Congress has been considering changing mortgage banking, reducing the role of Fanny Mae and Freddy Mac, the two federal superbanks that have been insuring and buying our mortgages for decades. Actually, the government should stop encouraging the suburbanization of America. Read the rest of this entry »
Nationally, Republicans are still fighting unemployment relief and virtually every piece of a public safety net. Their solution to every problem is to blame the victim. Out of work? Must be because people didn’t look, or just like poverty. Never mind people spending their days looking for work. It must be their fault, because the only victims worth caring about, of what we politely call the business cycle, are businessmen. Everything would be fine if people would work for pennies a day like much of the world, so the companies they work for could pocket the difference while workers forego food, clothing, shelter and health.
Republicans just don’t get that people are looking, trying, wanting to hold jobs, their only prospect of living a decent life. Blaming the victims for the misbehavior of many captains of industry makes them feel better and helps fend off regulating or taxing their contributors. Let everyone else suffer. They turn the pain of unemployment into an argument for giving their contributors yet another tax break, claiming this, finally, will result in jobs – though business has the cash if it wants to invest. Republican economic policy, at least as they describe it to you and me, is all about the power of magical thinking.
There’s a better way to provide jobs and use taxpayer money more efficiently – just think about the things we could do that would make our neighborhoods more livable, from safety services to taking care of playgrounds and parks. Read the rest of this entry »
The Detroit bankruptcy is likely to mean a big hit for people’s pensions. Think about that: people have worked all their lives and now you tell them the terms just changed, and at precisely the part of their lives when they will find it hard to replace the lost income.
There are two issues involved in the bankruptcy. One is the outrageous fact that wages and pensions are not treated as secured so they take second place to banks and others whose only skin in the game is money, not the sweat of their brows over lifetimes of work. That’s the legal rule but I’ve never liked it. It creates maximum hardship. Cities and companies go bankrupt for the very reason that they can dishonor their pension obligations. Federal laws require companies to do some things to protect us. But if they don’t do well enough, well, there’s always bankruptcy. That, in my view, is a travesty. Read the rest of this entry »
I’m tired of hearing that lower taxes will bring new business. Politicians chant low taxes like a mantra that answers everything. Governor Cuomo offers to starve many New York communities of money for services by barring them from taxing new business.
Many places in the world have no taxes, and no business opportunities either. Many places in the US charge lower taxes than New York but do much worse. What’s missing in the low tax nonsense includes markets, transportation, supplies, employees, skills, resources and amenities, the things that make places interesting and fun to live in, the reasons company founders live here, why the bosses live here, and why their employees want to live here. Read the rest of this entry »
It seems clear that Dzhokhar Tsarnaev exploded bombs at the Boston Marathon. Although some wanted him tried as an enemy combatant outside of the requirements of the Constitution, the Obama Administration has brought charges in the federal courts.
It’s fascinating how some Americans treat our Constitution. On the one hand, many people make a fetish about what the Founders thought and did in the eighteenth century, and on the other many, often the same people, argue that the Constitution is simply irrelevant, doesn’t apply, can safely be ignored or forgotten.
Let’s get past that one quickly. Although the evidence so far does not fit the definition, the Constitution has a very clear notion of what to call Americans who adhere to our enemies – “traitors.” Read the rest of this entry »
Our two small granddaughters visited us this weekend. For me, their lives have been the most compelling reason to do something about global warming, to accept responsibility and to invest in a better future for them. But there is also the call of patriotism. Many have laid down their lives for this country. Can the rest of us deal with a little burden, a little expense, to save this country from catastrophe? Are we patriotic enough? Read the rest of this entry »
As I record this commentary, there is a powerful storm approaching the East coast. The last hurricane to hit this area affected a number of people in my office. One of the women who had worked for me lived in Schoharie. Her home and family were OK but she was devastated by what happened to her town. This time, my thoughts are in Brooklyn where my son and his family live – near the water but in the area that serves as a port so we hope more protected.
I’m no meteorologist. So how do you talk about a storm? Read the rest of this entry »