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.
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.