalities. In its inaugural year, acclaimed chefs read bad Yelp reviews on

3432-462: The Peacocks, his all-female band. During its first five years, Outside Lands generated $ 8.3 million in revenue for Golden Gate Park. In 2011 alone, its economic impact in San Francisco exceeded $ 60 million. Sold out for the fourth consecutive year, Paul McCartney headlined Outside Lands in 2013. His two-hour soundcheck at Golden Gate the day before the festival gates opened could be heard throughout

3536-492: The Securities Exchange Act (1934) and The Chandler Act (1938), which tightly regulated the financial markets. The Securities Exchange Act of 1934 regulated the trading of the secondary securities market and The Chandler Act regulated the transactions in the banking sector. There were a few investment banks, small by current standards, that expanded during the late 1970s, such as JP Morgan. The Reagan administration in

3640-638: The Sutro and the Presidio , the San Francisco Weekly wrote that Outside Lands "was about the city, rather than just in it." A reflection of San Francisco's culinary culture, food is a central focus of Outside Lands. 100% of the vendors are local, ranging from Michelin -starred restaurants to one-off pop ups and food trucks. In 2023, Outside Lands featured 96 Bay Area restaurants in addition to 35 wineries and 30 breweries. The San Francisco Chronicle wrote that

3744-552: The Treasury Henry Paulson that a large amount of public money would be needed to stabilize the financial system. Short selling on 799 financial stocks was banned on September 19. Companies were also forced to disclose large short positions. The Treasury Secretary also indicated that money funds would create an insurance pool to cover themselves against losses and that the government would buy mortgage-backed securities from banks and investment houses. Initial estimates of

3848-430: The U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown. A study released by Moody's found two-thirds of the 381 largest metropolitan areas in the United States were in a recession. The study also said 28 states were in recession, with 16 at risk. The findings were based on unemployment figures and industrial production data. In March 2008, financier Warren Buffett stated in

3952-426: The United States "is likely to be judged in retrospect as the most wrenching since the end of World War II ". A chief economist at Standard & Poor's said in March 2008 he had projected a worst-case-scenario in which the country would endure a double-dip recession , in which the economy would briefly recover in the summer 2008, before plunging again. Under this scenario, the economy's total output, as measured by

4056-623: The United States House of Representatives rejected the bill and the Dow Jones took a 777-point plunge. A revised version of the bill was later passed by Congress, but the stock market continued to fall nevertheless. The first half of the bailout money was primarily used to buy preferred stock in banks, instead of troubled mortgage assets. This flew in the face of some economists' argument that buying preferred stock would be far less effective than buying common stock. As of mid-November 2008, it

4160-646: The adjacent area. McCartney played for nearly three hours on Friday night; his set included fireworks (during " Live and Let Die" ) and a performance of "Yesterday" with the Kronos Quartet . Nine Inch Nails and the Red Hot Chili Peppers also headlined in 2013. In 2014, Outside Lands sold out in 24 hours. More than 100 artists, including Tom Petty , The Killers , Willie Nelson and Kanye West , played on seven stages. West performed in complete darkness. The same year, new walking paths were created, and

4264-503: The announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the Federal Reserve Board . The Securities and Exchange Commission announced the termination of short-selling of 799 financial stocks, as well as action against naked short selling , as part of its reaction to

Outside Lands (festival) - Misplaced Pages Continue

4368-624: The area was covered by sand dunes and was considered inaccessible and uninhabitable. Today, after extensive development, the area consists of Golden Gate Park , Ocean Beach , and well-developed neighborhoods. Like all of California , the Outside Lands were a Mexican possession until the Treaty of Guadalupe Hidalgo in February 1848 ceded it to the United States . The area was U.S. government land at

4472-511: The bailouts generated $ 87 billion in profit. The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new $ 50,000,000,000 ($ 50 billion) program to ensure the investments, similar to the Federal Deposit Insurance Corporation (FDIC) program. Part of

4576-433: The causes of the crisis. He wrote that there were shocks or triggers (i.e., particular events that touched off the crisis) and vulnerabilities (i.e., structural weaknesses in the financial system, regulation and supervision) that amplified the shocks. Examples of triggers included: losses on subprime mortgage securities that began in 2007 and a run on the shadow banking system that began in mid-2007, which adversely affected

4680-404: The control of central banks because "the market value of global long-term securities is approaching $ 100 trillion" and thus these and other asset markets are large enough that they "now swamp the resources of central banks". Greenspan admitted to a congressional committee that he had been "partially wrong" in his hands-off approach towards the banking industry - "I made a mistake in presuming that

4784-486: The cost of the Treasury bailout proposed by the Bush administration's draft legislation (as of September 19, 2008) were in the range of $ 700 billion to $ 1 trillion U.S. dollars . President George W. Bush asked Congress on September 20, 2008 for the authority to spend as much as $ 700 billion (~$ 973 billion in 2023) to purchase troubled mortgage assets and contain the 2007–2008 financial crisis . The crisis continued when

4888-419: The course of its three days. Although there were sound dropouts during Radiohead's set and issues related to gatecrashers and crowd control, the festival was mainly a success. In 2009, the city permits were delayed and the festival lineup was not confirmed until April. The Beastie Boys , who were scheduled to headline on Sunday night, were forced to cancel two weeks out; just diagnosed with cancer, Adam Yauch

4992-422: The crisis from 2007 to 2008 includes: The year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size—$ 691 billion (~$ 960 billion in 2023) in assets—alone surpassing all past annual totals. The year also saw

5096-427: The crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels." Among the important catalysts of the subprime crisis were the influx of money from the private sector, the banks entering into the mortgage bond market, government policies aimed at expanding homeownership, speculation by many home buyers, and the predatory lending practices of

5200-452: The crisis. In effect, there was a run on the essentially unregulated shadow banking (non-depository) banking system, which had grown larger than the regulated depository system. Unable to obtain financing, they merged (in the case of Bear Stearns and Merrill Lynch), declared bankruptcy (Lehman Brothers) or obtained federal depository bank charters and private loans (Goldman Sachs and Morgan Stanley). Insurer AIG , which had guaranteed many of

5304-540: The crowd. Cocktail Magic debuted at Outside Lands in 2016. Known for its "whimsical theme and boozy concoctions", it housed specially-themed cocktail bars, such as "Shaken, Not Stirred" (a martini bar); "Everybody's Tavern" (inspired by San Francisco's inclusive culture); and "Buttery Tipple" (a '70s lounge experience). Magicians, illusionists, and musicians performed on the Cocktail Magic stage. In 2017, Roy Choi prepared kalbi, kimchi and short ribs. He also made

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5408-494: The debt burdens accumulated during the pre-recession decade. President Barack Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014. After the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. The federal government enforced

5512-484: The decade following severe financial crises, you tend to grow by 1 to 1.5 percentage points less than in the decade before, because the decade before was fueled by a boom in private borrowing, and not all of that growth was real. The unemployment figures in advanced economies after falls are also very dark. Unemployment remains anchored about five percentage points above what it was in the decade before." Then-Fed Chair Ben Bernanke explained during November 2012 several of

5616-441: The early 1980s began a thirty-year period of financial deregulation. The financial sector sharply expanded, in part because investment banks were going public, bringing them vast sums of stockholder capital. From 1978 to 2008, the average salary for workers outside of investment banking in the U.S. increased from $ 40k to $ 50k – a 25 percent salary increase - while the average salary in investment banking increased from $ 40k to $ 100k –

5720-619: The economic headwinds that slowed the recovery: For example, U.S. federal spending rose from 19.1% GDP in fiscal year (FY) 2007 to 24.4% GDP in FY2009 (the last year budgeted by President Bush) before falling towards to 20.4% GDP in 2014, closer to the historical average. In dollar terms, federal spending was actually higher in 2009 than in 2014, despite a historical trend of a roughly 5% annual increase. This reduced real GDP growth by approximately 0.5% per quarter on average between Q3 2010 and Q2 2014. Both households and government practicing austerity at

5824-421: The economy to recover to pre-crisis levels of employment and output . This slow recovery was due in part to households and financial institutions paying off debts accumulated in the years preceding the crisis along with restrained government spending following initial stimulus efforts. It followed the bursting of the housing bubble , the housing market correction and subprime mortgage crisis . According to

5928-620: The economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales"). Real (inflation-adjusted) GDP did not regain its pre-crisis (Q4 2007) peak level until Q3 2011. Unemployment rose from 4.7% in November 2007 to peak at 10% in October 2009, before returning steadily to 4.7% in May 2016. The total number of jobs did not return to November 2007 levels until May 2014. Some areas, such as jobs in public health, have not recovered as of 2023. Households and non-profit organizations added approximately $ 8 trillion in debt during

6032-537: The environmental impact of cars, on-site bike valets and shuttle services that operate throughout the Bay Area, In addition, Outside Lands implemented environmental and sustainability initiatives including: Sold out Sold out Sold out Aug 6–8 Sold out Sold out Outside Lands Outside Lands was the name used in the 19th century for the present-day Richmond District and Sunset District in San Francisco . With few roads and no public transportation,

6136-606: The establishment of a public park in the western quarter of the city. Mayor Henry P. Coon worked with a three-member special committee of the Board of Supervisors, which had surveys and maps made of all the Outside Lands, at a cost of $ 12,000. Their report recommending subdivision into blocks and a reservation for a park was submitted to the Board on May 18, 1866. Suitable portions were also to be set aside for public squares, fire-engine house lots, school lots and hospitals. The committee also proposed an arrangement whereby squatters could donate

6240-561: The evidence have concluded that there is little merit in this view." Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity, myself included, are in a state of shocked disbelief. Alan Greenspan was the Chairman of the Federal Reserve of the United States from 1987 to 2006. He was appointed by President Ronald Reagan in August 1987 and was reappointed by President Bill Clinton in 1996. He

6344-433: The festival grounds, made it impossible for attendees to see full performances on the primary stages. LAist praised the festival's organization, crowd control, and planning based on its amenities, as well as the transportation options such as city-wide shuttle services and free valet bike parking. In 2011, Outside Lands returned to a three-day schedule with headliners including Arcade Fire , Muse , and Phish , who closed

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6448-568: The festival was headlined by Twenty One Pilots , Childish Gambino and Paul Simon . Bob Weir joined Simon on stage; although they had been friends for 52 years, it was the first time they performed together publicly. A record audience of 90,000 people turned up for Childish Gambino's set. As cannabis policies in California loosened, Outside Lands "made history", becoming the first major U.S. music festival to sell marijuana on festival grounds. Golden Gate Park allowed smoking in limited areas during

6552-414: The festival. The Grass Lands area was restricted to people 21 and older. In 2020, due to the pandemic , Outside Lands was cancelled. Inside Lands, a virtual version of the festival featuring performance videos from the previous 12 years, was streamed on Twitch . In 2021, Outside Lands was postponed until Halloween weekend. Attendees were required to either show proof of COVID-19 vaccination or proof of

6656-415: The food and drink at the festival could "rival any gastronomically-focused event in the country". Outside Lands provides financial grants to regional music and arts education program through its charitable fund, Outside Lands Works. The festival has injected more than $ 1 billion into the local economy since it was founded. In addition to other awards and recognition, Outside Lands was named Top Festival at

6760-407: The formation of the giant investment banks like Goldman Sachs. In the early months of 2008, many observers believed that a U.S. recession had begun. The collapse of Bear Stearns and the resulting financial market turbulence signaled that the crisis would not be mild and brief. Alan Greenspan , ex- Chairman of the Federal Reserve , stated in March 2008 that the 2007–2008 financial crisis in

6864-412: The functioning of money markets. Examples of vulnerabilities in the private sector included: financial institution dependence on unstable sources of short-term funding such as repurchase agreements or Repos; deficiencies in corporate risk management; excessive use of leverage (borrowing to invest); and inappropriate usage of derivatives as a tool for taking excessive risks. Examples of vulnerabilities in

6968-467: The government, when interest on loans is taken into consideration. A total of $ 626B was invested, loaned, or granted due to various bailout measures, while $ 390B had been returned to the Treasury. The Treasury had earned another $ 323B in interest on bailout loans, resulting in an $ 87B profit. The vast majority of economic historians believe the Great Recession was the second worst contraction in US history, after

7072-473: The gross domestic product (GDP), would drop by 2.2 percentage points, making it among the worst recessions in the post World War II period. The former head of the National Bureau of Economic Research said in March 2008 that he believed the country was then in a recession, and it could be a severe one. A number of private economists generally predicted a mild recession ending in the summer of 2008 when

7176-407: The labor force rose from 8.4% pre-crisis to a peak of 17.1% in October 2009. It did not regain the pre-crisis level until May 2017. Bloomberg maintains a "dashboard" of several labor-market variables that illustrates the state of recovery of the labor market. The major investment banks at the core of the crisis obtained significant funding in overnight repo markets, which were disrupted during

7280-422: The liabilities of these and other banks around the globe through derivatives called credit default swaps , also was bailed out and taken over by the government at an initial cost exceeding $ 100 billion. The bailout of AIG was essentially a conduit for the U.S. government to bail out banks around the world, as the money was used by AIG to make good on its obligations. A timeline of some of the significant events in

7384-435: The local economy since it was founded. Since its inception, Outside Lands has worked with Clean Vibes, a company that provides waste management, recycling, and cleanup services for outdoor festivals and events. In exchange for tickets to the festival, Clean Vibes volunteers divert waste from landfills through recycling and composting. In 2022, more than 90% of the festival's waste was diverted. To mitigate noise, traffic, and

7488-486: The local economy. In May 13 2023, two or three additional days of concerts at Golden Gate Park to take place over the weekend following Outside Lands were proposed by San Francisco Mayor London Breed . "Headliner-driven" events, promoted and produced by Another Planet. The proposed concerts would utilize existing Outside Lands infrastructure to minimize impact on the park. The events would begin in 2024. A "world-class food festival," in addition to Wine Lands and Beer Lands,

7592-428: The loudest band to ever hit the main stage"—Outside Lands sold out again in 2012. The culinary experience was expanded to include Beer Lands, Choco Lands, Farm Lands, and Outside Lambs, as well as "Taste of The Bay Area", which featured 65 on-site restaurants. Wine Lands and Beer Lands housed 49 wineries and 19 breweries. Sixty artists performed, including Jack White , who did a surprise pop-up show in McLaren Pass with

7696-557: The main stage for "Feast in the Trees," a four-course pop up dinner on Friday night. 210,000 tickets were sold for Outside Lands in 2018, which featured Janet Jackson , The Weeknd , Florence and the Machine , and Janelle Monáe . A review in the East Bay Express noted that the 2019 lineup was "its most diverse and inclusive ever" and that the "best performances of the weekend were not from

7800-421: The mortgage crisis. The recession officially ended in the second quarter of 2009, but the nation's economy continued to be described as in an " economic malaise " during the second quarter of 2011. Some economists described the post-recession years as the weakest recovery since the Great Depression and World War II . The weak recovery led one commentator to call it a "Zombie Economy", so-called because it

7904-413: The mortgage lenders, specifically the adjustable-rate mortgage (the 2–28 loan , with a fixed 2 years and 28 years of adjustable rates), that mortgage lenders sold directly or indirectly via mortgage brokers. On Wall Street and in the financial industry, moral hazard lay at the core of many of the causes. A federal inquiry found that some federal government policies (or lack of them) were responsible to

8008-505: The necessary permits for the inaugural Outside Lands, which took place August 22–24, 2008. In advance of the festival, 28,000 nearby residents were notified regarding its hours as well as relevant road closures. A multi-lingual community hotline was established, and Outside Lands information was run in three newspapers and on English, Russian, Chinese and Spanish websites. To keep from damaging root systems, an arborist determined where stages could be built. Bike lanes were reconfigured to allow

8112-412: The ninth-biggest bankruptcy, with the failure of IndyMac Bank. The Wall Street Journal stated that venture capital funding slowed down, which in the past had led to unemployment and slowed new job creation. The Federal Reserve took steps to feed economic expansion by lowering the prime rate repeatedly during 2008. On September 17, 2008, Federal Reserve chairman Ben Bernanke advised Secretary of

8216-554: The official end of the recession in June 2009. One of the frightening aspects how deep the recession would go, which is one reason Congress passed and President Obama signed the American Recovery and Reinvestment Act (ARRA) in January 2009. Known as "The Stimulus", ARRA was a roughly $ 800 billion mix of tax cuts (about one-third) and spending programs (about two-thirds) with the primary impact spread over three years. Many economists argued

8320-469: The pandemic.) Among others, in 2021, GastroMagic brought Elizabeth Falkner together with The Strokes' Albert Hammond Jr. to make cream puff and James Beard Award -winning chef Kwame Onwuachi cooked for Chali 2na of Jurassic 5 . GastroMagic's highlights in 2022 included Nyesha Arrington and Kali Uchis making red pepper arepas and Salt Tank preparing chicken parmesan sandwiches for Philip Rosenthal and his daughter Lily. In 2023, Cocktail Magic

8424-467: The park perimeter was increased, and radio-frequency identification wristbands replaced paper tickets. Outside Lands featured Elton John , The Black Keys , and Kendrick Lamar in 2015. The lineup was announced in a Funny or Die video by San Francisco 49er Aldon Smith . Comics including members of The Daily Show news team, Tig Notaro , and the Upright Citizens Brigade' performed on

8528-463: The park's feral cat population to enter and exit. Sixty artists performed during the first Outside Lands. It was headlined by Radiohead , who became the first band to play after dark in Golden Gate Park. A multi-generational, multi-genre "panorama of alternative rock, indie pop, jam bands, conscious rap, progressive Latin and world-beat fusion," the festival sold out, with 130,000 attendees over

8632-533: The period after the Great Recession (2008–2012). A decrease in inflation and in the number of hospital stays per population drove a reduction in the rate of growth in aggregate hospital costs at this time. Growth slowed most for surgical stays and least for maternal and neonatal stays. President Obama declared the bailout measures started under the Bush administration and continued during his administration as completed and mostly profitable as of December 2014. As of January 2018, bailout funds had been fully recovered by

8736-406: The recession. Real median household income fell to a trough of $ 53,331 in 2012, but recovered to an all-time high of $ 59,039 by 2016. However, the gains during the recovery were very unevenly distributed. Economist Emmanuel Saez wrote in June 2016 that the top 1% of families captured 52% of the total real income (GDP) growth per family from 2009-2015. The gains were more evenly distributed after

8840-401: The same time was a recipe for a slow recovery. Several key economic variables (e.g., Job level, real GDP per capita, stock market, and household net worth) hit their low point (trough) in 2009 or 2010, after which they began to turn upward, recovering to pre-recession (2007) levels between late 2012 and May 2014 (close to Reinhart's prediction), which marked the recovery of all jobs lost during

8944-495: The second quarter was placed at a 1.9 percent expansion, below an expected 2 percent. On the other hand, Martin Feldstein , who headed the National Bureau of Economic Research and served on the group's recession-dating panel, said he believed the U.S. was in a very long recession and that there was nothing the Federal Reserve could do to change it. In a CNBC interview at the end of July 2008, Alan Greenspan said he believed

9048-407: The self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms," said Greenspan. That being said, the Federal Reserve did not have the power to wade into the banking sector at the time. On December 1, 2008, the National Bureau of Economic Research (NBER) declared that the United States entered

9152-486: The state of New York was officially in a recession by the summer of 2008. Governor David Paterson called an emergency economic session of the state legislature for August 19 to push a budget cut of $ 600 million on top of a hiring freeze and a 7 percent reduction in spending at state agencies that had already been implemented by the Governor. An August 1 report, issued by economists with Wachovia Bank , said Florida

9256-470: The stimulus was too small, while conservatives such as the Tea Party argued that deficit reduction was the priority. The number of jobs ("total non-farm payrolls" which includes both private sector and government jobs) reached a peak of 138.4 million in January 2008, then fell to a trough (bottom) of 129.7 million in February 2010, a decline of nearly 8.8 million jobs or 6.8%. The number of jobs did not regain

9360-406: The tax increases in 2013 on higher-income earners. According to the Federal Reserve, median family net worth had peaked at about $ 140,000 in 2007, fell to a low point of $ 84,000 in 2013, and only partially recovered to $ 97,000 by 2016. Middle-class families had much of their wealth in housing, driving much of the decline when the housing bubble burst. Healthcare costs in the United States slowed in

9464-517: The thousands. 37°46′7.25″N 122°28′53.74″W  /  37.7686806°N 122.4815944°W  / 37.7686806; -122.4815944 Great Recession in the United States In the United States , the Great Recession was a severe financial crisis combined with a deep recession . While the recession officially lasted from December 2007 to June 2009, it took many years for

9568-519: The time of the Gold Rush . The City and County of San Francisco, which was growing rapidly, desired the land and petitioned for it in the 1850s. After years of court battles, on March 8, 1866, Congress passed an Act ending the litigation and settling the title to the Outside Lands against the claims of squatters. During the course of lengthy litigation over the Outside Lands, local politicians, led by Frank McCoppin , and residents of San Francisco, rallied for

9672-409: The vendors local, the food at Outside Lands was collectively referred to as "Taste of the Bay Area." 40 artists performed at Outside Lands in 2010, including Sierra Leone's Refugee All Stars , My Morning Jacket , The Strokes , and Bob Weir and Phil Lesh 's band, Furthur. The lineup was commended for its eclecticism but criticized because overlapping sets, as well as the time it took to traverse

9776-625: The white male-fronted rock bands of yore but from women, people of color, and queer artists." New attractions included the Alice in Wonderland- themed Bubble Tea Party and a talk series called D.A.V.E: Discussions about Virtually Everything. Grass Lands, a curated cannabis experience, was also introduced. As smoking was prohibited in Golden Gate Park, no cannabis was sold. The San Francisco Board of Supervisors unanimously voted to support Outside Lands' application to renew its 10-year permit in 2019. That year,

9880-441: Was caused by: Widespread failures in financial regulation, including the Federal Reserve's failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for

9984-637: Was estimated that the new loans, purchases, and liabilities of the Federal Reserve, the Treasury, and FDIC, brought on by the 2007–2008 financial crisis , totalled over $ 5 trillion: $ 1 trillion in loans by the Fed to broker-dealers through the emergency discount window , $ 1.8 trillion in loans by the Fed through the Term Auction Facility , $ 700 billion to be raised by the Treasury for the Troubled Assets Relief Program , $ 200 billion insurance for

10088-490: Was expanded from three to eight stages. In addition to cocktails and food pairings, non-alcoholic beverages were offered. Although GastroMagic was scrapped, several of its features were incorporated into Cocktail Magic programming, including Bounce and Beignet . DJs Invisibl Skratch Pikl , with guests Cut Chemist , Dan the Automator , Del the Funky Homosapien and Cellski , performed on the Cocktail Magic stage. Grass Lands

10192-727: Was held on August 5–7, 2022. A "festival within a festival," artists including Green Day , Post Malone , SZA , Phoebe Bridgers , Weezer , Jack Harlow and Kim Petras performed. The first tickets released sold out in 30 minutes. The fifteenth anniversary edition of Outside Lands took place on August 11–13 with performers including Kendrick Lamar, the Foo Fighters, ODESZA, Lana Del Rey, The 1975, Megan Thee Stallion, Zedd, Janelle Monáe, Maggie Rogers, and Fisher. 96 restaurants, food trucks, and pop ups, served over 700 menu items and 65 wineries and breweries were featured. As of its fifteenth anniversary, Outside Lands had injected more than $ 1bn into

10296-484: Was launched in 2018. That year, it was mainly an educational platform and a showcase for cannabis brands. Smoking was illegal in Golden Gate Park, and California regulations prohibited smoking cannabis in locations where tobacco was not allowed. In 2019, 36 hours before the gates opened, the San Francisco Office of Cannabis issue a temporary sales permit that allowed cannabis products to be sold and consumed within

10400-482: Was neither dead nor alive. Household incomes , as of August 2012 continued falling after the end of the recession, eventually declining 7.2% below the December 2007 level. Additionally as of September 2012, the long-term unemployment is the highest it had been since World War II, and the unemployment rate peaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%). The Federal Reserve kept interest rates at

10504-470: Was officially in a recession. White House budget director Jim Nussle maintained at that time that the U.S. had avoided a recession, following revised GDP numbers from the Commerce Department showing a 0.2 percent contraction in the fourth quarter of 2007 down from a 0.6 percent increase, and a downward revision to 0.9 percent from 1 percent in the first quarter of 2008. The GDP for

10608-540: Was onsite to register voters before the 2022 elections. In 2023, Grass Lands featured 20 cannabis vendors and 35 brands. The menu was curated by socially equitable cannabis brands in partnership with the Equity Trade Network and Martin Olive of the dispensary Vapor Room. Comedy, cooking demonstrations and DJ sets took place on the Grass Lands stage, and the green consumption footprint was expanded. Food vendors included

10712-569: Was recovering from radiation treatments. The Beasties were replaced by Tenacious D . Livestreamed on YouTube , the main stage artists in 2009 included Pearl Jam , the Black Eyed Peas, and the Dave Matthews Band. A performance by Tom Jones —a superstar in the 1960s—was a highlight; Jones drew a large and enthusiastic audience, establishing what would become a tradition of legacy artists at Outside Lands. The headliners proved to be less of

10816-475: Was widely blamed, perhaps fairly or unfairly, as the individual most singly responsible for the housing bubble in the U.S.. Furthermore, he himself understood the full extent of the problem only until it was too late, saying that "I really didn't get it until very late in 2005 and 2006." Greenspan stated that the housing bubble was "fundamentally engendered by the decline in real long-term interest rates", though he also claims that long-term interest rates are beyond

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