With years to reflect back on that epic economic collapse, the seeds of doom were apparent: The rich growing richer, their wealth multiplied by generous income and corporate tax cuts; the remaining 99 percent of Americans struggling to keep pace; soaring personal debt; a period of speculative frenzy; a powerful financial industry with a hotline to Washington. Yes, 1929 was a hellacious year. That many of the same ingredients that led to the Great Depression were also present before the U.S. housing crash a decade ago is no coincidence. It is history repeating itself. Even in the Roaring '20s, we'd been there before. In the 19th century, a sharp increase in inequality after the Civil War also contributed to the the "Panic of 1873," which would trigger a six-year depression in the U.S. and Europe (the American bank Jay Cooke & Co., founded by the railroad baron, was the Lehman Brothers of its time.) The lesson is clear: Deepening income inequality today should give pause in … [Read more...] about Lehman Brothers is long gone, but the economic rot lingers
The economic problems
WASHINGTON – It's not much money by Washington standards, just a lousy $9.8 million. But the moving of that money – from the agency that reacts to hurricanes to one that detains undocumented immigrants – seems to have come at the wrong time. Moreover, it stands as a symbol of so much that's wrong with your federal government, which so often lately seems to be chasing down lesser problems while letting the big ones fester, or even actively making them worse. With a historic hurricane bearing down on the Carolinas, Sen. Jeff Merkley went on the Rachel Maddow Show on MNSBC on Tuesday with some disturbing news he pretty much got in the mail. The Oregon Democrat got a notice, as required by law, that the Department of Homeland Security moved that $9.8 million from the Federal Emergency Management Agency to Immigration and Customs Enforcement. To be specific, money that had been intended for “Preparedness and Protection” and “Response and Recovery” … [Read more...] about The Briefing: Chasing the wrong problems
BEIRUT (Reuters) – It is the duty of all Iranians to help the government overcome economic problems, a senior Revolutionary Guards commander said Wednesday, according to Fars News. A senior U.S. state department official said on Tuesday that Washington had told allies to halt Iranian oil imports. “It is all of our duty to work together to help the respected government and other governmental branches in solving the economic problems,” General Yahya Rahim-Safavi, who is also a senior advisor to Iran’s Supreme Leader, said on Wednesday, according to the news agency. “We must neutralize the plans of the enemy for an economic war and psychological operations.” (Reporting By Babak Dehghanpisheh; editing by John Stonestreet) … [Read more...] about All Iranians have a duty to help government overcome economic problems
World Islam Education Religion Researchers at Pew have said their analysis of data on the educational attainment of Muslim women across the world shows that religion plays a much less significant role in limiting their achievements than the wealth of the societies in which they live. High-profile cases of Islamic extremists targeting schoolgirls—such as the kidnappings by Boko Haram of schoolgirls in Nigeria and the attempted assassination of Malala Yousafzai in Pakistan—fuel the perception that Muslim women are at an educational disadvantage primarily because of their religion, especially those who live in conservative societies. But while it is true that Islamic cultures, societies and communities' chauvinistic attitudes to women can be limiting to their education—for example some are expected to marry young and build a home—in general that is no longer the case. It is the economic strength of a society that plays a much bigger role in determining the … [Read more...] about Islam Isn’t Holding Back Muslim Women’s Education—Here’s the Bigger Problem
John Gallagher Detroit Free Press Published 8:56 p.m. UTC May 30, 2018 MACKINAC ISLAND — Why can't Michigan solve the biggest problems anymore? Despite the champagne and celebratory mood here at the annual Mackinac Policy Conference, that downbeat question hovers in the background of every panel discussion and speech. Think about it. In the 20th Century, Michigan succeeded at the biggest of big tasks, putting the world on wheels, serving as the Arsenal of Democracy in World War II, welcoming hundreds of thousands of immigrants from the Deep South and around the world and giving them good jobs and homes and making them middle-class citizens. At the same time Michigan produced cultural marvels — Motown Music, great architecture by designers like Eero Saarinen and Minoru Yamasaki, iconic furniture designs by companies like Herman Miller and Steelcase. That's in the past. Today, Michigan can't even fix its potholes. Festering problems go unresolved, … [Read more...] about Why can’t Michigan solve the biggest problems like it once did?