Arpaio Meets Virtually No DOJ Criteria for a Pardon
Arpaio Meets Virtually No DOJ Criteria for a Pardon
President Donald Trump’s unorthodox, dysfunctional behavior and decision-making may lead him to violate a whole slew of new norms if he announces a pardon Tuesday night, as he has said he might,...
President Donald Trump’s unorthodox, dysfunctional behavior and decision-making may lead him to violate a whole slew of new norms if he announces a pardon Tuesday night, as he has said he might, for former Arizona Sheriff Joe Arpaio. Legal analysts and Dept. of Justice guidelines reviewed by TYT suggest that granting a presidential pardon to the controversial former sheriff would go against virtually every recommended criteria the DOJ has for appropriate pardon candidates.
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Survey of New Yorkers Show Strong Backing for Paid Family Leave, Stringer and Several Politicos Say
New Yorkers need policies that would help them balance work and family responsibilities, according to a report released today by New York City Comptroller Scott M. Stringer, in partnership with A...
New Yorkers need policies that would help them balance work and family responsibilities, according to a report released today by New York City Comptroller Scott M. Stringer, in partnership with A Better Balance.
The report, “Families and Flexibility: Building the 21st Century Workplace,” is based on a survey of more than 1,100 New Yorkers working in a broad range of industries and provides a follow up to Comptroller Stringer’s report, “Families and Flexibility,” from June 2014. The online survey, while not scientific, asked workers in all five boroughs about: · The availability of flexible work arrangements; · How comfortable they are requesting flexible schedules; · The need for paid family leave; and · For “shift workers,” the predictability of their work schedules. “No New Yorker should ever have to choose between keeping their job and caring for their family,” said Comptroller Stringer. “With policies like FlexTime, paid family leave, and advanced notification of schedules, we can give workers the tools they need to address their personal and professional responsibilities.” Flexible work arrangements, which allow employees to work outside the traditional 9-to-5 schedule and from locations other than their offices, are one of the most effective ways to help individuals establish a work-life balance. Flexible work arrangements also help businesses boost their bottom line by improving morale and minimizing turnover. But, nearly half of workers surveyed do not have access to flexible work arrangements. Just as troubling, respondents who had requested flexible work arrangements in the past reported that they had experienced missed promotions, negative reviews, and belittling comments. Among respondents without office-wide policies on flexible scheduling: 59% were “uncomfortable” or “very uncomfortable” asking for FlexTime; and 71% said they would be more likely to ask for flexibility if everyone in their workplace had the right to request it. People who did have flexible work arrangements reported that it allowed them to better manage their lives. For example, one respondent was able to complete a Master’s program thanks to FlexTime, while another was able to care for her father during the last six weeks of his life without worrying about losing her job. Comptroller Stringer calls on Congress to pass the Flexibility for Working Families Act and on Albany and City Hall to enact local “right-to-request” laws These laws – which are sponsored by Representative Carolyn Maloney in Congress and Assemblywoman Nily Rozic and State Senator Daniel Squadron in Albany – would create a framework for employees to discuss FlexTime with their bosses without fear of retaliation. “New Yorkers shouldn’t be intimidated or fearful when asking for flexibility in their schedules,” Comptroller Stringer said. “That’s why it is critical that we pass right-to-request legislation which would enable employees to discuss FlexTime without fear of retaliation. New Yorkers should be able to take their son to the doctor, pick their daughter up from school, or care for their elderly parents without having to worry about their jobs.” The Comptroller’s survey also found strong support for paid family leave, which allows new parents to bond with their children and provides support for individuals caring for sick family members: 80% of respondents support a paid family leave system funded by a small employee payroll deduction, as state legislation in Albany has proposed; and 86% support equal amounts of paid family leave for both mothers and fathers. A 2011 study of California’s program by the Center for Economic and Policy Research shows that paid family leave helps employees care for their loved ones, and is also good for business. Over 89% of employers reported it had a “positive effect” or “no noticeable effect” on productivity, profitability, turnover, and employee morale. This legislation, sponsored by Assemblywoman Catherine Nolan and State Senator Joseph Addabbo, Jr., would create a state-wide paid family leave insurance system, which would be funded by a small employee payroll deduction. “Two countries in the world don’t have paid family leave: New Guinea and the United States,” the Comptroller said, referring to a study by the International Labor Organization. “That needs to change. Mothers and fathers should have the opportunity to bond with their newborns, and all workers should be able to care for sick family members without fear of losing their job. While this issue should be addressed at the federal level, we can and must take steps now in Albany to support paid family leave for all New Yorkers.” The survey found that among “shift workers,” whose schedules often change week-to-week, 18% receive their schedule only a day in advance, with some respondents reporting that they often don’t know their schedule until the day of—or even during their shift. This uncertainty prevents workers from scheduling day care for their kids, providing elder care for their loved ones, and furthering their own education. Among these workers: Nearly one-fifth receive their schedules a mere 24-hours before their shift begins; and Almost one-third reported retaliation after requesting schedule changes. “Advance notification of schedules isn’t a perk – it’s a basic necessity for millions of Americans who deserve to know when they need to clock in so that they can plan their lives accordingly,” Stringer said. “Enacting this as standard workplace policy is long overdue." “Now more than ever, so many workers are struggling to juggle the responsibilities of their jobs with the demanding tasks that come with having a family. In a city as high-paced as New York, that battle is only intensified, and no one should be forced to have to ultimately choose between their job and their family. I commend Comptroller Stringer for not only providing us with hard evidence that proves flexible work arrangements really are needed in our city, but for putting forth recommendations that can help us one day make that a reality,” said Senator Addabbo, Jr. “Everyone has the right to strike a balance between work and their personal lives, so they can plan to take care of important issues, including healthcare, education and childcare matters,” added Senator Jose Peralta. “Flexible scheduling creates a win-win scenario for both employers and workers. Employees perform at their best when they are free from the worry of finding time to manage all aspects of their personal and professional lives. I want to thank the City Comptroller Scott Stringer for taking an important step towards facilitating the balance between one’s work schedule and one’s private life.” “With flexible work hours, individuals will no longer have to choose between work and their family,” State Senator Toby Stavisky said. “The Comptroller’s findings show how truly beneficial flexible work arrangements can be, not only for the employee, but employers as well. I applaud Comptroller Stringer for advocating for a better work-life balance for city workers.” "Flexible work schedules are important to allowing parents and families the ability to coordinate and plan," said State Senator Daniel Squadron. "I'm proud to carry legislation giving workers the right to request flexible work schedules, as well as better understand the feasibility of broader implementation, along with Assemblymember Rozic. I thank City Comptroller Stringer and colleagues for continued focus on this issue for families." “Right to Request legislation helps hardworking New Yorkers to negotiate non-traditional hours with their employers in order to accommodate their personal needs and ultimately work more effectively and efficiently. Flexible Work Arrangements benefit employees, businesses, and New York City as a whole, and I am proud to support this legislation,” said Assemblyman Michael DenDekker. “New York is moving towards the economy of the future, but in many ways, we’re still operating under the rules of the workplace of the past,” said Assemblyman Francisco Moya, Chair of the Subcommittee on Workplace Safety. “Flexible work arrangements give workers, especially single working parents and those who care for elderly relatives, the flexibility they need to prioritize both work and family. New York must create an environment that is as hospitable to working families as possible. I commend Comptroller Scott Stringer for boldly championing the important, but oft-overlooked issue of work-life balance.” “When a significant portion of the workforce is made up of working parents, caregivers, and students who find themselves unable to achieve work-life balance, we must consider implementing flextime policies that reflect changing workforce dynamics. As the sponsor of 'Right to Request' legislation, I am proud to see us moving in a direction that recognizes the benefits of flexible working arrangements. I thank Comptroller Stringer for his leadership on this issue, and I call on my fellow State Legislators to pass this bill come January,” said Assemblywoman Nily Rozic. "Flex Time presents a great opportunity for the employers and workers of New York City. Not only would flexible work hours allow for employees to meet their obligations outside of the workplace, but giving them the opportunity to work outside of normal 9 to 5 business hours could greatly reduce traffic congestion during the rush hour commute. Giving working New Yorkers the time to take care of aging relatives as well as their children allows them to meet their own needs and also provides new means to foster greater productivity," said Assemblyman David Weprin. "Hardworking New Yorkers should be given the opportunity of Paid Family Leave. Employees perform their best when they know their employer is on their side and that they and their families are cared for. I thank Comptroller Scott Stringer for conducting this survey and his commitment to creating a fair workplace environment for every working individual,” said City Council Member Elizabeth Crowley. "A one-size-fits-all approach to the work day is outmoded and unfair to hardworking New Yorkers who serve as caretakers for elderly, disabled and young family members," said City Council Member Daniel Dromm. "I applaud Comptroller Stringer's efforts to revise and reform this outdated model and look forward to working with him to implement his progressive vision for New York City families." "Comptroller Stringer's report shows the urgent need for action to make sure working New Yorkers have schedules that work for their lives and their families. I was especially struck by the retail worker who said 'There are no words to describe the frustration and anxiety that comes from not knowing my schedule for the next week and the inability to plan my life and finances.' I look forward to supporting legislation that gives hard-working New Yorkers schedules that work," said City Councilmember Brad Lander. “Flexible work arrangements benefit both employers and employees. They allow employers to maximize the productivity of work hours while providing workers with a reasonable work and home life balance. A 21st Century workplace needs this flexibility so company policies can be made to fit the unique circumstances of individual workers and employer settings,” said City Council Member Mark Levine. “I believe that we have all at one time or another experienced the unexpected and, as a result, we do whatever is necessary to deal with the situation. Providing New Yorkers with flexibility in their jobs and/or prospect of flexibility would be of great support. Comptroller Stringer is raising awareness around an issue that everyone – employee and employer can relate to.” – City Councilwoman Rosie Mendez. “In today’s world, many people do not have the same 9-to-5 availability that was common for so long,” said City Council Member Donovan Richards. “With the amount of college students who must work through school, single mothers and parents who must both work to survive in this city, we need to accommodate a variety of different schedules for our residents. Too many New Yorkers are being burdened by school loans and day care fees to not come together to account for the vastly changing dynamic in homes today.” “New Yorkers across all professions are negatively impacted by inflexible work schedules that make juggling careers and families increasingly difficult. I applaud Comptroller Stringer for advocating flexible work arrangements that allow employees to work outside the confines of the traditional 9-to-5, and for advancing forward-thinking policy recommendations to improve work-life balance,” said City Councilman Ritchie Torres. "This groundbreaking report sheds light on the urgent need for predictable and flexible work schedules and paid family leave to help New York parents and caregivers stay attached to the workforce,” said Dina Bakst and Sherry Leiwant, co-presidents of A Better Balance. “Policymakers should heed the call from working families and enact legislation to establish a floor so all workers, not just a select few, can better meet the conflicting demands of work and family and have the opportunity to succeed." “This study shows how important it is for working New Yorkers and their families to have access to paid family leave and the right to request flexible schedules when they need them,” said 32BJ President Hector Figueroa. “Fast-food and other low-wage workers find it nearly impossible to arrange for childcare, attend classes or work another job due to the practice of on-call scheduling that requires them to be constantly at the disposal of their employers. As we continue to fight for access to $15 an hour and a union for all workers, we need to promote policies that ensure hard-working people can take care of their families instead of allowing employers to maximize their profits at workers’ expense.” “As more and more New York City residents find themselves in the role of family caregiver, it is no surprise to AARP that concepts like paid family leave, flexible scheduling and predictive scheduling are so popular,” said Christopher Widelo, associate state director of AARP New York. “We hope all policymakers at both the city and state level join City Comptroller Stringer in appreciating the benefits of these forward-looking policies not only for New York’s families but for business and taxpayers in terms of increased productivity on the job and the ability to provide cost-effective care for our aging loved ones at home. Already under a great deal of stress, family caregivers need support, and these policies would provide them the peace of mind of knowing they can care for their loved one without paying an unreasonable price.” “We applaud the New York City Comptroller’s attention to these critical issues facing New York City’s workers. The survey results make clear that action is needed to make working schedules match the needs of our families. We look forward to working with the Comptroller and the City Council to take action on the issue of scheduling in New York City,” said Andrew Friedman, Co-Executive Director, Center for Popular Democracy. "This powerful new report from Comptroller Scott Stringer underlines the urgency for enactment of public policies like paid family leave and advance notice of work schedules that will make it possible for New Yorkers to support their families without neglecting them," said Nancy Rankin, Vice President for Policy Research and Advocacy at Community Service Society. "We found widespread support for such laws in our annual Unheard Third survey." “For 45 years, Legal Momentum has fought to make the workplace more family-friendly and welcoming to women, including pregnant women and working mothers,” said Penny M. Venetis, Executive Vice President and Legal Director of Legal Momentum. “Legal Momentum supports any legislation that would allow women and men to reach their full potential as workers, without abandoning their responsibilities to their families. Today’s technology permits all workers to have more flexible work hours so that they don’t have to choose between their work and their families.” Deborah Axt, Co-Executive Director of Make the Road New York, said: "We applaud the Comptroller for being one of the earliest and best champions on the critically important issue of workplace scheduling. All too many immigrant and low wage workers know the reality that this report documents: being called into work with little notice, having hours that fluctuate significantly from week to week, and reporting to work only to be sent home without pay. These scheduling practices create economic instability and make it incredibly difficult for people to plan their lives--to arrange for day care, go to the doctor, and fulfill their obligations as parents and family members.” “A woman’s ability to exercise her full reproductive rights, including determining when and whether to have children, is often dependent on the degree of flexibility provided by her employer,” said Andrea Miller, president of NARAL Pro-Choice New York. “NARAL Pro-Choice New York looks forward to working with Comptroller Stringer and other elected officials to pursue flexible workplace policies that improve women’s lives and enable their financial stability.” “The Comptroller’s survey confirms how critically important paid family leave is to both New York women and men,” said Donna Lieberman, Executive Director of the New York Civil Liberties Union. “The state legislature has no reason to delay passing a paid family leave program – it’s good for business, it costs the state nothing, and it will finally ensure New Yorkers can take the time they need to care for their families without facing debt or bankruptcy.” “Comptroller Stringer asked and New Yorkers resoundingly answered: The public wants and needs stronger family-friendly policies and protections to create work-life balance and economic security. New laws ensuring paid family leave, flex-time, and advanced notice of schedules will provide workers with the necessary tools to manage the demands of the 21st Century workforce,” said Beverly Neufeld, President of PowHer New York. “Due to on-call scheduling, many retail workers not only live paycheck to paycheck, but now hour to hour. Our union has long been fighting the unfair practice of erratic scheduling and the hourly injustice of on-call shifts in retail jobs. When low-wage workers face changing schedules week to week and even within hours of a shift can be told not to come in, it puts a major strain on their lives. This leads to family and financial stress, not knowing when one will work or how much they will make week to week. I would like to thank Comptroller Scott Stringer for this report that will now provide city policymakers with necessary details of how 'flexible' work schedules harm workers at the low end of wage scale,” said Stuart Appelbaum, President RWDSU Rachel Laforest, Director of the Retail Action Project (RWDSU), says: "In retail, and across the service sector, workers face increasingly erratic hours due to employers’ efforts to match labor costs to consumer demand. These scheduling practices are not sustainable: families don’t know if they can meet weekly expenses, caregivers can’t predict when they will have to arrange for care for children or relatives, and students don’t know if they will be able to attend classes. It’s time to call for worker-driven flexibility where employees’ scheduling needs are respected. The Retail Action Project applauds Comptroller Stringer for bringing work-life balance to the forefront and calling for the right to request a flexible schedule." Source: Black Star NewsYellen Says Debate Over When to Hike Now Center Stage
MarketWatch - August 22, 2014, by Greg Robb - With the economy mending, the Federal Reserve’s emphasis is “naturally shifting” to the debate over when to raise interest rates, the head of the U.S...
MarketWatch - August 22, 2014, by Greg Robb - With the economy mending, the Federal Reserve’s emphasis is “naturally shifting” to the debate over when to raise interest rates, the head of the U.S. central bank said Friday.
“With the economy getting closer to our objectives, the FOMC’s emphasis is naturally shifting to questions about the degree of remaining slack, how quickly that slack is to be taken up, and thereby to the question of under what conditions we should begin dialing back our extraordinary accommodation,” Fed Chairwoman Janet Yellen said in a speech opening the central bank’s summer policy conference in Jackson Hole.
Yellen said there was “no simple recipe” for the Fed to follow, but again warned that rate hikes could come sooner than expected if progress in the labor market continued to be more rapid than anticipated or if inflation moves up more rapidly.
Balancing this more hawkish tone, Yellen said 19 labor market indicators followed by the Fed suggest the decline in the unemployment rate overstates the improvement in overall labor-market conditions.
The initial reaction in the stock market was a muted one, with the Dow Jones Industrial Average DJIA, -0.18% trading in a narrow range. Read Market Snapshot
Her comments “skirted around the issue of future monetary policy by noting that whilst there were a number of factors that might mean the labor market was less of a threat to inflation than in previous business cycles, equally, there were factors that might make it more so,” said ING economist Rob Carnell in a note to clients.
Yellen’s remarks about a shift in the Fed debate toward when, and under what conditions to tighten, lend credence to comments earlier this month from Richard Fisher, the hawkish president of the Dallas Fed, who said that the discussion among policy makers at their last meeting had moved in his direction.
Minutes of that meeting released on Wednesday were also judged by Fed watchers to be hawkish.
Perhaps sensing the shift, protestors have arrived for the first time in Jackson Hole this year urging the Fed to delay any rate hike.
Yellen gave no sense a rate hike was imminent. She noted the Fed still thinks that labor-market slack is “significant” and that the central bank has repeated it intends to hold rates close to zero for a “considerable time” after the Fed ends its bond-buying program, expected in October.
But her remarks suggest the first rate hike since 2006 is now on the table for active discussion.
Yellen and her allies on the Fed have signaled the first rate hike won’t happen until after the middle of next year. Hawks on the committee are pressing for an earlier move, and they have been vocal in speaking to reporters at Jackson Hole.
Source
The Housing Recovery Has Skipped Poor and Minority Neighborhoods
On October 11, 2009, when Isaac Dieudonne was two years old, his family moved into a new home in Miramar, Florida. As they began to unpack, young Isaac bounded out the...
On October 11, 2009, when Isaac Dieudonne was two years old, his family moved into a new home in Miramar, Florida. As they began to unpack, young Isaac bounded out the front door in search of fun. The parents found him several minutes later, floating dead in the fetid pool of a foreclosed house.
Since the financial crisis began in 2008, approximately 5.7 million properties have completed the foreclosure process, and stories like this begin to answer the critical question of what happens to all those homes. While many are resold, too often they fall into disrepair, creating blight that drags down property values and turns communities into potential deathtraps, attracting not just mosquitoes and mold, but crime and tragedy.
According to expert reports, this neglect occurs disproportionately in communities of color, part of a disturbing pattern. While the Supreme Court has reaffirmed the ability to use the Fair Housing Act to challenge discriminatory effects in neighborhoods, the nation’s neighborhood layout looks more segregated than ever, exacerbating the racial wealth gap. There’s no point in having an anti-housing discrimination law if it isn't vigorously employed to prevent a real societal division that drags down minority families. The Justice Department, free of uncertainty about the Fair Housing Act’s future, needs to work to realize the law's intended purpose.
The housing recovery has skipped more low-income neighborhoods.Fifteen percent of homes worth less than $200,000 are still underwater, where the borrower owes more on the house than it’s worth. This is compared to only six percent of homes over $200,000. Property values in low-income neighborhoods have not bounced back to the degree of their wealthier counterparts.
An important study from Stanford University shows how this housing divide doesn’t align with socioeconomic status, but with race. Middle-class black households are more likely to live in neighborhoods with lower incomes than the average low-income white household. This creates fewer opportunities for minorities, as neighborhood poverty can predict the quality of schooling and the availability of jobs for the next generation. Areport from the American Civil Liberties Union shows that median household wealth for African-Americans continued to drop after the housing collapse, long after median wealth for whites stabilized. They project this to continue well into the next generation, with a drop in the average black family’s wealth by $98,000 more than it would have been without the Great Recession.
Foreclosures are largely responsible for this widening disparity. Predatory lending was directed at minority homeowners. Subprime mortgages weregiven disproportionately to minority borrowers, and after the housing bubble collapsed, these loans failed at higher rates. Racial segregation prior to the crisis turned these neighborhoods into targets, with subprime lending specialists going door-to-door and luring even those who owned their homes outright into refinances with dodgy terms. Banks like Wells Fargo and Bank of America paid fines for pushing minority borrowers into subprime loans, even when they qualified for better interest rates. But these fines—$175 million and $335 million, respectively—were substantially lower than they paid for other bubble-era abuses.
More black and Latino borrowers had their wealth exclusively tied up in their homes, and when they lost them, more of their wealth dissipated. Even after the collapse, the Federal Reserve found that from 2010-2013, net worth of nonwhite or Hispanic families fell 17 percent, compared to an increase of 2 percent for white families.
This wealth transferred in part to Wall Street. Private equity and hedge funds scooped up hundreds of thousands foreclosed properties in low-income communities, and converted them into rentals. This prevented minority homeowners from benefiting from any return in property values, and displaced many from their neighborhoods. And a recent survey of community organizations finds that this has created higher rents and more transient neighborhoods.
The Department of Housing and Urban Development, along with quasi-public mortgage giants Fannie Mae and Freddie Mac, auction off these homes to investors at a discount, according to a study from the Center for Popular Democracy. The U.S. Conference of Mayors recently passed a resolution urging these government lenders to sell instead to non-profits that would work to protect homes from foreclosure.
And then there is the disparate treatment of foreclosed properties repossessed by banks, known as real estate owned (REO). The National Fair Housing Alliance’s findings in 29 metropolitan areas indicate that REO in communities of color are twice more likely to have damaged doors and windows, overgrown weeds and trash on the premises and holes in the roof or structure. This violates the Fair Housing Act: Banks are responsible for maintenance and upkeep on all properties, and if they neglect that in black and Latino neighborhoods, the Justice Department can sanction them.
The failure to maintain foreclosed properties has multiple negative effects for communities. Blight creates health and safety concerns, acts asmagnets for crime, and lowers property values for neighboring homes. It also reduces the tax base for municipalities, as nobody pays property taxes on an empty house. The city of Detroit has already lost $500 million from foreclosures in the past few years; 78 percent of homes with subprime loans are know foreclosed or abandoned.
Last week, fifteen Senate Democrats, including leaders Chuck Schumerand Dick Durbin and ranking member of the Banking Committee Sherrod Brown, asked regulators to open an investigation into the treatment of foreclosed properties. “The same communities of color that were victimized by predatory lending may now be facing the double whammy of racial bias when it comes to the upkeep of foreclosed homes,” said Brown. But policing foreclosed properties would only begin to close the gap between white and non-white neighborhoods.
The entire point of the Fair Housing Act, passed shortly after Martin Luther King’s death in 1968, was to reverse the findings of the Kerner Commission, that the country “is moving toward two societies, one black, one white — separate and unequal.” But reading through these statistics, you wouldn’t know the Fair Housing Act existed. We are further than ever from what Justice Anthony Kennedy described as the act’s “role in moving the Nation toward a more integrated society.” It has been impotent in the face of multiple discriminatory shots at people of color, which has opened up a historically large wealth gap and crippled their opportunity.
Until we figure out another way for the middle class to build wealth other than purchasing a mortgage, the discriminatory effects of our housing system will further a permanent underclass among people of color in America. The Justice Department has an enormous amount of work to do.
Source: The New Republic
Fed Up Condemns Trump Nomination to Federal Reserve
07.10.17
NEW YORK – In...
07.10.17
NEW YORK – In response to the White House’s nomination of Randal Quarles to the Federal Reserve as Vice Chair for Supervision, Jordan Haedtler, Campaign Manager for the Fed Up coalition, released the following statement:
“Throughout his career, self-described ‘Wall Street lawyer' Randal Quarles has looked out for his banker clients at the expense of America’s hard-working families.
After the financial crisis took a devastating toll on our country, Daniel Tarullo and the Federal Reserve Board of Governors implemented regulations to protect consumers from Wall Street excesses and facilitated job recovery by keeping interest rates low. Quarles stood against crucial decisions like these that helped working families, and he was proven wrong.
Quarles is on record opposing the Volcker Rule, which is meant to prevent banks from gambling with depositors’ money. During the Bush administration, Quarles negotiated trade agreements that blocked countries from regulating derivatives and other instruments that caused the crash. And after returning to the private sector, Quarles held private equity up as a solution to avoid government bailouts. He then took advantage of relaxed restrictions on private equity ownership to purchase a failing bank, and had the FDIC pay 80% of that bank’s losses.
We are also very concerned about Quarles’ monetary policy views. He enthusiastically supports the adoption of a Taylor Rule by the Fed, which would deprioritize full employment and put monetary policy decisions on autopilot. If Quarles had his way and the Fed strictly followed a Taylor Rule over the past five years, economists estimate that 2.5 million fewer jobs would have been created.
Trump claims that his highest priority is jobs, but Quarles’ regulatory and monetary record show that he would destroy jobs, not create them.We urge the Senate to press Quarles on all of these troubling positions, and to oppose his confirmation.”
### www.thepeoplesfed.org
Fed Up is a coalition of community organizations, labor unions, and policy experts across the country calling on the Federal Reserve to reform its governance and adopt policies that build a strong economy for the American public. By keeping interest rates low and prioritizing genuine full employment, the Fed gives the economy a fair chance to recover and allows wages to grow across all communities.
Contact: Shawn Sebastian, Fed Up co-director, ssebastian@populardemocracy.org, 515.451.8773
Victima de abuso sexual se identifica con Blasey Ford
Victima de abuso sexual se identifica con Blasey Ford
Para la activista Ana María Archila, víctima también de violencia sexual, el caso de Kavanaugh despierta el de muchas mujeres que han sido objeto de abuso.
...
Para la activista Ana María Archila, víctima también de violencia sexual, el caso de Kavanaugh despierta el de muchas mujeres que han sido objeto de abuso.
Read the full article here.
Fed says rate hike next month hinges on market volatility
Some top policymakers, including Fed Vice Chairman Stanley Fischer, said recent volatility in global markets could quickly ease and possibly pave the way for the U.S. rate hike, for which...
Some top policymakers, including Fed Vice Chairman Stanley Fischer, said recent volatility in global markets could quickly ease and possibly pave the way for the U.S. rate hike, for which investors, governments and central banks around the world are bracing.
With a key policy meeting set for Sept. 16-17, at least five Fed officials spoke publicly in what amounted to a jockeying for position on whether increasing the Fed's benchmark overnight lending rate was too risky amid an economic slowdown in China, a rising U.S. dollar .DXY and falling commodity prices XAU= CMCU3.
"It's early to tell," Fischer told CNBC on the sidelines of the annual central banking conference in Jackson Hole, Wyoming. "We're still watching how it unfolds." He, along with other Fed officials, acknowledged that the global equities sell-off that began last week would influence the timing of a rate hike, which until only a couple of weeks ago seemed increasingly likely to occur in September.
Concerns about China's economy have whipsawed markets, including Wall Street, even while U.S. economic data has been robust. U.S. stock indexes ended largely unchanged, capping a week that included both the market's worst day in four years and biggest two-day gain since the 2007-2009 financial crisis.
"I think they could settle fairly quickly," said Fischer, a close ally of Fed Chair Janet Yellen.
St. Louis Fed President James Bullard told Reuters he still favored hiking rates next month, though he added that his colleagues would be hesitant to do so if global markets continued to be volatile in mid-September.
The Fed's policy committee "does not like to move right in the middle of a global financial storm," Bullard, a Fed hawk, said in an interview. "So one of the advantages we have is that this storm is occurring now and, at least as of now, we think it will be settled down" by the September meeting.
The comments suggest the next two and a half weeks will be critical for the Fed as well as for global markets. A U.S. rate hike is expected to hit emerging market equities and currencies particularly hard, adding to the sell-offs already seen.
Source: Reuters
Report: Black Minnesotans Missing Out On Economic Recovery
CBS Minnesota - March 5, 2015 - African Americans are not experiencing the same economic recovery compared to others in the country, according to a new report from the Economic Policy Institute...
CBS Minnesota - March 5, 2015 - African Americans are not experiencing the same economic recovery compared to others in the country, according to a new report from the Economic Policy Institute and the Center for Popular Democracy.
Some organizations say Minnesota is experiencing a crisis level of inequality with wages and jobs.
Black unemployment is four times higher than whites in the state.
“It’s a report that shows, I think, what we already knew,” Neighborhoods Organizing for Change’s Anthony Newby said.
He says he did not need a report to know the challenges faced by many in his community.
“If you look right outside the door here on Broadway Avenue, you’ll see a total lack of industry. We’ve got low-wage jobs, low-wage opportunities,” Newby said. “We’re a mile and a half or so from downtown Minneapolis, which is considered one of the economic hubs, certainly of the Midwest.”
The report spells out how the economy is bouncing back, but not for African Americans — especially those who live in Minnesota.
Since 2000, wages have decreased by 44 cents an hour for African Americans. This statistic does not ring true for whites or Latinos.
“We’re told that Minnesota is one of the best places in the country to live if you want a job, and that’s true if you’re a white person. Unemployment is 2.8 percent. If you’re black, its 10.9 percent,” Newby said.
Kentha Parker says she is more than a statistic.
“I’ve been looking for work since 2011, since the tornado,” Parker said.
She’s a mother who is struggling to find work to take care of her family. She says she’s tired of hearing these words: “We’re not hiring at this time, we’ll keep your application on file."
“The Federal Reserve, which has a branch right here in Minneapolis, could do a lot to actually influence the general economy,” Newby said.
He believes the Federal Reserve has the power to keep interest rates low, which in turn could boost wages and help reduce income inequality.
Newby says Neighborhoods Organizing for Change will push to be a part of the conversation.
He wants to see people of color at the table when the Federal Reserve produces its policies.
Source
Why markets ignore Trump news
Why markets ignore Trump news
ALSO TODAY: FED UP IN WYOMING — Per release: “On the eve of the Federal Reserve’s annual economic symposium in Jackson Hole, researchers, scholars, and workers will join Fed Up for a panel...
ALSO TODAY: FED UP IN WYOMING — Per release: “On the eve of the Federal Reserve’s annual economic symposium in Jackson Hole, researchers, scholars, and workers will join Fed Up for a panel discussion that will set the tone for this year’s theme: “Changing Market Structure and Implications for Monetary Policy.” Thursday, August 23 - 4:00 pm MDT. “Free Speech Area” directly in front of the Jackson Lake Lodge.
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Five Long Island nonprofits to share $70,000 in grants
Five Long Island nonprofits to share $70,000 in grants
Five Long Island nonprofits concerned with progressive social change were awarded funding by the Long Island Unitarian Universalist Fund, which doled out $70,000 in its first round of grants for...
Five Long Island nonprofits concerned with progressive social change were awarded funding by the Long Island Unitarian Universalist Fund, which doled out $70,000 in its first round of grants for 2017. Three organizations received $15,000 apiece. These are the Center for Popular Democracy, which will use its award to organize elected officials on Long Island around progressive public policy solutions. The Child Care Council of Suffolk’s award has been earmarked for a graduate coalition for parents who have completed parent leadership initiative training, while the Pulse Center for Patient Safety and Advocacy will use its $15,000 award to train and empower African-Americans to advocate for better medical care.
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14 hours ago
14 hours ago