Yellen's encore: Lending economic heft to Biden's virus plan
“Yellen is uniquely poised," said Brian Deese, director of Biden’s National Economic Council. "She has as much experience and expertise of addressing the challenges of our time as any living economic policymaker today. AdYellen juggled parenting with her work as a professor at the University of California, Berkeley, in the 1980s, helping to build her son’s pinewood derby car as a colleague fed economic data into a computer. It’s an argument cultivated from years of research that fully blossomed during Yellen’s time as Fed chair. She said Yellen values differences of opinion and diversity because that helps her get a fuller sense of the economy.
Economist Joseph Stiglitz says coronavirus is 'exposing' health inequality in US
The coronavirus pandemic has highlighted the inequality in health care for different classes of American workers, former World Bank chief economist Joseph Stiglitz said Tuesday. "The coronavirus is particularly nasty to people with pre-existing conditions ... and America is distinguished in having more health inequality than any of the other advanced countries. So as bad as our income inequality is, health inequality is even worse, and the pandemic is really exposing how bad it is," Stiglitz said on CNBC's "Closing Bell." The virus has now infected at least 584,000 people in the United States and killed more than 24,000, according to Johns Hopkins University. Stiglitz, who has extensively researched income inequality, said this showed how poorly paid some workers who are now considered essential have been.cnbc.com
'He needs to earn our trust:' Progressive groups begin push for Biden to keep Wall Street out of the White House
Senator Bernie Sanders joins former Vice President Joe Biden and Senator Elizabeth Warren onstage before the start at the 2020 Democratic U.S. presidential debate in Houston, Texas, U.S. September 12, 2019. Progressive groups that haven often been aligned with Sen. Bernie Sanders are pushing Joe Biden to keep Wall Street executives and business leaders from being part of his administration if he wins the presidency. The progressive groups who spoke with CNBC said that if Biden does not follow these guidelines, he could suffer from low voter turnout in the general election and end up losing to Trump. Another group has started putting together opposition research on a host of Biden donors who work on Wall Street. The opposition research cites reporting from CNBC, the New York Times, Wall Street Journal, Bloomberg, and Politico among others.cnbc.com
The coronavirus outbreak is a 'different kind of crisis,' says Nobel laureate Joseph Stiglitz
Aggressive policy action by the Federal Reserve is "obviously not" enough to help the U.S. avert a downturn caused by the coronavirus outbreak, said Joseph Stiglitz, a Nobel laureate in economics. While the situation might have been worse without the Fed's moves, "clearly it didn't stabilize the stock markets," said Stiglitz, who is a former chief economist at the World Bank. The problem is that "this is a different kind of crisis than normal crises. There are now at least 168,019 cases of the coronavirus worldwide, according to data from the World Health Organization. "People wouldn't be able to repay their loans, people wouldn't be taking out new loans, businesses wouldn't be taking out new loans.cnbc.com