Americans Need a Job

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Tracy Emblem: Workers are the backbone of America but the backbone has been aching for some time and needs immediate and serious attention – through job creation policies.

Origins of the Enthusiasm Gap

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Robert Reich: Whatever the outcome of the upcoming midterm elections, the activist phase of the Obama administration has likely come to a close. The President may have a fight on his hands even to hold on to what he’s already achieved because his legislative successes have been large enough to fuel strong opposition but not big enough to strengthen his support. The result could be disastrous for him and congressional Democrats.

Activists Giving Obama a Pass

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Obama still has time to deliver for his base. But this will require activists and constituency groups to ramp up public demands for such a course, rather than thinking they are helping the progressive cause by making excuses for a president whose inspirational words about social transformation have not been matched by actions.

Does the Obama Plan for Reforming Wall Street Measure Up?

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In a word: No. The plan doesn’t stop stop bankers from making huge, risky bets with other peoples’ money. It does increase capital requirements and oversight, but it doesn’t require bankers to take their pay in long-term stock options or warrants, and it doesn’t even hint that banks should go back to being partnerships instead […]

The Great Debt Scare: Why Has It Returned?

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It’s the kind of thing I expect to hear from deficit hawks and chicken littles — from the self-described “fiscally responsible” right, from the scolds Ross Perot and Pete Peterson, from my former cabinet colleague Bob Rubin. But yesterday I was shown slides developed by the putatively liberal Center for American Progress intended to make […]

Breaking LA’s Auto Dependency

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The Greater Los Angeles area has long been plagued by a thought that individual neighborhoods don’t add up to a whole. And the good of that whole (the Greater Los Angeles area) is the largest micro situation in the macro dependency on foreign oil there is. With the dependency on cars that Los Angeles has […]

Sorry Folks: Happy Days Are Not Here Again

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“Demonizing the bankers as if they and they alone created the financial meltdown is both inaccurate and short-sighted,” Citigroup chairman Richard Parsons told reporters recently. “Everybody participated in pumping up this balloon and now that the balloon has deflated, everybody has some part in the blame.” Oh no we don’t. Talk about dissembling. The truth […]

The Auto Bailout Is Going Off the Road

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GM just announced it was laying of 21,000 more of its workers, as a means of assuring the Treasury Department the company is worthy of more bailout money. A Treasury official was quoted as saying approvingly that the goal is a “slimmed-down” GM. What? Having General Motors or Chrysler cut tens of thousands of jobs […]

Stimulus Mania: Is It The 21st Century Soup Line?

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The efforts to jump start the economy in the United States, in hopes of causing a global ripple, have taken on an entirely new meaning as people and industry alike wait for the $787 billion dollar economic stimulus package to drop. It’s like a “mania” as so many cities, states, industries, school districts, homeowners, small […]

We Need More Stimulus, Not More Bailout

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With only $110 billion remaining in the TARP bailout fund, all signs are that Tim Geithner is preparing to return to Congress seeking more bailout money. He’ll bring along the results of his bank “stress tests,” which will probably show many that big banks are still technically insolvent, along with bankruptcy scenarios for General Motors […]

Nationalizing Banks and Industry: Why Capitalists Hate Socialism

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The United States has always been a political economy, requiring government regulation of its finance and money markets, and using government stimulation on its labor force. “Free Market” enterprise is based on the notion that open markets and the competition derived from competing ideas for consumer patronage will create a market balance (equilibrium) that will […]

Why You Should Work for a Hedge Fund

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Just because I lost a big chunk of my total retirement savings over the last year doesn’t mean I should be upset that 25 hedge-fund managers reaped a total of $11.6 billion during the same interval, according to Institutional Investor’s Alpha Magazine — including $2.5 billion for James Simons of Renaissance Technologies and $2 billion […]

AIG Bonuses: Don’t Hate the Player, Hate the Game

jasmyne cannick

I watched this week as the nation’s furor turned towards employees of insurance giant American International Group (A.I.G.) and the $200 million-plus in retention bonus payments recently doled out to executives. Executives, who, as we already know, are largely to blame for their role in A.I.G.’s financial crisis that led to the country’s economic meltdown […]

AIG and the Undeserving Rich

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Charles Blow, the “moderate” who seems to write a lot of words but never takes a clear stand on anything, recently lamented on the op-ed page of the New York Times about what a small matter the $165 million in bonuses really were compared to the $170 billion AIG received in government welfare. Sheryl Gay […]

The Auto Bailout: A Bad Deal

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With the economy tanking and unemployment skyrocketing, you’d think the Obama administration would be doing all it could to save jobs. But if its auto bailout plan is any indicator of its current direction, we’re on our way to losing a lot more jobs.

Thoughts on the End of a Hell of a Year

2009

The biggest thing to happen to me this year was the birth of my first grandchild, a little girl named Ella. I know this kind of thing happens all the time and frankly I get bored with people who go all gushy about the birth of kids or grandkids.

How Obama Is Already Taking Charge

by Robert Reich – Obama’s immediate challenge is to fill the leadership vacuum created by a lame-duck president with historically-low approval ratings who seems to have lost interest in his job (at this writing, he’s out of the country) and who’s disappeared from the media, and a Treasury chief who has all but punted on […]

Now Greenspan Tells Us!

Whoops! My bad. Sorry. In effect, this is what former Fed chair Alan Greenspan is telling members of the House Committee of Government Oversight and Reform today by admitting he was wrong about unfettered free markets regulating themselves.