A big reason why financial crimes are so hard to prosecute is that authorities often lack witnesses who can testify in detail about such crimes. That means prosecutors must rely on others forms of evidence -- like documents and emails. But even a pretty damning paper trail just doesn't have the punch of an individual pointing their finger and unloading all the sordid details. Also, without an insider to explain the labryinth of a typical securites fraud, it can be hard for prosecutors to ever even assemble such a trail.
In the wake of the S&P downgrade, the Federal Reserve announced yesterday that it would keep short-term interest rates near zero for two years. This was a departure from the Fed's previous language, which did not offer a specific timeline. These rock-bottom rates can't continue indefinitely, and the Fed has the power to raise them at any time. As well, further downgrades of the U.S. credit rating could work to push interest rates up.
In an op-ed in today's New York Times, Jeffrey Ganns provides the most insightful explanation yet of why S&P downgraded the U.S. credit rating even though there is no evidence that the United States would ever not make good on its debts.
The cascade of budget cuts continues. The National Employment Law Project (NELP) reported last week that several states, including Michigan, South Carolina, and Florida, were cutting unemployment benefits. For over 50 years, there had been a national consensus that state unemployment benefits should last 26 weeks.
WASHINGTON DC-- In the wake of an austerity debt ceiling deal that will cost 1.8 million jobs in 2012 and do nothing to address inequality and the decline of the American middle class, today the Rebuild the Dream Campaign – with the support of partner organization Demos – announced a new Contract for the American Dream.
Among the many questionable assertions in Drew Westen's Times article yesterday was that Obama's "half-stimulus" was "diluted" with "tax cuts that had already been shown to be inert."
Like many progressives, I have been disappointed by President Obama for not staking out more aggressive negotiating positions and being a more forceful leader overall.
Imagine an America that boldly undertakes a major effort of unprecedented scale. Now imagine that no one knows how much it will cost or when it will end, only that it is imperative to act if we are to live consistent with our nation’s core values of freedom AND unity. Imagine now that this grand and unpredictable endeavor has to be financed with a surge in national debt and that securing such debt will require a new, reliable and substantial source of new revenue.
With 25 million people still unable to find full-time jobs and unemployment insurance close to running out, it's shameful that Republicans in Congress waged ideological warfare over what is typically a pro forma exercise of the Congress.
Olympia, WA— The national June jobs report showed 200,000 more people joined the unemployment lines. In Washington, unemployment is also rising--as jobs shift rapidly from manufacturing to the service sector--and state tuition/student debt is growing fast. Because of these developments, the state’s low- and middle-income families are particularly threatened.
New York, NY-- Recent comments made by President Obama about the threat of budget negotiations stalling crucial social security payments have highlighted the growing pain felt by America's seniors. A new report "From Bad to Worse: Senior Economic Insecurity On the Rise," from the Institute on Assets and Social Policy and national policy center Demos, underscores how seniors have too few resources and too little time to plan for a fulfilling retirement.
Pittsburgh-The newly released national June jobs report showed 200,000 people joined the unemployment lines last month. In Pennsylvania, where the annual unemployment rate is the highest it has been in nearly three decades and state tuition/student debt is on the rise, the state's low- and middle-income families are in danger of disappearing.
A new report, "Under Attack: Pennsylvania's Middle Class and the Job Crisis," outlines these growing challenges facing millions of Pennsylvanians.
New York-A newly released review of a June 27 report by the U.S. Election Assistance Commission (EAC) shows that voter registration application rates at state public assistance agencies have risen sharply following National Voter Registration Act (NVRA) enforcement actions by advocacy groups Demos, Project Vote, the Lawyers' Committee for Civil Rights Under Law, and others. In contrast, the overwhelming majority of states not targeted have continued to see a long decline in registration of lower-income residents.
House Members To Call on DOJ to Investigate Voter ID Measures in States; Voting Rights Group Applauds Effort
7/13 Press Conference Hosted by Rep. Fudge to Discuss
The American Dream used to mean that if you put in a hard day's work, you could expect good wages, benefits, and a better life for your kids. But the kinds of jobs that can provide a solid middle-class life in return for hard work are in short supply in Michigan—the state’s unemployment rate is one of the nation’s highest, earnings have dropped below the national median, and hard-won health and retirement benefits are being lost. The future of the middle class, which has been the backbone of Michigan’s economy for more than half a century, is at risk.
The American Dream used to mean that if you put in a hard day's work, you could expect good wages, benefits, and a better life for your kids. Today, the kinds of jobs that can provide a solid middle-class life in return for hard work are in short supply-unemployment is up, earnings are flat, and hard-won benefits are being lost. The future of Florida's middle class, which has been the backbone of Florida's economy for more than half a century, is at risk.
Conservatives are a house divided these days on many issues. But on the core issue likely to determine the 2012 election, the economy, there’s not a millimeter of space between them. Government is the problem and reducing the burdens of taxes and regulation on America’s job creators stands at the top of nearly every Republican presidential candidate’s agenda. That’s the only way to get the economy humming again, fuel new job creation, and bring unemployment down, they contend.