Larry Summers’ provocative address at the International Monetary Fund should serve as a dire wake-up call to policymakers and pundits.
The U.S. economy is not recovering. In fact, recovery from this depression cannot be taken for granted or simply assumed to be imminent.READ MORE
At this year's Reuters Global Investment Outlook Summit, fellow Daniel Alpert received attention on the Reuters website for his thoughts on municipal bonds in 2014.
"'If you don't diversify against the risk of the equity markets bubbling ... if you're not looking at the macro level statistics, if you're not tracking the economy relative to the market, you're going to make big mistakes in 2014,' said Daniel Alpert, managing partner at Westwood Capital, a New York-based boutique investment bank. Alpert declared himself a 'bond bull' in the coming year."
Fellow Daniel Alpert's book The Age of Oversupply has been mentioned in many media outlets, this time in The Wall Street Journal. Michael Casey, in an article about the death of inflation, cites Alpert's ideas surrounding the decline of consumer price inflation in the West, with an uptick in developing countries, causing international tensions.
"As Westwood Capital managing partner Daniel Alpert convincingly explains in his new book The Age of Oversupply, many of the economic challenges faced by the West in the lead-up to, and aftermath of, the 2008 financial crisis can be attributed to the historic changes to the world economy that drove this disinflationary trend. As countries such as China urbanized, modernized and used new technology to access foreign markets, a billion people were added to the global workforce over three decades, along with countless new factories. Not only did that greatly expand the world supply of goods, it also drove down the cost of labor, prompting many multinationals to outsource their production to these developing countries. This posed a profound competitive challenge for advanced countries and killed inflation in their economies."
Such extreme inequality should push Americans towards a more redistributive politics. Yet our “one person, one vote” system has proved surprisingly resistant to substantive policy change.
It’s a problem that has confounded political scientists: Why hasn’t democracy slowed rising inequality? “Income segregation” is one possibility.READ MORE
Harold Pollack's financial advice index card has certainly made the web rounds, getting shared on multiple news sites and blogs. This time it's Mother Jones' Tom Philpott who cites Pollack's advice in an article decrying the loss of home economics in schools.
"University of Chicago social scientist Harold Pollack distilled [Helene Olen's] wisdom down to a 4" by 6" business card. Check it out—it's mostly about saving as much as possible and avoiding the fees of Wall Street charlatans. If those simple principles could be drummed into the heads of high school students, imagine the misery that could be avoided. And what better forum for it than new-wave home ec? After all, the home-ec curricula of yore included lessons on household finance."
Peter Schroeder and Ian Swanson of The Hill's finance and economy blog "On the Money" discuss what might happen to Wall Street if the debt ceiling is not raised this week.
Daniel Alpert offers his predictions on the crisis:
“'This feels a lot like Sunday night on Lehman weekend,' said Westwood Capital Managing Partner Daniel Alpert, referring to the September 2008 collapse of the Wall Street giant that ushered in steep losses on Wall Street.
'Certainly the market is likely to give back its end of week rally,' Alpert said."
In recent decades, and especially since 2000, the richest Americans have enjoyed soaring income and wealth while the rest of the population's living standards have stagnated. The Century Foundation was one of the first institutions to raise serious concerns about these trends and propose ideas for improving economic conditions for all Americans- not just the fortunate few.
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