This Is What Life in a Plutocracy Looks Like
April 03, 2014

I was stuck today on a 40-mile train ride that took more than four hours. It gave me some time to connect the dots.

Hungry Caterpillar
April 01, 2014

"You can measure America's bottom line by looking at Caterpillar's bottom line." Indeed you can.

BP and ConocoPhillips Pull Out Of Climate Coalition
February 17, 2010

The big news yesterday was that three companies—BP, ConocoPhillips, and Caterpillar—were pulling out of the U.S. Climate Action Partnership, a coalition of green groups and businesses that has been pushing for cap-and-trade. The two oil companies, BP and ConocoPhillips, had complained that the House climate bill put a disproportionate burden on transportation fuels and refiners. In a way, they're right. The House climate bill, after all, was written by Democrats, since most Republicans are too busy cackling about how global warming is all a hoax.

Could Wall Street Actually Lose in Congress?
November 23, 2009

Something strange and a little disorienting is happening in the fight to reform Wall Street: It looks like the reformers are actually starting to win. This is not something you could have said as recently as six weeks ago. Back then, House Financial Services Committee Chairman Barney Frank had just released a proposal to regulate derivatives, essentially bets on the movements of other assets (like stocks, bonds, commodities) or interest rates. Derivatives are in some respects the key battle in the broader regulatory campaign.

This Giant Isn't Sleeping
September 17, 2009

It’s now widely believed that the global recession is coming to an end, but the path out has been far from typical: This time around, China, not the U.S. has led the global recovery. With its $600 billion stimulus package and with banks lending with abandon, China has become the engine of global manufacturing and industrial activity.