There’s a crucial institution in Washington that few in the media seem to be paying attention to, even as President Trump quietly makes it his own.
“Clinton’s vision of financial reform neglects one part of the industry everyone agrees was an essential factor in the 2008 crisis: the credit rating agencies, which assess the worthiness of Wall Street securities for investors,” writes David Dayen at The Intercept.
A California judge has tentatively ruled that the state could hold the major financial research company accountable for pinning triple-A ratings on state-bought mortgage-backed securities that went bust in the crash of 2008.
If the housing crisis wasn't enough to turn you off of buying real estate, listen to economist Robert Shiller: Houses are poor investments, and they pretty much always have been.
We think of the financial crisis as a man-made calamity, and Hurricane Sandy as the malignant innocence of nature. But neither the notion of a man-made nor natural disaster quite captures how the power of a few and the vulnerability of the many determine what is really going on at ground level.
In the wake of the 2008 crash and the widespread government-imposed austerity that followed, high levels of long-term and youth unemployment across the globe are in danger of becoming fixed, according to an annual report by the International Labor Organization.
At least five states are considering getting rid of the death penalty, but the possible repeals have nothing to do with ethics. A study has shown that executions cost taxpayers three times as much as putting an inmate away for life, and budget shortfalls are making even capital punishment hawks doubt the sensibility of their position.
Economist and New York University professor Nouriel Roubini explains that globalization, reckless lending and borrowing, and the redirection of income and wealth from industries dependent upon human labor and well-being to those composed mainly of capital (more).
Rarely do we get to hear criticism of the American oligarchy from within the ranks of its crowning institution: the financial services industry This anonymous author, who handles investments for the wealthiest 1 percent of Americans, takes us on a brief tour of numbers (more).