Economy

Show Details for the week of May 1st, 2017

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On The Monitor this week:

Since we have passed the “first 100 days” into the Trump administration, it is time to assess two key issues:

  1. As a candidate Trump often said he wanted to run the country like a business. His business acumen is one of his supposed strong suits. So what exactly does “Trumponomics” mean? And can “Trumponomics” extend the economic recovery that started after the 2008 global recession?
  2. The Democratic Party was mired in internal conflict both before and since election day. Revelations of DNC officials doing everything they could to tip the balance in favor of a Clinton nomination are continuing to emerge. What is the current state of the Democratic Party and its efforts towards party unity?

We discuss these issues with Stephanie Kelton and Robert Borosage

More about this week’s guests:

keltonStephanie Kelton is professor of economics at the University of Missouri-Kansas City. She served as chief economist on the U.S. Senate Budget Committee in 2015 and then became an economic advisor to the Bernie Sanders 2016 presidential campaign. She was the Founder and Editor-in-Chief of the top-ranked blog New Economic Perspectives and a member of the TopWonks network of the nation’s best thinkers. In 2016, POLITICO recognized her as one of the 50 people across the country who is most influencing the political debate. Her book, The State, The Market and The Euro (2001) predicted the debt crisis in the Eurozone, and her subsequent work correctly predicted that: (1) Quantitative Easing (QE) wouldn’t lead to high inflation; (2) government deficits wouldn’t cause a spike in U.S. interest rates; (3) the S&P downgrade wouldn’t cause investors to flee Treasuries; (4) the U.S. would not experience a European-style debt crisis. She recently wrote the paper “Can ‘Trumponomics’ extend the recovery?

Also see: “Bernie Sanders’ Economic Advisor Shreds Trumponomics” in CounterPunch.

borosage-e1364403595308-220x150Robert Borosage writes a weekly column for The Nation magazine and is a senior advisor of People’s Action. He is the founder and president of the Institute for America’s Future and co-director of its sister organization, the Campaign for America’s Future. The organizations were launched by 100 prominent Americans to develop the policies, message and issue campaigns to help forge an enduring majority for progressive change in America. Mr. Borosage writes widely on political, economic and national security issues. He is a Contributing Editor at The Nation magazine, and a regular blogger at The Huffington Post. His articles have appeared in The American Prospect, The Washington Post,Tthe New York Times and the Philadelphia Inquirer. He edits the Campaign’s Making Sense issues guides, and is co-editor of Taking Back America (with Katrina Vanden Heuvel) and The Next Agenda (with Roger Hickey).

“For all the urgent pleas for unity in the face of Trump, the party establishment has always made it clear that they mean unity under their banner,” Borosage wrote in a recent article. “That’s why they mobilized to keep the leader of the Congressional Progressive Caucus, Representative Keith Ellison, from becoming head of the DNC. It’s why the knives are still out for Sanders and those who supported him.”

Borosage commented that “Democrats are in the midst of a major struggle to decide what they stand for and who they represent.” And he added: “Part of that is the debate over a bipartisan interventionist foreign policy that has so abjectly failed.”

Also see: ‘Shattered’ Reveals Clinton and Sanders Staffs Struck Deal to Hide Protests: Democratic National Convention reality much different than media coverage

Show Details for the week of February 6th, 2017

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On The Monitor this week:

  • A round up of US national security news with Jonathan Landay
  • William Black on the Trump administration’s dismantling of the Obama administration’s already insufficient post-2008 financial regulations

More about this week’s guests:

Jonathan Landay is a reporter for Reuters covering national security. He previously worked for McClatchy/Knight-Ridder, the Christian Science Monitor, and United Press International. Landay partnered with Warren Strobel on a series of stories skeptical of the George W. Bush administration’s claims about Iraq’s weapons of mass destruction as justification for war; they received the Raymond Clapper Memorial award from the Senate Press Gallery for their work. Landay, Marisa Taylor, and Ali Watkins were 2015 Pulitzer Prize finalists for their work on the Senate Intelligence Committee’s report regarding the CIA’s torture programs. You can read his latest stories here.
William K. Blackwilliam black's portrait, J.D., Ph.D. is Associate Professor of Law and Economics at the University of Missouri-Kansas City. Bill Black has testified before the Senate Agricultural Committee on the regulation of financial derivatives and House Governance Committee on the regulation of executive compensation. He was interviewed by Bill Moyers on PBS, which went viral. He gave an invited lecture at UCLA’s Hammer Institute which, when the video was posted on the web, drew so many “hits” that it crashed the UCLA server. He appeared extensively in Michael Moore’s most recent documentary: “Capitalism: A Love Story.” He was featured in the Obama campaign release discussing Senator McCain’s role in the “Keating Five.” (Bill took the notes of that meeting that led to the Senate Ethics investigation of the Keating Five. His testimony was highly critical of all five Senators’ actions.) He is a frequent guest on local, national, and international television and radio and is quoted as an expert by the national and international print media nearly every week. He was the subject of featured interviews in Newsweek, Barron’s, and Village Voice.

Show Details for the week of August 29th, 2016

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On The Monitor this week:
  • On the Fraud of Charter Schools with Diane Ravitch
  • On the impeachment of Brazilian President Dilma Rousseff with James Green
More about this week’s guests:

j9ylhbaqDiane Ravitch is an historian of education and Research Professor of Education at New York University. She was born in Houston, Texas, attended the Houston public schools from kindergarten through high school, and graduated from Wellesley College in 1960. She received her Ph.D. in the history of American education in 1975. She lives in Brooklyn, New York. Ravitch is author of many books, including Reign of Error: The Hoax of the Privatization Movement and the Danger to America’s Public Schools and The Death and Life of the Great American School System: How Testing and Choice Are Undermining Education. She served as Assistant Secretary of Education and Counselor to the Secretary of Education from 1991-1993 under the George H. W. Bush administration. She now blogs at dianeravitch.netwhere you can read her recent piece “Please Write and Tweet John Oliver to Thank Him for His Program Revealing Charter Fraud,” which states: “A few days ago, John Oliver ran an excellent segment about charter schools and the fraud associated with them. He barely scratched the surface. Charter supporters are furious and are saying that he “hurt” children, he savaged children, etc. (This is a familiar tactic; when I criticized the improbable test scores in New York City almost a decade ago, I was told that I was “hurting children and their teachers” by questioning the validity of the dramatic rise in scores.) Fraud is a feature of deregulation, not a bug. When no one is looking, some people steal. Not everyone steals, but many do. That is why Ohio, Florida, Michigan, and California are scamming taxpayers. No one is demanding accountability. Politicians get paid off by charter friends, then cripple any effort to oversee them. Ohio and Michigan spend $1 billion a year to subsidize charter schools, which are lower-performing than public schools.The corporate reformers and privatizers are bombarding John Oliver with tweets and messages attacking his show.

Ravitch’s many pieces on this subject include “The Myth of Charter Schools” for The New York Review of Books.
greenJames N. Green is the Carlos Manuel de Céspedes Professor of Latin American History. He received his doctorate in Latin American history, with a specialization in Brazil, at UCLA in 1996. He has traveled extensively throughout Latin America and lived eight years in Brazil. He served as the Director of the Center for Latin American and Caribbean Studies at Brown University from 2005 to 2008. He is a past president of the Brazilian Studies Association (BRASA) and served as the President of the New England Council on Latin American Studies (NECLAS) in 2008 and 2009. He is currently the Director of Brown’s Brazil Initiative; the Executive Director of the Brazilian Studies Association, housed at Brown; and the Director of the Opening the Archives Project. His main areas of research are Political economy and the State, empire, and gender and sexuality
Quote: “Impartial observers generally recognize that the charges against her are more political than fiscal in nature. Numerous governors, whose parties are supporting the impeachment, have organized their own states’ public finances in similar ways over the last two decades. Tape recordings leaked earlier in the year reveal that many who favor the removal of President Rousseff are doing so because she refused to block federal investigations against widespread corruption among politicians, including many from her own coalition government.
Michel Temer, her replacement and her vice-presidential running mate from the Party of the Brazilian Democratic Movement, has already reversed all of the policies from their joint electoral platform, turning his back on the 54 million voters who elected Rousseff to a second term in 2014. President Rousseff, who underwent torture in 1970 at the hands of the military dictatorship that ruled the country from 1964 to 1985, will leave office with her head held high. Although she now readily admits that she made many errors as president, no serious corruption charges have been leveled against her.
On the other hand, the former Speaker of the Chamber of Deputies, the President of the Senate, the Interim President, and Rousseff’s main opponent in the 2014 presidential election are all fending off corruption allegations. Based on policies implemented by Temer in the four months since he assumed the interim presidency, it seems that the new government will swerve sharply to the right, cut many of the social programs that were trademarks of the Lula-Rousseff governments, and do everything possible to prevent former President Lula from running for the office of chief executive in 2018. At the same time, it is expected that Temer will try to put a stop to corruption investigations against the members of his new center-right government coalition.”

Show Details for the week of August 22nd, 2016

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On The Monitor this week:
  • On the Cynicism of the Clinton Foundation with Ken Silverstein
  • On America’s Racial Wealth Divide with Josh Hoxie
More about this week’s guests:
ken-silverstein-675Ken Silverstein is a Washington, D.C. based investigative reporter. He wrote the piece “Shaky Foundations: The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends” for Harper’s Magazine. He just launched Washington Babylon, which features “shockingly true stories of political sleaze.” He is also a columnist for the New York Observer and a contributing editor to VICE. You can read his full bio here.
Quote: “This move by the Clinton Foundation is an acknowledgement that they shouldn’t have done it in the first place. Further, it’s outrageous that they are saying they won’t take foreign money — if Hillary Clinton wins. So, they will keep taking it if she loses — perhaps to facilitate Chelsea Clinton’s political career? This is clearly a totally cynical political move. If Hillary Clinton wins, which seems incredibly likely now, the Clinton Foundation would have served its purpose. It helped portray them as do-gooders while they used it to solidify their corrupt brand of politics on the country and enriched their cronies.”
Silverstein has reported: “It is beyond dispute that former President Clinton has been directly involved in helping foundation donors and his personal cronies get rich. Even worse, it is beyond dispute that these very same donors and the Clintons’ political allies have won the focused attention of presidential candidate Hillary Clinton when she served as Secretary of State. Democrats and Clinton apologists will write these accusations off as conspiracy mongering and right-wing propaganda, but it’s an open secret to anyone remotely familiar with accounting and regulatory requirements for charities that the financial records are deliberately misleading.”

josh-hoxieJosh Hoxie is the director of the Project on Opportunity and Taxation at the Institute for Policy Studies. Josh joined the Institute for Policy Studies in August 2014 heading up the Project on Opportunity and Taxation. Josh’s main focus is on addressing wealth inequality through the estate tax, a levy on the intergenerational transfer of immense wealth. Josh grew up on Cape Cod, Massachusetts and attained a BA in Political Science and Economics from St. Michael’s College in Colchester, Vermont.

Josh worked previously as a Legislative Aide for U.S. Senator Bernie Sanders of Vermont, the longest serving independent in Congressional history, both in his office in Washington, DC and on his successful 2012 re-election campaign.

According to a new report, it would take the average black family 228 years to accrue the same amount of wealth that white families have today. The report is called The Ever-Growing Gap: Failing to Address the Status Quo Will Drive the Racial Wealth Divide for Centuries to Come . Josh is one of the main authors. You can read analysis of the report here by Chuck Collins (senior scholar at the Institute for Policy Studies where he directs the Program on Inequality and the Common Good (www.inequality.org) and Dedrick Asante-Muhammed (director of the Racial Wealth Divide Initiative at the Corporation for Enterprise Development).

The report release coincided with the 2nd anniversary of the shooting death of Michael Brown by a Ferguson, MO. police officer, which spawned the Black Lives Matter movement and calls for racial justice across all segments of society. Here’s a summary of key findings within the report:

  • “If current federal wealth-building policies remain in place, it will take the average African-American family 228 years to amass the same amount of wealth that white families have today and it will take Latino families 84 years to reach that goal
  • “By 2043, when households of color will constitute a majority of the U.S. population, the racial wealth divide between white households and African- American and Latino households will have doubled from about $500,000 in 2013 to $1 million.
  • “The Forbes 400 will see their average wealth skyrocket to $48 billion by 2043—more than eight times the amount they hold today. During that same period, the average wealth for white families will increase by 84% to $1.2 million compared to $165,000 for Latino families (69% growth) and $108,000 for African-American households (27% growth).”

The Corporation for Enterprise Development and IPS call for a range of reforms to address the problem, including fixing an “upside down” tax system that currently doles out more than half a trillion dollars annually to help primarily wealthy households get wealthier, while providing almost nothing to lower-income households.

Show Details for the week of July 11th, 2016

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On The Monitor this week:

  • The cyclical cries for Police “reforms”and the ongoing Militarization of the Police, with Pete Kraska
  • The Freak out over Brexit in the context of Interventions and Austerity, with Robin Hahnel

More about this week’s guests:

pkraska2Dr. Pete Kraska is Professor and chair of Graduate Studies and Research in the School of Justice Studies Eastern Kentucky University. He has distinguished himself as a leading scholar in the areas of police and criminal justice militarization, criminal justice theory, and mixed methods research. He has published seven books including Criminal Justice and Criminology Research Methods, Theorizing Criminal Justice: Eight Essential Orientations, and Militarizing The American Criminal Justice System: The Changing Roles of the Armed Forces and Police. Dr. Kraska’s research has also been published in a number of leading journals, including the British Journal of Criminology, Social Problems, Justice Quarterly, and Policing and Society. Dr. Kraska’s work has received national and international recognition. He is frequently asked to present his research and findings to academic and policy audiences, including most recently testifying for the U.S. Senate on police militarization. His work has also been featured in media outlets such as 60 Minutes, The Economist, Washington Post, BBC, New York Times, Wall Street Journal, Huffington Post, National Public Radio, and PBS News Hour.  Follow him on Twitter here @Peterkraska and read an interview on this topic from 2014 here: “White House Commission May End Up Training More Cops to Use Military Weapons.”

 

Robin Hahnel is professor emeritus at the American University. He is best known as a radical economist and co-creator of a post-capitalist economic model known as “participatory economics.” His ten books include The Political Economy of Participatory Economics (Princeton University Press). He just wrote the piece “Brexit: Establishment Freak Out,” which states: “It is comical to watch the establishment on both sides of the Atlantic panic over short-run economic damage due to market ‘over reaction,’ because any danger of this is due to their own negligence. Only because the establishment has hitched our economic destinies to the whims of financial markets is there any need to worry that Brexit might trigger yet another global meltdown. Only because the establishment failed to implement prudent, financial regulation in the seven years since the last financial crisis crashed the global economy is there any danger today. Only because the Cameron government and the European Commission responded to the Great Recession with counterproductive fiscal austerity is a return to deeper recession in Europe quite probable. But we can be sure of one thing: All negative economic trends will now be blamed on Brexit and the populist ‘mob’ who brought it on, rather than on the establishment’s neoliberal policies which are actually responsible.” You can follow him on Twitter here: @RobinHahnel and you can read more examples of his work here:

Economic Growth, Climate Change, and Capitalism

Brexit: Establishment Freak Out

‘Told You So’ Is Bitter Sweet

Capitalist Cheating

An Open Letter to the Climate Justice Movement

Read more…

 

Show Details for the week of May 30th, 2016

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On The Monitor this week:

  • Issa Touma on events in Syria and the media’s coverage of the conflict
  • Matthew Charles Cardinale on the SMART alternative to the American Legislative Exchange Council (ALEC)
More about this week’s guests:

6849954Issa Touma, a photographer and curator based in Aleppo (Syria). His photographic work has been show in international collections, including the Victoria & Albert Museum, London. From his bio on lensculture.com: “Finding himself isolated from the international art community in his own country, Touma established the Black and White Gallery, the first photography gallery in the Middle East, in 1992. After its closure in 1996, Touma founded Le Pont, an independent art organization and gallery that promotes freedom of expression and stimulates the local art scene through international events. In 1997, he started the International Photography Festival Aleppo, which despite the horrors and uncertainties of the conflict, continues to take place every year.”

You can see examples of his pictures online at Le Pont He recently made documentary called 9 Days – From My Window in Aleppo which you can also see online

smart-alec-barb-and-matt
Matthew Cardinale and Barbara Payne

Show Details for the week of April 25th, 2016

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On The Monitor this week:

  • Wendell Potter discusses his book Nation on the Take: How Big Money Corrupts our Democracy and What We can do about it
  • Money and Musicals – Gerald Horne on Alexander Hamilton, Andrew Jackson, and Harriet Tubman

More about this week’s guests:

Wendell Potter
NationOnTheTakehirezWendell hi rez headshotFollowing a 20-year career as a corporate public relations executive, Wendell left his position as VP of Communications for Cigna, one of the nation’s largest health insurers, to advocate for meaningful health care reform and to help organizations working for the greater good achieve their goals. In widely covered Congressional hearings, Wendell disclosed how insurance companies, to boost profits, engage in practices that have forced millions of Americans into the ranks of the uninsured, and use deceptive PR tactics to undermine health care reform.
His book, “Deadly Spin: An Insurance Company Insider Speaks out on how Corporate PR is Killing Health Care and Deceiving Americans,” is a stark warning that corporate spin is distorting our democracy. Wendell is also the author of “Obamacare: What’s in it for me? What everyone needs to know about the Affordable Care Act.” Wendell is a regular contributor for The Huffington Post and HealthInsurance.org.
Wendell’s latest book, coauthored by Nick Penniman is “Nation on the Take: How Big Money Corrupts Our Democracy and What We Can Do about It,” which exposes legalized corruption and links it to kitchen-table issues citizens face every day.

Gerald Horne

gerald20horne20photo1Gerald Horne holds the John J. and Rebecca Moores Chair of History and African American Studies at the University of Houston. His research has addressed issues of racism in a variety of contexts involving labor, politics, civil rights, international relations and war. He has also written extensively about the film industry. Dr. Horne received his Ph.D. in history from Columbia University and his J.D. from the University of California, Berkeley and his B.A. from Princeton University. Dr. Horne’s undergraduate courses include the Civil Rights Movement and U.S. History through Film. He also teaches graduate courses in Diplomatic History, Labor History and 20th Century African American History. Dr. Horne uses a variety of teaching techniques that enrich his classes and motivate students to participate.

13717-3Quote: “The U.S., as an artificially constructed former settler state, has a problem of unity — not least of all with its African20-dollar-bill-transfer-transferframe198 American population. Many nations have to construct a mythology to achieve unity. The U.S. myth of the Founding Fathers has revolved around Washington and Jefferson, but both have been scrutinized. Alexander Hamilton is now in effect being put forward, but he was the captain of the one percent — he represented the interests of big finance at the beginning of the United States. He personified the grievances that continue, and that the Sanders campaign and — to a degree the Trump campaign — have objected to. So, if you have a multiracial, hip hop cast in this musical, you pretend we’re achieving national unity. The actual historical record is so very different. Britain was moving toward abolition, so in 1776, the slave owners rebelled. That’s in large part the origin of the United States. In terms of Alexander Hamilton the man, he migrated to the mainland from the Caribbean as the enslaved Africans became more rebellious. The elite whites could no longer control the situation though the region had been considered the crown jewel of the British empire in this hemisphere. His coming to what became the U.S. was actually an example of what we’d call white flight. Much of our political climate is continuously obscured because we still haven’t come to terms with the racist and economic realities of the United States from its origin. That allows for many poor whites to align politically with white elites rather than with black folks.”

Among his most recent publications

  • Race to Revolution:  The U.S. and Cuba During Slavery and Jim Crow, 2014.
  • The Counter-Revolution of 1776:  Slave Resistance and the Origins of the United States of America, 2014.
  • Black Revolutionary:  William Patterson and the Globalization of the African-American Freedom Struggle, 2014.