Daily Digest - March 10: Main Street Pays Rent to Wall Street

Mar 10, 2014Rachel Goldfarb

Click here to receive the Daily Digest via email.

Could a Wall Street Firm be Your Landlord? (Melissa Harris-Perry)

Roosevelt Institute Fellow Dorian Warren points out the possibility that new rental-backed securities from Wall Street could pose a civil rights problem if they capitalize on communities of color.

Click here to receive the Daily Digest via email.

Could a Wall Street Firm be Your Landlord? (Melissa Harris-Perry)

Roosevelt Institute Fellow Dorian Warren points out the possibility that new rental-backed securities from Wall Street could pose a civil rights problem if they capitalize on communities of color.

US Postal Service Inspector General Proposes Launching Low-Fee Public Bank (Real News Network)

Postal banking would aim to help low-income Americans who are currently unbanked, says Roosevelt Institute Fellow Mike Konczal, without the predatory fees they would face at traditional banks.

The Real Story Behind the Detroit Pension Fight and What it Means to America's Future (Alternet)

Lynn Stuart Parramore speaks to Roosevelt Institute Senior Fellow Rob Johnson about the so-called pensions crisis. The key takeaway: cutting pensions is a choice, one that will cause harm for generations.

More on CBO and the Limits of Economic Analysis (On The Economy)

Jared Bernstein responds to a critique from Roosevelt Institute Senior Fellow Jeff Madrick, arguing that what needs to change isn't the Congressional Budget Office's analyses, but our lack of skepticism.

Unemployment in February Remains Elevated Across the Board (Working Economics)

Heidi Shierholz compares February's jobs report to pre-recession numbers, and argues that the sustained high unemployment across the board is proof that the jobs crisis comes from a lack of demand.

Why Americans Should Take August Off (The Nation)

Vacationing isn't a sign of laziness, writes Bryce Covert; it boosts spending and productivity, both of which would be great for the U.S. economy.

New on Next New Deal

What Les Misérables Can Teach Us About Paul Ryan's Poverty Plan

"Honest work, just reward" is a central conceit in GOP anti-poverty plans, but Nell Abernathy, Program Manager for the Roosevelt Institute's Bernard L. Schwartz Rediscovering Government Initiative, says this ignores the realities of low-income work.

Share This

Daily Digest - February 21: When Wall Street Worries Too Much

Feb 21, 2014Rachel Goldfarb

Click here to receive the Daily Digest via email.

An Aggressive Fed Finds Critics on Wall Street (NYT)

Click here to receive the Daily Digest via email.

An Aggressive Fed Finds Critics on Wall Street (NYT)

Some bankers blame easy money for the boom-and-bust cycle, writes Peter Eavis, but Fed supporters like Roosevelt Institute Fellow Mike Konczal argue the critics have unrealistic expectations about the economy.

You Still Need to Care About Sky-High Wall Street CEO Pay (U.S. News & World Report)

Pat Garofalo says that while high CEO pay is a problem across the board, it's especially worrisome on Wall Street, where a CEO's decisions can affect the entire economy.

South Carolina Governor Says Ford, GM, Chrysler Union Jobs not Welcome in State (Detroit Free Press)

Governor Nikki Haley is happier to have unionized companies, including many Detroit-based auto manufacturers, keep their jobs far, far away from her right-to-work state, reports Rudolph Bell.

Why Gap’s Wage Hike Matters (MSNBC)

Ned Resnikoff argues that with House Republicans unlikely to allow a vote on a minimum wage increase, it's worth cheering for companies that do it themselves.

Obama to Drop Entitlement Cuts from 2015 Budget (POLITICO)

Reid J. Epstein reports that the president is done floating compromises for the GOP in his budget. Chained CPI, an inflation metric that would reduce benefit increases for Social Security, is gone.

New on Next New Deal

In Campus Network’s Summer Academy, Students Learn What Good Work Really Looks Like

Roosevelt Institute | Campus Network's Jeff Raines and Joe Swanson consider the effect that the Summer Academy Fellowship has had on their college experiences and career goals.

  • Note: Current students can still apply for the Campus Network's Summer Academy. For more information, click here.

We Need More Nuance from the CBO

Presenting a single number instead of a range of economic opinions is irresponsible of the Congressional Budget Office, writes Jeff Madrick, Roosevelt Institute Senior Fellow and Director of the Bernard L. Schwartz Rediscovering Government Initiative.

Share This

Daily Digest - February 13: Public Finance Can Help Weather the Storm

Feb 13, 2014Rachel Goldfarb

Click here to receive the Daily Digest via email.

Preparing for Disaster by Betting Against It (NYT)

Click here to receive the Daily Digest via email.

Preparing for Disaster by Betting Against It (NYT)

The Metropolitan Transit Association's catastrophe bond, a type of insurance to cover the costs of future storms like Hurricane Sandy, could be a model for disaster prep, says Roosevelt Institute Fellow Georgia Levenson Keohane.

A Comcast-Time Warner Cable Deal Would Combine Two of America’s Most-Reviled Companies (Quartz)

Adam Pasick reports on the newly-announced merger plan. He quotes Roosevelt Institute Fellow Susan Crawford, who predicts that the only way this will affect customers is through higher prices.

GOP Succumbs to Rare Outbreak of Sanity (The New Yorker)

John Cassidy says the moment passed after the House voted to raise the debt ceiling. Ted Cruz's reaction proved that nothing had changed, even as the debt ceiling increase passed the Senate.

I Can’t Find Enough Skilled Workers! (At the Crappy Wage I’m Offering…) (On The Economy)

When employers complain about a lack of skilled workers, Jared Bernstein says they're forgetting the second half of that equation. Case in point: regional airline pilots, who sometimes barely break minimum wage.

After Outcry, White House Extends $10.10 Minimum Wage to Some Disabled Workers (In These Times)

Mike Elk reports on the change, which follows public objections to keeping disabled workers' wages lower than the minimum. Disabled service and concessions workers will now get minimum wage, not less.

Up in Arms Over Union ‘Persuader’ Rule (The Hill)

Kevin Bogardus and Ben Goad report on the proposed regulation, which would require companies to disclose when they bring in legal consultants on union election strategy.

America Has Forgotten Its Three Biggest Economic Lessons (Salon)

According to Robert Reich, those lessons are that consumers create jobs, the rich do better with a smaller share of a growing economy, and taxes pay for public investment that helps everyone.

Share This

Mike Konczal on What's Next for Financial Reform

Feb 6, 2014

In a new episode of the Roosevelt Institute's video explainer series, "What's the Deal," Roosevelt Institute Fellow Mike Konczal talks about what the Dodd-Fran

In a new episode of the Roosevelt Institute's video explainer series, "What's the Deal," Roosevelt Institute Fellow Mike Konczal talks about what the Dodd-Frank financial reform law accomplished, what still needs to be done to change the system, and why there are reasons for reformers to be optimistic.

For more, check out An Unfinished Mission: Making Wall Street Work for Us, a report co-edited by Konczal.

Share This

Daily Digest - February 3: Financial Reform Enters a New Era

Feb 2, 2014Rachel Goldfarb

Click here to receive the Daily Digest via email.

What's the Deal: What's Next for Financial Reform (YouTube)

Roosevelt Institute Fellow Mike Konczal talks about what the Dodd-Frank financial reform law accomplished, what still needs to be done to change the system, and why there are reasons for reformers to be optimistic about the future.

Click here to receive the Daily Digest via email.

What's the Deal: What's Next for Financial Reform (YouTube)

Roosevelt Institute Fellow Mike Konczal talks about what the Dodd-Frank financial reform law accomplished, what still needs to be done to change the system, and why there are reasons for reformers to be optimistic about the future.

  • Roosevelt Take: Read "An Unfinished Mission," the report from the Roosevelt Institute and Americans for Financial Reform that Mike discusses in this video, here.

New Fed Chief Janet Yellen Lets a Long Career of Breaking Barriers Speak for Itself (WaPo)

Ylan Q. Mui profiles Janet Yellen's career with a focus on gender, as Yellen has been a prominent face for women in economics over the years. She notes that Yellen has rarely spoken on gender issues, and has asked her staff to use the title "chair" rather than "chairwoman."

Oh, Sweet Mercy, Are We About To Have Another Debt Ceiling Fight? (HuffPo)

Jason Linkins examines why another debt ceiling fight seems likely, even though the GOP has already lost bargaining power by giving in on the last two. He sees the Republicans' insistence on turning everything into a fight against Obamacare as a losing strategy.

Domino’s Delivery Workers Settle Suit for $1.3 Million (NYT)

Steven Greenhouse reports on the settlement between 61 deliverymen and a Manhattan Domino's franchise. The workers filed the suit based on minimum wage and overtime violations after many were forced to list far fewer hours on time sheets than they actually worked.

Walmart’s Holiday Profits are Way Down. Food Stamp Cuts are a Big Part of the Reason. (Washington Monthly)

Kathleen Geier says the most interesting part of this story is the explicit tie Walmart has made between food stamp cuts and low sales. She sees this as part of the cycle of austerity politics, which fail to recognize how government cuts can slow the overall economy.

Jerry Brown's Austerity Kick Unpopular with Advocates for Poor (LA Times)

Anthony York writes that Californians disagree on how to use their multibillion-dollar budget surplus. In his State of the State address, Governor Brown pushed for a rainy-day fund, but others are discussing popular social safety net proposals like universal pre-K and paid sick leave.

The Problem with Retirement Savings: Making Enough Money to Save (The Guardian)

Suzanne McGee praises President Obama's MyRA plan as a "tiny positive step," but points out that it won't do anything to solve the real problem. As wages have flatlined, increased options for saving won't help workers who need every dollar for bills today.

Share This

Daily Digest - January 24: Four Big Reasons Financial Reform Isn't Finished

Jan 24, 2014Rachel Goldfarb

Click here to receive the Daily Digest via email.

Washington Has Not Defeated Wall Street. Yet. (TNR)

Click here to receive the Daily Digest via email.

Washington Has Not Defeated Wall Street. Yet. (TNR)

Roosevelt Institute Fellow Mike Konczal writes that for all that Dodd-Frank accomplished, financial reform isn't done yet. He lays out four areas in particular where this fight is ongoing, and the solutions aren't quite clear: enforcement, Too Big to Fail, the mortgage market, and shadow banking.

The Populist Imperative (NYT)

Paul Krugman writes in favor of a focus on inequality in the State of the Union next week, because that rhetoric connects voters to macroeconomic issues. He argues that while some people may want more explicit discussion of jobs, the issues are interconnected.

Most Republicans Think Poverty Caused by Laziness, New Poll Finds (MSNBC)

Morgan Whitaker reports on the results of a new Pew poll on poverty. The poll shows that Americans recognize the growth of economic inequality in recent years, but a majority of Republicans think that if poor people put in more effort, they wouldn't be poor.

When Companies Break the Law and People Pay: The Scary Lesson of the Google Bus (Salon)

Julia Carrie Wong uses the Google Bus in San Francisco as a prime example of the ways that large corporations are allowed to flout laws that carry harsh penalties for individuals. The fine for blocking a bus stop is $271, but Google gets to pay San Francisco just $1 per stop used.

Big Money Doesn't Just Corrupt Politics. It Also Corrupts People (PolicyShop)

David Callahan argues that when public servants with relatively low government salaries spend so much of their time with wealthy lobbyists, corruption isn't so surprising. He suggests limiting lobbyists' access as one solution, but also calls for higher salaries for government officials.

WSJ Can't Figure Out Why Hiring Lags When Factories Are Not Humming (Beat the Press)

Dean Baker calls out the Wall Street Journal for a recent piece that questions why manufacturing isn't hiring when the industry is doing better. Data shows that factories are still functioning far below their capacity in the U.S., so Baker wonders why the Journal is asking that question.

Guatemala Factory Supplying Walmart and Other US Retailers Stole $6 Million From Workers (The Nation)

Steven Hsieh reports on the results of an Institute for Global Labor and Human Rights investigation into the wage theft at an Alianza Fashion factory in Guatemala. When retailers were asked about the wage theft, some blamed the middle men in the manufacturing chain.

Share This

Daily Digest - November 25: Incivility Isn't One Person's Fault

Nov 25, 2013Rachel Goldfarb

Click here to receive the Daily Digest via email.

Incivility in America - The Millennials: Restoring Civility (Hannity)

Roosevelt Institute | Campus Network's National Field Strategist, Joelle Gamble, and Senior Fellow for Economic Development, Azi Hussain, appeared on Fox News, where they drove Sean Hannity crazy by refusing to blame politically incivility on President Obama.

Click here to receive the Daily Digest via email.

Incivility in America - The Millennials: Restoring Civility (Hannity)

Roosevelt Institute | Campus Network's National Field Strategist, Joelle Gamble, and Senior Fellow for Economic Development, Azi Hussain, appeared on Fox News, where they drove Sean Hannity crazy by refusing to blame politically incivility on President Obama.

Bubble in the Making? How the Stock Market Might Not Reflect the Current Economy (PBS NewsHour)

Paul Solman speaks to Roosevelt Institute Fellow Mike Konczal about the disconnect between the soaring stock exchange and the weaker economy, seen in today's still-high unemployment rate. He argues that stocks would be even higher if more people had jobs.

A Sustainable Economic Path (The Hill)

Roosevelt Institute Senior Fellow Bo Cutter and Joe Kasputys present a proposal for a reasonable and balanced way to deal with the national debt without crippling the economy through sequestration cuts. Reducing debt can't come at the expense of everything else.

Yes, the Government Should Spend More Each Year (WaPo)

Roosevelt Institute Fellow Mike Konczal argues that as the economy grows each year, government spending should grow with it. The country's needs don't shrink with greater wealth, so the GOP's call to "spend one dollar less" doesn't work.

Could Teller Organizing Help Halt Bank Abuses? (In These Times)

Sarah Jaffe reports on new workplace organizing attempts by bank tellers, who are protesting against outsourcing via video conferencing. Video tellers could save money for Bank of America, at the cost of local jobs at their branches.

JPMorgan Says It Broke No Law. So Why Pay The $13 Billion? (NPR)

Jim Zarroli explains how the bank can pay this fine to the Justice Department and still claim that it broke no laws. The public statement was so carefully worded that both sides can spin it into a victory, which means no clear explanation of wrongdoing.

New on Next New Deal

President Obama: Give Millennials a Seat at the Table on Climate Change

Roosevelt Institute | Campus Network Senior Fellow for Energy and Environment Melia Ungson argues climate change solutions need to begin locally, and should start involving tomorrow's leaders right now.

Share This

Daily Digest - November 15: Financial Reform Wasn't Finished With Dodd-Frank

Nov 15, 2013Rachel Goldfarb

Click here to receive the Daily Digest via email.

Mike Konczal: The Unfinished Mission: Making Wall Street Work For Us (Majority Report)

Click here to receive the Daily Digest via email.

Mike Konczal: The Unfinished Mission: Making Wall Street Work For Us (Majority Report)

Sam Seder spoke to Roosevelt Institute Fellow Mike Konczal about the new report on financial reform from the Roosevelt Institute and Americans for Financial Reform. They discuss the problems with implementing Dodd-Frank, and what can be done next.

  • Roosevelt Take: You can read "An Unfinished Mission: Making Wall Street Work For Us" here.

Nominee to Run Federal Reserve Unsure When It Will Curb Its Powers to Bail Out Banks (MoJo)

Erika Eichelberger reports that when Janet Yellen was asked when the Fed will limit its powers to bail out banks, as required under Dodd-Frank, she had no answer. Roosevelt Institute Fellow Mike Konczal suggested that this isn't high on the Fed's priority list.

Volkswagen Isn’t Fighting Unionization—But Leaked Docs Show Right-Wing Groups Are (In These Times)

Mike Elk reports that while the company promised not to oppose the United Auto Workers attempts to organize their Chattanooga, TN plant, outside groups disagree with that decision. They're pumping hundreds of thousands of dollars into anti-union campaigns.

Wall Street Isn’t Worth It (Jacobin)

John Quiggin argues that thirty years of looser regulations on the financial sector have proven that the massive profits aren't worth the cost to society. We would all be better off, he says, if Wall Street were smaller, and made correspondingly smaller returns.

Harsher Cuts Are On Their Way (MSNBC)

Suzy Khimm looks at how sequestration cuts will affect poor families in the coming year, as funds get even tighter. The cuts are particularly worrying as winter rapidly approaches, with cuts to programs that fund heating and housing for low-income Americans.

New on Next New Deal

President's Insurance Announcement Keeps Eyes on the Prize

Roosevelt Institute Senior Fellow Richard Kirsch argues that President Obama's decision to allow people to keep insurance plans that don't comply with the Affordable Care Act's requirements allows us to keep our focus on the larger goal: insuring more Americans.

Given the Myth of Ownership, is the Idea of Redistribution Coherent?

Roosevelt Institute Fellow Mike Konczal argues that redistribution still makes sense conceptually, even when we agree that property rights are a creation of the state. He warns: "This post is probably not of interest to general readers."

Share This

Daily Digest - November 14: Millennial Success Beyond Big Cities

Nov 14, 2013Rachel Goldfarb

Click here to receive the Daily Digest via email.

Jersey City: Cheaper, Yes, But Also a Real Sense of Community (The Atlantic Cities)

Click here to receive the Daily Digest via email.

Jersey City: Cheaper, Yes, But Also a Real Sense of Community (The Atlantic Cities)

Roosevelt Institute | Pipeline Fellow Nona Willis Aronowitz continues her two week series on cities where Millennials can afford to succeed. She emphasizes that Jersey City, NJ isn't just a suburb anymore, with more people centering their work there too.

Elizabeth Warren to Regulators, Congress: End ‘Too Big to Fail’ (The Nation)

Zoë Carpenter discusses Senator Warren's keynote at a Roosevelt Institute and Americans for Financial Reform event this week. She focuses on how the Senator's speech fits into the larger picture of Congressional action on financial reform.

  • Roosevelt Take: Watch Senator Warren's speech, which aired live on C-SPAN 2, here.

How McDonald's and Wal-Mart Became Welfare Queens (Bloomberg View)

Barry Ritholtz takes a strong stance against the major corporations which work on a model of unsustainable wages for workers, who then need public assistance. Raising the minimum wage is a likely solution, but he also suggests penalties for companies whose workers can't get by.

Scalia’s Chance to Smash Unions: The Huge Under-the-Radar Case (Salon)

Josh Eidelson explains why Unite Here Local 355 v. Mulhall could make forming a union even more difficult. Most union organizing today is done under "card check neutrality agreements" between unions and companies, but those agreements could be ruled unconstitutional.

Detroit's Decision to Fend Off Bankruptcy: Pay Pensions or Banks? (The Guardian)

Dominic Rushe speaks to Detroit pension recipients about what bankruptcy would mean for their lives. They place the destruction of pensions squarely within the destruction of middle-class opportunity in the United States.

Everyone's Talking About This Simple Solution To Ending Poverty By Just Giving People Free Money (Business Insider)

Danny Vinik lays out a simple explanation of universal basic income. Importantly, he explains how the U.S. could fund a basic income up to the poverty line, even though it would never pass the current Congress.

How To Save Entitlements Without Really Trying (Blog of the Century)

Zachary Bernstein explains a potential change to Federal Insurance Contributions Act, which creates the taxes that fund Social Security and Medicare, that even the GOP could appreciate. We could save the long-term future of these programs and lower taxes for most Americans.

New on Next New Deal

The Real Movers and Shakers

Roosevelt Institute | Campus Network Senior Fellow for Equal Justice Erik Lampmann would be happier if elections and one-off protests got far less media attention. Instead, he suggests examples of community organizing successes that really deserve our applause.

Share This

Daily Digest - November 13: Senator Warren Would've Voted For Dodd-Frank, And Then Some

Nov 13, 2013Rachel Goldfarb

Click here to receive the Daily Digest via email.

Elizabeth Warren vs. the Democratic Elites (All In With Chris Hayes)

Click here to receive the Daily Digest via email.

Elizabeth Warren vs. the Democratic Elites (All In With Chris Hayes)

Chris Hayes discusses Senator Warren's keynote at a Roosevelt Institute and Americans for Financial Reform conference on financial reform yesterday. He argues that she needs to convince the rest of the Democrats to adopt her views of the banking industry.

  • Roosevelt Take: Senator Warren's speech aired live on C-SPAN 2, and you can watch the archived video here.

Elizabeth Warren’s Populist Insurgency Enters Next Phase (Salon)

David Dayen looks at the new report on financial reform from the Roosevelt Institute and Americans for Financial Reform. He says the proposals aren't just about regulations, but about what economy we want for our citizens.

  • Roosevelt Take: You can read the report, "An Unfinished Mission: Making Wall Street Work For Us," here.

Gary Gensler's Successor Has His Work Cut Out for Him (Bloomberg Businessweek)

Matthew Philips thinks that Timothy Massad, who has been nominated to be the next chairman of the Commodity Futures Trading Commission, is well equipped to take on the difficult challenge of enforcing the regulations Gary Gensler pushed through.

Yellen’s Challenge at the Fed: Speaking Persuasively to Investors (NYT)

Binyamin Appelbaum suggests that Janet Yellen's work begins this week with her confirmation hearings. As someone who has pushed the Fed to more clearly articulate its plans, she'll need to start doing just that in front of the Senate Banking Committee.

Two Fed Officials Say Aggressive Policy Action Still Needed (Reuters)

Jonathan Spicer and David Bailey report on statements by the Presidents of the Federal Reserve Banks of Atlanta and Minneapolis which emphasize the need for full employment. Both think that the Fed needs to retain accommodative policies for now.

Occupy Wall Street Activists Buy $15m of Americans' Personal Debt (The Guardian)

Adam Gabbatt explains how the Rolling Jubilee managed to eliminate so much medical debt so quickly. The secondary debt market sells debts for much less than the amount owed, which meant the program was able to have a much larger impact than planned.

The Government’s Human Price Scanners (WaPo)

Emily Wax-Thibodeaux reports on the work of "economic assistants" at the Bureau of Labor and Statistics, who travel the country to record the prices of goods. By recording every detail, like differences in vet fees at night, these relatively unknown workers help to create the Consumer Price Index.

New on Next New Deal

What Do the Millennials Want From the Affordable Care Act?

Roosevelt Institute | Campus Network Senior Fellow for Health Care Anisha Hedge says that Millennials aren't interested in the ultra-partisan arguments for or against the ACA. They're more interested in how the law works, and how they can get health insurance.

Share This

Pages