The president has an opportunity to make the Fed more democratic, in a way that would be economically transformative and politically popular. It’s also what the law requires.
Economists Amir Sufi and Atif Mian in their latest book challenge many of the assumptions behind how elected officials responded to the 2008 recession. Sufi explains the crucial mistake policymakers made.
"The Pillow Book of Sei Shōnagon" is considered an invaluable record of a pampered and long-vanished Japanese imperial court. Someday we may look at former Treasury Secretary Tim Geithner's memoir "Stress Test" the same way.
Two economists make a convincing case that the 2009 recession wouldn't have been any more harmful than previous ones if financial decision-makers had rescued homeowners, rather than only concentrating on bankers.
Former Sen. Ted Kaufman, one of the great heroes in the fight for financial reform, doesn’t pull any punches in reacting to a report highlighting a lack of zeal in prosecuting Wall Street foreclosure fraud.
A star on the hit "The Walking Dead" and four other film stars collaborate with director David Yates on a short film that takes viewers into a future in which a financial transaction tax is a reality.
With one in four American households underserved by the current banking system, and with the U.S. Post Office in search of more revenue, why not use the postal system to offer banking services to lower-income households?
How did Tuesday night’s State of the Union speech resonate on Wall Street? Sometimes the old saying is literally true: Silence is golden. Perhaps that’s not surprising. But the nation deserved better.
A new Toronto-based campaign is aiming to change the global conversation on CEOs, workers and labor's real value, certifying enterprises that pay their top execs no more than eight times their lowest-paid workers.
Politico reported recently that "Washington went to war against big Wall Street banks" and "Washington won in a blowout." If the banks are losing a war, every conqueror since Genghis Khan would be glad to do the same.
In 2010, the Heritage Foundation ranked Ireland in the top 10 of its "Economic Independence Index." Four years later, conservative austerity policies have wrecked Ireland's economy and other European economies.
Business should be here to serve American needs, not control us and commercialize everything that we do. We must shift the power back to actual people. Only then can we stop the cycle of putting profit before people.
The Equal Employment for All Act is an admirable and important bill which deserves our support. It also gives us an opportunity to have a broader discussion about the kind of society we hope to become.
... introduces a very useful piece of legislation. Now, employers may very well find ways to use this information anyway. But at least it's a consciousness raising exercise that could affect some corporations. This is good stuff.
If you haven't been able to get a raise in your low-wage job, or if you've had a hard time getting a job at all, those stock buybacks could be a major reason why.
Regulators want to start making banking boring again. Today, five different regulatory agencies are expected to adopt the Volcker Rule, which would redraw a line between regular banking and Wall Street gambling.
For a lot of people, government is seen as a simple tool to take their money and give it to people who don't "deserve" it. That's how these ideas are sold to the people --- by appealing to their baser natures.
Four and a half years after the "recovery" began, economic pain remains widespread. Yet the Washington/Wall Street tell Americans, "Have patience." Now, Larry Summers suggests a core economic assumption of the American elite might be dead wrong.
On Tuesday, the Justice Department announced that JPMorgan has agreed to a $13 billion dollar settlement over the fraudulent sale of mortgage backed securities. But, that settlement is a fraud in and of itself.
Beneath the Tea Party-generated gridlock in Washington, continued mass unemployment and growing inequality are confounding the old economic consensus. Heresies sounded in the temples of the old faith suggest the debate on reform has only begun.
Sen. Elizabeth Warren says progressive Davids can win against the banking Goliaths and rebuild the wall between retail banking activities and the kind of high-risk financial bets that contributed to the 2008 financial crisis.
The Senate’s role in presidential nominations is “advise and consent,” not “obstruct and prevent.” But even so-called “moderate” Republicans like Susan Collins won't block a filibuster of Mel Watt to lead the Federal Housing Finance Agency.
All knowledgeable D.C. types know that the TARP and Fed bailout of Wall Street banks five years ago saved us from a second Great Depression. Like most things known by knowledgeable Washington types, this is not true.
The appointment of the next Federal Reserve chair is no longer just a policy question. It has become a test of the Obama administration’s ability to act pragmatically by abandoning a costly and potentially doomed nomination.
Not that this is exactly news, but Michael Bloomberg is a jerk. A very wealthy jerk. I guess Bloomberg and his ilk really do feel that they deserve to have every last penny on this earth. Because they're productive.
It takes a special magic to bring together people as diverse as progressive Democrats, Californians, conservative Republicans, feminists, a number of prominent economists, and a large chunk of the investment community.
The “boys club” that dominates Obama administration economic policy is all in for Larry Summers. The divide between Summers' critics and the insiders dramatizes the looking-glass world that is today’s Washington.
Anat Admati makes a compelling case for effective financial reform in a recent New York Times op-ed entitled “We’re All Still Hostages to the Big Banks." Admati rightfully notes that we are still unsafe.
This excerpt comes from a piece by Michael Winship on how much Washington has changed since the Nixon years. The social and cultural changes are quite striking. But this says it all.
This won't come as a surprise to many of you, unless you are a bankster or a billionaire, you're not being represented in the United States Senate. Senators in the last five Congresses have consistently voted to benefit their wealthy constituents.
The supporters of Larry Summers drive to be Fed chair are desperately trying to rewrite history so that this world class champion of financial deregulation was actually a prescient supporter of tighter regulation all along.
The chattering classes are fascinated by the Republicans’ internecine battle to redefine the party in the wake of the George W. Bush calamity and the Mitt Romney defeat.
Write a cookbook, go to jail? David Dayen points out the absurdity and hypocrisy behind the Obama/Holder Justice Department’s decision to indict two stars of “The Real Housewives of New […]
It’s a real-life disaster movie, one that’s left neighborhoods in ruins all across the country, killed thousands of people, and ruined millions of lives. You might call it a “Banknado.” Yes, we know the “Sharknado” craze ended about ten days […]
Whoever said, “What you don’t know can’t hurt you” doesn’t know much about economics. That goes double for the nomination of Lawrence Summers to head the Federal Reserve. For all […]
Federal Reserve Chair
Progressives mobilize to oppose the nomination of Lawrence Summers as chair of the Federal Reserve, and to advance the candidacy of Vice Chair Janet Yellin.