There's been a lot of talk in the US media about the "Fiscal Cliff" and the "Grand Bargain
" What are they?
The "fiscal cliff" is a confluence of three legal changes taking effect Jan. 1: the expiration of a payroll-tax cut, the expiration of the Bush-era tax cuts, and the advent of mandatory spending cuts known as "sequestration." Fiscal Cliff 101: 5 Basic Questions Answered
. What's Happening: Fiscal Cliff Explained [more inside]
Standing up for the little guy. Robert Reich
spoke last night on the steps of Sproul Hall at UC Berkeley -- the epicenter of recent violence
-- as the speaker for the Mario Savio
memorial lecture. Reich
has been making the rounds
, both within corporations
, in the media
, and at Occupy
events, has been lecturing on the dangers of inequality
well before the current income/opportunity disparity crisis. "There is going to come a time when the (inequality) trends we are seeing are going to cause something to snap... There are two kinds of snaps... one is the snap back... and the other is the snap break."
Robert Reich talks
at Google about the biggest problem facing the US economy. [SLYT, 57min]
Obama Breaks with Geithner to support "Volcker Rule" in sweeping new financial sector reform proposal.
Following the counsel of highly-respected former Fed Chairman Paul Volcker
in a move that would significantly weaken the role of current Treasury Secretary Tim Geithner
, Obama's tough new proposals are being received by recent administration critic Robert Reich
as a welcome, if overdue, policy correction. Among other things, the new proposals would effectively restore previous restrictions separating deposit and investment banks (as originally imposed by the depression-era Glass-Steagall Act
), as well as imposing stiff new capital requirements, and restrictions designed to prevent banks from becoming too big to fail.