Occupy Wall Street has, in the words of John Paul Rollert, “come to embody a common sense that something is wrong with American capitalism.” The problem Rollert points to is not with capitalism itself, but with a particular American version that has ceased to work for broad cross-sections of its population. Given America’s Depression-level income inequality and near-record levels of public and private indebtedness, it is extremely tempting to focus on bad outcomes as the problem.
The Boston Review recently hosted a forum titled, How Markets Crowd Out Morals, in which Michael Sandel wrote the lead essay, arguing that we as a society should be questioning which institutions we allow to be defined by market norms.
Republicans cite the measures as protection against voter fraud, while Democrats and voting rights groups say the bills would disproportionately keep away young people and minorities, and say they are aimed at blocking ballot access for core Democratic voters.
In 2008, for example, Barack Obama relied on college students to bolster his base during the primaries. Under several proposals, an out-of-state student would no longer be able to use a school photo ID as proof of identity, but would have to make an effort to get state identification.
One report shows that nearly 12,000 voters were disqualified statewide from October 2008 to November 2010. Another shows that nearly 6,200 were disqualified from 2006 to 2010. The Election Division wasn't able to explain the discrepancy.
The sheer number of potential voters swept up by the law is another concern, said Brenda Wright, director of the Democracy Program at Demos, a nonpartisan organization that focuses on public policy research and advocacy.
Senate Republicans are suing the Department of Corrections as well as LAT-FOR, the task force on redistricting & reapportionment over a new law sponsored last year by Eric Schneiderman while he was still in the State Senate — the law changes where prisoners are counted. Today we will hear both sides of the argument beginning with Brenda Wright of Demos, a non partisan public policy research and advocacy organization… And then Senator James Seward, one of the people filing the law suit.
The suit is against LATFOR and DOCS. They will be defended by the state attorney general's office. AG Eric Schneiderman was a senator last year, and sponsored legislation to count prisoners at their former homes. Proponents of the law argue that prisoners should count in the communities they were a part of, not ones where they can't vote.
The bill for decades of Detroit's financial decline has now come due.
A federal judge's ruling approving the largest municipal bankruptcy in U.S. history Tuesday sets the stage for an epic legal battle over who will be asked to help pick up the tab, including bond investors, retired city workers, city vendors, state taxpayers, or Wall Street bankers.
In fact, the Volcker rule is already federal law, passed as part of the massive financial sector overall bill known as the Dodd-Frank Act, signed in 2010. But since that time, five separate regulatory agencies, including those that focus on the markets and others on the banks, have been working to come up with a rule that will satisfy all parties.
President Obama has proclaimed that thanks to the Volcker Rule "never again will the American taxpayer be held hostage by a bank that is `Too Big to Fail', " the reality is a bit more complicated.
Though the rule issued today by financial regulators seeks to ban proprietary trading -- essentially gambling with federally insured deposits -- some experts argue that banks will find ways to get around the restrictions to continue engaging in risky behavior. [...]
Just three days before Kevyn Orr, the emergency manager appointed by Michigan Governor Rick Snyder to run the fiscally strapped city, filed thelargest municipal bankruptcy case in history, he signed a forbearance agreement with UBS and Bank of America/Merrill Lynch establishing a process to settle possible claims on default of $800 million of interest rate swaps.
As long as there have been markets, people have been driven by greed to make irrational investment decisions. When enough people get in on the action, valuations -- the prices of securities -- go haywire, soaring to obscene heights and then crashing in a shower of crushed dreams.
Chasing performance, taking on excessive risk and selling at inopportune times are all as old as capital markets themselves. What is new is the modern regulatory environment and financial innovations such as high-frequency trading. Is today's stock market the same beast it was 20 or 30 years ago? [...]
Carter adopted an emerging technique in the 1970s, hiding references to whites behind talk of ethnic subpopulations, and he also presented blacks as trying to preserve their own segregated neighborhoods. Notwithstanding these dissimulations, few could fail to understand that Carter was defending white efforts to oppose racial integration, and many liberals criticized Carter for doing so.
I grew up just outside Detroit and have felt an ache in my heart for this bleeding city for so many years now. It's long been one of the country's designated loser cities, beginning in the 1960s, when change hit it hard. The phrase at the time was "urban blight," a social cancer with unexamined causes that, in the ensuing years, has gotten progressively worse.
For decades, rapid economic growth has been the norm for developed countries. An educated workforce, a large population boom, major technological advances, and abundant fossil fuels were the key components of growth, generating substantial and broadly distributed increases in standards of living in many countries. We have grown so used to such growth that we inevitably view it as a panacea for a host of economic ills, whether it's a deep recession or income inequality.
We now understand, however, that the postwar growth paradigm is not environmentally sustainable.
Here's a quick question about your retirement savings: When was the last time you checked the fees on your 401(k)?
If you're like most Americans, chances are you're not sure what exactly your plan is charging you. Even though employers are now required to disclose more information about 401(k) fees, only about half of workers said they actually noticed the data, while just 14 percent made changes after reviewing the information, according to a 2013 study from the Employee Benefit Research Institute.
In F. Scott Fitzgerald’s The Great Gatsby, East Egg represents inherited wealth and privilege, while West Egg represents wealth earned through innovation and hard work, a distinction at the core of the American ideal. We have always embraced a dynamic capitalism, marked not by stasis but rather “creative destruction,” lionizing trust-busters as heroes of competition.
When a city is forced to spend more on Wall Street fees than on basic public services, it is the sign of trouble. When that city is one of America's biggest population centers, it is the sign of a burgeoning crisis.
Thomas Piketty’s wildly popular new book, “Capital in the 21st Century,” has been subject to more thinkpieces than the final episode of “Breaking Bad.” Progressives are celebrating the book — a
