President Obama is clearly aware of the risk associated with Wall Street misbehavior, but he has failed to champion significant reforms. Here are several suggestions that the president should consider.
There is no mystery about the downturn or the potential routes to recovery. The only problem is that the people in control of economic policy have no interest in taking the steps necessary to bring the economy back to full employment.
Even after pointing out how Occupy fell short and how a little agreed-upon focus might have prolonged the movement and allowed it to grow strong, Occupy did succeed spectacularly at their basic goal: changing the American conversation about the economy.
Did we need to save the private sector? Absolutely. But we're nowhere near done saving families who are still suffering from the effects of the financial crisis that they didn't create.
NEW YORK -- Media outlets love anniversaries. They become the makers and news-pegs for one-day stories that become pretexts for episodic coverage of k...
Five years ago this month Wall Street almost went under. We bailed it out. Millions of Americans are still suffering the consequences of the Street's excesses. Yet the Street's top guns and fat cats are still treating the economy as their own private casino, and raking in even more than before.
For decades, you could always count on the Federal Reserve to pull the plug on prosperity too soon, seeing ghosts of inflation everywhere. The Fed, responsive as it was to creditors, preferred a dose of recession to any sort of price pressures, especially wage increases. That changed with the regimes of Fed chairmen Alan Greenspan and Ben Bernanke. Greenspan was willing to keep interest rates low because the banks kept getting into difficulty after bouts of speculative excess in the 1980s and '90s and needed the cheap money to rebuild their balance sheets. The ultimate such collapse occurred just five years ago this week, when the crash of Lehman Brothers revealed the rot in the entire system, and one over-leveraged domino after another fell. The Fed, after a somewhat anomalous run as the engine of recovery, seems to be reverting to type. Trouble is, the economy won't cooperate with this scenario. Inflation is nowhere to be seen, and the recovery continues to be weak.
Capitalist theory asserts that CEOs rise to the top based on merit and moxie and deserve million-dollar pay packages. Turns out, though, capitalism doesn't really work that way. Conniving Jonnies rule the business world.
We all get so busy caught up in what we do every day, that we don't give the time to really reflect on why we do it!
This is little more than a brazen attempt to bully U.S. regulators into delaying and weakening U.S. rules, which, as Senator Elizabeth Warren has pointed out, must not happen.
It's not just women that get caught up in the corporate game. Why is it so alluring? At a distance from it now, it's easy to answer the question. Where else in one's life does a man or woman get regular reviews, pats on the backs, atta-boys, praise and recognition?
Women are so consumed with regretting their work-life choices, or making other women regret their work-life choices, that they spend little time on regretting other important things.
Erin Callan feels awful about all the time she spent working to get to the top of the corporate ladder. And who in her position wouldn't?
It shouldn't be a secret by now: Consumers are unhappy. And it's not because we are too busy paying down our debts. It's really because no one in Washington has been focusing on job creation.
The easing of regulations, which permitted financial institutions to become the behemoths they did, is partially responsible for this mess. But I say "partially" because that is only one part of the problem. The other part is the lack of personal accountability on Wall Street.
It's the summer of 2006, and I've already mapped out my post-college plan: spend two years at Lehman, start a company, become a billionaire, buy a house in the Hamptons, have an explosive divorce, die alone but surrounded by a mountain of gold bars.