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David Graeber on a Fair Future Economy - YouTube
"David Graeber is an anthropologist, a leading figure in the Occupy movement, and one of our most original and influential public thinkers.

He comes to the RSA to address our current age of ‘total bureaucratization’, in which public and private power has gradually fused into a single entity, rife with rules and regulations, whose ultimate purpose is the extraction of wealth in the form of profits.

David will consider what it would take, in terms of intellectual clarity, political will and imaginative power – to conceive and build a flourishing and fair future economy, which would maximise the scope for individual and collective creativity, and would be sustainable and just."
democracy  liberalism  directdemocracy  borders  us  finance  globalization  bureaucracy  2015  ows  occupywallstreet  governance  government  economics  politics  policy  unschooling  unlearning  schooliness  technology  paperwork  future  utopianism  capitalism  constitution  rules  regulation  wealth  power  communism  authority  authoritarianism  creativity  neoliberalism  austerity  justice  socialjustice  society  ideology  inequality  revolution  global  international  history  law  legal  debt  freedom  money  monetarypolicy  worldbank  imf  markets  banks  banking  certification  credentials  lobbying  collusion  corruption  privatization  credentialization  deschooling  canon  firstamendment 
10 weeks ago by robertogreco
The Making of a Democratic Economy | Ted Howard | RSA Replay - YouTube
"While not often reported on in the press, there is a growing movement – a Community Wealth Building movement – that is taking hold, from the ground up, in towns and cities in the United States and in the United Kingdom, in particular.

Ted Howard, co-founder and president of the Democracy Collaborative, voted one of ‘25 visionaries who are changing your world’, visits the RSA to share the story of the growth of this movement, and the principles underlying it. Join us to explore innovative models of a new economy being built in cities from Cleveland, Ohio to Preston, Lancashire, and to discuss how we might dramatically expand the vision and reality of a democratic economy."
economics  tedhoward  inequality  democracy  extraction  extractiveeconomy  us  uk  2018  capitalism  privatization  finance  wealth  power  elitism  trickledowneconomics  labor  work  universalbasicincome  ubi  austerity  democraticeconomy  precarity  poverty  change  sustainability  empowerment  socialism  socialchange  regulations  socialsafetynet  collectivism  banking  employment  commongood  unemployment  grassroots  organization  greatdepression  greatrecession  alaska  california  socialsecurity  government  governance  nhs  communities  communitywealthbuilding  community  mutualaid  laborovercapital  local  absenteeownership  localownership  consumerism  activism  participation  participatory  investment  cleveland  systemicchange  policy  credit  communityfinance  development  cooperatives  creditunions  employeeownership  richmond  virginia  nyc  rochester  broadband  publicutilities  nebraska  energy  utilities  hospitals  universities  theprestonmodel  preston  lancashire 
november 2018 by robertogreco
Democracy at Work
"Democracy at Work is a non-profit 501(c)3 that advocates for worker cooperatives and democratic workplaces as a key path to a stronger, democratic economic system. Based on the book Democracy at Work: A Cure for Capitalism by Richard D. Wolff, we envision a future where workers at every level of their offices, stores, and factories have equal voices in the direction of their enterprise and its impact within their community and society at large."
economics  justice  richardwolff  capitalism  democracy  woorkercooperatives  labor  horizontality  politics  socialism  work  society  banks  banking  creditunions  finance 
july 2018 by robertogreco
Thread by @thrasherxy: "Jimmy Carter remains the one & only interesting post president from a social justice angle. Obama would have turned Habitat for Humanity […]"
[original here: https://twitter.com/thrasherxy/status/998918171791937536 ]

"Jimmy Carter remains the one & only interesting post president from a social justice angle. Obama would have turned Habitat for Humanity into an app or a "public-private partnership with Home Depot, designed to foster innovation & inspire for the next generation of homeowners!"

He'd start a student worker program by placing Starbucks in charter school cafeterias, "staffed, and managed, by students, to inspire the next generation of baristas and foster innovation in management!"

To my knowledge, Obama hasn't ever tweeted about a dead Black child killed by police or in support of BLM activists since leaving office. But he HAS donated to a Chicago youth summer jobs program (GET TO WORK, BLACK KIDS!) & applauded the Black child helping the homeless.

Worthy goals, fiiiine...but Black children don't need to work more or need more "grit," they need to be kids. And it always saddens me when he acts as though Black ppl (especially kids) need to work harder to end our own oppression & death.

Which brings me to his current phase of the post-presidency: hosting and producing "content" on Netflix. No Habitat for Humanity or teaching Sunday school for him! He'll create incremental change in the private market by creating "content" for a private network.

After he & Michelle got $65 million for their books, one might hope "my brother's keeper" might, say, wanna host a special for PBS or something public. But a neoliberal (in the sense of market "innovation" forces leading to change) in the post-presidency, Netflix makes sense.

After all, Obama installed Arnie Duncan, a neoliberal who believed in school "choice," as the pre-Betsy Devos. The Obamas didn't send their kids to Duncans' charterized Chi schools, but Obama elevated Duncan & promoted "Race to the Top" neoliberal/increasingly private schools.

THEN, Obama sent many of his White House alumni off not to public service, nor even to private industry, but to Silicon Valley upstarts focused on colonizing public goods & undermining public laws for private profit. For instance:

- Uber hired David Plouffee (Which busts public transit resources & labor regs)
With Uber's new hire, Obama alumni invade Silicon Valley: D.C. to Silicon Valley is a well-worn path.
http://fortune.com/2014/08/19/uber-plouffe-obama/


- Natalie Foster went to shill for "Share," the "front group for AirBnB (which busts housing regs)

- Michael Masserman went to Lyft
With Uber's new hire, Obama alumni invade Silicon Valley: D.C. to Silicon Valley is a well-worn path.
http://fortune.com/2014/08/19/uber-plouffe-obama/


So, it's fitting the Obamas went not to PBS but--like the depressing move of Sesame Street from PBS to HBO--took their show to Netflix.

Converting public post-presidential comms (which maybe should open to the public?) to private Netflix capitalization is on-brand-Obama.

In their Netflix press release, the Obamas wrote: "we hope to cultivate and curate the talented, inspiring, creative voices who are able to promote greater empathy and understanding between peoples."

Meaningless pabulum.

Hoping for change through cultivating & curating "voices who are able to promote greater understanding" only to Netflix subscribers is pretty status quo.

Without critique of capitalism, empire, racism, and sexism, a vague dream to "promote greater empathy" are empty.

I wish the Democratic leaders (Pelosi, Schumer, the Clintons, the Obamas) were out here barnstorming the country, railing against the facscist they've helped install. I wish they had a fraction of the rage & courage of of ADAPT and BLM.

Reading the horrific labor SCOTUS ruling, I wonder what could have been if Obama had fought his last year for his SCOTUS nominee, rather than saying, "Now let's stay calm everyone, if we're reasonable enough, they'll be reasonable, too."

Calmness hasn't helped much. And it's nauseating to see the Obamas rolling off to the bank & hiding their little bit of discourse behind a Netflix Paywall--while Hillary's hat routine seems to be the extent of her public "resistance" (cc @kath_krueger )
Hillary Clinton Did a Bit With a Russia Hat at Yale and I Want to Die
Have you felt an acute-but-nagging desire to fade back into the nothingness of the universe yet today? No? Well look no further!
https://splinternews.com/i-yearn-for-deaths-sweet-embrace-1826207903


The market is NOT the answer to every American problem. As @B_Ehrenreich wrote, the reason people are poor is NOT that they aren't educated enuf, inspired enuf, nor that they're insufficiently "innovative." Yet the Ds, just like the Rs, say it is.
Why are people poor? Because they are uneducated? No, because (1) they are paid so little for their work and (2) the pittance they are paid is quickly sucked off by landlords, credit companies, the medical industry and other predators. Solutions are obvious. [from: https://twitter.com/B_Ehrenreich/status/998571038727458816 ]


This, to me, is neoliberalism--addressing everything from market driven schools to market driven healthcare to the market driven post-presidential philanthropy (Clinton Global Inititiative, Obama media empire) to the "choice" of the market.

One of the unfortunate meeting points in thinking about Black liberation & in anti-Blackness is questioning the Obama's hauling of tens (more?) of millions in the post-presidency. White supremacists don't want him to have that money.

But I, too, have questioned his money haul, particularly in the face of his public giving going first to Black kids who work summer jobs & while raking it in to talk to the banks who bankrupt Black people...
Barack Obama's $400,000 speaking fees reveal what few want to admit | Steven W Thrasher
His mission was never racial or economic justice. It’s time we stop pretending it was
https://www.theguardian.com/commentisfree/2017/may/01/barack-obama-speaking-fees-economic-racial-justice


And it makes me sad to see the limits of viewing Black liberation imagined as "this man, for whom so many of us did so much to put into office, needs to be able to haul as much cash as possible in the coming years as a signifier of Black success."

In the name of the Black ppl who worked their butts off to install him, the Latinx people he deported in record numbers, and the the ppl who are QTPoC, immigrants, Latinx, women and/or Muslin made vulnerable by his successor, I would hope Obama would be out here fighting for us.

But that is just a dream. Obama is who he is. The hope he'd "really speak his mind on race" when he left office was a denial of who he was in office.

The presidency is the head of the American empire, in all its complexity and violence.

And only Carter has wrestled with this in the post-presidency, largely outside of the market.

Neoliberal structure encourages liberals to retreat to safe spaces created by the market. If market "choice" can provide safe schools or healthcare or water or transport for someone, they're less inclined to demand society provide these things for whom "choice" has failed.

So, I fear Obama TV will encourage a neoliberal retreat for liberals to choose to have President Obama on Netflix, even as Trump runs rampant IRL running over the rest of us who can't much retreat to safety...

..and we can only wonder what Obama TV would have looked like if, perhaps, 44 had shown up on the public airwaves sometime, marching with ADAPT or BLM.

Mind you, I am not thinking about this as a character flaw in the Obamas as such. The presidency, post-presidency, the Obamas & all of us are formed by neoliberal logic. It's the dominant frame of our polticual consciousness.

But it's still distressing."
steventhrasher  barackobama  jimmycarter  hillaryclinton  neoliberalism  2018  ntflix  uber  lyft  airbnb  siliconvalley  corruption  markets  finance  banking  inequality  privatization  race  habitatfohumanity  money  politics  scotus  democrats  liberation  philanthropy  arneduncan  chicago  schools  education  batsydefos  rttt  davidplouffee  natalifoster  michaelmasserman  grit  poverty  society  publicservice  charterschools 
may 2018 by robertogreco
Why are Democrats so afraid of taxes?
"Tax hikes on the rich to fund child care, universal health care, higher education, and a green infrastructure bank would immensely benefit both the college-educated and non-college folks who are seeing their standard of living threatened by the GOP. According to Global Strategy Group polling, 85 percent of working-class whites and 80 percent of college-educated whites support higher taxes on the one percent.

Class politics do not threaten the Democratic Party — they may be the only way to save it. But all camps in the Democratic Party are grasping at different parts of the problem. Many strategists on the Hillary Clinton-end of things have rightfully noted that a shift in college-educated white support for Democrats is a positive harbinger for the party. But they have seemingly failed to grasp that the Bernie Sanders wing has a point: these voters can be won over on classic tax and spend social democracy. In 2016, only three percent of college-educated white Clinton voters made more than $250,000 a year, according to the Cooperative Congressional Election Study from that year. Far from worrying about taxes, these voters are increasingly worried about proving health care and child care for their children. Most have seen their retirement security erode and worry about whether their children can afford college. Instead of trying to appeal to a mushy center that doesn’t really exist, Democrats should embrace high taxes, particularly on the rich, to fund social services. The public is ready."
democrats  taxes  policy  208  economics  healthcare  childcare  inequality  banking  finance  richardrorty  hillaryclinton  berniesanders  spencerpiston  class  infrastructure  climatechange  publicgoods  materialism  psychology  emptiness  capitalism 
january 2018 by robertogreco
Why capitalism can’t survive without socialism - Vox
"Sean Illing

This raises a thorny question: The kinds of skills this technological economy rewards are not skills that a majority of the population possesses. Perhaps a significant number of people simply can’t thrive in this space, no matter how much training or education we provide.

Eric Weinstein

I think that's an interesting question, and it depends a lot on your view of education. Buckminster Fuller (a prominent American author and architect who died in 1983) said something to the effect of, "We're all born geniuses, but something in the process of living de-geniuses us." I think with several years more hindsight, we can see that the thing that de-geniuses us is actually our education.

The problem is that we have an educational system that's based on taking our natural penchant for exploration and fashioning it into a willingness to take on mind-numbing routine. This is because our educational system was designed to produce employable products suitable for jobs, but it is jobs that are precisely going to give way to an economy increasingly based on one-off opportunities.

Sean Illing

That’s a problem with a definable but immensely complicated solution.

Eric Weinstein

Part of the question is, how do we disable an educational system that is uniformizing people across the socioeconomic spectrum in order to remind ourselves that the hotel maid who makes up our bed may in fact be an amateur painter? The accountant who does our taxes may well have a screenplay that he works on after the midnight hour? I think what is less clear to many of our bureaucrats in Washington is just how much talent and creativity exists through all walks of life.

What we don't know yet is how to pay people for those behaviors, because many of those screenplays and books and inventions will not be able to command a sufficiently high market price, but this is where the issue of some kind of hybridization of hypercapitalism and hypersocialism must enter the discussion.

“We will see the beginning stirrings of revolution as the cost for this continuing insensitivity”
Sean Illing

Let's talk about that. What does a hybrid of capitalism and socialism look like?

Eric Weinstein

I don't think we know what it looks like. I believe capitalism will need to be much more unfettered. Certain fields will need to undergo a process of radical deregulation in order to give the minority of minds that are capable of our greatest feats of creation the leeway to experiment and to play, as they deliver us the wonders on which our future economy will be based.

By the same token, we have to understand that our population is not a collection of workers to be input to the machine of capitalism, but rather a nation of souls whose dignity, well-being, and health must be considered on independent, humanitarian terms. Now, that does not mean we can afford to indulge in national welfare of a kind that would rob our most vulnerable of a dignity that has previously been supplied by the workplace.

People will have to be engaged in socially positive activities, but not all of those socially positive activities may be able to command a sufficient share of the market to consume at an appropriate level, and so I think we're going to have to augment the hypercapitalism which will provide the growth of the hypersocialism based on both dignity and need.

Sean Illing

I agree with most of that, but I’m not sure we’re prepared to adapt to these new circumstances quickly enough to matter. What you’re describing is a near-revolutionary shift in politics and culture, and that’s not something we can do on command.

Eric Weinstein

I believe that once our top creative class is unshackled from those impediments which are socially negative, they will be able to choose whether capitalism proceeds by evolution or revolution, and I am hopeful that the enlightened self-interest of the billionaire class will cause them to take the enlightened path toward finding a rethinking of work that honors the vast majority of fellow citizens and humans on which their country depends.

Sean Illing

Are you confident that the billionaire class is so enlightened? Because I'm not. All of these changes were perceptible years ago, and yet the billionaire class failed to take any of this seriously enough. The impulse to innovate and profit subsumes all other concerns as far as I can tell."



"Sean Illing

I suppose that’s my point. If the people with the power to change things are sufficiently cocooned that they fail to realize the emergency while there’s still time to act, where does that leave us?

Eric Weinstein

Well, the claim there is that there will be no warning shots across the bow. I guarantee you that when the Occupy Wall Street demonstrators left the confines of Zuccotti Park and came to visit the Upper East Side homes of Manhattan, it had an immediate focusing on the mind of those who could deploy a great deal of capital. Thankfully, those protesters were smart enough to realize that a peaceful demonstration is the best way to advertise the potential for instability to those who have yet to do the computation.

“We have a system-wide problem with embedded growth hypotheses that is turning us all into scoundrels and liars”
Sean Illing

But if you're one of those Occupy Wall Street protesters who fired off that peaceful warning shot across the bow six years ago, and you reflect on what’s happened since, do have any reason to think the message was received? Do you not look around and say, “Nothing much has changed”? The casino economy on Wall Street is still humming along. What lesson is to be drawn in that case?

Eric Weinstein

Well, that's putting too much blame on the bankers. I mean, the problem is that the Occupy Wall Street protesters and the bankers share a common delusion. Both of them believe the bankers are more powerful in the story than they actually are. The real problem, which our society has yet to face up to, is that sometime around 1970, we ended several periods of legitimate exponential growth in science, technology, and economics. Since that time, we have struggled with the fact that almost all of our institutions that thrived during the post-World War II period of growth have embedded growth hypotheses into their very foundation.

Sean Illing

What does that mean, exactly?

Eric Weinstein

That means that all of those institutions, whether they're law firms or universities or the military, have to reckon with steady state [meaning an economy with mild fluctuations in growth and productivity] by admitting that growth cannot be sustained, by running a Ponzi scheme, or by attempting to cannibalize others to achieve a kind of fake growth to keep those particular institutions running. This is the big story that nobody reports. We have a system-wide problem with embedded growth hypotheses that is turning us all into scoundrels and liars."



"Sean Illing

So our entire economy is essentially a house of cards, built on outdated assumptions and pushed along with gimmicks like quantitative easing. It seems we’ve gotten quite good at avoiding facing up to the contradictions of our civilization.

Eric Weinstein

Well, this is the problem. I sometimes call this the Wile E. Coyote effect because as long as Wile E. Coyote doesn't look down, he's suspended in air, even if he has just run off a cliff. But the great danger is understanding that everything is flipped. During the 2008 crisis, many commentators said the markets have suddenly gone crazy, and it was exactly the reverse. The so-called great moderation that was pushed by Alan Greenspan, Timothy Geithner, and others was in fact a kind of madness, and the 2008 crisis represented a rare break in the insanity, where the market suddenly woke up to see what was actually going on. So the acute danger is not madness but sanity.

The problem is that prolonged madness simply compounds the disaster to come when sanity finally sets in."
2017  capitalism  socialism  business  dystopia  history  seanilling  ericweinstein  economics  politics  policy  productivity  technology  inequality  revolution  dignity  creativeclass  creativity  repetition  ows  occupywallstreet  banks  banking  finance  ponzischemes  alangreenspan  timothygeitner  civilization  systems  systemsthinking  growth  society  science  automation 
august 2017 by robertogreco
“Neoliberalism” isn’t an empty epithet. It’s a real, powerful set of ideas. - Vox
"It’s hard to think of a term that causes more confusion, yet is more frequently used in political debate, than “neoliberalism.” It’s one thing to argue that the term should be discouraged or retired from public discussions, because it generates heat instead of light, but it is another to say that it doesn’t have any meaning or use. Jonathan Chait makes the second case in New York magazine.

Whenever I find myself reaching for “neoliberalism,” I look for a different phrase, simply because it will better communicate what I’m trying to convey. But if we throw away the term entirely, or ignore what it’s describing, we lose out on an important way of understanding where we are right now, economically speaking.

Neoliberalism, at its core, describes the stage of capitalism that has existed over the past 30 years, one that evolved out of the economic crises of the 1970s. The underpinnings of this stage are buckling under the weight of our own crises, perhaps even collapsing, all of it in ways we don’t yet understand. A careful consideration of the term can help us grasp a lot of what is going on in the world, especially as the Democratic Party looks to change.

Jonathan Chait’s sweeping condemnation of the word “neoliberal”

For Chait, the term neoliberal “now refers to liberals generally” and indiscriminately, regardless of what views they hold. The “basic claim is that, from the New Deal through the Great Society, the Democratic Party espoused a set of values defined by, or at the very least consistent with, social democracy,” but then, starting in the 1970s, “neoliberal elites hijacked the party.” However, the efforts at hijacking that the critics identify “never really took off,” in Chait’s view. As such, to use the term is simply to try “to win [an argument] with an epithet.”

Chait correctly points out that the left has historically been disappointed with the New Deal and Great Society, viewing them as lost opportunities. But he oversteps when he goes further to say that “neoliberal” is not only devoid of meaning, but that there was no essential shift in Democratic identity toward the end of the last century.

The difficulty of the term is that it’s used to described three overlapping but very distinct intellectual developments. In political circles, it’s most commonly used to refer to a successful attempt to move the Democratic Party to the center in the aftermath of conservative victories in the 1980s. Once can look to Bill Galston and Elaine Kamarck’s influential 1989 The Politics of Evasion, in which the authors argued that Democratic “programs must be shaped and defended within an inhospitable ideological climate, and they cannot by themselves remedy the electorate's broader antipathy to contemporary liberalism.”

Galston and Kamarck were calling for a New Deal liberalism that was updated to be made more palatable to a right-leaning public, after Reagan and the ascendancy of conservatism. You might also say that they were calling for “triangulation” between Reaganism and New Deal liberalism — or, at worst, abandoning the FDR-style approach.

In economic circles, however, “neoliberalism” is most identified with an elite response to the economic crises of the 1970s: stagflation, the energy crisis, the near bankruptcy of New York. The response to these crises was conservative in nature, pushing back against the economic management of the midcentury period. It is sometimes known as the “Washington Consensus,” a set of 10 policies that became the new economic common sense.

These policies included reduction of top marginal tax rates, the liberalization of trade, privatization of government services, and deregulation. These became the sensible things for generic people in Washington and other global headquarters to embrace and promote, and the policies were pushed on other countries via global institutions like the International Monetary Fund. This had significant consequences for the power of capital, as the geographer David Harvey writes in his useful Brief Introduction to Neoliberalism. The upshot of such policies, as the historical sociologist Greta Krippner notes, was to shift many aspects of managing the economy from government to Wall Street, and to financiers generally.

Chait summarizes this sense of the term in the following way: It simply “means capitalist, as distinguished from socialist.” But what kind of capitalism? The Washington Consensus represents a particularly laissez-faire approach that changed life in many countries profoundly: To sample its effects, just check out a book like Joseph Stiglitz’s Globalization and its Discontents. The shock therapy of mass privatization applied to Russia after the Soviet collapsed, for example, reduced life expectancy in that country by five years and ensured that Russia was taken over by strongmen and oligarchs.

International pressure forced East Asian countries to liberalize their capital flows, which led to a financial crisis that the IMF subsequently made use of to demand even more painful austerity. The European Union was created to facilitate the austerity that is destroying a generation in such countries as Greece, Portugal, and Spain. (The IMF itself is reexamining its actions over the past several decades; titles it has published, including Neoliberalism, Oversold?, demonstrate the broad usefulness of the term.)

Markets are defining more and more aspects of our lives

The third meaning of “neoliberalism,” most often used in academic circles, encompasses market supremacy — or the extension of markets or market-like logic to more and more spheres of life. This, in turn, has a significant influence on our subjectivity: how we view ourselves, our society, and our roles in it. One insight here is that markets don’t occur naturally but are instead constructed through law and practices, and those practices can be extended into realms well beyond traditional markets.

Another insight is that market exchanges can create an ethos that ends up shaping more and more human behavior; we can increasingly view ourselves as little more than human capital maximizing our market values.

This is a little abstract, but it really does matter for our everyday lives. As the political theorist Wendy Brown notes in her book Undoing the Demos: Neoliberalism’s Stealth Revolution, the Supreme Court case overturning a century of campaign finance law, Citizens United, wasn’t just about viewing corporations as political citizens. Kennedy’s opinion was also about viewing all politics as a form of market activity. The question, as he saw it, was is how to preserve a “political marketplace.” In this market-centric view, democracy, access, voice, and other democratic values are flattened, replaced with a thin veneer of political activity as a type of capital right.

You may not believe in neoliberalism, but neoliberalism believes in you

Why does this matter if you couldn’t care less about either the IMF or subjectivity? The 2016 election brought forward real disagreements in the Democratic Party, disagreements that aren’t reducible to empirical arguments, or arguments about what an achievable political agenda might be. These disagreements will become more important as we move forward, and they can only be answered with an understanding of what the Democratic Party stands for.

One highly salient conflict was the fight over free college during the Democratic primary. It wasn’t about the price tag; it was about the role the government should play in helping to educate the citizenry. Clinton originally argued that a universal program would help people who didn’t need help — why pay for Donald Trump’s kids? This reflects the focus on means-tested programs that dominated Democratic policymaking over the past several decades. (Some of the original people who wanted to reinvent the Democratic Party, such as Charles Peters in his 1983 article “A Neoliberal’s Manifesto,” called for means-testing Social Security so it served only the very poor.)

Bernie Sanders argued instead that education was a right, and it should be guaranteed to all Americans regardless of wealth or income. The two rivals came to a smart compromise after the campaign, concluding that public tuition should be free for all families with income of less than $125,000 — a proposal that is already serving as a base from which activists can build.

This points to a disagreement as we move forward. Should the Democratic Party focus on the most vulnerable, in the language of access and need? Or should it focus on everyone, in the language of rights?

We’ll see a similar fight in health care. The horror movie villain of Republican health care reform has been killed and thrown into the summer camp lake, and we’re all sitting on the beach terrified that the undead body will simply walk right back out. In the meantime, Democrats have to think about whether their health care goals will build on the ACA framework or whether they should more aggressively extend Medicare for more people.

Chait argues that “[t]he Democratic Party has evolved over the last half-century, as any party does over a long period of time. But the basic ideological cast of its economic policy has not changed dramatically since the New Deal.” Whether you believe that’s true hinges on what you think of the relative merits of public and private provisioning of goods. For there was clearly some change in Democratic policymaking — and, arguably, in its “ideological cast” — sometime between 1976 and 1992. It became much more acceptable to let the private market drive outcomes, with government helping through tax credits and various nudges. One influential 1992 book, Reinventing Government, by David Osborne and Ted Gaebler, described a government that should “steer, not row.” (FDR believed government could and should row.)

Another place we can see a break in the Democratic Party … [more]
neoliberalism  capitalism  democrats  history  politics  2017  mikekonczal  jonathanchait  billgalston  elainekamarck  newdeal  liberalism  conservatism  economics  policy  liberalization  privatization  government  governance  josephstiglitz  globalization  markets  berniesanders  ideology  dvidorsborne  tedgaebler  finance  banking  boblitan  jonathanruch  education  corporations  1988  ronaldreagan 
july 2017 by robertogreco
POLITICAL THEORY - Karl Marx - YouTube
"Karl Marx remains deeply important today not as the man who told us what to replace capitalism with, but as someone who brilliantly pointed out certain of its problems. The School of Life, a pro-Capitalist institution, takes a look.



FURTHER READING

“Most people agree that we need to improve our economic system somehow. It threatens our planet through excessive consumption, distracts us with irrelevant advertising, leaves people hungry and without healthcare, and fuels unnecessary wars. Yet we’re also often keen to dismiss the ideas of its most famous and ambitious critic, Karl Marx. This isn’t very surprising. In practice, his political and economic ideas have been used to design disastrously planned economies and nasty dictatorships. Frankly, the remedies Marx proposed for the ills of the world now sound a bit demented. He thought we should abolish private property. People should not be allowed to own things. At certain moments one can sympathise. But it’s like wanting to ban gossip or forbid watching television. It’s going to war with human behaviour. And Marx believed the world would be put to rights by a dictatorship of the proletariat; which does not mean anything much today. Openly Marxist parties received a total of only 1,685 votes in the 2010 UK general election, out of the nearly 40 million ballots cast…”"
karlmarx  marxism  capitalism  2014  work  labor  specialization  purpose  alienation  disconnection  hierarchy  efficiency  communism  belonging  insecurity  economics  primitiveaccumulation  accumulation  profit  theft  exploitation  instability  precarity  crises  abundance  scarcity  shortage  productivity  leisure  unemployment  freedom  employment  inequality  wealth  wealthdistribution  marriage  relationships  commodityfetishism  feminism  oppression  ideology  values  valuejudgements  worth  consumerism  materialism  anxiety  competition  complacency  conformity  communistmanifesto  inheritance  privateproperty  banking  communication  transportation  eduction  publiceducation  frederickengels  generalists  specialists  daskapital 
january 2017 by robertogreco
Clinton & co are finally gone. That is the silver lining in this disaster | Hazem Salem | Opinion | The Guardian
"I am as frightened as everyone else about Donald Trump’s victory. But we must also recognize: this is a revolutionary moment"



"Hillary Clinton has given us back our freedom. Only such a crushing defeat could break the chains that bound us to the New Democrat elites. The defeat was the result of decades of moving the Democratic party – the party of FDR – away from what it once was and should have remained: a party that represents workers. All workers.

For three decades they have kept us in line with threats of a Republican monster-president should we stay home on election day. Election day has come and passed, and many did stay home. And instead of bowing out gracefully and accepting responsibility for their defeat, they have already started blaming it largely on racist hordes of rural Americans. That explanation conveniently shifts blame away from themselves, and avoids any tough questions about where the party has failed.

In a capitalist democracy, the party of the left has one essential reason for existing: to speak for the working class. Capitalist democracies have tended towards two major parties. One, which acts in the interest of the capitalist class – the business owners, the entrepreneurs, the professionals – ensuring their efforts and the risks they took were fairly rewarded. The other party represented workers, unions and later on other groups that made up the working class, including women and oppressed minorities.

This delicate balance ended in the 1990s. Many blame Reagan and Thatcher for destroying unions and unfettering corporations. I don’t. In the 1990s, a New Left arose in the English-speaking world: Bill Clinton’s New Democrats and Tony Blair’s New Labour. Instead of a balancing act, Clinton and Blair presided over an equally aggressive “new centrist” dismantling of the laws that protected workers and the poor.

Enough examples should by now be common knowledge. Bill Clinton signed the final death warrant of the Glass-Steagall Act (itself originally signed into law by FDR), removing the final blocks preventing the banking industry from gambling away our prosperity (leading to the 2008 recession). Bill Clinton also sold us on the promise of free trade. Our well-made American products were supposed to have flooded the world markets. Instead, it was our well-paid jobs that left in a flood of outsourcing. After the investment bankers gambled away our economy the New Democrats bailed them out against the overwhelming objection of the American people.

This heralded the Obama years, as the New Democrats continued to justify their existence through a focus on social causes that do not threaten corporate power. Or as Krystal Ball put it so powerfully: “We lectured a struggling people watching their kids die of drug overdoses about their white privilege.” Add to this that we did it while their life expectancy dropped through self-destructive behaviors brought on by economic distress.

This is not to deny the reality of structural racism or xenophobia or the intolerance shown to Muslims or the antisemitic undertones of Trump’s campaign. I am myself a person of color with a Muslim-sounding name, I know the reality and I am as frightened as everyone else. But it is crucial that our cultural elite, most of it aligned with the New Democrats, not be allowed to shirk their responsibility for Trump’s success.

So let us be as clear about this electoral defeat as possible, because the New Democratic elite will try to pin their failure, and keep their jobs, by blaming this largely on racism, sexism – and FBI director Comey. This is an extremely dangerous conclusion to draw from this election.

So here is our silver lining. This is a revolutionary moment. We must not allow them to shift the blame on to voters. This is their failure, decades in the making. And their failure is our chance to regroup. To clean house in the Democratic party, to retire the old elite and to empower a new generation of FDR Democrats, who look out for the working class – the whole working class."
hazemsalem  2016  elections  donaldtrump  hillaryclinton  billclinton  democrats  liberalism  neoliberalism  economics  policy  politics  government  revolution  elitism  dynasties  workingclass  poverty  us  inequality  race  racism  labor  populism  capitalism  ronaldreagan  barackobama  banking  finance  newdemocrats  xenophobia 
november 2016 by robertogreco
How Post-Watergate Liberals Killed Their Populist Soul - The Atlantic
"In the 1970s, a new wave of post-Watergate liberals stopped fighting monopoly power. The result is an increasingly dangerous political system."



"It was January 1975, and the Watergate Babies had arrived in Washington looking for blood. The Watergate Babies—as the recently elected Democratic congressmen were known—were young, idealistic liberals who had been swept into office on a promise to clean up government, end the war in Vietnam, and rid the nation’s capital of the kind of corruption and dirty politics the Nixon White House had wrought. Richard Nixon himself had resigned just a few months earlier in August. But the Watergate Babies didn’t just campaign against Nixon; they took on the Democratic establishment, too. Newly elected Representative George Miller of California, then just 29 years old, announced, “We came here to take the Bastille.”

One of their first targets was an old man from Texarkana: a former cotton tenant farmer named Wright Patman who had served in Congress since 1929. He was also the chairman of the U.S. House Committee on Banking and Currency and had been for more than a decade. Antiwar liberal reformers realized that the key to power in Congress was through the committee system; being the chairman of a powerful committee meant having control over the flow of legislation. The problem was: Chairmen were selected based on their length of service. So liberal reformers already in office, buttressed by the Watergate Babies’ votes, demanded that the committee chairmen be picked by a full Democratic-caucus vote instead.

Ironically, as chairman of the Banking Committee, Patman had been the first Democrat to investigate the Watergate scandal. But he was vulnerable to the new crowd he had helped usher in. He was old; they were young. He had supported segregation in the past and the war in Vietnam; they were vehemently against both. Patman had never gone to college and had been a crusading economic populist during the Great Depression; the Watergate Babies were weaned on campus politics, television, and affluence.

What’s more, the new members were antiwar, not necessarily anti-bank. “Our generation did not know the Depression,” then-Representative Paul Tsongas said. “The populism of the 1930s doesn’t really apply to the 1970s,” argued Pete Stark, a California member who launched his political career by affixing a giant peace sign onto the roof of the bank he owned.

In reality, while the Watergate Babies provided the numbers needed to eject him, it was actually Patman’s Banking Committee colleagues who orchestrated his ouster. For more than a decade, Patman had represented a Democratic political tradition stretching back to Thomas Jefferson, an alliance of the agrarian South and the West against Northeastern capital. For decades, Patman had sought to hold financial power in check, investigating corporate monopolies, high interest rates, the Federal Reserve, and big banks. And the banking allies on the committee had had enough of Patman’s hostility to Wall Street.

Over the years, Patman had upset these members by blocking bank mergers and going after financial power. As famed muckraking columnist Drew Pearson put it: Patman “committed one cardinal sin as chairman. ... He wants to investigate the big bankers.” And so, it was the older bank allies who truly ensured that Patman would go down. In 1975, these bank-friendly Democrats spread the rumor that Patman was an autocratic chairman biased against junior congressmen. To new members eager to participate in policymaking, this was a searing indictment.

The campaign to oust Patman was brief and savage. Michigan’s Bob Carr, a member of the 1975 class, told me the main charge against Patman was that he was an incompetent chairman (a charge with which the nonprofit Common Cause agreed). One of the revolt’s leaders, Edward Pattison, actually felt warmly toward Patman and his legendary populist career. But, “there was just a feeling that he had lost control of his committee.”

Not all on the left were swayed. Barbara Jordan, the renowned representative from Texas, spoke eloquently in Patman’s defense. Ralph Nader raged at the betrayal of a warrior against corporate power. And California’s Henry Waxman, one of the few populist Watergate Babies, broke with his class, puzzled by all the liberals who opposed Patman’s chairmanship. Still, Patman was crushed. Of the three chairmen who fell, Patman lost by the biggest margin. A week later, the bank-friendly members of the committee completed their takeover. Leonor Sullivan—a Missouri populist, the only woman on the Banking Committee, and the author of the Fair Credit Reporting Act—was removed from her position as the subcommittee chair in revenge for her support of Patman. “A revolution has occurred,” noted The Washington Post.

Indeed, a revolution had occurred. But the contours of that revolution would not be clear for decades. In 1974, young liberals did not perceive financial power as a threat, having grown up in a world where banks and big business were largely kept under control. It was the government—through Vietnam, Nixon, and executive power—that organized the political spectrum. By 1975, liberalism meant, as Carr put it, “where you were on issues like civil rights and the war in Vietnam.” With the exception of a few new members, like Miller and Waxman, suspicion of finance as a part of liberalism had vanished.

Over the next 40 years, this Democratic generation fundamentally altered American politics. They restructured “campaign finance, party nominations, government transparency, and congressional organization.” They took on domestic violence, homophobia, discrimination against the disabled, and sexual harassment. They jettisoned many racially and culturally authoritarian traditions. They produced Bill Clinton’s presidency directly, and in many ways, they shaped President Barack Obama’s.

The result today is a paradox. At the same time that the nation has achieved perhaps the most tolerant culture in U.S. history, the destruction of the anti-monopoly and anti-bank tradition in the Democratic Party has also cleared the way for the greatest concentration of economic power in a century. This is not what the Watergate Babies intended when they dethroned Patman as chairman of the Banking Committee. But it helped lead them down that path. The story of Patman’s ousting is part of the larger story of how the Democratic Party helped to create today’s shockingly disillusioned and sullen public, a large chunk of whom is now marching for Donald Trump."

[That's just the opening.]
mattstoller  2016  democrats  politics  elections  history  democracy  us  capitalism  banking  markets  neoliberalism  liberalism  populism  1975  finance  power  economics  ralphnader  bobcarr  wrightpatman  change  1970s  campaignfinance  government  transparency  inequality 
november 2016 by robertogreco
American Capitalism’s Great Crisis | TIME
"America’s economic problems go far beyond rich bankers, too-big-to-fail financial institutions, hedge-fund billionaires, offshore tax avoidance or any particular outrage of the moment. In fact, each of these is symptomatic of a more nefarious condition that threatens, in equal measure, the very well-off and the very poor, the red and the blue. The U.S. system of market capitalism itself is broken.

[…]

America’s economic illness has a name: financialization. It’s an academic term for the trend by which Wall Street and its methods have come to reign supreme in America, permeating not just the financial industry but also much of American business. It includes everything from the growth in size and scope of finance and financial activity in the economy; to the rise of debt-fueled speculation over productive lending; to the ascendancy of shareholder value as the sole model for corporate governance; to the proliferation of risky, selfish thinking in both the private and public sectors; to the increasing political power of financiers and the CEOs they enrich; to the way in which a “markets know best” ideology remains the status quo. Financialization is a big, unfriendly word with broad, disconcerting implications.

[…]

The changes were driven by the fact that in the 1970s, the growth that America had enjoyed following World War II began to slow. Rather than make tough decisions about how to bolster it (which would inevitably mean choosing among various interest groups), politicians decided to pass that responsibility to the financial markets. Little by little, the Depression-era regulation that had served America so well was rolled back, and finance grew to become the dominant force that it is today. The shifts were bipartisan, and to be fair they often seemed like good ideas at the time; but they also came with unintended consequences.

[…]

This sickness, not so much the product of venal interests as of a complex and long-term web of changes in government and private industry, now manifests itself in myriad ways: a housing market that is bifurcated and dependent on government life support, a retirement system that has left millions insecure in their old age, a tax code that favors debt over equity. Debt is the lifeblood of finance; with the rise of the securities-and-trading portion of the industry came a rise in debt of all kinds, public and private. That’s bad news, since a wide range of academic research shows that rising debt and credit levels stoke financial instability. And yet, as finance has captured a greater and greater piece of the national pie, it has, perversely, all but ensured that debt is indispensable to maintaining any growth at all in an advanced economy like the U.S., where 70% of output is consumer spending. Debt-fueled finance has become a saccharine substitute for the real thing, an addiction that just gets worse. (The amount of credit offered to American consumers has doubled in real dollars since the 1980s, as have the fees they pay to their banks.)

[…]

Remooring finance in the real economy isn’t as simple as splitting up the biggest banks (although that would be a good start). It’s about dismantling the hold of financial-oriented thinking in every corner of corporate America. It’s about reforming business education, which is still permeated with academics who resist challenges to the gospel of efficient markets in the same way that medieval clergy dismissed scientific evidence that might challenge the existence of God. It’s about changing a tax system that treats one-year investment gains the same as longer-term ones, and induces financial institutions to push overconsumption and speculation rather than healthy lending to small businesses and job creators. It’s about rethinking retirement, crafting smarter housing policy and restraining a money culture filled with lobbyists who violate America’s essential economic principles.

It’s also about starting a bigger conversation about all this, with a broader group of stakeholders. The structure of American capital markets and whether or not they are serving business is a topic that has traditionally been the sole domain of “experts”—the financiers and policymakers who often have a self-interested perspective to push, and who do so in complicated language that keeps outsiders out of the debate. When it comes to finance, as with so many issues in a democratic society, complexity breeds exclusion. "

[via: http://finalbossform.com/post/146159698129/americas-economic-problems-go-far-beyond-rich ]
ranafarhoo  culture  economics  us  capitalism  banking  taxes  accounting  policy  politics  finance  banks  hedgefunds  inequality  financialization  wallstreet  debt  speculation  interestgroups  corruption  government  instability  regulation  democracy  markets 
june 2016 by robertogreco
TARP: A Love Story — The Billfold
"Regardless, even if I could explain my love of TARP, it was clear. Nobody else outside my banker friends liked it. They hated it.

They hated it with everything they had. Some hated it with rants. But most hated it with a knowing resignation. They had seen this shit before.

It was the extreme example of a rigged system. Truck driver: “It wasn’t the needle that broke the camel’s back. It was the anvil that broke it.”

I also saw first hand why it resonated so badly with them. They were right, the system was rigged. At every level.

There really were two Americas. Two opportunity sets. Two education systems. Two legal systems. Two sets of rules.

The elites (Sorry about that word) got the better of it all. Better opportunities. Better educations. Better laws. Better bailouts.

And TARP was just a continuation of that, regardless of the relative merits of it at the time.

It represented how shit plays out in America: If you have money, you get cut all the breaks. If you don’t, you suffer all the breaks.

Nobody wanted to hear, “You know TARP benefited you too…” They have heard that shit all their lives. Everything is spun that way.

Me: “Really, it was also the best policy for you.” Them: “Funny how the person telling us that is always sitting on a pile of gold while we stand in shit.”

So regardless of what I think about the past beauty of TARP. The reality is: TARP was all about maintaining two separate and unequal systems.

So I look back at that distant day on the trading floor, when I first fell in love with TARP. It was only a marriage of convenience. For me.

I look back at that young banker and think. Damn he had it good. Damn he had it so easy. Damn he was so naïve. Damn did he ever love that TARP.

And damn if that TARP didn’t ever love him back."
2009  tarp  bailouts  elites  elitism  chrisarnade  greatrecession  banking  finance  class  middleclass  financialcrisis  politics  policy  us  classism 
june 2016 by robertogreco
Why the Economic Fates of America’s Cities Diverged - The Atlantic
"What accounts for these anomalous and unpredicted trends? The first explanation many people cite is the decline of the Rust Belt, and certainly that played a role."



"Another conventional explanation is that the decline of Heartland cities reflects the growing importance of high-end services and rarified consumption."



"Another explanation for the increase in regional inequality is that it reflects the growing demand for “innovation.” A prominent example of this line of thinking comes from the Berkeley economist Enrico Moretti, whose 2012 book, The New Geography of Jobs, explains the increase in regional inequality as the result of two new supposed mega-trends: markets offering far higher rewards to “innovation,” and innovative people increasingly needing and preferring each other’s company."



"What, then, is the missing piece? A major factor that has not received sufficient attention is the role of public policy. Throughout most of the country’s history, American government at all levels has pursued policies designed to preserve local control of businesses and to check the tendency of a few dominant cities to monopolize power over the rest of the country. These efforts moved to the federal level beginning in the late 19th century and reached a climax of enforcement in the 1960s and ’70s. Yet starting shortly thereafter, each of these policy levers were flipped, one after the other, in the opposite direction, usually in the guise of “deregulation.” Understanding this history, largely forgotten today, is essential to turning the problem of inequality around.

Starting with the country’s founding, government policy worked to ensure that specific towns, cities, and regions would not gain an unwarranted competitive advantage. The very structure of the U.S. Senate reflects a compromise among the Founders meant to balance the power of densely and sparsely populated states. Similarly, the Founders, understanding that private enterprise would not by itself provide broadly distributed postal service (because of the high cost of delivering mail to smaller towns and far-flung cities), wrote into the Constitution that a government monopoly would take on the challenge of providing the necessary cross-subsidization.

Throughout most of the 19th century and much of the 20th, generations of Americans similarly struggled with how to keep railroads from engaging in price discrimination against specific areas or otherwise favoring one town or region over another. Many states set up their own bureaucracies to regulate railroad fares—“to the end,” as the head of the Texas Railroad Commission put it, “that our producers, manufacturers, and merchants may be placed on an equal footing with their rivals in other states.” In 1887, the federal government took over the task of regulating railroad rates with the creation of the Interstate Commerce Commission. Railroads came to be regulated much as telegraph, telephone, and power companies would be—as natural monopolies that were allowed to remain in private hands and earn a profit, but only if they did not engage in pricing or service patterns that would add significantly to the competitive advantage of some regions over others.

Passage of the Sherman Antitrust Act in 1890 was another watershed moment in the use of public policy to limit regional inequality. The antitrust movement that sprung up during the Populist and Progressive era was very much about checking regional concentrations of wealth and power. Across the Midwest, hard-pressed farmers formed the “Granger” movement and demanded protection from eastern monopolists controlling railroads, wholesale-grain distribution, and the country’s manufacturing base. The South in this era was also, in the words of the historian C. Vann Woodward, in a “revolt against the East” and its attempts to impose a “colonial economy.”"



"By the 1960s, antitrust enforcement grew to proportions never seen before, while at the same time the broad middle class grew and prospered, overall levels of inequality fell dramatically, and midsize metro areas across the South, the Midwest, and the West Coast achieved a standard of living that converged with that of America’s historically richest cites in the East. Of course, antitrust was not the only cause of the increase in regional equality, but it played a much larger role than most people realize today.

To get a flavor of how thoroughly the federal government managed competition throughout the economy in the 1960s, consider the case of Brown Shoe Co., Inc. v. United States, in which the Supreme Court blocked a merger that would have given a single distributor a mere 2 percent share of the national shoe market.

Writing for the majority, Supreme Court Chief Justice Earl Warren explained that the Court was following a clear and long-established desire by Congress to keep many forms of business small and local: “We cannot fail to recognize Congress’ desire to promote competition through the protection of viable, small, locally owned business. Congress appreciated that occasional higher costs and prices might result from the maintenance of fragmented industries and markets. It resolved these competing considerations in favor of decentralization. We must give effect to that decision.”

In 1964, the historian and public intellectual Richard Hofstadter would observe that an “antitrust movement” no longer existed, but only because regulators were managing competition with such effectiveness that monopoly no longer appeared to be a realistic threat. “Today, anybody who knows anything about the conduct of American business,” Hofstadter observed, “knows that the managers of the large corporations do their business with one eye constantly cast over their shoulders at the antitrust division.”

In 1966, the Supreme Court blocked a merger of two supermarket chains in Los Angeles that, had they been allowed to combine, would have controlled just 7.5 percent of the local market. (Today, by contrast there are nearly 40 metro areas in the U.S where Walmart controls half or more of all grocery sales.) Writing for the majority, Justice Harry Blackmun noted the long opposition of Congress and the Court to business combinations that restrained competition “by driving out of business the small dealers and worthy men.”

During this era, other policy levers, large and small, were also pulled in the same direction—such as bank regulation, for example. Since the Great Recession, America has relearned the history of how New Deal legislation such as the Glass-Steagall Act served to contain the risks of financial contagion. Less well remembered is how New Deal-era and subsequent banking regulation long served to contain the growth of banks that were “too big to fail” by pushing power in the banking system out to the hinterland. Into the early 1990s, federal laws severely limited banks headquartered in one state from setting up branches in any other state. State and federal law fostered a dense web of small-scale community banks and locally operated thrifts and credit unions.

Meanwhile, bank mergers, along with mergers of all kinds, faced tough regulatory barriers that included close scrutiny of their effects on the social fabric and political economy of local communities. Lawmakers realized that levels of civic engagement and community trust tended to decline in towns that came under the control of outside ownership, and they resolved not to let that happen in their time.

In other realms, too, federal policy during the New Deal and for several decades afterward pushed strongly to spread regional equality. For example, New Deal programs such as the Tennessee Valley Authority, the Bonneville Power Administration, and the Rural Electrification Administration dramatically improved the infrastructure of the South and West. During and after World War II, federal spending on the military and the space program also tilted heavily in the Sunbelt’s favor.

The government’s role in regulating prices and levels of service in transportation was also a huge factor in promoting regional equality. In 1952, the Interstate Commerce Commission ordered a 10-percent reduction in railroad freight rates for southern shippers, a political decision that played a substantial role in enabling the South’s economic ascent after the war. The ICC and state governments also ordered railroads to run money-losing long-distance and commuter passenger trains to ensure that far-flung towns and villages remained connected to the national economy.

Into the 1970s, the ICC also closely regulated trucking routes and prices so they did not tilt in favor of any one region. Similarly, the Civil Aeronautics Board made sure that passengers flying to and from small and midsize cities paid roughly the same price per mile as those flying to and from the largest cities. It also required airlines to offer service to less populous areas even when such routes were unprofitable.

Meanwhile, massive public investments in the interstate-highway system and other arterial roads added enormously to regional equality. First, it vastly increased the connectivity of rural areas to major population centers. Second, it facilitated the growth of reasonably priced suburban housing around high-wage metro areas such as New York and Los Angeles, thus making it much more possible than it is now for working-class people to move to or remain in those areas.

Beginning in the late 1970s, however, nearly all the policy levers that had been used to push for greater regional income equality suddenly reversed direction. The first major changes came during Jimmy Carter’s administration. Fearful of inflation, and under the spell of policy entrepreneurs such as Alfred Kahn, Carter signed the Airline Deregulation Act in 1978. This abolished the Civil Aeronautics Board, which had worked to offer rough regional parity in airfares and levels of service since 1938… [more]
us  cities  policy  economics  history  inequality  via:robinsonmeyer  2016  philliplongman  regulation  deregulation  capitalism  trusts  antitrustlaw  mergers  competition  markets  banks  finance  ronaldreagan  corporatization  intellectualproperty  patents  law  legal  equality  politics  government  rentseeking  innovation  acquisitions  antitrustenforcement  income  detroit  nyc  siliconvalley  technology  banking  peterganong  danielshoag  1950s  1960s  1970s  1980s  1990s  greatdepression  horacegreely  chicago  denver  cleveland  seattle  atlanta  houston  saltlakecity  stlouis  enricomoretti  shermanantitrustact  1890  cvannwoodward  woodrowwilson  1912  claytonantitrustact  louisbrandeis  federalreserve  minneapolis  kansascity  robinson-patmanact  1920s  1930s  miller-tydingsact  fdr  celler-kefauveract  emanuelceller  huberhumphrey  earlwarren  richardhofstadter  harryblackmun  newdeal  interstatecommercecommission  jimmycarter  alfredkahn  airlinederegulationact  1978  memphis  cincinnati  losangeles  airlines  transportation  rail  railroads  1980  texas  florida  1976  amazon  walmart  r 
march 2016 by robertogreco
—Ethel Baraona Pohl— dpr-barcelona — Have several mixed feelings by the inherent...
"Have several mixed feelings by the inherent contradictions from this crowdfunding project. At first sight it seems like a great, creative idea, but with a simple double thought, you realise how easy is to ‘find a creative solution’ for our problems, without thinking in deep if the problem doesn’t rely on our need of keep doing the same again and again… I mean collecting the same old money that will go to the same old banks, and not to the citizens in Greece; because, where does the final goal of this campaign will go if it succeed? To Tsirpas pocket? Don’t think so.

As a symbolic project is super strong indeed, but perhaps we need to use 'the power of the crowd’ to ask responsibilities to the EU, to remind them about the real fact that we are already 'crowdfunding’ our social health by paying our taxes —taxes that are being used to rescue banks and enrich the rich—. The problem at the end is not the money, is the failed system of considering 'democratic’ those decisions taken by just a few, and even worse, when those few are economic institution (FMI, CEB, etc.)

Perhaps we need the 'power of the crowd not to collect the same old money that has taken us to this stupid discourse of austerity, but to think how to use the collective power to provoke structural changes in the political field. Difficult though, but which change hasn’t been difficult along history?"
ethelbaraonapohl  2015  greece  bailouts  crowdfunding  imf  debt  money  power  change  systemsthinking  creativity  zoominginandzoomingout  finance  banks  banking  capitalism  policy  politics  geopolitics 
july 2015 by robertogreco
Iceland put bankers in jail rather than bailing them out — and it worked - Vox
"Yesterday, Iceland's prime minister, Sigmundur Gunnlaugsson, announced a plan that will essentially close the books on his country's approach to handling the financial crisis — an approach that deviated greatly from the preferences of global financial elites and succeeded quite well. Instead of embracing the orthodoxy of bank bailouts, austerity, and low inflation, Iceland did just the opposite. And even though its economy was hammered by the banking crisis perhaps harder than any other in the world, its labor didn't deteriorate all that much, and it had a great recovery.

How great? Well, compare the evolution of Iceland's unemployment rate with what happened in Ireland, the star pupil of the Very Serious People:

[chart]

Or compare it with the United States:

[chart]

How did Iceland pull it off?

Let the banks go bust

For starters, rather than scrambling to mobilize public resources to make sure banks didn't default on their various obligations, Iceland let the banks go bust. Executives of the country's most important bank were prosecuted as criminals.

Reject austerity

[chart]

Iceland was nonetheless hit by a very serious recession that caused its debt-to-GDP ratio to soar. But even after several years of steady increases, the government didn't panic. It prioritized recovery. And when recovery was underway and the ratio began to fall, the government let it fall gently.

Devalue and accept inflation

[chart]

There's no free lunch in life, and no country recovers from a severe recession without some bad things happening. But while most developed countries have gone through years of grindingly high unemployment paired with super-low inflation, Iceland did the reverse. It let the value of its currency tumble, which naturally brought about higher prices.

But as a result, the country's export industries rapidly gained ground in international markets. Unemployment rose, but maxed out at a modest 7.6 percent before falling steadily to a very low level. In the US and Europe, the priority has been on low inflation to protect the asset values of the wealthy. Iceland prioritized jobs, and it worked.

Impose temporary capital controls

In the context of bank defaults and a plunging currency, the government felt it was necessary to impose an additional measure — capital controls, regulations restricting Icelandic citizens' ability to take their money out of the country. This is a serious violation of free market orthodoxy. More importantly, it can be a major hassle to ordinary people's lives and an impediment to starting new businesses. In some countries, like Argentina, capital controls become a breeding ground of corruption and mischief.

That leads some to believe that no matter how well heterodox policies work economically, they're ultimately doomed to political failure.

Iceland shows that's not the case. Getting policy right is difficult, but it can be done. And the upside to doing the right thing — devaluing the currency massively, then imposing capital controls to contain the fallout, then ending the capital controls once the economy recovers — can be enormous. Iceland has had a rough time over the past seven or eight years, but so have a lot of other countries. Things are looking up there now because the country's leaders had the wisdom to reject elements of the self-satisfied conventional wisdom that have proven so harmful elsewhere."
iceland  banking  greatrecession  austerity  finance  2015  economics  matthewyglesias  unemployment  employment  labor  policy  politics  regulation  capitalcontols  currency  devaluation  inflation 
june 2015 by robertogreco
How to turn a liberal hipster into a capitalist tyrant in one evening | Comment is free | The Guardian
"And because the theatre captures data on every choice by every team, for every performance, I know we were not alone. The aggregated flowchart reveals that every audience, on every night, veers towards money and away from ethics.

Svendsen says: “Most people who were given the choice to raise wages – having cut them – did not. There is a route in the decision-tree that will only get played if people pursue a particularly ethical response, but very few people end up there. What we’ve realised is that it is not just the profit motive but also prudence, the need to survive at all costs, that pushes people in the game to go down more capitalist routes.”

In short, many people have no idea what running a business actually means in the 21st century. Yes, suppliers – from East Anglia to Shanghai – will try to break your ethical codes; but most of those giant firms’ commitment to good practice, and environmental sustainability, is real. And yes, the money is all important. But real businesses will take losses, go into debt and pay workers to stay idle in order to maintain the long-term relationships vital in a globalised economy.

Why do so many decent people, when asked to pretend they’re CEOs, become tyrants from central casting? Part of the answer is: capitalism subjects us to economic rationality. It forces us to see ourselves as cashflow generators, profit centres or interest-bearing assets. But that idea is always in conflict with something else: the non-economic priorities of human beings, and the need to sustain the environment. Though World Factory, as a play, is designed to show us the parallels between 19th-century Manchester and 21st-century China, it subtly illustrates what has changed."



"The whole purpose of this system of regulation – from above and below – is to prevent individual capitalists making short-term decisions that destroy the human and natural resources it needs to function. Capitalism is not just the selfish decisions of millions of people. It is those decisions sifted first through the all-important filter of regulation. It is, as late 20th-century social theorists understood, a mode of regulation, not just of production.

Yet it plays on us a cruel ideological trick. It looks like a spontaneous organism, to which government and regulation (and the desire of Chinese migrants to visit their families once a year) are mere irritants. In reality it needs the state to create and re-create it every day.

Banks create money because the state awards them the right to. Why does the state ram-raid the homes of small-time drug dealers, yet call in the CEOs of the banks whose employees commit multimillion-pound frauds for a stern ticking off over a tray of Waitrose sandwiches? Answer: because a company has limited liability status, created by parliament in 1855 after a political struggle.

Our fascination with market forces blinds us to the fact that capitalism – as a state of being – is a set of conditions created and maintained by states. Today it is beset by strategic problems: debt- ridden, with sub-par growth and low productivity, it cannot unleash the true potential of the info-tech revolution because it cannot imagine what to do with the millions who would lose their jobs.

The computer that runs the data system in Svendsen’s play could easily run a robotic clothes factory. That’s the paradox. But to make a third industrial revolution happen needs something no individual factory boss can execute: the re-regulation of capitalism into something better. Maybe the next theatre game about work and exploitation should model the decisions of governments, lobbyists and judges, not the hapless managers."
capitalism  economics  ethics  money  values  2015  rationality  behavior  priorities  policy  sustainability  survival  worldfactory  paulmason  latecapitalism  psychology  zoesvendsen  growth  productivity  banks  banking  government  governance  regulation  longterm  shortterm 
june 2015 by robertogreco
Robert Reich (The Political Roots of Widening Inequality)
"A deeper understanding of what has happened to American incomes over the last 25 years requires an examination of changes in the organization of the market. These changes stem from a dramatic increase in the political power of large corporations and Wall Street to change the rules of the market in ways that have enhanced their profitability, while reducing the share of economic gains going to the majority of Americans.

This transformation has amounted to a redistribution upward, but not as “redistribution” is normally defined. The government did not tax the middle class and poor and transfer a portion of their incomes to the rich. The government undertook the upward redistribution by altering the rules of the game.

Intellectual property rights—patents, trademarks, and copyrights—have been enlarged and extended, for example. This has created windfalls for pharmaceuticals, high tech, biotechnology, and many entertainment companies, which now preserve their monopolies longer than ever. It has also meant high prices for average consumers, including the highest pharmaceutical costs of any advanced nation.

At the same time, antitrust laws have been relaxed for corporations with significant market power. This has meant large profits for Monsanto, which sets the prices for most of the nation’s seed corn; for a handful of companies with significant market power over network portals and platforms (Amazon, Facebook, and Google); for cable companies facing little or no broadband competition (Comcast, Time Warner, AT&T, Verizon); and for the largest Wall Street banks, among others. And as with intellectual property rights, this market power has simultaneously raised prices and reduced services available to average Americans. (Americans have the most expensive and slowest broadband of any industrialized nation, for example.)

Financial laws and regulations instituted in the wake of the Great Crash of 1929 and the consequential Great Depression have been abandoned—restrictions on interstate banking, on the intermingling of investment and commercial banking, and on banks becoming publicly held corporations, for example—thereby allowing the largest Wall Street banks to acquire unprecedented influence over the economy. The growth of the financial sector, in turn, spawned junk-bond financing, unfriendly takeovers, private equity and “activist” investing, and the notion that corporations exist solely to maximize shareholder value.

Bankruptcy laws have been loosened for large corporations—notably airlines and automobile manufacturers—allowing them to abrogate labor contracts, threaten closures unless they receive wage concessions, and leave workers and communities stranded. Notably, bankruptcy has not been extended to homeowners who are burdened by mortgage debt and owe more on their homes than the homes are worth, or to graduates laden with student debt. Meanwhile, the largest banks and auto manufacturers were bailed out in the downturn of 2008–2009. The result has been to shift the risks of economic failure onto the backs of average working people and taxpayers.

Contract laws have been altered to require mandatory arbitration before private judges selected by big corporations. Securities laws have been relaxed to allow insider trading of confidential information. CEOs have used stock buybacks to boost share prices when they cash in their own stock options. Tax laws have created loopholes for the partners of hedge funds and private-equity funds, special favors for the oil and gas industry, lower marginal income-tax rates on the highest incomes, and reduced estate taxes on great wealth.

All these instances represent distributions upward—toward big corporations and financial firms, and their executives and shareholders—and away from average working people."



"The underlying problem, then, is not that most Americans are “worth” less in the market than they had been, or that they have been living beyond their means. Nor is it that they lack enough education to be sufficiently productive. The more basic problem is that the market itself has become tilted ever more in the direction of moneyed interests that have exerted disproportionate influence over it, while average workers have steadily lost bargaining power—both economic and political—to receive as large a portion of the economy’s gains as they commanded in the first three decades after World War II. As a result, their means have not kept up with what the economy could otherwise provide them.

To attribute this to the impersonal workings of the “free market” is to disregard the power of large corporations and the financial sector, which have received a steadily larger share of economic gains as a result of that power. As their gains have continued to accumulate, so has their power to accumulate even more.

Under these circumstances, education is no panacea. Reversing the scourge of widening inequality requires reversing the upward distributions within the rules of the market, and giving workers the bargaining leverage they need to get a larger share of the gains from growth. Yet neither will be possible as long as large corporations and Wall Street have the power to prevent such a restructuring. And as they, and the executives and managers who run them, continue to collect the lion’s share of the income and wealth generated by the economy, their influence over the politicians, administrators, and judges who determine the rules of the game may be expected to grow.

The answer to this conundrum is not found in economics. It is found in politics. The changes in the organization of the economy have been reinforcing and cumulative: As more of the nation’s income flows to large corporations and Wall Street and to those whose earnings and wealth derive directly from them, the greater is their political influence over the rules of the market, which in turn enlarges their share of total income.

The more dependent politicians become on their financial favors, the greater is the willingness of such politicians and their appointees to reorganize the market to the benefit of these moneyed interests. The weaker unions and other traditional sources of countervailing power become economically, the less able they are to exert political influence over the rules of the market, which causes the playing field to tilt even further against average workers and the poor.

Ultimately, the trend toward widening inequality in America, as elsewhere, can be reversed only if the vast majority, whose incomes have stagnated and whose wealth has failed to increase, join together to demand fundamental change. The most important political competition over the next decades will not be between the right and left, or between Republicans and Democrats. It will be between a majority of Americans who have been losing ground, and an economic elite that refuses to recognize or respond to its growing distress."
robertreich  2015  economics  inequality  histoy  corporatism  politics  policy  wealth  productivity  globalization  markets  capitalism  labor  work  insecutiry  greatrecession  recession  unemployment  underemployment  finance  banks  banking  wallstreet  education  government  ideology 
may 2015 by robertogreco
The US payday loans crisis: borrow $100 to make ends meet, owe 36 times that sum | US news | The Guardian
"In Missouri, there are 958 more payday lenders than there are McDonald’s restaurants as payday loans have become part of the economic landscape"



"Poor Americans no longer live check to check: they live loan to loan, with no end in sight."
loans  paydayloans  us  2015  poverty  usury  paydaylending  sarahkendzior  injustice  finance  banks  banking  money  inequality  evil 
may 2015 by robertogreco
The World Bank, Poverty Creation and the Banality of Evil
"World Bank ideology is deeply linked to the belief that corporate interests and country interests are one in the same. The old US adage of "what's good for GM is good for America" has expanded through globalization into wholesale neocolonialism through multinational corporations."



"We are also told that FDI will lift all boats in the global economy. Indeed, the majority of neoliberal economic policy (in both rich and poor countries as all governments have adopted this logic) is geared toward an increase in FDI. Yet, we know that for every dollar of wealth created since 2008, 93 cents goes to the top 1%. Therefore, by definition, wealth creation creates inequality. So how then could more concentrated wealth solve the problems of the world's poor?"



"If we look at the history of the World Bank, these command-and-control structures have contributed to generations of World Bank technocrats' ability to impose life-denying structural adjustment programs without any accountability or redress for their actions. Not only are they not apologetic for their consequences, intentional or otherwise, but they actually remain smug in their "expertise" and forced imposition of policy. Many believe that these types of policies are the historical relic of an old Bank that has matured and learned from the ills of its past. The Bank's rebranding belies the fact that it continues to strong-arm countries into pro-corporate, anti-poor, neoliberal policies through new mechanisms such as their Doing Business rankings and the Enabling the Business of Agriculture project, which force countries into a race to the bottom, cutting environmental and social standards, slashing corporate taxes and eliminating trade barriers protecting local industries (a practice rich countries continue to deploy for their own development).

This type of behavior holds deep corollaries with Hannah Arendt's analysis of the Adolf Eichmann trial in which she coined the term "the banality of evil." As Judith Butler reminds us, the banality Arendt is referring to is not just how commonplace violence became or how desensitized the perpetrators were to the horrors they inflicted. Rather "what had become banal - and astonishingly so - was the failure to think. Indeed, at one point the failure to think is precisely the name of the crime that Eichmann commits. We might think at first that this is a scandalous way to describe his horrendous crime, but for Arendt the consequence of non-thinking is genocidal, or certainly can be.""



"We seem to have embarked on the late stages of the banality of evil. First, the technocratic response adds up to little more than denial. In order to further the interests of the systems it serves, it fought smallholder farming until the facts were undeniable. The second is sincerity to the point where many of the bankers believe they are working in the interests of the same people they are harming. This is manifest in the giant banner erected on the side of their DC office that says "End Poverty 2030" or the Bank's tagline about ending poverty.

The third is persuasive rhetoric, to the point of evangelical fervor. Many of us in civil society have become complicit by believing in the Bank's stated objectives and even legitimizing the use of their doublespeak.

The fourth stage is a doubling down of the pathological behavior - a turning of the screws, if you will. New rankings, new conditionalities, new mandates, more pro-corporate growth. All the while the other states of denial, sincerity and rhetoric reach a fever pitch. There are no contradictions in this behavior; rather they are symptoms of the same psychosis."
capitalism  worldbank  neoliberalism  2015  alnoorladha  banking  iequality  poverty  ideology  corporatism  thomaspiketty  evil  technocracy  hannaharendt  judithbutler  banalityofevil  exploitation  wealth  power  globalization 
march 2015 by robertogreco
The Sweet Briar Dilemma: Will Predatory Lending Take Down More Colleges? | Next New Deal
"What we can say, though, is that a million dollars here and a million dollars there adds up to real money that was desperately needed as Sweet Briar fought to stay afloat.  

We know that Wall Street collects higher fees on risky and complicated deals involving variable rate debt and hedging instruments, like the ones found in Sweet Briar's last few decades of financials, than from fixed rate debt deals. We know that they add on things like credit enhancements, further driving up the costs. We know that those higher fees mean that there is a clear financial incentive to sell schools, municipalities, and pension funds on these risky deals. And we know that it works in Wall Street's favor that someone like me can spend days digging into this stuff and still not be totally sure what the exact costs of these deals are.  

What we don't know is how all these things were allowed to happen at this particular school in this particular timeframe.  

Sweet Briar appears slated to close because it is a small organization without the resources to counter the huge information imbalance that has helped precipitate the financialization crisis. It is closing because it signed some terrible deals to get what must have felt like "needed" money at the time. You can see the reasons: a $14 million bond (with swaps) in 2001 for campus improvements. A $10 million bond in 2006 to pay off other bonds that had revealed their ugly side and were costing the school too much to be allowed to fully mature. But, as has so often been the case in everything from municipal finance to personal home loans, there was a problem in the small print. Like many other colleges, what appeared to be vital and even beneficial deals turned out to be nothing of the sort. Unlike many others, Sweet Briar was already close enough to the financial brink that these ongoing debts made the difference between staying open and closing its doors.

There are, of course, other very real pressures on Sweet Briar. Lower enrollment numbers do really hurt a school, and there are real questions about how to keep small, rural liberal arts institutions competitive in a higher education economy. None of these issues, however, compare to the fees, fines, penalties, and other losses that are all over Sweet Briar’s books.

Is Sweet Briar the canary in the coalmine? Banks are certainly making obscene profits on the backs of the swap deals in the UC system, at the University of Michigan, and at American University — and those are the places that we’ve found in our first month of looking. While those schools are solvent enough that these swaps are not pushing them to the brink of closing, they are exacerbating budget shortfalls and passing debt on to students through increased costs. These deals are also clearly making money for many school trustees whose day jobs happen to be with the giant banks. Here I find myself agreeing with Mark Cuban, at least in part: these trends are a part of a vicious cycle of borrowing that is wholly unsustainable, and will eventually lead to a crisis.

This is why the Roosevelt Institute | Campus Network is working to track the ways in which financial institutions are extracting wealth from our colleges and universities, and make a clear case for demanding our money back. I hope that the storied institution of Sweet Briar can find a way to keep it's doors open in 2016, but even if it fails, that failure should wake us up to predatory practices at colleges and universities around the country."
sweetbriarcollege  education  highered  highereducation  wallstreet  banking  finance  2015  alansmith  predatorylending  banks 
march 2015 by robertogreco
"Bonded Life: Technologies of Racial Finance from Slavery to Philanthrocapitalism" | Zenia Kish and Justin Leroy - Academia.edu
"Amid public critiques of Wall Street’s amorality and protests against sharpening inequality since the financial crisis of 2008, the emergent discourse of philanthrocapitalism – philanthropic capitalism – has sought to recuperate amoral centre for finance capitalism. Philanthrocapitalism seeks to marry financecapital with a moral commitment to do good. These strategies require new financial instruments to make poverty reduction and other forms of social welfare profitable business ventures. Social impact bonds (SIBs) – which offer private investors competitive returns on public sector investments – and related instruments have galvanized the financialization of both public services and the life possibilities of poor communities in the USA and the Global South. This article maps new intrusions of credit and debt into previously unmarketable spheres of life, such as prison recidivism outcomes, and argues that contemporary social finance practices such as SIBs are inextricable from histories of race – that financialization has been and continues to be a deeply racialized process. Intervening in debatesabout the social life of financial practices and the coercive creation of new debtor publics, we chart technologies meant to transform subjects considered valueless intoappropriate, even laudable, objects of financial investment. Because their proponents frame SIBs as philanthropic endeavours, the violence required to financialize human life becomes obfuscated. We aim to historicize the violence of financialization by drawing out links between financial capitalism as it developed during the height of the Atlantic slave trade and the more subtle violence of philanthropic financial capitalism. Though the notion that slaves could be a good investment – both in the profitable and moral sense of the word – seems far removed from our contemporary sensibilities, the shadow of slavery haunts SIBs; despite their many differences, both required black bodies to be made available for investment. Both also represent an expansion to the limits of financialization."
charitableindustrialcomplex  philanthropy  slavery  capitalism  philanthrocapitalism  zeniakish  justinleroy  slaveinsurance  insurance  finance  banking  inequality  race  racism  financialization  neoliberalism  via:javierarbona  socialfinance  poverty  socialimpactbonds  investment  philanthropicindustrialcomplex  power  control 
march 2015 by robertogreco
A negative interest rate world? Why? | Ian Welsh
"Why there is too much money chasing returns is important, however, so I’m going to tease apart some of the reasons.

Central Bank Policy

Look, the ECB is buying bonds. The BOJ is buying bonds. The US was doing so. This is demand. It pushes the yield of bonds down.

China is printing piles of money, Japan is printing it, etc… That money isn’t staying in those economies, it is hunting through the world for returns or even just security. Federal Reserve policy has put a floor under losses from various securities by accepting that at near par, and Fed policy of free money has underwritten an epic bull market in securities.

No cleanup of the banking or shadow banking systems.

Most money is created by private actors. Banks, shadow banks (brokerages, etc…) There is no effective oversight of these organizations, still (you’d think after 2007, but you’d be wrong.) In fact, not only is there not enough oversight, but in most cases they’ve been effectively encourages to create more money. We have another derivatives bubble underway, we have housing bubbles in multiple countries (e.g. Canada and the UK), and while the US doesn’t have one, parts of the US, like Manhattan, do.

Oligopolistic profits.

US broadband profits are almost 100%-annualized. Every app store takes a 30% cut (a level which would have been shut down by regulators of the post-war liberal period.) Copyright law makes it difficult to impossible to create generic alternatives to common items. These have all led to very high profit levels, and those profits have largely been plowed back into stock buy backs (most corporate borrow is matched by stock buy backs). But much of the economy is not available to be bought on the stock market, many large investors can’t invest on the stock market by law (they have to invest in high-grade bonds), and much of those profits are now priced into stock prices anyway.

Inequality

In the United States more than all the gains of the last “recovery” have gone to the top 10% (really the top 3% or so.) There has limited broad based demand for new goods. Luxury goods, investment art, and London and Manhattan real-estate do not scale. Without widespread demand, opportunities for new businesses, with new employers, are limited.

Barriers to Entry

Much of this came under oligoplistic profits. Draconic “intellectual property” laws make it difficult to compete, bringing prices down and increasing volumes while freeing up money for people to spend on other things. 30% cuts from app stores and other virtual marketplaces make many businesses simply unprofitable—first they must make 30% for Apple or whoever, then they get to make a profit for themselves. But if you aren’t on those virtual marketplaces (and there is usually one which controls most of the business) you will not make enough sales to be viable. This sort of “you make no money without us, so we’ll take all the profits” behavior is little different from what the railroads did to farmers in the late nineteenth and early 20th centuries.

And while there’s tons of credit for big business and people who are already rich, a new business trying to get funding faces huge barriers to getting money. It’s boutique investment, it requires a lot of time, and most investors would rather just buy bonds, structured securities, or play the stock market. Money may be cheap, but not for you.



No Future Till The Current Rich Can Monetize It

We could have had a lot of what we have today many years ago.  But the rich control the politicians, and the politicians won’t allow it to occur.  There was great squealing for years about subsidies for solar, and corruption in how they were given out, but they were always a rounding error compared to subsidies for oil, let along the military-industrial complex, big agriculture, pharma, health insurance, and so on.  All of those industries were powerful enough to strangle subsidies to competitors (solar, generic drugs, whatever) and strong enough to insist on new laws which strangled startups and competition (every copyright extension is nothing but an anti-competitive measure intended to keep profits coming to incumbents.)

Bottom Line

We have too much money chasing too few returns because we’ve spent 40 odd years making sure that ordinary people get less and less money; the rich get more; and that oligopolies are nurtured and protected.  The rich control government, and they intend to make sure that all the money goes to them.  Unfortunately, in a mass market economy, that means the economy becomes lousier and lousier.  This doesn’t matter to the rich because they are comparatively better off. Better a Czar amidst serfs than the CEO of General Motors in 1955."
deflation  inflation  labor  capitalism  power  inequality  economics  2015  ianwelsh  wealth  us  policy  banking  finance  wallstreet  oligarchs  intellectualproperty  copyright  patents  business 
march 2015 by robertogreco
Chain restaurants are killing us: Billionaire bankers, minimum-wage toilers and the nasty truth about fast-food nation - Salon.com
"At both the corporate and the franchise level, industry officials are keeping their mouths shut about the strike, and for obvious reasons. Acknowledging worker discontent is a no-win situation for enterprises that have invested so much in depicting themselves as enclaves of family-friendly happiness. I mean, nothing deflates a carefully constructed brand image like an angry worker standing out front screaming about not being able to vaccinate her six-month-old on said brand’s lousy pay.

However, the industry’s D.C. attack dog, Rick Berman, felt no such compunction, and commenced snarling immediately. On the day of the strike in August 2013, his Employment Policies Institute ran a full- page advertisement in the Wall Street Journal featuring a big photo of a Japanese kitchen robot. The fast-food protests “aren’t a battle against management,” the ad proclaimed, but a “battle against technology.” Should workers push too hard for super-size wages, shiny automatons might well be deployed in restaurants across the country, making you-know-who totally redundant.

The ad’s implication was that companies employ humans as an act of charity. If those ingrate humans mouth off too much, those noble companies will just go ahead and take the bottom-line steps they’ve magnanimously refrained from taking until now. “Hard work” and an “honest living” actually mean nothing in this world; capital means everything. Look on my technology, ye powerless, and despair!

I thought about that nightmare of automation for quite a while after Berman’s ad ran. It has a grain of truth to it, of course. Journalists have been replaced with bloggers and crowdsourcing. Factory hands have been replaced with robots. University professors are being replaced with adjuncts and MOOCs. What else might the god Efficiency choose to de-skill?

Here’s a suggestion: the ideological carnival barkers in D.C. As I watched the creaking libertarian apparatus go into action, sending its suit-and-tie spokesmen before the cameras to denounce unions and order fast-food workers to shut up, I wondered how long capital would tolerate its old-fashioned existence. In many cases, these people haven’t had an original thought in years. Their main job is to appear concerned on Fox News and collect a six-figure sinecure at some industry-subsidized think tank. To say that they “work hard” for an “honest living” is to bend meaning to the point where its fragile chicken bones snap beneath its rubbery flesh. In a sane world, they are the ones who would be most profitably replaced, their space in the CNBC octobox taken by Hatsune Miku–style projections, attractive Republican holograms whose free-market patter could be easily cued up by a back-office worker in Bangalore."
fastfood  2014  thomasfrank  chains  economics  capitalism  globalization  banking  minimumwage  us  technology  ideology  health  cities  urbanism  urbanplanning  urban  cars  deproffessionaliazation  automation  efficiency  productivity  obesity  power  control  inequality  work  labor 
january 2015 by robertogreco
Hullabaloo: Rewarding failure by design?
"For the investor class, it is a tragedy of the commons when they don't get a cut from it. That's why, for example, they are so hot to see a middle man in every middle school."



"David Dayen wrote yesterday at Salon about Sen. Elizabeth Warren's opposition to investment banker, Antonio Weiss, President Obama's nominee for Treasury Department undersecretary for domestic finance. One of Weiss' biggest clients is Brazilian private equity fund 3G. Dayen describes deals that would make Paul Singer blush. (Okay, maybe not.) They seem almost designed to reward failure:
The deals also exhibit the modern hallmark of corporate America: financial engineering. Decisions are made to satisfy shareholder clamoring for short-term profits rather than any long-term vision about building a quality business. The manager class extracts value for their own ends, and the rotted husk of the company either sinks or swims. It doesn’t matter to those who have already completed the looting.
"
capitalism  investment  investors  middlemen  privatization  2014  failure  tomsullivan  us  policy  politics  education  schools  forprofit  infrastructure  commons  bankruptcy  finance  banking  bankers  barrysummers  looting  corporatism  financialengineering  management  roads  tollroads 
december 2014 by robertogreco
danah boyd | apophenia » What is Fairness?
"Increasingly, tech folks are participating in the instantiation of fairness in our society. Not only do they produce the algorithms that score people and unevenly distribute scarce resources, but the fetishization of “personalization” and the increasingly common practice of “curation” are, in effect, arbiters of fairness.

The most important thing that we all need to recognize is that how fairness is instantiated significantly affects the very architecture of our society. I regularly come back to a quote by Alistair Croll:
Our social safety net is woven on uncertainty. We have welfare, insurance, and other institutions precisely because we can’t tell what’s going to happen — so we amortize that risk across shared resources. The better we are at predicting the future, the less we’ll be willing to share our fates with others. And the more those predictions look like facts, the more justice looks like thoughtcrime.

The market-driven logic of fairness is fundamentally about individuals at the expense of the social fabric. Not surprisingly, the tech industry — very neoliberal in cultural ideology — embraces market-driven fairness as the most desirable form of fairness because it is the model that is most about individual empowerment. But, of course, this form of empowerment is at the expense of others. And, significantly, at the expense of those who have been historically marginalized and ostracized.

We are collectively architecting the technological infrastructure of this world. Are we OK with what we’re doing and how it will affect the society around us?"
algorithms  culture  economics  us  finance  police  policing  lawenforcement  technology  equality  equity  2014  danahboyd  alistaircroll  justice  socialjustice  crime  civilrights  socialsafetynet  welfare  markets  banks  banking  capitalism  socialism  communism  scarcity  abundance  uncertainty  risk  predictions  profiling  race  business  redlining  privilege 
november 2014 by robertogreco
The Post Office Banks on the Poor - NYTimes.com
"PEOPLE like to complain about banks popping up like Starbucks on every corner these days. But in poor neighborhoods, the phenomenon is quite the opposite: Over the past couple of decades, the banks have pulled out.

Approximately 88 million people in the United States, or 28 percent of the population, have no bank account at all, or do have a bank account, but primarily rely on check-cashing storefronts, payday lenders, title lenders, or even pawnshops to meet their financial needs. And these lenders charge much more for their services than traditional banks. The average annual income for an “unbanked” family is $25,500, and about 10 percent of that income, or $2,412, goes to fees and interest for gaining access to credit or other financial services.

But a possible solution has appeared, in the unlikely guise of the United States Postal Service. The unwieldy institution, which has essentially been self-funded since 1971, and has maxed out its $15 billion line of credit from the federal government, is in financial straits itself. But what it does have is infrastructure, with a post office in most ZIP codes, and a relationship with residents in every kind of neighborhood, from richest to poorest.

Last week, the office of the U.S.P.S. inspector general released a white paper noting the “huge market” represented by the population that is underserved by traditional banks, and proposing that the post office get into the business of providing financial services to “those whose needs are not being met.” (I wrote a paper years ago suggesting just such an idea.) Postal banking has a powerful advocate in Senator Elizabeth Warren, Democrat of Massachusetts, who has publicly supported the plan.

The U.S.P.S. — which already handles money orders for customers — envisions offering reloadable prepaid debit cards, mobile transactions, domestic and international money transfers, a Bitcoin exchange, and most significantly, small loans. It could offer credit at lower rates than fringe lenders do by taking advantage of economies of scale.

The post office has branches in many low-income neighborhoods that have long been deserted by commercial banks. And people at every level of society have a certain familiarity and comfort in the post office that they do not have in more formal banking institutions — a problem that, as a 2011 study by the Federal Deposit Insurance Corporation demonstrated, can keep the poor from using even the banks that are willing to offer them services.

Many will oppose the idea of a governmental agency providing financial services. Camden R. Fine, chief executive of the Independent Community Bankers of America, has already called the post office proposal “the worst idea since the Ford Edsel.” But the federal government already provides interest-free “financial services” to the largest banks (not to mention the recent bailout funds). And this is done under an implicit social contract: The state supports and insures the banking system, and in return, banks are to provide the general population with access to credit, loans and savings. But in reality, too many are left out."
via:caseygollan  banks  banking  poverty  access  us  usps  postoffices  money  publicbanking  government  finance 
february 2014 by robertogreco
Anti-Government Left: Elizabeth Warren Is Stronger Than Bill de Blasio | New Republic
"De Blasio’s rhetoric sounds more leftist, implying a relentless competition between underclass and overclass. But the substance of Warren’s agenda is far more radical. She wants to upend a fundamentally corrupt system, one in which big banks and other interests have coopted the apparatus of government. By contrast, de Blasio implicitly accepts “the system”—which in New York means an economy built around the financial sector and the real estate industry—and wants to mitigate its least desirable effects.1

Or, put differently, de Blasio accepts that today’s rich and powerful will continue to be rich and powerful; he just thinks they should do more to help the rest of us. Warren questions the very legitimacy of their wealth and power. “I’ve been in the Senate for nearly a year and believe as strongly as ever that the system is rigged,” she said in a recent speech.

This difference of emphasis isn’t shocking: New York City would fall into a deep depression if the financial sector shrunk substantially. And I don’t mean to belittle de Blasio’s agenda, which I consider important. But neither is that agenda especially ambitious in any cosmic sense. As other politicians have demonstrated before him, there’s no particular tension between a concern for the poor and a deference to the rich.* It’s why some have begun to think of de Blasio’s worldview as “Bloombergism with a populist mask.” De Blasio helped nurture this impression himself by courting the lords of finance and real estate during his general election campaign, then making a handful of Bloomberg-esque appointments, like the Goldman Sachs executive he named as his deputy mayor for housing and development.2

But here’s the thing: In addition to being more radical substantively, Warren’s agenda is much more sale-able politically."



"Against this backdrop, the problem for de Blasio-style populism is not that reducing inequality isn’t a worthy goal, or even one that’s widely shared. It’s that support for government is so low that few outside the left are likely to believe government can achieve it. Warren-style populism, on the other hand, goes right to the source of the cynicism. In the same way that Middle America believed government was mostly benefiting the undeserving poor in the 1980s and early 90s, today they believe it mostly benefits undeserving rich and powerful. And, just as Democrats had to dispel the former belief before they could advance the rest of their agenda, today they must dispel the latter. Warren’s approach does that."
elizabethwarren  left  finance  financialcrisis  government  money  politics  2014  billdeblasio  noamscheiberpolitics  policy  populism  corruption  systemschange  us  inequality  banking  incomeinequality 
january 2014 by robertogreco
Alex Payne — Bitcoin, Magical Thinking, and Political Ideology
"While most of the claims around Bitcoin are merely wince-inducing, there is one that deserves particular attention: that Bitcoin is “a way to offer low-cost financial services to people who, because of financial or political constraints, don’t have them today.”

Economic inequality is perhaps the defining issue of our age, as trumpeted by everyone from the TED crowd to the Pope. Our culture is fixated on inequality, and rightly so. From science fiction futures to Woody Allen character sketches, we’re simultaneously alarmed and paralyzingly transfixed by the disappearance of our middle class. A story about young people dying in competition with one another just to continue lives of quiet desperation isn’t radical left-wing journalism, it’s the pop fiction on every teenager’s nightstand and in every cinema right now.

With this backdrop of looming poverty, nobody can reasonably deny that the euphemistically “underbanked” are in desperate need of financial services that empower them to participate fully in the global economy without fear of exploitation. What’s unclear is the role that Bitcoin or a similar cryptocurrency could play in rectifying this dire situation.

The push toward Bitcoin comes largely from the libertarian portion of the technology community who believe that regulation stands in the way of both progress and profit. Unfortunately, this alarmingly magical thinking has little basis in economic reality. The gradual dismantling of much of the US and international financial regulatory safety net is now regarded as a major catalyst for the Great Recession. The “financial or political constraints” many of the underbanked find themselves in are the result of unchecked predatory capitalism, not a symptom of a terminal lack of software.

Silicon Valley has a seemingly endless capacity to mistake social and political problems for technological ones, and Bitcoin is just the latest example of this selective blindness."
2013  alexpayne  bitcoin  technosolutionism  siliconvalley  business  economics  libertarians  libertarianism  californianideology  decentralization  regulation  banking  finance 
december 2013 by robertogreco
Outrageous HSBC Settlement Proves the Drug War is a Joke | | Rolling Stone
"The institutional bias in the crack sentencing guidelines was a racist outrage, but this HSBC settlement blows even that away. By eschewing criminal prosecutions of major drug launderers on the grounds (the patently absurd grounds, incidentally) that their prosecution might imperil the world financial system, the government has now formalized the double standard.

They're now saying that if you're not an important cog in the global financial system, you can't get away with anything, not even simple possession. You will be jailed and whatever cash they find on you they'll seize on the spot, and convert into new cruisers or toys for your local SWAT team, which will be deployed to kick in the doors of houses where more such inessential economic cogs as you live. If you don't have a systemically important job, in other words, the government's position is that your assets may be used to finance your own political disenfranchisement.

On the other hand, if you are an important person, and you work for a big international bank, you won't be prosecuted even if you launder nine billion dollars. Even if you actively collude with the people at the very top of the international narcotics trade, your punishment will be far smaller than that of the person at the very bottom of the world drug pyramid. You will be treated with more deference and sympathy than a junkie passing out on a subway car in Manhattan (using two seats of a subway car is a common prosecutable offense in this city). An international drug trafficker is a criminal and usually a murderer; the drug addict walking the street is one of his victims. But thanks to Breuer, we're now in the business, officially, of jailing the victims and enabling the criminals.

This is the disgrace to end all disgraces. It doesn't even make any sense. There is no reason why the Justice Department couldn't have snatched up everybody at HSBC involved with the trafficking, prosecuted them criminally, and worked with banking regulators to make sure that the bank survived the transition to new management. As it is, HSBC has had to replace virtually all of its senior management. The guilty parties were apparently not so important to the stability of the world economy that they all had to be left at their desks.

So there is absolutely no reason they couldn't all face criminal penalties. That they are not being prosecuted is cowardice and pure corruption, nothing else. And by approving this settlement, Breuer removed the government's moral authority to prosecute anyone for any other drug offense. Not that most people didn't already know that the drug war is a joke, but this makes it official."
matttaibbi  drugs  economics  law  politics  policy  drugwar  warondrugs  2013  banking  hsbc  moneylaundering 
december 2013 by robertogreco
Has capitalism failed the world? - Head to Head - Al Jazeera English
"Former financial regulator Lord Adair Turner discusses the role of banks, the politics behind austerity, and capitalism."
banks  banking  finance  economics  capitalism  2013  politics  austerity  risk 
july 2013 by robertogreco
Wall Street ♥ charter schools | Muckety - See the news
"Call them cynical, but the widespread involvement of financial firms in the charter school movement raises suspicion among many public school advocates.

The map below illustrates just a few entanglements of big league investors in national school-choice organizations."



"One of the perks of investment in charter schools came with passage in 2000 of the New Markets Tax Credit, a federal tax break for investors in community development projects.

Big banks have seen the allure. The map below shows banks and other organizations that have put money into community development organizations funding charter schools since 2009."
charterschools  vouchers  schools  education  finance  money  banks  banking  funding 
may 2013 by robertogreco
a brief history of participation
"These activities were not always congenial to the program of government reform towards democratization. Many of them used participatory methods instead to net poor peoples into networks of debt and reliance on hierarchical authorities.

The reasons for the failures of participatory technology are actually quite specific.

Participation was appropriated during the 1970s as a means of cheap development without commitment of resources from above. The theme of participatory ownership of the city, pioneered in discussions about urban planning in the West, remained strong in the context of the developing world, and even grew in a context of spiraling urbanization. In India, the Philippines, and much of Africa and Latin America, postwar economies pushed peasants off of the land into cities, where the poor availability of housing required the poor to squat on land and build their own homes out of cheap building materials. At first, the governments of these towns collaborated with the World Bank to take out loans to provide expensive, high-rise public housing units. But increasingly, the World Bank drew upon the advice of western advocates of squatter settlements, who saw in western squats the potential benefits of self-governance without interference from the state. In the hands of the World Bank, this theory of self-directed, self-built, self-governed housing projects became a justification for defunding public housing. From 1972 forward, World Bank reports commended squatters for their ingenuity and resourcefulness and recommended giving squatters titles to their properties, which would allow them to raise credit and participate in the economy as consumers and borrowers.

Participatory mechanisms installed by the Indian government to deal with water tanks after nationalization depend on principles of accountability at the local level that were invented under colonial rule. They install the duty of the locality to take care of people without necessarily providing the means with which to do so.

We need developers who can learn from the history of futility, and historians who have the courage to constructively encourage a more informed kind of development. "
peertopeer  web2.0  joguldi  2013  conviviality  participation  participatory  government  centralization  centralizedgovernment  self-rule  history  1960s  democracy  democratization  reform  networks  mutualaid  peterkropotkin  politics  activism  banks  banking  patrickgeddes  urban  urbanism  urbanplanning  planning  self-governance  worldbank  dudleyseers  gandhi  robertchambers  neelamukherjee  india  thailand  philippines  gis  geography  latinamerica  1970s  squatters  economics  development  africa  cities  resources  mapmaking  cartography  maps  mapping  googlemaps  openstreetmap  osm  ushahidi  crowdsourcing  infrastructure 
march 2013 by robertogreco
Revealed: how the FBI coordinated the crackdown on Occupy | Naomi Wolf | Comment is free | guardian.co.uk
"It was more sophisticated than we had imagined: new documents show that the violent crackdown on Occupy last fall – so mystifying at the time – was not just coordinated at the level of the FBI, the Department of Homeland Security, and local police. The crackdown, which involved, as you may recall, violent arrests, group disruption, canister missiles to the skulls of protesters, people held in handcuffs so tight they were injured, people held in bondage till they were forced to wet or soil themselves –was coordinated with the big banks themselves."
policestate  wikileaks  politics  dhs  us  2012  fbi  suppression  banking  banks  occupywallstreet  ows  naomiwolf 
december 2012 by robertogreco
Nassim Taleb: my rules for life | Books | The Observer
"Modern life is akin to a chronic stress injury, he says. And the way to combat it is to embrace randomness in all its forms: live true to your principles, don't sell your soul and watch out for the carbohydrates."

"You have to pull back and let the system destroy itself, and then come back. That's Seneca's recommendation. He's the one who says that the sage should let the republic destroy itself."

"The "arguments" are that size, in Taleb's view, matters. Bigger means more complex, means more prone to failure. Or, as he puts it, "fragile". "

""Antifragile" is when something is actually strengthened by the knocks."

"In Taleb's view, small is beautiful."

"[He] claims that a janitor also has that kind of independence. "He can say what he thinks. He doesn't have to fit his ethics to his job. It's not about money.""

"He's also largely an autodidact."

"Between 2004 and 2008 were the worst years of my life. Everybody thought I was an idiot. And I knew that. But at the same time…"
math  teaching  fasting  diet  paleodiet  living  life  seneca  classics  war  thomasfriedman  honor  vindication  deschooling  autonomy  unschooling  anarchism  chaos  randomness  principles  honesty  freedom  academia  banking  money  ethics  socialmisfits  cv  independence  blackswans  failure  probability  antifragility  antifragile  small  fragility  autodidacts  2012  books  nassimtaleb 
november 2012 by robertogreco
Stories from the New Aesthetic : Joanne Mcneil
"It's a blank box, you can enter in whatever you want. You can take it as representation or you can bend it."

"It is full of things that never happened — human abstractions, examples of us acting in make believe. The avatars, the sock puppets, false identities, mockups, renders, the fake. Reality is blended in it. And sometimes, it is the program or the network telling stories to us. Something not as intended, more accidental storytelling."

"The internet will never be a mirror. Nor is it a window. It's pictures."

"…some people —real people — might not be treated as such online. …Civil Rights Captcha…supposes that if you are lacking a base level of compassion, if you express bigotry, you are relegated to second class bot level status on the internet."

"Facebook is where you share your success, not your suffering…this behavior means the picture is incomplete."

"while the people are an afterthought on the street…when it comes it businesses, they are central to the point."

[Video here: https://vimeo.com/51595243 ]
mapping  maps  time  place  2012  humans  people  cartography  trapstreets  theskyontrapstreet  sharing  twitter  googlestreetview  facebook  compassion  civilrightscaptcha  captcha  vulnerability  tears  personalbanking  banking  liebooks  lies  cronocaos  code/space  remkoolhaas  anaisnin  storytelling  stories  reality  location  clementvalla  brunolatour  adamharvey  web  internet  art  melissagiragrant  doramoutot  willwiles  aaronstraupcope  jamesbridle  joannemcneil  newaesthetic  storiesfromthenewaesthetic 
october 2012 by robertogreco
Revolt of the Rich | The American Conservative
"Our plutocracy now lives like the British in colonial India: in the place and ruling it, but not of it. If one can afford private security, public safety is of no concern; if one owns a Gulfstream jet, crumbling bridges cause less apprehension—and viable public transportation doesn’t even show up on the radar screen. With private doctors on call and a chartered plane to get to the Mayo Clinic, why worry about Medicare?

Being in the country but not of it is what gives the contemporary American super-rich their quality of being abstracted and clueless."

"millions of Americans who do not pay federal income taxes do pay federal payroll taxes. These taxes are regressive, and the dirty little secret is that over the last several decades they have made up a greater and greater share of federal revenues."

"The objective of the predatory super-rich and their political handmaidens is to discredit and destroy the traditional nation state and auction its resources to themselves."

"Most present-day Americans, if they think about the historical roots of our wealth-worship at all, will say something about free markets, rugged individualism, and the Horatio Alger myth—all in a purely secular context. But perhaps the most notable 19th-century exponent of wealth as virtue and poverty as the mark of Cain was Russell Herman Conwell, a canny Baptist minister, founder of perhaps the first tabernacle large enough that it could later be called a megachurch, and author of the immensely famous “Acres of Diamonds” speech of 1890 that would make him a rich man.

After the 2008 collapse, the worst since the Great Depression, the rich, rather than having the modesty to temper their demands, this time have made the calculated bet that they are politically invulnerable—Wall Street moguls angrily and successfully rejected executive-compensation limits even for banks that had been bailed out by taxpayer funds.

If a morally acceptable American conservatism is ever to extricate itself from a pseudo-scientific inverted Marxist economic theory, it must grasp that order, tradition, and stability are not coterminous with an uncritical worship of the Almighty Dollar, nor with obeisance to the demands of the wealthy. Conservatives need to think about the world they want: do they really desire a social Darwinist dystopia?"
policy  education  schoolreform  society  banking  stephenschwartzman  citigroup  goldmansachs  robertrubin  2012  us  politics  plutocracy 
august 2012 by robertogreco
122 Minutes With Jamie Dimon
“There are huge benefits to size,” he says instead, a distinct air of tired-of-this-shit creeping into his voice. “We bank Caterpillar in like 40 countries. We can do a $20 billion bridge loan overnight for a company that’s about to do a major acquisition. Size lets us build a $500 million data center that speeds up transactions and invest billions of dollars in products like ATMs and apps that allow your iPhone to deposit checks. We move $2 trillion a day, and you can see it by account, by company. These aren’t, like, little things. And they accrue to the customer. That’s what capitalism is.”

He takes a breath. “The whole world has become crazy. Businesses get attacked every time they do something.” [...]

“Everyone is afraid of retaliation and retribution. We recently had an event with a hundred small bankers here, and 85 percent of them said they can’t challenge the regulation because of the potential retribution. That’s a terrible thing. Okay? This is not the Soviet Union. This is the United States of America. That’s what I remember. Guess what,” he says, almost shouting now. “It’s a free. Fucking. Country.”
capitalism  finance  culture  personality  bankfailure  interview  banks  banking  scale  size  fragility  via:Taryn  jamiedimon  jpmorganchase 
august 2012 by robertogreco
Olafur Grimsson [President of Iceland]: Iceland Bounces Back on Vimeo
"…describes how his country encountered social & democratic upheaval after economic crisis of 2008. Over last 3 years, by combining wide-scale systemic inquiry into governance & judicial systems as well as a long-standing investment in clean energy & technology, Iceland has been able to bounce back w/ a remarkable economic vitality."

"…inherent link btwn implications of what happened in economic area & democratic & social fate of our nation…

What should be paramount in our societies, economics or politics [democracy]?…

What we are now seeing is people power in its purest form…enhanced by social media, but fundamental essence is to challenge governmental…institutions as never before…

…traditional decision-making processes w/in institutions have almost become side show…

…3 more lessons…[1] significance of China… [2] banks have become high tech companies threatening the growth of creative sector economies even if banks are extraordinarily successful… [3] importance of clean energy…"
iceland  policy  2011  politics  energy  greenenergy  finance  banking  crisis  risk  socialmedia  democracy  bailouts  resiliency  economics  creativity  justice  governance  olafurgrimsson  society  transparency  systems  systemicoverhaul  reform  cleanenergy  resilience 
december 2011 by robertogreco
Fear of a Slacker Revolution | Possible Futures
"When the right attacks OWS as a bunch of countercultural slackers and as the vanguard of class warfare, they very presciently apprehend the significance of a moment in which the capitalist work ethic and the artificially perpetuated scarcity it’s predicated on are being roundly rejected. One in which the utopian demand for cultural freedom joins the labor movement’s push for a more robust share of the spoils of capitalism. One in which old lefties singing Woody Guthrie tunes join rappers decrying “the man” and burly union dudes standing up to profitable corporations demanding concessions from their workers join hippie drum-circle groovers insisting that “the beginning is near.” The history of the movement is being written before our eyes. So far, there is one thing that many among the Occupiers and their opponents seem to agree on—all signs point to Occupy unfolding as a continuation of the unfinished project of the slacker revolution of the 1960s."
ows  occupywallstreet  2011  labor  utopianthinking  revolution  deschooling  capitalism  leisurearts  culturalfreedom  freedom  history  class  classwarfare  inequality  disparity  incomegap  wealthdistribution  us  society  protest  unions  slackers  banking  finance  repression  greatrecession  1960s  activism  afl-cio  artleisure 
december 2011 by robertogreco
The Path Not Taken - NYTimes.com
"Iceland was supposed to be the ultimate economic disaster story: its runaway bankers saddled the country with huge debts and seemed to leave the nation in a hopeless position.

But a funny thing happened on the way to economic Armageddon: Iceland’s very desperation made conventional behavior impossible, freeing the nation to break the rules. Where everyone else bailed out the bankers and made the public pay the price, Iceland let the banks go bust and actually expanded its social safety net. Where everyone else was fixated on trying to placate international investors, Iceland imposed temporary controls on the movement of capital to give itself room to maneuver."
2011  paulkrugman  iceland  banking  austeritymeasures  greece  latvia  economics  policy  politics 
october 2011 by robertogreco
Hello Etsy Berlin - Douglas Rushkoff on Etsy - Livestream
"Everybody thinks that because they can blog, they should blog."

"Why do I want to scale? The only reason to scale is to get out of the business I'm in."

"What would you rather do? Would you rather do something or would you rather manage people who are doing that thing?"

"perverse corporate capitalism of the 1990's, the Jack Welch, General Electric, Harvard Business School model, which is get out of any productive industry and become more and more like a bank"

"What Jack Welch realized is that Marx was right…whoever is creating the actual value through their labor is the slave"

"what you want to do is get as far away from those guys as possible and get as close to the bank funding that activity as possible."
douglasrushkoff  economics  p2p  work  labor  2011  etsy  currency  slavery  jobs  corporatism  history  banking  finance  digital  exchange  internet  peertopeer  capitalism  karlmarx  meansofexchange  hierarchy  localcurrency  biases  doing  making  facebook  social  advertising  jackwelch  ge  generalelectric  sharing  scale  scaling  growth  business  entrepreneurship  self-employment  creativity  management  middlemanagement  middlemen  addedvalue  localcurrencies 
september 2011 by robertogreco
These riots reflect a society run on greed and looting | Seumas Milne | Comment is free | The Guardian
"David Cameron has to maintain that the unrest has no cause except criminality – or he and his friends might be held responsible"; "While bankers have publicly looted the country's wealth & got away with it, it's not hard to see why those who are locked out of the gravy train might think they were entitled to help themselves to a mobile phone. Some of the rioters make the connection explicitly…Most have no stake in a society which has shut them out or an economic model which has now run into the sand. It's already become clear that divided Britain is in no state to absorb the austerity now being administered because three decades of neoliberal capitalism have already shattered so many social bonds of work and community. What we're now seeing across the cities of England is the reflection of a society run on greed – and a poisonous failure of politics and social solidarity. … We're starting to see the devastating costs of refusing to change course."
politics  uk  poverty  crime  inequality  2011  london  riots  wealth  greed  davidcameron  economics  neoliberalism  society  banking  finance  wealthdistribution  wealthdistrubution 
august 2011 by robertogreco
Nothing 'mindless' about rioters - Opinion - Al Jazeera English
"The global economic crisis is at least as political as the riots we've seen in the last few days. It has lasted far longer and done far more damage. We need not draw a straight line from the decision to bail out the banks to what's going on now in London. But we must not lose sight of what both events tell us about our current condition. Those who want to see law and order restored must turn their attention to a menace that no amount of riot police will disperse; a social and political order that rewards vandalism and the looting of public property, so long as the perpetrators are sufficiently rich and powerful."
2011  capitalism  uk  class  london  riots  society  crime  punishment  inequality  finance  wallstreet  banking  law  order  danielhind  classwarfare  economics 
august 2011 by robertogreco
Iceland's On-Going Revolution | Mostly Water
"…refused to ratify the law that would have made Iceland’s citizens responsible for its bankers’ debts, and accepted calls for a referendum…

…93% voted against repayment of the debt. The IMF immediately froze its loan. But the revolution (though not televised in the United States), would not be intimidated…launched civil and penal investigations into those responsible for the financial crisis…

Icelanders didn't stop there: they decided to draft a new constitution that would free the country from the exaggerated power of international finance and virtual money…

To write the new constitution, the people of Iceland elected twenty-five citizens from among 522 adults not belonging to any political party but recommended by at least thirty citizens. This document was not the work of a handful of politicians, but was written on the internet."
iceland  collapse  debt  finance  2008  2010  2011  constitution  citizenry  power  capitalism  corporatism  politics  policy  history  sovereignty  collaboration  banking  justice  via:bettyannsloan 
august 2011 by robertogreco
BBC News - Could Iceland be a model for debt-ridden Europe?
"Nearly three years after the Icelandic economy imploded, the country appears to be recovering, and some believe its approach may offer a possible solution to Europe's debt problems."

""In Europe there is a conflict between the democratic will of the people and the interests of the financial markets," he tells me earnestly, leaning forward over his antique desk.

He believes if Europe is not about democracy then the European project means nothing.

Iceland ignored the dire warnings of disaster from the ratings agencies and other institutions, says the Icelandic president, and the country is doing OK.

The implication is clear - other countries should follow the Icelandic example.

But Iceland had a key weapon in its armoury that is not open to the indebted eurozone nations - Iceland had its own currency, the krona. And, when the banks collapsed, the krona did too."
economics  2011  iceland  2008  policy  money  finance  bankruptcy  banking  banks 
july 2011 by robertogreco
YouTube - DEBTOCRACY (FULL - ENG Subs)
"For the first time in Greece a documentary produced by the audience. "Debtocracy" seeks the causes of the debt crisis and proposes solutions, hidden by the government and the dominant media."
2011  greece  debt  finance  banking  imf  worldbank  odiousdebt  politics  economics  argentina  ecuador  eu  ecb  sovereignty  freedom  europe  olympics  arms  class  classwarfare  social  democracy  government  policy  corruption  goldmansachs  crisis  financialcrisis  healthcare  poverty  education  documentary  globalization  neoliberalism  theft  via:steelemaley 
june 2011 by robertogreco
Tim DeChristopher: This Hero Didn’t Stand a Chance | Common Dreams ["We are definitely going to be navigating the most intense period of change humanity has ever seen."]
"His prosecution is evidence that our moral order has been turned upside down. The bankers & swindlers who trashed the global economy & wiped out some $40 trillion in wealth amass obscene amounts of money, much of it provided by taxpayers. They do not go to jail. Regulatory agencies, compliant to the demands of corporations, refuse to impede the destruction unleashed by the coal, oil & natural gas companies as they turn the planet into a hothouse of pollutants, poisoned water, fouled air and contaminated soil in the frenzied quest for greater and greater profits. Those who manage and make fortunes from pre-emptive wars, embrace torture, carry out extrajudicial assassinations, deny habeas corpus and run up the largest deficits in human history are feted as patriots. But when a courageous citizen such as DeChristopher peacefully derails the corporate and governmental destruction of the ecosystem, he is sent to jail."

[via: http://twitter.com/joguldi/status/83042584490029056 ]
capitalism  ecology  environment  law  legal  politics  policy  us  banking  finance  timdechristopher  convictions  2011  anarchism  nonviolence  protest  activism  injustice  change  classideas 
june 2011 by robertogreco
Crisis in Dairyland - Angry Curds - The Daily Show with Jon Stewart - 02/28/11 - Video Clip | Comedy Central
"Rather than ending tax cuts for the wealthy or closing corporate tax loopholes, Republicans want to get money from teachers."
education  teaching  politics  reform  crisis  wisconsin  2011  jonstewart  humor  banking  salaries  work  labor  unions 
may 2011 by robertogreco
Throw Out the Money Changers | Truthout
"Cor­pora­tions let 50,000 peo­ple die last year be­cause they could not pay them for pro­p­er med­ical care. They have kil­led hundreds of thousands of Ir­aqis, Afghanis, Pales­tinians, Pakis­tanis, & gleeful­ly watched as stock price of weapons contra­ctors quad­rupled. They have tur­ned canc­er into an epi­demic in the coal fields of West Vir­ginia where famil­ies breat­he pol­luted air, drink poisoned water & watch the Ap­palac­hian Moun­tains blas­ted into a de­solate was­teland while coal com­pan­ies can make bi­ll­ions. & after loot­ing the US Treasu­ry these cor­pora­tions de­mand, in name of auster­ity, that we ab­olish food pro­grams for childr­en, heat­ing as­sis­tance & med­ical care for our el­der­ly, & good pub­lic educa­tion. They de­mand that we tolerate a per­manent underclass that will leave 1 in 6 work­ers w/out jobs, condemns 10s of mill­ions of Americans to pover­ty & tos­ses our men­tal­ly ill onto heat­ing grates…"
chrishedges  2011  corporations  corporatism  money  politics  policy  greed  wokers  labor  poverty  inequality  disparity  us  austerity  banking  finance  environment  markets  marketfundamentalism  civildisobedience 
april 2011 by robertogreco
How a big US bank [Wachovia, now part of the giant Wells Fargo] laundered billions from Mexico's murderous drug gangs | World news | The Observer
"As the violence spread, billions of dollars of cartel cash began to seep into the global financial system. But a special investigation by the Observer reveals how the increasingly frantic warnings of one London whistleblower were ignored"
mexico  finance  banking  wellsfargo  wachovia  corruption  drugs  crime  2011  us 
april 2011 by robertogreco
Jon Stewart on the cushy lives of teachers - Boing Boing
"As always, Mr Stewart puts it into perspective -- the same people who object to limiting the tax-funded bonuses of bailed out bankers because it would violate their contracts say that teachers' contracts should be torn up and their benefits slashed."
teaching  jonstewart  dailyshow  wisonsin  banking  finance  us  2011  policy  money  income  salaries  benefits  foxnews  contracts 
march 2011 by robertogreco
The Tipping Point | Coffee Party
"Years from now, we will think of February 2011 as the tipping point in America’s great awakening. After all the warnings and wake-up calls, this be will remembered as the time when the American people decided to come together, confront the plutocracy that plagues our republic, and do something to change the economic inequality / instability that has grown from it. There is a tide. If you don't yet feel it, here are Ten Wake Up Calls that we predict will help define February 2011 in America.  The more people who get involved, the more meaningful it will be.  So, please share this page with others who may still need a reason to wake up and stand up."

1 Egypt; 2 Bob Herbert's Challenge To America; 3 The Protest & the Prank Call in Wisconsin; 4 Johann Hari's article in The Nation; 5 It's the Inequality, Stupid; 6 The Great American Rip-off; 7 BP makes US sick; 8 House of Representatives run amok; 9 The Stiglitz Deficit-reduction Plan; 10 Tax Week, April 11 to 17, 2011."
2011  tippingpoint  us  politics  policy  plutocracy  change  gamechanging  egypt  bobherbert  matttaibbi  bp  corporations  corporatism  capitalism  corruption  campaignfinance  josephstiglitz  johannhari  inequality  disparity  incomegap  taxes  crisis  banking  finance  government  bailouts  foreclosures  unions  unionbusting  wisconsin  deficits  deficitreduction  teaparty  coffeeparty  kochbrothers  havesandhavenots  money  wealth  influence  power 
february 2011 by robertogreco
Is America drowning in debt? | Dylan Ratigan [crappy transcript]
"…isn’t a question of public unions in any way abusing system. this is a question of a governor who wants to giveaway tax cuts, & a movement in this country by corporations & [plutocrats] talking about we need shared sacrifice but they get tax cut after tax cut. we’re paying the lowest amount of taxes …as we have in 50, 60 years…"<br />
<br />
"wisconsin is #2 in country of SAT/ACT scores…5 of the lowest rated…states…have no collective bargaining w/ teachers."<br />
<br />
"we are subsidizing by the trillion a banking system that’s gouging our country. we pay 2X what we should be paying for health care because of employer based health insurance monopolies & fee for service health care. those health care costs are passed on to all of us. would we not be having a much more beneficial conversation if we were willing to deal with systemic corruption that is the health care system that costs us double what it should & a banking system that …not only does it not invest in our country but seeks to poach…"
crisis  wisconsin  education  collectivebargaining  unions  taxes  republicans  pensions  healthcare  taxcuts  banking  finance  corruption  specialinterests  politics  policy 
february 2011 by robertogreco
BankSimple
"Many people are clearly fed up with their banks. Unreasonable fees, horrible customer service, and shady banking practices all add up to customers losing, and losing trust in their banks.<br />
<br />
Our vision is to simply put people first. Real customer service, no surprise fees, and a deep desire to help people is what makes BankSimple different."
finance  banking  business  money  startups 
january 2011 by robertogreco
potlatch: from economics to violence
"Bonuses have reached a scale now where they can quite legitimately be understood as a fiscal issue. Once again, the concept of 'fairness' obscures the issue. The fact that a banker earns in 15 minutes what a cleaner earns in a year (or whatever) is mind-boggling, but slightly distracting from the political logic. More significantly, next month banks will pay out £7bn in bonuses to their own staff, earned through trades and fees earned as intermediaries. Given that this is occurring in a semi-nationalised, government-backed industry, it is surely far more relevant to compare that £7bn to the £3bn being cut from university tuition. "
economics  politics  banking  violence  funding  education  highereducation  highered  disparity  bonuses  2010  uk  nationalization  fairness  power  class  society 
december 2010 by robertogreco
Thanksgiving for Bankers and “Bad” Teachers « Fremont Watch
"Wow. Mission Accomplished by the neo-liberal privatizers and David Guggenheim. I am now sucking at the tit of government, as my brother put it. He’s not, I am. Because I am going to get a pension when I retire. He said we should all have 401 K’s. What happens to teachers who have been teaching for 30 years when the market goes bad? Nebraska found out and put all of their workers back into pensions. At least they are intellectually honest. My brother was lucky to be a winner in the economic collapse that decimated Main Street. I wonder if he was a loser in the scenario, like the poor Lehman brother workers that everyone gawked at as the walked out their workplace with cardboard boxes for the last time- if his point of view would be different, but somehow I doubt it."
banking  publiceducation  neoliberalism  waitingforsuperman  unions  pensions  government  misconceptions  education  policy  2010  us  publicschools  teaching  wealth 
november 2010 by robertogreco
Wall Street, investment bankers, and social good : The New Yorker
"What Good Is Wall Street? Much of what investment bankers do is socially worthless."<br />
<br />
"Since the early nineteen-eighties, by contrast, financial blowups have proliferated and living standards have stagnated. Is this coincidence? For a long time, economists and policymakers have accepted the financial industry’s appraisal of its own worth, ignoring the market failures and other pathologies that plague it. Even after all that has happened, there is a tendency in Congress and the White House to defer to Wall Street because what happens there, befuddling as it may be to outsiders, is essential to the country’s prosperity. Finally, dissidents like Paul Woolley are questioning this narrative. “There was a presumption that financial innovation is socially valuable,” Woolley said to me. “The first thing I discovered was that it wasn’t backed by any empirical evidence. There’s almost none.”"
wallstreet  finance  economics  investment  meltdown  investing  politics  social  policy  society  value  banking  money 
november 2010 by robertogreco
Future Perfect » 10 Tips for International Relocation [The whole list & comments are worth the read. Some of the items quoted contain further details.]
"China is now the fifth country I’ll feel comfortable calling home...each time the process of relocating has become a little easier. Whilst each of the moves was under very different circumstances, life stages the following tips picked up on the way might help smooth your next relocation:

1. You don’t need a job or apartment lined up to make the leap. Sure it might mean sofa-surfing or taking career diversions – these are the tangents that reveal & shape the new you.

2. International relocation is the ultimate excuse to have a brutal clear-out...

3. Heart first, then wallet: first figure out where you want to go, the logistics & money to make it happen will stretch & contract to your budget.

4. Never apply for a single entry visa when multiple entry is an option. Any additional cost is easily outweighed by the flexibility it provides...

6. Keep a digital scan of all your important documents...

7. Backup your most important stuff to the cloud..."
janchipchase  international  howto  housing  moving  global  life  jobs  work  travel  tips  relocation  yearoff  cv  migration  logistics  advice  glvo  documents  dropbox  amazons3  s3  transmit  banking  shipping  purging  travellight 
august 2010 by robertogreco
Robert Reich (Slouching Toward a Double Dip or a Lousy Recovery at Best)
"irony is that had there been no bank bailout in 2008-09, no large stimulus & no extraordinary efforts by Fed to pump trillions of $ into economy, we’d have had another Great Depression. & because it would have sucked almost everyone down with it, nation would have demanded larger & more fundamental reforms that might have lifted everyone & set US & world on more sustainable path toward growth & shared prosperity: rebuilding of nation’s infrastructure & alternative energies, single-payer health care, cap on size of big banks & resurrection of Glass-Steagall, earnings insurance, an Earned Income Tax Credit that extended into middle class & a truly progressive tax coupled w/ price on carbon to pay for all of this over long term.

No one in their right mind would have wished for another Great Depression, of course. But we seem to have got the worst of all worlds. The bank bailout, the stimulus, and the Fed brought us back from the brink just enough to dampen zeal for anything more."
robertreich  economics  greatdepression  greatrecession  missedopportunities  bailouts  2008  2009  2010  banking  finance  glass-steagall  taxes  sustainability  energy  policy  politics  infrastructure  equality  stimulus 
july 2010 by robertogreco
YouTube - RSA Animate - Crises of Capitalism
"In this RSA Animate, radical sociologist David Harvey asks if it is time to look beyond capitalism towards a new social order that would allow us to live within a system that really could be responsible, just, and humane?"
davidharvey  capitalism  economics  politics  rsaanimate  homeownership  us  culture  germany  greece  policy  banks  finance  banking  canon  housing  worldbank  imf  neoliberalism  liberalism  alangreenspan  marxism  instability  systemicrisk  capitalaccumulation  crisis  labor  capital  1970s  1980s  unions  offshoring  power  wagerepression  wages  credit  creditcards  debt  personaldebt  2010  limits  greed  profits  industry  london  uk  latinamerica  wealth  india  china  inequality  incomeinequality  wealthinequality  hedgefunds 
june 2010 by robertogreco
Vittana | Building a world where anyone can go to college
"1. Find a student: Search for and choose a student in the developing world you would like to lend money to. 2. Make a loan: Make a loan for as little as $25 to the student through our website. 100% of your funds are delivered to the student. 3. Student graduates: Using your loan, the student finishes college (or vocational school), gets a degree, and then gets a job. 4. You get paid back: When the student repays, Vittana repays you the full amount of your loan. Use the money to make another loan."
activism  banking  philanthropy  finance  community  crowdsourcing  development  nonprofit  microlending  microfinance  education  p2p  lending  nonprofits 
april 2010 by robertogreco
On the Bailout Hustle - Matt Taibbi - Taibblog - True/Slant
"My feeling is similar to what Barry Ritholtz proposed. He said that “we should have gone Swedish on their asses.” The Swedes after a similar bubble burst in 1992 temporarily seized control of insolvent institutions, forced banks to write down losses before they got aid, & gave taxpayers a huge share in the upside of recovery. It was a tough-love approach that really worked & forcefully addressed the moral hazard issue in a way we never touched.
economics  bailout  sweden  corporatism  matttaibbi  barryritholtz  recovery  crisis  2010  housingbubble  banking  us  policy 
february 2010 by robertogreco
Wall Street's Bailout Hustle : Rolling Stone
"the biggest gift the bankers got in the bailout was not fiscal but psychological. "The most valuable part of bailout was implicit guarantee that they're Too Big to Fail." Instead of liquidating & prosecuting insolvent institutions that took us all down with them in giant Ponzi scheme, we have showered them with money & guarantees and all sorts of other enabling gestures. & what should really freak everyone out is the fact that Wall Street immediately started skimming off its own rescue money. If the bailouts validated anew the crooked psychology of the bubble, the recent profit & bonus numbers show that the same psychology is back, thriving, & looking for new disasters to create. "It's evidence that they still don't get it."
matttaibbi  banking  goldmansachs  corruption  finance  business  policy  wallstreet  fraud  bailout  economics  politics  economy  crisis  aig  2010 
february 2010 by robertogreco
The Obama Disconnect: What Happens When Myth Meets Reality | techPresident
"Obama was never nearly as free of dependence on big money donors as the reporting suggested, nor was his movement as bottom-up or people-centric as his marketing implied. And this is the big story of 2009, if you ask me, the meta-story of what did, and didn't happen, in the first year of Obama's administration. The people who voted for him weren't organized in any kind of new or powerful way, and the special interests--banks, energy companies, health interests, car-makers, the military-industrial complex--sat first at the table and wrote the menu. Myth met reality, and came up wanting. … Nor, it is clear, was Obama's campaign ever really about giving control to the grassroots. … Plouffe and the rest of Obama's leadership team, wasn't really interested in grassroots empowerment. Instead, they think they've invented a 21st century version of list-building … Obama's compromises to almost every powers-that-be are tremendously demotivating"
via:preoccupations  technology  internet  barackobama  elections  2009  critique  corporations  hypocrisy  grassroots  disappointment  strategy  corruption  finance  2008  activism  collaboration  banking  ethics  media  democracy  history  politics  us  commentary 
january 2010 by robertogreco
Move Your Money - The Daily Dish | By Andrew Sullivan
"Here's an interesting idea that does not rely on government but can put pressure on the big four banks that just robbed us blind, threw so many out of work and are now refusing to make loans to people who need them: take your money out of the big banks and place it in community banks, ones that were not responsible for the meltdown...The idea is simple: If enough people who have money in one of the big four banks move it into smaller, more local, more traditional community banks, then collectively we, the people, will have taken a big step toward re-rigging the financial system so it becomes again the productive, stable engine for growth it's meant to be. It's neither Left nor Right -- it's populism at its best."
financialcrisis  crisis  finance  banking  us  2009  activism 
december 2009 by robertogreco
Washington's Blog - The Real Reason Newspapers Are Losing Money, And Why Bailing Out Failing Newspapers Would Create Moral Hazard in the Media
"newspapers, bought up by corporations in last generation, have pursued profits at expense of news gathering. By basing their businesses on advertising over circulation, newspaper owners have neglected their true economic base & core constituency...firing reporters that cover subjects that affect the community"... "primary culprit is same as it is all over country, in every industry & in government: equity extraction...when executives expect unrealistic profits of 20%+ per annum on businesses something has got to give. It's an unnatural & unsustainable growth rate. For the first ten or so years of a small to medium size company's life? Sure. But when you are 3M, or GE? Unrealistic and ultimately impossible." A comment: "Everything in our economy, from manufacturing to finance, insurance, real estate and health care, seems to have parasites attached. We need a new model of virtue - quality, not profits - and a new measure of prosperity - salaries for many, not profits for a few."
newspapers  journalism  profits  crisis  moralhazard  bailouts  banking  bonuses  corporations  communitees  business  2009 
december 2009 by robertogreco
Morgan Stanley’s Commercial Jingle Mail | The Big Picture
"Here is a fascinating twist on the underwater homeowner walking away fromt heir bad purchases: This time, its Morgan Stanley.
morganstanley  finance  banking  defaults  realestate  2009 
december 2009 by robertogreco
Strategic defaults – conditioning, morality, or naïveté? | The Big Picture
"To this point, we have lived in a country where the “What’s my monthly payment?” culture has thrived, but that seems to be changing and the question that more and more underwater homeowners are now asking is, “If banks can walk away from their obligations, why can’t I?”
mortgages  banking  foreclosures  defaults  housing  markets  morality  2009  doublestandards 
december 2009 by robertogreco
How Free-Market Delusions Destroyed the Economy | | AlterNet
"From its inception, the free market has spawned discontent, but rare are the moments when that discontent coalesces across society, when a sufficiently large group of people can trace their unhappiness to free market politics, and demand change. The New Deal in the United States and the postwar European welfare states were partly a result of a consortium of social forces pushing for new limits to markets, and a renegotiation of the relationship between individuals and society. What's new about this crisis is that it's pervasively global, and comes at the last moment at which we might prevent a global climate catastrophe."
capitalism  greatrecession  crisis  economics  climatechange  policy  disconntent  global  pobverty  wealth  banking  society 
december 2009 by robertogreco
Joe Bageant: The Devil and Mr. Obama
"But even if Americans understood socialism, they are too terrified to ever admit to its virtues, much less publicly support the cause. And without free and open public participation in some democratic form of socialism, regardless of the name or label given it, there can be no recognition of the people's common welfare and good. And so the most egalitarian social philosophy ever conceived dies within a nation, with very little chance of being reborn because such an ideal, by its definition, cannot exist within the narrow mindset of bankers and oligarchs.
joebageant  barackobama  politics  war  debt  socialism  us  policy  banking  finance  capitalism  journalism  2009  society 
december 2009 by robertogreco
Obama's Big Sellout : Rolling Stone
"What's taken place in the year since Obama won the presidency has turned out to be one of the most dramatic political about-faces in our history. Elected in the midst of a crushing economic crisis brought on by a decade of orgiastic deregulation and unchecked greed, Obama had a clear mandate to rein in Wall Street and remake the entire structure of the American economy. What he did instead was ship even his most marginally progressive campaign advisers off to various bureaucratic Siberias, while packing the key economic positions in his White House with the very people who caused the crisis in the first place. This new team of bubble-fattened ex-bankers and laissez-faire intellectuals then proceeded to sell us all out, instituting a massive, trickle-up bailout and systematically gutting regulatory reform from the inside."
barackobama  economics  politics  bailout  government  finance  policy  matttaibbi  wallstreet  banking  fraud  democrats  corruption  banks  citigroup  goldmansachs  money 
december 2009 by robertogreco
Skeletor and Gargamel, MBAs « Snarkmarket
"“con­struc­tive cap­i­tal­ists” find ways not only to gen­er­ate qual­i­ta­tive value, but to real­ize it. This is why smaller busi­nesses have so much to offer, to their own­ers, work­ers & cus­tomers: they’re less con­cerned with extract­ing value to pass up the chain (to share­hold­ers, par­ent com­pa­nies, etc.) then with real­iz­ing it by cre­at­ing great prod­ucts, treat­ing peo­ple with respect, offer­ing humane poli­cies, job flex­i­bil­ity, men­tor­ship, etc. You can forego max­i­miz­ing profit if you can real­ize some of these qual­i­ta­tive ben­e­fits. It’s impos­si­ble for some­one trad­ing your stock to real­ize those qual­i­ta­tive ben­e­fits. It’s not that a share­holder is eco­nom­i­cally ratio­nal while a self-employed busi­ness owner isn’t — it’s that in each posi­tion, only cer­tain kinds of eco­nomic decision-making are even possible."
constructivecapitalism  umairhaque  capitalism  economics  local  value  socialvalue  us  markets  finance  banking  gamechanging  metaphors  business  society  snarkmarket 
october 2009 by robertogreco
Is Your Business Useless? - Umair Haque - HarvardBusiness.org
"Socially useless business is what has created a global economy on life support. Socially useless business is what has created a jobless "recovery" and mass unemployment amongst the young. Socially useless business is why we don't have a better education, healthcare, finance, energy, transportation, or media industry. Socially useless business is a culture in shock, reeling from assault after assault on the fabric of community and comity. Socially useless business is the status quo — and the status quo says: "You don't matter. Our bottom line is the only thing that matters."
design  society  umairhaque  business  sustainability  businessmodels  capitalism  humor  metaphors  value  economics  utility  strategy  socialvalue  sociallyuseless  walmart  google  nike  apple  banking  finance  global  globalization  unemployment  education  healthcare  energy  transportation  media  culture  us  community  constructivecapitalism 
october 2009 by robertogreco
Op-Ed Columnist - In Defense of the ‘Balloon Boy’ Dad - NYTimes.com
"If Heene’s balloon was empty, so were the toxic financial instruments, inflated by the thin air of unsupported debt, that cratered the economy he inhabits. The press hyped both scams, and the public eagerly bought both. But between the bogus balloon and the banks’ bubble, there’s no contest as to which did the most damage to the country. The ultimate joke is that Heene, unlike the reckless gamblers at the top of Citigroup and A.I.G., may be the one with a serious shot at ending up behind bars."
via:javierarbona  celebrity  economics  recession  greatrecession  2009  hoax  fraud  inconsistency  finance  justice  frankrich  doublestandards  banking  citigroup  aig 
october 2009 by robertogreco
‘We still have the same disease' - The Globe and Mail
"Central bankers have no clue...financial crisis was not a black swan...They ignored the phenomenal buildup in leverage since 1980...After finishing The Black Swan, I realized there was a cancer...huge buildup of risk-taking based on lack of understanding of reality...second problem is hidden risk w/ new financial products...third is interdependence among financial institutions...we still have same amount of debt, but it belongs to governments. Normally debt would get destroyed & turn to air...Are you saying the U.S. shouldn't have done all those bailouts? What was alternative? Blood, sweat & tears. A lot of growth of past few years was fake growth from debt. So swallow losses, be dignified & move on. Suck it up. I gather you're not too impressed with the folks in Washington who are handling this crisis. Ben Bernanke saved nothing! He shouldn't be allowed in Washington...The first thing I would tell Chinese officials is, how can you buy U.S. bonds as long as Larry Summers is there?"
nassimtaleb  culture  finance  banking  collapse  blackswans  crisis  government  bailouts  debt  capitalism  economics 
september 2009 by robertogreco
Memex 1.1 » Blog Archive » The dismal (and dangerous) science
"The truth of the matter is that large chunks of the analytical apparatus of modern economics has been shown to be a house of theoretical cards. But given the profession’s huge investment in said cardboard structures, it’s probably incapable of admitting its colossal mistake. Time for a Kuhnian revolution?"
via:preoccupations  economics  science  socialscience  crisis  2009  banking  finance 
august 2009 by robertogreco
Economics Is Not A Natural Science
"Rushkoff is right: our 21st-century global computing platform is still running a 13th-century banking system, and the resulting performance sucks. ... The latest problem is that automated programs — -the barnacles of the New Economy — -are now trading *within* the frequency spectrum of the turbulent boundary layer. If this happens to a ship, it will slow down, and if it happens to an airplane, it will go into a stall. Where’s the anti-fouling paint? ... How to best transcend the current economic mess? Put Jeff Bezos, Pierre Omidyar, Elon Musk, Tim O'Reilly, Larry Page, Sergey Brin, Nathan Myhrvold, and Danny Hillis in a room somewhere and don't let them out until they have framed a new, massively-distributed financial system, founded on sound, open, peer-to-peer principles, from the start. And don’t call it a bank. Launch a new financial medium that is as open, scale-free, universally accessible, self-improving, and non-proprietary as the Internet, and leave the 13th century behind."
georgedyson  economics  douglasrushkoff  change  reform  computing  banking  gamechanging 
august 2009 by robertogreco
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