Activists Protest Universities Over Investments In Puerto Rico Bondholders
Activists Protest Universities Over Investments In Puerto Rico Bondholders
A coalition of social and economic justice groups has launched a one-week campaign to end what they view as problematic...
A coalition of social and economic justice groups has launched a one-week campaign to end what they view as problematic university investments. The New York-based Center for Popular Democracy (CPD) and partner organizations including three Make the Road branches will hold six protests along the East Coast, calling on Columbia, Harvard and Yale to pull their investments out of hedge funds that hold Puerto Rican debt and have advocated austerity measures in the U.S. territory, leading to mass school closings and higher tuition costs.
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Groups launch 'people's filibuster' against GOP health bill
More than a dozen groups opposing the Senate GOP's healthcare bill will hold a "people's filibuster" for two days on...
More than a dozen groups opposing the Senate GOP's healthcare bill will hold a "people's filibuster" for two days on the lawn of the Capitol.
Activists and Democratic lawmakers will speak out against the ObamaCare repeal bill Monday and Tuesday and possibly later in the week.
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Avoiding 'Regressive Mistake,' Fed Holds Off on Rate Hike — For Now
Update 3 PM EDT: In a decision that aligns with progressive demands, the Federal Reserve ...
Update 3 PM EDT:
In a decision that aligns with progressive demands, the Federal Reserve announced on Thursday that it would keep interest rates near zero in light of "recent global economic and financial developments" and in order to "support continued progress toward maximum employment and price stability."
Presidential candidate Bernie Sanders issued the following statement today after the Federal Reserve announced that it would hold off on raising interest rates:
“It is good news that the Federal Reserve did not raise interest rates today. At a time when real unemployment is over 10 percent, we need to do everything possible to create millions of good-paying jobs and raise the wages of the American people. It is now time for the Fed to act with the same sense of urgency to rebuild the disappearing middle class as it did to bail out Wall Street banks seven years ago.”
The New York Times reports that the Fed’s decision, "widely expected by investors, showed that officials still lacked confidence in the strength of the domestic economy even as the central bank has entered its eighth year of overwhelming efforts to stimulate growth."
Progressives cheered the news, with Josh Bivens of the Economic Policy Institute saying, "Today’s decision by the Federal Reserve to keep short-term rates unchanged is welcome. [...] We hope they continue their pragmatic, data-based approach and allow unemployment to keep moving lower, and only tighten after there is a significant and durable increase in inflation."
He continued: "Tightening before the economy has reached genuine full-employment is not just a mistake, it’s a regressive mistake that would hurt the most vulnerable workers—low-wage earners and workers from communities of color—the most."
However, Reuters reports that "the central bank maintained its bias toward a rate hike sometime this year, while lowering its long-term outlook for the economy."
Which means that pro-worker organizations, which have largely opposed a rate increase that they say would slow the economy and stifle wage growth, will have to keep up the fight.
"We applaud Chair Yellen and the Federal Reserve for resisting the pressure being put on them to intentionally slow down the economy," said Ady Barkan, campaign director for the Fed Up coalition, which rallied outside the Federal Reserve on Thursday.
"Weak wage growth proves that the labor market is still very far from full employment," Barkan continued. "And with inflation still below the Fed’s already low target, there is simply no reason to raise interest rates anytime soon. Across America, working families know that the economy still has not recovered. We hope that the Fed continues to look at the data and refrain from any rate hikes until we reach genuine full employment for all, particularly for the Black and Latino communities who are being left behind in this so-called recovery."
Earlier...
Progressives are cautioning the U.S. Federal Reserve against slowing the economy by raising interest rates "prematurely"—a decision the Fed will announce Thursday.
The U.S. central bank will issue its highly anticipated short-term interest rate decision following a two-day policy meeting, with a 2 pm news conference led by Fed Chair Janet Yellen.
As CBS Moneywatch notes, "[t]he decision affects everything from the returns people get on their bank deposits to how much consumers and employers pay for credit cards, mortgages, small business loans, and student debt." That's because a higher rate makes it more expensive for individuals and businesses to borrow, with rising bank lending rates shrinking the nation's money supply and pushing up rates for mortgages, credit cards, and other loans.
Just before the announcement, the advocates, economists, and workers of the Fed Up coalition will be joined by Rep. John Conyers (D-Mich.) at a rally outside the Fed, calling on the central bank to keep interest rates low to allow for more jobs and higher wages.
"The point of raising rates is to rein in an overheating economy that is threatening to push inflation outside the Fed’s comfort zone," explained Josh Bivens of the Economic Policy Institute in the Wall Street Journal on Wednesday. "But inflation has been running below the Fed’s target for years—and its recent moves have been down, not up."
Furthermore, wrote economist Joseph Stiglitz at the Guardian earlier this month: "If the Fed focuses excessively on inflation, it worsens inequality, which in turn worsens overall economic performance. Wages falter during recessions; if the Fed then raises interest rates every time there is a sign of wage growth, workers’ share will be ratcheted down—never recovering what was lost in the downturn."
Progressive activists opposed to an interest rate hike overwhelmed the Fed's public comment system on Monday in a last-minute effort to sway the central bank. Raising the rate, they said, would be catastrophic for working families, particularly in communities of color that are still struggling. The Fed Up campaign, which includes groups like the Center for Popular Democracy, Economic Policy Institute, and CREDO Action, say the central bank "privileges the voices and needs of corporate elites rather than those of America's working families."
"A higher interest rate means that fewer jobs will be created, and that the wages of workers at the bottom will remain too low to live on," wrote Rod Adams, a member of Neighborhoods Organizing for Change in Minneapolis, in an op-ed published Wednesdayat Common Dreams. "That’s because when the Fed raises rates, they are deliberately trying to slow down the economy. They’re saying that there are too many jobs and wages are too high. They’re saying that the economy is exactly where it should be, that people like me are exactly where we should be."
However, at this point, "many observers believe the Fed will not raise rates this week," analyst Richard Eskow wrote on Wednesday.
"The Fed is really the central bank of the world. If the Fed raise rates a little bit, it will have an impact all over the world, particularly in emerging markets," billionaire private equity professional David Rubenstein told CNBC's "Squawk Box" on Thursday.
"I think the Fed is sensitive to that," Rubenstein said, "and I think therefore the Fed is likely to wait for another month or two to get additional data and probably telegraph a little bit better than it has now that it's about ready to do it at a particular time."
Meanwhile, global markets are fluctuating wildly in anticipation of Yellen's announcement and subsequent news conference.
But as Eskow noted, Thursday's real surprise "is that there’s any question at all what [the Fed] will do. That suggests that our economic debate is not yet grounded in economic reality, at least as most Americans experience it."
While the Guardian is providing live updates on the Fed's decision, others are making comment under hashtags that reflect the unbalanced economic recovery:
Source: CommonDreams
Yellen to step down from Federal Reserve board
Yellen to step down from Federal Reserve board
Janet Yellen submitted her resignation from the Federal Reserve board to President Donald Trump on Monday, announcing...
Janet Yellen submitted her resignation from the Federal Reserve board to President Donald Trump on Monday, announcing that she will leave when her successor is sworn in as Fed chairman.
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The Fair Workweek bill is approved by City Council
The Fair Workweek bill is approved by City Council
Philly is following the example of New York City, Seattle, San Francisco, Washington D.C. and the state of Oregon, all...
Philly is following the example of New York City, Seattle, San Francisco, Washington D.C. and the state of Oregon, all of which have been lobbied by the "Fair Workweek Initiative," a program of the left wing non-profit Center for Popular Democracy, which has been funded by several large groups including the Ford Foundation and George Soros' Open Society Foundation.
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Ana María Archila: Low Wage Workers are Paving the Way to Democracy
GRITtv - February 18, 2014, by Laura Flanders - Bill de Blasio campaigned on ushering in a new era in New York City...
GRITtv - February 18, 2014, by Laura Flanders - Bill de Blasio campaigned on ushering in a new era in New York City and actively pursued low-wage voters. Now that he is Mayor, what can the people who elected him do to influence what happens next? It is a question grassroots groups grapple with around the country. On GRITtv this week, Ana María Archila shares a few ideas. Archila was a founder of one of the most effective community groups in New York; now she's heading up a regional initiative that seeks to build popular democracy, not only at the ballot box, but in between elections.
From the school to prison pipeline and stop and frisk to immigration reform and workplace safety regulations, New Yorkers are eager to seize the moment for political change, says Archila. For evidence, consider the crowds that gathered at the Talking Transition Tent which was set up in downtown, immediately following last fall's elections.
Mayor Bill de Blasio seems to be listening. Less than two months into his term he has expanded paid sick leave for hundreds of workers around the city, one of the central demands of low wage workers. But how do people ensure that this momentum continues?
"He is only listening because low wage workers are extremely organized," Co-Executive Director for the Center for Popular Democracy Ana María Archila tells GRITtv. "New Yorkers are demanding more."
In addition to paid sick leave, organizers with Make the Road New York (the community organization that Archila describes as her "organizing home") are campaigning for a raise in the minimum wage and increased work place safety regulations. Organizing locally and creating small scale initiatives, like worker or consumer co-ops, can help engage people and address some immediate needs, but ultimately, low wage Americans need to build political power.
"The biggest co-operative we have is our own government and we need to make sure that it works for us," she says.
For more on ushering in a new progressive era, watch our interview with Joo-Hyun Kang on ending the Stop and Frisk regime.
Source
New York City Schools' Discriminatory and Damaging School-to-Prison Pipeline
New York City Schools' Discriminatory and Damaging School-to-Prison Pipeline
New York City schools feed young black and Latino youth into a school-to-prison pipeline by leveling criminal...
New York City schools feed young black and Latino youth into a school-to-prison pipeline by leveling criminal punishments on students for small infractions and normal youthful behavior.
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Activists Counter Federal Reserve Gathering With Push Against Interest Rate Hikes
The two-day event, ...
The two-day event, Whose Recovery: A National Convening on Inequality, Race, and the Federal Reserve, is organized by the Fed Up campaign, a coalition of groups led by the nonprofit Center for Popular Democracy. It serves as a counter-conference to the annual Federal Reserve Bank of Kansas City symposium, where Fed officials come together to discuss monetary policy -- and which is currently taking place at the same resort as the Fed Up gathering.
Fed Up’s member organizations brought over 100 primarily low-income grassroots activists from across the country for the gathering. It's a dramatic increase from its inaugural visit to Jackson Hole last year, when the campaign brought a group of 10 activists.
The size of Fed Up’s delegation of activists and presence of prominent economists -- including Nobel laureate Joseph Stiglitz -- attests to the rapid growth of a once-unlikely campaign that began just a year ago. Fed Up has managed to turn the esoteric issue of central bank interest rates into a key element of the progressive agenda -- and a rallying cry for low-income workers.
Rod Adams, a recent college graduate from Minneapolis, said he was attending the convention because he was disappointed in the job market. Despite his college degree, he currently makes $10.10 an hour working at the Mall of America.
“I have seen Wall Street’s recovery and corporate America’s recovery -- where is ours?” Adams demanded, eliciting cheers at a spirited press conference outside the Jackson Lake Lodge on Thursday.
The activists oppose the Federal Reserve increasing interest rates before the economy creates enough jobs to generate substantial wage growth for all workers. They believe that a premature interest rate hike would be especially harmful to workers in communities of color, who continue to suffer higher rates of unemployment than the overall population. Activists say this is partly the result of discrimination in the job market. Fed Up released a report on Thursday that uses original data to show that if there was the same low unemployment rate in every community in America, African-Americans and American Indians would experience the largest income gains.
The delegation plans to present officials attending the exclusive Fed symposium with an online petition opposing an interest rate hike that bears 110,000 signatures. The petition effort was the result of Fed Up's collaboration earlier this month with online progressive heavyweights including CREDO Action, Daily Kos, the Working Families Organization and Demand Progress. Robert Reich, former secretary of labor and an economist at the University of California, Berkeley, gave the petition drive a high-profile boost with a popular video promoting the effort.
A similar petition that Fed Up brought last year had 10,000 signatures.
The Kansas City Federal Reserve Bank, which convenes the annual Jackson Hole symposium for Fed officials, declined to comment on this year's parallel protest conference.
Kansas City Fed President Esther George met with Fed Up activists during last year's symposium.
Janet Yellen, chair of the Federal Reserve Board of Governors, is not attending this year's symposium, precluding even the possibility of an impromptu encounter with protesters.
“Janet Yellen is missing a great opportunity to see what real people look like,” Adams said. “We are not data on a spreadsheet.”
Proponents of a Federal Reserve interest rate hike in the near future argue that the Fed should begin raising rates to prevent excessive price and asset inflation. The Fed has a dual mandate to maintain full employment and stable price inflation.
William Dudley, president of the Federal Reserve Bank of New York, signaled on Wednesday that they would postpone an interest rate hike that Fed officials had previously indicated would occur in September. Dudley said turmoil in China and other emerging market economies that sparked massive swings in the U.S. stock market earlier in the week made a September rate hike “less compelling.”
Josh Bivens, the progressive Economic Policy Institute’s research and policy director, applauded the Fed’s move away from an interest rate hike, but said the reason for the Fed’s decision confirmed the need for more grassroots activism.
“A week ago the case against raising rates for the labor market was clear as day, but all of a sudden when wealthy people lost money in the stock market the tide turned against a rate increase,” Bivens said at Thursday's press conference. “I’m happy rates are less likely to go up because of that, but it is a terrible reason.”
Source: Huffington Post
Which States Have Most to Lose From DACA Elimination
Which States Have Most to Lose From DACA Elimination
Attorney General Jeff Sessions announced Tuesday the end of an Obama-era program that has allowed almost 800,000...
Attorney General Jeff Sessions announced Tuesday the end of an Obama-era program that has allowed almost 800,000 undocumented young people temporary relief from deportation and the ability to work.
“We are people of compassion, and we’re people of law—but there’s nothing compassionate about the failure to enforce immigration law,” Sessions said in a speech that emphasized the argument that the Deferred Action for Childhood Arrivals (DACA) program, which was put in place through executive action in 2012, was an instance of executive overreach. “The nation must set and enforce a limit on how many immigrants we accept each year, and that means all cannot be accepted.”
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Who were the women who confronted Sen. Jeff Flake about Kavanaugh vote in an elevator?
Who were the women who confronted Sen. Jeff Flake about Kavanaugh vote in an elevator?
Two women who said they were survivors of sexual assault angrily confronted Republican Sen. Jeff Flake of Arizona in an...
Two women who said they were survivors of sexual assault angrily confronted Republican Sen. Jeff Flake of Arizona in an elevator Friday morning over his decision to vote yes on Brett Kavanaugh’s nomination to the U.S. Supreme Court.
Read the article and watch the video here.
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