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Aug 24, 2024 | 
msn.com | Gerald Epstein
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Aug 24, 2024 | 
znetwork.org | Gerald Epstein |CJ Polychroniou
The Federal Reserve hasn’t changed interest rates since July of last year, after 11 hikes between March 2022 and July 2023 in the hope that higher borrowing costs would slow down consumer and business demand so inflation rates would drop. It kept the benchmark interest rate unchanged in its latest meeting ending July 31, 2024, but Federal Reserve Chair Jerome Powell said that the first rate cut in four years “could be on the table” in September.
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Feb 29, 2024 | 
znetwork.org | Gerald Epstein |CJ Polychroniou
It’s been almost a year since the banking crisis kicked off last March. On Friday, March 10, 2023, Silicon Valley Bank, or SVB, a state-chartered commercial bank based in Santa Clara, California, collapsed after facing a sudden bank run and capital crisis. SVB’s collapse was the second largest bank failure in U.S. history since Washington Mutual in 2008. Two days later, New York-based Signature Bank also collapsed due to yet another bank run. But that was not the end of bank failures in 2023.
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Feb 26, 2024 | 
harvard.com | Gerald Epstein
presenting Busting the Bankers' Club: Finance for the Rest of Us in conversation with JULIET SCHOR Location Harvard Book Store 1256 Massachusetts Ave., Cambridge, MA 02138 Tickets This event is free; no tickets are required. Harvard Book Store welcomes GERALD EPSTEIN—Professor of Economics and a Founding Codirector of the Political Economy Research Institute at the University of Massachusetts Amherst—for a discussion of his new book Busting the Bankers' Club: Finance for the Rest of Us. He...
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Feb 18, 2024 | 
znetwork.org | Gerald Epstein |CJ Polychroniou
Our current banking and financial system has transformed politics in favor of the rich, debilitating democratic institutions, destroying the common good and hurting the poor in the process. In this context, the challenge we face is to end plutocracy and restore democracy.
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Feb 13, 2024 | 
znetwork.org | Gerald Epstein |CJ Polychroniou
The fortunes of the five richest men in the world have “shot up by 114 percent since 2020,” according to a January 2024 on global inequality, while “nearly five billion people have been made poorer.”This most recent gross increase in wealth and income inequality builds on global trends that took hold in the early 1980s, with the decades-long increase in inequality being particularly large in the United States compared to other developed nations.
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Feb 11, 2024 | 
znetwork.org | CJ Polychroniou |Gerald Epstein
Over the past several decades, there have been rapid and fundamental changes in the finance and banking sectors. The banking reforms of the New Deal, which endured up until about 1980 and provided a relative degree of banking and financial stability, were reversed by the neoliberal counterrevolution with an eye toward increasing profits and shredding social responsibility.
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Jan 23, 2024 | 
shorturl.at | Gerald Epstein
ContentsAcknowledgments Preface Abbreviations SECTION I FROM BORING TO ROARING BANKING 1. The Jekyll and Hyde of Finance 2. Boring Banking and the “Golden Age” of Capitalism 3. Roaring Banking: The World the Bankers Made 4. Are Bankers Essential Workers? SECTION II THE BANKERS' CLUB AND THE POWER OF FINANCE 5. The Anatomy of the Bankers’ Club 6. Lobbyists and Politicians versus the Club Busters 7. The Federal Reserve: Chairman of the Club 8. Financial Regulators and Their Lawyers 9.
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Jan 23, 2024 | 
kirkusreviews.com | Gerald Epstein |Daniel Kahneman |Jonah Berger
A cleareyed view of the financial system’s woes, all addressable if only the political and economic will is there. An economics professor catalogs the countless ways in which the financial system fails ordinary consumers while favoring the wealthy.
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Jan 9, 2024 | 
counterpunch.org | Gerald Epstein
Bankers brought the global economic system to its knees in 2007 and nearly did the same in 2020. Both times, the US government bailed out the banks and left them in control. How can we end this cycle of trillion-dollar bailouts and make finance work for the rest of us?
