There’s plenty of blight out there. Inner city blight, failing suburban blight, long lost rural small town blight… empty storefronts, boarded up buildings, dead streets. There’s simply no government program that’s going to bring these places back to life. No Wall Street investment scheme is likely to revive these places. Developers have no economic incentive to do anything with these buildings. Banks are risk averse and will not fund investments here. However, many of these forlorn spots exist within otherwise populated and potentially healthy neighborhoods. read more »
In this predictably difficult year for the Democrats, the party of the people is turning, of all people, to its plutocrats. However much the party stigmatizes right-wing billionaires like the Koch brothers, a growing proportion of America’s ultra-rich have become devoted Democrats, giving them an edge in fund-raising. Indeed, an analysis of billionaire contributors this year by Politifact found that 13 supported liberals while only nine backed Republicans. read more »
With his questionably Constitutional move to protect America’s vast undocumented population, President Obama has provided at least five million immigrants, and likely many more, with new hope for the future. But at the same time, his economic policies, and those of the progressive wing of the Democratic Party, may guarantee that many of these newly legalized Americans will face huge obstacles trying to move up in a society creating too few opportunities already for its own citizens, much less millions of the largely ill-educated and unskilled newcomers. read more »
Recently, BloombergView writer Michael Lewis called attention to tape recordings made by a Federal Reserve Bank of New York bank examiner who was stationed inside Goldman Sachs’ offices for several months during 2011-2012. She released the tapes to This American Life who aired her story on September 26, 2014. read more »
You are a political party, and you want to secure the electoral majority. But what happens, as is occurring to the Democrats, when the damned electorate that just won’t live the way—in dense cities and apartments—that you have deemed is best for them? read more »
“If the 19th [century] was the century of the individual (liberalism means individualism), you may consider that this is the ‘collective’ century, and, therefore, the century of the state.”
Benito Mussolini, “The Doctrine of Fascism” (1932), translated by Barbara Moroncini.
Where goes the 21st century? Until recently, it could be said that, with the defeat of fascism, in 1945, followed by the collapse of the Soviet Union about a half century later, that we had seen the demise of what the Italian dictator Mussolini envisioned as “a century of authority.” But, now, liberalism’s global triumphal march, as was so brazenly predicted in some corners just two decades ago, seems to have slowed, and may even be going into reverse. read more »
Americans have always prided themselves on being a nation of the self-made, where class and the accident of birth did not determine success. Yet increasingly we are changing into a society where lineage does matter—and likely this process has just started, threatening not only our future prosperity but the very nature of our society.
In some ways the emerging age of inheritance stems from the success Americans enjoyed over the past half century. Think not only of the wealthy entrepreneurs, but the vast middle class that purchased their homes, often for what in hindsight look like very low sums, and which now can be sold at massively higher prices. read more »
Silicon Valley long has been hailed as an exemplar of the American culture of opportunity, openness and entrepreneurship. Increasingly, however, the tech community is morphing into a ruling class with the potential for assuming unprecedented power over both our personal and political lives. read more »
Mayor de Blasio has his work cut out for him if he really wants to end New York’s “tale of two cities.” Gotham has become the American capital of a national and even international trend toward greater income inequality and declining social mobility.
There are things the new mayor can do to help, but the early signs aren’t promising that he will be able to reverse 30 years of the hollowing out of the city’s once vibrant middle class. read more »