By Dean Baker
Progressives want a essentially new method of politics. they've been wasting not only simply because conservatives have much more cash and gear, but in addition simply because they've got approved the conservatives' framing of political debates. they've got authorized a framing the place conservatives wish marketplace results while liberals wish the govt. to intrude to result in results that they think about reasonable. This places liberals within the place of seeming to wish to tax the winners to assist the losers. This "loser liberalism" is undesirable coverage and terrible politics. Progressives will be at an advantage scuffling with battles over the constitution of markets in order that they don't redistribute source of revenue upward. This e-book describes the various key parts the place progressives can concentration their efforts in restructuring the industry in order that extra source of revenue flows to the majority of the operating inhabitants instead of only a small elite.
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Additional info for The End of Loser Liberalism: Making Markets Progressive
In contrast to the Supreme Court, which must have its budget approved by Congress, the Fed draws up its own budget. , interest on holdings of government debt, fees from check clearing and foreign exchange clearing) and the major categories of spending. It simply sends over a copy of this budget to inform Congress, not to get congressional approval. Under the law, the Fed is a mixed public-private entity.
The End of Loser Liberalism: Making Markets Progressive 49 The secondary market for subprime issuers was the major investment banks, which were eager to buy up as many mortgages as possible and resell them as mortgage-backed securities. These securities, as well as derivative instruments based on them, like collateralized debt obligations, could then be sold all over the world. The investment banks cared little about the quality of the mortgages they stuffed into these securities, since they knew they could get an investment-grade rating on almost anything they put together.
18 High unemployment is a class-biased mechanism for fighting inflation. In effect it forces the less-advantaged groups in society to sacrifice to ensure that the more-advantaged can enjoy price stability – and a ready supply of lowcost labor to provide household help or serve them in hotels and restaurants. Weakening unions As another element of this process of upward redistribution, President Reagan took a number of steps to weaken the power of unions. Foremost was weakening the enforcement of labor laws that protect workers‟ right to organize.
The End of Loser Liberalism: Making Markets Progressive by Dean Baker