Randy Shaw: Even its critics thought the Occupy movement raised important questions about dramatically rising income inequality in the United States. And that’s why I doubt Obama would be considering Summers if the Occupy movement were still dominating the public debate.
We all know affirmative action is a hot-button issue. At a basic level, it’s an attempt to take race, gender, and ethnicity (to name a few factors) into consideration to promote a level playing field for all. But the sub-text in all affirmative action debates is the fallacious belief that blacks selected to benefit from it are hopelessly and helplessly genetically inferior — that their DNA is chromosomally deficient, if not defective.
Joseph Palermo: The financial reform legislation currently winding its way through the Congress is a step in the right direction but it retains too much of the status quo that brought down the economy in the first place. The key problem, as many economists have been telling us, is that the top financial institutions remain “too big to fail.” Congress can enact all the regulations it wishes but even the best written rules won’t be enough to prevent another financial meltdown.
Walter Moss: As we face the simultaneous challenges of creating more jobs and a more sustainable environment for our children and grandchildren, are we not capable of new thinking? Are we not capable of demonstrating that yes, we can evolve toward an economy that evidences more of what Schumacher thought it should — Beauty, Truth, and Goodness?
Joseph Palermo: In 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown , Simon Johnson and James Kwak point out that in September 2008 the high-flying masters of the universe were at their weakest point and had no choice but to do whatever the government demanded of them. Never mind the supreme irony of Wall Street bankers who claimed government had no place interfering in the miracles of the market begging the government to save them, it was at that time when we should have cut them down to size.
Robert Reich: If any three people are most responsible for the failure of financial regulation, they are Greenspan, Larry Summers, and my former colleague, Bob Rubin. In 1999 they advised Congress to repeal the Glass-Steagall Act, which since 1933 had separated commercial from investment banking. By 1999, Wall Street was salivating over such a repeal because it wanted to create financial supermarkets that could use commercial deposits to place bets in the financial casino. That would yield the Street trillions.
Articles from Jonathan David Farley and A.J. Stone, Georgianne Nienaber, Andrea Christina Nill, Colin Gordon, Carl Bloice, Gene Rothman, Carl Matthes, Ivan Eland, Rev. Irene Monroe, Randy Shaw, Joseph Palermo, Denis Campbell, Paul Hogarth, Harry Mok, Ron Wolff, Marcy Winograd, Robert Reich, Tanya Acker, Emily Spence, Wayne Karlin, S. Blair Fox, Marc Stein, Dick Price & Sharon Kyle
Jonathan David Farley and A.J. Stone: In our culture, it may be that math is less appealing to girls. To change this equation, actress Danica McKellar has written math textbooks with covers resembling Cosmo, and Austrian artist Peren Linn has designed jeans with Fermat’s Last Theorem imprinted on them, to merge elliptic curves with feminine ones.
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 […]