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, fixed income, full employment, ghettoisation, glass ceiling, hiring and firing, illegal immigration, immigration reform, income inequality, invisible hand, laissez-faire capitalism, mass immigration, 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: 357 words: 94,852

No Is Not Enough: Resisting Trump’s Shock Politics and Winning the World We Need by Naomi Klein

Airbnb, basic income, battle of ideas, Berlin Wall, Bernie Sanders, Brewster Kahle, Celebration, Florida, clean water, collective bargaining, Corrections Corporation of America, desegregation, Donald Trump, drone strike, Edward Snowden, Elon Musk, energy transition, financial deregulation, greed is good, high net worth, Howard Zinn, illegal immigration, income inequality, Internet Archive, late capitalism, Mark Zuckerberg, market bubble, market fundamentalism, mass incarceration, Mikhail Gorbachev, moral panic, Naomi Klein, Nate Silver, new economy, Occupy movement, offshore financial centre, oil shale / tar sands, open borders, Peter Thiel, Plutocrats, plutocrats, private military company, profit motive, race to the bottom, Ralph Nader, Ronald Reagan, Saturday Night Live, sexual politics, sharing economy, Silicon Valley, too big to fail, trade liberalization, transatlantic slave trade, transatlantic slave trade, Triangle Shirtwaist Factory, trickle-down economics, Upton Sinclair, urban decay, women in the workforce, working poor

Mexico’s poverty rate has risen since implementation of NAFTA Center for Economic and Policy Research, “Mexico Lagged the Rest of Latin America in the NAFTA Era, Report Finds,” press release, March 29, 2017, http://cepr.net/​press-center/​press-releases/​mexico-lagged-the-rest-of-latin-america-in-the-nafta-era-report-finds. Marine Le Pen: “manufacturing by slaves for selling to the unemployed” “France Election: Far-Right’s Le Pen Rails against Globalisation,” BBC.com, February 5, 2017, http://www.bbc.com/​news/​world-europe-38872335. Bernie Sanders: TPP “part of a global race to the bottom…” “Bernie Sanders on Trade,” Feel the Bern (website), accessed April 12, 2017, from http://feelthebern.org/​bernie-sanders-on-trade/. The Perils of Ceding the Populist Ground Approximately 90 million eligible voting-age Americans stayed home United States Elections Project, “2016 November General Election Turnout Rates,” ElectProject.org, http://www.electproject.org/​2016g. Nonprofit VOTE and the U.S. Elections Project, “America Goes to The Polls 2016: A Report on Voter Turnout in the 2016 Election,” NonprofitVote.org, accessed April 12 2017, http://www.nonprofitvote.org/​documents/​2017/​03/​america-goes-polls-2016.pdf.

National polls showed Sanders had a better chance of beating Trump than Clinton did Real Clear Politics, “Polls: 2016 Presidential Race,” RealClearPolitics.com, undated, http://www.realclearpolitics.com/​epolls/​2016/​president/​2016_presidential_race.html. Whose Revolution? Ta-Nehisi Coates: “The spectacle of a socialist candidate…” Ta-Nehisi Coates, “Why Precisely Is Bernie Sanders against Reparations?” Atlantic, January 19, 2016, https://www.theatlantic.com/​politics/​archive/​2016/​01/​bernie-sanders-reparations/​424602/. Michelle Alexander: “If progressives think they can win…” Michelle Alexander, interview with author. A Toxic Cocktail around the World Clinton campaign: “Love trumps Hate” MJ Lee and Dan Merica, “Clinton’s last campaign speech: ‘Love trumps hate,’ ” CNN.com, November 7, 2016, http://www.cnn.com/​2016/​11/​07/​politics/​hillary-clinton-campaign-final-day/.

And there are also military and surveillance contractors and paid lobbyists who make up a staggering number of Trump’s defense and Homeland Security appointments. We Were on a Roll It can be easy to forget, but before Trump’s election upset, regular people were standing up to battle injustices represented by many of these very industries and political forces, and they were starting to win. Bernie Sanders’s surprisingly powerful presidential campaign, though ultimately unsuccessful, had Wall Street fearing for its bonuses and had won significant changes to the official platform of the Democratic Party. Black Lives Matter and Say Her Name were forcing a national debate about systemic anti-Black racism and militarized policing, and had helped win a phase-out of private prisons and reductions in the number of incarcerated Americans.


pages: 323 words: 95,492

The Rise of the Outsiders: How Mainstream Politics Lost Its Way by Steve Richards

Affordable Care Act / Obamacare, Airbnb, banking crisis, battle of ideas, Bernie Sanders, call centre, centre right, collapse of Lehman Brothers, David Brooks, Donald Trump, Etonian, eurozone crisis, falling living standards, full employment, housing crisis, low skilled workers, manufacturing employment, Martin Wolf, mass immigration, Neil Kinnock, obamacare, Occupy movement, Ronald Reagan, Silicon Valley

Given that the build-up to the election in the US was so similar to the Brexit campaign, the result was always going to be the same, too: victory for those on the outside. Yet each time the pattern is confirmed, we are amazed once again. Trump’s victory was much the biggest contribution to the contours taking shape across large parts of the democratic world, but his triumph is the latest in a line of unorthodox developments. In the US, Bernie Sanders gave Hillary Clinton an unexpected fright from the left, in the battle for the Democrats’ nomination, a shock that stirred her into being a little less cautious. He partially forced her to break free of self-imposed chains, but not in a way that liberated her from a perception that she was part of an elite which had failed to deliver. Clinton’s policy agenda was more radical than many left-of-centre proposed programmes, but few people chose to notice.

They spend all their time telling us what they would do with the levers. Some propose economic policies that are rooted in an analysis framed by the 2008 financial crisis. Respected economists are often part of their entourages. Quite often, in their radical distinctiveness, they bring the cautious mainstream left to a semblance of political life. Hillary Clinton might have lost the US presidential campaign more decisively, if Bernie Sanders had not forced her to become a little more daring. And the UK’s Labour Party risked dying of boredom, before Jeremy Corbyn’s candidacy in 2015 brought a soporific leadership contest to life. In Greece and Spain mainstream left parties were languishing, before movements to the left of them forced a rethink of sorts. While they spark distinctively, the left-wing outsiders have one significant connection with the right-wing alternative: not only do they speak of the levers they will pull to transform the lives of voters, but they imply a power to act unilaterally that does not exist any more.

Although they are not free to be wholly authentic, their calculations are different, as they seek to climb the mountainous hurdles towards the White House. How do I win the party’s nomination? How do I win the presidential election? They are towering questions, but are less bound by the disciplines of holding together a party in non-presidential democracies. In 2016 the US staged its first presidential election campaign that was shaped by outsiders. One of the candidates for the Democrats’ nomination, Bernie Sanders, opened the year with a series of TV interviews in which he outlined a programme that was well to the left of any Democrat candidate since John McGovern in 1972 and, in terms of economic policy, more radical than even McGovern’s progressive proposals. Echoing Corbyn, Tsipras and the Podemos leadership, Sanders’ overwhelming theme was that since the financial crash there had been a huge bailout for Wall Street.


pages: 354 words: 92,470

Grave New World: The End of Globalization, the Return of History by Stephen D. King

9 dash line, Admiral Zheng, air freight, Albert Einstein, Asian financial crisis, bank run, banking crisis, barriers to entry, Berlin Wall, Bernie Sanders, bilateral investment treaty, bitcoin, blockchain, Bonfire of the Vanities, borderless world, Bretton Woods, British Empire, capital controls, Capital in the Twenty-First Century by Thomas Piketty, central bank independence, collateralized debt obligation, colonial rule, corporate governance, credit crunch, currency manipulation / currency intervention, currency peg, David Ricardo: comparative advantage, debt deflation, deindustrialization, Deng Xiaoping, Doha Development Round, Donald Trump, Edward Snowden, eurozone crisis, facts on the ground, failed state, Fall of the Berlin Wall, falling living standards, floating exchange rates, Francis Fukuyama: the end of history, full employment, George Akerlof, global supply chain, global value chain, hydraulic fracturing, Hyman Minsky, imperial preference, income inequality, income per capita, incomplete markets, inflation targeting, information asymmetry, Internet of things, invisible hand, joint-stock company, Long Term Capital Management, Martin Wolf, mass immigration, Mexican peso crisis / tequila crisis, moral hazard, Nixon shock, offshore financial centre, oil shock, old age dependency ratio, paradox of thrift, Peace of Westphalia, Plutocrats, plutocrats, price stability, profit maximization, quantitative easing, race to the bottom, rent-seeking, reserve currency, reshoring, rising living standards, Ronald Reagan, Scramble for Africa, Second Machine Age, Skype, South China Sea, special drawing rights, technology bubble, The Great Moderation, The Market for Lemons, the market place, trade liberalization, trade route, Washington Consensus, WikiLeaks, Yom Kippur War, zero-sum game

Elsewhere, parties have either emerged from nowhere or chased electability from the political fringes – Podemos, Ciudadanos and the Junts pel Sí Catalonian separatists in Spain, Syriza and Golden Dawn in Greece, the Five Star Movement in Italy, the Finns Party, the Hungarian Jobbik party, the Dutch Party for Freedom and the French Front National. Meanwhile, in 2016, having won the Republican presidential nomination on an anti-Muslim and anti-Mexican platform, Donald Trump was eventually propelled, seemingly against the odds, all the way to the White House. And, for the Democrats, Bernie Sanders gave Hillary Clinton a run for her money by appealing to younger voters with an offer of free college places to be funded by heavy taxes on the rich, alongside considerable opposition to free trade. In effect, the financial crisis uncovered an inherent paradox in the structure of late twentieth-century Western societies. Nation states, led by the US (and, in Europe, Germany), were the bedrock on which were built the institutions that governed globalization – the IMF, the World Trade Organization and the European Union.

For an intelligent man, it was a particularly stupid thing to say – unless, of course, he fully intended to whip up levels of mistrust to an even higher level. In the 2016 US presidential contest, the choice ultimately came down to an increasingly grudging supporter of globalization – Hillary Clinton – and those who had always favoured an isolationist approach. Donald Trump, channelling one version of isolationism, adopted a protectionist manifesto, whilst Bernie Sanders, Clinton’s rival Democrat, was openly against globalization and its linkages with the ‘elite’. Throughout the campaign – and doubtless a reason behind her eventual defeat – Clinton struggled to convince people that she understood their concerns. An email scandal didn’t help, and nor did her many speeches to Wall Street bankers. And at her April 2016 victory speech at the New York primary – which covered topics ranging from job creation and inequality through to retirement prospects for America’s boomers – she wore a $12,495 Giorgio Armani jacket.

POPULISTS AND RENEGADES Some argue that the problem represents no more than a growing divide between the traditional right and left. Yet a simple ‘right/left’ narrative does not work terribly well. Those on the left argue that the right thrives by exploiting divisions in society, yet the left itself is divided between those who support globalization (Hillary Clinton, Tony Blair) and those who do not (Bernie Sanders, Jeremy Corbyn).2 Meanwhile, those on the right too often misinterpret economic arguments in order to push their ‘free-market’ agendas. Ricardian comparative advantage, for example, works a lot less well in the modern era: contemporary globalization is driven more by the heightened cross-border movement of capital and labour than by trade flows. By failing to recognize this distinction, the right too often ends up inadvertently supporting the interests of oligopolistic multinationals – what might loosely be described as ‘big business’ – at the expense of the population at large.


pages: 363 words: 92,422

A Fine Mess by T. R. Reid

Affordable Care Act / Obamacare, Bernie Sanders, Capital in the Twenty-First Century by Thomas Piketty, carried interest, centre right, clean water, Donald Trump, Double Irish / Dutch Sandwich, game design, Gini coefficient, High speed trading, Home mortgage interest deduction, Honoré de Balzac, income inequality, industrial robot, land value tax, loss aversion, mortgage tax deduction, obamacare, Occupy movement, offshore financial centre, oil shock, Plutocrats, plutocrats, race to the bottom, Ronald Reagan, seigniorage, Silicon Valley, Skype, Snapchat, sovereign wealth fund, Tesla Model S, The Wealth of Nations by Adam Smith, Tim Cook: Apple, Tobin tax, We are the 99%, WikiLeaks

He designed a campaign around the idea that government shouldn’t penalize you for dying. (Of course, the tax burden falls on the living heir, not the decedent, but those who campaign against the “death tax” ignore this nuance.) Supporters of the tax have come up with politically charged labels of their own; they call the estate tax the “lucky rich kids’ tax” or the “Paris Hilton tax”; in his stump speeches during the 2016 presidential campaign, the Democratic contender Bernie Sanders used to remind his audiences that “Paris Hilton never built a hotel.” Under George W. Bush, opponents of the “death tax” won a temporary victory. Bush’s 2001 tax-reform plan phased out the estate tax over the following decade so that the rate fell to zero in the year 2010. For budget reasons, though, the death of the “death tax” was short-lived; the zero rate lasted only one year. This led to anecdotes (none proven, so far) about financial advisers’ telling their rich clients, “If you’re going to die anyway, it would make fiscal sense to do it in 2010.”

For decades, economists and politicians from left and right have attacked the carried-interest rule as a distortion of the basic capital gains proposition. “Why should someone who does not put any of their own money at risk pay the lower tax rate that Congress intended to reward those who do win such risky bets?” argues the business professor Peter Cohan, himself a former hedge fund manager. In the 2016 presidential campaign, politicians from Bernie Sanders and Hillary Clinton on the left to Donald Trump and Jeb Bush on the right called for termination of this loophole. “The hedge fund guys didn’t build this country,” Trump said. “These are guys that shift paper around and they get lucky.”13 One smart line of investment that the hedge fund guys make every year is their contribution to members of Congress. The politicians, in turn, serve their funders by protecting the carried-interest preference from all challengers.

Yes, your corner drugstore would like to take your co-pay, bill your Medicare policy, and then pay its taxes in Switzerland,” Lewis wrote. Under withering attacks from politicians, the press, and its customers, Walgreens had second thoughts and announced that it would retain its corporate presence in the United States. — ALL OF THE FIRMS cited here, and countless others, have been attacked by critics ranging from Bernie Sanders to Barack Obama to Donald Trump. They have been called “corporate traitors” and “Benedict Arnold companies” for shifting their tax burden out of the United States. They’ve been called outlaws and criminals for setting up such intricate structures to get around the tax code. In response to this calumny, the corporations reply that they are engaged in perfectly legal activity. They “minimize” their tax bills; they “avoid” paying taxes; but they do not “evade” taxes, because that would be against the law.


pages: 184 words: 53,625

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

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Airbus A320, 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, Donald Davies, future of journalism, hive mind, Howard Rheingold, HyperCard, Jane Jacobs, John Gruber, John Harrison: Longitude, Kevin Kelly, Kickstarter, lone genius, Mark Zuckerberg, mega-rich, meta analysis, meta-analysis, Naomi Klein, Nate Silver, Occupy movement, packet switching, peer-to-peer, 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, US Airways Flight 1549, WikiLeaks, William Langewiesche, working poor, X Prize, your tax dollars at work

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, old-boy network, 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: 287 words: 82,576

The Complacent Class: The Self-Defeating Quest for the American Dream by Tyler Cowen

affirmative action, Affordable Care Act / Obamacare, Airbnb, Alvin Roth, assortative mating, Bernie Sanders, Black Swan, business climate, circulation of elites, clean water, David Graeber, declining real wages, deindustrialization, desegregation, Donald Trump, drone strike, East Village, Elon Musk, Ferguson, Missouri, Francis Fukuyama: the end of history, gig economy, Google Glasses, Hyman Minsky, Hyperloop, income inequality, intangible asset, Internet of things, inventory management, knowledge worker, labor-force participation, labour mobility, low skilled workers, Marc Andreessen, Mark Zuckerberg, medical residency, meta analysis, meta-analysis, obamacare, offshore financial centre, Paul Samuelson, Peter Thiel, purchasing power parity, Richard Florida, security theater, sharing economy, Silicon Valley, Silicon Valley ideology, Skype, South China Sea, Steven Pinker, Stuxnet, The Great Moderation, total factor productivity, Tyler Cowen: Great Stagnation, upwardly mobile, Vilfredo Pareto, working-age population, World Values Survey

These individuals tend to be tolerant, liberal in the broad sense of that word, and often quite munificent and generous. They fit the standard description of cosmopolitan and usually take an interest in the cultures of other countries, though, ironically, many of them have become sufficiently insulated from hardship and painful change that they are provincial in their own way and have become somewhat of a political target (from both Donald Trump and Bernie Sanders in the recent campaigns). Because they are intelligent, articulate, and often socially graceful, they usually seem like very nice people, and often they are. Think of a financier or lawyer who vacations in France or Italy, has wonderful kids, and donates generously to his or her alma mater. I think of these people as the wealthiest and best educated 3 to 5 percent of the American population. 2.

The underlying constitutional issues have yet to be adjudicated, but the on-the-ground reality is that Brookfield Properties and the City of New York ended up getting their way. Eventually the weather became colder, and Occupy Wall Street is now a kind of misty nostalgic footnote to history. If the ideas of that movement do take off, it likely will be through the educated and quite peaceful supporters of candidates like Bernie Sanders, not through public violence.12 Or consider the 2004 Democratic National Convention. As you might expect, there were numerous would-be demonstrators. They ended up being confined to a “Demonstration Zone,” which one federal judge described as analogous to one of Piranesi’s etchings of a prison. The zone was ringed by barricades, fences, and coiled razor wire. The demonstrators in the zone had no access to the delegates and no real ability to pass out materials, and no large signs were permitted in the area.

Good matches are lots of fun, but in a country with so much social stagnation and extremely good matching, eventually we become aware that we too are most of the time being turned away at the gate. 8. POLITICAL STAGNATION, THE DWINDLING OF TRUE DEMOCRACY, AND ALEXIS DE TOCQUEVILLE AS PROPHET OF OUR TIME Anti-establishment insurgent campaigns were the talk of the 2016 presidential campaign, and both Donald Trump and Bernie Sanders were legitimate anti-establishment candidates. But a peek beneath the surface reveals that much of the fear and anger that drove their campaigns was based not on a hope for change in Washington but on a hope for a return to the past. Trump’s rhetoric about “making America great again” was, when you looked at the fine print, mostly a promise that in electing him, voters could avoid the forces of change that are sweeping over the rest of the world, whether it be the loss of manufacturing jobs, an increasing dependence on immigrants, or the loss of the political and cultural dominance of white men.


pages: 390 words: 109,870

Radicals Chasing Utopia: Inside the Rogue Movements Trying to Change the World by Jamie Bartlett

Andrew Keen, back-to-the-land, Bernie Sanders, bitcoin, blockchain, blue-collar work, brain emulation, centre right, clean water, cryptocurrency, Donald Trump, drone strike, Elon Musk, energy security, ethereum blockchain, failed state, gig economy, hydraulic fracturing, income inequality, Intergovernmental Panel on Climate Change (IPCC), Jaron Lanier, job automation, John Markoff, Joseph Schumpeter, life extension, Occupy movement, off grid, Peter Thiel, post-industrial society, postnationalism / post nation state, precariat, QR code, Ray Kurzweil, RFID, Rosa Parks, Satoshi Nakamoto, self-driving car, Silicon Valley, Silicon Valley startup, Skype, smart contracts, stem cell, Stephen Hawking, Steve Jobs, Steven Pinker, technoutopianism

Geert Wilders, ‘Let the Dutch vote on immigration policy’, New York Times, 19 November 2015, http://www.nytimes.com/2015/11/20/opinion/geert-wilders-the-dutch-deserve-to-vote-on-immigration-policy.html. Capitalist Donald Trump wants to ‘declare independence from the elites’. Arch-socialist and Democrat candidate Bernie Sanders, thinks Americans are ‘sick and tired of establishment politics and economics’. Daniel Marans, ‘Sanders calls out MSNBC’s corporate ownership—in Interview on MSNBC’, Huffington Post, 7 May 2016, http://www.huffingtonpost.com/entry/bernie-sanders-asks-who-owns-msnbc_us_572e3d0fe4b0bc9cb0471df1. 4. Ingrid van Biezen, Peter Mair and Thomas Poguntke, ‘Going, going… gone? The decline of party membership in contemporary Europe’, European Journal of Political Research 51:1 (2012), pp. 24–56. By 2012, with membership falling all the time, 82 per cent of UK citizens said they ‘tend not to trust’ political parties.

In our busy lives, we will pay attention to the one person making more noise than anyone else, we only have time to click on that funny thing at the top of our feeds, or the thing our friends—who think like us—have posted. It’s not the slow, informed and careful politicians who have thrived online; it’s the populists from across the spectrum. It’s the people with the simple, emotional, shareable messages. It’s people like Beppe. Dutch anti-Islam politician Geert Wilders, who’s compared the Qu’ran to Mein Kampf, is the most followed politician on the Dutch social networks. Bernie Sanders was propelled to within an inch of the Democratic Party nomination with help from his online #feelthebern fans and online donations. But the biggest shock of all (to pollsters and mainstream newspapers anyway) took place in 2016 when billionaire magnate, ur-populist, professional simplifier and Twitter addict Donald Trump was elected forty-fifth president of the United States. This should not have surprised anyone.

Most reached for the 1930s—naturally, since that after all is the only history most of us are taught in schools—and duly noted the similarities: a period of extreme economic difficulties, rising nationalism and the collapse of the moderate centre. This account implies that right-wing populism—nationalism, xenophobia and anti-elitism—is irrevocably on the march. But there are many other types of radical ideas and movements also on the move. Trump surprised almost every seasoned Washington watcher, but so did openly socialist Bernie Sanders’ close run for the Democratic Party candidacy. Jeremy Corbyn was also re-elected as leader of the UK Labour Party, promising democratic revolution and a strong left-wing agenda. In Spain the left-wing anti-austerity Podemos party, founded in January 2014 by a long-haired bearded professor, won 21 per cent of the vote in the year’s national elections, effectively ending the two-party system.


pages: 182 words: 53,802

The Production of Money: How to Break the Power of Banks by Ann Pettifor

Ben Bernanke: helicopter money, Bernie Madoff, Bernie Sanders, bitcoin, blockchain, borderless world, Bretton Woods, capital controls, Carmen Reinhart, central bank independence, clean water, credit crunch, Credit Default Swap, cryptocurrency, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, distributed ledger, Donald Trump, eurozone crisis, fiat currency, financial deregulation, financial innovation, financial intermediation, financial repression, fixed income, Fractional reserve banking, full employment, Hyman Minsky, inflation targeting, interest rate derivative, invisible hand, John Maynard Keynes: Economic Possibilities for our Grandchildren, Joseph Schumpeter, Kenneth Rogoff, light touch regulation, London Interbank Offered Rate, market fundamentalism, Martin Wolf, mobile money, Naomi Klein, neoliberal agenda, offshore financial centre, Paul Samuelson, Ponzi scheme, pushing on a string, quantitative easing, rent-seeking, Satyajit Das, savings glut, secular stagnation, The Chicago School, the market place, Thomas Malthus, Tobin tax, too big to fail

There is only taxpayers’ money.1 Today this assertion sits strangely with the facts of the recent bailout of the global banking system. While politicians try to persuade electorates that ‘there is no money’, something quite different happened under the guise of quantitative easing. Central bankers created trillions of dollars ‘out of thin air’ and did so essentially overnight to bail out the banking system. And I mean trillions. The American senator Bernie Sanders directed the US Government Accountability Office to undertake an audit of the amount of ‘state money’ created by the US Federal Reserve and supported by governments during the crisis. The conclusion was that $16 trillion ‘in total financial assistance’ had been mobilised for ‘some of the largest financial institutions and corporations in the United States and throughout the world’.2 Please note that not a cent of these trillions of dollars was raised by taxing Americans, although the liquidity created by the Federal Reserve is backed by US taxpayers.

Yet, of course, the retrenchment resolves nothing – in Europe, in Japan, or in the US. Private and public debts accumulate, and deflationary forces bear down on advanced economies. In these contemporary contexts, emerging authoritarianism is rationalized by many as reflecting the weakness and ineptitude of western democracy in the wake of this terrible crisis. With the exception of campaigns like that of US Senator Bernie Sanders’ bid for the US presidency in 2016, the immensity of the power of the finance sector – Wall Street the City of London – has not been contested to any material extent by either the wider Left, social democratic parties, or indeed even by the reactionary forces in society. Keynes today The power of Keynes’s ideas is of a scale that has no precedent. The associated threat to vested, financial interests is obvious.

Margrit Kennedy, Interest and Inflation Free Money, Michigan: Seva International, 1995, kennedy-bibliothek.info, accessed 30 September 2013. 5Duncan Needham, UK Monetary Policy from Devaluation to Thatcher, 1967–82, London: Palgrave Macmillan, 2014, p. 3. 6I am grateful to Dr Graham Gudgin of Cambridge University for his insights into this period. 7See Costas Lapavistas, Profiting Without Producing: How Finance Exploits Us All, London: Verso Books, 2013. 8‘The LIBOR Scandal: The Rotten Heart of Finance’, The Economist, 7 July 2012. 9Geoff Tily, ‘Keynes’s Monetary Theory of Interest’ in Threat of Fiscal Dominance?, Bank for International Settlements, Paper No. 65, May 2012, bis.org, accessed 25 March 2014. 10Tily, Keynes Betrayed, p. 184. 4. The Mess We’re In 1Margaret Thatcher speech to the Conservative Party, October 1983, margaretthatcher.org/document/105454, accessed 1 October 2013. 2Bernie Sanders, ‘Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance’, US Government Accountability Office, July 2011, sanders.senate.gov, accessed 4 October 2013. 3Mervyn King speech, cited in ‘BoE Governor Signals Fragile UK Recovery’, Sky News, 21 October 2009, news.sky.com, accessed 4 October 2013. 4Mervyn King speech to Scottish Business Organisations, Edinburgh, 20 October 2009. 5Liam Byrne quoted in Paul Owen, ‘Ex-Treasury Secretary Liam Byrne’s Note to His Successor: There’s No Money Left’, Guardian, 17 May 2010, theguardian.com, accessed 4 October 2011. 6Rowena Mason, ‘George Osborne: UK Has Run Out of Money’, Daily Telegraph, 27 February 2012, telegraph.co.uk, accessed 4 October 2013. 7Ed Balls speech, ‘Striking the Right Balance for the British Economy’, Thomson Reuters, 3 June 2013, labour.org.uk, accessed 4 October 2013. 8Jeremy Warner, ‘Oh God – I Cannot Take Any More of the Austerity Debate’, Daily Telegraph blog, 11 September 2013, telegraph.co.uk, accessed 3 October 2013. 9Adam Kucharski, ‘Betting and Investment Both Require Skill and Luck’, Financial Times, 5 May 2016, ft.com, accessed 1 September 2016. 10OECD, ‘Stronger Growth Remains Elusive: Urgent Policy Response Is Needed’, Interim Economic Outlook, 18 February 2016, oecd.org, accessed 6 June 2016. 11Richard Koo cited in ‘Quantitative Easing, the Greatest Monetary Non-Event’, Pragmatic Capitalism, 9 August 2010, pragcap.com, accessed 3 October 2013.


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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, basic income, 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, mandatory minimum, mass incarceration, minimum wage unemployment, moral hazard, moral panic, 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.


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Devil's Bargain: Steve Bannon, Donald Trump, and the Storming of the Presidency by Joshua Green

4chan, Affordable Care Act / Obamacare, Ayatollah Khomeini, Bernie Sanders, business climate, centre right, collateralized debt obligation, conceptual framework, corporate raider, crony capitalism, currency manipulation / currency intervention, Donald Trump, Fractional reserve banking, Goldman Sachs: Vampire Squid, Gordon Gekko, guest worker program, illegal immigration, immigration reform, liberation theology, low skilled workers, Nate Silver, nuclear winter, obamacare, Peace of Westphalia, Peter Thiel, quantitative hedge fund, Renaissance Technologies, Ronald Reagan, Silicon Valley, speech recognition, urban planning

The Times piece cited Schweizer’s still-unpublished book as a source of its reporting, puzzling many readers and prompting a reaction from the paper’s ombudswoman, Margaret Sullivan, who grudgingly concluded, while acknowledging that no ethical standards were breached, “I still don’t like the way it looked.” The effect on Clinton’s popularity was profound: the percentage of Americans who thought she was “untrustworthy” shot up into the 60s. Worse for Clinton was that the Democratic primary offered an attractive alternative. Bernie Sanders was an anti–Wall Street, good-government populist whose liberal purity put Clinton’s ethical shortcomings into sharp relief. For Bannon, the Clinton Cash uproar validated his personal theory about how conservatives had overreached the last time a Clinton was in the White House and what they should do differently. “Back then,” he says, “they couldn’t take down Bill because they didn’t do that much real reporting, they couldn’t get the mainstream guys interested, and they were always gunning for impeachment no matter what.

“They’ve adapted into a higher species,” said Chris Lehane, a Clinton White House staffer and hardened veteran of the partisan wars of the nineties. “But these guys always blow themselves up in the end.” Bannon disagreed, and, as always, had a historical analogy to explain why. What he was really pursuing was something like the old Marxist dialectical concept of “heightening the contradictions,” only rather than foment revolution among the proletariat, he was trying to disillusion Clinton’s natural base of support. Bernie Sanders’s unexpected strength suggested to him that it was working. He was sure that Sanders’s rise was destined to end in crashing disappointment. Having thrilled to his populist purity, his supporters would never reconcile themselves to Clinton, because the donors featured in Clinton Cash violated just about every ideal liberals hold dear. “You look at what they’ve done in the Colombian rain forest, look at the arms merchants, the war lords, the human trafficking—if you take anything that the left professes to be a cornerstone value, the Clintons have basically played them for fools,” Bannon said.

Now Trump had shattered that illusion, and the wave that had swept across Europe and Great Britain had come crashing down on America’s shores. “Trump,” Bannon proclaimed, “is the leader of a populist uprising. . . . What Trump represents is a restoration—a restoration of true American capitalism and a revolution against state-sponsored socialism. Elites have taken all the upside for themselves and pushed the downside to the working- and middle-class Americans.” Bernie Sanders had tried to warn them, but the Democrats hadn’t listened and didn’t break free of crony capitalism. “Trump saw this,” Bannon said. “The American people saw this. And they have risen up to smash it.” For all his early-morning bravado, Bannon sounded as if he still couldn’t quite believe it all. And what an incredible story it was. Given the central role he had played in the greatest political upset in American history, the reporter suggested that it had all the makings of a Hollywood movie.


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, commoditize, 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, mass incarceration, 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, zero-sum game

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: 443 words: 98,113

The Corruption of Capitalism: Why Rentiers Thrive and Work Does Not Pay by Guy Standing

3D printing, Airbnb, Albert Einstein, Amazon Mechanical Turk, Asian financial crisis, asset-backed security, bank run, banking crisis, basic income, Ben Bernanke: helicopter money, Bernie Sanders, Big bang: deregulation of the City of London, bilateral investment treaty, Bonfire of the Vanities, Bretton Woods, Capital in the Twenty-First Century by Thomas Piketty, carried interest, cashless society, central bank independence, centre right, Clayton Christensen, collapse of Lehman Brothers, collective bargaining, credit crunch, crony capitalism, crowdsourcing, debt deflation, declining real wages, deindustrialization, Doha Development Round, Donald Trump, Double Irish / Dutch Sandwich, ending welfare as we know it, eurozone crisis, falling living standards, financial deregulation, financial innovation, Firefox, first-past-the-post, future of work, gig economy, Goldman Sachs: Vampire Squid, Growth in a Time of Debt, housing crisis, income inequality, information retrieval, intangible asset, invention of the steam engine, investor state dispute settlement, James Watt: steam engine, job automation, John Maynard Keynes: technological unemployment, labour market flexibility, light touch regulation, Long Term Capital Management, lump of labour, Lyft, manufacturing employment, Mark Zuckerberg, market clearing, Martin Wolf, means of production, mini-job, Mont Pelerin Society, moral hazard, mortgage debt, mortgage tax deduction, Neil Kinnock, non-tariff barriers, North Sea oil, Northern Rock, nudge unit, Occupy movement, offshore financial centre, oil shale / tar sands, open economy, openstreetmap, patent troll, payday loans, peer-to-peer lending, Plutocrats, plutocrats, Ponzi scheme, precariat, quantitative easing, remote working, rent control, rent-seeking, ride hailing / ride sharing, Right to Buy, Robert Gordon, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, sharing economy, Silicon Valley, Silicon Valley startup, Simon Kuznets, sovereign wealth fund, Stephen Hawking, Steve Ballmer, structural adjustment programs, TaskRabbit, The Chicago School, The Future of Employment, the payments system, Thomas Malthus, Thorstein Veblen, too big to fail, Uber and Lyft, Uber for X, Y Combinator, zero-sum game, Zipcar

Then governments continue just as before, blithely making claims about growth, the number of jobs or ‘balancing books’, blaming their predecessors, disputing the statistics or just ignoring the findings. If protests erupt, a blast of condemnation comes from defenders of the status quo, dismissing the victims or protestors as lazy, irresponsible and inadequate. As ever more evidence on the deleterious impact of inequality is produced, we are in danger of becoming immune to the shock. When Bernie Sanders started to gain support in the US presidential primaries by focusing on inequality, Hillary Clinton dismissed him as a ‘one-issue’ candidate. Yet establishment politicians have done nothing about it, instead aligning with financial institutions that are at the heart of the problem. As Sanders reminded his audiences, Clinton had been paid hundreds of thousands of dollars by Goldman Sachs just for speaking.

From 2008 to 2012, $4.6 trillion was spent in bailing out nearly 1,000 banks, insurance companies and other financial institutions, while guarantees from the Treasury, Federal Reserve and other agencies totalled $16.9 trillion. Europe followed. In 2012–13, the ECB lent €1 trillion to Eurozone banks to avert a funding crisis. At its peak, UK government support to prop up ailing banks totalled £133 billion in cash and £1 trillion in guarantees and indemnities. Bernie Sanders, the Vermont senator who campaigned for the presidential nomination in 2016, listed twenty profitable corporations that had received taxpayer bailouts while operating subsidiaries in tax havens to avoid taxes and even receiving tax rebates. Bank of America received $1.9 billion as a tax refund in 2010, even though it made $4.4 billion in profits. During the crisis, it received a $45 billion bailout and $1.3 trillion in near-zero-interest loans.

This is a necessary condition for re-inventing the future and giving people hope of a Good Society that transcends endless consumerism and pervasive insecurity. Disaffection with old parties is shown by the steady decline in voting, especially by youth and the precariat in general. Over a third of the US electorate does not vote in presidential elections, and in most democracies winning parties have been gaining little more than a third of the votes cast. When even flawed but well-meaning options become available, such as Bernie Sanders in the USA, a surge of enthusiasm occurs. Timid establishment types will not succeed, but bolder souls should take heart. Energies can be turned into re-engagement. RIGHTS AS DEMANDS ‘They don’t call it class warfare until we fight back.’ Occupy Wall Street poster Rights always begin as class-based demands, made against the state. They succeed in becoming rights when a sufficiently strong and committed mass of people with like-minded concerns and interests force the state to accede to them.


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, John Markoff, Julian Assange, Network effects, RAND corporation, school vouchers, Skype, social web, source of truth, 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: 181 words: 52,147

The Driver in the Driverless Car: How Our Technology Choices Will Create the Future by Vivek Wadhwa, Alex Salkever

23andMe, 3D printing, Airbnb, artificial general intelligence, augmented reality, autonomous vehicles, barriers to entry, Bernie Sanders, bitcoin, blockchain, clean water, correlation does not imply causation, distributed ledger, Donald Trump, double helix, Elon Musk, en.wikipedia.org, epigenetics, Erik Brynjolfsson, Google bus, Hyperloop, income inequality, Internet of things, job automation, Kevin Kelly, Khan Academy, Law of Accelerating Returns, license plate recognition, life extension, Lyft, M-Pesa, Menlo Park, microbiome, mobile money, new economy, personalized medicine, phenotype, precision agriculture, RAND corporation, Ray Kurzweil, recommendation engine, Ronald Reagan, Second Machine Age, self-driving car, Silicon Valley, Skype, smart grid, stem cell, Stephen Hawking, Steve Wozniak, Stuxnet, supercomputer in your pocket, Tesla Model S, The Future of Employment, Turing test, Uber and Lyft, Uber for X, uranium enrichment, Watson beat the top human players on Jeopardy!, zero day

All of us have a role in deciding where the lines should be drawn. At the end of the day, you will realize that I am an optimistic at heart. I sincerely believe that we will all learn, evolve, and come together as a species and do amazing things. With that, let the journey begin. PART ONE The Here and Now 1 A Bitter Taste of Dystopia The 2016 presidential campaign made everybody angry. Liberal Bernie Sanders supporters were angry at allegedly racist Republicans and a political system they perceived as being for sale, a big beneficiary being Hillary Clinton. Conservative Donald Trump supporters were furious at the decay and decline of America, and at how politicians on both sides of the aisle had abandoned them and left a trail of broken promises. Hillary Clinton supporters fumed at how the mainstream media had failed to hold Trump accountable for lewd behavior verging on sexual assault—and worse.

Could flinging feces at a Google-bus turn back the clock and reduce prices of housing to affordable levels? The 2016 presidential campaign was the national equivalent of the Google-bus protests. The supporters of Donald Trump, largely white and older, wanted to turn back the clock to a pre-smartphone era when they could be confident that their lives would be more stable and their incomes steadily rising. The Bernie Sanders supporters, more liberal but also mostly white (albeit with great age diversity), wanted to turn back the clock to an era when the people, not the big corporations, controlled the government. We have seen violent protests in Paris and elsewhere against Uber drivers. What sorts of protests will we see when the Uber cars no longer have drivers and the rage is directed only at the machine itself?


pages: 198 words: 52,089

Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It by Richard V. Reeves

affirmative action, Affordable Care Act / Obamacare, assortative mating, Bernie Sanders, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, circulation of elites, cognitive dissonance, desegregation, Donald Trump, Downton Abbey, full employment, ghettoisation, glass ceiling, helicopter parent, Home mortgage interest deduction, housing crisis, income inequality, knowledge economy, land value tax, mortgage tax deduction, obamacare, Occupy movement, Plutocrats, plutocrats, positional goods, race to the bottom, randomized controlled trial, unpaid internship, upwardly mobile, War on Poverty, We are the 99%, working-age population, zero-sum game

In his book Twilight of the Elites, the liberal broadcaster and writer Chris Hayes positions the upper middle class as losing out: The upper middle class [are] people with graduate school degrees, homes, second homes, kids in good colleges, and six-figure incomes. This frustrated, discontented class has spent a decade with their noses pressed up against the glass, watching the winners grab more and more for themselves, seemingly at the upper middle class’s expense.9 Hayes may be right about the frustration and discontent. Much of the political energy behind both the Bernie Sanders left and the Tea Party right came from the upper middle class. But Hayes is wrong to imply that the frustration is warranted, or that the very rich are gaining “at the upper middle class’s expense.” As the 2016 election helped us to see, the real class divide is not between the upper class and the upper middle class: it is between the upper middle class and everyone else. Politicians don’t help much, either.

But the opportunities and tools needed to lead a fully independent, “self-made” life do not appear out of thin air. They are created and destroyed in our communities, relationships, and institutions. Individual success relies on collective investments. The individualist ethos frustrates many on the American left, but I see little sign of it losing its grip on the collective imagination. Many liberals wish America were more like Europe—and often specifically Scandinavia. Bernie Sanders, after all, was effectively the Danish candidate for president. But America’s problem is not that we are failing to live up to Danish egalitarian standards. It is that we are failing to live up to American egalitarian standards, based on fair market competition. The main challenge is to narrow gaps in human capital formation, especially in the first two decades of life. In many cases, this means helping more children to benefit from the advantages that those in the upper middle class enjoy—stronger family formation, more engaged parenting, involvement in education, and so on.


pages: 223 words: 58,732

The Retreat of Western Liberalism by Edward Luce

3D printing, affirmative action, Airbnb, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, Bretton Woods, call centre, carried interest, centre right, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, George Santayana, gig economy, Gini coefficient, global supply chain, illegal immigration, imperial preference, income inequality, informal economy, Internet of things, Jaron Lanier, knowledge economy, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, Peace of Westphalia, Peter Thiel, Plutocrats, plutocrats, precariat, purchasing power parity, reserve currency, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, Snapchat, software is eating the world, South China Sea, Steve Jobs, superstar cities, TaskRabbit, telepresence, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, Washington Consensus, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, World Values Survey, Yogi Berra

It marked the endpoint of an electoral strategy that no longer had anything new to say. The Third Way itself had been swallowed by the void. Like David Cameron’s ill-fated Remain campaign in the UK, Clinton eventually settled on ‘Stronger Together’. But she failed to articulate why. It seemed more like a game of demographic addition than a reason to govern. Meanwhile, much of her presumed base – the college-educated millennials – had defected to Bernie Sanders. One widely shared meme crystallised their view of Mrs Clinton. It showed a fake poster comparing the two candidates on the issue of whether they would dine at Olive Garden – a soulless restaurant chain that is popular in the suburbs. ‘Only when I’m high,’ says Sanders’s caption. ‘An authentic Italian restaurant for the whole family!’ says Hillary. In the general election, the millennials stayed home in droves.

Jones, ‘In US, new record 43% are political independents’, Gallup, 7 January 2015, <http://www.gallup.com/poll/180440/new-record-political-independents.aspx>. 16 Mair, Ruling the Void. 17 Robert Ford and Matthew Goodwin, Revolt on the Right: Explaining Support for the Radical Right in Britain (Routledge, New York, 2014 (ebook)). 18 Müller, What Is Populism? 19 Quoted in Ford and Goodwin, Revolt on the Right. 20 Edward Luce, ‘Tony Blair warns US Democrats against supporting Bernie Sanders’, Financial Times, 23 February 2016, <https://www.ft.com/content/9c70cae8-da55-11e5-98fd-06d75973fe09>. 21 Julia Carrie Wong and Danny Yadron, ‘Hillary Clinton proposes student debt deferral for startup founders’, Guardian, 29 June 2016, <https://www.theguardian.com/us-news/2016/jun/28/hillary-clinton-student-debt-proposal-startup-tech-founders>. 22 <https://www.hillaryclinton.com/issues/>. 23 William H.


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, Bob Geldof, cognitive dissonance, Downton Abbey, gender pay gap, glass ceiling, income inequality, light touch regulation, 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%, zero-sum game

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, liberation theology, 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: 113 words: 37,885

Why Wall Street Matters by William D. Cohan

Apple II, asset-backed security, bank run, Bernie Sanders, bonus culture, break the buck, buttonwood tree, corporate governance, corporate raider, creative destruction, Credit Default Swap, Donald Trump, Exxon Valdez, financial innovation, financial repression, Fractional reserve banking, Gordon Gekko, greed is good, income inequality, Joseph Schumpeter, London Interbank Offered Rate, margin call, money market fund, moral hazard, Potemkin village, quantitative easing, secular stagnation, Snapchat, South Sea Bubble, Steve Jobs, Steve Wozniak, too big to fail, WikiLeaks

But if they are pressed, their instinct would likely be to agree with Jean-Jacques Rousseau, the eighteenth-century Enlightenment philosopher, who once said that “finance” is “a slave’s word,” while the profession itself is nothing more than “a means of making pilferers and traitors, and of putting freedom and the public good upon the auction block.” The modern-day equivalent of this sentiment can be found in the musings of Bernie Sanders, the U.S. senator from Vermont and former Democratic presidential candidate, whose stump speeches during the 2016 presidential campaign condemned Wall Street relentlessly. “Greed, fraud, dishonesty and arrogance, these are the words that best describe the reality of Wall Street today,” he said in January 2016. And then he paid homage to one of the most recognizable cultural touchstones about modern Wall Street when he referred to the famous “Greed is good” scene in Wall Street, the 1987 Oliver Stone film, where Gordon Gekko, played with oleaginous glee by Michael Douglas, lectures Bud Fox, his young and aspiring apprentice (played by Charlie Sheen).


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, activist fund / activist shareholder / activist investor, American energy revolution, Bakken shale, Bernie Sanders, Buckminster Fuller, clean water, corporate governance, corporate raider, energy security, energy transition, hydraulic fracturing, Intergovernmental Panel on Climate Change (IPCC), 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: 479 words: 113,510

Fed Up: An Insider's Take on Why the Federal Reserve Is Bad for America by Danielle Dimartino Booth

Affordable Care Act / Obamacare, asset-backed security, bank run, barriers to entry, Basel III, Bernie Sanders, break the buck, Bretton Woods, central bank independence, collateralized debt obligation, corporate raider, creative destruction, credit crunch, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, financial deregulation, financial innovation, fixed income, Flash crash, forward guidance, full employment, George Akerlof, greed is good, high net worth, housing crisis, income inequality, index fund, inflation targeting, interest rate swap, invisible hand, John Meriwether, Joseph Schumpeter, liquidity trap, London Whale, Long Term Capital Management, margin call, market bubble, Mexican peso crisis / tequila crisis, money market fund, moral hazard, Myron Scholes, natural language processing, negative equity, new economy, Northern Rock, obamacare, price stability, pushing on a string, quantitative easing, regulatory arbitrage, Robert Shiller, Robert Shiller, Ronald Reagan, selection bias, short selling, side project, Silicon Valley, The Great Moderation, The Wealth of Nations by Adam Smith, too big to fail, trickle-down economics, yield curve

But had the predominantly liberal Fed leadership not facilitated the bad behavior of the elite by encouraging them to borrow at virtually no cost, their wealth and power would never have become as concentrated as it is today. The ostentatiousness with which the so-called one percent has flaunted its wealth has fueled the rise of anger and extremism, leading to the presidential campaigns of Bernie Sanders on the left and Donald Trump on the right. And politicians wonder about the genesis of a deeply divided and dispirited populace. Central bankers have invited politicians to abdicate their leadership authority to an inbred society of PhD academics who are infected to their core with groupthink, or as I prefer to think of it: “groupstink.” Annual borrowing costs for the United States since 2008 have hovered around 1.8 percent, thanks to an overly accommodating Fed, which allowed a dysfunctional Congress and the administration of former President Barack Obama to kick the responsibility down the road.

The Primary Dealer Credit Facility (PDCF), to backstop the tri-party repo system. And finally, the Money Market Investor Funding Facility (MMIFF). These Fed-created facilities put a floor under the shadow banking system and finally checked the run. (These didn’t include the various programs created by the FDIC, the Treasury, or Congress.) The loans the Fed made were secret. Vermont Rep. Bernie Sanders, an avowed socialist who in 2015 launched a run for president as a Democrat, later sponsored legislation that compelled the Fed to disclose financial details of its extraordinary efforts to save Wall Street. Released in late November 2011, the data, which covered twenty-one thousand Fed emergency loans totaling $3.3 trillion, revealed for the first time how close some of the biggest names on Wall Street came to the brink of disaster.


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, liberal capitalism, 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: 181 words: 50,196

The Rich and the Rest of Us by Tavis Smiley

affirmative action, Affordable Care Act / Obamacare, back-to-the-land, Bernie Madoff, Bernie Sanders, Buckminster Fuller, Corrections Corporation of America, Credit Default Swap, death of newspapers, deindustrialization, ending welfare as we know it, F. W. de Klerk, fixed income, full employment, housing crisis, Howard Zinn, income inequality, job automation, liberation theology, Mahatma Gandhi, mass incarceration, mega-rich, new economy, obamacare, Occupy movement, Plutocrats, plutocrats, profit motive, Ralph Waldo Emerson, Ronald Reagan, shareholder value, Silicon Valley, Steve Jobs, traffic fines, trickle-down economics, War on Poverty, We are the 99%, white flight, women in the workforce, working poor

Between 2003 and 2008, after the fall of Saddam Hussein, reportedly much of the $40 billion in cash sent to Iraq for the reconstruction and restructuring of government services was stolen, misappropriated, or mysteriously lost.71 It is because of these travesties that the 2011 deficit-reduction debate and the fallout over increasing the nation’s debt ceiling—which left Congress in a state of paralysis for months—were such shams. House Speaker John Boehner’s $1.2 trillion deficit-reduction plan included no cuts in Afghanistan and Iraq war spending but drastic cuts to Social Security, Medicare, Medicaid, and other programs that help the economically vulnerable and desperately poor. As progressive Senator Bernie Sanders (I-Vt.) argued in a blistering July 2011 Wall Street Journal editorial, the plan offered by Democrats rendered almost as much harm to the poor as Boehner’s proposal: “The plan by Senate Majority Leader Harry Reid, which calls for $2.4 trillion in cuts over a 10-year period, includes $900 billion in cuts in areas such as education, health care, nutrition, affordable housing, child care, and many other programs desperately needed by working families and the most vulnerable.”


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, computerized trading, corporate raider, creative destruction, credit crunch, Credit Default Swap, financial innovation, fixed income, 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, Myron Scholes, 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, fixed income, housing crisis, invisible hand, Long Term Capital Management, mega-rich, mortgage debt, new economy, old-boy network, 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, basic income, Baxter: Rethink Robotics, Berlin Wall, Bernie Sanders, bitcoin, blockchain, call centre, Chris Urmson, congestion charging, credit crunch, David Ricardo: comparative advantage, Douglas Engelbart, 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, ImageNet competition, income inequality, industrial robot, Internet of things, invention of the telephone, invisible hand, James Watt: steam engine, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Kevin Kelly, knowledge worker, lifelogging, lump of labour, Lyft, Marc Andreessen, 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, The Future of Employment, 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”.


The Fix: How Bankers Lied, Cheated and Colluded to Rig the World's Most Important Number (Bloomberg) by Liam Vaughan, Gavin Finch

asset allocation, asset-backed security, bank run, banking crisis, Bernie Sanders, Big bang: deregulation of the City of London, buy low sell high, call centre, central bank independence, collapse of Lehman Brothers, corporate governance, credit crunch, Credit Default Swap, eurozone crisis, fear of failure, financial deregulation, financial innovation, fixed income, interest rate derivative, interest rate swap, light touch regulation, London Interbank Offered Rate, London Whale, mortgage debt, Northern Rock, performance metric, Ponzi scheme, Ronald Reagan, sovereign wealth fund, urban sprawl

Although he didn’t know it at the time, Gensler also inherited the CFTC during the early stages of what would become one of the biggest Escape to London 71 investigations into financial malfeasance ever undertaken by a government agency: Libor. Not everyone backed him to do a good job. Of the 30 presidential appointees put before the Senate that year, Gensler was the last to be approved. His selection as head of the CFTC was blocked for months by Democrat Maria Cantwell and independent Bernie Sanders, who questioned whether he was the right person to help “create a new culture in the financial marketplace” after the crisis. It wasn’t just Gensler’s background in banking that provoked skepticism. As an undersecretary to Rubin, Gensler had played a prominent role in pushing through the Commodity Futures Modernization Act of 2000, which exempted over-the-counter derivatives such as interest-rate swaps and credit default swaps from regulation.


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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Alvin Roth, 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, creative destruction, 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, information asymmetry, invisible hand, Jean Tirole, joint-stock company, Kenneth Arrow, Kenneth Rogoff, knowledge economy, l'esprit de l'escalier, labor-force participation, liberal capitalism, liquidity trap, loose coupling, manufacturing employment, market clearing, market design, market fundamentalism, Martin Wolf, money market fund, Mont Pelerin Society, moral hazard, mortgage debt, Naomi Klein, Nash equilibrium, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, oil shock, Pareto efficiency, Paul Samuelson, payday loans, Philip Mirowski, 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, Vilfredo Pareto, 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, Bob Noyce, business process, call centre, centre right, Chris Wanstrath, Clayton Christensen, clean water, cloud computing, corporate social responsibility, creative destruction, 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, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Internet of things, invention of the steam engine, inventory management, Irwin Jacobs: Qualcomm, Jeff Bezos, job automation, John Markoff, John von Neumann, Khan Academy, Kickstarter, knowledge economy, knowledge worker, land tenure, linear programming, Live Aid, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, mass immigration, 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, supercomputer in your pocket, 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, zero-sum game

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, creative destruction, 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, Myron Scholes, Naomi Klein, new economy, oil shock, old-boy network, Paul Samuelson, 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, creative destruction, 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, commoditize, disintermediation, don't be evil, Erik Brynjolfsson, Internet Archive, invisible hand, Jeff Bezos, jimmy wales, Kevin Kelly, Larry Wall, late fees, Mark Shuttleworth, Netflix Prize, Network effects, new economy, optical character recognition, PageRank, peer-to-peer, 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, yellow journalism

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, basic income, Bernie Sanders, Bretton Woods, business climate, Carmen Reinhart, central bank independence, collaborative economy, complexity theory, conceptual framework, corporate governance, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Ricardo: comparative advantage, decarbonisation, deindustrialization, dematerialisation, Detroit bankruptcy, double entry bookkeeping, Elon Musk, endogenous growth, energy security, eurozone crisis, factory automation, facts on the ground, fiat currency, Financial Instability Hypothesis, financial intermediation, forward guidance, full employment, G4S, Gini coefficient, Growth in a Time of Debt, Hyman Minsky, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), 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, mass incarceration, Mont Pelerin Society, neoliberal agenda, Network effects, new economy, non-tariff barriers, paradox of thrift, Paul Samuelson, 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, Airbus A320, 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, digital map, Donald Trump, Electric Kool-Aid Acid Test, 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, lifelogging, low skilled workers, Marc Andreessen, Mark Zuckerberg, Marshall McLuhan, means of production, Menlo Park, mental accounting, natural language processing, Network effects, new economy, Nicholas Carr, Norman Mailer, off grid, 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, assortative mating, autonomous vehicles, Bakken shale, barriers to entry, basic income, Bernie Sanders, BRICs, call centre, Capital in the Twenty-First Century by Thomas Piketty, Clayton Christensen, cloud computing, collective bargaining, computer age, creative destruction, 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, intangible asset, 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, Marc Andreessen, mass immigration, 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 Future of Employment, 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, computerized trading, creative destruction, 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, money market fund, 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: 273 words: 87,159

The Vanishing Middle Class: Prejudice and Power in a Dual Economy by Peter Temin

2013 Report for America's Infrastructure - American Society of Civil Engineers - 19 March 2013, affirmative action, Affordable Care Act / Obamacare, American Legislative Exchange Council, American Society of Civil Engineers: Report Card, anti-communist, Bernie Sanders, Branko Milanovic, Bretton Woods, capital controls, Capital in the Twenty-First Century by Thomas Piketty, carried interest, clean water, corporate raider, Corrections Corporation of America, crack epidemic, deindustrialization, desegregation, Donald Trump, Edward Glaeser, Ferguson, Missouri, financial innovation, financial intermediation, floating exchange rates, full employment, income inequality, intangible asset, invisible hand, low skilled workers, low-wage service sector, mandatory minimum, manufacturing employment, Mark Zuckerberg, mass immigration, mass incarceration, means of production, mortgage debt, Network effects, New Urbanism, Nixon shock, obamacare, offshore financial centre, oil shock, Plutocrats, plutocrats, Powell Memorandum, price stability, race to the bottom, road to serfdom, Ronald Reagan, secular stagnation, Silicon Valley, Simon Kuznets, the scientific method, War on Poverty, Washington Consensus, white flight, working poor

Donald Trump, the candidate of the Republican Party, appealed to whites in the low-wage sector to express their frustration and despair. The poor whites were unnoticed collateral damage until this campaign, but their anger dominated meetings where Trump spoke. Violence may have been stimulated when the candidate alluded to the majority minority oxymoron and assured the audience they were better than African Americans and Latino immigrants. Bernie Sanders, an insurgent Democratic candidate, appealed to another branch of the low-wage sector, those who were trying to move into the FTE sector. As described in chapter 4, they more often did not make it and had to deal with massive student debts. Only time will tell how these attempts to wake this sleeping giant will affect America.2 The FTE sector makes plans for itself, typically ignoring the needs of the low-wage sector.


pages: 831 words: 98,409

SUPERHUBS: How the Financial Elite and Their Networks Rule Our World by Sandra Navidi

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activist fund / activist shareholder / activist investor, assortative mating, bank run, barriers to entry, Bernie Sanders, Black Swan, Bretton Woods, butterfly effect, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, central bank independence, cognitive bias, collapse of Lehman Brothers, collateralized debt obligation, commoditize, conceptual framework, corporate governance, Credit Default Swap, credit default swaps / collateralized debt obligations, crony capitalism, diversification, East Village, Elon Musk, eurozone crisis, family office, financial repression, Gini coefficient, glass ceiling, Goldman Sachs: Vampire Squid, Google bus, Gordon Gekko, haute cuisine, high net worth, hindsight bias, income inequality, index fund, intangible asset, Jaron Lanier, John Meriwether, Kenneth Arrow, Kenneth Rogoff, knowledge economy, London Whale, Long Term Capital Management, Mark Zuckerberg, mass immigration, McMansion, mittelstand, money market fund, Myron Scholes, NetJets, Network effects, offshore financial centre, old-boy network, Parag Khanna, Paul Samuelson, peer-to-peer, performance metric, Peter Thiel, Plutocrats, plutocrats, Ponzi scheme, quantitative easing, Renaissance Technologies, rent-seeking, reserve currency, risk tolerance, Robert Gordon, Robert Shiller, Robert Shiller, rolodex, Satyajit Das, shareholder value, Silicon Valley, sovereign wealth fund, Stephen Hawking, Steve Jobs, The Future of Employment, The Predators' Ball, too big to fail, women in the workforce, young professional

According to estimates, about 8 percent of global wealth, or $7.5 trillion, is squirreled away in tax havens, $6 trillion of which has not been taxed.16 This hidden wealth distorts the picture of inequality, which if factored in would likely be even greater.17 Approaching the Tipping Point The situation is so egregious that even members of the establishment have begun going rogue. “Class traitors” such as George Soros, Nick Hanauer, and Paul Tudor Jones have warned of the potentially dramatic consequences of inequality and suggested measures to reduce it. Even Asher Edelman, the real-life Gordon Gekko on whom the movie Wall Street’s ruthlessly greedy protagonist was partly modeled, has turned dissident, arguing for the self-proclaimed democratic socialist Bernie Sanders as the best option for the U.S. economy.18 The economic discontent has led to unprecedented political polarization, pitting the “have-nots” against the “haves,” the proletariat against the intellectual elite, and the young against the old. People are acutely aware of the democratic deficit resulting from the undue collusion of the financial, corporate, and political sectors, and many feel that the system has been hijacked and rigged by special interests.


pages: 437 words: 105,934

#Republic: Divided Democracy in the Age of Social Media by Cass R. Sunstein

A Declaration of the Independence of Cyberspace, affirmative action, Affordable Care Act / Obamacare, Bernie Sanders, Cass Sunstein, choice architecture, Donald Trump, drone strike, Erik Brynjolfsson, Filter Bubble, friendly fire, global village, illegal immigration, immigration reform, income inequality, Jane Jacobs, loss aversion, Mark Zuckerberg, obamacare, prediction markets, road to serfdom, Ronald Reagan, Silicon Valley, Skype, Snapchat, stem cell, The Chicago School, The Death and Life of Great American Cities, The Wisdom of Crowds

People might find the reposted articles less interesting, and if so, there are fewer clicks, making for a less attractive product. (I speculate that the third reason might be the most important.) It is entirely reasonable for Facebook to take these points into account. But we should not aspire to a situation in which everyone’s News Feed is perfectly personalized, so that supporters of different politicians—Bernie Sanders, Hillary Clinton, Donald Trump, someone else—see fundamentally different stories, focusing on different topics or covering the same topics in radically different ways. Facebook seems to think that it would be liberating if every person’s News Feed could be personalized so that people see only and exactly what they want. Don’t believe it. In the 2016 presidential campaign, the News Feed spread a lot of falsehoods.


pages: 356 words: 91,157

The New Urban Crisis: How Our Cities Are Increasing Inequality, Deepening Segregation, and Failing the Middle Class?and What We Can Do About It by Richard Florida

affirmative action, Airbnb, basic income, Bernie Sanders, blue-collar work, business climate, Capital in the Twenty-First Century by Thomas Piketty, clean water, Columbine, congestion charging, creative destruction, David Ricardo: comparative advantage, declining real wages, deindustrialization, Donald Trump, East Village, edge city, Edward Glaeser, failed state, Ferguson, Missouri, Gini coefficient, Google bus, high net worth, income inequality, income per capita, industrial cluster, informal economy, Jane Jacobs, jitney, Kitchen Debate, knowledge economy, knowledge worker, land value tax, low skilled workers, Lyft, megacity, Menlo Park, mortgage tax deduction, Nate Silver, New Economic Geography, new economy, New Urbanism, occupational segregation, Paul Graham, Plutocrats, plutocrats, RAND corporation, rent control, rent-seeking, Richard Florida, rising living standards, Ronald Reagan, secular stagnation, self-driving car, Silicon Valley, sovereign wealth fund, superstar cities, the built environment, The Chicago School, The Death and Life of Great American Cities, the High Line, The Wealth of Nations by Adam Smith, Thorstein Veblen, trickle-down economics, Uber and Lyft, universal basic income, upwardly mobile, urban decay, urban planning, urban renewal, urban sprawl, white flight, young professional

It is critical that we get this right. 10 URBANISM FOR ALL When was the last time you heard a national politician talk thoughtfully about cities and urban policy or make them an integral part of his or her agenda? Former president Barack Obama grew up in cities and clearly cares deeply about them, but even his administration failed to make any substantial moves on urban policy. The 2016 Democratic primary featured two former mayors, Bernie Sanders from Burlington, Vermont, and Martin O’Malley from Baltimore; and a third, former Richmond mayor Tim Kaine, eventually joined the Democratic ticket as Hillary Clinton’s running mate. Aside from O’Malley’s invocations of urban policy, which I helped craft, cities and urban policy were rarely, if ever, mentioned during the 2016 primaries or presidential campaign. The last time we had a serious national conversation about cities was back in the 1960s and 1970s, during the old urban crisis, when some cities exploded in riots and others teetered on fiscal collapse.


pages: 290 words: 87,549

The Airbnb Story: How Three Ordinary Guys Disrupted an Industry, Made Billions...and Created Plenty of Controversy by Leigh Gallagher

Airbnb, Amazon Web Services, barriers to entry, Bernie Sanders, cloud computing, crowdsourcing, don't be evil, Donald Trump, East Village, Elon Musk, housing crisis, iterative process, Jeff Bezos, Jony Ive, Justin.tv, Lyft, Marc Andreessen, Mark Zuckerberg, medical residency, Menlo Park, Network effects, Paul Buchheit, Paul Graham, performance metric, Peter Thiel, RFID, Sand Hill Road, Saturday Night Live, sharing economy, side project, Silicon Valley, Silicon Valley startup, South of Market, San Francisco, Startup school, Steve Jobs, TaskRabbit, the payments system, Tony Hsieh, Y Combinator, yield management

This goes even deeper: as Sebastian Junger points out in his book Tribe, we are the first modern society in human history where people live alone in apartments and where children have their own bedrooms. The gradual decline of trust in societal institutions over the years, meanwhile, from business to government, accelerated in the wake of the Great Recession, making people more receptive to a “fringe” idea than they might otherwise have been (see Bernie Sanders and President Donald Trump). Add on a growing sense of unease over geopolitical risk and the sense that horrible and unpredictable things are happening in the world, and the urge to connect with others becomes an unarticulated desire in all of us. Whatever you think about “belonging,” these forces really were a large part of what made people more open to trying this new, quirky, affordable travel experience.


pages: 337 words: 86,320

Everybody Lies: Big Data, New Data, and What the Internet Can Tell Us About Who We Really Are by Seth Stephens-Davidowitz

affirmative action, AltaVista, Amazon Mechanical Turk, Asian financial crisis, Bernie Sanders, big data - Walmart - Pop Tarts, Cass Sunstein, computer vision, correlation does not imply causation, crowdsourcing, Daniel Kahneman / Amos Tversky, desegregation, Donald Trump, Edward Glaeser, Filter Bubble, game design, happiness index / gross national happiness, income inequality, Jeff Bezos, John Snow's cholera map, Mark Zuckerberg, Nate Silver, peer-to-peer lending, Peter Thiel, price discrimination, quantitative hedge fund, Ronald Reagan, Rosa Parks, sentiment analysis, Silicon Valley, statistical model, Steve Jobs, Steven Levy, Steven Pinker, TaskRabbit, The Signal and the Noise by Nate Silver, working poor

For a doppelganger search to be truly accurate, you don’t want to find someone who merely likes the same things you like. You also want to find someone who dislikes the things you dislike. My interests are apparent not just from the accounts I follow but from those I choose not to follow. I am interested in sports, politics, comedy, and science but not food, fashion, or theater. My follows show that I like Bernie Sanders but not Elizabeth Warren, Sarah Silverman but not Amy Schumer, the New Yorker but not the Atlantic, my friends Noah Popp, Emily Sands, and Josh Gottlieb but not my friend Sam Asher. (Sorry, Sam. But your Twitter feed is a snooze.) Of all 200 million people on Twitter, who has the most similar profile to me? It turns out my doppelganger is Vox writer Dylan Matthews. This was kind of a letdown, for the purposes of improving my media consumption, as I already follow Matthews on Twitter and Facebook and compulsively read his Vox posts.


pages: 374 words: 114,600

The Quants by Scott Patterson

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Albert Einstein, asset allocation, automated trading system, beat the dealer, 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, commoditize, computerized trading, Credit Default Swap, credit default swaps / collateralized debt obligations, diversification, Donald Trump, Doomsday Clock, Edward Thorp, Emanuel Derman, Eugene Fama: efficient market hypothesis, fixed income, Gordon Gekko, greed is good, Haight Ashbury, I will remember that I didn’t make the world, and it doesn’t satisfy my equations, index fund, invention of the telegraph, invisible hand, Isaac Newton, job automation, John Meriwether, John Nash: game theory, law of one price, Long Term Capital Management, Louis Bachelier, mandelbrot fractal, margin call, merger arbitrage, money market fund, Myron Scholes, NetJets, new economy, offshore financial centre, old-boy network, Paul Lévy, Paul Samuelson, 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

Amazon: amazon.comamazon.co.ukamazon.deamazon.fr

4chan, Affordable Care Act / Obamacare, Airbnb, Bernie Sanders, Burning Man, call centre, Cass Sunstein, collective bargaining, creative destruction, 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, peer-to-peer, Plutocrats, plutocrats, prisoner's dilemma, QR code, 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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activist fund / activist shareholder / activist investor, American energy revolution, Asian financial crisis, Bakken shale, Bernie Sanders, Buckminster Fuller, corporate governance, corporate raider, 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, creative destruction, 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, John Markoff, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, labor-force participation, liberal capitalism, Malacca Straits, Mark Zuckerberg, market bubble, mass immigration, 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, Paul Samuelson, 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 Future of Employment, 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, Bob Geldof, Chuck Templeton: OpenTable, crack epidemic, crowdsourcing, haute couture, Live Aid, 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, break the buck, Buckminster Fuller, Carmen Reinhart, central bank independence, collateralized debt obligation, correlation does not imply causation, creative destruction, 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, money market fund, moral hazard, mortgage debt, Nate Silver, negative equity, 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, selection bias, 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, Project for a New American Century, Robert Bork, Ronald Reagan, school choice, school vouchers, stem cell, urban planning, zero-sum game

“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: 775 words: 208,604

The Great Leveler: Violence and the History of Inequality From the Stone Age to the Twenty-First Century by Walter Scheidel

agricultural Revolution, assortative mating, basic income, Berlin Wall, Bernie Sanders, Branko Milanovic, British Empire, capital controls, Capital in the Twenty-First Century by Thomas Piketty, collective bargaining, colonial rule, Columbian Exchange, conceptual framework, corporate governance, cosmological principle, crony capitalism, dark matter, declining real wages, demographic transition, Dissolution of the Soviet Union, Downton Abbey, Edward Glaeser, failed state, Fall of the Berlin Wall, financial deregulation, fixed income, Francisco Pizarro, full employment, Gini coefficient, hiring and firing, income inequality, John Markoff, knowledge worker, land reform, land tenure, low skilled workers, means of production, mega-rich, Network effects, nuclear winter, offshore financial centre, Plutocrats, plutocrats, race to the bottom, recommendation engine, rent control, rent-seeking, road to serfdom, Robert Gordon, Ronald Reagan, Second Machine Age, Simon Kuznets, The Future of Employment, The Wealth of Nations by Adam Smith, Thomas Malthus, transaction costs, transatlantic slave trade, universal basic income, very high income, working-age population, zero-sum game

Two years earlier, multibillionaire investor Warren Buffett had complained that he and his “mega-rich friends” did not pay enough taxes. These sentiments are widely shared. Within eighteen months of its publication in 2013, a 700-page academic tome on capitalist inequality had sold 1.5 million copies and risen to the top of the New York Times nonfiction hardcover bestseller list. In the Democratic Party primaries for the 2016 presidential election, Senator Bernie Sanders’s relentless denunciation of the “billionaire class” roused large crowds and elicited millions of small donations from grassroots supporters. Even the leadership of the People’s Republic of China has publicly acknowledged the issue by endorsing a report on how to “reform the system of income distribution.” Any lingering doubts are dispelled by Google, one of the great money-spinning disequalizers in the San Francisco Bay Area, where I live, which allows us to track the growing prominence of income inequality in the public consciousness (Fig.


pages: 913 words: 299,770

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

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active measures, 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, God and Mammon, Howard Zinn, illegal immigration, jobless men, land reform, Mercator projection, Mikhail Gorbachev, minimum wage unemployment, Monroe Doctrine, new economy, New Urbanism, Norman Mailer, 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.