Fraternity members have their own secret affarmative action program. Bloomberg has the details in a piece called "Secret Handshakes Greet Frat Brothers on Wall Street". The new film "Wolf of Wall Street" publicizes the male dominated culture of the financial industry.
We have long known networks constitute a form of affirmative action for the powerful and their off spring.
What is most disappointing is how privilage networks are described as meritoracies when so many are excluded.
Thursday, December 26, 2013
Sunday, December 22, 2013
InterActiveCorp (owner of BlackPeopleMeet.com) executive fired for racist tweet
InterActiveCorp public relations executive Justine Sacco was fired for making a racist tweet beforing flying to South Africa. IAC is owner of the popular black dating website: BlackPeopleMeet.com. IAC is headed by media executive Barry Diller. IAC is a media congolomerate which owns several promonent brands including...
BlackPeopleMeet.com
Match.com
Vimeo
Dictionary.com
UrbanSpoon
HomeAdvisor
CollegeHumor
Ask.com and About.Com
OKCupid
BlackPeopleMeet.com is the largest African-American dating site. The web site was owned by People Media, Inc before acquisition by IAC. People Media, Inc. Reported total revenues of $1.2 billion in 2009.
BlackPeopleMeet also previously worked with the Steve Harvey morning show to arange on-the-air dates. There is no mention of the Steve Harvey Show on BlackPeopleMeet.com nor is there a mention of BlackPeopleMeet.com on the SteveHarvey.com website. However, the press release contains a reference to http://www.blackpeoplemeet.com/steve-harvey. The link is no longer active.
Here is an old PR news release on PRNews.com. "#1 Black Dating site, BlackPeopleMeet.com and Steve Harvey Morning show team up to launch Radio Date Segment"
BlackPeopleMeet.com
Match.com
Vimeo
Dictionary.com
UrbanSpoon
HomeAdvisor
CollegeHumor
Ask.com and About.Com
OKCupid
BlackPeopleMeet.com is the largest African-American dating site. The web site was owned by People Media, Inc before acquisition by IAC. People Media, Inc. Reported total revenues of $1.2 billion in 2009.
BlackPeopleMeet also previously worked with the Steve Harvey morning show to arange on-the-air dates. There is no mention of the Steve Harvey Show on BlackPeopleMeet.com nor is there a mention of BlackPeopleMeet.com on the SteveHarvey.com website. However, the press release contains a reference to http://www.blackpeoplemeet.com/steve-harvey. The link is no longer active.
Here is an old PR news release on PRNews.com. "#1 Black Dating site, BlackPeopleMeet.com and Steve Harvey Morning show team up to launch Radio Date Segment"
Sunday, December 1, 2013
Pavlina Tchemeva - Government fiscal policy must directly create jobs and promote full employment
Economist Pavlina Tchemeva from Bard College is a long time advocate for full employment. What's interesting is that she believes Keynes was too. She has said that Keynes original intent on employment was reduced to simply "using fiscal stimulus to increase aggragate demand during a recession." Instead Keynes was advocating something closer to full emploument.
She is also is a critic of "trickle-down" economics saying it's never quite works.
Here is a you tube interview at Institute for New Economic Thinking.
Her web page is here.
She has also published papers on using non-profits to create jobs. Full Employment through Social Entrepreneurship.
Another interesting paper is on creating aggrate demand though bottom up employment: Keyne's approach to Full Employment: Aggregate or Targeted Demand.
October Unemployment Wrap-Up: US adds 204K job, Labor force and Employment down due to government shutdown
The US economy added 204,000 job in October, 2013
The October jobs report from the BLS showed a surprising "pop" in October. Analysts expected a lower number due to the government shutdown, but it seems to have had no effect. The national unemployment rate was unchanged at 7.3% which means there were 11.3 million unemployed workers out of a potential labor force of 142 million. There were postive revisions in the previous months NFP numbers.
The civilian labor force dropped by -720,000 people while the number of people employed decreased by -735,000 in October, however and estimated 448,000 workers were temporily furloghed from the federal government. The labor force participation rate was 62.8% and the employment to population ratio was 58.3%.
The private sector added 212,000 jobs while the government lost -8,000 jobs. While the national unemployment rate stayed at 7.3%, the black unemployment rate increased slightly to 13.1%. There were 4.1 million people classified as long-term unemployed (out of work for 26 weeks or longer). About 8.0 million people who were underemployed (working part time but wanted full time work). A total of 19.3 million workers were unemployed or underemployed (14.5% of the workforce).
The unemployment rate for women was calculated at 6.4% while the rates for other groups remained largely unchanged: men (7.0%), teenagers (22.2%), whites (6.3%), blacks (13.1%) and Hispanics (9.1%). Black teenage unemployment was 36%.
The Dow Jones Industrial Average jumped on the strong employment number reaching near 16,000.
In political economy news, the nation was distracted by issues with the healthcare.gove web site and JP Morgan reach the largest legal settlement ever recorded ($11B) over selling packaged fraudulet mortgages to investors.
The Big Story
The big story is the record number of people who are dropping out of the labor force. In October,according to the household survey, -720K people left the labor force. These numbers are still large even after you subtract the 450,000 forloughed government employees. The average for the past 12 months was a decline of -49,000. Huge numbers of whites and black are no longer participating in the labor force. Hispanic participation was steady by contrast.
Close to -250K white men , -218K white women, and -122K black men said they were no longer participting in the workforce. A very large decrease. In contrast, an additional 21,000 black women joined the labor force.
Non Farm Payroll increased by 204,000 which is well above the 12 month average of 170K jobs created. All of the private sector growth was in the service sector. Retail trade added 44,000 postions, business services jumped 44,000, healthcare increased by 18K and leisure services jobs jumped 53,000. Government lost -8,000 jobs. Construction added 11,000 while Manufacturing jump 19,000 and Temp Help only 3K.
Below is a chart of the job gains in the non farm payroll categories. Temp help increased only 3K.
The October jobs report from the BLS showed a surprising "pop" in October. Analysts expected a lower number due to the government shutdown, but it seems to have had no effect. The national unemployment rate was unchanged at 7.3% which means there were 11.3 million unemployed workers out of a potential labor force of 142 million. There were postive revisions in the previous months NFP numbers.
The civilian labor force dropped by -720,000 people while the number of people employed decreased by -735,000 in October, however and estimated 448,000 workers were temporily furloghed from the federal government. The labor force participation rate was 62.8% and the employment to population ratio was 58.3%.
The private sector added 212,000 jobs while the government lost -8,000 jobs. While the national unemployment rate stayed at 7.3%, the black unemployment rate increased slightly to 13.1%. There were 4.1 million people classified as long-term unemployed (out of work for 26 weeks or longer). About 8.0 million people who were underemployed (working part time but wanted full time work). A total of 19.3 million workers were unemployed or underemployed (14.5% of the workforce).
The unemployment rate for women was calculated at 6.4% while the rates for other groups remained largely unchanged: men (7.0%), teenagers (22.2%), whites (6.3%), blacks (13.1%) and Hispanics (9.1%). Black teenage unemployment was 36%.
The Dow Jones Industrial Average jumped on the strong employment number reaching near 16,000.
In political economy news, the nation was distracted by issues with the healthcare.gove web site and JP Morgan reach the largest legal settlement ever recorded ($11B) over selling packaged fraudulet mortgages to investors.
The Big Story
The big story is the record number of people who are dropping out of the labor force. In October,according to the household survey, -720K people left the labor force. These numbers are still large even after you subtract the 450,000 forloughed government employees. The average for the past 12 months was a decline of -49,000. Huge numbers of whites and black are no longer participating in the labor force. Hispanic participation was steady by contrast.
Close to -250K white men , -218K white women, and -122K black men said they were no longer participting in the workforce. A very large decrease. In contrast, an additional 21,000 black women joined the labor force.
Black Unemployment
The black unemployment rate was set at 13.1%. The number of black people holding jobs shrank by -184,000 while the labor force was reduced by -158K causing a 0.3% increase in the unemployment rate. The 12 month average black unemployment rate was 13.3%
The black unemployment rate was set at 13.1%. The number of black people holding jobs shrank by -184,000 while the labor force was reduced by -158K causing a 0.3% increase in the unemployment rate. The 12 month average black unemployment rate was 13.3%
The chart below shows the slow decline in the national unemployment rate(U-3) and the recent flattening of the black unemployment rate at 13.1%. The chart also include an estimate of Black U-6 rate which represents everyone who wants to work or wants more hours if they were available.
Household Survey Details for October
As previously mention, there were huge drops in the labor force and the number of people working. The total labor force declined by 420,000 people while the number of people working was reduced by -735,000.
The long-term unemployed (27 weeks or more) was 4.1 million people which represents 36% of the unemployed. The median duration of unemployment was 16.3 weeks while the average duration was 36.1 weeks.
The “work part-time, wants full-time,” rose to 8.1 million. This is a measure of excess labor in the marketplace. About 2.3 million workers were marginally attached to the labor pool. They have looked for work in the last 12 months but not in the last four weeks. The report estimated that there were 815K discouraged workers (part of marginally attached) who are not looking because they believe there are no jobs for them.
Both marginally attached and discouraged workers have been flat recently.
Both marginally attached and discouraged workers have been flat recently.
Establishment(Business) Survey Results for February
Non Farm Payroll increased by 204,000 which is well above the 12 month average of 170K jobs created. All of the private sector growth was in the service sector. Retail trade added 44,000 postions, business services jumped 44,000, healthcare increased by 18K and leisure services jobs jumped 53,000. Government lost -8,000 jobs. Construction added 11,000 while Manufacturing jump 19,000 and Temp Help only 3K.
Below is a chart of steady job growth which on average is about 170,000 jobs per month for the past year and 204,000 for October.
Below is a chart of the job gains in the non farm payroll categories. Temp help increased only 3K.
Non-Farm Payroll Revision
There were large upward revisions in the August and September NFP numbers. August shot up by +45K from +193K to +238K and September went from 148K to 163K and increase of +15K. The job market show little effect from the government shutdown.
The average work week was unchanged to 34.4 hours and average wages added 2 cent in October 2013 to $24.10..
ADP
ADP reported an increase in private payrolls of 130,000 positions for October. Small business (1-49 headcount) added 37,000 jobs; medium size (50-499) added 13,000 and large companies (500+) increased workers by 81,000.
It is economically unclear which types for firms create the "best" jobs for the overal US economy.
It is economically unclear which types for firms create the "best" jobs for the overal US economy.
Friday, November 8, 2013
New York Times: Poverty in the United States
Mark R. Rank, a professor of social welfare at Washington University in St. Louis writes an excellent summary of people in poverty in the US. The story appears in the New York Times on November 2nd, 2013. The piece is here(NYT). The article is loaded with facts. It refutes many of the misconceptions around people in poverty.
Some of the highight include...
Poverty is much more widespread than people realize. More than half of all people in the US will experience a year in or near the poverty level. The poverty level is about $11,000 for an individual and $23,000 for a family of four.
The number of people in long term poverty is also small. To paraphrase the story, "People experience a year to two in poverty, then a longer period above the poverty line, then slip back again."
Most people in poverty are white. About two thirds of people in poverty are white. The figure has remained the same "for several decades"
Finally, the author notes that people in poverty are motivated to work. They have the same attitudes and behaviors as the rest of the country.
The sad part of Professor Rank's article is that curing poverty requires the will of the people and government which does not seem to care.
NYT: Poverty in America is Mainstream
Some of the highight include...
Poverty is much more widespread than people realize. More than half of all people in the US will experience a year in or near the poverty level. The poverty level is about $11,000 for an individual and $23,000 for a family of four.
The number of people in long term poverty is also small. To paraphrase the story, "People experience a year to two in poverty, then a longer period above the poverty line, then slip back again."
Most people in poverty are white. About two thirds of people in poverty are white. The figure has remained the same "for several decades"
Finally, the author notes that people in poverty are motivated to work. They have the same attitudes and behaviors as the rest of the country.
The sad part of Professor Rank's article is that curing poverty requires the will of the people and government which does not seem to care.
NYT: Poverty in America is Mainstream
Saturday, October 12, 2013
MIT's Living Wage Calculator
A professor at MIT, Dr. Amy Glasmeier, has created a website to compute the living wage in any city in the US. The living wage calculator is here. The site computes a wage required to feed, clothe and house 1 adult and 1 child in that location. It also calculate the poverty wage and displays the minimum wage. Finally, the site also displays typical salaries for different job in that location to show which ones earn more than the living wage.
The site as updated in 2012.
Dr. Glasmeier works in the Geography department, has also mapped out poverty in the US. The US poverty maps are here. Very little has changed in applichia and the deep south between 1960 and the year 2000.
.
The site as updated in 2012.
Dr. Glasmeier works in the Geography department, has also mapped out poverty in the US. The US poverty maps are here. Very little has changed in applichia and the deep south between 1960 and the year 2000.
.
Monday, September 30, 2013
October 1st, 2013 is a great day !!!
Many people may not realize it, but tomorrow maybe the
greatest day for social justice in the past / next 20 years. It is a historical
day. It is the day the United States
extends health coverage to every Citizen of the United States. Every man, woman
and child will have the opportunity to buy health insurance at a reasonable
price. It will take years to cover
everyone, but 30 years from now society will look back and wonder what took so
long. Tomorrow is a great day for America.
Friday, September 13, 2013
Conservatives have been wrong about every major government policy over the last 50 years
The Evil Black Economist was reading a story about the affordable care act(ACA - Obamacare). In the article someone pointed out that conservatives have been wrong about every major public policy over the last 80 years. We immediately thought: that cannot be possible. So we tried to find a counter example and tried and triedand tried...
Here is what conservatives have been wrong about...
Integrated armed forces
Civil RIghts
The New Deal
Social Security
Medicare
Food Stamp
Unemployment Insurance
Enviromental protection
Food and Drug laws
Minimum Wage
Child labor laws, OSHA, 40 hour work week
Marriage Equality
What they have gotten right...
General support for business and the economy(all adiministrations)
National Highway system(eisenhower)
No Child Left Behind(Bush)
Pubic Safety (all conservatives emphasis public safety, usually overdoing it like stop and frisk or spending too much money on local police when there is no crime)
Counter Terrorism(too much money wasted on contractors and privacy invasion)
Family Values (except Marrige Equality)
v3
Here is what conservatives have been wrong about...
Integrated armed forces
Civil RIghts
The New Deal
Social Security
Medicare
Food Stamp
Unemployment Insurance
Enviromental protection
Food and Drug laws
Minimum Wage
Child labor laws, OSHA, 40 hour work week
Marriage Equality
What they have gotten right...
General support for business and the economy(all adiministrations)
National Highway system(eisenhower)
No Child Left Behind(Bush)
Pubic Safety (all conservatives emphasis public safety, usually overdoing it like stop and frisk or spending too much money on local police when there is no crime)
Counter Terrorism(too much money wasted on contractors and privacy invasion)
Family Values (except Marrige Equality)
v3
Tuesday, September 10, 2013
Bank of North Dakota: The best state run bank in the United States
The only state run bank in the US is the Bank of North Dakota. It is a well managed, profitable institution operating in the public interest. The bank operates in areas other banks ignore. It makes student loans, rural loans, affordable housing loans and economic development loans.
Bank of North Dakota
Here is a good summry presentation evaluating the idea of creating a bank in Massechuettes similar to the Bank of North Dakota.
The bank is periodically studied as an example for other states to imitate. But the proposals never go very fars because of entrenched business interests.
Here is a review paper from the Boston Fed on the possibility of starting a similar bank in Massacheuetts. Here is the formal paper. They also have a nice video presentation on the same topic.
Sunday, September 8, 2013
Biased reporting of study results from Cato Institute: Work versus Welfare Trade-Off
The Cato institute published an update to a 2005 study on financial inventives that may discourage work. The work is actually quite good factually. It's when the Cato Insititue reports the results that the poblems arise.
The most biased part of the report is to call any government beneift: "Welfare" because it goes to help poor and middle class people. Most of the benefots are not cash benefits but other forms like foods stamps or healthcare.
The Work versue Welfare Trade-Off
The work itself is a pretty good review of the total benefits available to families in proverty.
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