Opioid protest at Harvard art museum
Opioid protest at Harvard art museum
ctivists said that this was the fourth protest of its kind targeting an art gallery or school named after the Sackler...
ctivists said that this was the fourth protest of its kind targeting an art gallery or school named after the Sackler family. The Sacklers have their names on spaces at the Louvre, the Royal Academy of Arts, the Smithsonian, and the Guggenheim in New York, among others. The Center for Popular Democracy, the nonprofit that supports the Opioid Network, also participated in Goldin’s protest at the Smithsonian Institution’s Arthur M. Sackler Gallery in April.
Read the full article here.
¿Vale la pena quitarle dinero a la policía para apoyar temas como la vivienda, la educación y la salud?
¿Vale la pena quitarle dinero a la policía para apoyar temas como la vivienda, la educación y la salud?
Un nuevo informe analiza el concepto de 'desinversión de la policía'. La controversial idea es fomentada por activistas...
Un nuevo informe analiza el concepto de 'desinversión de la policía'. La controversial idea es fomentada por activistas latinos y afroestadounidenses, buscando menos discriminación y más apoyo a las minorías.
Lea el artículo completo aquí.
Some Retailers Promote Decision to Remain Closed on Thanksgiving
New York Times - November 14, 2014, Steven Greenhouse - This...
New York Times - November 14, 2014, Steven Greenhouse - This Thanksgiving, the open-versus-shut debate has grown even louder.
Walmart, Kmart, Macy’s, Target, RadioShack and many other major retailers are proclaiming that they will be open on Thanksgiving Day to make shoppers happy. But Costco, Marshalls, GameStop and T. J. Maxx are riding the backlash against holiday commerce by boasting that they will not relent: They will remain closed that day to show that they are family-friendly and honoring the holiday.
But even as retailers vie for every dollar during a very competitive season, Tony Bartel, the president of GameStop, views this debate as open-and-shut. “For us, it’s a matter of principle,” said Mr. Bartel, whose company has 4,600 stores nationwide. “We have a phrase around here that we use a lot — it’s called ‘protecting the family.’ We want our associates to enjoy their complete holidays.”
“It’s an important holiday in the U.S., and our employees work hard during the holiday season, and we believe they deserve the opportunity to spend Thanksgiving Day with their family and friends,” said Richard A. Galanti, executive vice president and chief financial officer at Costco Wholesale, the nation’s second-largest retailer after Walmart. “We’ve never opened on Thanksgiving, and when the trend to do so occurred in the last couple or three years, we chose not to because we thought it was the right thing to do for our employees.”
More than two dozen major retail chains plan to stay dark on Thanksgiving, including Barnes & Noble, Bed Bath & Beyond, the Burlington Coat Factory, Crate and Barrel, Dillard’s, Nordstrom, Neiman Marcus and Patagonia.
Johan Araujo, a senior game adviser at GameStop’s flagship store in Herald Square in Manhattan, applauded his company’s decision. “It’s good to know they’re thinking about us and what we want,” he said. His plans involve cooking the turkey for his fiancée and friends this year.
Sidney Bartlett, the manager of Mr. Araujo’s store, said that when the store used to be open on Thanksgiving — it started closing for the holiday last year — it was painful to figure out which employees to inconvenience and schedule to work that day. “I thought it’s great the C.E.O. decided to close for the holiday,” he said.
He said it saddened him to see so many stores open that day. “We’ve shifted as a nation — it’s not so much about the family, it’s all about business,” said Mr. Bartlett, who is studying for an M.B.A. at Columbia.
“We don’t believe we will lose any ground to competitors,” said Mr. Bartel, the company’s president. “Even if we lose some ground to competitors, we are making it corporate principle — we have committed to associates that we will not open on Thanksgiving.”
Pushed by competitive forces, some malls are opening on Thanksgiving Day for the first time. In Paramus, N.J., Westfield Garden State Plaza and Paramus Park will open from 6 p.m. to 11 p.m., prodded by Macy’s decision to open its stores in those malls.
Walden Galleria, a mall with over 200 stores near Buffalo, threatened to fine retailers about $200 an hour if they don’t open at 6 p.m. on Thanksgiving Day.
Carrie Gleason, director of the Fair Workweek Initiative, a campaign pushing retailers to adopt schedules that are more friendly to workers, said, “What’s different from years past is there are more and more retailers coming out publicly and saying, ‘We’re staying closed on Thanksgiving.’ ” They want to demonstrate to their customer base that they’re family-friendly.”
More than 55,000 people have signed a petition on change.org urging Target to remain closed on Thanksgiving, while the Boycott Black Thursday Facebook page has more than 87,000 likes.
Walmart officials say they are doing consumers a favor by opening on Thanksgiving. To reduce the long lines that have upset many shoppers on Black Friday, Walmart announced on Tuesday that it would spread Black Friday over five days.
“It became Black Friday, then it became Thursday, and now it’s becoming weeklong,” said Duncan Mac Naughton, chief merchandising officer at Walmart. “Maybe it’s going to be November.”
Deisha Barnett, a Walmart spokeswoman, said many shoppers were happy that the company would be open on Thanksgiving. “We’re in the service industry, and we’re just like airports and grocery stores and gas stations that are open on Thanksgiving so they can provide what customers need,” she said. “We’ve been open on Thanksgiving for 20-something years.”
Walmart will again face a wave of protests this holiday season. Our Walmart, a union-backed group of Walmart workers pushing for higher pay, said on Friday that it would hold protests at 1,600 Walmarts on Black Friday.
After keeping almost all its stores closed last Thanksgiving, the financially troubled RadioShack said that it planned to open its stores from 8 a.m. to midnight this Thanksgiving. But after some employees voiced dismay, the company changed course to give them time for their feast. Its stores will open from 8 a.m. to noon, close for five hours and reopen from 5 p.m. until midnight, and again at 6 a.m. on Friday.
The University of Connecticut Poll conducted a survey last November that found that nine out of 10 Americans said they didn’t plan to spend Thanksgiving hunting for bargains, while 7 percent said they planned to visit stores on Thanksgiving Day.
The poll of 1,189 adults, with a margin of sampling error of plus or minus 3 percent, found that 49 percent disapproved of stores opening on Thanksgiving Day, with 16 percent approving and 34 percent neutral.
Last Thanksgiving, J. C. Penney, Kohl’s, Macy’s, Sears and Target all opened at 8 p.m. This year, Kmart plans to open at 6 a.m. and remain open for the next 42 hours.
“All these companies were closed for decades,” said Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union. “What’s changed is that some have chosen to remain open, and those companies should be getting demerits. People should ask, ‘Is this the sort of society we want to live in that people aren’t even given the option of celebrating holidays?’ ”
He said that if stores decided to open on Thanksgiving, working that day should be voluntary, not mandatory. He said many part-time workers were eager to work on Thanksgiving.
Mr. Appelbaum praised the Macy’s store in Herald Square for using only workers who volunteer to work that day
Macy’s plans to open at 6 p.m. this Thanksgiving, two hours earlier than last Thanksgiving — and Sears is doing the same thing. “Customer response to the 8 p.m. opening last year was exceptionally strong,” said Jim Sluzewski, Macy’s senior vice president for communications. “At Macy’s Herald Square store, we had 15,000 customers waiting outside when the doors opened. The experience was similar across the country. Many customers asked why we couldn’t open a little earlier.”
In contrast, he said Bloomingdale’s, a Macy’s subsidiary, would remain closed on Thanksgiving Day, saying it was “less promotional” than Macy’s.
Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University, said it was smart competitively for retailers to open on Thanksgiving. “Did the folks who questioned the sanctity of Thanksgiving learn a lesson?” he said. “A good start to the holiday retail season can really make your year, and a late start can really cripple retailers.”
Dan Evans, a spokesman for Nordstrom, said his company kept its stores closed on Thanksgiving, with a few employees completing holiday decorations that day, before they are unveiled on Black Friday.
“If our customers really wanted us to open on Thanksgiving, that’s what we’ll do,” Mr. Evans said. “We used to be closed on the Fourth of July. We used to be closed on New Year’s Day, but customers wanted us to be open on those days, so now we’re open on those days. Our customers guide us. We don’t guide them.”
Source
How Walmart Persuades Its Workers Not to Unionize
One former Walmart store manager tells the story that after discovering a pro-union flyer in his store’s men’s room,...
One former Walmart store manager tells the story that after discovering a pro-union flyer in his store’s men’s room, he informed company headquarters and within 24 hours, an anti-union SWAT team flew to his store in a corporate jet. And when the meat department of a Walmart store in Texas became the retailer’s only operation in the United States to unionize, back in 2000, Walmart announced plans two weeks later to use prepackaged meat and eliminate butchers at that store and 179 others.
With 1.3 million U.S. employees—more than the population of Vermont and Wyoming combined—Walmart is by far the nation’s largest private-sector employer. It’s also one of the nation’s most aggressive anti-union companies, with a long history of trying to squelch unionization efforts. “People are scared to vote for a union because they’re scared their store will be closed,” said Barbara Gertz, an overnight Walmart stocker in Denver.
Walmart maintains a steady drumbeat of anti-union information at its more than 4,000 U.S. stores, requiring new hires—there are hundreds of thousands each year—to watch a video that derides organized labor. Indeed, Walmart’s anti-union campaign goes back decades: There was “Labor Relations and You at the Wal-Mart Distribution Center,” a 1991 guide aimed at beating back the Teamsters at its warehouses, and then in 1997 came “A Manager’s Toolbox to Remaining Union Free.” The first half of a statement in that toolbox has been repeatedly snickered at for being so egregiously false: “We are not anti-union; we are pro-associate.”
Early last year, Anonymous, a network of hacker activists, leaked two internal Walmart PowerPoint slideshows. One was a “Labor Relations Training” presentation for store managers that echoed the “Manager’s Toolbox” in suggesting that unions were money-grubbing outfits caring little about workers’ welfare. “Unions are a business, not a club or social organization—they want associates’ money,” the PowerPoint read. (Walmart confirmed the PowerPoints’ authenticity.) “Unions spend members’ dues money on things other than representing them,” it added.
Walmart is perfectly within its rights to communicate its stance to employees. While employers are legally barred from threatening store closures, layoffs, or loss of benefits because of unionization, they are free to tell workers why they oppose unions.
Walmart has battled for years against the United Food and Commercial Workers Union, which represents employees at many grocery stores and retailers, and its offshoot, OUR Walmart, an association of Walmart employees. Walmart insists that the UFCW is out to damage Walmart’s business. The second PowerPoint that Anonymous leaked last year attacked OUR Walmart, asking, “Is OUR Walmart/UFCW here to help you? Answer: NO.”
Tensions have risen between the retailer and OUR Walmart in recent years, with the labor group organizing nationwide protests outside hundreds of stores each Black Friday. The National Labor Relations Board issued a complaint in January of last year, accusing Walmart of illegally firing 19 OUR Walmart members and illegally disciplining more than 40 others after strikes and protests demanding higher pay. Walmart maintains that the firings and disciplining were legal and not in retaliation for protesting.
Getting a glimpse of Walmart’s internal PowerPoints and training manuals is rare, but one of Walmart’s orientation videos was leaked recently, and it again revealed Walmart’s anti-union efforts. Labor experts and Walmart employees say they were surprised at the blatant untruths in many of the video’s pro-company and anti-union statements.
Walmart confirmed the video’s authenticity and said the company showed it to new hires from 2009 through last year. Early on in the course of the video’s nine minutes, an actor dressed as a Walmart employee says, “You’re just beginning your career with us. It’s hard to grasp everything that’s available to you, like great benefits.”
Ken Jacobs, the chairman of the University of California, Berkeley’s Labor Center, suggested that this was essentially propaganda. “Walmart's benefits are well below the standard for union groceries,” he said. “They are not ‘great benefits’ by any standard.” A discounter like Walmart certainly doesn’t have the generous pensions or Cadillac health plans offered by some companies. Gertz, the overnight stocker in Denver, says her health plan is so stingy that she often doesn’t see a doctor when she’s sick because the deductible requires her to pay the first few thousand dollars out of pocket. Gertz said that when workers call in sick, their first day off comes out of their vacation days or personal days, not their paid sick days.
A spokesperson for Walmart says it will soon revamp its policy so that employees can use paid sick days starting on their first day out. The spokesperson added that its bonuses, 401(k) plan, and health plan are considerably better than at most other discounters—its 401(k) plan gives a dollar-for-dollar match for the first six percent of pay and the premium for its most popular health plan is just $21.90 every two weeks. That said, part-time workers, who represent nearly half its work force, don’t qualify for many of these benefits.
The leaked video also boasts, “There’s no retail company that offers more advancement and job security than Walmart.” Considering that some retailers are unionized with strong job-security provisions in their union contracts, some labor advocates wondered how Walmart could begin to assert that its job security is as strong as any other retailer’s.
“That’s patently false,” said Stuart Appelbaum, the president of the Retail, Wholesale and Department Store Union, a division of the UFCW. “At Walmart you can be fired for any reason at all or no reason.” He contrasted Walmart, one of the nation’s many “at-will” employers, with retailers that are unionized or partly unionized, including Costco, Macy’s, H&M and Modell’s. At unionized stores, workers can only be fired “for cause,” meaning managers need a strong reason to fire someone—for example, stealing from a store or arriving 30 minutes late five days in a row. Moreover, workers in those unionized stores can usually challenge their dismissal by bringing in an impartial arbitrator who helps determine whether a firing was justified.
Walmart, in its orientation video, makes other attempts at belittling unions. It features an actor who says, “I was a union member at my last job. Everyone actually had to join the union . . . The thing I remember most about the union is that they took dues money out of my paycheck before I ever saw it, just like taxes.” The character’s assertion that he “had to join the union” diverges from the truth. The Supreme Court ruled in 1963 that workers cannot be required to join the union at a unionized workplace—although they can be required to pay union dues or fees (unless they live in one of the 25 states with “right to work” laws).
In the video, an actress standing in front of a rack of produce continues to hammer the message. “I always thought that unions were kind of like clubs or charities that were out to help workers,” she says. “Well, I found out that wasn’t exactly the case. The truth is unions are businesses, multimillion-dollar businesses that make their money by convincing people like you and me to give them a part of our paychecks.”
Although some union leaders have generous salaries, Benjamin Sachs, a labor law professor at Harvard, said that unions aren’t for-profit businesses. “If unions are businesses, they’re the best example of the sharing economy we’ve seen,” Sachs said. “Here’s the business model: By sharing their resources, including their financial resources, workers make better lives for themselves and their families.” Thomas Kochan, an MIT professor of management, said that the phrase the actor uses—“clubs and charities”—“insults any new hire’s intelligence.” “Most people know what unions are and what they try to do,” Kochan said.
Indeed, one might ask, if unions are doing as little for workers as Walmart maintains, why then does Walmart bother to battle unions so aggressively? Walmart takes a far more jaundiced view of unions than do many Americans—for instance the nation’s Roman Catholic bishops. “The Church fully supports the right of workers to form unions or other associations to secure their rights to fair wages and working conditions,” the bishops once wrote in a pastoral letter, Economic Justice for All. And Pope John Paul II, never known as a raging liberal, called unions, “an indispensable element of social life.”
Brian Nick, a Walmart spokesman, explained why the company made the video. “The core reason to have the training and information on video, in and of itself, is we know that third-party groups often reach out to our associates,” he said. “This is an opportunity for us to provide accurate information that gives our associates knowledge about their work environment and their own rights as associates.”
In boasting about Walmart, the video says, “Walmart jobs are flexible jobs, giving associates the opportunity to balance our personal life with our worklife.” But Carrie Gleason, director of the Fair Workweek Initiative at the Center for Popular Democracy, an advocacy group, strongly disagreed. “I’ve spoken with countless Walmart associates who talk about how erratic their work schedules are, about how managers regularly disregard their requests for basic accommodations so they can go to school or take care of their families,” she said. Some Walmart workers say their stores slashed their hours when they asked managers to accommodate their college schedule or their efforts to hold a second job to make ends meet.
Brian Nick, the Walmart spokesman, said the company was improving its scheduling practices. Beginning next year, it will offer some employees fixed schedules each week—many employees complain that their work schedules change vastly week-to-week.
In urging workers to shun unions, the Walmart video says, “In recent years, union organizers have spent a lot of time, effort and money trying to convince Walmart associates to join a union, all without any success.” But that’s not quite true. The UFCW hasn’t sought to persuade Walmart employees to join a union in recent years, although it did help form OUR Walmart to push for better wages and working conditions. OUR Walmart claimed a victory in February when Walmart announced it would raise its base pay to $9 this year and $10 next year. A spokesperson for Walmart said it was responding to a tighter labor market and boasted that the move would mean raises for 500,000 workers.
The Walmart video is correct about at least one thing: Most of the recent unionization votes at Walmart stores in the U.S. were unsuccessful. For example, the tire and lube workers at two Walmart stores, in Colorado and Pennsylvania, voted overwhelmingly in 2005 against unionizing. But the UFCW had a big success in 2004, when it unionized a Walmart in Jonquiere, Quebec—a first in North America. Walmart closed that store shortly afterward, and Canada’s Supreme Court ultimately ruled that the shutdown was an illegal ploy to avoid having a union. Walmart has long argued that it closed the Jonquiere store because it was unprofitable and that the closing had nothing to do with the union. As for Walmart’s decision to suddenly begin using prepackaged meat after that meat department in Texas unionized in 2000, the company said that the timing was just a coincidence and that the decision had nothing to do with unionization.
This past April, Walmart abruptly announced it was closing its store in Pico Rivera, California, along with four other stores, for six months. Many workers saw that as a daunting anti-union statement—the Pico Rivera store has the nation’s most militant OUR Walmart chapter, having staged a sit-in and numerous other protests. Walmart, however, insisted that the closing was necessitated by “ongoing plumbing issues.”
Source: The Atlantic
Arizona special election 2018: ALS patient and activist Ady Barkan stumps for Democrat Hiral Tipirneni
Arizona special election 2018: ALS patient and activist Ady Barkan stumps for Democrat Hiral Tipirneni
Be a Hero is an offshoot of the Center for Popular Democracy’s CPD Action group (Barkan previously worked for the...
Be a Hero is an offshoot of the Center for Popular Democracy’s CPD Action group (Barkan previously worked for the center) and will concentrate on boosting Democratic candidates focused on protecting health care and entitlement programs like Medicare, Medicaid, and Obamacare, as well as ousting Republican incumbents who voted for the GOP tax plan or have voiced support for cutting entitlements.
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JPMorgan boss: 'Trump is our pilot' even when we disagree
JPMorgan boss: 'Trump is our pilot' even when we disagree
Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co. and one of the few big-bank bosses to keep his...
Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co. and one of the few big-bank bosses to keep his job after the Great Recession, will keep advising President Trump even when they might disagree, Dimon told shareholders at the company's annual meeting at its Delaware Technology Center north of Wilmington.
"Trump is the pilot flying our airplane," and as "a patriot" Dimon will continue to serve on a Presidential advisory panel, even though he may not "agree with all his policies," he said during a shareholder question-and-answer session.
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Should You Carry a Municipal ID Card?
OZY - April 29, 2014, by Pooja Bhatia - Comprehensive immigration reform is on again. No, it’s off again. No, it’s on...
OZY - April 29, 2014, by Pooja Bhatia - Comprehensive immigration reform is on again. No, it’s off again. No, it’s on again. Nope, it’s off again.
Take heart, CIR enthusiasts. As the back-and-forth over immigration reform enters its umpteenth year, a potential workaround might be coming to a city near you.
Since 2007, a handful of cities have issued municipal IDs to residents, regardless of their citizenship. The idea is to integrate undocumented immigrants by making it easier for them to open bank accounts, interact with the police, access city services and rent an apartment. Bringing the undocumented “out of the shadows” will improve civic life for everyone, proponents say.
It’s a warm-hearted move as well as a political calculation. The concept is generally popular in cities, which tend to lean liberal, and is sure to have long-range appeal among voters as national demographics shift. About a dozen cities are in some stage of the municipal ID process.
The line between protecting and branding residents can be a fine one.
But ID cards are not an easy way out of the immigration quagmire. Opponents argue that municipal IDs overstep local authority, could lead to fraud and lure terrorists. The earliest version won vicious backlash, including from federal authorities. Even those who support the cards stress the importance of sweating the small stuff, like card design and privacy controls. The big risk: Unless they’re popular with immigrants and non-immigrants alike, the ID cards can brand as outsiders the very people they attempt to embrace.
“It’s been trial and error for cities to even realize that it’s a risk and start guarding against it,” says Emily Tucker, an attorney at the Center of Popular Democracy who has studied the issue in depth.
This week, New York City will hold its first hearings on municipal ID legislation, a pet project of the new mayor, Bill de Blasio. If approved, New York’s program would be the most prominent of its kind. It would send a message, too, for New York City has a certain symbolic status in matters of security and immigration.
Proponents like Tucker are enthusiastic about New York’s foray into municipal IDs, if a bit wary. If not done right, they say, the ID cards won’t protect undocumented immigrants, but just sort and label them for easy deportation. The line between protecting and branding can be a fine one. The IDs tend to work best when other protections for undocumented residents are in place: confidentiality for city services, local law enforcement policies that limit interaction with Immigration and Customs Enforcement (ICE), and other “sanctuary city” provisions. “Without those things, people won’t want to use the card — they’ll be too afraid,” says Tucker.
Cities vary enormously on this count: Some abide by the ICE’s “detainer requests,” holding suspected unauthorized immigrants in local jails until the federal authorities pick them up. Others refuse. Some jurisdictions allow police to act as ICE deputes. Others won’t allow police officers to inquire about immigration status.
California Highway Patrol officers lead an information session on obtaining a state driver’s license at the Mexican Consulate in San Diego, Calif., on April 23, 2014.
New Haven, Conn., was the first municipality to adopt local IDs, in 2007, after a robber stabbed an immigrant to death. According to reports, undocumented immigrants were dubbed “walking ATMs” — often, they carried cash, as they couldn’t open bank accounts. New Haven’s program faced some backlash, including, allegedly, from federal authorities: Less than two days after the city passed municipal ID legislation, the ICE raided homes in the area and detained 32 immigrants.
Although the city has stood by its program– it’s issued some 10,000 IDs– it’s not clear how functional the IDs are. Cashiers often don’t accept it, researchers found, and it served mostly to underscore the city’s pro-immigrant attitude.
Since 2007, Oakland, San Francisco, Washington, D.C. and several localities in New Jersey have all joined suit. Programs in Richmond and Los Angeles have been approved, and local governments from Philadelphia to Iowa City and Phoenix are contemplating issuing cards, too.
The local ID programs are yet another instance of cities taking “an affirmative step toward securing interests of their residents in the face of congressional inaction,” says Peter Bailon, a lawyer at the progressive American Legislative and Issue Campaign Exchange. They also demonstrate cities’ ability to enact progressive agendas that likely wouldn’t fly nationally.
But are cities exceeding their authority? “It’s not just usurping but contravening federal law,” says Ira Melhman, spokesperson for the conservative Federation for American Immigration Reform (FAIR). There’s controversy here. Although the federal government places control over immigration firmly within its authority, the law does not explicitly forbid the issuance of local IDs, proponents say. And the feds have tended to turn a blind eye to the programs.
Mehlman and others say they also worry about terrorism. They argue that municipal ID requirements are lax and could allow criminals to procure false identification. Official documentation, even if limited to a few municipal venues, could serve as “breeder documents” for other IDs, they say. New York state Senator Greg Ball blasted the municipal ID plan as the “de Blasio Terrorist Empowerment Act.”
ID proponents dismiss such fears as absurd. The IDs, they point out, have stringent eligibility requirements and limited jurisdiction. They don’t replace federal identification documents such as passports, social security cards or tax identification numbers. Their main concern is that the IDs actually be used.
It may not be so easy to circumvent the federal government though, even for cities that are relatively friendly to the undocumented, like New York. De Blasio’s administration has already issued notice that it could put out bid specifications for ID cards, but the City Council has lagged. Only 15 council members have come out saying they favor the legislation, short of the 26 needed for a majority.
Of course, with hearings starting tomorrow, that could change quickly. Are you ready for your New Yorker ID, New Yorkers?
SourceYellen Says Improving Economy Still Faces Challenges
The Washington Post - August 22, 2014, by Ylan Q. Mui - Federal Reserve Chair Janet L. Yellen on Friday expressed...
The Washington Post - August 22, 2014, by Ylan Q. Mui - Federal Reserve Chair Janet L. Yellen on Friday expressed growing confidence that America’s market is improving but uncertainty over how much further it has to go.
Yellen began her remarks before a select group of elite economists and central bankers here by enumerating the unequivocal progress made since the Great Recession ended: Job growth has averaged 230,000 a month this year, and the unemployment rate has fallen to 6.2 percent after peaking in the double digits during the depths of the crisis.
But she quickly transitioned to the challenges in determining how close the labor market is to being fully healed — and how much the nation’s central bank should do to speed its convalescence. Although Yellen has consistently emphasized that the recovery is incomplete, her speech Friday focused on the difficulty of making a current diagnosis.
“Our understanding of labor market developments and their potential implications for inflation will remain far from perfect,” Yellen said at the annual conference sponsored by the Federal Reserve Bank of Kansas City. “As a consequence, monetary policy must be conducted in a pragmatic manner.”
The Fed slashed its target for short-term interest rates to zero and pumped trillions of dollars into the economy in the aftermath of the recession. More than five years later, it is finally scaling back that support. The Fed is slated to end its bond-buying program in October and is debating when to raise interest rates.
That decision carries enormous consequences: Move too soon, and the Fed risks undermining the economic progress made so far. Move too late, and it could risk stoking inflation in the future and sowing the seeds of the next financial crisis.
Investors generally expect the Fed to raise rates in the middle of next year, but several central bank officials gathered here cautioned that the moment could come earlier if the recovery improves more rapidly than expected. Yellen gave no clear timeline Friday but called for a “more nuanced” reading of the labor market as the economy returns to normal.
For example, the size of the nation’s workforce unexpectedly declined after the recession, the result of both demographic factors and unemployed workers who gave up hope of finding a job. Yellen reiterated Friday that a stronger economy could help stem that drop and suggested it may already be working. She also said that the run-up in involuntary part-time work and the low level of people choosing to quit their jobs could be reversed as the labor market improves.
But Yellen seemed to shift her stance on the country’s stagnant wage growth. Previously, she has cited it as a sign that the labor market remains weak. But on Friday she called on research that suggests wage growth has been subdued because employers were unable to cut salaries deeply enough during the recession, a phenomenon dubbed “pent-up wage deflation.” She also suggested that globalization and the difficulty that the long-term unemployed face in finding jobs could also be depressing wage growth.
The uncertainty facing the Fed means it will be carefully evaluating economic data over the coming months, Yellen said. And she said the central bank will remain nimble in its response.
“There is no simple recipe for appropriate policy in this context, and the [Fed] is particularly attentive to the need to clearly describe the policy framework we are using to meet these challenges,” she said.
Central bankers were not the only ones gathered in the Grand Tetons this year. Several workers and activists also traveled to Jackson Hole and called on the central bank to be cautious in removing its support for the economy, the first protest at the conference in recent memory.
The grass-roots group, organized by the Center for Popular Democracy, also issued an open letter to the Fed earlier in the week signed by more than 60 activist organizations. Kansas City Fed President Esther L. George — one of the most vocal proponents of raising interest rates soon — met with the protesters in Jackson Hole on Thursday for about two hours to hear their stories. Ady Barkan, senior attorney at the Center for Popular Democracy, said the groups plan to request meetings with other Fed officials as well.
Source
Blacks Nearly Four Times More Likely Than Whites to Be Unemployed in Minnesota
Minneapolis City Pages - March 6, 2015, by Ben Johnson - A new study reaffirms a refrain equality advocates have become...
Minneapolis City Pages - March 6, 2015, by Ben Johnson - A new study reaffirms a refrain equality advocates have become quite fond of in this state: Minnesota is a great place to live -- for white people.
The Center for Popular Democracy and the Economic Policy Institute released a study yesterday showing the statewide unemployment rate for black people is 11.7 percent, compared to 3.2 percent for white people.
Black Minnesotans' unemployment rate is 3.7 times higher than white Minnesotans'. The study analyzed all 50 states and the District of Columbia, and the only places with a larger gap were Wisconsin (4.6 times higher) and D.C. (5.6 times higher).
Minneapolis unemployment rates are lower than statewide, but the racial gap (3.9x) is even higher.
When these figures came out yesterday protesters from across the country lobbied the Federal Reserve to keep its interest rates low.
When interest rates are low it's easier for businesses to borrow money, and in theory, easier access to money means businesses can hire -- and pay -- more people. On the flip side, if interest rates are kept too low for too long inflation becomes a concern.
"Unemployment is slowly, slowly heading in the right direction, but raising interest rates at this point would really set minorities back," said Becky Dernbach with Neighborhoods Organizing for Change, which held a rally yesterday at its headquarters. "We think the Fed needs to pay special consideration to how the recovery has not hit certain communities at all."
NOC and its allies are supportive of Minneapolis Fed President Narayana Kocherlakota, who favors keeping interest rates low, but he's stepping down in a year. Protesters made it clear yesterday they want a say in who takes his place.
"On a fundamental level, we need to have a voice in the process," said Dernbach.
Source
New Video: Preying on Puerto Rico, The Forgotten Citizens of Hedge Fund Island
New Video: Preying on Puerto Rico, The Forgotten Citizens of Hedge Fund Island
Last month I returned to my native Puerto Rico to attend a wedding and was catching up with family still on the Island...
Last month I returned to my native Puerto Rico to attend a wedding and was catching up with family still on the Island one evening. A couple of sips of whiskey in, and the truth came out: My wife’s father reported that he hadn’t received a paycheck in 3 months.
He is a doctor. A highly specialized one, And, with most of his patients coming through government insurance, he hadn’t seen a dime in payment.
Most Puerto Rican health care professionals try to hang on as long as possible. They want to stay in their homeland, be with their families and help make things better. But increasingly, they have no choice. Now many doctors are among the hundreds of thousands of Puerto Ricans who have become economic migrants, forced to flee from home because they simply cannot survive on patriotism and hope.
In 2014, 364 doctors left the island, the Puerto Rican Surgeons and Physicians Association reported. Last year, 500 practitioners packed up and got out.
“Don’t get hurt on a Sunday or a holiday,” one man recently told CNN after his uncle died because only 2 neurologists were on duty to serve the island’s 3.5 million “forgotten citizens.” (His family now calls the lines at the hospital “the walking dead.”)
Behind those staggering numbers is rapacious, hungry, heartless greed as embodied by two simple words: Hedge funds.
Just like Detroit, Greece and other places rocked by the recession and government mismanagement, Puerto Rico’s debt ballooned over the last decade, further exacerbated by colonial status and expiring tax incentives.
In 2012, hedge fund managers began to circle the Commonwealth, looking to reap billions – and experiment with new wealth extraction strategies that could be imported back to the American mainland. The short version: They bought Puerto Rican bonds after the price fell.
Now these “vulture” managers (as they are literally called for their creditor and distressed buying schemes – los buitres in Spanish) insist that any package from Washington that allows Puerto Rico to renegotiate its $72 billion debt puts Wall Street investors at the front of the line to get paid.
A handful are holding out for even more; refusing to accept any restructuring and demanding even more severe austerity measures and suffering so they don’t have to take any losses on their risky investment.
These carrion feeders are in fact, real human beings, acting in inhumane ways: Mark Brodsky, of the $4.5 billion Aurelius Capital and Andrew Feldstein, of the $20 billion BlueMountain Capital are two leaders of the vulture flock of hedge fund billionaires circling Puerto Rico trying to make huge profits from what’s turning into a full-scale humanitarian crisis.
Brodsky bought up the Island’s debt for as low as 29 cents on the dollar and now is demanding full repayment (Think Greece, and Argentina). He is helping fund economists who argue that vital government services must cease – and schools and hospitals must close - to extract full payment.
Feldstein has teams of lawyers fighting basic protections for Puerto Ricans in court and lobbyists taking the same case to Congress. On his dime they have launched a high profile and highly fraudulent media campaign to make sure Congress keeps working for the billionaires – and against teachers, students, the elderly… and my former neighbors and relatives.
Together with John Paulson – who literally bragged to his bros that together they could create the “Singapore of the Caribbean” and create a tax haven for themselves – these vulture investors are consuming the living, for their greed.
That’s why I’ve been working with Brave New Films and a large coalition, including Make the Road, New York Communities for Change, Organize NOW, Florida Institute for Reform & Empowerment, AFT, SEIU, NEA, New Jersey Communities United, Grassroots Collaborative , Center for Popular Democracy, Strong Economy for All, and Citizen Action, under the campaign banner Hedge Clippers, to help ordinary Puerto Ricans expose the truth about these bad actors and their flock.
Preying on Puerto Rico: Forgotten Citizens of Hedge Fund Island is a series of short film videos that Puerto Rican activists helped create to kick off an escalated series of large actions calling on those with the power to help to stand up for Puerto Ricans and stand up to los buitres.
These same leaders are behind a growing wave of protests on Capitol Hill, Wall Street, the Trump Towers and at the Federal Reserve Board offices in cities across the U.S.
They are getting attention and being heard, but the path forward is uphill. We need your help. With unemployment at 14% and 45 percent of Puerto Ricans living below the poverty line Puerto Rico is in a humanitarian crisis. PROMESA, the bill that just passed out of the US House and is on its way to the Senate, is a bad deal that will help the hedge funds, but not the Puerto Rican people.
Preying on Puerto Rico: Forgotten Citizens of HedgeFund Island is only the beginning of how we can use our voices and votes to help my father in-law remain on the Island to help save lives – and end this suffering caused by these vultures and the politicians that do their bidding.
Join us today to share these films – and call Feldstein and Brodsky to ask them: how many more billions do you need to make before you stop pillaging the poor?
By Julio López Varona / Brave New Films
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