The Victorian era gave birth to a very unpleasant custom called slumming. Parties of swells in London and New York would descend on impoverished neighborhoods as a form of entertainment. In addition to breaking up the tedium of their posh lives, the adventure made them feel superior.

A much updated version of slumming has been taking place in Manhattan, where Facebook is arranging its initial public offering. This time, though, it's the super-rich visitor, Facebook founder Mark ...

In Robert E. Gamer’s book “The Developing Nations” is a chapter called “Why Men Do Not Revolt.” In it Gamer notes that although the oppressed often do revolt, the object of their hostility is misplaced. They vent their fury on a political puppet, someone who masks colonial power, a despised racial or ethnic group or an apostate within their ...

This is the week of the third annual Deficit Fest, the event sponsored by Wall Street billionaire Peter G. Peterson. At this event, many of the people most responsible for the current downturn come together to tell us why we should be worried about the deficit at a time when 25 million people are unemployed, underemployed or have given up looking for work altogether and ...

Another way that the rich are different from you and me is that their bankers serve them freshly baked chocolate-chip cookies.

The über-rich, of course, are used to such coddling, but now a class of customers that bankers have dubbed the "mass affluent" get cookies, too. Think you might qualify? You do... if you have a minimum of $500,000 to open one of these mass-affluent accounts. Otherwise, you fall into a category called "lower-margin" customers — so go ...

With the economy still struggling and the debates over how to fix the problem more intense than ever, one word still evokes bipartisan consensus: exports. "I want us to sell stuff," said President Obama, summing up the bipartisan sentiment.

That nebulous word "stuff" is significant. It asks us to see all exports as the same and to refrain from making nuanced value judgments about what exactly we're shipping overseas. In this cold-blooded view, a job-creating ...

The Social Security program…represents our commitment as a society to the belief that workers should not live in dread that a disability, death, or old age could leave them or their families destitute.  

-- President Jimmy Carter, December 20, 1977.

[This ...

J.P. Morgan Chase & Co., the nation’s largest bank, whose chief executive, Jamie Dimon, has lead Wall Street’s war against regulation, announced Thursday it had lost $2 billion in trades over the past six weeks and could face an additional $1 billion of losses, due to excessively risky bets.

The bets were “poorly executed” and “poorly monitored,” said Dimon, a result of “many errors, “sloppiness,” and “bad ...

Just as aspiring judges ought to possess the quality known as "judicial temperament," a would-be president should have certain obvious attributes of mind and character. Two incidents tested Mitt Romney this week — and both times, his ambition overwhelmed his judgment.

On Thursday morning, as Secretary of State Hillary Rodham Clinton conducted tense negotiations with the Chinese government over the fate of Chen Guangcheng, the blind dissident who had sought refuge in ...

Shareholder meetings can be routine, unless you are Bank of America, in which case it may be declared an “extraordinary event.” That is what the city of Charlotte, N.C., called the bank’s shareholder meeting this week. Bank of America is currently the second-largest bank in the U.S. (after JPMorgan Chase), claiming more than $2 trillion in assets. It also is the “too big to fail” poster child of Occupy Wall Street, a speculative ...

The Occupy movement has been an extremely exciting development. Unprecedented, in fact. There’s never been anything like it that I can think of.  If the bonds and associations it has established can be sustained through a long, dark period ahead -- because victory won’t come quickly -- it could prove a significant moment in American history.

The fact that the Occupy movement is unprecedented is quite appropriate. After all, it’s an unprecedented era and has ...

Who’s an economy for? Voters in France and Greece have made it clear it’s not for the bond traders.

Referring to his own electoral woes, Prime Minister David Cameron wrote Monday in an article in the conservative Daily Telegraph: “When people think about the economy they don’t see it through the dry numbers of the deficit figures, trade balances or inflation forecasts — but instead the things that make the difference between a life that’s worth ...

Drugs are cheap. Patent monopolies are expensive. These are simple facts that everyone should know but for some reason few do.

The point here is simple; the vast majority of drugs are cheap to produce. Chain drug stores sell hundreds of generic drugs for $5-$7 per prescription. They can do this profitably because few drugs require expensive chemicals or manufacturing processes.

However, many brand drugs sell for hundreds or even thousands of dollars per prescription. This is ...

Maybe you thought the lowest possible point of Republican miserliness was reached when Ronald Reagan's Secretary of Agriculture proposed that ketchup be counted as a vegetable in the school lunch program. If so, you've not taken a peek at the GOP's astoundingly penurious budget proposal recently pasted together in a fit of ideological extremism by the party's budget guru, Rep. Paul Ryan.

Of all things, GOP lawmakers hacked $8 billion from next year's ...

Francois Hollande’s victory doesn’t and shouldn’t mean a movement toward socialism in Europe or elsewhere. Socialism isn’t the answer to the basic problem haunting all rich nations.

The answer is to reform capitalism. The world’s productivity revolution is outpacing the political will of rich societies to fairly distribute its benefits. The result is widening inequality coupled with slow growth and stubbornly high unemployment.

In the United ...

The economy has stalled.

Friday’s jobs report for April was even more disappointing than March. Employers added only 115,000 new jobs, down from March’s number (the Bureau of Labor Statistics revised the March number upward to 154,000, but that’s still abysmal relative to what’s needed). We need well over 250,000 new jobs per month in order to begin to whittle down the vast number of jobs lost in the Great Recession. At least 125,000 new jobs are ...

We’ll know more tomorrow when the jobs report is announced, but today’s report on America’s massive service sector – which make up about 90 percent of the economy – is sobering to say the least.

The Institute of Supply Management’s non-manufacturing index fell to a four-month low in April (53.5, down from 56 in March – still positive territory but just barely). New orders dropped to their lowest level in six months.

That ...

Jason Richwine and Andrew Biggs have a piece saying that many public-sector workers are overpaid in which they also say that I agree with them in much of their analysis. This is true.

Let me outline what I think are areas of agreement. First, we seem to agree that if we just compare the wages paid to public-sector and private-sector workers, the latter do better. When we adjust for education and experience, private sector workers tend to get higher pay than their counterparts in the ...

A bit less than two years ago, the people of the United Kingdom made an implicit deal with the people of the United States. They installed a government that committed itself to an austerity package as the best way to deal with the ongoing effects of the recession.

Rather than trying to boost demand with increased spending or lower taxes, the Conservative-led coalition government committed itself to an agenda of spending cuts and tax increases. The argument was that the financial ...

The Dow Jones Industrial Average hit 13,338 Tuesday, its highest since December, 2007. The S&P 500 added 16 points. Wall Street will remember May 1 as a great day.

But most of these gains are going to the richest 10 percent of Americans who own 90 percent of the shares traded on Wall Street. And the lion’s share of the gains are going to the wealthiest 1 percent.

Shares are up because corporate profits are up, and profits are up largely because companies have figured ...

Those who saw mass migration from Mexico as a threat and those who did not all agreed on one thing: It was unstoppable without dramatic action by the federal authorities. They turned out to be wrong about that. The title of a new report from the Pew Hispanic Center, "Net Migration From Mexico Falls to Zero — and Perhaps Less," says it all.

So everyone buckle your seatbelts, if indeed more Mexicans are going back to Mexico than crossing into the United ...