Clay Risen is managing editor of Democracy: A Journal of Ideas and a contributing editor at World Trade. His first book, A Nation on Fire: America in the Wake of the King Assassination will appear in January. It's tempting to watch today's Senate Banking Committee hearings, with Democrats and Republicans alike tearing into Federal Reserve Chair Ben Bernanke and Treasury Secretary Henry Paulson, and feel pangs of sorrow for the beleaguered duo.
Clay Risen is managing editor of Democracy: A Journal of Ideas and a contributing editor at World Trade. His first book, A Nation on Fire: America in the Wake of the King Assassination will appear in January. In recent days, policymakers and financial experts have circled around the idea of creating a government entity--in the model of the Resolution Trust Corporation (RTC)--to buy up failing assets of financial institutions.
Clay Risen is managing editor of Democracy: A Journal of Ideas and a contributing editor at World Trade. His first book, A Nation on Fire: America in the Wake of the King Assassination will appear in January. It's hard to say when, exactly, the demise of Lehman Brothers became inevitable. But it likely came around noon on Saturday.
One morning in May, Governor Tim Kaine stood in a Danville, Virginia, parking lot, sawing a log in half with Ikea executive Bruno Winborg. The log-cutting, a Swedish good-luck tradition, was part of the opening ceremony for the Scandinavian furniture giant’s first North American plant, a 930,000-square-foot facility that will keep Americans well-supplied with BILLY bookcases and BESTA entertainment centers for years to come.Ikea’s rural Virginia factory should be convincing evidence that globalization is on the march.
No one has ever accused the Bush Administration of being a slave to the headlines. But on Monday, Treasury Secretary Henry Paulson apparently felt the need to underline its brand of reality-free policymaking one more time. The nation is in recession territory, investment banks are on the verge of collapse, the mortgage crisis is spreading.
Throughout the week, Clay Risen, the managing editor of Democracy, will be covering economic developments for us on The Plank. Here's his first post: I have a lot of respect for Dan Gross over at Slate, and I enjoyed his new book Pop immensely. That said, I have some significant reservations about his article currently headlining the site, "The Rise of American Incompetence." Dan posits that America's failure to get its financial house in order is causing foreign investors in our currency to look elsewhere. So far so good.
The virtue of stock markets, at least in theory, is that anyone can participate--and, through them, come to own a piece of corporate America. Free marketeers like to hype widespread stock ownership (over 50 percent by some counts) as a keystone of social stability, economic vitality, and political participation. And, while such claims should be taken with a fat grain of salt--owning part of a company hardly gives you a voice in running it, most people own stock indirectly through pensions or mutual funds, and so on--they're basically right.
In the cast of 2008 Democratic contenders, Barack Obama is playing the role of the "grassroots candidate." In the first quarter of 2007, depending on how you cut it, he tied or bested Hillary Clinton in total funds raised, but he blew her away in number of donors, 100,000 to 50,000, indicating more people giving smaller donations--in other words, significant grassroots support. But, even as Obama plays the people's choice by building his war chest in two- and three-figure increments, he is also relying on a growing cadre of young, eye-poppingly rich hedge-fund and private-equity managers to ke
On March 7, 2007, a "media and research" company called eSapience filed a breach-of-contract lawsuit against C.V. Starr %amp% Co., the California investment firm helmed by Maurice "Hank" Greenberg. Most people remember Greenberg as the disgraced former head of insurance giant American International Group who stepped down in 2005 under a cloud of lawsuits.
Captain Ty Wiltz normally oversees the narcotics division of the Plaquemines Parish Sheriff's Office. But, since Katrina hit, he has been leading a search and rescue team deep into the parish bayou, which begins just south of New Orleans and runs nearly 100 miles to the Gulf of Mexico.