Tim Price

Deputy Editor

Recent Posts by Tim Price

  • Daily Digest - April 4: Undercooked Regulation is Hazardous to Our Economy

    Apr 4, 2013Tim Price

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    Bankers' Court Wins Could Come Back to Haunt Them (Bloomberg)

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    Bankers' Court Wins Could Come Back to Haunt Them (Bloomberg)

    Roosevelt Institute Fellow Mike Konczal argues banks have figured out they don't need Congress if they can get judges to rewrite or throw out reform -- but even for Wall Street, there are some downsides to undermining the whole concept of the rule of law.

    Democrats Are Undermining Wall Street Reform, Too (MoJo)

    Erika Eichelberger notes that a bipartisan group of House lawmakers is pushing bills that would roll back various parts of Dodd-Frank, but as Mike Konczal tells her, it's probably best if we at least let this cake finish baking before we start changing the recipe.

    Fast food workers plan surprise strike (Salon)

    Josh Eidelson reports that workers in 50 New York City fast food restaurants are striking to demand higher wages and their right to organize. Americans may be able to live with poor treatment of low-wage workers, but how long can we live without hash browns?

    The case for expanding Social Security, not cutting it (WaPo)

    Brad Plumer flags a report from the New America Foundation that argues Social Security should be made bigger and better with a Part B that provides a flat $11,699 a year on top of retirees' regular benefits. Not to be confused with plan B, which is to never retire.

    Does Congress have the heart to avert disability crisis? (LA Times)

    Michael Hiltzik notes that the trust fund for Social Security's disability insurance could run out by 2016, forcing a 20 percent benefit cut. Sadly, even mainstream media outlets are pushing the idea that "disabled" is a euphemism for "disinterested in working."

    Fannie and Freddie Are Stronger Than Ever (TNR)

    David Dayen writes that while the GSEs rank below financial disclosure on politicians' list of favorite things, they're currently the only name in the game in the secondary mortgage market -- at least until private players think up some new ways to rig it.

    Blame Abounds Over a Failed Foreclosure Review (NYT)

    Ben Protess and Jessica Silver-Greenberg report that regulators and consultants for the Federal Reserve and the Office of the Comptroller of the Currency are under fire for botching the foreclosure review, which turned out so poorly it now requires its own review.

    Why Risk Managers Should Be Spymasters (ProPublica)

    Jesse Eisinger talks to a former Wall Street risk manager who explains why an elegant math formula is no substitute for flesh and blood people who can recognize when risk models and realities like the London Whale are divorced due to irreconcilable differences.

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  • Daily Digest - April 3: The Sick and the Sequestered

    Apr 3, 2013Tim Price

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    Lack of paid sick leave is unhealthy for America (WaPo)

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    Lack of paid sick leave is unhealthy for America (WaPo)

    Katrina vanden Heuvel writes that after the success of local paid sick leave laws that have shown it's easier to keep one's business healthy when one's employees aren't forced to shuffle through the office with walking pneumonia, national standards could follow.

    Sequestration Effects: Cuts Sting Communities Nationwide (HuffPo)

    Sam Stein and Amanda Terkel note that the conventional wisdom is that sequestration is a big dud, but for Americans who are losing their jobs, being kicked out of Head Start, or waiting longer for emergency services, the experience isn't quite so underwhleming.

    Help shrinks as poverty spikes in the US (AP)

    With 50 million Americans living below the poverty line, including 20 percent of the nation's children, we're worse off now than at any time since LBJ launched the federal government's War on Poverty, and sequestration cuts look a lot like a white flag of surrender.

    Tennessee to poor students: Improve your grades, or else! (MSNBC)

    Ned Resnikoff highlights a new measure working its way through Tennessee's state legislature that would cut TANF payments to families whose kids aren't keeping their grades up, though these lawmakers don't seem like a bunch of rocket scientists themselves.

    Do Americans still not get Reaganomics? (Salon)

    Tim Donovan notes that polls show Americans are nostalgic for the Reagan years and believe Republicans are good fiscal managers no matter how many economic crises they cause, which is like giving compliments to the chef for only poisoning half his diners.

    What Immigration Reform Could Mean for American Workers, and Why the AFL-CIO Is Embracing It (Robert Reich)

    Reich argues that union leaders support immigration reform because they recognize they won't be able to organize and improve conditions for fast-growing, low-wage jobs while employers have a steady supply of exploitable workers to replace the annoying talky ones.

    What It's Like to Lose Your Job While Pregnant (Buzzfeed)

    Anna North writes that despite existing legal protections, many pregnant women still face discrimination from employers who view them as liabilities. Always with the whining and complaining and "Can I sit down, I'm literally growing another human inside me."

    Senses of Entitlement (New Yorker)

    Hendrik Hertzberg argues that liberals have lost a major semantic battle by allowing "entitlements" to become the mainstream euphemism for social insurance programs, making them sound more like a rich kid's demand for a new car on his 16th birthday.

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  • Daily Digest - April 2: Pranked by the Recovery

    Apr 2, 2013Tim Price

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    The April Fool's economy (WaPo)

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    The April Fool's economy (WaPo)

    Ylan Q. Mui notes that while the economy seems to have picked up steam in the last few months, we've seen signs of strong early-year growth before only to be disappointed later. Fool me once, shame on you. Fool me twice, let's just wait for the jobs report.

    Recession Redux (TNR)

    John Judis is pessimistic given that we've opted not to pursue the New Deal-era approach to reform and investment that built a stronger, more stable economy, but are instead repeating the mistakes that led to the recession to see if we can really nail it this time.

    Why the Euro is Doomed in 4 Steps (The Atlantic)

    Matthew O'Brien makes the case that the euro has become as constraining and counterproductive for EU members as the gold standard once was, though at least the latter was based on the sound logic that humans are driven by an intense desire for shinies.

    Wages stink at America's most common jobs (CNNMoney)

    There's a reason your food server or retail salesperson seems disgruntled, and it's not just because you're asking about gluten-free options or return policies. New BLS data shows that seven of the 10 most common occupations pay less than $30,000 a year.

    Guest Workers as Bellwether (Dissent)

    Josh Eidelson looks at the abusive conditions to which many guest workers are subject, the effort to organize those workers to fight for change, and why no workers can really take for granted that their supervisors don't want to beat them with a shovel.

    Lean in, Dad (NYT)

    Catherine Rampell argues that America needs better work-life balance policies to avoid squandering its college-educated female workers, but paid paternity leave is also a must to prevent the assumption that women are a leave of absence waiting to happen.

    It's still a lovefest between Wall Street and regulators (Guardian)

    Heidi Moore notes that recent copouts in an SEC investigation and the Libor manipulation case show banks are still allowed to get away with "neither admitting nor denying" their crimes, introducing an element of quantum physics into financial regulation.

    The People's Bank (Prospect)

    Abby Rapoport writes that the populist, state-owned Bank of North Dakota has helped America's Freest State weather financial storms and supported fair lending practices and small banks, so naturally other states are reluctant to imitate the model.

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  • Daily Digest - April 1: When the Rents Come Due

    Apr 1, 2013Tim Price

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    How an anti-rentier agenda might bring liberals, conservatives together (WaPo)

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    How an anti-rentier agenda might bring liberals, conservatives together (WaPo)

    Roosevelt Institute Fellow Mike Konczal writes that left and right could find common ground in their efforts to stop the rich from extracting unearned income from land, copyrights, and other resources. Or they could just have a big fight about taxes, as per usual.

    Lessons From a Comeback (NYT)

    Paul Krugman notes that as California has drifted left over the years, Republicans have consistently predicted it would crumble under the strain of liberalism and sink into the Pacific. Now it looks like GOP obsolescence may be the key to a brighter future.

    What if Sherrod Brown, Battler Against 'Too-Big-to-Fail' Banks, Gets Banking Committee Chair? (The Nation)

    John Nichols writes that with current chair Tim Johnson set to retire in 2014, Democrats' internal politics could allow the populist Brown to take the reins. From there it's a slippery slope to effective regulation and decades of financial sector stability. Be afraid.

    Why there won't be any big new bank laws in the US, in three quotes (Quartz)

    Taking the under on bets that ending "too big to fail" is a foregone conclusion, Tim Fernholz argues that the White House has its hands full with Dodd-Frank and that House Republicans will likely continue to behave like a bunch of House Republicans.

    Everyone's a Queen (TNR)

    Timothy Noah notes that Republicans are victims of their own success with welfare reform, which forced them to expand the scope of what they want to cut. There must be swarthy moochers hiding somewhere, and the GOP won't rest until it finds them.

    Social Security, Present and Future (NYT)

    The New York Times editorial board argues that cuts to already meager benefits are the wrong way to reform Social Security and shouldn't be bolted to the side of an unrelated deficit debate. Who let in all the Unserious People? Jeeves, show them out.

    What New York's (Partial) Victory on Paid Sick Days Means (Prospect)

    Amy Traub writes that New York City is finally getting guaranteed paid sick days, and all it took was overwhelming public support, five long years of advocacy work, and compromises that exclude thousands in order to get the proposal brought to a vote.

    284,000 College Graduates Had Minimum-Wage Jobs Last Year (HuffPo)

    Student debt is soaring, the number of college grads stuck in minimum wage jobs has increased 70 percent over the last decade, and 38 percent of the class of 2010 hold jobs that don't even require a high school diploma. Future status: not won.

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  • Daily Digest - March 29: Paradise, Thy Name is Fargo

    Mar 29, 2013Tim Price

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    Cheating Our Children (NYT)

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    Cheating Our Children (NYT)

    Paul Krugman writes that after repeatedly crying wolf about a looming economic disaster, deficit hawks instead claim we're cheating future generations by taking on debt. Their answer, of course, is to cheat them now so they're not so disappointed later.

    This is What Happens When You Rip a Hole in the Safety Net (The Nation)

    NND Editor Bryce Covert notes that despite the media's pearl clutching over rising dependence on disability and SNAP benefits, the explanation is simple: we've done little to halt the growth of poverty and plenty to ensure the poor have nowhere else to turn.

    Let it Bleed? (Project Syndicate)

    Brad DeLong writes that given the way the current U.S. economic crisis has dragged on and the amount of damage it's inflicted, calling it the Lesser Depression might be selling it short. What more could it do to earn its place among the all-time Greats?

    Cyprus Is Doomed: Why the Country Must Leave the Euro Immediately (The Atlantic)

    Matthew O'Brien argues that the bailout/bail-in deal Cyprus and the Troika have negotiated is a fool-proof plan to crush the Cypriot economy with more austerity, hobble its financial sector, and saddle it with a universal currency that can't leave its borders.

    The Debate on Bank Size Is Over (NYT)

    Simon Johnson writes that while it may be in lobbyists' best interests to pretend the jury's still out on ending "too big to fail," watching Cyprus's banks trigger the country's self-destruct sequence should explain why most serious policymakers disagree.

    Stop subsidizing Wall Street (WaPo)

    FDIC vice chairman Thomas Hoenig argues that it's time for banks to stop relying on the American public as an all-purpose safety net and insurance policy. If they really believe in taking huge risks, there's no need for them to keep living vicariously through us.

    The Weeklies (Prospect)

    Monica Potts profiles a group of families in the suburbs of Denver who were left homeless by the Great Recession and forced to live week to week in a cheap hotel, trading in their dreams of white picket fences for mismatched bed sets and a mini-fridge.

    Libertarians name North Dakota "most free" state (Salon)

    Alex Pareene notes that the libertarian Mercatus Center has identified North Dakota as America's little slice of heaven. With its low tax rates and lax regulations, it's a wonder people choose to live anywhere else. But they do. They definitely, definitely do.

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