The historic financial reform law that President Barack Obama signed last July is more akin to an outline than a detailed regulatory mandate. It will only have teeth when numerous rules are written and oversight mechanisms are put into place. Getting the money for this work wouldn’t have been a problem if Democrats still controlled the House--but they don’t anymore.
Since we checked in last week, the Presidential candidates have solidified their support considerably for Rep. Jim DeMint's "Cut, Cap and Balance," a pledge to oppose raising the debt ceiling in the absence of fairly draconian spending cuts and a balanced budget amendment. The pledge also includes a mandate for a supermajority in both chambers for raising taxes, effectively making such actions impossible.
The American Dream used to mean that if you put in a hard day's work, you could expect good wages, benefits, and a better life for your kids. But the kinds of jobs that can provide a solid middle-class life in return for hard work are in short supply in New York-unemployment is up, earnings are down, and hard-won benefits are being lost. The future of the middle class, which has been the backbone of New York's economy for more than half a century, is at risk.
New York's strong and vibrant middle class didn't just happen.
Insurers justify the use of credit screening for insurance purposes by pointing to internal industry data showing that, on average, people with lower scores are more likely to make an insurance claim. The problem is, they don’t have a convincing explanation for why people with poor credit tend to make more claims.
The shale gas industry has been booming in recent years, not only fueling growth in stated U.S. gas reserves, but also controversy over its environmental impact. Although high-volume fracking combined with horizontal drilling has allowed producers to get at hard-to-extract shale gas, many argue that the technique’s impact on the environment requires further study. Despite the environmental controversy, the industry still has plenty of supporters.
Preet Bharara, the U.S. Attorney prosecuting the insider trader cases, is quoted in a recent New Yorker article as saying that a lack of manpower was the reason that authorities hadn't prosecuted more people involved in the financial crisis: "If the well is dry," he said, "a thousand more people aren't going to get you water in that well."
When Joseph Stiglitz and Linda Bilmes published a book entitled The$3 Trillion War, they were criticized by some academics and reviewers for inflating the costs of the Iraq war. Well, now it appears that the authors' figures may have been too low.
Representative Sandy Levin is one of the top Democrats in Congress when it comes to trade issues and given that he represents Michigan -- where the economy has been battered by globalization -- it is no surprise that he has long taken a critical stance on free trade agreements. But Levin is not entirely hostile to such pacts.
According to a recent Pew poll, evangelical Christians believe they're losing influence in the United States. That's far from clear; From 2004 to 2008, the evangelical share of the vote in the Presidential election increased, from 20 percent to 23 percent.
I have been predicting for the past few months that as part of a bipartisan budget deal Republicans will agree to raise revenues by reducing tax breaks and then cloak this retreat in high-minded rhetoric about "tax reform."
One longtime liberal voice in Albany, former Assemblyman Richard Brodsky of Westchester, takes a severe view of Cuomo's first months. He thinks Cuomo, who says he hasn't shut the door on running for president in 2016, is playing two sides in the political game.
The American Dream used to mean that if you put in a hard day's work, you could expect good wages, benefits, and a better life for your kids. Today, the kinds of jobs that can provide a solid middle-class life in return for hard work are in short supply—unemployment is up, earnings are flat, and hard-won benefits are being lost. The future of Wisconsin’s middle class, the backbone of Wisconsin’s economy for more than half a century, is at risk.
New York – Today’s narrow 5-4 decision in McComish v. Bennett continues the Roberts Court’s retreat on fairness in elections, striking down trigger provisions that allowed publicly financed candidates in Arizona to receive additional funds for their campaigns when their spending was outstripped by their privately financed opponents.
Today's young adults are coming of age in a tough economy, on the heels of 30 years of declining economic opportunity and security for all but the most affluent and most highly educated. These changes are quite evident in Michigan, where the once-mighty manufacturing sector that provided better-than-average jobs in the 1960s and 1970s has eroded, hitting young adults particularly hard.
The federal deficit must be brought under control, to be sure. But that’s a long-run problem. Our immediate and far more important concern is the massive unemployment that persists in the wake of the 2008 financial crisis.
Here's what I don't get about House Majority Leader Eric Cantor quitting the budget talks because he opposes any tax increases: Nearly every conservative budget plan out there -- including the Ryan plan -- embraces a fiscal scenario in which taxes consume a greater share of GDP than they do today. Everyone on the right knows taxes will have to increase somewhat, so why doesn't Cantor just accept the inevitable -- especially with the stakes so high?
Today, six in ten employers say that they check the credit histories of some or all prospective employees before making final hiring decisions. This traps many jobseekers in a devastating catch-22.
States work to curb the financial background checks that can keep the unemployed out of work.
After two years of working in a temporary job as customer-service representative, Debra Banks was offered the job permanently. She was sent a hire letter, set a start date, and confirmed her new salary. But there was a hitch: To get the job, Banks had to undergo a credit check.
