themcglynn.com

20 Sep

The Weekly Digest – The Economy

What We Get Wrong When We Talk About ‘The Financial Crisis’ (Majority Report)

Sam Seder speaks with Roosevelt Institute Fellow Mike Konczal about his most recent piece at the Washington Post‘s Wonkblog, where he argued that Lehman shouldn’t be the center of the financial crisis narrative.

Finally, JPMorgan Admits The Bank Broke The Law (HuffPo)

Mark Gongloff reports on JPMorgan’s admission that they broke securities laws in the “London Whale” debacle. The fine is an inconsequential amount for the firm, as it often is in these cases, but it’s unusual for banks and bankers to actually admit to their wrongdoing.

The Fed Has Investors Overjoyed, And It’s For All the Wrong Reasons (The Atlantic)

Mohamed El-Erian sees this week’s surprise announcement of no taper from the Fed as symptomatic of their failure to plan long-term strategy. That’s a big problem, since the Fed’s uncertainty leads to market instability.

The Fed Stays the Course (TAP)

Robert Kuttner is glad that the Fed will maintain bond buying programs for now, but it’s a decision that primarily benefits Wall Street. Hopefully, a Yellen-chaired Fed would reconsider a plan to purchase bonds that put money in the Main Street economy.

Job And Business Growth Strong Under Seattle’s Paid Sick Days Law (ThinkProgress)

Bryce Covert looks at an analysis of the impact of a new paid sick leave law on the Seattle economy. Seattle continues its economic growth, just as has been the case in every other municipality that has enacted paid sick leave legislation.

Rousing Workers to Seek Higher Wages (LA Times)

Alana Semuels speaks with Naquasia LeGrand, a KFC employee who has been heavily involved in Fast Food Forward in NYC. Naquasia was anti-union at first, but after learning more about the movement, she’s become a strong supporter and recruiter.

Women Waiting Tables Provide Most of Female Gains in U.S. (Bloomberg)

Ian Katz and Alex Tanzi report on a study by the National Women’s Law Center that looks at women’s employment gains. Most of the increases in employment for women since 2009 are in the service industry, with 60 percent of new jobs paying less than $10.10 an hour.

Red State Pain (NYT)

Timothy Egan considers the GOP’s continued inability to empathize with poor constituents as the House passes a bill that will kick 3.8 million people off SNAP. The underlying assumption is that the poor, even children, have done something to deserve going hungry.

…….Late Thursday, despite pleas from Catholic bishops and evangelicals, the Republican-dominated House passed a bill that would deprive 3.8 million people of assistance to buy food next year. By coincidence, this is almost the exact amount of people who have managed to remain just above the poverty line because of that very aid, the Census Bureau reported a few days ago…..

 

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