Comprehensive and meaningful systemic risk reform must undo many of the ill-advised deregulatory measuresof the past 20 years, including the four key changes wrought by the Gramm-Leach-Bliley Act.
Part of a Demos series of reports on deregulation showing that often the most significant impact is on the quality and reliability of work — in this case, on port trucking.
The bottom half of American households now controls less than 5 percent of our total net worth. Our republican founders could not have imagined a distribution of wealth so concentrated, nor a democracy so threatened by the rule of property.
Today's 20-somethings are likely to be the first generation to not be better off than their parents." This is the first line of Economic State of Young America, a report released by Demos, a nonpartisan public policy think tank in New York City. And that's a troubling thesis for a generation that grew up being told they can do and be anything.
As President Obama takes office, and the nation reflects on the historic moment and its significance, Demos Senior Fellows John Schwarz and Lew Daly remind us that America is more than just “common blood, or race, or ethnic background or religion.” America is about freedom, they argue, and its up to government to help establish the conditions for economic independence that have become central to the ideals of American freedom.
Senior Fellow Algernon Austin and Jared Bernstein discuss how the "bad culture" arguments about African-Americans are misguided at best and destructive at worst. By creating an erroneous causal link between "bad culture" and black poverty, the "Cosby consensus" prevents the country from recognizing success and building on it to create the economic opportunities that are missing for too many African-Americans.
This memo outlines how the Justices lined up on the issues in Randall v. Sorrell, provides some analysis of the opinions, and touches on the implications for future reform efforts.
Robert Frank, an economist at Cornell University, for instance, found that in counties with the widest income gaps, rates of personal bankruptcy and divorce rates were higher than average.
Draut argues that "with the possible exception of having a larger array of entertainment and other goods to purchase, members of Generation X appear to be worse off by every measure" than prior generations.
According to the advocacy group Demos, the average balance among lower- and middle-income households is $8,650.
"World News Tonight's" special series "Credit Crunch" aims to help you get on the road to becoming debt free.
A fraudulent appraisal "can lead homeowners to borrow more money than their homes are worth, putting themselves at risk of being 'upside down' in a home -- e.g. not being able to sell for a high enough price to pay off their mortgage," according to a briefing paper on appraisal fraud put out by Demos, a New York-based think tank.
Americans owe $800 billion in credit card debt, more than triple the amount from 1989, and a 31 percent increase from five years ago, according to a recent report, "The Plastic Safety Net," by the Center for Responsible Lending, and Demos, a research group based in New York.
The study found that a third of low- and middle-income American households used credit cards for basic expenses - rent, groceries and utilities - in any 4 of the last 12 months.
Those with the worst credit card debt were people ages 50 to 64, who owed $9,124
A major survey released by the think tank Demos provides some important new insights on how average American families are using credit cards.
The implication is hard to escape: many middle- and low-income American families are using consumer credit as a way to weather fluctuations in their finances.
That all portends "payment shock" for those with adjustable-rate mortgages whose loans are due soon to adjust, said Javier Silva, senior research and policy associate with the public policy research group Demos in New York City. "Lots of ARM customers are experiencing payment shock already, and we're only see the first wave of adjustments upward," Silva said. "People didn't understand how much their interest rate could rise, or were unprepared for it. I'm not surprised that we're seeing rising foreclosures.
According to Javier Silva, a senior research and policy associate with Demos, a New York think tank and public policy organization, homeowners' equity fell from an average of 68.3 percent to 55 percent between 1973 and 2004. Americans now own a smaller stake in their homes than they used to. In the 1950s, they owned nearly 80 percent.
If real estate appreciation slows or declines, homeowners without equity that is firmly established may find themselves owing more than their houses are worth.
According to a Demos study, Americans from 2001 to 2003 cashed out $333 billion in equity from their homes. Many did so to pay off credit card debt and finance ongoing living expenses -- both good and noble financial causes.
The study concluded that Americans own less of their homes today than they did in the 1970s and early 1980s.