Category : Labor/Labor Unions/Labor Market

(HBR) What Companies Can Do When Work and Religion Conflict

Anticipate staffing needs and factor them into any policy or accommodation discussion in order to identify limits and possible areas of flexibility. The Cargill facility had specific staffing requirements on the assembly line. Other types of business can anticipate staffing and productivity issues, for example, during tax season, earnings reporting, or the holiday retail rush.

Conflict avoidance and ethics aren’t the only reason to work toward solutions to religious accommodations. A recent study shows that workers who feel religiously comfortable in the workplace have higher job satisfaction. And, as Noelle Nelson demonstrates in her book Make More Money by Making Your Employees Happy, higher job satisfaction among employees leads to greater profitability for the employer.

As Cargill and other employers are discovering, faith is a part of the whole person that employers ignore at their peril.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Anthropology, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Religion & Culture, Theology

A Reflection on Saint Joseph the Worker for his Feast Day

ZENIT spoke with Father Tarcisio Giuseppe Stramare of the Congregation of Oblates of Saint Joseph, director of the Josephite Movement, about Tuesday’s feast of St. Joseph the Worker….

ZENIT: What does “Gospel of work” mean?

Father Stramare: “Gospel” is the Good News that refers to Jesus, the Savior of humanity. Well, despite the fact that in general we see Jesus as someone who teaches and does miracles, he was so identified with work that in his time he was regarded as “the son of the carpenter,” namely, an artisan himself. Among many possible activities, the Wisdom of God chose for Jesus manual work, entrusted the education of his Son not to the school of the learned but to a humble artisan, namely, St. Joseph.

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Posted in * Christian Life / Church Life, * Economics, Politics, Anthropology, Church History, Economy, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Theology, Theology: Scripture

Andrew Goddard on the Pemberton Case–Clergy Same-Sex Marriage: An Appealing Argument?

The question then is what exactly Jeremy Pemberton is seeking and how it can be justified. If the argument is that the church’s doctrine is in error or that the bishops are in error in their statements and applications of that doctrine then there are means within the church to rectify those errors. To seek for the state to correct the church’s alleged errors ”“ by judging that the bishops are mis-stating its own doctrine or that the substance of that doctrine must be abandoned – is a step which needs to be defended. Yet I have seen no serious defence of this approach. The decision of Canon Pemberton and his supporters to continue to press their case through the courts means they must address this issue of their chosen means to secure their desired end and clarify what they are wanting the court to decide in terms of directing the church in relation to its doctrine and requirements of ministers….
Finally, looking ahead as we draw near the end of the Shared Conversations, this case highlights the difficulty of implementing what some call for under the title of “good disagreement”. If the case is lost then it has been established that the church has a doctrine of marriage which bishops are right to uphold by refusing to issue a licence to someone in a same-sex marriage. The judgment is clear that canonical obedience is “a core part of the qualifying of a priest for ministry within the Church” (para 120) and that Canon Pemberton is obliged to undertake to pay true and Canonical Obedience to the Lord Bishop but that (given its conclusion as to church doctrine), “Self-evidently he is not going to be able to fulfil that obligation or has not done so”¦.and therefore objectively he cannot be issued with his licence” (para 121). Any bishop who therefore issued a licence to someone in a same-sex marriage would therefore be open to legal challenge. Any attempt to allow clergy to enter same-sex marriages would, it appears, need first to redefine the church’s doctrine of marriage. If, however, Jeremy wins his case then, as noted above, no bishop could refuse a licence on the grounds of the priest being in a same-sex marriage.

In other words, if the church keeps it current doctrine of marriage then it will be very difficult to justify licensing clergy in same-sex marriages but if it changes it or somehow declares it has no fixed doctrine of marriage then it will be very difficult to justify refusing a licence to clergy in same-sex marriages given equality legislation. So, even if it were considered desirable, it is therefore hard to see how, given the law, the church could “agree to differ” on this subject in a way that both enabled same-sex married clergy to be licensed and also protected those unable in good conscience to license clergy in same-sex marriages.

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Posted in * Anglican - Episcopal, * Christian Life / Church Life, * Culture-Watch, * Economics, Politics, * International News & Commentary, --Civil Unions & Partnerships, Anglican Provinces, Anthropology, Church of England (CoE), CoE Bishops, Economy, England / UK, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Law & Legal Issues, Marriage & Family, Ministry of the Ordained, Parish Ministry, Pastoral Theology, Religion & Culture, Same-sex blessings, Sexuality, Sexuality Debate (in Anglican Communion), Theology, Theology: Scripture

Margaret Heffernan: on Courage, Gayla Benefield+The dangers of "willful blindness"

…in Libby, Montana, there’s a rather unusual woman named Gayla Benefield. She always felt a little bit of an outsider, although she’s been there almost all her life, a woman of Russian extraction. She told me when she went to school, she was the only girl who ever chose to do mechanical drawing. Later in life, she got a job going house to house reading utility meters — gas meters, electricity meters. And she was doing the work in the middle of the day, and one thing particularly caught her notice, which was, in the middle of the day she met a lot of men who were at home, middle aged, late middle aged, and a lot of them seemed to be on oxygen tanks. It struck her as strange. Then, a few years later, her father died at the age of 59, five days before he was due to receive his pension. He’d been a miner. She thought he must just have been worn out by the work. But then a few years later, her mother died, and that seemed stranger still, because her mother came from a long line of people who just seemed to live forever. In fact, Gayla’s uncle is still alive to this day, and learning how to waltz. It didn’t make sense that Gayla’s mother should die so young. It was an anomaly, and she kept puzzling over anomalies. And as she did, other ones came to mind.

Read it all; cited by yours truly in the morning sermon.

Posted in * Culture-Watch, * Economics, Politics, Anthropology, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Health & Medicine, History, Labor/Labor Unions/Labor Market, Theology

(Bloomberg View) Justin Fox–Why Aren't More Americans Working?

The second chart paints a gloomy picture — the picture that Donald Trump may be referring to when he says the true unemployment rate is 40 percent or higher. A 59.8 percent employment-to-population ratio means that 40.2 percent of American civilians 16 and over don’t have jobs. That percentage includes high-school students, 100-year-olds and lots of other people who don’t want or need jobs, so the true unemployment rate clearly isn’t 40 percent. Still, in April 2000 the employment-to-population ratio peaked at 64.7 percent. Now it’s significantly lower. What’s going on?

The answer that I keep gravitating to is that despite the 4.9 percent unemployment rate, the job market is still pretty weak, and probably malfunctioning in some way. This isn’t the only possible answer. In 2014, for example, two economists at the Federal Reserve Bank of New York divided people responding to the Census Bureau’s Current Population Survey (from which the unemployment rate and the charts in this article are derived) into 280 cohorts defined by “birth, sex, race/ethnicity, and educational attainment.” They determined that most of the decline in the employment-to-population ratio since 2000 could be explained by the changing makeup of the population.

But demographics aren’t destiny.

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Posted in * Economics, Politics, Economy, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, The U.S. Government, Theology

A [London] Times profile of Whitechapel Bell Foundry, in continuous operation since 1570

It’s an improbable sight, but the Whitechapel Bell Foundry still stands on east London’s busy Whitechapel Road, an island in an area all but obliterated in the Second World War. Moreover, it is a business that has been fighting for survival for years, centuries even, and in a high-tech, ever more competitive world is still going strong. It’s no more than what you’d expect from a company that has been in continuous operation since 1570 and claims the title of Britain’s oldest manufacturer.

Alan Hughes’s family has run what is one of only two remaining bell foundries in the UK for four generations. “In its early years,” he says, “there was very little by way of continuity of ownership. The company changed hands frequently, usually staying with one family for just one generation.”

He can be forgiven for having little sympathy for businesses that have seen profits crumble because of something as recent as the arrival of the internet. His sector peaked in the 18th century, shrank and then levelled off again before sinking into steady decline for the past hundred or so years.

Read it all.

Posted in * Christian Life / Church Life, * Culture-Watch, * Economics, Politics, * International News & Commentary, Corporations/Corporate Life, Economy, England / UK, Ethics / Moral Theology, History, Labor/Labor Unions/Labor Market, Liturgy, Music, Worship, Parish Ministry, Religion & Culture, Theology

(Telegraph) Anthony Evans-Pritchard This is a global stock market rout worth celebrating

We toiling workers can allow ourselves a wry smile. For most of the last eight years the owners of wealth and inflated assets have had things their own way, while the real economy has been left behind.

The tables are finally turning. The world may look absolutely ghastly if your metric is the stock market, but it is much the same or slightly better if you are at the coal face.

The MSCI index of world equities has fallen almost 20pc since its all-time high in May of 2015, implying a $14 trillion loss of paper wealth. Yet the world economy has carried on at more or less the same anemic pace, and the OECD’s global leading indicators show no sign that it is suddenly rolling over now.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Asia, China, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Energy, Natural Resources, Ethics / Moral Theology, Euro, Europe, European Central Bank, Federal Reserve, Foreign Relations, Globalization, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Personal Finance, Politics in General, Stock Market, The U.S. Government, Theology

(LAT) Many US elderly are on the road, way past retirement and chasing jobs

[Dolores Westfall]…endures what is for many aging Americans an unforgiving economy. Nearly one-third of U.S. heads of households ages 55 and older have no pension or retirement savings and a median annual income of about $19,000.

A growing proportion of the nation’s elderly are like Westfall: too poor to retire and too young to die.

Many rely on Social Security and minimal pensions, in part because half of all workers have no employer-backed retirement plans. Eight in 10 Americans say they will work well into their 60s or skip retirement entirely.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Aging / the Elderly, America/U.S.A., Economy, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Politics in General, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--

(NY Times Op-ed) Rusty Reno– How Both Parties Lost the White Middle Class

What’s striking ”” and crucial for understanding our populist moment ”” is the fact that the leadership cadres of both parties aren’t just unresponsive to this anxiety. They add to it.

The intelligentsia on the left rarely lets a moment pass without reminding us of the demographic eclipse of white middle-class voters. Sometimes, those voters are described as racists, or derided as dull suburbanites who lack the élan of the new urban “creative class.” The message: White middle-class Americans aren’t just irrelevant to America’s future, they’re in the way.

Conservatives are no less harsh. Pundits ominously predict that the “innovators” are about to be overwhelmed by a locust blight of “takers.” The message: If it weren’t for successful people like us, middle-class people like you would be doomed. And if you’re not an entrepreneurial “producer,” you’re in the way.

Read it all.

I will take comments on this submitted by email only to KSHarmon[at]mindspring[dot]com.

Posted in * Culture-Watch, * Economics, Politics, Children, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, History, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Marriage & Family, Office of the President, Personal Finance, Politics in General, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, Theology

(AC) Alan Jacobs–The Trade-In Society

Let’s ask a question: Why was David Blatt fired as coach of the Cleveland Cavaliers? The man who fired him said it was a matter of “a lack of fit with our personnel and our vision.” Possibly true. But it would be more useful to say this: David Blatt got fired because Chip Kelly got fired before him, and Jose Mourinho before him, and Kevin McHale before him, and so on nearly ad infinitum.

That is to say: firing coaches is how professional sports franchises deal with conflict. And athletes know that this is how professional sports franchises deal with conflict: so when a team hits a bad patch, and the players are underperforming, and the coach is getting angry with them, and relationships are fraying”¦ why bother stitching them up? Why bother salving the wounds? If everyone knows where the situation is headed ”” sacking the manager ”” then isn’t there rather a strong incentive to make things worse, in order to hasten the inevitable, put an end to the frustrations, start afresh, get a do-over? Of course there is.

And precisely the same tendencies are at work in many of the key institutions of American social life. This is one of the chief reasons why so many marriages end quickly; this is why so many Christians church-hop, to the point that pastors will tell you that church discipline is simply impossible: if you challenge or rebuke a church member for bad behavior, he or she will simply be at another church the next week, or at no church at all.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Anthropology, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, History, Labor/Labor Unions/Labor Market, Marriage & Family, Pastoral Theology, Psychology, Sociology, Sports, Theology

Walter Russell Mead–Surprise: A new study finds firing bad teachers improves student performance

But a new NBER working paper from economists at Stanford and the University of Virginia suggests that, when done right, one kind of teacher turnover, at least, can be highly effective: programs for aggressively replacing bad teachers. The authors collected data from a unique Washington, D.C. program called IMPACT, which assesses teachers based on student outcomes and ratings from their peers, rewards those who perform well, and replaces those who persistently perform poorly. In a nutshell, it worked: The teachers pushed out for poor performance were consistently replaced with teachers who performed significantly better. “Under a robust system of performance assessment,” the authors write in their conclusion, “the turnover of teachers can generate meaningful gains in student outcomes, particularly for the most disadvantaged students.”

As we’ve written before, the idea that all teachers must be teachers for life needs to be questioned more often. That’s especially true when one is talking about replacing poorly performing teachers.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Anthropology, Children, City Government, Economy, Education, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Marriage & Family, Pastoral Theology, Politics in General, State Government, Theology

"Young, single, idle males are dangerous. Work and wedlock can tame them"

Globally, the people who fight in wars or commit violent crimes are nearly all young men. Henrik Urdal of the Harvard Kennedy School looked at civil wars and insurgencies around the world between 1950 and 2000, controlling for such things as how rich, democratic or recently violent countries were, and found that a “youth bulge” made them more strife-prone. When 15-24-year-olds made up more than 35% of the adult population””as is common in developing countries””the risk of conflict was 150% higher than with a rich-country age profile.

If young men are jobless or broke, they make cheap recruits for rebel armies. And if their rulers are crooked or cruel, they will have cause to rebel. Youth unemployment in Arab states is twice the global norm. The autocrats who were toppled in the Arab Spring were all well past pension age, had been in charge for decades and presided over kleptocracies.

Christopher Cramer of the School of Oriental and African Studies in London cautions that there is no straightforward causal link between unemployment and violence. It is not simply a lack of money that spurs young men to rebel, he explains; it is more that having a job is a source of status and identity.

Read it all from the Economist.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Africa, Anthropology, Economy, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Marriage & Family, Men, Nigeria, Pastoral Theology, Psychology, Theology, Young Adults

(YN) The amazing and inspiring career of Molly McLaughlin, a hospital nurse for 67 years

In her 67 years as a registered nurse, she’s cared for veterans of the Spanish-American War, vaccinated thousands of children with the then new Salk polio vaccine, and was among the first to report the outbreak of Legionnaires’ disease. For the past quarter century, until her retirement this month, she has been caring for HIV and AIDS victims at the Veterans Administration hospital in Philadelphia.

“When you have a passion and you impact people’s lives on a daily basis,” she says, “it gives you a purpose.”

As a nursing student, one of her very first patients was a 12-year-old boy, Tommy Rios, who was riding double on the handlebars of a bicycle when he fell and was hit by a car, fracturing his skull and breaking his femur and pelvis. He was in a full body cast, in the hospital, for six months. Molly not only cared for him, but also brought him hoagies ”” the Philly word for submarine sandwiches ”” because he wasn’t eating the hospital food.

Molly’s niece Anne Harriott asked her the other day what ever became of the boy.

“I had lunch with him last week,” Molly replied.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Economy, Health & Medicine, History, Labor/Labor Unions/Labor Market, Psychology, Women

(Telegraph) Ambrose Evans-Pritchard: the Fed will have to reverse gears fast if anything goes wrong

[The data in the economic background paints]…a very murky picture. This is the first time the Fed has ever embarked on tightening cycle when the ISM gauge of manufacturing is below the boom-bust line of 50. Nominal GDP growth in the US has been trending down from 5pc in mid-2014 to barely 3pc.

Danny Blanchflower, a Dartmouth professor and a former UK rate-setter, said the US labour market is not as tight as it looks. Inflation is nowhere near its 2pc target and the world economy is still gasping for air. He sees a 50/50 chance that the Fed will have to pirouette and go back to the drawing board.

“All it will take is one shock,” said Lars Christensen, from Markets and Money Advisory. “It is really weird that they are raising rates at all. Capacity utilization in industry has been falling for five months.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, Anthropology, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Federal Reserve, Foreign Relations, Globalization, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Personal Finance, Politics in General, The Banking System/Sector, The U.S. Government, Theology

(Gallup Blog) The Broken Link Between Higher Education and Workplace Readiness

Across the world, higher education is linked to higher levels of employment and life evaluation, making it the proverbial ticket to a great job and a great life. But the most recent evidence suggests that the link between higher education and graduates’ readiness for today’s rapidly changing workplace may be broken, says Brandon Busteed, Gallup’s executive director of education and workforce development.

Read it all and you can watch the address also.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Economy, Education, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Theology

(Pew Research) The American Middle Class Is Losing Ground

After more than four decades of serving as the nation’s economic majority, the American middle class is now matched in number by those in the economic tiers above and below it. In early 2015, 120.8 million adults were in middle-income households, compared with 121.3 million in lower- and upper-income households combined, a demographic shift that could signal a tipping point, according to a new Pew Research Center analysis of government data.

In at least one sense, the shift represents economic progress: While the share of U.S. adults living in both upper- and lower-income households rose alongside the declining share in the middle from 1971 to 2015, the share in the upper-income tier grew more.

Over the same period, however, the nation’s aggregate household income has substantially shifted from middle-income to upper-income households, driven by the growing size of the upper-income tier and more rapid gains in income at the top. Fully 49% of U.S. aggregate income went to upper-income households in 2014, up from 29% in 1970. The share accruing to middle-income households was 43% in 2014, down substantially from 62% in 1970.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Anthropology, Economy, Ethics / Moral Theology, History, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Marriage & Family, Personal Finance, Politics in General, Sociology, Theology

Ross Douthat on the Angus Deaton+ Anne Case paper–The Dying of the Whites

Amid the stresses of the dot-com bust and the Great Recession, it was only white Americans who turned increasingly to drugs, liquor and quietus.

Why only them? One possible solution is suggested by a paper from 2012, whose co-authors include Andrew Cherlin and Brad Wilcox, leading left and right-leaning scholars, respectively, of marriage and family.

Noting that religious practice has fallen faster recently among less-educated whites than among less-educated blacks and Hispanics, their paper argues that white social institutions, blue-collar as well as white-collar, have long reflected a “bourgeois moral logic” that binds employment, churchgoing, the nuclear family and upward mobility.

But in an era of stagnating wages, family breakdown, and social dislocation, this logic no longer seems to make as much sense.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Anthropology, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, History, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Marriage & Family, Personal Finance, Politics in General, Psychology, Religion & Culture, Theology, Theology: Scripture

(CSM Cover Story) So how’s the American middle class, really?

The old image of the “middle class” as an aspirational state of being ”“ upward mobility coupled with a measure of financial stability ”“ hasn’t disappeared. But it’s under stress as much as at any time in the postwar era. Fewer Americans these days call themselves middle class, and many who do use that label see it as a badge of struggle as much as a badge of opportunity.

The middle class is being redefined partly by demographics. In 1970, fully 40 percent of US households were married couples with at least one child under 18 years old. By 2012 that share had declined to 20 percent of US households ”“ a shift that includes more single-parent breadwinners. It’s also being redefined by a changing job market ”“ notably by the rising importance of education on résumés, as well as the disappearance of punch-the-timecard jobs in offices and factories that once produced comfortable lifestyles but were vulnerable to automation.

All this doesn’t mean that living standards for average middle-income families are languishing in a state of permanent deterioration. A good deal of evidence suggests that’s not the case. And while some deride the insecurity of the Gig Economy ”“ the growing legions of people doing freelance, contract, temporary, or other independent work ”“ the changing job market has a bright side for many Americans: greater flexibility, creativity, and self-determination for one’s career.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Anthropology, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, History, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Marriage & Family, Pastoral Theology, Personal Finance, Politics in General, Psychology, Science & Technology, Theology

(FT) Martin Wolf–America’s labour market is not working

Back in 1991, the proportion of US prime-age men who were neither in work nor looking for it was just 7 per cent. Thus the proportion of vanished would-be workers has risen by 5 percentage points since then. In the UK, the proportion of prime-aged men out of the labour force has risen only from 6 per cent to 8 per cent over this period. In France, it has gone from 5 to 7 per cent. So supposedly sclerotic French labour markets have done a better job of keeping prime-aged males in the labour force than flexible US ones. Moreover, male participation rates have been declining in the US since shortly after the second world war.

What has been happening to participation of prime-aged women is no less striking. In the US, female labour force participation rose strongly until 2000, when it was among the leaders. The US is the only G7 country to experience a sustained decline in the participation rate for prime-aged females since then. Japan, once far behind, has caught up….

The relentless decline in the proportion of prime-aged US adults in the labour market indicates a significant dysfunction. It deserves attention and analysis. But it also merits action.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Corporations/Corporate Life, Economy, Ethics / Moral Theology, Federal Reserve, History, Labor/Labor Unions/Labor Market, Politics in General, The U.S. Government, Theology

Former Stanford dean explains why helicopter parenting is ruining a generation of children

Julie Lythcott-Haims noticed a disturbing trend during her decade as a dean of freshmen at Stanford University. Incoming students were brilliant and accomplished and virtually flawless, on paper. But with each year, more of them seemed incapable of taking care of themselves.

At the same time, parents were becoming more and more involved in their children’s lives. They talked to their children multiple times a day and swooped in to personally intervene anytime something difficult happened.

From her position at one of the world’s most prestigious schools, Lythcott-Haims came to believe that mothers and fathers in affluent communities have been hobbling their children by trying so hard to make sure they succeed, and by working so diligently to protect them from disappointment and failure and hardship.

Read it all from the Washington Post.

Posted in * Culture-Watch, * Economics, Politics, Anthropology, Children, Economy, Education, Ethics / Moral Theology, History, Labor/Labor Unions/Labor Market, Marriage & Family, Pastoral Theology, Psychology, Theology, Young Adults

(FT) US banks build defences against economic downturn

Wall Street’s biggest banks are beginning to build their defences against downturns, signalling an end to the steady thinning of reserves that has helped boost profits in the past five years.

Tapping into reserves set aside for bad loans has become a reliable source of income for the banks in the post-crisis environment, allowing them to offset the effects of weak demand and ultra-low interest rates. Regulators let lenders dip into reserves in this way if they can argue that an improving outlook makes losses less likely.

But the practice is expected to have a limited impact on the banks’ third-quarter profits, which begin to be presented this week, because reserves have been run down about as far as they can go.

While some banks with plump cushions of reserves could still make net reductions, others are at an “inflection point,” said Jennifer Thompson, an analyst at Portales Partners in New York. Lenders with big exposures to energy could see “dramatic” increases in reserves, she said, while related sectors such as materials, commodities and industrials also look vulnerable to rises.

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Globalization, History, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Personal Finance, The Banking System/Sector, Theology

(FC) Why Sweden Is Shifting To A 6-Hour Workday

The eight-hour workday hasn’t changed much since Henry Ford first experimented with it for factory workers. Now, Americans work slightly longer””an average 8.7 hours””though more time goes into email, meetings, and Facebook than whatever our official job duties actually are. Is it time to rethink how many hours we spend at the office?

In Sweden, the six-hour workday is becoming common.

“I think the eight-hour workday is not as effective as one would think,” says Linus Feldt, CEO of Stockholm-based app developer Filimundus. “To stay focused on a specific work task for eight hours is a huge challenge. . . . In order to cope, we mix in things and pauses to make the workday more endurable. At the same time, we are having it hard to manage our private life outside of work. We want to spend more time with our families, we want to learn new things or exercise more. I wanted to see if there could be a way to mix these things.”

Read it all.

Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, Anthropology, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Europe, Health & Medicine, History, Labor/Labor Unions/Labor Market, Pastoral Theology, Psychology, Sweden, Theology

More Foreclosures, this time by Hedge Funds

Private equity and hedge fund firms have bought more than 100,000 troubled mortgages at a discount from banks and federal housing agencies, emerging as aggressive liquidators for the remains of the mortgage crisis that erupted nearly a decade ago.

As the housing market nationwide recovers, this is a dark corner from which banks, stung by hefty penalties for bungling mortgage modifications and foreclosures, have retreated. Federal housing officials, for the most part, have welcomed the new financial players as being more nimble and creative than banks with terms for delinquent borrowers.

But the firms are now drawing fire. Housing advocates and lawyers for borrowers contend that the private equity firms and hedge funds are too quick to push homes into foreclosure and are even less helpful than the banks had been in negotiating loan modifications with borrowers. Federal and state lawmakers are taking up the issue, questioning why federal agencies are selling loans at a discount of as much as 30 percent to such firms.

Read it all from the front page of today’s New York Times.

Posted in * Culture-Watch, * Economics, Politics, Corporations/Corporate Life, Economy, Ethics / Moral Theology, History, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Law & Legal Issues, Personal Finance, Stock Market, The Banking System/Sector, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government, Theology

(WSJ) Charles Moore–Western countries must honestly face The Middle-Class Squeeze

Since the financial crisis of 2007-08, which Western leader could boast of spreading ownership in any important way? In the U.S. and Britain, the percentage of citizens owning stocks or houses is well down from the late 1980s. In Britain, the average age for buying a first home is now 31 (and many more people than before depend on “the bank of Mom and Dad” to help them do so). In the mid-’80s, it was 27. My own children, who started work in London in the last two years, earn a little less, in real terms, than I did when I began in 1979, yet house prices are 15 times higher. We have become a society of “have lesses,” if not yet of “have nots.”

In a few lines of work, earnings have shot forward. In 1982, only seven U.K. financial executives were receiving six-figure salaries. Today, tens of thousands are (an enormous increase, even allowing for inflation). The situation is very different for the middle-ranking civil servant, attorney, doctor, teacher or small-business owner. Many middle-class families now depend absolutely on the income of both parents in a way that was unusual even as late as the 1980s.

In Britain and the U.S., we are learning all over again that it is not the natural condition of the human race for children to be better off than their parents. Such a regression, in societies that assume constant progress, is striking. Imagine the panic if the same thing happened to life expectancy.

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Posted in * Culture-Watch, * Economics, Politics, Anthropology, Consumer/consumer spending, Corporations/Corporate Life, Credit Markets, Currency Markets, Economy, Ethics / Moral Theology, Federal Reserve, Foreign Relations, Globalization, History, House of Representatives, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Office of the President, Pensions, Personal Finance, Politics in General, Senate, Taxes, The U.S. Government, Theology

The full text of Pope Francis' historic address to U.S. Congress today

Yours is a work which makes me reflect in two ways on the figure of Moses. On the one hand, the patriarch and lawgiver of the people of Israel symbolizes the need of peoples to keep alive their sense of unity by means of just legislation. On the other, the figure of Moses leads us directly to God and thus to the transcendent dignity of the human being. Moses provides us with a good synthesis of your work: you are asked to protect, by means of the law, the image and likeness fashioned by God on every human face.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, * Religion News & Commentary, America/U.S.A., Economy, Ethics / Moral Theology, Globalization, House of Representatives, Labor/Labor Unions/Labor Market, Other Churches, Politics in General, Pope Francis, Religion & Culture, Roman Catholic, Senate, Theology

(PBS Blog) Race relations in U.S. at a low point in recent history, new poll suggests

In the year following the death of Michael Brown, America has seen its share of racial disquiet. The Aug. 9, 2014, shooting death of the black teenager at the hands of a white police officer in Ferguson, Missouri, sparked weeks of protest, and drew attention to a brand new civil rights campaign for the modern era: Black Lives Matter.

The organization, and the phrase itself, has been the center of controversy and tension since it gained nationwide attention last year. Candidates on the 2016 presidential campaign have stumbled while trying to find the perfect pitch in addressing its significance.

On the evening of June 17, 2015, America once again was forced to confront racial tensions with the mass shooting at Emanuel African Methodist Episcopal Church in downtown Charleston, South Carolina, nearly a year after Brown’s death.

It is with this backdrop that PBS NewsHour and Marist College’s Institute for Public Opinion conducted a survey of Americans that illustrates the contrast in opinions along racial lines about the opportunities available today for African Americans.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, * South Carolina, America/U.S.A., Economy, Ethics / Moral Theology, History, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Law & Legal Issues, Politics in General, Race/Race Relations, Religion & Culture, Rural/Town Life, Theology, Urban/City Life and Issues, Violence

(CT) Why Christianity Is Surging in the Heart of Islam

Sam Espada led friends in a chorus of “Happy Birthday” for his sombrero-wearing brother at a Mexican restaurant. After dinner, they saw the latest Hollywood blockbuster.

The five-story mall could have been anywhere in America, except that every storefront sign was in Arabic as well as English. The group was in Abu Dhabi, the capital of the United Arab Emirates (UAE).

“This place is like Disneyland,” said Espada, a Christian from New Jersey. “But I don’t feel fully free. You can definitely tell you are living in a Muslim country.”

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, * Religion News & Commentary, Christology, Economy, Globalization, Islam, Labor/Labor Unions/Labor Market, Middle East, Muslim-Christian relations, Other Churches, Other Faiths, Qatar, Religion & Culture, Saudi Arabia, Soteriology, Theology, UAE (United Arab Emirates)

(Former NBC Meet the Press moderator) David Gregory–Steadied by Faith After a Humbling Loss

I had put effort into figuring out who to be so that I could succeed as the host of a Sunday news show. But last year when I lost that job, which offered me satisfaction and a high profile, I had to find out who I was without cameras or prestigious titles. This hasn’t been rosy or easy, though I tried to leave NBC with grace, mostly as an example to my children.

It has been faith that steadied me. The humbling loss turned out to be a gift, because I have seen how many fresh opportunities for growth and happiness await””even if it hasn’t gone according to my plan. Most plainly, I understand: In joy, pain and even in personal failure, God is close.

Erica Brown wrote me a note on my last day in the job. She reminded me to trust God, quoting Isaiah 46:4. “I am He, I am He who will sustain you. I have made you and I will carry you; I will sustain you and I will rescue you.”

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Posted in * Culture-Watch, * Economics, Politics, * Religion News & Commentary, Anthropology, Children, Economy, Ethics / Moral Theology, Judaism, Labor/Labor Unions/Labor Market, Marriage & Family, Media, Other Faiths, Pastoral Theology, Religion & Culture, Theology, Theology: Scripture

(RCR) Brian Walsh & Brian Grim–Religious Diversity Is Good for Business

…on Labor Day Americans should also be celebrating the landmark Civil Rights Act of 1964. The act’s most important and immediate effect was to help end racial segregation and race-based discrimination.

But the Civil Rights Act also reflected what Americans had learned through ugly episodes of hostility and discrimination against Jews, Catholics, Mormons, and others. Title VII of the Act prohibits religion-based discrimination in the workplace and requires employers to make reasonable accommodations for employees’ religious exercise unless doing so would cause “undue hardship.”

In a decision this summer involving clothier Abercrombie & Fitch and a young Muslim woman, the U.S. Supreme Court reaffirmed Title VII’s strong protections for people of all faiths. The company denied employment to Samantha Elauf, a young Muslim American woman, because her religious headscarf violated the company’s “look” policy.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Anthropology, Corporations/Corporate Life, Economy, Ethics / Moral Theology, History, Labor/Labor Unions/Labor Market, Law & Legal Issues, Pastoral Theology, Politics in General, Religion & Culture, Theology

(FT) Is a global recession coming?

Economists at Citigroup argue in a new report that a global recession is now “the most likely outcome” over the next two years.

What exactly do they mean by a global recession?

They point out:

We use the only definition of a recession we know that makes sense when it is used consistently. As stated earlier, we define a recession as a period during which the actual unemployment rate is above the natural unemployment rate or Nairu, or during which there is a negative output gap: the level of actual real GDP is below the level of potential real GDP.

To avoid excessive attention to mini-recessions, the period of excess capacity should have a duration of a year or longer.

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Posted in * Culture-Watch, * Economics, Politics, * International News & Commentary, America/U.S.A., Asia, China, Consumer/consumer spending, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Europe, Foreign Relations, Globalization, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Politics in General, Russia, Theology