Economy

The Establishment Strikes Back

Protesters in front of the New York Stock Exchange Thursday.

Occupy Weekly: The Establishment Strikes Back. This was the week that Occupy Wall Street faced its greatest pushback and pulled off its largest action yet. Sunday’s surprise police raid on Occupy Portland turned out to be one of several around the country, as mayors sent cops to clear occupations in cities including Chapel Hill, Salt Lake City, and New York. Some raids were marked by violence against protesters and press (including reporters from the right-wing New York Post and Daily Caller). Occupy Boston has secured a preemptive restraining order in hopes of warding off a similar eviction, and Occupy Los Angeles is seeking one as well.

Unemployment and Underemployment Over Time

I'm not the only nerd here in the room, right? Phew. Check out Remapping Debate's new graph of Bureau of Labor Statistics data of unemployment and underemployment, by state, over time. Don't miss the widget that lets you examine how the data differs by year.

In brief: It looks grim. Do use the data for good.

Occupy Wall Street: Seattle Redux?

AP Photo/Mary Altaffer

As in the anti-WTO demonstrations in Seattle in 1999, today’s nationwide Occupy Wall Street actions come in many shapes and sizes. There’s the enraged confrontations we’ve seen around Wall Street itself. There are the pre-arranged arrests we’ve seen in the banking district of downtown Los Angeles. There are permitted rallies sponsored by unions, which, as evening falls, will shift their locales to bridges around the nation in an attempt to loop the rebuild-the-decaying-infrastructure issue into the mélange of progressive causes that OWS champions. There’s an action for every mood and strategy –- though some strategies make a lot more sense than others.

Post Hoc Fallacy

Wednesday’s Washington Post deserves some kind of perverse award for advocacy journalism—in this case, for advocating the proposition that dire economic consequences will ensue if the congressional Super Committee fails to cut a deal for drastic deficit reduction. This is, of course, one side of an argument.

Those on the other side, including myself, have argued that austerity in a deep recession makes no economic sense and that as a matter of politics, the Obama administration would be far better advised to let the automatic sequester formula take effect, knowing that it would have to be reopened because of Republicans’ horror of deep defense cuts and the expiration of the Bush tax cuts.

Now What?

AP Photo/Seth Wenig

Early Tuesday morning, surprised by a violent police raid on Zuccotti Park, dozens of Occupy Wall Street activists stayed and accepted arrest, a few chained themselves to a tree (which was cut down by police), and others fled, though not all fast enough to escape tear gas. Later that morning, protesters returned expecting the city would yield to a temporary restraining order allowing their camp, but police ignored the order. Tuesday evening, defeated in court, occupiers returned to Liberty Plaza, filing in one or two at a time past watchful police. There were new signs (“Curfew 10 PM”), new rules (no lying down), and a newly urgent question: What’s next?

The Robots Are Coming!

Google, we learn from Monday’s New York Times, has a secret lab in an undisclosed location in the Bay Area where it is developing robots. We don’t know what the Google-oids are working on there, but we do know that the company has developed and built a driverless car that has already traversed 100,000 miles on California roads without getting either a ticket or a scratch.

Bending the Rules

Congress keeps finding new ways to attack farm-bill reform.

Yesterday, the House and Senate released their final appropriations bill for the current fiscal year. Like the House bill passed in June, the bill, which provides funding to the Department of Agriculture, cuts a number of programs. The National Sustainable Agriculture coalition discusses the programs most hurt in a detailed blog post. One of the areas most hurt is conservation: On the whole, programs that help preserve land were cut by almost $1 billion.

Why We Need Occupy Wall Street

AP Photo/John Minchillo

Today—the same day that New York’s Mayor Bloomberg had his cops clear Zuccotti Park—Richard Fisher, the president of the Federal Reserve Bank of Dallas, called for breaking up America’s biggest banks, calling them “too dangerous to permit.” Also today, Warren Buffett, in an interview posted on the Business Wire of Berkshire Hathaway, his company, continued his criticism of American plutocracy. “Through the tax code, there has been class warfare waged, and my class has won,” Buffett said. “It’s been a rout. You have seen a period where American workers generally have gone no place, and where the really super rich as a group increased their incomes five for one in this rarified atmosphere.”

Exit Berlusconi, Enter Uncertainty

AP Photo

It was a busy weekend in Italian politics. The Chamber of Deputies passed the latest round of austerity measures, Prime Minister Silvio Berlusconi resigned, and President Giorgio Napolitano mandated Mario Monti, a respected economist and former EU commissioner, to form of a new government of national unity. The backdrop to all this frenzied activity was the country’s growing liquidity crisis: As Italy, the world’s third largest bond market, saw its borrowing costs rise to unsustainable levels in recent weeks, the rest of the planet could only watch in numb horror, as if observing a slow-motion car crash.

Don't Save Republicans from Themselves

With the Super Committee near collapse, will the Democrats snatch defeat out of the jaws of victory? Republicans, by locking themselves into no new taxes at a time when two-thirds of Americans prefer to tax millionaires instead of cutting Social Security and Medicare, are in a nice pickle.

Over the weekend, Republicans on the Super Committee proposed to trade about $300 billion in net revenue increases for more than $2 trillion in permanent tax cuts. Democrats, mercifully, did not take the bait.

Generation Y Bother

Young adults entering the workforce today think they'll be worse off than their parents—they're not wrong.

(AP Photo/John Minchillo)

The recession officially ended nearly two and a half years ago, in June 2009, but for the generation of young adults who’ve been trying to take their first steps into adulthood, its effects could shape the future for decades to come.

Do Regulations Cost Jobs?

One clear consensus emerged at the Republican presidential debate on the economy last week: government regulations are stifling our economic recovery. "I’ve said I’m going to repeal every single Obama-era regulation that costs business over a hundred million dollars. Repeal them all," Rick Santorum said, to no disagreements from the other candidates who all envisioned a robust recovery once regulations were wiped from the books.

A State of Chaos

How political failures and stagnant institutions brought Greece to the brink of collapse

A protester chants slogans during a protest in front of the Greek Parliament in Athens on Saturday, Oct. 15 2011. About 2,000 protesters turned up at Syntagma Square, outside Parliament, to protest against a new austerity package that is to be voted upon on Thursday. (AP Photo/Kostas Tsironis)
(AP Photo/Kostas Tsironis)

About 2,000 protesters turned up at Syntagma Square, outside the Greek parliament, to protest against a new austerity package agreed to in October.

Occupy Oakland

Each week, the Prospect will be profiling a different "Occupy Wall Street" protest across the country. This week: Oakland.

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