One effect of the structural unemployment situation we are stuck in is that some employers have begun assuming that people who don't have jobs must be bad workers and, therefore, shouldn't be considered for hiring. Of course, that line of logic doesn't comply with the facts of the situation. Since 2008, millions of people really have lost their jobs "through no fault of their own," and the jobs market as a whole has shrunken. The U.S. economy no longer accomodates the U.S. work force. Hence the stagnation in unemployment.Read Full Article
The derivatives chapter in the Senate's financial reform bill is stronger than the House's version in just about every way imaginable. Not surprisingly, convincing finical reform conference committee members to choose the House derivatives language over the Senate language has been big-bank lobbyists' top priority in the past few weeks.
The vote on derivatives will take place tomorrow, and despite a lot of centrists recently adopting the banks' position, a trio of relatively moderate House Dems -- Rep. Rosa DeLauro [D, CT-3] (pictured), Rep. Bart Stupak [D, MI-1] and Rep. Jackie Speier [D, CA-12] -- are pushing back hard. They circulated a letter today urging the Senate derivatives language to be kept in tact and implying that any actions by the conference committee to weaken the language could cost Democratic votes from the left. They are asking for Democratic House colleagues to sign on.Read Full Article