Debating the Economics of Decline
Thomas Edsall, a professor of journalism at Columbia University and author of The Age of Austerity, has an interesting discussion in the New York Times “Opinionator” section today in which…
Mergers return but is it real growth?
Despite weak economic growth and dim forecasts for more robust growth in the future, large corporations are taking advantage of weak sales and declining profits to make big on mergers…
Justice Department sues S&P over fraud in rating mortgage securities
This week the Justice Department announced a civil lawsuit against the credit rating agency Standard & Poor’s after a lengthy investigation. The suit alleges that the agency issued faulty credit…
U.S. economy contracts slightly
The U.S. economy contracted by a fraction of a percent in the final quarter of last year, catching investors off guard. According to a Commerce Department report released yesterday GDP…
Since Congress will not do its job, the “fiscal cliff” will do it for them
The failure of Congress to make substantial economic reform is nowhere more visible than in the present hysteria regarding the “fiscal cliff” and its consequences for the federal budget and…
MI workers resist “right-to-work” law
Michigan lawmakers began debate today on controversial “right to work” legislation that would forbid requiring workers to pay union dues. The legislation is expected to pass despite widespread protests in…
Citibank to eliminate 11,000 workers
In a shake up last month Citi’s executive board ousted its former CEO Vikram Pandit, paving the way for today’s announcement that the country’s second largest bank would cut 11,000…
NYC fast food workers stage walk out, fighting for rights to unionize
Dozens of fast food workers at some of the country’s largest chains, including McDonald’s, Taco Bell, and Domino’s, walked off the job today in a coordinated campaign to highlight low…
Hostess, union fail at negotiations
Hostess announced Tuesday night that it failed to reach a new agreement with BCTWGM, and union officials said the company plans to proceed with shuttering its operations after 82 years…
Mediation ordered for Hostess, union
Today in New York a judge for the Federal Bankruptcy Court all-but-ordered mediation between Hostess Brands and the Bakery, Confectionary, Tobacco Workers and Grain Millers Union (BCTGM) in an effort…