It's a sign of our shadowy times that the latest regulatory "reform" bill hasn't been laughed out of Washington. Same goes for the latest bankers' complaint, this time about being asked to cover their own bets. And if you think it's bad now, wait and see what happens if Romney takes over.
Think "global catastrophe."
While bank-friendly politicians offer insipid legislation, the world economy is still at risk. And it could get worse.
The last presidential debate not only continued the silence on climate change, it also advanced the false narrative that we have to choose between economic growth and action on climate change. While the candidates focused on how to keep gas prices down, increase energy independence, and create jobs, they never addressed how we can use our energy plan to fight climate change. By refusing to address climate consequences, both candidates reinforce the idea that we either focus on economic growth or we focus on the environment, but not both.
When it comes to climate change, there is one area in which the U.S. leads all other nations. Our media gives more time and attention to climate deniers than any other country. The study looked at five other countries besides the U.S.- Brazil, China, France, India and the UK- to see how leading newspapers in each country dealt with climate skepticism. It found that coverage of climate skepticism is mostly limited to the U.S. and to the U.K.
In politics, there inevitably comes the dreaded time when politics and politicking run into reality. It is the point at which you can no longer appease two opposing parties and a decision must be made that chooses one party's interests over the other. I imagine politicians hate this moment because it shows their true character, for better or worse.
A new study finds that climate change is already contributing to 400,000 deaths per year and costing the world more than $1.2 trillion, or 1.6 percent of global GDP. The report was commissioned by 20 governments and written by more than 50 scientists, economists and policy experts. In the report, the authors detail how the vast majority of deaths occur in developing countries and that the world’s poorest communities within lower and middle-income communities are most exposed to climate change risks.
As we celebrate Occupy Wall Street’s first birthday, the movement's pivoted from financial regulation to focus on crushing consumer debt. While reforming debt is crucial (particularly student debt), finance remains an imminent threat to the American economy. We shouldn't forget it.
Four years ago today, Lehman Brothers collapsed as Hank Paulson and his colleagues made the fateful decision that free market principles demanded that at least one bank crippled by the deteriorating financial system had to be sacrificed at the altar of moral hazard. These “deciders” had no idea of the firestorm they were igniting. They did not foresee that the financial system that had evolved during 30 years of deregulation (based on specious economic theory and ideology) was so interconnected that it would collapse like a house of cards. Within a few weeks, the U.S.
A study by Demos, a liberal research center, found that a median-income couple that invested in 401(k)’s for 40 years with fees averaging 1.6 percent a year would achieve $354,850 in assets at average savings rates, but only after paying $154,794 in investment fees.
In a speech at the University of Kansas in February of the tumultuous year 1968, Robert F. Kennedy spoke of the plight of the poorest Americans, those struggling in devastated rural areas, and on Indian reservations and in the tenements and housing projects of the inner cities. He was blunt. “We must begin,” he said, “to end this disgrace of the other America.”
Despite some rain showers, over 60 percent of the country is still suffering from drought conditions and nearly a quarter is suffering from extreme or exceptional drought. We’ve detailed how this has impacted agriculture and ranching and over 60 percent of Iowa’s land is still classified as being in either extreme or exceptional drought.
Some eight years ago, I was at a presentation by Vanguard founder Jack Bogle at a business journalists' conference in Denver, and when his PowerPoint crashed, and he had to use transparencies on a vintage 20th-century overheard projector. After the presentation, he let me keep them, and they still serve as a sort of Rosetta Stone for me for enlightened investing.
Investors who were paying attention got a cold slap of reality this spring when the progressive think tank Demos released a study showing that the median household could expect to pay more than $150,000 in 401(k) fees over the course of a working lifetime, or about a third of potential investment returns. What's more, about two-thirds of 401(k) investors had no idea that they were paying such fees.
In the wake of Love Canal, the EPA’s Superfund program was established to clean up toxic waste sites. For a while, a tax was placed on polluting industries, like the oil and chemical industries, with the money going into a cleanup trust fund. That tax expired.
Oklahoma is suffering through an extended heat wave with temperatures topping 100 degrees or more every day since July 18th. The heat is so bad that it’s starting to melt street lamps in Stillwater. As the state suffers from extreme heat, its senior senator remains one of the leading climate deniers.
The newest GDP release shows an increase of 1.5 percent in the second quarter of 2012, down from a 1.9 percent growth in the first quarter and three percent growth in 2011. But, as Demos continually asks in our Beyond GDP work: What exactly is GDP measuring?
As early as today, the Republican leadership in the U.S. House of Representatives will be bringing H.R. 4078, the so-called “Red Tape Reduction and Small Business Job Creation Act” up for a vote. Like so much of what passes for legislation in Congress these days, this legislation is more a statement of philosophy than a thought out piece of policy.
As we pointed out a few weeks ago, man-made climate change will make extreme weather events much more likely going forward and we are facing a pretty serious one now. More than half of the continental U.S.