Hedge fund honchos bet on stocks. They bet on gold. They bet on lawsuits. Most of all, they bet that the rest of us will never wise up to the awesome giveaway our current tax code ladles on them.
I think Alonya was suggesting at the end that I was being a downer about those job figures ... I believe the current slang term for that kind of thing is "buzz kill." Oh, well!
For a change, all of the political negativity coming from my general vicinity was directed at Republicans - and only Republicans.
Wall Street reform passed Congress today, with three Republicans voting "yes," among them Scott Brown of Massachusetts. But Brown's vote came with a high price tag: he insisted on both hammering ordinary citizens with new taxes, instead of imposing them on the financial behemoths that jeopardize our economic stability. more »
President Obama was right to call out John Boehner today for describing our economic catastrophe as an "ant" that didn't deserve a strong response. more »
It's been apparent for several weeks that the Wall Street reform bill will not cut down the largest U.S. banking behemoths to a safe and manageable size. But individual oversized banks are not the only problem Big Finance poses to the economy—the overall sector is much too large, and if we do not shrink it, we'll be dealing with difficult economic conditions for years to come. more »
I'm going to Chicago next week for the American Bankers Association meeting. Oddly, I haven't been invited to the Roaring '20's dance party I hear they're having.
Why wouldn't they celebrate the era of wild money and hot times (which slid into the Great Depression)? After all, the bankers are doing well these days. more »
Hedge fund manager earnings, says the industry's top scorekeeper, drifted down toward terra firma in 2008. But they remain, despite the global financial collapse, at absolutely stratospheric levels.
Before she became the first female Labor secretary in 1933, Frances Perkins had seen firsthand the tragedy of Manhattan’s 1911 Triangle Shirtwaist fire. Locked in by their employer, 146 mostly young girls died when they couldn’t escape the burning building where they toiled in sweatshop labor. Later, as the New York industrial commissioner, Perkins held employers accountable for workplace safety and health, expanding factory investigations and championing other pro-worker laws, like unemployment insurance.
Now, imagine if Elaine Chao had been there instead. more »
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Before she became the first female Labor secretary in 1933, 
