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By Rachel Goldfarb, originally published on Next New Deal

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How Timothy Geithner Failed His Stress Test (AJAM)

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

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

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

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

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

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

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

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

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

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

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

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

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

Originally posted to Daily Kos Economics on Thu May 22, 2014 at 04:57 AM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  Sankei News, Japan (1+ / 0-)
    Recommended by:

    "I Love New York: The Haves and the Have-nots"
    By Jun Kurosawa, 5/13/2014

    Manhattan is an area of New York City crowded with skyscrapers, and every morning here you can see helicopters making their noisy arrivals. They arrive at the same time each day, no exceptions. When I wondered what kind of people were on board, I discovered that it was millionaires commuting to work from a neighboring town. Although the wealthy say they travel by helicopter in order to shorten their commute time, the standard of living of such millionaires is far beyond the imaginations of us Japanese.

    When I visited the picturesque suburban neighborhoods of New York, I found these wealthy people’s homes. Their mansions are situated on extensive grounds that seem like they could hold around 20 baseball stadiums. According to a person who knows a daughter of one of these millionaires, when the daughter wanted to travel a mere two blocks in Manhattan, she used a taxi.

    In collaboration with Dartmouth College, an Ivy League school in northeastern New Hampshire, there's also a retirement home where those admitted can take relevant courses from the university. There are many wealthy people at these facilities. In addition to a lump sum of nearly $500,000, residents must also pay a large monthly facility use fee. However, when it comes to enjoying the full range of these social services, they don't think twice about paying large additional expenses.

    In contrast to this lifestyle, you can see people begging for money every day in New York's subway stations. They hold signs with messages like “I haven't eaten today. Please help me.” It's heart-rending to see. These are the haves and the have-nots. In this country, the gap between these two groups is too extreme.

    You Don't Happen To Make It. You Make It Happen !

    by jeffrey789 on Thu May 22, 2014 at 04:34:36 PM PDT

  •  Japan Times 5/16/2014 (1+ / 0-)
    Recommended by:

    "The once-mighty U.S. is in decline: Get used to it"
    by Ted Rall

    Using a novel “purchasing power parity” measure, the World Bank estimates that China’s economy will surpass the United States later this year.

    By per capita GDP — and most useful indices — the U.S. maintains its lead. Nevertheless, many Americans agree with the thesis of economist Thomas Piketty’s book “Capital in the Twenty-first Century” that America’s boom days are behind us, unlikely to be seen again. As The Economist summarizes Piketty: “The middle of the last century was unusual in its growth rates as well as in the distribution of income; the good times most of us see as our due were in fact a fleeting anomaly.”

    “We’re walking small,” New York Times columnist Frank Bruni wrote on May 3.  As Bruni points out, we have good cause for bad ennui: America’s shameful global ranking on education quality (39), collapsing social mobility (it’s easier to get rich in Europe and Canada), and our crumbling infrastructure. China unveils its pressurized bullet train to the Tibetan plateau; when they’re not hours late, our Amtraks derail.

    You Don't Happen To Make It. You Make It Happen !

    by jeffrey789 on Thu May 22, 2014 at 04:52:25 PM PDT

    •  Continue, (0+ / 0-)

      Not that the U.S. doesn’t have at least as much money as it used to. Overall, the U.S. is richer. The trouble is, all our loot has gotten aggregated into the claws of too few people. As The Times’ Nicholas Kristof notes in a piece titled “We’re Not No. 1! We’re Not No. 1!”: “Over all, the United States’ economy outperformed France’s between 1975 and 2006. But 99 percent of the French population actually enjoyed more gains in that period than 99 percent of the American population. Exclude the top 1 percent, and the average French citizen did better than the average American.”

      The question for us now is: Do we allow our slide into Third Worldism to continue? Or do we scale back the drones and stupid wars, reject the NSA’s Orwellian (and wildly expensive) security nightmare, tax the hell out of the rich and rebuild the social safety net?

      One thing’s for sure: we can’t vote our way out of this problem

      You Don't Happen To Make It. You Make It Happen !

      by jeffrey789 on Thu May 22, 2014 at 04:55:36 PM PDT

      [ Parent ]

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