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...restricting - or seeming to restrict - the pay at outfits that have taken government bailout money, it's a bit pointless too. Because to some extent, Wall Street's pay and its problems really are misunderstood. (Stop snickering! It's true.) Even though "Wall Street" means the nation's big financial and investing operations, not a geographical location, a disproportionate number of Street people live in Manhattan. Things in the desirable parts of that borough are expensive beyond belief, especially if you have children and feel the need to send them to $40,000-a-year private schools. But these people...
...Pennsylvania whose health care and pension were eviscerated when Bethlehem Steel failed. If I worked at one of the 106 nongiant banks that the government has allowed to fail this year, throwing thousands of people out of work, I'd be furious at the government for saving the big insolvent outfits but not mine...
...Break up institutions that are too big to fail so that we can allow them to fail. I don't know exactly how to do this - does anyone? - but that's how we solve the problem of letting the small fry fail while saving the wounded whales. Perhaps, as many have urged lately, we can start by reviving elements of the Glass-Steagall Act that kept old-fashioned banks out of the far riskier investment business. And out of big trouble. As we've seen, most of the giant rescued institutions didn't understand their problems until...
Does that mean income inequality in the U.S. is about to disappear? Probably not. In fact, over the past few decades it has accelerated - although a single generation is something of a blip for social scientists who are used to dealing with millennia. (See 10 big recession surprises...
...Feasting” or Aravind Adiga’s “The White Tiger.” Enthusiastic reception notwithstanding, however, the “local color” in which these books traffic reduces perceptions of the region to little more than cartoonish, “My Big Fat Greek Wedding”-esque stereotypes.Harsh? Perhaps. Yet the breach between the possibilities for “diaspora” fiction and the lackluster reality is disappointingly vast. To pull a book from the shelf at random, take Pakistani author Kamila Shamsie?...