Philly Council approves bills for ‘Fair Workweek’ and $15/hr wage hike
Philly Council approves bills for ‘Fair Workweek’ and $15/hr wage hike
Philadelphia’s Fair Workweek bill is stronger in some ways than those across the country, but weaker in others, said Rachel Deutsch, an attorney with the Center for Popular Democracy, a main...
Philadelphia’s Fair Workweek bill is stronger in some ways than those across the country, but weaker in others, said Rachel Deutsch, an attorney with the Center for Popular Democracy, a main organizer of the national Fair Workweek movement.
Read the full article here.
Nina Tassler, Denise Di Novi Launch New Studio PatMa Productions
Nina Tassler, Denise Di Novi Launch New Studio PatMa Productions
The studio has already set up partnerships with a number of organizations promoting diversity, inclusion, and human rights, among them the Geena Davis Institute on Gender in Media, the Center for...
The studio has already set up partnerships with a number of organizations promoting diversity, inclusion, and human rights, among them the Geena Davis Institute on Gender in Media, the Center for Popular Democracy, and Planned Parenthood.
Read the full article here.
Sanders Delegates Push DNC To Create Commission to Reform Anti-Democratic Superdelegates and Caucus Process
Sanders Delegates Push DNC To Create Commission to Reform Anti-Democratic Superdelegates and Caucus Process
After a contentious afternoon in which the Democratic National Convention's Rules Committee voted down a series of proposals from the Sanders delegation to reform the most glaring anti-democratic...
After a contentious afternoon in which the Democratic National Convention's Rules Committee voted down a series of proposals from the Sanders delegation to reform the most glaring anti-democratic features of the party's primary and caucus process, negotiators met in secret for several hours and forged an agreement to create a reform commission to change those rules for future elections.
"Let me call us America's party," said Texas Congresswomen Sheila Jackson, who rose to support the proposal after opposing the Sanders camp's amendments only hours before. "And America's party, the Democratic Party, links arms with our brothers and sisters from Senator Sanders, and the journey that they made and their supporters, and the journey that was made by Hillary Rodham Clinton's supporters.
"But most of all what I want to say is that divide is no more," she continued. "That we will climb this journey of victory together. That our arms will be linked and we will go to the floor of this great convention. And I am here to say thank you for being who you are. For I see that mountain that we have been challenged to cover, and I am going to say, we shall overcome and elect the next president of the United States, Hillary Rodham Clinton, together... together... together."
The reform commission, which was then approved with 158 yeses, 6 nos and 1 abstention, will look at the main grievances raised by Sanders during the 2016 nominating season: that state party-run caucuses were non-democratic in their counting and allocation of delegates to the next stages in the process, and will, according to Sanders delegates who negotiated, shrink by two-thirds the number of so-called superdelegates, or the party insiders who comprise one-sixth of the 2016 national convention delegates.
"I rise in support of this measure because this is the result of reasoned discussions by many leaders within both campaigns, but it is truly driven by an activism, an activism within the Democratic Party that has been embraced, that has been engaged, and that we should continue to promote," said Paul Feeney, a Sanders delegate who headed his campaign in Massachusetts and Connecticut. "It's no coincidence that so many amendments have been filed today about superdelegates. The supporters of Bernie Sanders have risen up across this country. Acted up. Not to demand a new party, but to make the Democratic Party even better. That's what we're doing with this amendment. That's what we are doing with this revolution that is also an evolution."
The turnaround came after a frustrating afternoon for Sanders delegates, when it seemed the convention's rules committee was parting ways from the party's platform committee by thwarting their call for democratic reforms. The Sanders campaign won 13 million votes, 1,900 delegates and broke the party's fundraising records for the number of small donors, the delegates told the room, in part to push for concessions on the reforms they sought.
But before panel chair Barney Frank called a recess after 4pm, the convention Rules Committee repeatedly rejected a series of reforms to their “superdelegate” system, despite the pleas of Sanders delegates who urged the 165-member body to accommodate millions of voters who want a more open and less rigged presidential nominating process.
Superdelegates are top elected federal and state officials, state party leaders and key allies like labor union executives who can cast a vote for the presidential nominee and also sit on a range of convention committees, from drafting the platform to rules. For months, Sanders and his supporters have complained that the system gave Clinton an unfair lead as hundreds of party officials sided with her before states even started voting, which tilted the media coverage despite Sanders rallies drawing many thousands.
His delegates were hoping to convince the party to change that system, as well as reform the caucus process and adopt more open primaries, in which any voter, not just registered Democrats could participate. But several hours into hearings on Saturday seemed to signal that a majority of the rules panel were not willing to shake up the party’s status quo.
Before they broke to negotiate and propose the commission, the panel heard short debate and then voted down a handful of reforms, from eliminating the system of superdelegates in its entirety to reducing their numbers and limiting their voting.
“I am asking those of you from the Clinton camp to take heed,” said Julie Hurwitz, a Sanders delegate from Detroit, speaking in favor of a compromise that would have let superdelegates vote if there was no clear nominee on the first convention ballot. “I would ask you to not just blindly vote no, no, no… The stakes are so high that I plead for you to take this issue seriously.”
“We have had these rules in place for 30 or 40 years,” said George Albro, a Sanders delegate from New York, responding to those who said now was not the time to act. “We’ve had a lot of time to study it. We don’t have a lot of time to change it. If we walk out of this room with our heads hanging low… The only standard that we are holding the DNC to is the standard of democracy.”
But a series of amendments were repeatedly rejected by two-to-one margins, especially after longtime officeholders said the superdelegate system never swayed a presidential nomination by ignoring the popular vote.
“This is more non-democratic,” said Jackson Lee in response to a proposal cutting the number of superdelegates. “The [origin of] superdelegates was a healing process, when the party was fractured… It was not to divide us, it was not to be an elite process.”
She argued that superdelegates allowed the party to elevate many people of color and those from rural areas. However, that explanation, while swaying a majority of Rules Committee members, was not persuasive to Sanders delegates. They told the room the party must send a signal to the millions drawn to their campaign that their call for a more open process was heard.
“This is the correct forum to have this discussion,” said North Carolina’s Chris O’Hara. “With all due respect… if superdelegates were put in place to heal a divided party, we are a divided party… I beseech you to actually listen.”
“The Republicans have basically nominated a fascist. It’s close. Please take a critical look at this,” said Delaware’s Rebecca Powers.
“I think this is the time for this,” said Miami’s Bruce Jacobs. “You are sending a message to all the people coming into the party.” The Rules Committee compromise came after heavy pressure from Democratic-leaning organizations, which gathered more than 750,000 signatures calling for change, flew a plane over Philadelphia Friday calling for an end to superdelegates, and sent thousands of tweets to rules committee members. There was high interest in the votes, and shouts of “shame, shame, shame” from outside the committee room could be heard on a live Youtube stream of the meeting.
The groups that urged the DNC to end superdelegates include Courage Campaign, Credo, Daily Kos, Demand Progress/Rootstrikers, Democracy for America, Center for Popular, Democracy, MoveOn, National Nurses United, New Democrat Network, the Other 98%, Presente, Progressive Change Campaign Committee, Progressive Democrats of America, Progressive Kick, Reform the DNC, and Social Security Works.
Editor's note: Another reform proposal, to push the party to open its primaries to all registered voters, not just Democrats, was rejected on Saturday evening. Today Open Primaries, a non-profit electoral reform organization, brought 40,000 signed petitions to the meeting, a release noted. “It was an honor to stand up for the 26.3 million registered voters who couldn’t vote in this presidential election," Maggie Wunderly, a Rules Committee member from Illinois said in the release.
By STEVEN ROSENFELD
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JPMorgan CEO Jamie Dimon is sticking with Team Trump
PMorgan Chase CEO Jamie Dimon is sticking with President Trump.
Presiding at the U.S. banking giant's annual shareholder meeting Tuesday, Dimon got an earful from investors who criticized...
PMorgan Chase CEO Jamie Dimon is sticking with President Trump.
Presiding at the U.S. banking giant's annual shareholder meeting Tuesday, Dimon got an earful from investors who criticized JPMorgan's support of the new White House administration and asked whether he would step down from Trump's business advisory council.
Read the full article here.
For Some Starbucks Workers, Job Leaves Bitter Taste
CBS MoneyWatch - September 26, 2014, by Alain Sherter - Liberte Locke, a 32-year-old "barista" at a Starbucks (...
CBS MoneyWatch - September 26, 2014, by Alain Sherter - Liberte Locke, a 32-year-old "barista" at a Starbucks (SBUX) in New York City, is fed up.
"Starbucks' attitude is that there's always someone else can who can do the job," she said in running through her complaints about life at the java giant.
If that isn't necessarily the consensus among Starbucks workers, interviews with nine current and former baristas at the company make clear it's not an isolated opinion, either. Even those who say they like their job paint a picture of a business that underpays front-line workers, enforces work rules arbitrarily and too often fails to strike a balance between corporate goals and employee needs.
Of course, such complaints are nothing new in retail, where low pay and erratic schedules are the norm. But by its own account, Starbucks is no ordinary company and is ostensibly a far cry from the fast-food outlets now facing a nationwide uprising by employees tired of working for peanuts.
That's evident in the company's recruitment pitch. Starbucks invites job-seekers to "become a part of something bigger and inspire positive change in the world," describing it as a chance to discover a "deep sense of purpose."
Damage control
That image suffered a serious blow last month after The New York Times vividly chronicled a Starbucks worker struggling with the company's scheduling practices. The story, which centered on a 22-year-old barista and single mother, amounted to a public relations nightmare for Starbucks. Perhaps not coincidentally, within days of the story's publication top executives were promising reform.
In a memo to employees earlier this month, for instance, Chief Operating Officer Troy Alstead vowed to "transform the U.S. partner experience," referring to Starbucks' more than 130,000 baristas. Inviting worker feedback, he said Starbucks will examine its approach to employee pay, revisit its dress code, make it easier for people to ask for time off, and consider other changes aimed at helping baristas balance work and their personal lives.
Among other changes, the company said it would end the practice of "clopening," when an employee responsible for closing a store late at night is also assigned to open it early in the morning.
"We recognize that we can do more for our partners who wear the apron every day," he wrote.
Some baristas did not feel this August memo from Starbucks went far enough in proposing ways to improve work conditions, so they marked it up with their own ideas.
Although Starbucks workers welcome this pledge to respect the apron, they fear the company is more intent on dousing the PR flames than on genuinely improving employees' experience. After the retailer last month sent an email to workers outlining possible solutions to the kind of scheduling problems and related issues detailed by the Times, a group of baristas gave the proposal a C- and posted online a marked-up version of the memo listing their own demands (image above).
"We hope you're ready for a commitment to give us schedules that don't mess with taking care of kids, going to school or holding onto that second job we need because Sbux wages don't make ends meet," wrote the baristas, who are working with a union-backed labor group, the Center for Popular Democracy.
Retail jungle
Despite the recent media focus on Starbucks, the company's labor practices are generally no worse than those of many large retailers. In some ways they're better, with the company offering health care to part-time, as well as full-time, workers; unusually generous 401(k) matching contributions; annual stock grants to employees; and tuition reimbursement.
Starbucks highlights such benefits as an example of its commitment to employees. "Sharing success with one another has been core to the company's heritage for more than 40 years," Alstead said in the September memo.
Meanwhile, some baristas say they enjoy their work and feel valued by Starbucks. "It's a decent place to work, and my manager and co-workers are great," said one employee who asked not to be identified.
But other current and former workers claim Starbucks has changed in recent years, saying that corporate leaders' intense focus on slashing costs has short-circuited its professed commitment to workers. Mostly, they say Starbucks doesn't listen to employees and even punishes those who identify problems.
"The biggest problem is that baristas don't have a voice," said Sarah Madden, a former Starbucks barista who left the company this spring after two years with the coffee vendor. "They can't speak to issues that they know exist. Workers know how to fix them, but when [they] speak up there are serious repercussions -- your hours get cut, you're transferred to another store or isolated from other people."
Employees interviewed for this article said one result of Starbucks' cost-containment push is that stores are frequently understaffed, hurting customer service and forcing managers to scramble to find staff. That problem is common across the big-box stores that dominate the retail sector, experts said.
"One the one hand, retailers overhire, but they're also understaffed, so everybody's running around and then there aren't enough people on the floor," said Susan Lambert, a professor at the University of Chicago and an expert in work-life issues. "Companies are effectively loading all the risk onto workers so that they're not the ones incurring the risks inherent in business."
Starbucks denies that its stores are short-staffed. "We're proud of the level of service we provide in our stores," said Zack Hutson, a spokesman for the company. "We know that the connection our partners have with customers is the foundation of the Starbucks experience. It wouldn't be in our best interest. We want our customers to have the appropriate service level when they come to our stores."
To be sure, Starbucks is hardly the only U.S. corporate giant to keep a gimlet eye on its bottom line -- among Fortune 500 companies that approach to management is the rule, not the exception, and CEOs across the land defend it as an inviolable fiduciary duty to shareholders.
But baristas say Starbucks' focus on profits and cost-cutting has increasingly led its leadership to tune workers out. Locke, who has worked for the company since 2006 and who earns roughly $16,000 a year, said she yearned for the Starbucks of old.
"When I started they had a training program and taught you how to be a coffee expert. There was more of a culture of supporting each other as co-workers. Store managers were sympathetic. I really enjoyed it."
Asked why she stays at Starbucks, Locke said her employment options are limited because she lacks a college education and because her only professional experience is in retail.
Living wage?
According to workers, the best thing Starbucks can do for its apron-wearers is to raise their pay and offer full-time hours instead of the 20 to 30 hours that most employees work.
Samantha Cole, a barista in Omaha, Neb., said she struggles to get by on her supervisor's salary of $11.25 an hour. Such pay may be better than what she would earn working for other retailers, but the 30-year-old mother of two say it's still not a living wage.
"I'm definitely not making enough money," said Cole, who has been with the company for six years. "A lot of us are right there with what fast-food workers are making."
Such frustrations are also evident in comments on the Facebook page Starbucks uses to communicate with employees and where it is asking baristas for input regarding the company's labor practices. Wrote one employee: "I've worked for the company for 7 years in January, and I don't make enough to support myself on one job so I work 2 jobs, 6 days a week.... I've seen a lot of amazing partners leave because they don't make enough."
Starbucks declined to disclose compensation data, citing competitive reasons and saying that pay varies widely according to workers' experience and where in the U.S. stores are located. It didn't respond to emails requesting clarification regarding other aspects of its labor policies.
It's worth noting that low pay isn't unique to Starbucks -- in retail it is the norm. As of 2012 (the latest year for which data is available), the median hourly income for retail salespeople is $10.29 per hour, or $21,410 a year, according to the Bureau of Labor Statistics. Hourly pay for full-time retail workers range from a high of $14.42 to $9.61 for lower-paid people, according to Demos, a liberal-leaning think tank in New York. Part-timers typically make much less, with the average cashier earning $18,500 a year.
"Until [Starbucks] gives a living wage to every employee, they can't claim to be a good employer," Locke said, who added that it has been roughly two years since her last pay raise.
"Race to the bottom"
Another priority for baristas: stable, regular schedules. Like most large retailers, Starbucks uses scheduling software to try to match the number of workers it has in a store at any given time to the amount of business it gets. Workers also may be scheduled according to the sales they generate or their facility in promoting certain products. The technology also can enable other savings, such as limiting overtime.
For employees, however, that approach -- known as "just-in-time" or "on-call" scheduling -- often results in lower income and chaotic hours.
Stephanie Luce, a professor of labor studies at City University of New York's Murphy Institute, characterizes the widespread adoption of scheduling and so-called workforce optimization technologies as a "new race to the bottom."
"Companies that have already reduced operating costs by making deals with irresponsible subcontractors and using the cheapest available materials are now cutting corners in the form of the 'just-in- time scheduling' of their workforce," she and her co-authors wrote in a recent report. "These 'lean' manufacturing practices take advantage of sophisticated software and an increasingly desperate workforce to cut labor costs to the bone."
By the same token, tighter control of worker schedules helps Starbucks contain payroll costs. But it also means employees who had expected to work a certain number of hours every week can see their schedules dramatically cut back and fluctuate wildly. The result? Smaller paychecks and a disturbance to family life.
"It makes it very hard for parents to participate in an intimate family routine and structure it in such a way that experts agree is good for children," Lambert said.
Irregular schedules also make it hard for workers who do need extra income to work a second job, schedule appointments and plan other aspects of their lives.
Baristas said Starbucks posts their schedule only days in advance and that they are often subject to change. Following the Times story, Starbucks said it would post schedules at least one week in advance. That's not enough time, several workers said, asking the company to provide at least two or three weeks notice, as retailers ranging from Walmart (WMT) and H&M to Victoria's Secret (LB) do.
Meanwhile, despite Starbucks' promise to end clopening, the practice continues, some workers said, although the company insists that this is only in cases when people request such shifts.
"Partners should never be required to work opening and closing shifts. That policy is clear," Starbucks' Hutson said, adding that the company is studying ways to give workers more input in their schedules. "If there are cases where that's not happening, we want to know about that."
Given the scrutiny on Starbucks, the company can count on baristas to do just that.
Source
Yet Another Subsidy for the Big Banks
But there’s a bigger risk-free payout the Fed makes to big banks, one set to rise exponentially as the economy improves. In fact, according to the Congressional Budget Office, hundreds of billions...
But there’s a bigger risk-free payout the Fed makes to big banks, one set to rise exponentially as the economy improves. In fact, according to the Congressional Budget Office, hundreds of billions of dollars that would otherwise go into the federal Treasury will leak out to banks, including branches of foreign banks, in the coming years. If Congress needs to find money to pay for new programs, they could cancel the Fed’s recent practice of paying interest on bank reserves.
For nearly 100 years, the Federal Reserve managed the nation’s monetary policy without paying interest on reserves, including the 10 percent of the value of loanswhich banks are required by law to park at the Fed. But in 2006, Congress passed the Financial Services Regulatory Relief Act, authorizing interest payments. It was actually an old idea first promoted by conservative economist Milton Friedman.
Friedman thought that required reserves without compensation constituted a hidden tax on the financial industry. He also believed the strategy would make it easier for central banks to engage in monetary policy. If the Fed offered an interest rate on excess reserves just above the federal-funds rate (a.k.a. the rate banks use to lend to each other), then it makes more financial sense for banks to leave their money there. It sets a floor for the federal-funds rate, in other words, giving the Fed more control over its range. It also helps the Fed expand its balance sheet, critical to engaging in monetary interventions like quantitative easing.
Under the 2006 law, interest on reserves wasn’t supposed to kick in until 2011, but Congress moved up the date three years when it passed the law authorizing the Troubled Asset Relief Program (TARP). The Fed set the interest rate on all reserves at a skinny 0.25 percent, which produces a small payout on required reserves. But excess reserves above the 10 percent requirement, which banks never left at the Fed until 2008, exploded as the Fed’s balance sheet expanded. From virtually nothing seven years ago, excess reserves hover around $3 trillion today.
Who owns these excess reserves? As the Cleveland Fed noted in a report last week, more than 80 percent come from the top 100 largest banks. U.S. branches of foreign banks, primarily from the European Union, have about $1 trillion in excess reserves parked at the Fed.
The Fed’s audited financial statement indicates that they have paid banks $25.2 billion in interest on reserves from 2008 to 2014. That number jumped from $2.1 billion in 2009 to $6.7 billion in 2014, a three-fold increase. The entire time, the interest rate has been the same: 0.25 percent. But that’s subject to change.
As the economy improves, the Fed is clearly angling to raise the federal-funds rate, which has been stuck around zero since 2008. Fed officials have already indicated they will accomplish this mostly through recalibrating interest on reserves. At theirSeptember 2014 policy meeting, Fed Chair Janet Yellen said the central bank would “move the federal-funds rate into the target range … primarily by adjusting the interest rate it pays on excess reserve balances.” While the interest rate on required reserves may stay constant, the Fed would raise the interest rate on excess reserves, allowing interbank lending only to rise so far.
In effect, interest on excess reserves is equivalent to the federal-funds rate. And the higher the interest rate goes, the more money banks make from the Fed. You can see this most clearly in Congressional Budget Office (CBO) projections of Fed remittances.
Any money the Fed makes on investments gets returned to the federal Treasury. And business has been good for the Fed of late. They remitted $99 billion in 2014 and a projected $102 billion this year. But CBO’s latest update predicts that number will fall drastically, to $76 billion in 2016, $40 billion in 2017, and just $17 billion in 2018. The lion’s share of the difference comes from the Fed paying out their earnings to banks, with higher interest on reserves as they hike rates.
While it’s hard to pinpoint the totals because the CBO doesn’t separate out interest on reserves, by marking the difference between 2015 and subsequent years we can estimate that the Fed could deliver anywhere from $20 billion to $50 billion a year to banks, risk-free. That’s an enormous amount of money, based on the claim that interest on reserves is somehow an indispensible strategy for monetary policy, even though the Fed thrived for 91 years without such a tool.
This shift in how monetary policy is conducted occurred with practically no debate. Fed officials are reportedly worried about the “optics” of their exit plan, with its unjust enrichment of the largest banks. But outside of a few libertarians, nobody has raised alarms yet.
One progressive group that’s challenged the Fed from the left was stunned to learn that, in addition to depressing the economy, an interest-rate hike would have a secondary effect as a silent bank bailout. “Clearly this is under-covered, because I haven’t heard about it,” said Ady Barkan with the Center for Popular Democracy, director of Fed Up, a grassroots organization pushing the central bank to adopt pro-worker policies. “But we shouldn’t be shocked. It is the rule that the Fed prioritizes helping banks, and has over the last seven years.”
There are other ways to control monetary policy besides interest on excess reserves, unless you believe that the Fed was impotent from 1917 to 2008. For instance, the Fed could reduce their balance sheet, rather than letting it contract through attrition, the current strategy. That would reduce the money supply, which shows what a pickle the Fed has gotten itself into with its expanded balance sheet. But the Minneapolis Fed, at least, downplayed the risks of gradual asset sales into a global market.
Another option is to hold off on raising rates, allowing the balance sheet to slowly contract and encouraging banks to recirculate excess reserves into the economy by creating favorable conditions for more profitable investments. “It’s incomprehensible to us to think that the economy is getting too healthy too quickly,” said Barkan of Fed Up.
Members of Congress, who created this mess by authorizing interest on reserves, could take it away too, and in so doing could create a large pay-for that could be transferred into productive projects. You could potentially fund an entire six-year highway bill simply by eliminating interest on reserves.
We don’t even know if the Fed’s rate-raising strategy will work without drawbacks, as it’s never been tested. But if “working” equals paying the largest banks hundreds of billions in unearned money, the Fed should figure out something else.
“Llevaron a cabo vigilia contra Trump por el huracán María”
“Llevaron a cabo vigilia contra Trump por el huracán María”
Los oradores incluyeron a Jaime Contreras , vicepresidente del sindicato 32BJ , Mary Cathryn Ricker , vicepresidenta ejecutiva de la Federación de Maestros de EE.UU. , Jordan Haedtler , director...
Los oradores incluyeron a Jaime Contreras , vicepresidente del sindicato 32BJ , Mary Cathryn Ricker , vicepresidenta ejecutiva de la Federación de Maestros de EE.UU. , Jordan Haedtler , director de campaña del Centro para la Democracia Popular, y Tatiana Matta , puertorriqueña que aspira al Congreso por el distrito 23 de California.
Lea el artículo completo aquí.
Report: NYC Can Raise $1 Billion Through Wall St. Market Power
FOR IMMEDIATE RELEASE:
December 3, 2013
Contact: Tony Perlstein,...
FOR IMMEDIATE RELEASE: December 3, 2013
Contact: Tony Perlstein, Center for Popular Democracy (917) 647-7751, TPerlstein@populardemocracy.org
REPORT: NYC GOVERNMENT CAN RAISE $1B ANNUALLY FOR BUDGET AND CREATE $1 BILLION IN MAIN STREET STIMULUS BY USING $350B WALL STREET MARKET POWER
New York does enough business with Wall Street to renegotiate bad deals
On the heels of a mayoral victory won on the issue of inequality, a new report released today by the Center for Popular Democracy shows that New York City could generate an additional billion dollars annually for the city budget and generate a billion dollars in economic stimulus by effectively using its $350 billion per year in financial market power. The report, “One New York for All of Us: Leveraging New York’s Financial Power to Combat Inequity” shows the city could save as much as $1 billion annually and stimulate the economy by about $1 billion more.
The city’s financial market power comes from the $200.4 billion that the city’s pension funds have invested in Wall Street institutions combined with an additional $150 billion in debt issuance and payments made and received.
“New York City is uniquely positioned to lead the way in holding Wall Street to an appropriate high standard,” said Connie Razza, lead author of the report and Director of Strategic Research Initiatives at the Center for Popular Democracy. “We spend a ton of money with them, and we should use that clout. The city and its related authorities have powerful financial leverage and economic power to demand short, medium and long-term changes from Wall Street that will save money for taxpayers, bring in more revenue for essential city services, and move new investments and new jobs into our neighborhoods and small businesses.”
The report kicks off a week of action to draw attention to the ways Wall Street and big corporations continue to siphon resources away from average New Yorkers and point toward solutions that would help reduce inequality and build economic fairness.
“In 2013, New Yorkers voted for a Mayor committed to addressing the vast inequality in our city, and for a strong plurality of progressive City Council members committed to broader prosperity,” said Michael Kink, Executive Director of the Strong Economy for All Coalition. “In 2014, we’ll start to build a New York that works for all of us. This report maps the way – and tells us to begin by changing the way the city does business with Wall Street.”
“This is our moment,” said Camille Rivera, Executive Director of United NY. “We have the opportunity to make real change in the city and the state, but only if our elected officials know we have their back.”
“One New York for All of Us” highlights concrete solutions to address the imbalance in the city’s relationship with Wall Street. The report details how reforming the city’s relationship with banks could save a minimum of $725 million each year for the city budget, withhold another $300 million in current bank subsidies banks until job-creation commitments are fulfilled, and stimulate the local economy by another $1 billion per year, creating nearly 17,000 jobs.
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, creating nearly 17,000 jobs.Key factual 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.“Due to the bank-induced mortgage craze and crisis, 20% of New York homeowners owe more on their homes than the homes are worth,” explains New York Communities for Change Executive Director Jonathan Westin. “By adjusting bank-inflated mortgages down to fair market value, we could stimulate the local economy by as much as $1 billion and create 17,000 new jobs. It’s good for homeowners, good for communities, good for the city, and even good for banks – whose risk of defaults would drop dramatically.”
“This report highlights the power that our city has to take a stand to improve income inequality. The Great Recession has not eased for most New Yorkers. We have lost good jobs, and the remaining jobs have actually deteriorated. In banking itself, this is shockingly true,” said Deborah Axt, Make the Road New York’s Co-Executive Director. “Frontline bank workers report less pay, inadequate healthcare, and more work with less staff. A full 32% of surveyed bank workers even report working overtime without pay. It is a tragic moment in New York City history when we learn that the wealthiest and most powerful corporations in our nation, perhaps the world, seem to be committing wage theft.”
ABOUT NEW DAY NEW YORK COALITION
The New Day New York Coalition is a new coalition made up of community groups, faith organizations, labor unions, and veterans of Occupy Wall Street working for years on issues of economic fairness – united to organize a week of actions demonstrating that the vision and policy principles New Yorkers voted for in the past election have popular support and practical pathways forward.
The coalition includes Center for Popular Democracy; United NY; Strong Economy for All Coalition; ALIGN NY; New York Communities for Change; Make the Road NY; Alliance for Quality Education; Coalition for Educational Justice; Walmart Free New York; Coalition for the Homeless; Food and Water Watch; NY Citizen Action; Met Council on Housing; Community Voices Heard; United Federation of Teachers; Professional Staff Congress; Retail, Wholesale and Department Store Union (UFCW); Communication Workers of America Transport Workers Union Local 100; New York State Nurses Association; Service Employees International Union 1199 – United Healthcare Workers East; Service Employees International Union 32BJ; Alternative Banking; Not An Alternative; Beautiful Trouble; 99 Pickets; MoveOn NY; and others.
Zara Employee Humiliated By Managers For Her Braids
Zara Employee Humiliated By Managers For Her Braids
Twenty year-old Zara employee, Cree Ballah from Toronto, Canada, has spoken out after she was recently humiliated by two of her managers for having what the fashion chain staff members deemed an ‘...
Twenty year-old Zara employee, Cree Ballah from Toronto, Canada, has spoken out after she was recently humiliated by two of her managers for having what the fashion chain staff members deemed an ‘inappropriate’ hairstyle.
Ballah, who is of African American decent, was wearing four box braids pulled into a low, simple ponytail when she was reprimanded.
Originally, the young sales assistant was told by a manager that her hair was not in keeping with Zara’s image, telling her, “We’re going for a clean professional look with Zara and the hairstyle you have now is not the look for Zara.”
Afterwards, another manager pulled Ballah aside, lead her out of the store and attempted to ‘fix’ her hair in the middle of the crowded mall, leaving the Zara employee feeling humiliated and offended.
“My hair type is also linked to my race, so to me, I felt like it was direct discrimination against my ethnicity in the sense of what comes along with it,” Ballah told CBC News in a recent interview.
“My hair type is out of my control and I try to control it to the best of my ability, which wasn’t up to standard for Zara.”
This isn’t the first time the Spanish retail giant has been in hot water for its questionable treatment of employees. Last year, a survey conducted by the Center for Popular Democracy (CDP) found Zara was demonstrating racial bias not only towards its employees but its customers as well.
The report established darker-skinned employees were far less likely to get a raise or be promoted and were twice as unhappy with their working hours compared to their fairer-skinned peers. As well as this, the report discovered employees were trained to report ‘special orders’ to in-store management.
‘Special orders’ are considered to be suspicious looking customers who, after being reported, are tailed by a Zara staff member to ensure no items are stolen. Results uncovered the majority of employees used the code on African American and Latino shoppers, and, according to the CPD survey, an actual member of staff of African American decent was deemed as a ‘special order’ when entering the store on his day off to collect a paycheque.
Adding insult to injury, the brand released a line of shirts emblazoned with the slogan ‘White Is The New Black’ on them in 2014, causing public outcry for their racially insensitive message.
And while the fashion chain has continued to escape largely unscathed under pleas of ignorance, its run-in with Ballah may be the final straw, with the ex-staffer currently pursuing her options, which include taking the issue to the Ontario Human Rights Commission.
By Isabelle Gillespie
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Saratoga Springs man feeds marchers from Charlottesville to D.C.
Saratoga Springs man feeds marchers from Charlottesville to D.C.
MADISON, Va. - The day of the Charlotteville white supremacist rally and counter protests, Chad Radock was home with his husband, Jeremy, listening to the hateful chants and homophobic slurs. And...
MADISON, Va. - The day of the Charlotteville white supremacist rally and counter protests, Chad Radock was home with his husband, Jeremy, listening to the hateful chants and homophobic slurs. And he knew he had to do something.
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