Bernie Sanders

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pages: 177 words: 50,167

The Populist Explosion: How the Great Recession Transformed American and European Politics by John B. Judis

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affirmative action, Affordable Care Act / Obamacare, Albert Einstein, anti-communist, back-to-the-land, Bernie Sanders, Bretton Woods, capital controls, centre right, collapse of Lehman Brothers, deindustrialization, desegregation, Donald Trump, eurozone crisis, financial deregulation, first-past-the-post, full employment, ghettoisation, glass ceiling, hiring and firing, illegal immigration, immigration reform, income inequality, invisible hand, laissez-faire capitalism, means of production, neoliberal agenda, obamacare, Occupy movement, open borders, Plutocrats, plutocrats, Post-materialism, post-materialism, rolodex, Ronald Reagan, Silicon Valley, War on Poverty, We are the 99%, white flight, Winter of Discontent

Chapter One The Logic of American Populism: From the People’s Party to George Wallace Chapter Two Neoliberalism and Its Enemies: Perot, Buchanan, the Tea Party, and Occupy Wall Street Chapter Three The Silent Majority and the Political Revolution: Donald Trump and Bernie Sanders Chapter Four The Rise of European Populism Chapter Five The Limits of Leftwing Populism: Syriza and Podemos Chapter Six Rightwing Populism on the March in Northern Europe Conclusion The Past and Future of Populism Acknowledgments Further Reading Notes What Is Populism, and Why Is It Important? Populist parties and candidates are on the move in the United States and Europe. Donald Trump has won the Republican nomination; Bernie Sanders came in a very strong second to Hillary Clinton for the Democratic nomination. And these candidacies came on the heels of the Tea Party and Occupy Wall Street movements.

Micah White, the American senior editor of Adbusters who helped inspire the movement, called it a “constructive failure.” In the 2012 election, Obama borrowed from Occupy Wall Street’s rhetoric to pillory Republican Mitt Romney. And Occupy’s radicalism would recur in more organized form—when a Vermont senator would decide to run for president in 2016. The Silent Majority and the Political Revolution: Donald Trump and Bernie Sanders In an interview with the Washington Post in July 2015, former Maryland Governor Martin O’Malley dismissed Bernie Sanders as a “protest candidate.” “I’m not running for protest candidate, I’m running for President of the United States,” O’Malley declared. But after receiving 0.57 percent of the vote in the Iowa Caucus on February 2, O’Malley dropped out, while Sanders, who tied Clinton in Iowa, moved on to New Hampshire, where he won the primary easily and established himself as a viable contender for the nomination.

But his support is also proportional to age, and annual income rises with age, so the fact that Trump’s supporters have a slightly above average income probably reflects their age rather than their social class. 77“that are angry”: http://www.bloomberg.com/features/2016-reince-priebus/. On Sanders’s life story, see John B. Judis, “The Bern Supremacy,” National Journal, November 19, 2015; Harry Jaffe, Why Bernie Sanders Matters, Regan Arts, 2015; Tim Murphy, “How Bernie Sanders Learned to Be a Real Politician,” Mother Jones, May 26, 2015; and Simon van Zuylen-Wood, “I’m Right and Everybody Else Is Wrong,” National Journal, June 2014. 79“nobody in the audience fainted”: Sanders, “Fragments of a Campaign Diary,” Seven Days, December 1, 1972. 79“Why Socialism”: Albert Einstein, “Why Socialism,” Monthly Review, May 1949. 79“I don’t have the power to nationalize the banks”: Baltimore Sun, December 23, 1981. 79“I’m a democratic socialist”: Sanders with Huck Gutman, Outsider in the House, Verso, 1997, p. 29. 80higher standard of living: Michael Powell, “Exceedingly Social, but Doesn’t Like Parties,” Washington Post, November 5, 2006. 80“two percent of the people”: Saint Albans Daily Messenger, December 23, 1971. 81“buy the United States Congress”: “The Rachel Maddow Show,” MSNBC, April 15, 2015. 81“What Bernie Sanders Doesn’t Understand About American Politics:” Jonathan Chait, “What Bernie Sanders Doesn’t Understand About American Politics,” New York, January 27, 2016. 81“facile calls for revolution:” “It Was Better to Bern Out,” The New York Times, June 10, 2016. 82“eat out the heart of the republic”: George E.

 

pages: 184 words: 53,625

Future Perfect: The Case for Progress in a Networked Age by Steven Johnson

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airport security, algorithmic trading, banking crisis, barriers to entry, Bernie Sanders, call centre, Captain Sullenberger Hudson, Cass Sunstein, cognitive dissonance, credit crunch, crowdsourcing, dark matter, Dava Sobel, David Brooks, future of journalism, hive mind, Howard Rheingold, HyperCard, Jane Jacobs, John Gruber, John Harrison: Longitude, Kevin Kelly, Kickstarter, lone genius, Mark Zuckerberg, meta analysis, meta-analysis, Naomi Klein, Nate Silver, Occupy movement, packet switching, Peter Thiel, planetary scale, pre–internet, RAND corporation, risk tolerance, shareholder value, Silicon Valley, Silicon Valley startup, social graph, Steve Jobs, Steven Pinker, Stewart Brand, The Death and Life of Great American Cities, Tim Cook: Apple, urban planning, WikiLeaks, working poor, X Prize

But the vast majority of the important decisions and incentives were not dependent on hierarchical state control or market forces. The prize-backed challenges of the eighteenth century were tremendous engines of progress, but those engines were not powered by kings or captains of industry. They were fueled, instead, by peer networks. — The premiums of the RSA are experiencing a remarkable revival in the digital age. In May 2011, Senator Bernie Sanders of Vermont introduced two bills in the Senate: for the Medical Innovation Prize Fund Act and for the Prize Fund for HIV/AIDS Act. Like the Longitude Prize, the bills proposed by Sanders target a specific problem with vast economic and personal implications, namely, the cost of creating breakthrough pharmaceutical drugs. The problem is an old and vexing one: because new drugs are staggeringly expensive to develop, we have decided as a society to grant Big Pharma patents on those drugs that allow them to sell their innovations without “generic” competition for a period of roughly ten years.

The bills also carve out additional prize money for intermediary tools and practices that widen the diversity and density of the research network. Each year, billions of dollars would be available to institutions that release their findings into the public domain, or at least grant royalty-free open access to their patented material. The Sanders bills set incentives that reward not just finished products but also the processes that lead to breakthrough ideas. They make open collaboration pay. — Bernie Sanders’s colleagues in the Senate may not be ready to grasp the creative value of prize-backed challenges, but RSA-style premiums are proliferating throughout the government, on both the federal and the local level. Software-based competitions—such as Apps for America or New York City’s BigApps competition—reward programmers and information architects who create useful applications that share or explain the vast trove of government data.

In effect, the prize-backed challenge approach greatly increased the productivity of the taxpayer dollars spent: by promoting change in school districts that ultimately didn’t receive a dime of new funding, and through the free publicity generated by the competition itself. The $5 billion was slightly more than 1 percent of the overall education budget, yet Race to the Top has generated far more attention than any other Obama education initiative to date. Like Bernie Sanders’s medical-innovation bills, Race to the Top was an attempt to create market-style rewards and competition in an environment that was far removed from the traditional selection pressures of capitalism. While the federal government served as the ultimate judge of the competition (effectively playing the role of the consumer in a traditional marketplace), both the problems and the proposed solutions emerged from the wider network of state and local school systems.

 

pages: 268 words: 76,709

Tomatoland: How Modern Industrial Agriculture Destroyed Our Most Alluring Fruit by Barry Estabrook

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Bernie Sanders, biofilm, collective bargaining, Columbian Exchange, McMansion, medical malpractice, urban sprawl, women in the workforce

It took more than two weeks for authorities to determine that he was at a hospital in Tampa being treated for third-degree burns to his back, chest, and arms. In most other communities, a disaster of that magnitude would have sparked demands for immediate improvements in zoning laws. But it changed absolutely nothing in Immokalee, where one-quarter of the residences are substandard, according to county housing officials. After touring Immokalee in 2008, Senator Bernie Sanders (I-VT) described the housing conditions there as “deplorable” and said that the shacks and trailers would never have passed a safety inspection in Burlington, the small Vermont city where he had once been mayor. To give them credit, community leaders who want to improve housing in Immokalee find themselves in a catch-22. Field workers need places to live. The sort of aggressive enforcement of building codes needed to bring the housing in Immokalee up to standard would dump hundreds of workers on the streets.

In 2007 and 2008, a writer who went by the Internet pseudonym surfxaholic36 frequently attached ungrammatical but scathing comments to articles, blog postings, and YouTube videos mentioning the Coalition of Immokalee Workers. A typical one read, “The CIW is an attack organization lining the leaders pockets… They make up issues and collect money from dupes that believe their story To bad the people protesting don’t have a clue regarding the facts. A bunch of fools!” In a reply to a story in the Naples News that covered a visit to Immokalee by Senator Bernie Sanders (I-VT), surfxaholic36 wrote: “The CIW is an attack organization and will drive business out of Immokalee while they line their own pockets. They make money through donations by attacking large companies and have attacked Yum, McDonald’s and now Burger King to get money for there own organization. They are the lowest form of life exploiting the poor workers to line there own pockets. I will buy all the Whoppers I can, good going Burger King for uncovering these blood suckers.”

“You can imagine yourself trying to make an honest presentation of how we saw the issues, when the rest of the table knew for sure that I was the devil incarnate, including the senators, all Democrats. There was not a friend in that hearing room. It was no good to be falsely accused and so defamed as an industry for something that we weren’t doing. But Senate hearings are an art—almost like bull baiting.” Senator Bernie Sanders (I-VT) presided over the hearing. Senators Edward Kennedy (D-MA), Richard Durbin (D-IL), and Sherrod Brown (D-OH) were also present. All of them had reputations for being vehemently prolabor. In their opening statements, the senators focused on wages, honing in on two claims that the Tomato Exchange had made. The first, which appeared on its Web site and was later repeated by Reggie Brown at the hearing, was that the wages paid to tomato pickers averaged over twelve dollars an hour.

 

pages: 332 words: 89,668

Two Nations, Indivisible: A History of Inequality in America: A History of Inequality in America by Jamie Bronstein

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Affordable Care Act / Obamacare, back-to-the-land, barriers to entry, Bernie Sanders, big-box store, blue-collar work, Branko Milanovic, British Empire, Capital in the Twenty-First Century by Thomas Piketty, clean water, cognitive dissonance, collateralized debt obligation, collective bargaining, Community Supported Agriculture, corporate personhood, crony capitalism, deindustrialization, desegregation, Donald Trump, ending welfare as we know it, Frederick Winslow Taylor, full employment, Gini coefficient, income inequality, interchangeable parts, invisible hand, job automation, John Maynard Keynes: technological unemployment, labor-force participation, land reform, land tenure, low skilled workers, low-wage service sector, minimum wage unemployment, moral hazard, mortgage debt, New Urbanism, non-tariff barriers, obamacare, occupational segregation, Occupy movement, oil shock, Plutocrats, plutocrats, price discrimination, race to the bottom, rent control, road to serfdom, Ronald Reagan, Scientific racism, Simon Kuznets, single-payer health, strikebreaker, too big to fail, trade route, transcontinental railway, Triangle Shirtwaist Factory, trickle-down economics, universal basic income, Upton Sinclair, upwardly mobile, urban renewal, wage slave, War on Poverty, women in the workforce, working poor, Works Progress Administration

Thomas Piketty, Capital in the Twenty-First Century (Cambridge, MA: Harvard University Press, 2014); Laura Bear, “Capital and Time: Uncertainty and Qualitative Measures of Inequality,” British Journal of Sociology vol. 65 no. 4 (2014): 639–649; Steve Fraser, The Age of Acquiescence: The Life and Death of American Resistance to Organized Wealth and Power (New York: Little, Brown and Co., 2015). 12. Jim Tankersley, “The Thing Bernie Sanders Says about Inequality that No Other Candidate Will Touch,” Washington Post, July 13, 2015, available online at http://www.washingtonpost.com/blogs/wonkblog/wp/2015/07/13/what-bernie-sanders-is-willing-to-sacrifice-for-a-more-equal-society/, accessed July 17, 2015. 13. Leslie McCall, The Undeserving Rich: American Beliefs about Inequality, Opportunity and Redistribution (Cambridge, MA: Cambridge University Press, 2013), 48. 14. Huston, Securing the Fruits of Labor, xi–xxiv, 383. 15.

Historian Steven Fraser’s Age of Acquiescence (2015) compared the modern American public unfavorably with Americans in the late nineteenth and early twentieth centuries, who were not afraid to call out class warfare against the working poor when they saw it.11 Former Secretary of Labor Robert Reich’s documentary Inequality for All (2013) reached a wide audience, with an accessible message: the prosperity of the United States hinges on the middle class having an income to spend. After all, a multimillionaire can only drive one car at a time, wear one change of clothing at a time, sleep on one or two pillows at a time. Democratic presidential hopeful Bernie Sanders made economic inequality one of the cornerstones of his unexpectedly popular campaign: “Unchecked growth—especially when 99 percent of all new income goes to the top 1 percent—is absurd … Where we’ve got to move is not growth for the sake of growth, but we’ve got to move to a society that provides a high quality of life for our people.” Sanders mentioned free college tuition and single-payer health care as important initiatives in this regard.12 At the same time that Americans seem to be grasping for answers to the problem of inequality, the history of American beliefs about, and policies toward, inequality remains understudied.13 In one of the few exceptions to this rule, Securing the Fruits of Labor (1998), James L.

Others issued a vague call for tax restructuring, or job growth through the formation of local cooperative movements using environmentally sustainable practices.41 English professor and Occupy participant Stephen Collis advocated expansion of public transit and free education and health care.42 Some form of reviving collective bargaining, although perhaps not through a traditional union movement, was also suggested.43 A slow movement overly focused on democratic process at the best of times, Occupy was open to being portrayed by the press as increasingly dirty, dangerous, unfocused, or even Marxist and laughable.44 The Occupiers were so enamored of direct democracy that they celebrated divisions within the movement rather than making progress toward some common goal.45 Nonetheless, the Occupy movement brought sustained public attention to the issue of inequality and the degree to which American politics had been captured by the wealthiest 1 percent. Awareness of the issue among young people arguably fueled Vermont Senator Bernie Sanders’s popularity during the 2016 Democratic presidential primary. DISSATISFACTION WITH THE STATUS QUO: THE TEA PARTY A right-wing protest movement emerged a year before the Occupy movement. It was, in its own way, also a protest movement against inequality, but it defined the major issues differently. In 2009, Consumer News and Business Channel commentator Rick Santelli called for a “Tea Party” to resist the Obama administration’s continuation of the Bush administration bank bailout.

 

pages: 300 words: 78,475

Third World America: How Our Politicians Are Abandoning the Middle Class and Betraying the American Dream by Arianna Huffington

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American Society of Civil Engineers: Report Card, Bernie Madoff, Bernie Sanders, call centre, carried interest, citizen journalism, clean water, collateralized debt obligation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, extreme commuting, Exxon Valdez, full employment, greed is good, housing crisis, immigration reform, invisible hand, knowledge economy, laissez-faire capitalism, late fees, market bubble, market fundamentalism, Martin Wolf, medical bankruptcy, microcredit, new economy, New Journalism, offshore financial centre, Ponzi scheme, Report Card for America’s Infrastructure, Richard Florida, Ronald Reagan, Rosa Parks, single-payer health, smart grid, The Wealth of Nations by Adam Smith, too big to fail, transcontinental railway, trickle-down economics, winner-take-all economy, working poor, Works Progress Administration

Partisanship pop quiz time.75 See if you can identify the bleeding-heart liberal who said this: “Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children.” Noam Chomsky? Michael Moore? Bernie Sanders? No, it was that unrepentant lefty five-star general Dwight Eisenhower, in 1953, just a few months after taking office—a time when the economy was booming and unemployment was at 2.7 percent.76 Yet today, while America’s economy sputters down the road to recovery and the middle class struggles to make ends meet—with more than twenty-six million people unemployed or underemployed and record numbers of homes being lost to foreclosure—the “guns versus butter” argument isn’t even part of the national debate.77 Of course, today, the argument might be more accurately framed as “ICBM nukes, predator drones, and missile-defense shields versus jobs, affordable college, decent schools, foreclosure prevention, and fixing the gaping holes in our social safety net.”

However soul sapping it may be, you have to read all the stuff that comes from your credit card company—including the small print about service fees on top of late fees on top of “inactivity” fees. If you can, set up automatic bill pay so you don’t miss a payment. Because fees account for 39 percent of credit card issuers’ revenue, the banks will keep dreaming up new ways to trick us that are not covered, or even contemplated, by existing laws.65 And the new law doesn’t prevent banks from gouging their credit card customers with sky-high interest rates.66 Senator Bernie Sanders, whose attempts at capping credit card interest rates have been voted down by his colleagues, says, “When banks are charging thirty percent interest rates, they are not making credit available.67 They are engaged in loan sharking”—also known as usury. Throughout history, usury has been decried by writers, philosophers, and religious leaders. Aristotle called usury the “sordid love of gain” and a “sordid trade.”68 Thomas Aquinas said it was “contrary to justice.”69 In The Divine Comedy, Dante assigned usurers to the seventh circle of hell.70 Deuteronomy 23:19 says, “Thou shalt not lend upon usury to thy brother.”

Eisenhower Presidential Library, Abilene, Kansas, 8 May 2010, www.defense.gov. 54 Cramdown legislation, facing intense opposition: Arthur Delaney, “Durbin Considers Cramdown-Related Amendment as Part of Wall Street Reform,” 17 May 2010, www.huffingtonpost.com. 55 Some, including Bank of America and Citigroup: Shahien Nasiripour, “Bank of America Now Supports Cramdown, Giving Judges Authority to Modify Home Mortgages,” 13 Apr. 2010, www.huffingtonpost.com. 56 We should also make it mandatory that homeowners and lenders: Arlen Specter, “Nation’s Economic Repairs Must Include Homeowners,” 24 Oct. 2008, www.philly.com/inquirer. 57 Currently, many homeowners don’t even talk: Margo Irvin, “Homeowners Seeking ‘Making Home Afforable’ Loan Modifications Frustrated by Inefficiency,” 22 Jun. 2009, www.huffingtonpost.com. 58 “I’ve been to the City Hall courtroom where the mediation …”: Bob Casey, in conversation with the author, 16 Feb. 2009. 59 Judge Annette Rizzo, who has been working hard: Dan Geringer, “The Miracle of Courtroom 676: Saving Lives, One Address at a Time,” 28 Jan. 2009, www.philly.com/dailynews. 60 The foreclosure prevention program has worked: Ibid. 61 Until we do, we’ll need to rely on officials: Michael Powell, “A ‘Little Judge’ Who Rejects Foreclosures, Brooklyn Style,” 30 Aug. 2009, www.nytimes.com. 62 For example, the new law still allows promotional teaser: Max Alexander, “Credit Card Tricks and Traps,” Mar. 2010, www.readersdigest.com. 63 As Elizabeth Warren sees it: “That’s exactly …”: “Elizabeth Warren on Credit Card ‘Tricks and Traps,’ ” NOW, 2 Jan. 2009, www.pbs.org. 64 According to the new law, the credit card issuer: Max Alexander, “Credit Card Tricks and Traps,” Mar. 2010, www.readersdigest.com. 65 Because fees account for 39 percent: Ibid. 66 And the new law doesn’t prevent: Ibid. 67 Senator Bernie Sanders, whose attempts at capping: Jeff Plungis, “Senate Nears Completing Credit Card Bill, Blocks 15% Rate Cap,” 14 May 2009, www.bloomberg.com. 68 Aristotle called usury the “sordid love of gain”: Aristotle, Nicomachean Ethics (Minneapolis: Filiquarian, 2007), 87. 69 Thomas Aquinas said it was “contrary to justice”: St. Thomas Aquinas, Summa Theologica, trans. by Fathers of the English Dominican Province (London: R.

 

pages: 503 words: 131,064

Liars and Outliers: How Security Holds Society Together by Bruce Schneier

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airport security, barriers to entry, Berlin Wall, Bernie Madoff, Bernie Sanders, Brian Krebs, Broken windows theory, carried interest, Cass Sunstein, Chelsea Manning, corporate governance, crack epidemic, credit crunch, crowdsourcing, cuban missile crisis, Daniel Kahneman / Amos Tversky, David Graeber, desegregation, don't be evil, Double Irish / Dutch Sandwich, Douglas Hofstadter, experimental economics, Fall of the Berlin Wall, financial deregulation, George Akerlof, hydraulic fracturing, impulse control, income inequality, invention of agriculture, invention of gunpowder, iterative process, Jean Tirole, John Nash: game theory, joint-stock company, Julian Assange, meta analysis, meta-analysis, microcredit, moral hazard, mutually assured destruction, Nate Silver, Network effects, Nick Leeson, offshore financial centre, patent troll, phenotype, pre–internet, principal–agent problem, prisoner's dilemma, profit maximization, profit motive, race to the bottom, Ralph Waldo Emerson, RAND corporation, rent-seeking, RFID, Richard Thaler, risk tolerance, Ronald Coase, security theater, shareholder value, slashdot, statistical model, Steven Pinker, Stuxnet, technological singularity, The Market for Lemons, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, The Wisdom of Crowds, theory of mind, too big to fail, traffic fines, transaction costs, ultimatum game, UNCLOS, union organizing, Vernor Vinge, WikiLeaks, World Values Survey, Y2K

When Republican Senator Frank Murkowski became governor of Alaska, he appointed his daughter as his Senate replacement. Republican Representative Richard Pombo might be the worst recent offender in the country; he used his office to funnel money to all sorts of family and friends. Not to pick only on Republicans, Democratic Representative Eddie Bernice Johnson awarded thousands of dollars in college scholarships to four of her relatives and two of her top aide's children.Even Bernie Sanders has paid family from campaign donations, and he's a socialist. It's not all big government, either. One study of Detroit libraries found that one in six staffers had a relative who also worked in the library system. And Rupert Murdoch's News Corp was sued in 2011 by shareholders for nepotism when it bought his daughter's company. (11) Many states have policies about this. Chapter 12 (1) One.Tel in Australia was an example of this.

The second is to decrease the cost of building a hierarchical organization of organizations. Technology aids in both of those: travel technology to allow people to move around, communications technology to allow better coordination and cooperation, and information technology to allow information to move around the organization. The fact that all of these technologies have vastly improved in the past few decades is why organizations are growing in size. (17) Senator Bernie Sanders actually had a reasonable point when he said that any company that is too big to fail is also too big to exist. (18) The people who use sites like Google and Facebook are not those companies’ customers. They are the products that those companies sell to their customers. In general: if you're not paying for it, then you're the product. Sometimes you're the product even if you are paying for it.

Senator Frank Murkowski Jonathan Turley (13 Jan 2003), “Public Payroll: A Family Affair,” Los Angeles Times. Representative Richard Pombo League of Conservation Voters (2005), “Rep. Richard Pombo's Family & Friends Network.” Representative Eddie Bernice Johnson Todd J. Gillman and Christy Hoppe (28 Aug 2010), “Rep. Eddie Bernice Johnson Violated Rules, Steered Scholarships to Relatives,” Dallas Morning News. Even Bernie Sanders Vermont Guardian (21 Apr 2005), “Nepotism Crosses Party Lines,” Vermont Guardian. one in six staffers Christine MacDonald (6 May 2011), “Nepotism Rampant at Detroit Libraries: 1 in 6 Staffers Have Relatives Who Work in Strapped Department,” The Detroit News. Rupert Murdoch's News Corp Mark Sweney (17 Mar 2011), “Rupert Murdoch's News Corp Sued Over ‘Nepotism’ in Buying His Daughter's Firm: Investors Allege Group Is Overpaying in $675m Deal to Acquire Elisabeth Murdoch's TV Production Business Shine,” The Guardian.

 

pages: 212 words: 49,544

WikiLeaks and the Age of Transparency by Micah L. Sifry

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1960s counterculture, Amazon Web Services, banking crisis, barriers to entry, Bernie Sanders, Buckminster Fuller, Chelsea Manning, citizen journalism, Climategate, crowdsourcing, Google Earth, Howard Rheingold, Internet Archive, Jacob Appelbaum, Julian Assange, Network effects, RAND corporation, school vouchers, Skype, social web, Stewart Brand, web application, WikiLeaks

“It is common for staffers to get more and better information from blogs, and for hearings to be driven by the conversation online, than from the Congressional liaison group at the Fed.”19 Ultimately activists ranging from followers of libertarian Ron Paul on the right to supporters of Grayson and Senator Bernie Sanders on the left also succeeded in 2010 in forcing Congress to adopt a new law requiring the Federal Reserve to detail all the recipients of bailout funding during the banking crisis. 82 MICAH L. SIFRY That last victory was substantial. The Wall Street Journal editorial page praised the results of the Federal Reserve’s new transparency, writing: Lender of last resort indeed. The Federal Reserve pulled back the curtain yesterday on its emergency lending during the financial panic of 2008 and 2009, and the game to play at home with the kids is: who didn’t get a bailout? If you can find a big financial player who declined the Fed’s cash, you’re doing better than we did yesterday afternoon. The documents aren’t another WikiLeaks dump but are due to Vermont Senator Bernie Sanders, who insisted that the Dodd-Frank financial bill require more transparency about how the Fed allocated capital during the panic.

 

pages: 554 words: 167,247

Money, Politics, Back-Room Deals, and the Fight to Fix Our Broken Healthcare System by Steven Brill

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Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, business process, call centre, collapse of Lehman Brothers, collective bargaining, crony capitalism, desegregation, Donald Trump, Edward Snowden, employer provided health coverage, medical malpractice, Menlo Park, Nate Silver, obamacare, Potemkin village, Ronald Reagan, Saturday Night Live, side project, Silicon Valley, the payments system, young professional

Although both were Senate Democrats, they each chaired committees that shared—and often fought over—turf when healthcare was on the agenda. So their willingness to work together was, in itself, seen by Capitol Hill insiders as a sign that the issue was gathering momentum. Kennedy’s Committee on Health, Education, Labor, and Pensions—called HELP—was stocked with some of the Senate’s leading liberals, including Iowa’s Tom Harkin, and Bernie Sanders, the Brooklyn-born Vermont senator who called himself an independent but caucused with the Democrats. The Finance Committee, on the other hand, had more moderate Democrats, such as Baucus and North Dakota’s Kent Conrad. Among the many reasons the Clinton healthcare reform push had died on Capitol Hill in 1993 was that the Finance Committee, then chaired by New York centrist Democrat Pat Moynihan, had stiff-armed Kennedy and his HELP Committee.

The group Kennedy’s staff assembled, mostly HELP Committee staffers and friendly healthcare reform policy advocates, were all Democrats. But they had been directed by Kennedy to come up with a package that could pass a Senate with Republican votes. Democrats had only fifty-five votes in 2008, even assuming the support of their most conservative members, plus the presumed vote of independent Bernie Sanders. Getting something through the Senate would require a sixty-vote margin to survive a filibuster. At the same time, Fowler and her staff—pushed by Baucus in meetings that seemed to happen every other day or so—charted a more public course. As Baucus had instructed, they organized witnesses to testify at Finance Committee hearings in the late spring. Those hearings would be the lead-up to what Baucus envisioned as an unusual show of momentum and consensus: a daylong bipartisan “summit” that Baucus and his senior Republican colleague on the committee, Chuck Grassley of Iowa, would convene in June.

But one issue loomed that might spoil the good cheer: Kennedy had insisted that the Democrats hold open the possibility of trying to pass healthcare reform in the guise of legislation related mainly to taxes and finance. That kind of bill enabled a Senate process called budget reconciliation. Under Senate rules, budget reconciliation bills required only 51 votes, not the 60 needed to override a filibuster. The November 2008 elections had just boosted the Senate Democratic vote tally to 58 (including the independent Bernie Sanders of Vermont). Still, 58 was not 60, and two Senate Democrats, Kennedy and Robert Byrd, were now so ill they soon might not be able to get to the floor for a vote. Reconciliation was not an ideal way around a Republican roadblock because much of the envisioned healthcare reforms might not pass the financial issues–only smell test. But Kennedy and other Democrats considered it an important card to hold.

 

pages: 554 words: 167,247

America's Bitter Pill: Money, Politics, Backroom Deals, and the Fight to Fix Our Broken Healthcare System by Steven Brill

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Affordable Care Act / Obamacare, barriers to entry, Bernie Sanders, business process, call centre, collapse of Lehman Brothers, collective bargaining, crony capitalism, desegregation, Donald Trump, Edward Snowden, employer provided health coverage, medical malpractice, Menlo Park, Nate Silver, obamacare, Potemkin village, Ronald Reagan, Saturday Night Live, side project, Silicon Valley, the payments system, young professional

Although both were Senate Democrats, they each chaired committees that shared—and often fought over—turf when healthcare was on the agenda. So their willingness to work together was, in itself, seen by Capitol Hill insiders as a sign that the issue was gathering momentum. Kennedy’s Committee on Health, Education, Labor, and Pensions—called HELP—was stocked with some of the Senate’s leading liberals, including Iowa’s Tom Harkin, and Bernie Sanders, the Brooklyn-born Vermont senator who called himself an independent but caucused with the Democrats. The Finance Committee, on the other hand, had more moderate Democrats, such as Baucus and North Dakota’s Kent Conrad. Among the many reasons the Clinton healthcare reform push had died on Capitol Hill in 1993 was that the Finance Committee, then chaired by New York centrist Democrat Pat Moynihan, had stiff-armed Kennedy and his HELP Committee.

The group Kennedy’s staff assembled, mostly HELP Committee staffers and friendly healthcare reform policy advocates, were all Democrats. But they had been directed by Kennedy to come up with a package that could pass a Senate with Republican votes. Democrats had only fifty-five votes in 2008, even assuming the support of their most conservative members, plus the presumed vote of independent Bernie Sanders. Getting something through the Senate would require a sixty-vote margin to survive a filibuster. At the same time, Fowler and her staff—pushed by Baucus in meetings that seemed to happen every other day or so—charted a more public course. As Baucus had instructed, they organized witnesses to testify at Finance Committee hearings in the late spring. Those hearings would be the lead-up to what Baucus envisioned as an unusual show of momentum and consensus: a daylong bipartisan “summit” that Baucus and his senior Republican colleague on the committee, Chuck Grassley of Iowa, would convene in June.

But one issue loomed that might spoil the good cheer: Kennedy had insisted that the Democrats hold open the possibility of trying to pass healthcare reform in the guise of legislation related mainly to taxes and finance. That kind of bill enabled a Senate process called budget reconciliation. Under Senate rules, budget reconciliation bills required only 51 votes, not the 60 needed to override a filibuster. The November 2008 elections had just boosted the Senate Democratic vote tally to 58 (including the independent Bernie Sanders of Vermont). Still, 58 was not 60, and two Senate Democrats, Kennedy and Robert Byrd, were now so ill they soon might not be able to get to the floor for a vote. Reconciliation was not an ideal way around a Republican roadblock because much of the envisioned healthcare reforms might not pass the financial issues–only smell test. But Kennedy and other Democrats considered it an important card to hold.

 

pages: 82 words: 21,414

The Myth of Meritocracy: Why Working-Class Kids Still Get Working-Class Jobs (Provocations Series) by James Bloodworth

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Berlin Wall, Bernie Sanders, cognitive dissonance, Downton Abbey, gender pay gap, glass ceiling, income inequality, precariat, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, unpaid internship, upwardly mobile, We are the 99%

The struggles against misogyny and other forms of discrimination have rarely been undertaken with the same vigour unleashed against capitalist bosses. It would be wrong to imply that today this dynamic has been turned on its head. One can still find sexism, racism and homophobia on the left as easily as one can find it in wider society. In an article for Slate about the US Democratic primaries, Michelle Goldberg wrote in late 2015 about a cultural phenomenon of so-called Bernie Bros – male supporters of US presidential candidate Bernie Sanders who ‘seem to believe that their class politics exempt them from taking sexism seriously’.102 The sexual assault allegations that embroiled the British Socialist Workers’ Party in 2013 paints an even grimmer picture of self-proclaimed egalitarians who see no contradiction in using their power as men to belittle and abuse women. In this wretched incident, despite serious allegations of sexual assault being made against a senior party member of the SWP – ‘Comrade Delta’ – the female accusers were discouraged from going to the police on the basis that socialists should have ‘no faith in the bourgeois court system to deliver justice’.103 Again, rudimentary women’s rights had to wait until the victory of the glorious revolution.

 

pages: 489 words: 111,305

How the World Works by Noam Chomsky, Arthur Naiman, David Barsamian

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affirmative action, anti-communist, Ayatollah Khomeini, Berlin Wall, Bernie Sanders, Bretton Woods, British Empire, business climate, capital controls, clean water, corporate governance, deindustrialization, Fall of the Berlin Wall, feminist movement, glass ceiling, Howard Zinn, income inequality, interchangeable parts, Isaac Newton, joint-stock company, labour market flexibility, land reform, Monroe Doctrine, offshore financial centre, Plutocrats, plutocrats, race to the bottom, Ralph Nader, Ronald Reagan, Rosa Parks, single-payer health, strikebreaker, Telecommunications Act of 1996, transfer pricing, union organizing, War on Poverty, working poor

Boards of directors are allowed to work together, and so are banks and investors and corporations in alliances with one another and with powerful states. That’s fine. It’s just the poor who aren’t supposed to cooperate. Corporate welfare In an op-ed in the Boston Globe, Bernie Sanders of Vermont, the only Independent member of Congress, wrote, “If we’re serious about balancing the budget in a fair way, we must slash corporate welfare.” You’ve said you’re very uncomfortable with the term corporate welfare. Why? I like Bernie Sanders, and that was a good column, but I think he starts off on the wrong foot. Why should we balance the budget? Do you know a business—or a household—that doesn’t have any debt? I don’t think we should balance the budget at all. The whole idea is just another weapon against social programs and in favor of the rich—in this case, mostly financial institutions, bondholders and the like.

See also India Bermuda Bernard, Elaine Bernstein, Dennis “bewildered herd,” Bible, intellectuals in biblical prophecies biotechnology birth control bishops’ conferences Bitter Paradise black market in India blacks, US. See racism Blowback BMW B’nai B’rith (Anti-Defamation League) Boeing Bolivia Bolshevik coup Bolshevism Bombay slums. See also India book publishing Bosch Bosnia Boston Boston City Hospital Boston Globe Bernie Sanders op-ed in on East Timor May Day headline in Schanberg op-ed in on semiconductors on Vietnam War Boulder (CO) Boutros-Ghali, Boutros Boyer, Paul Bradley Foundation Brady, Robert brainwashing at home Brazil brutal army of capital flight from “economic miracle” in economy fine, people not favelas films in Nova Igauçu (Rio favela) foreign debt of IMF impact on independent media in Landless Workers’ Movement left journal in loans made to media in military coup in more open-minded than US racism in rich out of control in rural workers in US domination of Workers’ Party breast cancer Bretton Woods system Bridge of Courage Brière, Elaine British East India Company Egypt invaded by in India in Ireland in Israel merchant-warriors opium trafficking by British, continued protectionism British Columbia Brown, Ron Bryant, Adam Buchanan, Pat budget, balancing the federal Buenos Aires “buffer zone,” Bundy, McGeorge bureaucrats, pointy-headed Burma Burnham, Walter Dean Burundi Bush administration attitude toward biotechnology Baker Plan Gulf war during Haiti policies of human rights abuses during Joya Martinez silenced by National Security Policy Review of Panama invasion during pro-Israel bias of protectionist policies reliance on force by unemployment during war on drugs by Bush, George antisemitic remarks by Bosnia and Somalia compared by “Bou-Bou Ghali” mistake Japan visit by “linkage” opposed by “new world order,” OSHA weakened by personality type of Somalia and “what we say goes,” business.

 

pages: 423 words: 118,002

The Boom: How Fracking Ignited the American Energy Revolution and Changed the World by Russell Gold

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accounting loophole / creative accounting, American energy revolution, Bakken shale, Bernie Sanders, Buckminster Fuller, clean water, corporate governance, energy security, energy transition, hydraulic fracturing, margin call, market fundamentalism, Mason jar, North Sea oil, oil shale / tar sands, oil shock, peak oil, Project Plowshare, risk tolerance, Ronald Reagan, shareholder value, Silicon Valley, Upton Sinclair

Those in the club, where membership requires access to billions of dollars of collateral, share snippets of gossip about who is betting prices will rise or fall. But for those outside, information can be tough to come by. This veil of secrecy has fallen only one time, and the snapshot of the investors and traders setting energy prices in the summer of 2008 showed that McClendon and several close associates were among the largest participants. US Senator Bernie Sanders, an independent from Vermont, pulled the curtain back when he released a confidential list of futures market speculators compiled by the US Commodity Futures Trading Commission, a disclosure that sent futures traders into conniptions. The list of who held the natural gas contracts was a who’s who of global capitalism and energy. In descending order, they were BP, Barclays, Morgan Stanley, JPMorgan, and Shell.

For more information about Arnold, see “The Reckoning of Centaurus Billionaire John Arnold,” by Leah McGrath Goodman in the February 1, 2011, edition of Absolute Return. Some of McClendon’s quotes about Chesapeake having four main inputs and the number of leasing transactions come from an interview he gave on January 5, 2012, to my Wall Street Journal colleagues Daniel Gilbert and Ryan Dezember. Senator Bernie Sanders, in August 2011, released a snapshot of participants in natural gas and oil futures markets. The information was made available on his Senate website, www.sanders.senate.gov/newsroom/news/?id=e802998a-8ee2-4808-9649-0d9730b75ea4. (Last accessed August 2013.) I downloaded the data, put it into spreadsheets, and analyzed it to come up with the rankings of largest natural gas market participants.

 

pages: 172 words: 54,066

The End of Loser Liberalism: Making Markets Progressive by Dean Baker

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Asian financial crisis, banking crisis, Bernie Sanders, collateralized debt obligation, collective bargaining, corporate governance, currency manipulation / currency intervention, Doha Development Round, financial innovation, full employment, Home mortgage interest deduction, income inequality, inflation targeting, invisible hand, manufacturing employment, market clearing, market fundamentalism, medical residency, patent troll, pets.com, pirate software, price stability, quantitative easing, regulatory arbitrage, rent-seeking, Robert Shiller, Robert Shiller, Silicon Valley, too big to fail, transaction costs

Opportunities suggest themselves for interesting and unusual coalitions in organizing to take on the Fed. Many grassroots libertarians are wary of the Fed, often because they view it as an instrument of Wall Street banks. Progressives can find allies among libertarians for at least some actions related to the Fed, most importantly measures that increase accountability. In the last session of Congress, Ron Paul, one of its most conservative members, and Alan Grayson and Bernie Sanders, two of its most progressive, introduced bills requiring greater disclosure of the Fed’s lending practices. Despite the opposition of the Democratic leadership, the Paul-Grayson bill won the support of the majority of the House, as most Republicans and about one-third of Democrats signed on as co-sponsors. Despite the strong opposition of the Fed, which predicted disastrous consequences if details of loan information were made public, a version of these bills was eventually attached to the Dodd-Frank financial reform bill and passed into law.

 

Profit Over People: Neoliberalism and Global Order by Noam Chomsky

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Bernie Sanders, Bretton Woods, declining real wages, deindustrialization, full employment, invisible hand, joint-stock company, land reform, manufacturing employment, means of production, Monroe Doctrine, Ronald Reagan, strikebreaker, structural adjustment programs, Telecommunications Act of 1996, The Wealth of Nations by Adam Smith, Thomas Malthus, union organizing, Washington Consensus

A current example is the suit brought by the nursing home chain Beverly Enterprises against Cornell University labor historian Kate Bronfenbrenner, who testified on its practices at a town meeting, at the invitation of members of the Pennsylvania congressional delegation (personal communication; also Steven Greenhouse, New York Times, April 1, 1998; Deidre McFadyen, In These Times, April 5, 1998). For Beverly, the outcome is largely irrelevant, since discovery demands alone severely damage Professor Bronfenbrenner and her university, and may have a chilling effect on other researchers and educational institutions. 14. White House letter, January 20, 1998. I am indebted to congressional staffers, particularly the office of Representative Bernie Sanders. 15. Jane Bussey, “New Rules Could Guide International Investment,” Miami Herald, July 20, 1997; R.C. Longworth, “New Rules for Global Economy,” Chicago Tribune, December 4, 1997. See also Jim Simon, Seattle Times, “Environmentalists Suspicious of Foreign-Investor-Rights Plan,” Seattle Times, November 22, 1997; Lorraine Woellert, “Trade Storm Brews over Corporate Rights,” Washington Times, December 15, 1997.

 

pages: 280 words: 73,420

Crapshoot Investing: How Tech-Savvy Traders and Clueless Regulators Turned the Stock Market Into a Casino by Jim McTague

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algorithmic trading, automated trading system, Bernie Madoff, Bernie Sanders, Bretton Woods, buttonwood tree, credit crunch, Credit Default Swap, financial innovation, Flash crash, High speed trading, housing crisis, index arbitrage, locking in a profit, Long Term Capital Management, margin call, market bubble, market fragmentation, market fundamentalism, naked short selling, pattern recognition, Ponzi scheme, quantitative trading / quantitative finance, Renaissance Technologies, Ronald Reagan, Sergey Aleynikov, short selling, Small Order Execution System, statistical arbitrage, technology bubble, transaction costs, Vanguard fund, Y2K

When Hillary Clinton made a run for her party’s presidential nomination in 2008, Gensler became her chief fundraiser. When she lost, he joined the Obama campaign and later became head of the president-elect’s SEC transition team. President-elect Obama named Gensler CFTC chairman in December 2008. But the appointment was not a slam dunk. A Senate floor vote on the nomination in March 2009 was blocked by Bernie Sanders of Vermont, a socialist who most often votes with the Democrats. Senator Sanders was steamed about Gensler’s opposition to regulation of the collateralized debt securities (CDS) market all those years ago. He stated, “At this moment in our history, we need an independent leader who will help create a new culture in the financial marketplace and move us away from the greed, recklessness, and illegal behavior which has caused so much harm to our economy.”

 

pages: 260 words: 79,471

A Captain's Duty: Somali Pirates, Navy SEALs, and Dangerous Days at Sea by Richard Phillips, Stephan Talty

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Bernie Sanders, friendly fire

The next day, all three networks were taking turns, competing to get her on the air. The phone was ringing constantly. That’s when Lea decided to speak to the press herself. There was a constant flow of people through our house. Letters and postcards from strangers poured into our mailbox. The Boy Scouts came by and cleaned up our yard, without anyone asking them to. Vermont’s two senators, Patrick Leahy and Bernie Sanders, called, along with our local representatives and town officials. Even Ted Kennedy left his number and asked if there was anything he could do. Everyone was extremely supportive, including a couple from the local Somali community who came by to hand-deliver a note saying they were praying for Andrea and our family. By Thursday afternoon, all of the calls and the letters and the constant barrage of news had become overwhelming.

 

pages: 257 words: 64,763

The Great American Stickup: How Reagan Republicans and Clinton Democrats Enriched Wall Street While Mugging Main Street by Robert Scheer

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banking crisis, Bernie Madoff, Bernie Sanders, collateralized debt obligation, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, facts on the ground, financial deregulation, housing crisis, invisible hand, Long Term Capital Management, mortgage debt, new economy, Ponzi scheme, profit motive, Ralph Nader, Ronald Reagan, too big to fail, trickle-down economics

A key example of the enduring influence of one firm would be on display in March 2009, when Obama picked former Goldman partner Gary Gensler for the position as head of the Commodity Futures Trading Commission, the position once held by Brooksley Born, the stalwart consumer watchdog back in the Clinton years who had stood for regulation of the derivatives that would humble the world’s economy. Gensler was confirmed but only after jumping over a hurdle constructed by Bernie Sanders, the senator from Vermont, an independent in spirit as well as party label. Sanders placed Gensler’s nomination on hold. Sounds like a minor issue to get worked up about, but the senator was right. Gensler helped create this financial crisis when he was pushing for deregulation in the Treasury Department back in the Clinton era, when bipartisan cooperation with Wall Street lobbyists was all the rage.

 

The Economic Singularity: Artificial intelligence and the death of capitalism by Calum Chace

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3D printing, additive manufacturing, agricultural Revolution, AI winter, Airbnb, artificial general intelligence, augmented reality, autonomous vehicles, banking crisis, Baxter: Rethink Robotics, Berlin Wall, Bernie Sanders, bitcoin, blockchain, call centre, Chris Urmson, congestion charging, credit crunch, David Ricardo: comparative advantage, Elon Musk, en.wikipedia.org, Erik Brynjolfsson, Flynn Effect, full employment, future of work, gender pay gap, gig economy, Google Glasses, Google X / Alphabet X, income inequality, industrial robot, Internet of things, invention of the telephone, invisible hand, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, knowledge worker, lump of labour, Lyft, Mark Zuckerberg, Martin Wolf, McJob, means of production, Milgram experiment, Narrative Science, natural language processing, new economy, Occupy movement, Oculus Rift, PageRank, pattern recognition, post scarcity, post-industrial society, precariat, prediction markets, QWERTY keyboard, railway mania, RAND corporation, Ray Kurzweil, RFID, Rodney Brooks, Satoshi Nakamoto, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, software is eating the world, speech recognition, Stephen Hawking, Steve Jobs, TaskRabbit, technological singularity, Thomas Malthus, transaction costs, Tyler Cowen: Great Stagnation, Uber for X, universal basic income, Vernor Vinge, working-age population, Y Combinator, young professional

Altman's task is not trivial: he will have to figure out a way to quantify the satisfaction his guinea pigs derive from their UBI, and whether they are doing anything useful with their time.[cccv] Socialism? With all these experiments bubbling up, the concept of UBI has become a favourite media topic, but it is controversial. Many opponents – especially in the US – see it as a form of socialism, and the US has traditionally harboured a visceral dislike of socialism. (The strong performance of Senator Bernie Sanders, a self-proclaimed democratic socialist, in the race to become the Democratic Party's candidate in the 2016 Presidential election is a striking departure from this norm of US politics.) This concern is what seemed to leave Martin Ford somewhat dispirited at the end of his book “The Rise of the Robots”. As we saw in chapter 3, he fears that “guaranteed income is likely to be disparaged as 'socialism'”, and introducing it will be a “staggering challenge”.

 

pages: 662 words: 180,546

Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown by Philip Mirowski

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Andrei Shleifer, asset-backed security, bank run, barriers to entry, Basel III, Berlin Wall, Bernie Madoff, Bernie Sanders, Black Swan, blue-collar work, Bretton Woods, Brownian motion, capital controls, Carmen Reinhart, Cass Sunstein, central bank independence, cognitive dissonance, collapse of Lehman Brothers, collateralized debt obligation, complexity theory, constrained optimization, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, dark matter, David Brooks, David Graeber, debt deflation, deindustrialization, Edward Glaeser, Eugene Fama: efficient market hypothesis, experimental economics, facts on the ground, Fall of the Berlin Wall, financial deregulation, financial innovation, Flash crash, full employment, George Akerlof, Goldman Sachs: Vampire Squid, Hernando de Soto, housing crisis, Hyman Minsky, illegal immigration, income inequality, incomplete markets, invisible hand, Jean Tirole, joint-stock company, Kenneth Rogoff, knowledge economy, l'esprit de l'escalier, labor-force participation, liquidity trap, loose coupling, manufacturing employment, market clearing, market design, market fundamentalism, Martin Wolf, Mont Pelerin Society, moral hazard, mortgage debt, Naomi Klein, Nash equilibrium, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, oil shock, payday loans, Ponzi scheme, precariat, prediction markets, price mechanism, profit motive, quantitative easing, race to the bottom, random walk, rent-seeking, Richard Thaler, road to serfdom, Robert Shiller, Robert Shiller, Ronald Coase, Ronald Reagan, savings glut, school choice, sealed-bid auction, Silicon Valley, South Sea Bubble, Steven Levy, technoutopianism, The Chicago School, The Great Moderation, the map is not the territory, The Myth of the Rational Market, the scientific method, The Wisdom of Crowds, theory of mind, Thomas Kuhn: the structure of scientific revolutions, Thorstein Veblen, Tobin tax, too big to fail, transaction costs, War on Poverty, Washington Consensus, We are the 99%, working poor

Or, alternatively, suppose we consult an eminent proponent of globalization analysis, Saskia Sassen, prognosticating “The End of Financial Capitalism”: “The difference of the current crisis is precisely that financialized capitalism has reached the limits of its own logic.”17 David Harvey more tentatively and cautiously asked whether it was “really” the end of neoliberalism.18 Some members of the faculty at Cambridge and Birkbeck declared, “The collapse of confidence in financial markets and the banking system . . . is currently discrediting the conventional wisdom of neo-liberalism.”19 Various politicians temporarily indulged in the same hyperbole: Prime Minister Kevin Rudd of Australia openly proclaimed the death of neoliberalism, only to succumb to his own untimely political demise at the hands of his own party; Senator Bernie Sanders prognosticated that as Wall Street collapsed, so too would the legacy of Milton Friedman. Yet, unbowed, the University of Chicago solicited $200 million in donations to erect a monument in his honor, and founded a new “Milton Friedman Institute.”20 “Wakes for Neoliberalism” were posted all about the Internet in 2008–9; a short stint on Google will provide all the Finnegan that is needed. More elaborate analyses of the unfolding of the crisis by academics on the left followed suit.

Indeed, as time passes, it begins to appear that Bernanke presides over little more than a cabal of bankers using public funds to keep themselves in power and riches. Simon Johnson has highlighted the role of Jamie Dimon as benefiting tremendously from the forced and subsidized purchase of Bear Stearns by JP Morgan while he was on the Board of the New York Fed, which was orchestrating the deal. Senator Bernie Sanders has released a list of eighteen other Fed directors who received substantial funding from the Fed during the crisis.59 It appears that “saving the economy” was tantamount to flooding their own banks (and pockets) with liquidity. As more details are leaked, it appears Bernanke provides a thin veneer of academic imprimatur to what can only be regarded as a vast morass of insider dealing. Bernanke’s Fed has not suffered from what can only be judged an intellectual imbroglio of epic proportions; this has been one of the most glaring instances of economists getting away with murder.

 

pages: 602 words: 177,874

Thank You for Being Late: An Optimist's Guide to Thriving in the Age of Accelerations by Thomas L. Friedman

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3D printing, additive manufacturing, affirmative action, Airbnb, AltaVista, Amazon Web Services, autonomous vehicles, Ayatollah Khomeini, barriers to entry, Berlin Wall, Bernie Sanders, bitcoin, blockchain, business process, call centre, centre right, Clayton Christensen, clean water, cloud computing, corporate social responsibility, crowdsourcing, David Brooks, demand response, demographic dividend, demographic transition, Deng Xiaoping, Donald Trump, Erik Brynjolfsson, failed state, Fall of the Berlin Wall, Ferguson, Missouri, first square of the chessboard / second half of the chessboard, Flash crash, game design, gig economy, global supply chain, illegal immigration, immigration reform, income inequality, indoor plumbing, Internet of things, invention of the steam engine, inventory management, Jeff Bezos, job automation, John von Neumann, Khan Academy, Kickstarter, knowledge economy, knowledge worker, land tenure, linear programming, low skilled workers, Lyft, Mark Zuckerberg, Maui Hawaii, Menlo Park, Mikhail Gorbachev, mutually assured destruction, pattern recognition, planetary scale, pull request, Ralph Waldo Emerson, ransomware, Ray Kurzweil, Richard Florida, ride hailing / ride sharing, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, shareholder value, sharing economy, Silicon Valley, Skype, smart cities, South China Sea, Steve Jobs, TaskRabbit, Thomas L Friedman, transaction costs, Transnistria, urban decay, urban planning, Watson beat the top human players on Jeopardy!, WikiLeaks, women in the workforce, Y2K, Yogi Berra

In America and Europe, the major political parties have been locked in backward-looking agendas developed in response to the Industrial Revolution, the New Deal, the Cold War, civil rights movements, and the early information technology revolution. Their current coalitions and internal compromises may not be able to deal with the age of accelerations. The crack-up has already begun within the Republican Party, which, among other things, denies even the reality of climate change. But Bernie Sanders’s success in attracting many young Democrats suggests that the Democratic Party will not be immune to fracture, either. The same process is under way in Europe. The United Kingdom’s vote to withdraw from the European Union has opened deep cracks in both the Conservative and Labour Parties, and the rising challenge of immigration from the World of Disorder is stressing other long-established parties everywhere on the continent.

As I noted earlier, after 2007, citizens in America and so many other industrial democracies felt they were being hurtled along into the future so much faster—their workplaces were rapidly changing under their feet, social mores were rapidly changing around their ears, and globalization was throwing so many new people and ideas into their faces—but governance in places such as Washington and Brussels got either bogged down in bureaucracy or gridlocked. So no one was giving people the right diagnosis of what was happening in the world around them, and most established political parties were offering catechisms that were simply not relevant to the age of accelerations. Into this vacuum, this empty room, stepped populists with easy answers—the Democratic presidential hopeful Bernie Sanders promised to make it all right by taking down “the Man,” and Donald Trump promised to make it all right by personally holding back the hurricane of change because he was “the Man.” Neither the center-left nor the center-right in America or Europe had the self-confidence required for the level of radical rethinking and political innovating demanded by the age of accelerations. On May 16, 2016, The New York Times carried a story about a divisive Austrian election, featuring two quotes that spoke for so many voters across the industrialized world.

 

pages: 364 words: 99,613

Servant Economy: Where America's Elite Is Sending the Middle Class by Jeff Faux

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back-to-the-land, Bernie Sanders, Black Swan, Bretton Woods, BRICs, British Empire, call centre, centre right, cognitive dissonance, collateralized debt obligation, collective bargaining, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, currency manipulation / currency intervention, David Brooks, David Ricardo: comparative advantage, falling living standards, financial deregulation, financial innovation, full employment, hiring and firing, Howard Zinn, Hyman Minsky, illegal immigration, indoor plumbing, informal economy, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, lake wobegon effect, Long Term Capital Management, market fundamentalism, Martin Wolf, McMansion, medical malpractice, mortgage debt, Naomi Klein, new economy, oil shock, Plutocrats, plutocrats, price mechanism, price stability, private military company, Ralph Nader, reserve currency, rising living standards, Robert Shiller, Robert Shiller, rolodex, Ronald Reagan, school vouchers, Silicon Valley, single-payer health, South China Sea, statistical model, Steve Jobs, Thomas L Friedman, Thorstein Veblen, too big to fail, trade route, Triangle Shirtwaist Factory, union organizing, upwardly mobile, urban renewal, War on Poverty, We are the 99%, working poor, Yogi Berra, Yom Kippur War

The Republican Party was born in the late 1850s in reaction to the inability of the existing parties to deal with the issues that led to the Civil War. But that was 150 years ago. Since then we have had dozens of attempts to breach the Democrat-Republican political duopoly. From time to time populist, socialist, and, more recently, the Green Party win local elections, and independents, such as Senator Bernie Sanders of Vermont, win election to Congress. Nationwide, some third parties have made a difference in presidential elections. In 1912 Teddy Roosevelt’s Bull Moose Party split the Republican vote and elected Woodrow Wilson. In 1992, Ross Perot drained votes from George H. W. Bush to give the election to Bill Clinton. And in 2000, Ralph Nader took enough votes away from Al Gore to trigger the events that led to the Supreme Court giving the election of George W.

 

pages: 353 words: 91,520

Most Likely to Succeed: Preparing Our Kids for the Innovation Era by Tony Wagner, Ted Dintersmith

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affirmative action, Airbnb, Albert Einstein, Bernie Sanders, Clayton Christensen, David Brooks, en.wikipedia.org, Frederick Winslow Taylor, future of work, immigration reform, income inequality, index card, Jeff Bezos, jimmy wales, Khan Academy, Kickstarter, knowledge economy, knowledge worker, low skilled workers, Lyft, Mark Zuckerberg, means of production, new economy, pattern recognition, Paul Graham, Peter Thiel, Ponzi scheme, pre–internet, school choice, Silicon Valley, Skype, Steven Pinker, TaskRabbit, the scientific method, unpaid internship, Y Combinator

Research & Development The need for radically new and better approaches to assessment and to improved teacher preparation and professional development point to a much larger need in education today. To develop better approaches to accountability and to create laboratory schools for new approaches to learning, teacher training, and assessment, we must have a massive investment in educational R&D. The U.S. federal budget is awash in spending on research and development. In fiscal year 2013, we spent $72 billion on military R&D. With the exception of Bernie Sanders and Rand Paul, you can’t find a politician in our country at the national level who doesn’t assert, “State-of-the art military technology is vital to our long-term national security.” As a side note, our military spending outpaces the second most aggressive nation, China, by a 4.1-to-1 ratio. The United States spends more on its military than the defense-related expenditures of China, Russia, the United Kingdom, Japan, France, Saudi Arabia, India, Germany, Italy, and Brazil combined.8 But can our leaders possibly believe that investing in military R&D is far more important than investing in R&D for educating our youth?

 

Remix: Making Art and Commerce Thrive in the Hybrid Economy by Lawrence Lessig

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Amazon Web Services, Andrew Keen, Benjamin Mako Hill, Berlin Wall, Bernie Sanders, Brewster Kahle, Cass Sunstein, collaborative editing, disintermediation, don't be evil, Erik Brynjolfsson, Internet Archive, invisible hand, Jeff Bezos, jimmy wales, Kevin Kelly, late fees, Netflix Prize, Network effects, new economy, optical character recognition, PageRank, recommendation engine, revision control, Richard Stallman, Ronald Coase, Saturday Night Live, SETI@home, sharing economy, Silicon Valley, Skype, slashdot, Steve Jobs, The Nature of the Firm, thinkpad, transaction costs, VA Linux

It was as if those at the very top simply assumed that the government could do all these things, without ever asking whether that assumption made any sense. 80706 i-xxiv 001-328 r4nk.indd 281 8/12/08 1:56:13 AM 282 REMI X What made this all the more weird was that the very people who were operating upon this vision of regulatory omnipotence were the same people who, in a million other contexts, would have been most skeptical about the government’s ability to do anything. We’re not talking about FDR here. Or even the socialist member of the United States Senate, Bernie Sanders. We’re talking about people who don’t believe the government can run a railroad. But if a government can’t run a railroad, how is it to run a whole society? What possible reason is there to think that we had anything like the capacity necessary to do this? For though many predicted resistance, the presumption behind our government actions was that force could always quell resistance. If the enemy fought back, we’d fight harder.

 

pages: 370 words: 102,823

Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth by Michael Jacobs, Mariana Mazzucato

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3D printing, balance sheet recession, banking crisis, Bernie Sanders, Bretton Woods, business climate, Carmen Reinhart, central bank independence, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, forward guidance, full employment, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, Internet of things, investor state dispute settlement, invisible hand, Isaac Newton, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labour market flexibility, low skilled workers, Martin Wolf, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, paradox of thrift, price stability, private sector deleveraging, quantitative easing, QWERTY keyboard, railway mania, rent-seeking, road to serfdom, savings glut, Second Machine Age, secular stagnation, shareholder value, sharing economy, Silicon Valley, Steve Jobs, the built environment, The Great Moderation, The Spirit Level, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, trickle-down economics, universal basic income, very high income

Her research expertise is in Federal Reserve operations, fiscal policy, social security, international finance and employment. She is best known for her contributions to the literature on Modern Monetary Theory. Her book, The State, The Market and the Euro (Edward Elgar, 2003) predicted the debt crisis in the eurozone. She served as Chief Economist on the US Senate Budget Committee and as an economic advisor to the Bernie Sanders 2016 presidential campaign. She was Founder and Editor-in-Chief of the top-ranked blog ‘New Economic Perspectives’ and a member of the TopWonks network of America's leading policy thinkers. She consults with policy-makers, investment banks and portfolio managers across the globe, and is a regular commentator on national radio and broadcast television. L. Randall Wray is Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute.

 

pages: 391 words: 105,382

Utopia Is Creepy: And Other Provocations by Nicholas Carr

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Air France Flight 447, Airbnb, AltaVista, Amazon Mechanical Turk, augmented reality, autonomous vehicles, Bernie Sanders, book scanning, Brewster Kahle, Buckminster Fuller, Burning Man, Captain Sullenberger Hudson, centralized clearinghouse, cloud computing, cognitive bias, collaborative consumption, computer age, corporate governance, crowdsourcing, Danny Hillis, deskilling, Donald Trump, Elon Musk, factory automation, failed state, feminist movement, Frederick Winslow Taylor, friendly fire, game design, global village, Google bus, Google Glasses, Google X / Alphabet X, Googley, hive mind, impulse control, indoor plumbing, interchangeable parts, Internet Archive, invention of movable type, invention of the steam engine, invisible hand, Isaac Newton, Jeff Bezos, jimmy wales, job automation, Kevin Kelly, low skilled workers, Mark Zuckerberg, Marshall McLuhan, means of production, Menlo Park, mental accounting, natural language processing, Network effects, new economy, Nicholas Carr, oil shale / tar sands, Peter Thiel, Plutocrats, plutocrats, profit motive, Ralph Waldo Emerson, Ray Kurzweil, recommendation engine, Republic of Letters, robot derives from the Czech word robota Czech, meaning slave, Ronald Reagan, self-driving car, SETI@home, side project, Silicon Valley, Silicon Valley ideology, Singularitarianism, Snapchat, social graph, social web, speech recognition, Startup school, stem cell, Stephen Hawking, Steve Jobs, Steven Levy, technoutopianism, the medium is the message, theory of mind, Turing test, Whole Earth Catalog, Y Combinator

But he has nothing on this year’s field of candidates. Back in June, the Hillary Clinton campaign issued its official Spotify playlist, packed with on-message tunes (“Brave,” “Fighters,” “Stronger,” “Believer”). Ted Cruz live-streams his appearances on Periscope. Marco Rubio broadcasts “Snapchat Stories” along the trail. Rand Paul and Lindsey Graham produce goofy YouTube videos. Even grumpy old Bernie Sanders has attracted nearly two million friends on Facebook, leading the New York Times to dub him “a king of social media.” And then there’s Donald Trump. If Sanders is a king, Trump is a god. A natural-born troll, adept at issuing inflammatory bulletins at opportune moments, he’s the first candidate optimized for the Google News algorithm. In a typical tweet, sent out at dawn at the start of a recent campaign week, he described Clinton aide Huma Abedin as “a major security risk” and “the wife of perv sleazebag Anthony Wiener.”

 

pages: 323 words: 90,868

The Wealth of Humans: Work, Power, and Status in the Twenty-First Century by Ryan Avent

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3D printing, Airbnb, American energy revolution, autonomous vehicles, Bakken shale, barriers to entry, Bernie Sanders, BRICs, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer age, dark matter, David Ricardo: comparative advantage, deindustrialization, dematerialisation, Deng Xiaoping, deskilling, Dissolution of the Soviet Union, Donald Trump, Downton Abbey, Edward Glaeser, Erik Brynjolfsson, eurozone crisis, everywhere but in the productivity statistics, falling living standards, first square of the chessboard, first square of the chessboard / second half of the chessboard, Ford paid five dollars a day, Francis Fukuyama: the end of history, future of work, gig economy, global supply chain, global value chain, hydraulic fracturing, income inequality, indoor plumbing, industrial robot, interchangeable parts, Internet of things, inventory management, invisible hand, Jacquard loom, James Watt: steam engine, Jeff Bezos, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph-Marie Jacquard, knowledge economy, low skilled workers, lump of labour, Lyft, manufacturing employment, means of production, new economy, performance metric, pets.com, price mechanism, quantitative easing, Ray Kurzweil, rent-seeking, reshoring, rising living standards, Robert Gordon, Ronald Coase, savings glut, Second Machine Age, secular stagnation, self-driving car, sharing economy, Silicon Valley, single-payer health, software is eating the world, supply-chain management, supply-chain management software, TaskRabbit, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, trade liberalization, transaction costs, Tyler Cowen: Great Stagnation, Uber and Lyft, Uber for X, very high income, working-age population

And, in America, Donald Trump has mounted an insurgent campaign for the Republican nomination for the presidency on a platform of virulent anti-immigrant and anti-Muslim rhetoric. The nationalist right is ascendant around the rich world. So, too, is a more radical left. This new left, however, has not yet enjoyed as much electoral success as the radical right. The hard-left Jeremy Corbyn shook the British establishment by taking control of Britain’s Labour party, but he has not been able to wrest control of the government from the Tories. Bernie Sanders, a long-time socialist senator from Vermont, mounted a surprisingly strong challenge to Hillary Clinton for the Democratic nomination for the presidency, yet ultimately fell short of the mark. Some radical left parties have done somewhat better. The anti-austerity leftists of Greece’s Syriza party, for example, won control of parliament in early 2015 and attempted to win a reprieve from the austerity policies imposed on Greece by its European creditors (who were, in their defence, helping to finance Greece’s unaffordable debts).

 

Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America by Matt Taibbi

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affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Bretton Woods, carried interest, clean water, collateralized debt obligation, collective bargaining, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, David Brooks, desegregation, diversification, diversified portfolio, Donald Trump, financial innovation, Goldman Sachs: Vampire Squid, Gordon Gekko, greed is good, illegal immigration, interest rate swap, laissez-faire capitalism, London Interbank Offered Rate, Long Term Capital Management, margin call, market bubble, medical malpractice, moral hazard, mortgage debt, obamacare, passive investing, Ponzi scheme, prediction markets, quantitative easing, reserve currency, Ronald Reagan, Sergey Aleynikov, short selling, sovereign wealth fund, too big to fail, trickle-down economics, Y2K, Yom Kippur War

“I don’t want the United States to be in a global economy,” she said, “where our economic future is bound to that of Zimbabwe.” The fact that a goofball like Michele Bachmann has a few dumb ideas doesn’t mean much, in the scheme of things. What is meaningful is the fact that this belief in total deregulation and pure capitalism is still the political mainstream not just in the Tea Party, not even just among Republicans, but pretty much everywhere on the American political spectrum to the right of Bernie Sanders. Getting ordinary Americans to emotionally identify in this way with the political wishes of their bankers and credit card lenders and mortgagers is no small feat, but it happens—with a little help. I’m going to say something radical about the Tea Partiers. They’re not all crazy. They’re not even always wrong. What they are, and they don’t realize it, is an anachronism. They’re fighting a 1960s battle in a world run by twenty-first-century crooks.

 

pages: 374 words: 114,600

The Quants by Scott Patterson

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Albert Einstein, asset allocation, automated trading system, Benoit Mandelbrot, Bernie Madoff, Bernie Sanders, Black Swan, Black-Scholes formula, Bonfire of the Vanities, Brownian motion, buttonwood tree, buy low sell high, capital asset pricing model, centralized clearinghouse, Claude Shannon: information theory, cloud computing, collapse of Lehman Brothers, collateralized debt obligation, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, Doomsday Clock, Emanuel Derman, Eugene Fama: efficient market hypothesis, fixed income, Gordon Gekko, greed is good, Haight Ashbury, index fund, invention of the telegraph, invisible hand, Isaac Newton, job automation, John Nash: game theory, law of one price, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, margin call, merger arbitrage, NetJets, new economy, offshore financial centre, Paul Lévy, Ponzi scheme, quantitative hedge fund, quantitative trading / quantitative finance, race to the bottom, random walk, Renaissance Technologies, risk-adjusted returns, Rod Stewart played at Stephen Schwarzman birthday party, Ronald Reagan, Sergey Aleynikov, short selling, South Sea Bubble, speech recognition, statistical arbitrage, The Chicago School, The Great Moderation, The Predators' Ball, too big to fail, transaction costs, value at risk, volatility smile, yield curve, éminence grise

“The growing array of derivatives and the related application of more sophisticated methods for measuring and managing risks had been key factors underlying the remarkable resilience of the banking system, which had recently shrugged off severe shocks to the economy and the financial system.” Now Greenspan was turning his back on the very system he had championed for decades. In congressional testimony in 2000, Vermont representative Bernie Sanders had asked Greenspan, “Aren’t you concerned with such a growing concentration of wealth that if one of these huge institutions fails it will have a horrendous impact on the national and global economy?” Greenspan didn’t bat an eye. “No, I’m not,” he’d replied. “I believe that the general growth in large institutions has occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically—I should say fully—hedged.”

 

pages: 452 words: 134,502

Hacking Politics: How Geeks, Progressives, the Tea Party, Gamers, Anarchists and Suits Teamed Up to Defeat SOPA and Save the Internet by David Moon, Patrick Ruffini, David Segal, Aaron Swartz, Lawrence Lessig, Cory Doctorow, Zoe Lofgren, Jamie Laurie, Ron Paul, Mike Masnick, Kim Dotcom, Tiffiniy Cheng, Alexis Ohanian, Nicole Powers, Josh Levy

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4chan, Affordable Care Act / Obamacare, Airbnb, Bernie Sanders, Burning Man, call centre, Cass Sunstein, collective bargaining, crony capitalism, crowdsourcing, don't be evil, facts on the ground, Firefox, hive mind, immigration reform, informal economy, jimmy wales, Kickstarter, liquidity trap, Mark Zuckerberg, obamacare, Occupy movement, offshore financial centre, Plutocrats, plutocrats, prisoner's dilemma, rent-seeking, Silicon Valley, Skype, technoutopianism, WikiLeaks, Y Combinator

Every Senate Democrat rejected this resolution, which would have invalidated the regulations, and from the outside, you would have concluded that the caucus favored the principles of Internet freedom and rejected corporate profiteering of the World Wide Web. This actually represented an advance; Senate Democrats weren’t always explicitly on board with net neutrality, and to hold the entire caucus, from Bernie Sanders to Ben Nelson and everyone in between, is quite a legislative feat on anything of consequence. But at the exact same time as Senate Democrats voted down net neutrality repeal, many of them were scheming to bring so-called anti-piracy legislation to the floor. The two bills coming up at the same time represents a common, devious tactic: make a big show of solidarity with a community or interest group on one bill, while selling them out on the side.

 

pages: 483 words: 143,123

The Frackers: The Outrageous Inside Story of the New Billionaire Wildcatters by Gregory Zuckerman

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American energy revolution, Asian financial crisis, Bakken shale, Bernie Sanders, Buckminster Fuller, corporate governance, credit crunch, energy security, Exxon Valdez, housing crisis, hydraulic fracturing, LNG terminal, margin call, Maui Hawaii, North Sea oil, oil rush, oil shale / tar sands, oil shock, peak oil, Peter Thiel, reshoring, self-driving car, Silicon Valley, sovereign wealth fund, Steve Jobs, urban decay

“I thought that our employees and most importantly, our investors, needed to see me as a strong leader believing one hundred percent in what our company stood for,” he said.1 Indeed, the caution he expressed to Swanson proved fleeting. Both McClendon and Tom Ward were so bullish that by June each controlled nearly identical wagers on natural gas derivatives worth around $2.3 billion, according to trading data later disclosed by U.S. senator Bernie Sanders of Vermont and later reported by Reuters. Among three hundred banks, hedge funds, energy companies, and other traders identified by the Commodity Futures Trading Commission, only four held bigger gas bets than McClendon and Ward. McClendon held additional contracts on oil worth another $240 million, according to the data.2 McClendon had vowed to rein in the company’s spending, but a buzz was growing about two new plays.

 

pages: 566 words: 163,322

The Rise and Fall of Nations: Forces of Change in the Post-Crisis World by Ruchir Sharma

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3D printing, Asian financial crisis, backtesting, bank run, banking crisis, Berlin Wall, Bernie Sanders, BRICs, business climate, business process, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, centre right, colonial rule, Commodity Super-Cycle, corporate governance, crony capitalism, currency peg, dark matter, debt deflation, deglobalization, deindustrialization, demographic dividend, demographic transition, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Glaeser, Elon Musk, eurozone crisis, failed state, Fall of the Berlin Wall, falling living standards, Francis Fukuyama: the end of history, Freestyle chess, Gini coefficient, hiring and firing, income inequality, indoor plumbing, industrial robot, inflation targeting, Internet of things, Jeff Bezos, job automation, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labor-force participation, Malacca Straits, Mark Zuckerberg, market bubble, megacity, Mexican peso crisis / tequila crisis, mittelstand, moral hazard, New Economic Geography, North Sea oil, oil rush, oil shale / tar sands, oil shock, pattern recognition, Peter Thiel, pets.com, Plutocrats, plutocrats, Ponzi scheme, price stability, Productivity paradox, purchasing power parity, quantitative easing, Ralph Waldo Emerson, random walk, rent-seeking, reserve currency, Ronald Coase, Ronald Reagan, savings glut, secular stagnation, Shenzhen was a fishing village, Silicon Valley, Silicon Valley startup, Simon Kuznets, smart cities, Snapchat, South China Sea, sovereign wealth fund, special economic zone, spectrum auction, Steve Jobs, The Wisdom of Crowds, Thomas Malthus, total factor productivity, trade liberalization, trade route, tulip mania, Tyler Cowen: Great Stagnation, unorthodox policies, Washington Consensus, WikiLeaks, women in the workforce, working-age population

In other post-crisis environments, the electorate may demand something more like retribution, rather than reform, if they are angry over rising inequality or fearful of foreign threats. That is the mood in many countries now, the United States included. To an extent not seen in many decades, the 2016 U.S. presidential campaign has been dominated by populists, led on the right by the real estate billionaire Donald Trump and on the left by Bernie Sanders, who is calling for a political revolution against the “billionaire class.” The language of class warfare rarely bodes well for an economy, especially if it pushes mainstream candidates to adopt more radical positions. Many of the Republican presidential candidates are vying with Trump to stake out the most hard-line positions on issues such as immigration, which could undermine the advantage the United States enjoys as a magnet for foreign talent.

 

pages: 821 words: 227,742

I Want My MTV by Craig Marks

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Bernie Sanders, crack epidemic, crowdsourcing, haute couture, pre–internet, Ronald Reagan, Saturday Night Live, sensible shoes, Skype, Steve Jobs, Steve Wozniak, Steven Levy, upwardly mobile

TABITHA SOREN: Even though I was twenty-four, it seemed logical to me that I could cover a presidential race. I come from a middle-class background; my dad’s in the military. I went to college to get a job, not to get an education. As a freshman, I was already trying to find a place to work. In New York, I’d covered Ed Koch’s mayoral campaign. When I was in Vermont, I’d covered a gubernatorial race, as well as Bernie Sanders running for the House of Representatives. I had mayoral, gubernatorial, and congressional races under my belt. Dave Sirulnick was interested in having serious news, so I suggested we cover the presidential campaign. He said, “I’d have to have people who are really passionate about doing it.” And I said, “That would be me.” ALISON STEWART: I was sitting in the newsroom and Dave Sirulnick walked through and said, “Alison, you like politics, right?

 

pages: 593 words: 189,857

Stress Test: Reflections on Financial Crises by Timothy F. Geithner

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Affordable Care Act / Obamacare, asset-backed security, Atul Gawande, bank run, banking crisis, Basel III, Bernie Madoff, Bernie Sanders, Buckminster Fuller, Carmen Reinhart, central bank independence, collateralized debt obligation, correlation does not imply causation, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, currency manipulation / currency intervention, David Brooks, Doomsday Book, eurozone crisis, financial innovation, Flash crash, Goldman Sachs: Vampire Squid, housing crisis, Hyman Minsky, illegal immigration, implied volatility, London Interbank Offered Rate, Long Term Capital Management, margin call, market fundamentalism, Martin Wolf, McMansion, Mexican peso crisis / tequila crisis, moral hazard, mortgage debt, Nate Silver, Northern Rock, obamacare, paradox of thrift, pets.com, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, RAND corporation, regulatory arbitrage, reserve currency, Saturday Night Live, savings glut, short selling, sovereign wealth fund, The Great Moderation, The Signal and the Noise by Nate Silver, Tobin tax, too big to fail, working poor

New York Mayor Michael Bloomberg once introduced me at a public event as a Goldman guy; CBS newsman Harry Smith referred several times to my Goldman past during an interview; even Rahm’s wife once told me I must be looking forward to returning to Goldman. Around that time, Senate majority leader Harry Reid—the only politician I knew who could match my clipped brevity on the phone—invited me to attend the regular lunch of the Senate Democratic caucus, our supposed allies on the Hill. But liberal populists dominated the room, and they didn’t display much affection toward me. I remember Senator Bernie Sanders, the lefty firebrand from Vermont, yelling about how the President had only Wall Street people around him. I listed some of the progressive economists on the President’s team, including Christy Romer, Jared Bernstein, Gene Sperling, and Alan Krueger, my chief economist at Treasury. I explained that I had never worked on Wall Street. But the prevailing mood was dismissive. Afterward, I told Pete Rouse, a legendary behind-the-scenes Senate power broker who was now the President’s counselor, how badly the meeting had gone.

 

pages: 924 words: 198,159

Blackwater: The Rise of the World's Most Powerful Mercenary Army by Jeremy Scahill

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air freight, anti-communist, Berlin Wall, Bernie Sanders, business climate, business intelligence, centralized clearinghouse, collective bargaining, Columbine, facts on the ground, Fall of the Berlin Wall, Naomi Klein, private military company, Ronald Reagan, school choice, school vouchers, stem cell, urban planning

“Private contracting companies have forfeited their right to represent the United States,” Schakowsky said, asserting that they “put our troops in harm’s way, and resulted in the unnecessary deaths of many innocent Iraqi civilians. They have become a liability instead of an asset.”200 Only a small fraction of the 435 legislators in the House signed on to support her bill and, as of spring 2008, only two senators—Vermont Independent Bernie Sanders and New York’s Hillary Clinton. Because of the Bush administration’s refusal to hold mercenary forces accountable for their crimes in Iraq and the Democrats’ unwillingness to effectively challenge the radically privatized war machine, the only hope the victims of Nisour Square have for justice lies in the lawsuit they filed against Blackwater in Washington, D.C. In some ways, that is the most logical place for such a trial to take place, because the violence unleashed by Blackwater in Iraq is ultimately rooted in the for-profit war machine based in the U.S. capital.

 

pages: 913 words: 299,770

A People's History of the United States by Howard Zinn

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affirmative action, agricultural Revolution, Albert Einstein, anti-communist, Bartolomé de las Casas, Bernie Sanders, British Empire, clean water, colonial rule, death of newspapers, desegregation, equal pay for equal work, feminist movement, friendly fire, full employment, Howard Zinn, illegal immigration, land reform, Mercator projection, Mikhail Gorbachev, minimum wage unemployment, Monroe Doctrine, new economy, New Urbanism, offshore financial centre, Plutocrats, plutocrats, profit motive, Ralph Nader, Ralph Waldo Emerson, RAND corporation, Ronald Reagan, Rosa Parks, Silicon Valley, strikebreaker, Telecommunications Act of 1996, The Wealth of Nations by Adam Smith, transcontinental railway, union organizing, Upton Sinclair, very high income, War on Poverty, Works Progress Administration

Another disabled Vietnam veteran, a professor of history and political science at York College in Pennsylvania named Philip Avillo, wrote in a local newspaper: “Yes, we need to support our men and women under arms. But let’s support them by bringing them home; not by condoning this barbarous, violent policy.” In Salt Lake City, hundreds of demonstrators, many with children, marched through the city’s main streets chanting antiwar slogans. In Vermont, which had just elected Socialist Bernie Sanders to Congress, over 2000 demonstrators disrupted a speech by the governor at the state house, and in Burlington, Vermont’s largest city, 300 protesters walked through the downtown area, asking shop owners to close their doors in solidarity. On January 26, nine days after the beginning of the war, over 150,000 people marched through the streets of Washington, D.C., and listened to speakers denounce the war, including the movie stars Susan Sarandon and Tim Robbins.