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Judge Rhodes ordered the city and the banks to renegotiate their settlement which would have paid the banks 75 cents on the dollar. Despite a unanimous city council vote against it, the Emergency Manager is currently pushing the city to enter into another financial deal with Barclays to pay off the swaps termination fees. 

Discussing the President and Congress on MSNBC, Demos Vice President of Policy and Outreach Heather McGhee noted that Was

Conservatives like to argue that curbing the outsized wealth of the top 1 percent wouldn't do anything to increase economic mobility or reduce inequality. Rich Lowry of the National Review nicely summed up this thinking in a column the other day:

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.

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.

A judge's ruling that the city of Detroit can move forward with bankruptcy and strip the city's public workers of their modest pension benefits will have a devastating impact on Detroit's middle class — many of whom are African-American — and the city's ability to rebuild a strong and sustainable economy.

One familiar excuse for inequality is to argue that the problem is not that the people at the top are making too much money. Rather, the "problem is declining or stagnant wages for those Americans who are not thriving in the 21st-century economy," as Kevin Williamson argues today over at National Review online.

A new survey finds that African-Americans are much more likely than whites to be called by debt collectors, despite both groups reporting relatively equal levels of debt and repayment rates.

Just take a look at this chart:

U.S. Sen. Elizabeth Warren, a Massachusetts Democrat, introduced legislation on Tuesday that would prohibit employers from requiring job applicants to disclose their credit history.

In a conference call with reporters, Warren argued that a person's poor credit history is often the result of medical bills, job loss or divorce and does not reflect his ability to perform a job.