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DeSwiss

(27,137 posts)
Mon May 19, 2014, 09:12 PM May 2014

What Is the "Liberal" Obama Administration's Beef with Economist Thomas Piketty?



The Young Turks · Published on May 19, 2014

The French economist Thomas Piketty's book on the future of inequality is the buzz of the economics world this season. Now President Obama's chief economist has weighed in on its thesis, the first time a senior administration official has discussed it in detail. And he is skeptical of some key assumptions upon which 'Capital in the Twenty-First Century,' Mr. Piketty's sweeping book, is based.

"Jason Furman, the chairman of the Council of Economic Advisers, grappled with Mr. Piketty's book in a speech on the global economy in Ireland on Wednesday.

"Mr. Furman starts with a relatively straightforward description of Mr. Piketty's arguments and the rise in inequality in the United States over recent decades, trying to peel apart how much of that broad story — greater inequality in income and wealth than in the past — is attributable to changes in how people are paid for their labors and how much to a shift in returns and ownership of capital.'

In this clip The Young Turks' Cenk Uygur explains why the Obama Administration, ostensibly leaders in pushing a liberal agenda, want nothing to do with Thomas Piketty and his analysis of the structural problems of capitalism driving income inequality.

For more, read the New York Times story by Neil Irwin here: http://www.nytimes.com/2014/05/09/upshot/obamas-top-economist-has-some-problems-with-pikettys-book.html


- Preschool for investment bankers is a good idea. Because that's where your teachers first start teaching children the difference between what's right and what's wrong. Better late than never......
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What Is the "Liberal" Obama Administration's Beef with Economist Thomas Piketty? (Original Post) DeSwiss May 2014 OP
Why would we expect anything else from the Obama Administration? elzenmahn May 2014 #1
I think he was asking those questions about the Obama administration...... DeSwiss May 2014 #8
Agreed billhicks76 May 2014 #9
She already is in their pockets... elzenmahn May 2014 #18
Thank You billhicks76 May 2014 #19
When I mentioned this I was Blacklisted on DU. imthevicar May 2014 #20
Nope. It couldn't be any clearer. K and R bbgrunt May 2014 #2
K & R !!! WillyT May 2014 #3
MBA education OnyxCollie May 2014 #4
Evidence that the Meritocracy is Made Up of Poor People adirondacker May 2014 #10
All of the ''sciences'' are devoid of ethical language. DeSwiss May 2014 #11
Well that is something I have always suspected zeemike May 2014 #13
, blkmusclmachine May 2014 #5
More trade deals??? Jasana May 2014 #6
With these guys ''on your side'' -- you can never turn your back..... DeSwiss May 2014 #14
Wait don't stop it there! Is the kitty ok? pam4water May 2014 #22
nt merrily May 2014 #7
Those who don't know Jakes Progress May 2014 #12
BOG is two doors down. DeSwiss May 2014 #17
If only Al Capone had attended preschool, he would never have become a gangster. AdHocSolver May 2014 #15
And even without a fancy ''Preschool Education'' there is...... DeSwiss May 2014 #16
Interesting info about Capone....... KoKo May 2014 #21

elzenmahn

(904 posts)
1. Why would we expect anything else from the Obama Administration?
Mon May 19, 2014, 10:49 PM
May 2014

They're beholden to corporate interests.

Want any more proof about how "progressive" Obama and his administration AREN'T?

 

DeSwiss

(27,137 posts)
8. I think he was asking those questions about the Obama administration......
Mon May 19, 2014, 11:57 PM
May 2014

...rhetorically. Or with sarcasm. That works too, also.

- Actually, I believe the Obama Administration would prefer for the book to be like the space between Lyons and Spakowsky.

[center]
A space created to make people forget, only makes them wonder.[/center]

 

billhicks76

(5,082 posts)
9. Agreed
Tue May 20, 2014, 12:03 AM
May 2014

He didn't just fail us. It was premeditated. He flip flopped on every promise after he voted for the Telecom Immunity Bill in the summer of 2008. NSA probably played some conversations he had for him that were embarrassing to his family. The only one who didn't sell his soul after the murdered JFK and RFK is Jimmy Carter probably because he was just too squeeky clean so they just waited him out to install what has essentially become decades of Bush Family Rule...and you can bet if Hillary wins she will be in their pocket again too.

elzenmahn

(904 posts)
18. She already is in their pockets...
Tue May 20, 2014, 02:50 AM
May 2014

...anyone who is already playing kissy-face with the banks and telling them how awful it is that they are getting a (deserved) bum rap, is in their pockets and will do their bidding.

But then, good luck to any politician who doesn't. That's how bad things are.

 

OnyxCollie

(9,958 posts)
4. MBA education
Mon May 19, 2014, 11:37 PM
May 2014

MBA education

-Jones et al. argued, however, that MBA education in particular may cause a decline in moral development. They based this hypothesis on ideas that the MBA program (a) teaches a language devoid of ethical symbols, (b) provides a set of simplified assumptions about how the world works, and (c) reinforces acceptance of the rational/economic world view (1990: 9).

-Research suggests that business students may be less ethical than other students (e.g., Useem, 1989; Zinkham, Bisei, & Saxton, 1989).

-It may also be that the study of normative expected utility theory (von Neumann & Morgenstern, 1944), common in MBA education, actually increases self-interested behavior
(Jones et al., 1990)

Daboub, A. J., Rasheed, A. M., Priem, R. L., & Gray, D. A. (1995). Top management team characteristics and corporate illegal activity. Academy of Management Review, 20(1), 138-170.

adirondacker

(2,921 posts)
10. Evidence that the Meritocracy is Made Up of Poor People
Tue May 20, 2014, 12:08 AM
May 2014

by Paul Buchheit

"Many wealthy Americans believe that dysfunctional behavior causes poverty. Their own success, they would insist, derives from good character and a strict work ethic. But they would be missing some of the facts. Ample evidence exists to show a correlation between wealth and unethical behavior, and between wealth and a lack of empathy for others, and between wealth and unproductiveness
The poor, along with a middle class that is sinking toward them, make up the American meritocracy. Here is some of the evidence.

1. The Poor Don't Cheat As Much

An analysis of seven different psychological studies found that "upper-class individuals behave more unethically than lower-class individuals." A series of experiments showed that upper-class individuals were more likely to break traffic laws, take valued goods from others, lie in a negotiation, and cheat to increase their chances of winning a prize.

And this doesn't even begin to examine the many, many significant cases of fraudulent behavior in the banking industry. Or private equity firms that cheat their investors over 50 percent of the time. Or the many unscrupulous corporate tax avoidance strategies.

2. The Poor Care More About Other People"

http://www.commondreams.org/view/2014/05/19-1

I posted this in good reads as well.

 

DeSwiss

(27,137 posts)
11. All of the ''sciences'' are devoid of ethical language.
Tue May 20, 2014, 12:10 AM
May 2014

It started out as a sop to objectivity, and has ended up as an absurdity. Devoid of meaning or reason for obtaining knowledge beyond its monetary value is where we are now. Of course I don't know that Economics and Capitalism in particular (i.e. - Ponzi schemes, derivatives, etc.) is a science in any true meaning of that word.

- Not when the core ingredient that they ''manufacture,'' can be fashioned from air.......

Speaking of having no morals.....

[center]U.S. Citizenship Is The Same As A Piece Of Paper


[font size=1]* - Ever notice how Ruth G. always leans away (to her left) from Kennedy? BO? or is it Political?[/center][/font]

zeemike

(18,998 posts)
13. Well that is something I have always suspected
Tue May 20, 2014, 12:21 AM
May 2014

But I did not know there were actual studies of it.

Jasana

(490 posts)
6. More trade deals???
Mon May 19, 2014, 11:55 PM
May 2014

You have got to be kidding me. Kiss my union ass!

(Well, that was hardly graceful but I'm tired tonight.)

AdHocSolver

(2,561 posts)
15. If only Al Capone had attended preschool, he would never have become a gangster.
Tue May 20, 2014, 01:30 AM
May 2014

Jason Furman, President Obama’s chief economist, expounds the usual platitudes about dealing with the ever-worsening economic mess we are experiencing.

(snip)

**********
In addressing his recommended policies for fighting global inequality, Mr. Furman mentions longstanding priorities of the Obama administration, such as expanding access to preschool, striking international trade deals and raising the minimum wage.
**********
It is obvious that, if the crooked bankers had attended preschool, they would never have thought of bilking the public out of billions of dollars.

In addition, it is obvious that more trade deals like NAFTA, the WTO, and the proposed TPP will protect the public against unfair trade practices.

Finally, raising the minimum raise to $10 an hour will provide a windfall $20,000 per year to the average worker to pay for a nice home, good health insurance, and provide their children with that all important college degree so that they can get a better job.

We hear you Mr. Furman.

On the other hand, how about re-instating the Glass-Steagall Act which outlawed a lot of the crooked dealings of the bankers?

How about closing the loopholes that allow corporations to hide their profits in offshore dummy corporations in tax havens?

How about taking away big banks' control of the Federal Reserve that allows the banks to control monetary policy for their profit at the expense of the 99 percent?



 

DeSwiss

(27,137 posts)
16. And even without a fancy ''Preschool Education'' there is......
Tue May 20, 2014, 02:46 AM
May 2014

...at least one thing we all have Al Capone to thank for: ''Sell-by'' dates.

Al Capone pioneered the concept of 'sell-by' dates. Al Capone is one of the most famous organized crime gangsters of all time. He evaded authorities for years before he was finally caught on charges of tax evasion. He made a fortune in illegal alcohol distribution during Prohibition, but it turns out he wasn't all bad. We even have him to thank for something we use in our grocery stores every day. Capone opened up soup kitchens to help those struggling during the Depression and would even go to these kitchens to serve the poor himself. Apparently, some of his family members got sick off of spoiled milk. At the time, milk had no expiration date printed on it. Capone saw an opportunity to improve the sale and distribution of milk and moved into the industry. He then had the Chicago City Council pass a law saying that milk had to be stamped with an expiration date to protect customers. So thanks for that one Al Capone. link.


- Clearly we have too many bankers and politicians whose sell by dates has been ignored for far too long. The smell is getting positively rancid......

KoKo

(84,711 posts)
21. Interesting info about Capone.......
Tue May 20, 2014, 08:59 AM
May 2014

and .......



"Clearly we have too many bankers and politicians whose sell by dates has been ignored for far too long. The smell is getting positively rancid......"

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