Financial markets exist to move capital from investors to users, and the value of the financial markets should be determined by their efficiency in intermediating these flows of capital. Unregulated markets are chronically inefficient using this standard and cost the economy enormous amounts each year, creating stresses to the system that make systemic crises inevitable.

In his much-anticipated speech on climate change, President Obama proposed smart, modest policies that would help decrease greenhouse gas emissions through support for renewable energy development and increased energy efficiency measures, prepare the country for the climate change that is already occurring, and lead international climate efforts, including phasing out fossil fuel subsides and stopping funding for new coal plants overseas.

At an impromptu confab on the stoop yesterday, one of my favorite neighbors updated me on his daughter, a 27-year-old who graduated from law school with sterling grades. A year later, she is still looking for work. The family is white. I nodded my head in concern.  Like many of her peers, she feels an ominous future, where the bottom is falling out. The economy is in a terrible, indefinite convulsion, and the rules of engagement no longer hold. Things are falling apart.

Five Supreme Court Justices just rolled back the most effective civil rights provision in our nation's history. What should we do now?

One option is to declare "mission accomplished" and forget about race in politics.

That, however, will not work. Although we have made amazing progress in the past fifty years, too many state and local politicians still maintain power by manipulating election rules.

Q. How would you summarize the decision in a single sentence?

A. The court effectively rolled back an important provision of the Voting Rights Act, ruling that the act’s formula requiring federal preapproval of election changes for some states but not others was outdated because it was based on data from the 1960s and ’70s.

Q. Did anything in in it — or in the justices’ votes — surprise you?

A. I was not surprised by the votes of the particular justices.

I spent the last couple of days at Netroots Nation, and it was one impressive gathering. Netroots is highly professional in how it's organized and wonderfully amateur in its inclusiveness. Most of this year's attendees were first-timers, including me.


We are still waiting for a decision about the fate of the Voting Rights Act, but today the U.S. Supreme Court issued an opinion in another voting rights case.

In today's case, the Court ruled in favor of those who support voter access. Arizona must accept federal voter registration forms--even those federal forms that do not comply with Arizona's restrictive proof-of-citizenship requirements. The opinion was written by Justice Scalia, who stated in February that the renewal of the Voting Rights Act was motivated by "racial entitlement."

I remember a time when liberals were the people who used government as a democratic counterweight to the abuses of capitalism, and conservatives were those close to big business who wanted to limit government. Liberals also recognized, with the Framers of the Constitution, that government had to be strong enough to protect the rights of the weak. Conservatives didn't like the power of the state, but were fine with concentrated private power.

Huffington Post

President Obama's personal summit with China's new president, Xi Jinping, at the well-named venue of Rancho Mirage, Calif., covered a wide range of issues, from North Korea to cyber-spying to territorial disputes with Japan and Taiwan, to global climate change. What the meetings did not engage is the fact that China's entire economic system violates the naïve American premise that free markets produce efficient and balanced outcomes.


IS THE Federal Reserve planning to phase out its unprecedented $85-billion-a-month bond purchase program, which has kept interest rates at historic lows? The stock and bond markets have been gyrating in anticipation of the Fed’s possible moves. And if the Fed does start pulling back, what will be the impact on the still-fragile recovery?