Protesters Call on Harvard to Divest from Puerto Rican Debt
Protesters Call on Harvard to Divest from Puerto Rican Debt
“We know that Harvard is a large university with a big endowment, and it can set a tone for how higher education universities invest,” protest organizer Julio Lopez Varona said. “It could make...
“We know that Harvard is a large university with a big endowment, and it can set a tone for how higher education universities invest,” protest organizer Julio Lopez Varona said. “It could make investments that are moral and not hurt anybody.”
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Central Bankers’ Jackson Hole Gathering: a Cheat Sheet
Central Bankers’ Jackson Hole Gathering: a Cheat Sheet
For the fifth year in a row, the liberal Center for Popular Democracy’s Fed Up campaign is on hand for the Jackson Hole gathering. It organized a Thursday panel on slow wage growth and market...
For the fifth year in a row, the liberal Center for Popular Democracy’s Fed Up campaign is on hand for the Jackson Hole gathering. It organized a Thursday panel on slow wage growth and market concentration.
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Jamie Dimon Steps in It
Jamie Dimon Steps in It
Jamie Dimon picked one hell of a week to lean in to Donald Trump.
On Tuesday, the day after the Washington Post revealed the president had shared highly classified information with Russian...
Jamie Dimon picked one hell of a week to lean in to Donald Trump.
On Tuesday, the day after the Washington Post revealed the president had shared highly classified information with Russian diplomats and a week after he fired James Comey, the veteran CEO of JPMorgan Chase told investors at the bank’s annual shareholder meeting that he wouldn’t step down from his perch on Trump’s Strategic and Policy Forum, an advisory council of powerful American executives. “He is the president of the United States. I believe he is the pilot flying our airplane,” Dimon said. “I would try to help any president of the United States, because I’m a patriot.” Dimon surely wishes he’d said something different. Only hours later came the news that according to a memo by Comey, Trump had asked the FBI director to end his agency’s inquiry into former Trump National Security Adviser Michael Flynn—a revelation that has brought Trump’s presidency to its lowest, most tumultuous point yet.
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The Eugenicist Doctor and the Vast Fortune Behind Trump’s Immigration Regime
The Eugenicist Doctor and the Vast Fortune Behind Trump’s Immigration Regime
Since the 2016 election, according to a report from the Center for Popular Democracy, Wall Street behemoths JPMorgan Chase & Co., Wells Fargo, and BlackRock have all increased their shares in...
Since the 2016 election, according to a report from the Center for Popular Democracy, Wall Street behemoths JPMorgan Chase & Co., Wells Fargo, and BlackRock have all increased their shares in the nation’s two largest prison companies, CoreCivic and GEO Group, financing the growth of a $5 billion industry with gargantuan loans: the two companies are now carrying a total of $1.94 billion and $1.18 billion in debt, respectively.
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New Zealand says tweak to c.bank mandate fits within "global zeitgeist"
New Zealand says tweak to c.bank mandate fits within "global zeitgeist"
New Zealand's decision to change its central bank's inflation-targeting mandate, which has served as a model for the rest of the world, partly reflects a global shift on the role of monetary...
New Zealand's decision to change its central bank's inflation-targeting mandate, which has served as a model for the rest of the world, partly reflects a global shift on the role of monetary policy since the 2008-09 financial crisis, according to Finance Minister Grant Robertson.
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Democracy Awakening Rallies to Protect Voting Rights and Democracy
04.18.2016
NEW YORK – The Center for Popular Democracy (CPD) commended the Democracy Awakening, a mass mobilization in Washington, DC representing labor, civil...
04.18.2016
NEW YORK – The Center for Popular Democracy (CPD) commended the Democracy Awakening, a mass mobilization in Washington, DC representing labor, civil rights, the environment, democracy, students, racial and economic justice organizations and people from around the country, who came together over the weekend to raise their voices to demand that every voice be heard and every vote be counted. CPD is part of the Democracy Initiative, a national coalition that organized the event.
Emma Greenman, Director of Voting Rights and Democracy at Center for Popular Democracy, released the following statement: “Unprecedented attacks on voting rights have endangered the democratic voice of communities and individuals across the country. We are glad that the Democracy Awakening is bringing people together to demand that Congress act to protect voting rights. Only by standing up together and fighting back will we protect the fundamental right to vote for every American."
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www.populardemocracy.org
The Center for Popular Democracy promotes equity, opportunity, and a dynamic democracy in partnership with innovative base-building organizations, organizing networks and alliances, and progressive unions across the country. CPD builds the strength and capacity of democratic organizations to envision and advance a pro-worker, pro-immigrant, racial justice agenda
Contact: Asya Pikovsky, apikovsky@populardemocracy.org, 207-522-2442 Anita Jain, ajain@populardemocracy.org, 347-636-9761
#WeRise Supporters Rally at the NH Statehouse
Concord Patch - March 13, 2015, by Tony Schinella - About 40 people gathered at the Statehouse this week to protest a political system rigged on behalf of big corporations and the wealthy,...
Concord Patch - March 13, 2015, by Tony Schinella - About 40 people gathered at the Statehouse this week to protest a political system rigged on behalf of big corporations and the wealthy, according to a press statement.
The rally was part of a “Day of Action” involving thousands of protesters in 16 states across the country.
In Concord, the event drew activists from NH Citizens Action, the NH Rebellion, American Friends Service Committee, Open Democracy, Granite State Progress, People For the American Way, Every Child Matters and other New Hampshire organizations.
“Congress needs to stop acting like a wholly-owned subsidiary of multinational corporations,” said Ben Cohen, co-founder of Ben & Jerry’s Ice Cream and Head Stamper of StampStampede.org told the protesters. “When billions of dollars are being poured into our elections, government stops serving the people and serves the corporations instead.”
Cohen cited a Sunlight Foundation study showing that politically-active corporations get back $760 in government benefits for every dollar they spend influencing politics. “People watch this stuff happening, and they’re angry about it. People in both parties are angry about it. Our elected officials are supposed to be serving us, their constituents, and instead they’re spending our tax dollars subsidizing corporations.”
“It’s time to take our government back,” Cohen said. “If ‘We the People’ can’t out-spend the corporations, we can at least out-shout them. That’s why StampStampede.org is turning US currency into millions of miniature political billboards, by legally stamping it with messages like ‘Not to Be Used for Bribing Politicians.’ Every stamped dollar bill is seen by about 875 people. That means if one person stamps three bill a day for a year, the message will reach almost 1 million people. It’s a petition on steroids,” said Cohen.
There are over 30,000 stampers across the country and hundreds in New Hampshire. StampStampede.org has also recruited over 50 small businesses in the state to set up small point-of-purchase stamping stations where customers can stamp their dollars, buy a stamp and learn more about the influence of money in politics.
“Our goal is to stamp 3.4 million bills – that’s 10% of the currency in New Hampshire – before next February’s presidential primary,” said Cohen, “It’s monetary jiu-jitsu – we’re using money to get money out of politics”
The nationwide “Day of Action” was sponsored by National People’s Action, Center for Popular Democracy, and USAction. “All across the country, families are taking to the streets, parks and state capitols to send a clear message: ‘Our statehouses and our cities belong to us. It’s time for legislators to enact our bold agenda to put people and planet first.’”
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Leveraging New York's financial Power to Combat Inequality - The Report
One New York for All of Us
Leveraging New York's financial Power to Combat Inequality
New York is among the most unequal cities in the US. This inequality has become the most...
New York is among the most unequal cities in the US. This inequality has become the most pressing issue in New York City and New York State.
The good news is that New Yorkers are demanding action — and there’s a clear path to real, practical alternatives that can make New York fairer, more livable and more prosperous.
One key set of solutions will come from renegotiating the relationship between New York City government and Wall Street.
New York City and its pension funds control $350 billion that travel through the financial system. That money gives the City the leverage to renegotiate our relationship with Wall Street so that it serves the public interest.
Download the report here.
Key findings:
The city and associated entities pay $160 million a year for bad deals with banks. The city, its pension funds, and the MTA pay $563 million in base Wall Street fees each year. New York City and State give banks subsidies worth about $300 million a year, without ensuring that New York City communities will benefit. Because their wages are so low, 39% of bank tellers and their family members rely on at least one public assistance program, at a total government cost of $112 million. During the past 5 years, foreclosures have cost New York City $1.9 billion in expenses and lost revenue.Key recommendations:
Renegotiate toxic financial deals to save up to $725 million each year. Use the city’s economic and financial leverage to lower fees and interest rates for new and existing financial services Investigate unethical behavior by Wall Street and prosecute fraud to the fullest extent of the law to recover losses If Wall Street won’t negotiate in good faith, bring the functions into the city by creating an in-house financial management team and/or a publicly owned city bank. Save money and create jobs by holding banks to firm commitments to the community in return for $300 million each year in city subsidies for banks. Write down underwater mortgages to keep 86,000 families in their homes and stimulate the local economy by as much as $1 billion.The Fed can't afford to ignore the 'anguished cry' of working people
The Fed can't afford to ignore the 'anguished cry' of working people
The narrative emerging from the aftermath of the 2016 election is that Donald Trump won the U.S. presidency on the back of populist economic insecurity, elected by voters who felt left behind by a...
The narrative emerging from the aftermath of the 2016 election is that Donald Trump won the U.S. presidency on the back of populist economic insecurity, elected by voters who felt left behind by a globalized economy. While the official unemployment rate continued its descent below 5 percent, Trump claimed a 'real' unemployment rate of 40 percent was driving the frustration.
That rate is drawn from Trump's overactive imagination - like many of Trump's ravings. But the fact that workers so readily believed him while responding so eagerly to his economic message reflects the reality that wages have been stagnant for decades and that we are nowhere near a galloping economy. You'd be hard-pressed to find many Americans who believe the economy is so strong that it needs to be slowed down by higher interest rates right now.
The economic discontent is grounded in data. New research from economists Thomas Piketty and Emmanuel Saez shows that the bottom half of the population in the United States has experienced zero growth since the 1970s.
Even though average national income per adult grew by 61 percent from 1980 to 2014, the average pre-tax income of the bottom 50 percent of individual income earners stagnated at about $16,000 per adult after adjusting for inflation. Meanwhile, income more than doubled for the top 10 percent, more than tripled for the top 1 percent, and for those in the top 0.001 percent, grew more than seven times.
This week, the Federal Reserve is nearly certain to hike interest rates for the second time in a decade, following last December's quarter-point increase in the federal-funds rate. This tightening of monetary policy is intended to slow down economic growth, reduce job creation, and prevent wages from rising.
In the wake of the 2016 election, do Fed officials really think that the American people want a slower, weaker economy than the one we have now?
"The Fed is one of the few institutions that remains largely independent from presidential interference and it must step up to the leadership that these times demand."
The Fed is now more important than ever. We are entering an era in which President-elect Donald Trump will control the Treasury Department and Republicans will control both houses of Congress. Federal public policy will be aimed at further enriching the 1 percent and leaving American workers out in the cold.
The Fed is one of the few institutions that remains largely independent from presidential interference and it must step up to the leadership that these times demand. The Fed needs to be an ally for working families during a period when they are otherwise under assault from every other part of government.
This week, Fed policy-makers will point to the November jobs report, showing a decline in unemployment to 4.6 percent from 4.9 percent the previous month, to justify a rate increase. Much of this decline can be attributed to people who've simply given up looking for work -- or, in economic parlance, a decline in labor force participation.
A far more accurate indicator of a full-employment economy is wage growth, which was weaker in November than it was in preceding months. Wage growth grew 2.5 percent in November on an annual basis, slower than October's 2.8 percent increase and September's 2.7 percent rise.
Wage growth is far from the 3.5 percent or higher we would expect in a full-employment economy.
Inflation, too, has hovered around 1 percent for most of the year, well below the Fed's already-low 2 percent stated inflation target. Tentative rises in September and October, to 1.5 percent and 1.6 percent respectively, hardly call for a pre-emptive interest rise.
If the Fed were to raise rates this week, it would be out of line with rates in Japan and Europe, which are at 0 or in negative territory, and above the U.K.'s rate of 0.25 percent. The central banks in these other countries realize that inflation is not a real threat and that tighter labor markets are a far more important goal.
The Fed should not only take into account the global context but also listen to the anguished cry of working and middle class voters. If the election has taught the Fed nothing else, it should be that we cannot afford to ignore the economic reality of working people.
By Ady Barkan
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These Southern Cities Are at the Heart of the Struggle Against White Supremacy
These Southern Cities Are at the Heart of the Struggle Against White Supremacy
The Black Lives Matter activists and anarchists, the socialists and anti-fascists, the religious leaders and local residents who risked their bodies and their well-being in Charlottesville this...
The Black Lives Matter activists and anarchists, the socialists and anti-fascists, the religious leaders and local residents who risked their bodies and their well-being in Charlottesville this month should be celebrated for their courage and praised for their good sense and smart tactics. Violent fascists, neo-Confederates, Ku Klux Klanners, and other racist extremists don’t care about justice or civility or our common humanity. Their express aim is to annihilate anyone who isn’t white, straight, and Christian. And they have made it clear that they are willing to use raw and murderous force to get their way.
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6 days ago
6 days ago