One of the many New Deal reforms enacted to help prevent another Great Depression was a requirement that the financial industry keep its commercial investment activities separate from its basic depository and lending activities so as to prevent the risks of the former from jeopardizing the latter. Congress, unfortunately, repealed that law (known as "Glass-Steagall," […]
Author Archives: Scott Michelman
…is the title of this eye-opening piece in 538.com, about a Gallup survey of community college presidents about the likelihood of free community college passing in their states. President Obama has proposed to fund two years of free community college “for responsible students across America” but even under a formula providing that the feds would […]
A provocative paper from the National Bureau of Economic Research this spring argues that, although most political arguments about the implications of income inequality "crucially assume that ordinary people know how high inequality is, how it has been changing, and where they fit in the income distribution," in fact "ordinary people have had little idea […]
The USA Today reports, "The operators of a payday lending scheme that allegedly bilked millions of dollars from consumers nationwide have agreed to more than $54 million in tentative settlements with the Federal Trade Commission." The scheme, which affected approximately 400,000 consumers, involved a variety of misrepresentations and unauthorized deposits and withdrawals. Read more here.
If you own a car, remember to check if it's is affected by this hard-fought and important safety recall, which involves airbags that could explode and project metal at the passenger. (My car was on the list, and the dealership was able to do the fix in a few hours.) The website ClickOnDetroit reported yesterday […]
States are preparing for the worst if the Supreme Court rules this month in King v. Burwell that some health care subsidiaries are unlawful under the Affordable Care Act. The Hill reports that two states' backup plans have been approved. The article notes, "Delaware and Pennsylvania are among the estimated 34 states that stand to lose healthcare […]
This fascinating Washington Post profile tells the story of Fred Kummerow, "The 100-year-old scientist who pushed the FDA to ban artificial trans fat."
Thanks to alert reader Jasmine Henriques for sending us this informative graphic about identity theft, which reflects data about whom it befalls, how much it costs, and how it is most frequently carried out, among other things.
The NYT story is here. Note that the House actually voted on several measures; the NYT explains the difference.
A collection of coverage ahead of the likely vote: The Post on how the President is trying to fight for his legacy. Mother Jones on the stakes and potential future trade agreements. L.A. Times on Democratic intra-party struggles. (Great picture on the web of Rep. Brad Sherman, who appears to be telling the President that what […]