Daryl Hall and NRBQ:
Yes, it really does sound like the pre-crash mortgage market:
What kind of incentives motivate lenders to continue awarding six-figure sums to teenagers facing both the worst youth unemployment rate in decades and an increasingly competitive global workforce?
I’m pretty sure that’s been the plan all along:
He is an unlikely Jeremiah, a funds manager in a pinstripe suit with a résumé that includes a stint as chairman of the Federal Reserve Bank in Richmond, Va. Yet Thomas Mackell Jr. is warning of a future in which the homeless elderly live under bridges and the old and the young engage in “intergenerational warfare” over disappearing jobs.
Mackell, a graduate of Seton Hall and Rutgers, spoke last week to a convention of Bell System retirees in Atlantic City. He got up to speak at the same time the lawyer for the Christie administration, miles away in Trenton, rose to tell the state Supreme Court it should not bother itself with “minor” breaches of constitutional law involving schools.
There is a connection between the two events. Peter Verniero, the former court member and state attorney general hired by the governor to defend cuts in school aid, represented a strain of political thought that the rich cannot be taxed further to help the poor. His governor regularly bashes public employee unions as “selfish” and “greedy” and wants to reduce pension benefits.
Mackell takes opposite views. Unions protect the middle class, he says, pensions are essential, and, if the rich do not pay a greater share of their wealth, then the “nation faces a horrendous future.”
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