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Category Archives: Financial System

The COVID Retirement Boom

Federal Reserve Bank of St. Louis, Miguel Faria e Castro – “The labor force participation rateregistered its largest drop on record in 2020, falling from 63.2 percent in the fourth quarter of 2019 to 60.8 percent in the second quarter of 2020. By the second quarter of 2021, the rate had recovered slightly, to 61.6 percent, but was still 1.6 percentage points below its pre-pandemic level—indicating that as of that quarter, roughly 5.25 million people had left the labor force. People left the labor force during 2020 for many reasons. Some may have left due to cyclical factors: Labor force participation tends to fall when the unemployment rate is high, and in 2020 the COVID-19 crisis featured the highest post-Great Depression unemployment rate on record (14.8 percent in April 2020). Others may have left for factors specific to the COVID-19 crisis. For example, many people were forced to quit jobs to care for children or other family members because of the lockdown of schools and other institutions. Some people would have left the labor force anyway because of retirement. Retirees are a significant fraction of the population, as U.S. population growth has slowed and Baby Boomers (those born between 1946 through 1964) are currently retiring. Finally, a significant number of people who had not planned to retire in 2020 may have retired anyway because of the dangers to their health or due to rising asset values that made retirement feasible. This essay provides a back-of-the-envelope estimate of the number of “COVID-19 retirements.”…

New Database Reveals Fines for Environmental and Safety Infringements Lag Far Behind Those for Competition and Financial Offenses

Phil Mattera, Corporate Research Project: “Today the Corporate Research Project of Good Jobs First is launching Violation Tracker UK, a free public database that collects over 63,000 cases brought by more than 40 regulatory agencies in the United Kingdom– ranging from the Financial Conduct Authority to the Serious Fraud Office and the Environment Agency. It… Continue Reading

Financial Stability Oversight Council Identifies Climate Change as an Emerging and Increasing Threat to Financial Stability

Treasury Press Release: “The Financial Stability Oversight Council (FSOC) has released a new report in response to President Biden’s Executive Order 14030, Climate-related Financial Risk. For the first time, FSOC has identified climate change as an emerging and increasing threat to U.S. financial stability. The report and accompanying recommendations demonstrate FSOC’s commitment to building on… Continue Reading

Harvard, a Media Company

The Generalist: “Harvard, a Media Company. Harvard Business Review is a surreptitious media giant. Actionable insights –  If you only have a couple minutes to spare, here’s what investors, operators, and founders can learn from Harvard, as a media company. There are different paths to success. The Harvard Business Review (HBR) was founded in 1922… Continue Reading

What Makes Work Meaningful and Why Economists Should Care about It

IZA – Institute of Labor Economics DISCUSSION PAPER SERIES ISSN: 2365-9793IZA DP No. 13112 What Makes Work Meaningful and Why Economists Should Care about It. APRIL 2020. Milena Nikolova University of Groningen, Brookings and IZA, Femke Cnossen, University of Groningen: “We demonstrate why meaningful work, i.e. job-related activities that individuals view as purposeful and worthwhile, matters… Continue Reading

Free Law Project – Our Financial Disclosure Database is Now Available to All

“Two weeks ago, the Wall Street Journal published their blockbuster report detailing over 100 judges that had likely violated the Ethics in Government act. To do their work, the Wall Street Journal reporters had exclusive access to our database of financial disclosures. Today we are making the database available to all. Included in the database… Continue Reading

Biden Administration Roadmap to Build an Economy Resilient to Climate Change Impacts

U.S. Climate-Related Financial Risk Executive Order 14030 A Roadmap to Building a Climate-Resilient Economy, October 14, 2021 – 40 page PDF White House Fact Sheet: “Agency Actions Will Protect Retirement Plans, Homeowners, Consumers, Businesses and Supply Chains, Workers, and the Federal Government from Financial Risks of Climate Change. Today, the Biden-Harris Administration released a comprehensive,… Continue Reading

Hacks and data breaches are all too common. Here’s what to do if you’re affected.

Washington Post: “An unexplained Amazon charge on your credit card bill. An email asking you to confirm a password change request. A moment of confusion when your usual Google log-in details don’t work. These are all-too-common signs that someone has gained — or is trying to gain — access to your accounts. Hacks and data… Continue Reading

The thorny truth about socially responsible investing

Vox: “It’s easier than ever to invest ethically — or, at least, to be told by marketers you are. Whether you’re actually doing it is harder to figure out. Investors have become eager to put their money toward good in recent years. In 2020, assets under management using sustainable investing strategies in the United States… Continue Reading