There's a suspicious burst of taxi rides to and from Wall Street banks and the NY Fed around the time of key Fed meetings
There's a suspicious burst of taxi rides to and from Wall Street banks and the NY Fed around the time of key Fed meetings
“For the Fed Up coalition, a group of community organizations led by the Center for Popular Democracy in Washington, the first step in addressing such egregious conflicts is a change in leadership...
“For the Fed Up coalition, a group of community organizations led by the Center for Popular Democracy in Washington, the first step in addressing such egregious conflicts is a change in leadership. The New York Fed's outgoing president is William Dudley, a former Goldman Sachs partner. "The New York Federal Reserve must select a new President who will put the interests of the public before Wall Street," Fed Up said in a recent report. "This would be one of the most immediate and direct steps to mitigate conflict of interest risks and promote a culture of transparency and accountability at the New York Fed."
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Progressives must find the road back to Factville
Progressives must find the road back to Factville
Donald Trump’s upset election, I’ve had a unique and odd experience, one peculiar to D.C. I’ve participated in a number of events — conferences, dinners, panels — that were planned before the...
Donald Trump’s upset election, I’ve had a unique and odd experience, one peculiar to D.C. I’ve participated in a number of events — conferences, dinners, panels — that were planned before the election and predicated on a different outcome. To say the mood is somber at these events is an understatement.
What has been particularly discordant is to hear policy types, myself included, discuss what we need to do going forward. These include ideas to prolong the economic recovery and help ensure that it reaches more people. Also, there’s a recession out there somewhere, and we’re not ready for it, so good ideas abound regarding preparations that Congress should undertake now while the sun’s still shining. Other ideas include some of the best parts of Hillary Clinton’s agenda, including ways to help people balance work and family, pay for college, improve the Affordable Care Act, and to push back on economic discrimination by race and gender.
When I hear myself and my colleagues make these arguments, I feel as if we’re leading a parade but have neglected to turn around and see the thin crowd that’s following us.
That is, of course, an exaggeration. Clinton won the popular vote by more than 1 percent and counting. But those of us in the facts business must at least consider how little our work seemed to penetrate in the months leading up to the election.
Already, many of us progressives have dusted ourselves off and gone right back to work, promulgating more facts and policy arguments. That’s necessary and increasingly important, as the Trump team is generating policies that sound good but are wasteful and inefficient. We’re used to playing such defense, and we’re good at it.
But if that’s all we do, we’ll be failing the people whom we’re here to help. The problem isn’t that the facts aren’t out there; it’s that they don’t seem to be gaining much traction. Moreover, there is no way an $18.7 trillion economy can be successfully managed if facts are on the run. We either solve this problem or watch our country deteriorate.
So how do we find and successfully navigate the road back to Factville?
We can gain an important hint by looking at what hasn’t worked. Many in the real media (as opposed to the “alt-right”) responded, often admirably, with fact checking, even in real time, as during the presidential debates. But listen to what Major Garrett, from CBS news, said about this on the Diane Rehm radio show the other day, incisively summarizing his experiences on the campaign trail:
“Any fact-checking I did … was prima facie evidence that I was biased and that I was wrong. Fact checking Trump was proof not that he was wrong but that he was right and that anyone who would raise a question about the underlying relationship about what he said and the facts was biased and therefore legitimately disregarded … It wasn’t as if there was a conversation about this; it wasn’t as if facts were litigated back and forth. The very raising of a question about the factual basis of a Trump assertion was proof that you were wrong and biased and that was the atmosphere that I found myself existing in as a reporter and to call it challenging would be an understatement.”
The institution of the establishment media is, in other words, not trusted by partisans who can point and click to countless other places to find “facts” that meet their priors. It’s a brilliant opposition strategy: when the act of fact-checking itself signals to partisans that you’re biased, that’s checkmate against evidence.
Next, ask yourself who benefits from the absence of evidence-based analysis? Examples are useful here. I can show, using the work of the think-tankers I’ve mentioned thus far that the social insurance programs of Medicare and Social Security are highly efficient and effective in boosting the welfare of retirees, and that there are no such private systems that would be nearly as effective. I can show the same societal-wide net benefits for the Affordable Care Act and the anti-poverty safety net. Same for countercyclical policy to offset recessions. Same for public education, from quality preschool to affordable college.
Every one of these programs is a “public good” and thus adds to the role of the government and requires ample funding provided through tax revenue. So, if you’re someone who wants to keep more of your pretax income, you must discredit such programs and the government that provides them.
I see this play unfolding as we speak: One, discredit the facts so nobody knows what works and what doesn’t. Two, pass a massive tax cut that delivers the goods to the top few percent. Three, argue, based on #1 above, that the tax cuts will generate enough growth to pay for themselves. Four, when they fail to do so and the debt starts going through the roof, throw up your hands and say you’ve got to cut the “entitlements.”
I don’t profess to know how to break this chain, but I do know this: Bringing the best ideas to fruition, where “best” means those that promote the greatest social welfare, does not depend solely on logic, numbers and the best arguments.
First, both the media and allegedly centrist policy organizations need to retire the idea that pairing fact-based analysis with unfounded bias is balanced reporting. Why should there be a debate on whether trickle-down tax cuts can double the growth rate and pay for themselves? And, yet, I’m called upon to have that debate weekly. If they can get you arguing over the wrong questions, they’ve already won.
At the very least, the media should mitigate the damage by making debates more representative of the state of knowledge on an issue — meaning, as John Oliver has pointed out, that climate change debates should generally feature 97 scientists explaining that it’s real and a problem for every three people who deny that reality.
Second, we in the think tank world need to reach beyond the choir both in our policy and our communications. I can name many think tanks that work with great energy and notable successes on the problem of poverty. I cannot say the same for the problem of helping displaced manufacturing workers.
Third, we must call it like we see it with much more intensity. I wonder if one reason the progressive base wasn’t out in force was in part because we failed to explain the stakes in clear, powerful language, naming names and directly confronting falsehoods and racism.
Fourth, and relatedly, we need to be more proactive in working with and supporting advocates and social movements. The Fight For $15, the Fed Up Campaign and Black Lives Matter are examples in recent years of people coming together to pressure politicians to act. They’ve been successful because they haven’t stopped at the facts; instead, they take the facts and integrate them with people-power and a compelling moral message.
I’m sure there are more and better ideas to reestablish facts and evidence-based policy to their necessary perch. Like I said, I’m no expert in this space: When my colleagues and I were in graduate school, we studied facts, not how to reinject them into the debate. But unless we do so and couple them with progressive political movements, I fear we may make no progress.
By Jared Bernstein
Source
Black leaders in Pittsburgh echo frustration voiced across nation
Black leaders in Pittsburgh echo frustration voiced across nation
Pittsburgh could easily become the next Dallas as frustrations in poor black neighborhoods continue to mount over perceived economic inequalities and mistreatment by police officers, black...
Pittsburgh could easily become the next Dallas as frustrations in poor black neighborhoods continue to mount over perceived economic inequalities and mistreatment by police officers, black community members said Friday.
They condemned the attacks in Dallas that left five officers dead and seven officers and two civilians wounded.
They attributed the shootings to escalating frustration over socio-economic conditions in poor neighborhoods and repeated incidents across the nation in which officers were caught on video using deadly force to subdue minorities.
“These things will fester and grow and grow and grow,” said Connie Parker, president of the Pittsburgh branch of the National Association for the Advancement of Colored People. “It's Texas right now, but it can be Pittsburgh next week.”
T. Rashad Byrdsong, president and founder of Community Empowerment Association, a Homewood-based nonprofit, said police officers have become a whipping post for deep-rooted problems beyond their control.
“The real problem is the inability of our public officials to sit down and come up with some comprehensive plan on how to include everybody in this democratic process,” Byrdsong said.
Pittsburgh has had its share of high-profile incidents. The most recent in January — the fatal shooting by Port Authority police of Tyrone Kelly Jr., a 37-year-old homeless man who fatally stabbed a police K-9 dog — drew protests. Police killed Kelly while attempting to arrest him for drinking beer on Port Authority property after he stabbed the dog.
In April 2009, Officers Eric G. Kelly, Stephen J. Mayhle and Paul J. Sciullo II were killed by Richard Poplawski while responding to a 911 call about a domestic disturbance at his Stanton Heights home
Pittsburgh police Chief Cameron McLay was in Washington for a conference when news of the Dallas shootings broke Thursday night. He and his command staff returned to Pittsburgh immediately to begin reaching out to community leaders. He said he was worried about the mood he'd find when he returned to the city Friday morning.
“I expected to find the atmosphere more tense,” he said, adding that city officers remain positive. “I'm really, really proud of them.”
Officers across Allegheny County said that it was impossible not to react emotionally to the massacre in Dallas. A Pittsburgh officer directing traffic Downtown called the mood somber but professional.
Malik Bankston, executive director of the Kingsley Center in Larimer, praised McLay and Mayor Bill Peduto for initiatives to improve relations between police and residents.
“To me, that's sort of the heart of the challenges we have right now, this whole idea of building trust,” Bankston said. “That's very unglamorous, thankless work that's only going to be realized over time, but there has to be a commitment from the highest level.”
Tim Stevens, chairman of the Black Political Empowerment Project in the Hill District, said Dallas is a pivotal moment for the nation to begin bridging a racial divide.
He said the majority of black people are horrified by violence directed toward police, but they also feel the justice system is weighted against them. He called on political and community leaders and residents to unite in an effort to find solutions.
“We have a lot of work to do,” he said.
Greensburg police on its Facebook page said that “no police officer wakes up in the morning wandering who they can shoot today. Realize that none of us are perfect, but we certainly strive to be the best that we can.”
By Bob Bauder & Megan Guza
Source
A Call to Action From NMAC & Housing Works
A Call to Action From NMAC & Housing Works
People in the movement might be surprised by a joint letter from Charles King of Housing Works and me, but these are not ordinary times. NMAC is writing this letter to invite constituents at this...
People in the movement might be surprised by a joint letter from Charles King of Housing Works and me, but these are not ordinary times. NMAC is writing this letter to invite constituents at this year’s United States Conference on AIDS to join Housing Works efforts on Wednesday, September 6, to greet Congress on its return from summer recess with a rally for the care we need to survive—sign up here!
These are confusing times with no clear roadmap. Since NMAC is hosting the HIV/STD Action Dayon the same day, we want everyone to be aware of our mutual support and collective goal to not just save the Affordable Care Act, but to also strengthen our vision of ending AIDS as an epidemic. This can only happen when affordable health care becomes a human right for everyone.
Read the full article here.
One city’s crime-fighting quandary: Where exactly to invest?
One city’s crime-fighting quandary: Where exactly to invest?
Chicago spends 39 percent of its municipal budget on policing, while New York spends just 8 percent and Los Angeles spends 26 percent, according to a report released last year by the Center for...
Chicago spends 39 percent of its municipal budget on policing, while New York spends just 8 percent and Los Angeles spends 26 percent, according to a report released last year by the Center for Popular Democracy. This means the city has less funds for things like schools and social services. The proposed $95 million academy comes just five years after the city announced the biggest mass closing of schools in US history, shutting down 50 schools because of a $1 billion budget shortfall.
Read the full article here.
Snowy Protest at Philly Fed
The Inquirer - March 5, 2015, by Joseph DiStefano - Ten cold protesters from a national group called Fed Up gathered at the Federal Reserve of Philadelphia in the storm this afternoon to urge the...
The Inquirer - March 5, 2015, by Joseph DiStefano - Ten cold protesters from a national group called Fed Up gathered at the Federal Reserve of Philadelphia in the storm this afternoon to urge the Fed to pay more attention to boosting employment and listening to groups representing wage workers and poor people.
The group, which includes labor union and church groups as well as local affilates such as North Philadelphia-based Action United, says its national leaders met with Federal Reserve Chairman Janet Yellen in Washington last year, but they have had a tough time getting Fed officials who oversee regional banks and regulatory teams, such as Charles Plosser, the free-market economist who retired in January as the Philly Fed President, to take them seriously. Other Fed Up affilates held protests in New York, Charlotte, St. Louis, and other Fed cities today. More are planned, said Shawn Sebastian of the liberal, Brooklyn-based Center for Popular Democracy, one of the groups supporting Fed Up.
"Plosser never gave us a meeting," said Action United leader Kendra Brooks, who said she's been organziing poor people to press for improved government job, education and housing programs since she was laid off from her management job at an Easter Seals affiliate in 2012. Herb Taylor, a veteran community-development manager for the Philly Fed, and other local Fed officials did meet with a Fed Up delegation last fall, and Philly Fed leaders have also held meetings with labor unions and community groups, Fed spokesman Jim Ely reminded the group.
"But they gave us crumbs," said Brooks, noting that labor and community-group leaders were not part of the inner circle who selected Plosser's replacement, University of Delaware President Patrick Harker, a Philly Fed board member who will take the top Philly Fed job in July.
Under Ed Boehne, Philadelphia Fed President from the 1970s into the 1990s, the Philly Fed forced banks to expand their inner-city direct-lending programs and ensured labor representation on the Fed board.
Brooks questioned whether Boehne's successors share that committment to listening to and serving all sectors. She said corporate executives like Comcast chief financial officer Michael Angelakis and investor James Nevels, who led the committee that chose Harker, don't represent a wide range of residents of the Philadelphia Federal Reserve district, which covers eastern Pennsylvania, South Jersey and Delaware.
"Comcast does not represent our community, the universities do not represent the community. We need our voices to be heard, also," she said.
Group leaders said they are frustrated the Fed has not pushed banks to be more flexible in setting payment terms for stressed homeowners, or show the forebearance banks often show to troubled corporate borrowers.
Action United member Lionel Rice said he's running out of time. He said he hadn't been able to find a job paying more than fast-food wages since he was laid off after 20 years at the Penn Maid dairy plant in Northeast Philadelphia three years ago. He said a housing finance agency is preparing to foreclose on his home in Olney.
Ely said he would bring the group's petition to Fed officials' attention.
Source
NY Daily News Letter to the Editor: Body Count
New York Daily News - April 15, 2014, by Josie Duffy - Re “Hardhat in fatal plunge” (April 15): How many more deadly accidents have to happen before the construction and insurance industries drop...
New York Daily News - April 15, 2014, by Josie Duffy - Re “Hardhat in fatal plunge” (April 15): How many more deadly accidents have to happen before the construction and insurance industries drop their campaign to weaken workplace safety laws? In the past month alone, there have been two fatal construction accidents in Midtown, underscoring the dire need to protect and expand worker safety rules, especially the Scaffold Law. Instead, construction and insurance companies are pouring money into a high-priced campaign to convince Albany to weaken common-sense safety rules that hold building owners and contractors responsible if their safety lapses lead to injuries or deaths. Weakening the law would make dangerous jobs more deadly, especially for immigrant and Latino workers who, studies show, are more likely get hurt on the job. The latest construction deaths should end this debate. Source
Starbucks Hasn’t Met Employee Promises, Report Says
Starbucks employees still endure irregular hours, insufficient rest and difficulties taking sick days, according to a new ...
Starbucks employees still endure irregular hours, insufficient rest and difficulties taking sick days, according to a new report, more than year after the company promised to improve labor conditions for its employees.
More than 200 baristas across the country responded to the survey that formed the basis of the report, which was released by the Center for Popular Democracy. About 25% of employees said they had been asked to close a store and open it the following morning, giving them little time to rest between shifts. Almost half said they received their schedule one week or less in advance, giving little time to plan for childcare or other needs. Two in five employees said they faced difficulties taking sick days.
Last year, the company promised to change conditions for its employees, which it calls “partners,” after a New York Times report documenting the struggles faced by many employees.
Source: Time
More states adopt tough paid sick-leave laws
More states adopt tough paid sick-leave laws
PHOENIX — A new paid sick-leave law took effect Saturday in Arizona, which joins a cluster of other states in continuing momentum on an issue that has seen broadening political support.
...
PHOENIX — A new paid sick-leave law took effect Saturday in Arizona, which joins a cluster of other states in continuing momentum on an issue that has seen broadening political support.
Measures adopted across the nation typically require a minimum number of paid sick hours or days each year and often mandate other guidelines in terms of permissible reasons for leave and record-keeping duties for employers.
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Conyers presses Federal Reserve for more diversity
Conyers presses Federal Reserve for more diversity
Washington — Rep. John Conyers, the longest serving member of Congress, is leading a group of 127 lawmakers who are urging the Federal Reserve System to add more diversity to its...
Washington — Rep. John Conyers, the longest serving member of Congress, is leading a group of 127 lawmakers who are urging the Federal Reserve System to add more diversity to its leadership ranks and become more attuned to economic problems in minority communities.
The lawmakers complained that all but one of the 12 Federal Reserve Bank presidents across the nation are white and 10 of them are men. In addition, they said none of the current Federal Reserve presidents are African-American or Latino, and the system has never had a regional president who is black.
“Far too often, the voices of minorities are silenced because they aren’t sitting at the table,” Conyers, the longtime Democrat and African-American Detroiter, said in a statement. “The Federal Reserve needs leadership that models the diversity that exists in this Nation.”
The Federal Reserve has banks in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. Detroit is part of the Chicago bank.
Conyers said the diversity of the bank’s regional presidents is important to Detroit and other urban cities, however.
“Detroit and cities across the country with high minority populations have the highest unemployment rates and will be harmed if the Federal Reserve does not consider our needs when they make key policy decisions,” he said. “Increasing diversity at the Federal Reserve will help ensure that the needs of people of color, women, labor, and consumers are part of the crucial conversation in our nation’s central bank.”
A spokesman for the Federal Reserve’s Board of Governors said the system has been committed to bolstering diversity and continues to aim for increasing ethnic and gender diversity.
“Minority representation on Reserve Bank and Branch boards has increased from 16 percent in 2010 to 24 percent in 2016,” spokesman Dave Skidmore said in a Thursday statement. “The proportion of women directors has risen from 23 percent to 30 percent over the same period. Currently, 46 percent of all directors are diverse in terms of race and/or gender (with a director who is both female and a minority counted only one time).
“We are striving to continue that progress.”
The letter, which is signed by 116 House members and 11 Senate members, is being spearheaded by Conyers and Sen. Elizabeth Warren, D-Massachusetts.
Other Michigan representatives who signed the letter were Brenda Lawerence, D-Southfield; Sander Levin, D-Royal Oak; Dan Kildee, D-Flint Township; and Debbie Dingell, D-Dearborn. Democratic presidential candidate and U.S. Sen. Bernie Sanders of Vermont was also a signatory.
By Keith Laing
Source
14 hours ago
14 hours ago