In the News

It is the time of year when writers either resist or wallow in the social convention known as the year-in-review retrospective. Rather than be a hero, I have decided to cave gracefully. Looking over the year that was, the increased coverage of higher education is rather amazing. Major news outlets like the New York Times have always covered the goings on at Ivy League quads, but this year the mainstream media seriously interrogated higher education as a complex ecosystem.

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Today’s New York Times published one of the most important stories yet about the Detroit bankruptcy, a story that shines a harsh light on the financial institutions whose tricky deal-making helped tank the city’s finances. At the heart of the story is Detroit’s decision to enter into swap contracts that were spectacularly ill-advised. [...]

African Americans have been pummeled by the recent financial crisis, including facing the most adverse consequences of credit card debt and higher interest rates, according to a recently released study by the NAACP and Demos, a U.S.-based research and policy center.

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“A relentlessly growing deficit of opportunity is a bigger threat to our future than our rapidly shrinking fiscal deficit.” So said President Obama in his recent speech on increasing economic inequality, which he said “challenges the very essence of who we are as a people.”

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The judge presiding over Detroit’s bankruptcy has told the city to renegotiate a deal that emergency manager Kevyn Orr has treated as central to his plans for the city, saying that the proposal was too generous to the financial companies involved.

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ThinkProgress
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Remember having ‘the talk’ with your parents? That clumsy conversation forced upon you as a pre-teen when you desperately tried to avoid eye contact while muttering “I already know this, Dad” and wavered back and forth between feeling embarrassed and grateful?

Get ready for a role reversal.

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The federal judge overseeing Detroit's historic bankruptcy abruptly halted a trial Wednesday, ordering the city to renegotiate a proposed settlement with its creditors -- major banks owed hundreds of millions of dollars who are among the first in line to be repaid.

Credit checks aren’t just for loan officers anymore. Now, your prospective employer is checking your credit history too.

The practice is increasingly common as employers look for more ways to determine whether or not they’re about to hire the right employee.

But Massachusettes Sentaor Elizabeth Warren says it’s a practice that must end because credit history is biased and does not give an accurate picture of a person’s ability to do their job properly.

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People who end up with damaged credit — often through no fault of their own — can be shut out of jobs by employers who hold their credit histories against them.

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Despite being no more likely to fall behind on their credit card bills, African Americans are far more likely than white borrowers to be targeted by debt collectors.

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