Wall Street's War on Workers

Wall Street's War on Workers
Author: Les Leopold
Publisher: Chelsea Green Publishing
Total Pages: 212
Release: 2024-02-22
Genre: Business & Economics
ISBN: 164502234X

"This book gave me a new lens to see the world.”—Robert Krulwich, former co-host of WNYC’s Radiolab Addressing the pressing issues affecting everyday Americans during an election year is essential—and one of our nation's most profound challenges is the devastating impact of mass layoffs. Layoffs upend people’s lives, cause enormous stress, and lead to debilitating personal debt. The societal harm caused by mass layoffs has been known for decades. Yet, we do little to stop them. Why? Why do we allow whole communities to be destroyed by corporate decision-makers? Why do we consider mass layoffs a natural, baked-in feature of modern financialized capitalism? And what are our elected officials going to do about it? In Wall Street’s War on Workers, Les Leopold, co-founder of the Labor Institute, provides a clear lens with which we can see how healthy corporations in the United States have used mass layoffs and stock buybacks to enrich shareholders at the expense of employees. With detailed research and concise language, Leopold explains why mass layoffs occur and how our current laws and regulations allow companies to turn these layoffs into short-term financial gains. Original and insightful, Wall Street’s War on Workers places US labor practices in the broader context of our social and political life, examining the impact financial strip-mining and legalized looting are having on party politics, destroying the integrity of democratic institutions. Leopold expertly lays out how the proliferation of opioids coupled with Wall Street’s destruction of jobs in West Virginia, Pennsylvania, Michigan, and Wisconsin have led to widespread mass layoff fatalism. Democrats have unarguably lost the longstanding support of millions of urban and rural workers, and Leopold points out how party leaders have been wrong about the assumption that the white working class is becoming less progressive and motivated to abandon the Democratic Party by reactionary positions on divisive social issues. With deep analyses, stark examples, and surprisingly simple proactive steps forward, Leopold also asserts that: Surviving and thriving in a competitive global economy does not require mass layoffs. A new virulent, financialized version of American capitalism is policy driven. To end mass layoffs, Wall Street’s domination of our economy must end. The accepted “wisdom” about white working-class populism is wrong. Ending stock buybacks and changing corporate officers’ pay structures could eliminate mass layoffs. Mass layoffs are not the result of inevitable economic “laws” or new technologies like artificial intelligence. Both groundbreaking and urgent, Wall Street’s War on Workers not only offers solutions that could halt mass layoffs but also offers new hope for workers everywhere. "Leopold offers a contrarian yet compelling take on America’s “white working class” . . . [and says] Democrats in 2024 ignore this massive, potentially sympathetic voting bloc at their peril."—Booklist (starred review)

Wall Street's War on Workers

Wall Street's War on Workers
Author: Les Leopold
Publisher: Chelsea Green Publishing
Total Pages: 241
Release: 2024-02-22
Genre: Business & Economics
ISBN: 1645022331

"This book gave me a new lens to see the world.”—Robert Krulwich, former co-host of WNYC’s Radiolab Addressing the pressing issues affecting everyday Americans during an election year is essential—and one of our nation's most profound challenges is the devastating impact of mass layoffs. Layoffs upend people’s lives, cause enormous stress, and lead to debilitating personal debt. The societal harm caused by mass layoffs has been known for decades. Yet, we do little to stop them. Why? Why do we allow whole communities to be destroyed by corporate decision-makers? Why do we consider mass layoffs a natural, baked-in feature of modern financialized capitalism? And what are our elected officials going to do about it? In Wall Street’s War on Workers, Les Leopold, co-founder of the Labor Institute, provides a clear lens with which we can see how healthy corporations in the United States have used mass layoffs and stock buybacks to enrich shareholders at the expense of employees. With detailed research and concise language, Leopold explains why mass layoffs occur and how our current laws and regulations allow companies to turn these layoffs into short-term financial gains. Original and insightful, Wall Street’s War on Workers places US labor practices in the broader context of our social and political life, examining the impact financial strip-mining and legalized looting are having on party politics, destroying the integrity of democratic institutions. Leopold expertly lays out how the proliferation of opioids coupled with Wall Street’s destruction of jobs in West Virginia, Pennsylvania, Michigan, and Wisconsin have led to widespread mass layoff fatalism. Democrats have unarguably lost the longstanding support of millions of urban and rural workers, and Leopold points out how party leaders have been wrong about the assumption that the white working class is becoming less progressive and motivated to abandon the Democratic Party by reactionary positions on divisive social issues. With deep analyses, stark examples, and surprisingly simple proactive steps forward, Leopold also asserts that: Surviving and thriving in a competitive global economy does not require mass layoffs. A new virulent, financialized version of American capitalism is policy driven. To end mass layoffs, Wall Street’s domination of our economy must end. The accepted “wisdom” about white working-class populism is wrong. Ending stock buybacks and changing corporate officers’ pay structures could eliminate mass layoffs. Mass layoffs are not the result of inevitable economic “laws” or new technologies like artificial intelligence. Both groundbreaking and urgent, Wall Street’s War on Workers not only offers solutions that could halt mass layoffs but also offers new hope for workers everywhere. "Leopold offers a contrarian yet compelling take on America’s “white working class” . . . [and says] Democrats in 2024 ignore this massive, potentially sympathetic voting bloc at their peril."—Booklist (starred review) "Wall Street's War on Workers [is] the book neither party wants you to read . . . [It] penetrates one of the chief media deceptions of the 21st century, namely that working-class voters are driven by racism and xenophobia, and not by a more simple, enraging motive: they’ve been repeatedly ripped off, by the wealthy donors to both parties."—Matt Taibbi

Wall Street Women

Wall Street Women
Author: Melissa S. Fisher
Publisher: Duke University Press
Total Pages: 242
Release: 2012-06-19
Genre: Business & Economics
ISBN: 0822353458

Wall Street Women tells the story of the first generation of women to establish themselves as professionals on Wall Street. Since these women, who began their careers in the 1960s, faced blatant discrimination and barriers to advancement, they created formal and informal associations to bolster one another's careers. In this important historical ethnography, Melissa S. Fisher draws on fieldwork, archival research, and extensive interviews with a very successful cohort of first-generation Wall Street women. She describes their professional and political associations, most notably the Financial Women's Association of New York City and the Women's Campaign Fund, a bipartisan group formed to promote the election of pro-choice women. Fisher charts the evolution of the women's careers, the growth of their political and economic clout, changes in their perspectives and the cultural climate on Wall Street, and their experiences of the 2008 financial collapse. While most of the pioneering subjects of Wall Street Women did not participate in the women's movement as it was happening in the 1960s and 1970s, Fisher argues that they did produce a "market feminism" which aligned liberal feminist ideals about meritocracy and gender equity with the logic of the market.

The Looting of America

The Looting of America
Author: Les Leopold
Publisher: Chelsea Green Publishing
Total Pages: 242
Release: 2009-06-02
Genre: Business & Economics
ISBN: 1603582223

How could the best and brightest (and most highly paid) in finance crash the global economy and then get us to bail them out as well? What caused this mess in the first place? Housing? Greed? Dumb politicians? What can Main Street do about it? In The Looting of America, Leopold debunks the prevailing media myths that blame low-income home buyers who got in over their heads, people who ran up too much credit-card debt, and government interference with free markets. Instead, readers will discover how Wall Street undermined itself and the rest of the economy by playing and losing at a highly lucrative and dangerous game of fantasy finance. He also asks some tough questions: Why did Americans let the gap between workers' wages and executive compensation grow so large? Why did we fail to realize that the excess money in those executives' pockets was fueling casino-style investment schemes? Why did we buy the notion that too-good-to-be-true financial products that no one could even understand would somehow form the backbone of America's new, postindustrial economy? How do we make sure we never give our wages away to gamblers again? And what can we do to get our money back? In this page-turning narrative (no background in finance required) Leopold tells the story of how we fell victim to Wall Street's exotic financial products. Readers learn how even school districts were taken in by "innovative" products like collateralized debt obligations, better known as CDOs, and how they sucked trillions of dollars from the global economy when they failed. They'll also learn what average Americans can do to ensure that fantasy finance never rules our economy again. As the country teeters on the brink of what could be the next Great Depression, we should be especially wary of the so-called financial experts who got us here, and then conveniently got themselves out. So far, it appears they've won the battle, but The Looting of America refuses to let them write the history--or plan its aftermath.

The Man Who Hated Work and Loved Labor

The Man Who Hated Work and Loved Labor
Author: Les Leopold
Publisher: Chelsea Green Publishing
Total Pages: 554
Release: 2007-11-14
Genre: Biography & Autobiography
ISBN: 1603580719

A CIA-connected labor union, an assassination attempt, a mysterious car crash, listening devices, and stolen documents--everything you'd expect from the latest thriller. Yet, this was the reality of Tony Mazzocchi, the Rachel Carson of the U.S. workplace; a dynamic labor leader whose legacy lives on in today's workplaces and ongoing alliances between labor activists and environmentalists, and those who believe in the promise of America. In The Man Who Hated Work and Loved Labor: The Life and Times of Tony Mazzocchi, author and labor expert Les Leopold recounts the life of the late Oil, Chemical, and Atomic Workers Union leader. Mazzocchi's struggle to address the unconscionable toxic exposure of tens of thousands of workers led to the passage of the Occupational Safety and Health Act and included work alongside nuclear whistleblower Karen Silkwood. His noble, high-profile efforts forever changed working conditions in American industry--and made him enemy number one to a powerful few. As early as the 1950s, when the term "environment" was nowhere on the political radar, Mazzocchi learned about nuclear fallout and began integrating environmental concerns into his critique of capitalism and his union work. An early believer in global warming, he believed that the struggle of capital against nature was the irreconcilable contradiction that would force systemic change. Mazzocchi's story of non-stop activism parallels the rise and fall of industrial unionism. From his roots in a pro-FDR, immigrant family in Bensonhurst, Brooklyn, through McCarthyism, the Sixties, and the surge of the environmental movement, Mazzocchi took on Corporate America, the labor establishment and a complacent Democratic Party. This profound biography should be required reading for those who believe in taking risks and making the world a better place. While Mazzocchi's story is so full of peril and deception that it seems almost a work of fiction, Leopold proves that the most provocative and lasting stories in life are those of real people.

Bankers and Empire

Bankers and Empire
Author: Peter James Hudson
Publisher: University of Chicago Press
Total Pages: 370
Release: 2017-04-27
Genre: Social Science
ISBN: 022645925X

From the end of the nineteenth century until the onset of the Great Depression, Wall Street embarked on a stunning, unprecedented, and often bloody period of international expansion in the Caribbean. A host of financial entities sought to control banking, trade, and finance in the region. In the process, they not only trampled local sovereignty, grappled with domestic banking regulation, and backed US imperialism—but they also set the model for bad behavior by banks, visible still today. In Bankers and Empire, Peter James Hudson tells the provocative story of this period, taking a close look at both the institutions and individuals who defined this era of American capitalism in the West Indies. Whether in Wall Street minstrel shows or in dubious practices across the Caribbean, the behavior of the banks was deeply conditioned by bankers’ racial views and prejudices. Drawing deeply on a broad range of sources, Hudson reveals that the banks’ experimental practices and projects in the Caribbean often led to embarrassing failure, and, eventually, literal erasure from the archives.

Runaway Inequality

Runaway Inequality
Author: Les Leopold
Publisher:
Total Pages: 0
Release: 2018
Genre: Equality
ISBN: 9780999095423

"Runaway Inequality is designed to address the problems faced by everyday working people. With over 100 eye-popping and accessible charts and graphs, Runaway Inequality puts the facts in your hands so you can grasp what is really going on in our economy - and what we can do about it.." --

The Long Deep Grudge

The Long Deep Grudge
Author: Toni Gilpin
Publisher: Haymarket Books
Total Pages: 458
Release: 2020-02-25
Genre: Political Science
ISBN: 1642590894

“The definitive history of an important but largely forgotten labor organization and its heroic struggles with an icon of industrial capitalism.” —Ahmed A. White, author of The Last Great Strike This rich history details the bitter, deep-rooted conflict between industrial behemoth International Harvester and the uniquely radical Farm Equipment Workers union. The Long Deep Grudge makes clear that class warfare has been, and remains, integral to the American experience, providing up-close-and-personal and long-view perspectives from both sides of the battle lines. International Harvester—and the McCormick family that largely controlled it—garnered a reputation for bare-knuckled union-busting in the 1880s, but in the twentieth century also pioneered sophisticated union-avoidance techniques that have since become standard corporate practice. On the other side the militant Farm Equipment Workers union, connected to the Communist Party, mounted a vociferous challenge to the cooperative ethos that came to define the American labor movement after World War II. This evocative account, stretching back to the nineteenth century and carried through to the present, reads like a novel. Biographical sketches of McCormick family members, union officials and rank-and-file workers are woven into the narrative, along with anarchists, jazz musicians, Wall Street financiers, civil rights crusaders, and mob lawyers. It touches on pivotal moments and movements as wide-ranging as the Haymarket “riot,” the Flint sit-down strikes, the Memorial Day Massacre, the McCarthy-era anti-communist purges, and America’s late twentieth-century industrial decline. “A capitalist family dynasty, a radical union, and a revolution in how and where work gets done—Toni Gilpin’s The Long Deep Grudge is a detailed chronicle of one of the most active battlefronts in our ever-evolving class war.” —John Sayles

The Bullies of Wall Street

The Bullies of Wall Street
Author: Sheila Bair
Publisher: Simon and Schuster
Total Pages: 288
Release: 2015-04-14
Genre: Young Adult Nonfiction
ISBN: 1481400878

Can knowing how a financial crisis happened keep it from happening again? Sheila Bair, the former chairman of the FDIC, explains how the Great Recession impacted families on a personal level in this easy-to-understand book “that puts a human face on the economic crisis” (School Library Journal). In 2008, America went through a terrible financial crisis, and we are still suffering the consequences. Families lost their homes and struggled to pay for food and medicine. Businesses didn’t have money to buy equipment or hire and pay workers. Millions of people lost their jobs and their life savings. More than 100,000 businesses went bankrupt. As the former head of the Federal Deposit Insurance Corporation, Sheila Bair worked to protect families during the crisis and keep their bank deposits safe. In The Bullies of Wall Street, she describes the many ways in which a broken system led families into financial trouble, and also explains the decisions being made at the time by the most powerful people in the country—from CEOs of multinational banks, to heads of government regulatory committees—that led to the recession.

Capital Offense

Capital Offense
Author: Michael Hirsh
Publisher: John Wiley & Sons
Total Pages: 354
Release: 2010-08-20
Genre: Political Science
ISBN: 0470769599

Why every president from Reagan through Obama has put Wall Street before Main Street Over the last few decades, Washington’s firmly held belief that if you make investors happy, a booming economy will follow has caused an economic crisis in Asia, hardship in Latin America, and now a severe recession in America and Europe. How did the best and brightest of our time allow this to happen? Why have these disasters done nothing to change the free-market mantra of the Washington faithful? The answer has nothing to do with lobbyists and everything to do with ideology. In Capital Offense, veteran Newsweek reporter Michael Hirsh gives us a colorful narrative history of the era he calls the Age of Capital, telling the story through the eyes of its key players, from Ronald Reagan and Milton Friedman through Larry Summers and Timothy Geithner. • Based on the solid research and skilled reporting of Newsweek Senior Editor Michael Hirsh • Takes you inside high-level, closed-door conversations of top White House advisers and administration officials such as Alan Greenspan, Robert Rubin, Paul O’Neill, and others • Illuminates key figures and lively interpersonal clashes, including the conflict between Larry Summers and Nobel Prize-winning economist Joe Stiglitz • Offers crucial insights on why President Obama took so long to work on the economy—and why he may not be going far enough • Catalogs the missteps of three decades of fiscal, regulatory, and financial recklessness, including the dismantling of the Glass-Steagall Act, the S&L debacle, Enron, and the subprime mortgage meltdown As we struggle to emerge from the financial crisis, one thing seems certain: Wall Street’s continued dominance of the global economy. Propelled into the lead by a generation of Washington policy-makers, Wall Street will continue to stay ahead of them.