(1) Robert Edward Rubin: A faulty exemplar & a standard bearer for the 1 percent, who wrote a column concerned about the deficit (a credit to the people).
Rubin’s net worth: $100 million (approx.)
Former partner, Goldman Sachs.
After serving as Secretary of the Treasury, Rubin served as director and senior counselor of Citigroup. From Nov. to Dec. 2017, Rubin was temporary chairman of Citigroup. Rubin resigned in early 2009. He received about $126 million during his tenure, which included the U.S bailout of Citigroup.
Rubin is a pro-austerity “deficit hawk” (for the 99%) through the Hamilton Project, “a centrist policy shop that promoted small-bore strategies for weak forms of social insurance, and had little interest in such progressive causes as full employment or a high wage economy. (http://prospect.org/article/end-austerity-crusade)
Notably, he is silent on the extreme cost of empire (aka funding for the Department of War/ Defense).
(2) Oversupply of labor. Via Truthdig: “The Gig Economy and Outsourcing: A Dark Net of Near Slavery,” by Julian Vigo.
More and more, jobs in the commercial sector have been farmed out by outsourcing websites such as Indeed, Upwork, BloggingPro, MediaBistro, FlexJobs, ProBlogger and many others. While Indeed tends to work with local talent, which keeps the job pool within a rational economic boundary, other sites, like Upwork, do not. For instance, here is a job I applied to a few weeks ago and tried to make work—until I realized that this job would, if properly executed, pay only about $30 per day:
I’m looking for an experienced writer, with in-depth knowledge of travel and photography equipment, to write review articles. For the first project you’ll be writing a total of 12 000 words spread over 10 review articles. You’ll be covering popular travel and photography equipment topics. You should be able to do your own research.
The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending September 1, 2018, is below.
H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received
|Supervision and Regulation||Resolution Plans — joint determination to move the next resolution-plan filing dates (1) to July 1, 2020, for four large, complex foreign banking organizations and (2) to December 31, 2019, for Prudential Financial, Inc.
-Approved, August 27, 2018
|Enforcement||The Bank of New York Mellon, New York, New York — consent order of assessment of a civil money penalty, pursuant to the National Flood Insurance Act, dated August 28, 2018.
-Announced, August 30, 2018
UCB Financial Group, Inc., Atlanta, Georgia (now known as ABB Financial Group, Inc.) — written agreement dated August 19, 2010, terminated August 27, 2018.
-Announced, August 30, 2018
Federal Reserve Board: Balance Sheet (H.4.1 Release)
The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for September 6, 2018, is below.
[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]
H.4.1 Release–Factors Affecting Reserve Balances
Total factors supplying reserve funds (as of September 5, 2018): $4,255,799 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).
(See the release for further information.)