Former SEC Chief Economist and MIT Golub Center Senior Fellow Chester Spatt
Our latest installment of the MIT Sloan Experts Series includes a live conversation with former SEC Chief Economist and MIT Golub Center Senior Fellow Chester Spattand Golub Center Director and Professor of Finance Deborah Lucas.
As the 10-year anniversary of the great financial crisis approaches, the program seeks to answer two questions: what have we learned? And have we made enough progress to prevent a repeat of something similar? Chester and Deborah will discuss financial regulation and housing market finance reform, and share their ideas for fostering stronger ties between the regulatory and the academic communities and what lies ahead
MIT Sloan Prof. and Golub Center Director Deborah Lucas
Laurie Goodman,co-director of the Housing Finance Policy Center at the Urban Institute also appears on the program to talk about the housing shortage and housing finance reform.
China is the only country with the power to compel North Korea to change its nuclear policy. Convincing Chinese leaders to wield that power, by fully isolating the regime economically, must be the international community’s top priority.
Last week, in a brazen rebuff to tough new United Nations sanctions, North Korean leader Kim Jong-un’s regime fired a ballistic missile over the northern Japanese island of Hokkaido – its second launch over Japan in less than three weeks. But, far from indicating that sanctions don’t work, Kim’s move shows that they still aren’t tough enough.
The latest sanctions cap oil imports, ban textile exports, and penalize designated North Korean government entities. Following Kim’s response, sanctions should be tightened even further, to stop all trade with North Korea, including halting all fuel imports.
North Korea is one of the most insular countries in the world. That insularity is a curse for the long-suffering North Korean people, but an advantage for a sanction-based strategy, because only one country is needed to make it work: China.
From an economic perspective, China is the only country that really matters to North Korea, as it controls about 90% of the North’s foreign trade and supplies almost all of its fuel. Yet China’s economy would barely register the effect of new sanctions: North Korea’s annual GDP, at a meager $28 billion, constitutes little more than a rounding error for its giant neighbor.
President Donald Trump has vowed to bring manufacturing jobs back to the U.S. through new policies and regulatory reform. But this effort faces a strong headwind: In all walks of life, human employment is being challenged.
Many manufacturing jobs have been replaced by robots. Meanwhile, drivers are on their way to being displaced by driverless cars, tax professionals by software, and much more.
Recently Trump turned his attention to the financial services industry, signing two directives aimed at repealing portions
But regulatory change isn’t likely to repel the march of the robots that is transforming the financial services business. FinTech — the finance industry equivalent of robots in manufacturing — is too far along for that. If future investors and consumers of financial services begin to trust FinTech platforms as they have done in retail and travel, then fewer humans will be working in finance.
Donald Trump’s executive orders targeting Muslims, immigrants and refugees are moves that pander to the dangerous forces of racism and xenophobia.
These bans will worsen a worldwide humanitarian crisis, isolate us from our friends and allies, and make us even more vulnerable to terror attacks. Moreover, if these foolish actions are enforced, it will result in dire consequences for the economic well-being of our country. Immigrants of all races, creeds and national origins form a vital part of America’s economy as workers, job creators, and entrepreneurs.
I’m an immigrant of Lebanese Muslim descent. I’m also a telecom infrastructure expert, entrepreneur, and the founder and CEO of Capwave Technologies, based out of Asbury Park, New Jersey. Before launching Capwave, I helped restructure and launch several telecom startups and served as a strategic adviser to Fortune 500 companies. I hold a graduate degree in electrical engineering, and am currently enrolled in MIT’s Executive MBA program.
As an immigrant and successful small business owner, I’m living the American dream.
Although Donald Trump claims that his forthcoming tax plan will be “phenomenal,” he is in truth not likely to propose something really new.
Before the election, Trump put forth a broad tax plan and then a narrower plan. But even the narrower plan created a budget deficit of roughly $3 trillion to $4 trillion over 10 years, according to the dynamic scoring of the independent researcher Tax Foundation. That steep increase in the national debt would present major challenges, given rising interest rates and much larger budget pressures from entitlement programs.
Soon after the election, President Trump lambasted the border adjustment tax ( BAT ) plan of the House Republicans. Then he began to be more favorable to the BAT because he believed — wrongly — that it would impose a large tariff on Mexican imports to pay for the wall. In fact, the BAT would effectively impose a tax on all imports, which would probably be absorbed by importing companies and their customers.