Why Wall Street Is Howling Over The Big New Reform Coming Down The Pike

By Tierney Sneed

The Obama administration is moving forward with a plan that could bring a sea change to how retirement advisors must treat their clients, while financial industry-allies in Congress engage in another round of push back.

The new rules for retirement advisors that the President and consumer advocates are pushing address a conflict of interest the White House estimates costs retirement savers $17 billion annually. The problem? Contrary to what many investors believe, the advisors who direct them to retirement funds are not always required to act in their clients' best interests.

Bubbles Always Burst: the Education of an Economist

Posted By Michael Hudson On September 28, 2015 @ 2:14 am

I did not set out to be an economist. In college at the University of Chicago I never took a course in economics or went anywhere near its business school. My interest lay in music and the history of culture. When I left for New York City in 1961, it was to work in publishing along these lines. I had worked served as an assistant to Jerry Kaplan at the Free Press in Chicago, and thought of setting out on my own when the Hungarian literary critic George Lukacs assigned me the English-language rights to his writings. Then, in 1962 when Leon Trotsky’s widow, Natalia Sedova died, Max Shachtman, executor of her estate, assigned me the rights to Trotsky’s writings and archive. But I was unable to interest any house in backing their publication. My future turned out not to lie in publishing other peoples’ work.

My life already had changed abruptly in a single evening. My best friend from Chicago had urged that I look up Terence McCarthy, the father of one of his schoolmates. Terence was a former economist for General Electric and also the author of the “Forgash Plan.” Named for Florida Senator Morris Forgash, it proposed a World Bank for Economic Acceleration with an alternative policy to the existing World Bank – lending in domestic currency for land reform and greater self-sufficiency in food instead of plantation export crops.

Jeremy Corbyn’s Necessary Agenda

Mariana Mazzucato

BRIGHTON – Seven economists (including Joseph Stiglitz, Thomas Piketty, and me) have agreed to become economic advisers to Jeremy Corbyn, the new leader of the British Labour Party. I hope we will have a shared goal to help Labour shape an economic policy that is investment-led, inclusive, and sustainable. We will bring different ideas to the table, but these are my thoughts on the kind of progressive agenda the United Kingdom – and the rest of the world – now needs.

When the Labour Party lost the election last May, it received considerable criticism – even from its own frontbenchers – for failing to embrace the business community as “wealth creators.” But while businesses clearly create wealth, so do workers, public institutions, and civil-society organizations, which, through dynamic partnerships, drive long-term growth and productivity. Indeed, a progressive economic agenda must begin with the recognition that wealth creation is a collective process and that market outcomes are the product of how these various “wealth creators” interact.

 In America, the Poorer You Are, the Poorer Your Children Will Be

 This country’s terrible social safety net is making it impossible for working-class parents to keep up with their wealthier peers.

By Michelle Chen

 When people talk about “balancing work and family,” they’re usually talking more about the workplace than what’s going on at home. Now we’re starting to get data on what the workaday life looks like from a kid’s eye view, and it doesn’t look good.

 When debating the issue of work-life balance, arguments over unlimited vacation and employment discrimination center around women’s barriers to opportunity—the perennial glass ceiling that Anne Marie Slaughter and Sheryl Sandberg rage at when lamenting not “having it all.” For working-class folks crushed by on-call schedules or poverty wages, it’s often hard to find any life outside work, let alone to balance work and family lives. But centering the conversation not on career ambition but the life course of a family helps put the false dichotomy of work vs. life in perspective.