Daily Digest - August 25: The Mortgage Crisis, Act 2

Aug 25, 2014Rachel Goldfarb

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You Thought the Mortgage Crisis Was Over? It's About to Flare Up Again (TNR)

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You Thought the Mortgage Crisis Was Over? It's About to Flare Up Again (TNR)

With a large number of mortgage relief measures scheduled to end in the coming year, David Dayen says that many foreclosures will seem as though they were only deferred from 2008.

Why the Robots Might Not Take Our Jobs After All: They Lack Common Sense (NYT)

Neil Irwin reports on MIT labor scholar David Autor's new paper, which argues that robots can't handle common-sense decision making, so they'll only be able to replace certain kinds of jobs.

  • Roosevelt Take: Autor presented a version of this scenario in his video speculation for the Next American Economy project.

Middle Class is Excluded from America's Economic 'Recovery' (The Guardian)

Heidi Moore points out that the recovery isn't much of one for most Americans, and the economists who gathered in Jackson Hole this weekend can't do much to fix that.

Fed Chair Cautious on Timing of Rate Rises, Questions Health of Job Market (AJAM)

Janet Yellen's first speech at the Jackson Hole conference defended her approach, arguing that caution is still needed because the long-term effects of the recession aren't yet clear.

Could America Accept Another FDR? (WaPo)

Fred Hiatt wonders whether modern political discourse and journalism would permit another person like Franklin D. Roosevelt, with his illness and complicated family, to make it to the White House.

Middle Class Households' Wealth Fell 35 Percent from 2005 to 2011 (Vox)

Danielle Kurtzleben reports on new data from the Census Bureau, which shows a dramatic change in U.S. households' net worth, particularly for the bottom three quintiles.

New on Next New Deal

The Ferguson Challenge to the Libertarians

Roosevelt Institute Fellow Mike Konczal says the profit-motivated criminal justice system in Ferguson, heavy on court fees and fines, looks a lot like the libertarian ideal of privatization – and it isn't working.

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Daily Digest - August 22: Sunshine the Cure for Tax Avoidance?

Aug 22, 2014Rachel Goldfarb

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Shareholders, Public Deserve Tax Transparency (WaPo)

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Shareholders, Public Deserve Tax Transparency (WaPo)

Catherine Rampell argues that requiring publicly traded companies to make their tax returns public would cause companies, over time, to invest fewer resources in tax avoidance.

Homeowner Help Remains Elusive in $16.5bn Bank of America Fine (The Guardian)

David Dayen says homeowners shouldn't count on relief from bank settlements: banks will choose to "pay" as much of the penalty as permitted without helping homeowners.

Injustice in Ferguson, Long Before Michael Brown (Bloomberg Businessweek)

Peter Coy looks at how the frequently racist origins of the St. Louis area's municipal fragmentation created the inequalities that people in Ferguson are protesting today.

How a Part-Time Pay Penalty Hits Working Mothers (NYT)

Claire Cain Miller looks at a new analysis from Harvard economist Claudia Goldin, which shows that across the board, working fewer hours leads to a lower wage in the same job.

Obama Alums Accused of Selling Out (MSNBC)

Many Democrats are particularly concerned by influential Obama campaign staff working in roles that are not supportive of unions, writes Alex Seitz-Ward.

Low-Paid Jobs Now Pay Even Worse Than Before The Recovery Began (ThinkProgress)

Bryce Covert writes that the worst of the declining wages lie in particular sectors like food service, home and care workers, and retail, which employ many low-wage workers.

New on Next New Deal

Campus Network Looks Ahead for Policy Engagement

Roosevelt Institute | Campus Network National Director Joelle Gamble considers the Network's nine years of successes, and lays out some of the goals for the year ahead.

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Daily Digest - July 25: The Bad Science Behind the Anti-Woman Agenda

Jul 25, 2014Rachel Goldfarb

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Debunking the Bad Science on Abortion and Women's Health (The Hill)

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Debunking the Bad Science on Abortion and Women's Health (The Hill)

Roosevelt Institute Fellow Andrea Flynn explains the truth behind the anti-abortion myths that are presented as fact by lawmakers who pass legislation that harms women's health.

Setting the Table for Housing Reform (Progressive Massachusetts)

Alex Lessin summarizes Roosevelt Institute | Boston's deep dive into housing policy, which led them to focus on increasing public participation at zoning meetings as a key step for fair housing.

Some Republicans Push Compassionate, Anti-Poverty Agenda Ahead of 2016 Contest (WaPo)

Zachary Goldfarb speaks to Roosevelt Institute Fellow Mike Konczal, who says many of these Republican reform ideas only put a nicer spin on radical proposals like the Ryan budget plan.

Parts of Paul Ryan's Poverty Plan Even a Liberal Can Love (U.S. News & World Report)

Fixing mandatory minimum sentencing guidelines and limiting unnecessary professional licensing in some occupations are opportunities for bipartisan agreement, writes Pat Garofalo.

United Airlines' Outsourcing Jobs to Company That Pays Near-Poverty Wages Is Shameful (HuffPo)

Robert Creamer decries United for eliminating hundreds of middle-class jobs for the sake of financial performance. He writes that companies can't be permitted to put stock performance ahead of people.

Forget Too Big to Fail. Banks Bro-down to Borrow, and It May Cause a New Crash (The Guardian)

Heidi Moore calls on regulators to push new requirements on banks for their short-term lending, which she sees as a key piece of financial regulation to keep banks from failing.

New on Next New Deal

White House Summit Speakers: Look Beyond Congress for Action on Working Families

With Congress in gridlock, Julius Goldberg-Lewis, Midwest Regional Coordinator for Roosevelt Institute | Campus Network, praises the White House Summit on Working Families' focus on states and businesses.

Big Data is Watching You

In his speculation on the future for the Next American Economy initiative, Mike Mathieu, founder of high-tech business incubator Front Seat, says data-mining is coming for the human brain.

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Daily Digest - July 11: Public Internet Infrastructure Provides a Link to the Future

Jul 11, 2014Rachel Goldfarb

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Government Should Invest in Fiber Optics (NYT)

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Government Should Invest in Fiber Optics (NYT)

Roosevelt Institute Fellow Susan Crawford writes that U.S. cities can increase competition and expand affordable high-speed Internet access to all residents by building municipal fiber networks.

Gap Between Minimum Wage and Tipped Wage Hits Record High (MSNBC)

Tipped workers make a much lower median wage, reports Ned Resnikoff, and tipped workers face a poverty rate twice that of other workers.

Fannie-Freddie Propose Liquidity Rules for Mortgage Insurers (Bloomberg)

Zachary Tracer and Clea Benson explain newly proposed capital requirements for mortgage insurers, which would demand that they hold a greater amount of liquid assets against their risk exposure.

The Verdict is in: Obamacare Lowers Uninsured (Politico)

The trend is unmistakable, writes David Nather: millions have newly obtained insurance thanks to the Affordable Care Act. Even those who oppose the law can't find anything bad to say about that.

Right-Wing “Populism” is a Joke: Poor-Bashing, Immigrant-Hating and a Revolting Agenda (Salon)

Heather Digby Parton explains how right-wing populism, which places blame for economic problems on "economic parasites," pushes policies that don't help the right's supposed base.

Losing Sparta: The Bitter Truth Behind the Gospel of Productivity (VQR)

Esther Kaplan looks at the closure of one highly productive, award-winning lighting fixture plant in Sparta, Tennessee to explain why productivity isn't enough to improve the economy.

A $13 Minimum Wage Isn’t Enough (In These Times)

Carlos Ballesteros says that organizers in Chicago want a union no matter the minimum wage increase they obtain, because they will still need consistent hours and scheduling.

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Daily Digest - July 9: America's Workers Need a Vacation

Jul 9, 2014Rachel Goldfarb

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America Gets Summer Vacation All Wrong (U.S. News & World Report)

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America Gets Summer Vacation All Wrong (U.S. News & World Report)

Pat Garofalo points out the dissonance between long summer vacations for students, which lead to learning losses, and the United States' lack of paid vacation time for workers.

  • Roosevelt Take: Roosevelt Institute Director of Operations Sarah Pfeifer Vandekerckhove and Policy Intern Candace Richardson look at possible solutions to low-income students' summer learning losses.

Buying a Home: The American Dream That Won’t Die (MSNBC)

Suzy Khimm looks at post-housing crisis options for low-income would-be homeowners. Opportunities are limited, and there is continued discrimination against minorities seeking mortgages.

Democrats Push Bill to Reverse Supreme Court Ruling on Contraceptives (NYT)

The bill could hit the Senate floor as early as next week, reports Robert Pear, but it faces long odds in the House, since Speaker Boehner approves of the Hobby Lobby decision.

  • Roosevelt Take: Roosevelt Institute Fellow Andrea Flynn explains how the Hobby Lobby and McCullen rulings increase the barriers to women accessing health care.

Corporate Tax Scam Watch: The 'Inversion' Craze (LA Times)

Michael Hiltzik explains why companies look to "inversions," corporate restructuring in a foreign country, to avoid paying their fair share of taxes, and considers possible remedies.

NFL Cheerleaders Got An Early Advantage In Their Lawsuit Against The Buffalo Bills (Business Insider)

A judge said the evidence supports the Buffalo cheerleaders' claim that they are employees of the NFL team, reports Allan Smith, which allows their wage theft case to move forward.

New on Next New Deal

Detroit's Revitalization Funds Could Re-Empower Residents, Too

Roosevelt Summer Academy Fellow Dominic Rushe lays out one way Detroit could introduce participatory budgeting, allowing citizens to help decide where community development funds are most needed.

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Daily Digest - June 23: Weak Labor, Low Wages Feed Unstable Housing Market

Jun 23, 2014Rachel Goldfarb

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Housing Market Falters Amid Rising Prices, Lower-Paying Jobs (Bloomberg)

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Housing Market Falters Amid Rising Prices, Lower-Paying Jobs (Bloomberg)

Kathleen M. Howley reports on new, weaker forecasts for the housing market, and blames slow labor growth, which is primarily in low-wage jobs, and stagnant wages.

Poll: Fewer Americans Blame Poverty on the Poor (NBC News)

A new poll shows a major shift in how Americans perceive the causes of poverty since 1995, writes Seth Freed Wessler. Nearly half of respondents today blame structural causes.

The Economic Argument for Raising Women's Pay (Political Research Associates)

Mariya Strauss assesses the economic benefits of pay equity, which include increased economic growth and tax revenues, as well as a reduced need for public assistance programs.

Republicans Finally Admit Why They Really Hate Obamacare (NY Mag)

As the predictions of Obamacare skeptics are steadily debunked, Jonathan Chait says conservatives are forced to admit they just don't like transfer programs to help the poor.

The Big Lobotomy (Washington Monthly)

Paul Glastris and Haley Sweetland Edwards look at how Republicans in Congress have cut the Congressional workforce, reducing expertise and capacity as well as limiting their own effectiveness.

Why Inequality Might Make Kids Drop Out of High School (WaPo)

A new study suggests that the "economic despair" caused by increased inequality is the reason for higher dropout rates, reports Matt O'Brien.

Finally! Big Investors Declare War on Big Banks (The Fiscal Times)

David Dayen reports on a new front in the post-financial crisis legal battle:  a group of investors sues the trustee banks that assembled mortgage bonds for abandoning quality standards.

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Daily Digest - May 23: How to Pop a Housing Bubble Before It Starts

May 23, 2014Rachel Goldfarb

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There will not be a new Daily Digest on Monday, May 26, in observance of Memorial Day. The Daily Digest will return on Tuesday, May 27.

The Shared-Responsibility Mortgage Could Help Bubbleproof the Housing Market (Bloomberg Businessweek)

Click here to receive the Daily Digest via email.

There will not be a new Daily Digest on Monday, May 26, in observance of Memorial Day. The Daily Digest will return on Tuesday, May 27.

The Shared-Responsibility Mortgage Could Help Bubbleproof the Housing Market (Bloomberg Businessweek)

Peter Coy looks at Atif Mian and Amir Sufi's bold suggestion for a new, safer mortgage structure in House of Debt, which would tie the cost of loan repayment to local housing prices.

It Wasn't Household Debt That Caused the Great Recession (The Atlantic)

Heather Boushey praises House of Debt for bringing in hard data to prove that banks targeting poorer communities for bad mortgages led to the recession, not general household debt.

Cutting Off Emergency Unemployment Benefits Hasn’t Pushed People Back to Work (Five Thirty Eight)

Most unemployed workers who no longer receive benefits are still struggling to find jobs, writes Ben Casselman, and nearly a quarter have dropped out of the labor force entirely.

McDonald's CEO Insists Fast-Food Giant Pays 'Fair Wages' as Protesters Rally (The Guardian)

Dominic Rushe reports on McDonald's chief executive Don Thompson's statement as protests against the company's pay practices continued outside its annual shareholder meeting.

Paul Ryan Now Wants to Solve Poverty with 'Love' and 'Eye to Eye' Contact. Don't Let Him. (The Week)

Elizabeth Stoker argues that Ryan's tough-love strategy of cutting aid programs won't actually help the poor, and that a truly loving approach would maintain government's obligation to all citizens.

A Progressive Alternative to Obamacare (MSNBC)

Geoffrey Cawley reports on Vermont's plan to implement single-payer health care as soon as 2017. This would be a step beyond the Affordable Care Act, though there are logistical hurdles.

Financial Crisis, Over and Already Forgotten (NYT)

Attacks on the Financial Stability Oversight Council demonstrate how quickly Washington has forgotten the source of the Great Recession, says Floyd Norris.

  • Roosevelt Take: "An Unfinished Mission," a report from the Roosevelt Institute and Americans for Financial Reform, lays out suggestions for the next phase of fixing the financial sector.

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Daily Digest - May 22: The Real Story of the Recession is About Housing

May 22, 2014Rachel Goldfarb

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How Timothy Geithner Failed His Stress Test (AJAM)

Roosevelt Institute Fellow Mike Konczal reviews Geithner's memoir and Atif Mian and Amir Sufi's House of Debt, raising questions about Geithner's focus on banks instead of the housing bubble.

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How Timothy Geithner Failed His Stress Test (AJAM)

Roosevelt Institute Fellow Mike Konczal reviews Geithner's memoir and Atif Mian and Amir Sufi's House of Debt, raising questions about Geithner's focus on banks instead of the housing bubble.

Larry Summers: Student Debt Is Slowing the U.S. Housing Recovery (WSJ)

Roosevelt Institute Senior Fellow and Chief Economist Joseph Stiglitz concurred with Summers, calling the cost of higher education a crisis that is holding back the economy, reports Josh Mitchell.

Fed Panel Has Begun to Address How to Gradually Raise Rates (NYT)

Nelson D. Schwartz writes that the Fed is keeping its options open for tightening monetary policy amid concerns that inflation is still below target and the housing sector remains weak.

100 Arrested Near McDonald's Headquarters in Protest Over Low Pay (The Guardian)

Yesterday's protest of more than 2,000 people was met by police in riot gear, reports Dominic Rushe, and led to the shutdown of one building on the McDonald's corporate campus.

Republicans and Democrats Just Wrote Some Actual Legislation Together (Vox)

The legislation, which reorganizes federal jobs training programs, isn't exactly groundbreaking, says Libby Nelson, but it's still nice to see actual bipartisan action.

In Yesterday's Primaries, It Was Money That Mattered (TAP)

Paul Waldman points out that in the five major contested races on Tuesday, all of the results, including margins of victory, could be predicted by looking at fundraising.

U.S. Corporations Are Exploiting a Huge Tax Loophole, but the GOP Doesn't Want to Close It (TNR)

Proposed legislation would make it harder for U.S. companies to avoid taxes by merging with foreign firms, says Danny Vinik, but with no GOP support it isn't going anywhere.

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Daily Digest - May 14: A Victory for Workers in Vermont

May 14, 2014Rachel Goldfarb

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Vermont to Set Highest State Minimum Wage in the U.S. (MSNBC)

Ned Resnikoff reports that the Vermont legislature has voted to raise the state's minimum wage to $10.50 an hour, and the governor is expected to sign the bill soon.

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Vermont to Set Highest State Minimum Wage in the U.S. (MSNBC)

Ned Resnikoff reports that the Vermont legislature has voted to raise the state's minimum wage to $10.50 an hour, and the governor is expected to sign the bill soon.

I Like Jane Austen's Novels, But I Certainly Don't Want to Live Like That (HuffPo)

Heather Boushey writes that Thomas Piketty's prognosis for the economy is of particular concern for women, because if success depends on inheritance, gender equity will suffer.

Fannie-Freddie Overseer Easing Loan Buybacks (Bloomberg News)

Melvin L. Watt, head of the Federal Housing Authority, has announced new rules intended to stimulate the housing market by encouraging lending, reports Clea Benson.

SEC Peeks Under Private Equity Rug, Finds 'Remarkable' Corruption (LA Times)

Corruption in private equity firms isn't just a problem for the very rich, says Michael Hiltzik, since pension funds are among private equity's big clients.

Rebellious Economics Students Have a Point (New Yorker)

John Cassidy writes that the lack of real-world perspective in today's economics classrooms is a problem. He's particularly interested in bringing back economic history and organization.

Tim Geithner and the Paradox Behind the Government’s Crisis Response (WaPo)

In his review of the former Treasury Secretary's new book, Zachary Goldfarb considers the difficult balance between winning over public opinion and saving collapsing systems.

New on Next New Deal

Why Are Courts Allowing Redefinitions of Emergency Contraception?

Roosevelt Institute Fellow Andrea Flynn decries the misinformation about emergency contraception that's being accepted as fact in court cases over the contraception mandate.

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Daily Digest - May 12: Walmart Sets the Wrong Example for a Progressive Future

May 12, 2014Rachel Goldfarb

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Did Obama Make a Mistake by Touting Solar Power at Walmart? (All In with Chris Hayes)

Roosevelt Institute Fellow Dorian Warren says this speech rewarded a company that is failing on the environment and on inequality, which makes it a confusing political choice.

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Did Obama Make a Mistake by Touting Solar Power at Walmart? (All In with Chris Hayes)

Roosevelt Institute Fellow Dorian Warren says this speech rewarded a company that is failing on the environment and on inequality, which makes it a confusing political choice.

Thousands in Pierce County Trapped in Underwater Mortgages (Tacoma News Tribune)

Kathleen Cooper speaks to Roosevelt Institute Fellow Mike Konczal, who says these mortgages slow economic growth because homeowners spend so much on debt payments.

Making Ends Meet at Walmart (NYT)

When Walmart reviewed its financials to determine performance pay for executives, it made adjustments to ensure larger bonuses despite a rough year, reports Gretchen Morgenson.

Undocumented NYC Domestic Workers Clean Up with Collective (AJAM)

Forming an environmentally friendly cleaning co-op has ensured fair wages, steady income, and safety for some undocumented workers, writes Kaelyn Forde.

Heller May Try to Attach Unemployment Extension to Tax Cut Bill (Roll Call)

Humberto Sanchez reports that an upcoming set of corporate tax breaks with bipartisan support could be key to a deal that would renew unemployment benefits.

FCC Head to Revise Broadband-Rules Plan (WSJ)

Gautham Nagesh says FCC Chairman Tom Wheeler is trying to address public backlash with this latest revision of rules, which could be a good thing for net neutrality.

New on Next New Deal

For U.S. Mothers, Conservative Policies Can Be Deadly

Maternal mortality rates have increased in the U.S., and Roosevelt Institute Fellow Andrea Flynn argues that conservative policies like refusing Medicaid expansion make things worse.

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