Those demands? Forget about them!

The OWS General Assembly disavows the Demands working group, saying, in a grandiose and narcissistic fashion, “We are our demands”: Demands Working Group. Is fame going to someone’s head?  

OWS demands working group: Jobs for All!

The anarchists are not happy about this, and are trying to block its adoption by the General Assembly. If you like it, please attend, agitate, comment, circulate, whatever. If you don’t like it, please reflect on the size of the potential constituency for this agenda compared with that for your own.   TEACH-IN: DEMANDS WORKING GROUP PANEL   Saturday 3:00-5:00 PM 66 W 12th St Rm 407  Part of Day-long Teach-in sponsored by the New School Senate   What’s the story about the proposed Jobs for All Demand?   The Demands Working… Read More

Jodi Dean on phases of struggle

[posted to Facebook] Jodi Dean One benefit of the model in use at occupy wall street is the possible formation of a group, collectivity, out of folks who have a hard time thinking and acting as a group. So, if we think of the occupiers as primarily people who don’t union membership as an option and don’t see any existing parties as persuasive, then they are trying to build a different kind of group. An interesting problem they face is how to describe it–it’s not an ‘identity category’ or an ‘interest group’ or… Read More

Made in China: <3%!

Here’s something that should revise a lot of clichés, though it probably won’t: less than 3% of U.S. consumption expenditures are on goods made in China. Almost 90% are made in the USA. Of course, the domestic total is boosted by services—but even durable goods are 12% China, 67% U.S. And less than half the value of Chinese imports go to China—55% of the money spent on “Chinese” goods represent processing and other services (like distribution and retailing) provided in the U.S. This info comes from a new paper by Galina Hale and… Read More

Rational markets (cont.)

So stock investors around the world panic on the S&P downgrade of the U.S. Treasury. And where do said investors flee for the proverbial “safe haven”? U.S. Treasury bonds, up almost 2 points on the day.

S&P: foreign agents

So the lead analyst on the S&P downgrade of the U.S. Treasury is based in…Toronto! What, they were afraid to have an American do the work? And you can download the report from S&P’s “BlobServer.” I’m not kidding. More on all this in the imminently forthcoming LBO #133.

Me on the CBC, Sunday

I’m scheduled to be on Sunday Edition on CBC Radio One this Sunday, discussing the debt melodrama with Jack Mintz of the C.D. Howe Institute, a right-wing think tank. Recorded it this afternoon. Canadian right-wingers just don’t seem as rabid as ours do.

Jobs follow-up: limits of monetary policy

A follow-up to the previous, inspired by another question from Corey: I should have said in there that the reason that quantitative easing hasn’t worked well is that monetary policy is ineffective when an economy is this sick. It’s the classic “pushing on a string” situation. Corps have lots of cash – they’re just not investing or hiring. The financial markets are flush. You need fiscal policy to mobilize all that festering cash. Inflation is now about 4% – all because of commodities, because “core” inflation (ex food and energy) is only… Read More

Why a jobs program is taboo

I just posted this to Facebook in response to a query by Corey Robin about the dismal “debate” on jobs hosted by  The Atlantic, and Matthew Yglesias’ side commentary on it. Corey’s question: why can’t the gov solve the unemployment problem by hiring people? My reaction: Wow, what a collection of tiny little “ideas” that “debate” gathers. It’s up there in tininess with Obama’s jones for patent law reform. Raising the inflation target implies that the Fed has been too tight, when in fact it’s been anything but. It’s been pumping like crazy since the financial crisis… Read More

Help wanted (cont.)

Several people asked if the LBO assistant position had to be done by someone local. Yes, it requires on-site work in lovely Clinton Hill, Brooklyn.

What fiscal emergency?

I break into the big time! My antidote to deficit hysteria is up on What fiscal emergency?


If you’ve got an email account and have a rep as some kind of “progressive,” you’re probably bombarded with offers from CREDO Mobile, often via The Nation and Alternet. Their marketing hook is that the big guys, AT&T and Verizon, support the far right and CREDO is all crunchy and nice. Except that the CREDO part isn’t really true. The company has no network of its own—it uses Sprint’s. And Sprint is aggressively nonunion, while AT&T is unionized. (No doubt AT&T would rather not be unionized, but it is.) But that’s not… Read More

Obama luvs bankers

From Bloomberg, via Politico’s Morning Money: OBAMA DOESN’T ‘BEGRUDGE’ BONUSES FOR ‘SAVVY’ WALL STREET EXECS, Bloomberg’s Julianna Goldman and Ian Katz report: ‘President Barack Obama said he doesn’t ‘begrudge’ the $17 million bonus awarded to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon or the $9 million issued to Goldman Sachs Group Inc. CEO Lloyd Blankfein, noting that some athletes take home more pay. The president, speaking in an interview, said in response to a question that while $17 million is ‘an extraordinary amount of money’ for Main Street, ‘there are… Read More

Radio commentary, January 21, 2010

In the economic news, more stumbling along the bottom. On Thursday morning, the Labor Department (not, by the way, the Bureau of Labor Statistics, the main source of data in that agency, but in this case the Employment and Training Administration, another division within the Department—sorry to go all geeky on you) reported that first-time claims for unemployment insurance, filed by people who’ve just lost their jobs, rose by a sharp 36,000 last week. The Department said, however, that this rise was mostly the result of a holiday-related processing delays and not… Read More

LBO #121 out!

I’ve been reticent about promoting LBO, the newsletter, on LBO News, the “blog,” but why should I? Anyway, emailed to electronic subscribers and on press for the crushed-tree kind, #121, the third issue in three months, includes: Obama and the duelling caricatures • Adolph Reed on how racism is like the Easter bunny • How this recession stacks up vs. its ancestors • Life after crises • The media bloodletting • Rupert celebrates For a taste, see LBO 121 contents. I suspect many readers of this site already subscribe to the newsletter, for… Read More