President Obama with Paul Volcker at the White House in 2009. Volcker, who headed the President's Economic Recovery Advisory Board, lent his name to a new rule aimed at curbing risk-taking on Wall Street.
Originally published on Tue December 10, 2013 7:33 pm
The Volcker rule, a centerpiece of the 2010 Dodd-Frank financial law aimed at stopping some of the risky banking practices that contributed to the economic meltdown, was approved by five key regulators on Tuesday, clearing the way for its implementation.
The U.S. Commodity Futures Trading Commission became the fifth and final body to approve the rule. The Federal Reserve and the Federal Deposit Insurance Corp. were also among the agencies that gave the green light.
Jimmy McMillan ran for governor of New York state in 2010 as the candidate from the Rent is 2 Damn High party. (Party platform: The rent is too damn high!) The cost of renting a home is swallowing an ever larger portion of Americans' incomes.
Originally published on Tue December 10, 2013 4:50 pm
Back in 1995, more than half of all people of color rented their homes — almost twice the proportion of white renters. Then the Clinton administration pushed policies to bolster homeownership rates, and those numbers began a gradual, decade-long decline. The number of people of color renting fell below 50 percent. This coincided with an increased willingness by lenders to extend credit including to subprime borrowers.
The recent, very public ouster of North Korea's Jang Song Thaek, the uncle of Kim Jong Un and formerly the country's No. 2 leader, has been noted with some concern in China, which is more or less Pyongyang's only friend in the region.
All it takes is two seconds of hearing "Round round get around / I get around" and you're there — in the sun, on the beach, in the '60s. The Beach Boys vaulted up the charts while branching out from surf music to psychedelia. This year the remaining band members released Made in California, a six-CD box set loaded with outtakes and other rarities. Critic Ed Ward examines the rise and long decline of a beloved group with a unique sound.
A batch of internal documents recently leaked to The Guardian has revealed new insights into the goals and finances of the secretive group called ALEC. The American Legislative Exchange Council is a group that brings together state legislators and representatives of corporations. Together, they develop model bills that lawmakers introduce and try to pass in their state legislatures.
There's an unforgettable moment in the diary of the great Polish writer Witold Gombrowicz. He's on the beach and he spots a beetle that's been blown on its back by the wind and now lies there helplessly, legs wiggling, unable to right itself. Gombrowicz saves it by turning it over. He sees another upside-down beetle, and turns it over. Then, another. Looking along the sand, he realizes that there are so many beetles he can't possibly save them all. Eventually, he gives up trying.
Texas Rep. Steve Stockman participates in a mock swearing-in ceremony with House Speaker John Boehner in January. Stockman made the surprise move to challenge Sen. John Cornyn in the 2014 Texas GOP primary.
Originally published on Tue December 10, 2013 3:42 pm
Another day, another GOP primary fight.
This time, it's John Cornyn of Texas, the No. 2 Republican in the Senate, who's receiving a challenge from the right in 2014. Rep. Steve Stockman, a conservative firebrand, made the surprise move to enter the March 4 race Monday evening just before the state's filing deadline.
The memorial service for Nelson Mandela concluded Tuesday in Soweto, but South Africans will have additional opportunities to say farewell to their late president. Mandela lies in state in Pretoria for three days and will be buried Sunday in his home village of Qunu.