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Two of capitalism’s biggest defenders just confessed that it’s no longer working for a lot of Americans

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Capitalism has lost its appeal all of a sudden among younger Americans, and even some of the staunchest free market evangelists understand why.

Angus Deaton, the 2015 Nobel laureate in economics, looks at recent books for Project Syndicate by a pair of prominent economists that critique capitalism and prescribe new solutions to reduce wealth inequality.

Raghuram Rajan, a former governor of the Reserve Bank of India who teaches at the University of Chicago Booth School of Business, argues that communities no longer are capable of holding the state or market in check.

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Rajan traces that unraveling to around 1970, after the global recovery from World War II began to wind down and governments had little to offer but vague promises that resulted in additional borrowing.

That left governments in Europe and North America too weak to deal with the information and communication revolutions, and they were unable to help workers manage the disruption, Rajan argued, and corporations exploited that employee vulnerability to enrich shareholders and managers.

Oxford University economist Paul Collier traces a similar pattern in Britain by focusing on Imperial Chemical Industries, which altered its mission in the 1990s from being “the finest chemical company in the world” to extracting shareholder value.

Collier finds that Britain’s talent and income became increasingly concentrated in London, which leaves behind angry and gutted communities, and Rajan also argued that the elite minority had wrecked communities by gobbling up the market and the state to enrich themselves.

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“Behind today’s populist upheavals is a widespread recognition that the economy no longer serves the public good or even the interests of most of its participants,” Deaton concluded. “To understand why, one must identify what has been lost amid so much material technological gain.”


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‘The president got his head handed to him’: CNN panel points out GOP is fleeing Trump after Syria vote

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A CNN panel discussion on Donald Trump's very bad Wednesday turned to a House vote that saw Republicans joining with Democrats en masse in condemning the president's actions in Syria, with the panelists agreeing it is bad sign for Trump's future.

Speaking with hosts John Berman and Alisyn Camerota, CNN regulars Jeffrey Toobin and Dana Bash said Trump is facing big problems as impeachment looms.

According to Bash, a big part of Trump's bad day was word of his "meltdown" on House Speaker Nancy Pelosi (D-CA) spreading to congressional lawmakers on both sides of the aisle.

As she noted the now-famous picture of Pelosi confronting the president, Bash explained, "It's hard to see how that picture shows anything other than her literally and figuratively standing up to the president, particularly after what we now are told from people on both sides of the aisle who were in that room happened where the president was, again to use his words, 'rude to her'"

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‘Wonder who wrote this nice tweet’: Trump offers surprisingly ‘warm condolences’ to Cummings family

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President Donald Trump offered his "warmest condolences" to the family of Rep. Elijah Cummings, who died at 68 -- but many had doubts about who wrote that message.

The president had frequently attacked Cummings, who commanded respect and admiration from Democrats and Republicans alike, and social media users had been waiting to see Trump's reaction to the Maryland Democrat's passing.

Trump extended a message to the lawmaker's family and friends, and said that Cummings' voice would be nearly impossible to replace.

"My warmest condolences to the family and many friends of Congressman Elijah Cummings," Trump tweeted. "I got to see first hand the strength, passion and wisdom of this highly respected political leader. His work and voice on so many fronts will be very hard, if not impossible, to replace!"

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The Trump murder video is no joke: It’s an encouragement to ramp up the violence

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Donald Trump is not a “friendly fascist.” Unlike Ronald Reagan, the prototype for that concept, Trump does not pretend to be harmless. He does not offer up fake smiles and a cheerful nature, or display empathy and human concern for others, feigned or otherwise.

This article first appeared in Salon.

Donald Trump is direct, obvious and public in his threats against democracy, the Constitution and the rule of law. Trump and his movement are working to destroy America’s multiracial democracy through appeals to a mythic past that will “Make America Great Again.” In practice this means undoing all the social progress and democratic reforms of the last century or more and returning to a society where white people — rich white male Christians, in particular — are fully in control over all aspects of American society for all time.

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