The Looming Bank Collapse
The Looming Bank Collapse

The Looming Bank Collapse

The U.S. financial system could be on the cusp of calamity. This time, we might not be able to save it. Story by Frank Partnoy After months of living with the coronavirus pandemic, American citizens are well aware of the toll it has taken on the economy: broken supply chains, record unemployment, failing small businesses. All of these factors are serious and could mire the United States in a deep, prolonged recession. But there’s another threat to the economy, too. It lurks on the balance sheets of the big banks, and it could be cataclysmic. Imagine if, in addition to all the uncertainty surrounding the pandemic, you woke up one morning to find that the financial sector had collapsed. To hear more feature stories, get the Audm iPhone app. You may think that such a crisis is unlikely, with memories of the 2008 crash still so fresh. But banks learned…

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How to Make this Moment the Turning Point for Real Change
George Floyd

How to Make this Moment the Turning Point for Real Change

As millions of people across the country take to the streets and raise their voices in response to the killing of George Floyd and the ongoing problem of unequal justice, many people have reached out asking how we can sustain momentum to bring about real change. Ultimately, it’s going to be up to a new generation of activists to shape strategies that best fit the times. But I believe there are some basic lessons to draw from past efforts that are worth remembering. First, the waves of protests across the country represent a genuine and legitimate frustration over a decades-long failure to reform police practices and the broader criminal justice system in the United States. The overwhelming majority of participants have been peaceful, courageous, responsible, and inspiring. They deserve our respect and support, not condemnation — something that police in cities like Camden and Flint have commendably understood. On the…

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People Laughed When This Philly Lawyer Sued Led Zeppelin. Nobody’s Laughing Now.

Philadelphia-area attorney Francis Malofiy. Photograph by Bryan Sheffield. The fact that Philadelphia barrister Francis Alexander Malofiy, Esquire, is suing Led Zeppelin over the authorship of “Stairway to Heaven” is, by any objective measure, only the fourth most interesting thing about him. Unfortunately for the reader, and the purposes of this story, the first, second and third most interesting things about Malofiy are bound and gagged in nondisclosure agreements, those legalistic dungeons where the First Amendment goes to die. So let’s start with number four and work our way backward. At the risk of stating the obvious, ladies and gentlemen of the jury, let the record show that “Stairway to Heaven” is arguably the most famous song in all of rock-and-roll, perhaps in all of popular music. It’s also one of the most lucrative — it’s estimated that the song has netted north of $500 million in sales and royalties since…

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D.C. Council gives final approval to Airbnb regulations

Property owners won’t be able to use secondary homes for short-term rentals under the new rules By Andrew Giambrone Nov 15, 2018, 11:54am EST D.C. residents who use Airbnb or similar booking services to rent out their homes will likely have to abide by new regulations starting next October, when they are set to go into effect. The policies represent the first time the city has charted comprehensive laws for short-term rental units—an effort that has sparked a fierce debate spanning roughly the past two years. District lawmakers on Tuesday unanimously green-lit rules for short-term rentals, after they had delayed a final vote on the rules last month. The legislation bans property owners from renting out any homes other than their primary residences for fewer than 30 days at a time, commonly done through platforms such as Airbnb and VRBO. It also restricts to 90 the total number of days…

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Emotional General Motors Workers Seen Wiping Away Tears After Company Lays Off 14,500 People

By Jack Phillips November 28, 2018 Updated: November 28, 2018 Photos this week show emotional General Motors workers in Ontario, Canada, wiping away tears after the company laid off more than 14,000 employees just days before the holidays. The firm made the announcement on Nov. 26, saying it will shutter seven plants in the United States and Canada. It said it plans to cut 15 percent of its workforce to save $6 billion and adapt to “challenging market conditions,” and it will abandon many car models. “I don’t know how I’m going to feed my family,” Matt Smith, a worker at an Ontario factory, said outside the plant, News.com.au reported. “It’s hard. It’s horrible.” Smith said his wife also works at the plant, adding they have an 11-month-old baby. Members of Unifor local 222 gather at the union hall before the press conference with union leaders in Oshawa, Ontario, on…

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What you need to know about vaccines, autism, and the hubbub over ‘Vaxxed’

By Rebecca Robbins March 31, 2016 A medical assistant prepares a vaccine at a Colorado clinic. John Moore/Getty Images The anti-vaccine documentary “Vaxxed” will premiere Friday in New York, giving critics a first look at a film that sparked a ferocious backlash in the scientific community. The film is directed by a discredited British researcher, Andrew Wakefield, known for promoting the debunked notion that vaccines are linked to autism. It had been set to premiere April 24 at the prestigious Tribeca Film Festival. But amid a storm of outrage, actor and festival cofounder Robert De Niro, yanked it from the schedule. Now, a small California distributor that had originally planned to distribute the film after the Tribeca premiere has hastily arranged Friday’s debut screenings. Here’s what you should know about the controversy: Who’s behind this film? One of the most scorned men in the medical world. Wakefield, who also co-wrote the film, helped launch and sustain an anti-vaccine movement that public health experts estimate is responsible for thousands of preventable…

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After outcry, D.C. commission backs down on censoring art

A display of Christopher Kardambikis's "Paper Cuts/Live" exhibit at Washington Project for the Arts. WPA stands to lose $112,700 in funding from the DCCAH by not signing the memorandum. (Washington Project for the Arts) By Peggy McGlone November 8 at 5:20 PM Responding to protests from Washington artists and arts leaders, the D.C. Commission on the Arts and Humanities has reversed a controversial new measure to censor its grant recipients. On Monday, the city’s arts agency added sweeping language to already approved grants requiring that artists and arts organizations avoid producing work that could be considered lewd, vulgar or political or be at risk of losing their funds. The arts community protested, saying the amended contract infringed on their First Amendment rights. The DCCAH capitulated. “The DC Commission on Arts and Humanities believes deeply in the right to freedom of expression and would never seek to violate that right by…

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METALLICA Breaks Revenue Records At Grand Forks, North Dakota’s Alerus Center

  According to the Grand Forks Herald, METALLICA's September 8 concert at the Alerus Center in Grand Forks, North Dakota broke records for ticket revenue and other sales. The event, which drew nearly 17,000 fans as part of the band's "WorldWired" tour, resulted in the highest-grossing ticket sales in the building's history, said Anna Rosburg, Alerus Center general manager. The stadium holds 21,000. It also broke highest-grossing records for food and beverage sales, merchandise sales, and partnership revenues for one show since the Alerus opened in February 2001, Rosburg said. Country music singer George Strait holds the record for highest attendance at an Alerus Center concert, having drawn about 19,500 for a February 2013 performance. "We did not break the [attendance] record [with the METALLICA concert, but had an excellent turnout and we appreciate the community's support in this exciting event," said Rosburg. Earlier in the year, METALLICA landed on…

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Anthony Bourdain dead at 61

July 27, 2017: Anthony Bourdain on the ferry to Vashon Island while filming Parts Unknown in Seattle, Washington on July 27, 2017. (photo by David Scott Holloway) New York (CNN)Anthony Bourdain, a gifted storyteller and writer who took CNN viewers around the world, has died. He was 61. CNN confirmed Bourdain's death on Friday and said the cause of death was suicide. "It is with extraordinary sadness we can confirm the death of our friend and colleague, Anthony Bourdain," the network said in a statement Friday morning. "His love of great adventure, new friends, fine food and drink and the remarkable stories of the world made him a unique storyteller. His talents never ceased to amaze us and we will miss him very much. Our thoughts and prayers are with his daughter and family at this incredibly difficult time." Anthony Bourdain on January 4, 2017, in Port of Spain, Trinidad…

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