Category Archives: William K. Black

Trump’s CFPB Pick Will Likely Spell Bad News for Consumers

The good news is that President Trump has been slow to nominate heads for regulatory agencies, says NEP’s Bill Black in his appearance on The Real News Network. The bad news is that Trump will pick someone eventually to replace Richard Cordray. You can view here with transcript.

Fragmented Health System Paves Way for CVS-Aetna Merger

In what is being called the biggest merger in the history of the health insurance industry, CVS is making a $66 billion bid to buy Aetna. NEP’s Bill Black discusses the merger’s potential consequences with The Real News Network. You can view here with transcript.

Pollution Kills 9 Million People a Year

Pollution causes far more deaths than tobacco, infectious disease or war, and causes 4.6 trillion dollars of economic damage per year, according to a major new study published in the British medical journal The Lancet. You can view here with a transcript.

Wall Street Wins as Senate Blocks Consumer Protection Rule

The Senate voted 51-50 to repeal a rule that would have made it easier for consumers to sue the financial institutions that defraud them. The move is “outrageous,” NEP’s Bill Black on The Real News Network. “It should be a national scandal, and require resignations in disgrace.” It can be viewed with a transcript here.

Trump’s Would-Be Drug Czar Helped the Drug Profiteers

Rep. Tom Marino has withdrawn his nomination as President Trump’s new drug czar after revelations he pushed through a measure that worsened the U.S. opioid epidemic. NEP’s Bill Black says Marino and other lawmakers have been bought off by pharmaceutical companies he says have acted as “illicit, criminal, drug dealers” on The Real News Network. You can view with transcript here.

It is Impossible to Compete with Unintentional Self-Parody: Trump and Opioids

By William K. Black
October 22, 2017      Kansas City, MO

This is the first in a series of columns I will write that are prompted by the joint 60 Minutes and Washington Post investigations of the role of Congress and the White House in making it far harder to sanction effectively companies selling massive numbers of opioids that they know will go largely to those addicted to opioids.  I will use the case study to illustrate many important points that criminologists know about elite white-collar crime and how to limit it and sanction perpetrators.

In this column, I introduce one of the most important concepts in white-collar crime – “seeming legitimacy.”  The most elite predators use the seemingly legitimate entities in the business, government, and non-profit sectors that they run as “weapons” of predation and “shields” against sanctions.  The criminology term for this is “control fraud.”  The same logic applies to non-criminal predation.  I will show in later columns in this series that Representative Marino (R, PA), the worst of the political shills for the opioid Predator Class, repeatedly spread the falsehood that the worst of the opioid predators could not be predators because they structured their firm as if it were “legitimate.”  As a former state and local prosecutor, Marino knows that CEOs running the largest frauds pose as seemingly legitimate firms because it optimizes control fraud.

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Senator Warren: Equifax Profits from Data Hack While Consumers Pay the Price

NEP’S Bill Black appears on The Real News Network and says he’s skeptical that either Equifax or its former CEO Richard Smith will be held accountable for the breach that affected an estimated 145.5 million people. You can view here with transcript.

Cheap Sexism and Intellectual Dishonesty about Marriage

By William K. Black
October 2, 2017     Kansas City, MO

This is the second column in my series about win-win strategies to strengthen the family and countering the conservative culture warriors who use the family as a means to oppose win-win solutions that bring people together.  Mark Regnerus is one of the most notorious of these hard right culture warriors.  He is the disgraced pseudo-scholar who right-wing groups funded to try to gin up evidence that same sex marriage harmed children.  His efforts collapsed in an embarrassing spectacle that made clear that his dogmas rule his work.

Regnerus is back in the Wall Street Journal flogging his new book in an op ed entitled “Cheap Sex and the Decline of Marriage.”  He introduces his thesis with the claim that because unmarried heterosexual women are willing to have sex, tens of millions of men are no longer willing to marry.  If unmarried heterosexual women wish to improve their chances of getting married, they need to be virgins – and convince their sisters to remain virgins until marriage (at an average age of around 28 for college-educated women).

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The Job Guarantee Should Unite Anyone Interested in Strengthening Families

By William K. Black
Kansas City, MO     September 25, 2017

The University of Missouri – Kansas City recently hosted the first conference on Modern Monetary Theory (MMT) and a closely associated idea, a federally-backed job guarantee for everyone willing and able to work.  On September 25, 2017, the New York Times published an article exemplifying one of the applications of the job guarantee that would provide a win-win that should unite anyone interested in strengthening the family.  The title is “How Did Marriage Become a Mark of Privilege?”  Claire Cain Miller authored the column, and her key takeaway are in these two passages.

Fewer Americans are marrying over all, and whether they do so is more tied to socioeconomic status than ever before. In recent years, marriage has sharply declined among people without college degrees, while staying steady among college graduates with higher incomes.

Americans across the income spectrum still highly value marriage, sociologists have found. But while it used to be a marker of adulthood, now it is something more wait to do until the other pieces of adulthood are in place — especially financial stability. For people with less education and lower earnings, that might never happen.

These facts establish an obvious policy that could unite the public.  The combination of MMT full employment policies and the job guarantee is the best way to strengthen family financial stability.  The United States, which has a sovereign currency, can do that.  The European Union nations that lack a sovereign currency will frequently be unable to do so.  Jobs, not simply income, are essential to many humans’ happiness and sense of self-worth.  Unemployed American men, for example, do less housework than do employed American men.  Businesses are deeply reluctant to hire the unemployed, particularly if they have been unemployed for any significant time.  The cliché of males responding to unemployment through depression has considerable truth.

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Jared Bernstein Shows the Costs of Not Understanding Sovereign Currencies

William K. Black
September 26, 2017      Kansas City, MO

UMKC has just hosted a well-attended conference on Modern Monetary Theory (MMT) and job guarantee (JG) programs in which the federal government would provide the funds for employer of last resort programs.  In conjunction, MMT and JG allow full employment to become the norm.  MMT is based on reality, it explains how the monetary system in a nation with a sovereign currency actually functions.  Most monetary theory taught in conventional economic classes is a fiction arising from carryovers from the era of the gold standard in which nations lacked a sovereign currency.

Jared Bernstein has just published an op ed in the New York Times entitled “Do Republicans Really Care About the Deficit.”  Republican elites, of course, have not really cared about federal budget deficits for decades.  That is a good thing that Democrats should embrace in a bipartisan spirit.  Bernstein, of course, is correct that the Republicans are hypocrites about federal budget deficits, pretending to care about them when the Democrats hold power and displaying their lack of any real care when Republicans hold power and the context is tax cuts for the wealthy.

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