Follow Mike on Twitter @rortybomb.
Mike Konczal is a Fellow with the Roosevelt Institute, where he works on financial reform, unemployment, inequality, and a progressive vision of the economy. His blog, Rortybomb, was named one of the 25 Best Financial Blogs by Time magazine. His writing has appeared in the Boston Review, The American Prospect, the Washington Monthly, The Nation, Slate, and Dissent, and he’s appeared on PBS NewsHour, MSNBC’s Rachel Maddow Show, CNN, Marketplace, and more.
Follow Mike on Twitter @rortybomb.
Vox published an excellent discussion with economist Brad Delong where he makes the argument on why left-leaning neoliberals (who “use market means to social democratic ends when they are more effective, and they often are”) should be comfortable with the “baton rightly pass[ing] to our colleagues on our left. We are still here, but it
Despite record corporate profits and high stock prices, most Americans have not shared in the post-recession recovery. In a new Roosevelt Institute report, Fellows Mike Konczal and J.W. Mason discuss how the Great Recession changed the way the Federal Reserve (the Fed) uses macroeconomic monetary policy—a set of rules influencing the supply of credit and
A Deal Worth Opposing: Why Senator Crapo’s Proposal to Repeal or Undermine Key Parts of Dodd-Frank Is a Threat to Consumers and Financial Stability
The agreement reached between Senate Banking Committee Chairman Mike Crapo and ten Senate Democrats is billed as a necessary technical fix to Dodd-Frank and regulatory relief for community banks. But this proposal would cause more harm than many—including some allies—currently believe. It would expose risk to mid-sized banks, threaten the stability of the financial industry,
In response to the 2007-08 Financial Crisis that cost the United States more than $20 trillion, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010 with the aim of overhauling the dysfunctional regulatory regime. In the years since, the wide-reaching reforms mandated by Dodd-Frank have provided key protections to
We’re going to hear a lot more from Republicans about how a single, simple 10 percent leverage requirement can replace much of what Dodd-Frank does. This idea is central to the Republican CHOICE Act, and it was also reiterated recently in FDIC Vice-Chairman Thomas Hoenig’s plan for regulatory relief. Hoenig’s plan calls for Congress to remove
It’s impossible to look at any single financial regulation without understanding the problem it is trying to solve and how it would hang together with the rest of the financial regulatory regime. This is why cost-benefit analysis of financial rules isn’t very useful, as any rule depends on all the other rules. It also means
We—Marshall Steinbaum, who has recently joined the Roosevelt Institute as a visiting fellow, and Mike Konczal—have a new working paper out titled Declining Entrepreneurship, Labor Mobility, and Business Dynamism: A Demand-side Approach. We hope you check it out! We think it adds some important evidence on an unfolding debate. Here is a great write-up by Anna Louie Sussman
Academics and policymakers have recently focused on a worsening economic phenomenon commonly referred to as the decline in “business dynamism,” that is, the declining rate at which new businesses are formed and the rate at which they grow. This decline in dynamism and entrepreneurship accompanies a decline in overall labor market mobility, including quits and
Donald Trump has received considerable positive attention for his plan to raise taxes on investment firms by ending the much-maligned “carried interest” loophole. It’s one of the clearest things Trump himself has said about his tax plan, with statements like “I want to do something with the Wall Street guys because some of these guys
Today the Roosevelt Institute is launching a new report, Untamed: How to Check Corporate, Financial, and Monopoly Power (pdf), on which I’m a co-editor. It’s launching alongside another big Roosevelt report, Rewrite the Racial Rules: Building an Inclusive American Economy (pdf). You can live stream the launch event here beginning at noon. There’s a lot of fun stuff in Untamed, including a