CEPR News, April 2010
|Thursday, 22 April 2010 08:19|
Dean Baker's Prescriptions for Moving the Economy Forward: Work Share, Right to Rent, and the Financial Speculation Tax
Congressman Raúl Grijalva (D-AZ) and Congresswoman Marcy Kaptur (D-OH) introduced legislation on April 15, 2010 to create a "Right to Rent" for homeowners facing foreclosure. The bill allows a family to petition a judge to stay in their home as renters under a 5-year lease. Dean Baker conceived of the right to rent concept several years ago, and has been promoting the plan as a viable solution to the foreclosure crisis ever since. He recently discussed the right to rent option in his testimony before the House Subcommittee on Housing and Community Opportunity on the Obama administration's Homeowner Affordability Modification Program (HAMP).
Dean Baker was part of a panel that included Wall Street and economic experts, labor leaders, and consumer, development and global health advocates who called on President Obama and Treasury Secretary Timothy Geithner to embrace this tax and on Congress to move swiftly to enact it. The groups held a press conference on April 15, 2010 to push for a Financial Speculation Tax. Baker has been vocal in calling for support of the FST, recently pointing out that it "would go a long way towards addressing future budget shortfalls and it would raise money from people who can afford it: the Wall Street crew whose financial shenanigans led to the meltdown."
CEPR VS the Wall Street Deficit Hawks
CEPR has been fighting the scare tactics of the Wall St deficit hawks for ten years now. It wasn't enough that the people who missed the housing bubble are still in power - now they want to come after Social Security. At a time when we should be focusing on job creation and stimulus to get the wrecked economy moving, the deficit hawks are trying to scare the public with untruths. As Dean Baker says here "the scary budget stories being hyped in the media and by the Wall Street crew are driven almost entirely by projections of exploding health care costs. But instead of proposing ways to fix the health care system, these deficit hawks want to attack Social Security." Dean also takes on the deficit hawks here and here.
CEPR joined forces with the Campaign for America's Future to oppose Wall St mogul Pete Peterson's program, "I.O.USA: America's Money Crisis" that aired on CNN over the weekend of April 10th. The call went out for progressives to pressure CNN to cancel this program or make it more balanced by including progressive solutions for addressing the budget deficit. Watch Dean and CAF's Roger Hickey discuss the program here.
New Releases: Capital Controls
CEPR's latest paper, "Capital Controls and Monetary Policy in Developing Countries", looks at both the theoretical and empirical literature on capital controls and finds that capital controls can play an important role in developing countries by helping to insulate them from some of the harmful effects of volatile and short-term capital flows. CEPR Co-Director Mark Weisbrot will debate the IMF on the topic of Capital Controls on April 23 - see below for more information.
Catch CEPR Co-Directors Live and In-Person
Later that same day, Mark will take part in a discussion with Luis Arce, the Republic of Bolivia's Minister of Finance, on the country's economic growth over the last four years. The event, titled "Bolivia's Economic Success Story: Making the Economy Work for the Bolivian People", will be held at 2:30PM at George Washington University's Elliott School of International Affairs in Washington, DC. Click here for more information.
On April 24, 2010, Dean Baker will discuss themes from his book False Profits: Recovering from the Bubble Economy at the Chazen Art Museum Auditorium on the University of Wisconsin campus in Madison, WI. The event, titled "The Origins of the Economic Crisis and the Way Out", is free and open to the public, and is sponsored by The Madison Institute. Details can be found here.
On April 26th, Dean will travel to Ottowa, Canada to participate in a parliamentary roundtable discussion on the G8/G20 agendas regarding the financial crisis, organized by Canadian civil society.
And on April 29th at 5:15PM, Dean will present a talk titled "The Second Great Depression: How Dumb Can We Be?" At Sarah Lawrence College in Bronxville, NY. The event is open to the public - click here for more details.
New Features on CEPR's Website!
For Dean Baker's newest book: Taking Economic Seriously. The book, which is scheduled to be released by the MIT Press on April 30, 2010, provides an "an alternative Econ 101."