Economy

The One Percent Gobbled Up the Recovery, Too

In fact, it put the 99 percent back in recession

The one percent didn’t just gobble up all of the recovery during 2010 and 2011; it put the 99 percent back into recession.

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Barack Obama Is Not Pleased

The president on his enemies, the media, and the future of football

The president holds forth about his enemies, the media, and the future of football. And skeet shooting, too.

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Obama's outgoing Treasury Secretary assesses populism, Paul Ryan, and his work during the financial crisis.

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'New State Data Show EITC’s Widespread Anti-Poverty Impact' authored by Elizabeth Kneebone and Jane Williams

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Forgive me if I do not spill a glass of Dom in Vikram Pandit’s memory

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Republicans have worked themselves into quite a state of giddiness over comments by Bill Clinton (last night) and Larry Summers (this morning) that seem to favor extending all the Bush tax cuts when they expire on January 1. As Mitch McConnell told reporters today, “Bill Clinton’s remarks, and then Larry Summers remarks—it’s pretty obvious that the economy needs the certainty of the extension of the current tax rates for at least a year.”  Uh, no, it’s not. Even if you take literally Clinton’s and Summers’s imprecise musings, it’s hard to see how you get from their statements to McConnell’s.

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Oy. Coming on top of new GDP numbers showing a mere 1.9 percent uptick in the first quarter, today’s jobs report is a real bummer. The headline number speaks for itself—an anemic 69,000 jobs, or about half what economists were expecting (though how they set those expectations remains a bit of a mystery). But the internal numbers were even worse.

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When we last left Morgan Stanley, the company was taking all manner of abuse for botching the biggest IPO of the millennium. Alas, that turns out to be the least of its problems. Far more pressing is the fact that Moody’s may be on the verge of massively downgrading Morgan Stanley’s bond rating, which could cost the company billions of dollars (perhaps tens of billions) in collateral and increased borrowing costs.  Then yesterday’s Financial Times brought even worse news.

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Trash. Just the sound of the word brings to mind rotten food, mountainous landfills, and general noxiousness. But what if a city turned this image on its head? What if trash became a city resource? What if landfills became a relic of the past? This is the exact effort underway in Vienna, Austria.

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Since news broke about JP Morgan’s multi-billion dollar black eye a few weeks back, we’ve pretty thoroughly rehearsed the arguments against too big to fail and too big to manage, both of which apply to JP Morgan even more obviously now than they did beforehand. This morning, a former administration official well-versed in these matters suggested another indication of JP Morgan’s excessive girth: too big to hedge.

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