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Daily Archives: August 19, 2015

Manufacturing Job Loss – Trade Not Productivity Is the Culprit

Economic Policy Institute Brief by Robert E. Scott: “The United States lost 5 million manufacturing jobs between January 2000 and December 2014. There is a widespread misperception that rapid productivity growth is the primary cause of continuing manufacturing job losses over the past 15 years. Instead, as this report shows, job losses can be traced to growing trade deficits in manufacturing products prior to the Great Recession and then the massive output collapse during the Great Recession. Specifically, between 2000 and 2007, growing trade deficits in manufactured goods led to the loss of 3.6 million manufacturing jobs in that period. Between 2007 and 2009, the massive collapse in overall U.S. output hit manufacturing particularly hard (real manufacturing output fell 10.3 percent between 2007 and 2009). This collapse was followed by the slowest recovery in domestic manufacturing output in more than 60 years. Reasonably strong GDP growth over the past five years has not been sufficient to counter these trends; only about 900,000 of the 2.3 million manufacturing jobs lost during the Great Recession have been recovered. In addition, resurgence of the U.S. trade deficit in manufactured goods since 2009 has hurt the recovery of manufacturing output and employment. In short, the collapse in demand during the Great Recession and ensuing glacial recovery was responsible for most or all of the 1.4 million net manufacturing jobs lost between 2007 and 2014. Between 2007 and 2014, productivity growth slowed noticeably, and manufacturing output experienced no net, real growth…”

Corporate Governance and Hedge Fund Activism

Goodwin, Shane C, Corporate Governance and Hedge Fund Activism (August 2015). Available for download at SSRN: http://ssrn.com/abstract=2646293 “Over the past 25 years, hedge fund activism has emerged as new form of corporate governance mechanism that brings about operational, financial and governance reforms to a corporation. Many prominent business executives and legal scholars are convinced that… Continue Reading

POGO – Former CRS Researcher Calls for Public Access

“Despite bipartisan support from many organizations, Capitol Hill still hesitates to grant public access to taxpayer-funded formal reports from the Congressional Research Service (CRS). The Project On Government Oversight has long reported on the importance of opening these reports to the public. POGO worked with many open-government allies to urge Members of Congress to change the… Continue Reading

Minutes of Federal Open Market Committee July 28-29, 2015

“The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 28-29, 2015. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’s… Continue Reading

How Victims Can Regain Control Mitigate Threats in Wake of OPM Breach

 “In June 2015, the Nation learned that the personnel records of 21.5 million United States citizens had been exfiltrated by an unknown adversary from the Office of Personnel Management, one of the largest known breaches in the history of the U.S. Government.  The immediate public outcry included congressional hearings attributing the breach to OPM administrators and… Continue Reading

Voice for science in climate change media coverage

“Climate Feedback brings the expertise of the scientific community into the world of online climate coverage to provide readers and authors with in-situ feedback about the content’s scientific credibility. Climate Feedback is a project born from the reality that we are at a critical moment in history, one in which important decisions about climate change… Continue Reading

FAA software glitch heavily impacted east coast air travel

News release: “The FAA identified a recent software upgrade at the Leesburg, VA, high-altitude radar facility as the source of Saturday’s automation problems. The agency is working closely with its contractor, Lockheed Martin Corp., to prevent future occurrences.  Despite the outage, air traffic controllers safely handled 70 to 88 percent of Saturday’s scheduled arrivals and… Continue Reading

Harmonisation of the Unique Transaction Identifier – consultative report

“G20 Leaders agreed in 2009 that all over-the-counter (OTC) derivatives contracts should be reported to trade repositories (TRs) as part of their commitment to reform OTC derivatives markets in order to improve transparency, mitigate systemic risk and protect against market abuse. Aggregation of the data reported across TRs is necessary to help ensure that authorities… Continue Reading

Basel III: The standardised approach for measuring counterparty credit risk exposures

“The Basel Committee on Banking Supervision has received a number of interpretation questions related to the Standardised Approach for measuring counterparty credit risk (SA-CCR), as published in March 2014 (and revised in April 2014). The SA-CCR will replace both current non-internal model approaches, the Current Exposure Method (CEM) and the Standardised Method (SM). To help ensure… Continue Reading