John Cassidy is a staff writer at The New Yorker and the author, most recently, of How Markets Fail: The Logic of Economic Calamities.
 (May 2014)

Elizabeth Warren’s Moment

President Obama announcing the appointment of Elizabeth Warren to oversee the Consumer Financial Protection Bureau, Washington, D.C., September 2010
Today, Elizabeth Warren is perhaps the most recognizable leader of what has been called a resurgent progressive movement, and some of her supporters are urging her to jump into the 2016 presidential race. During the last few months, she has repeatedly said she’s not running. But that hasn’t put an end to the speculation about her future, and neither will the publication of her new memoir, A Fighting Chance, which reads a lot like a campaign autobiography.

The Economy: Why They Failed

President Barack Obama, Senator Christopher Dodd (center left), and Representative Barney Frank (right) at the signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Washington, D.C., July 21, 2010
On Wall Street, the Great Recession didn’t last very long. Having sustained losses of $42.6 billion in 2008, the securities industry generated $55 billion in profits in 2009, smashing the previous record, and it paid out $20.3 billion in bonuses. In the spring of 2010, the Wall Street gusher continued to spew money. Between January and March, Citigroup’s investment banking division made more than $2.5 billion in profits. Goldman Sachs’s traders enjoyed their best quarter ever, generating an astonishing $7.4 billion in net revenues. Barely a year and a half after the collapse of Lehman Brothers, Wall Street was once again doing well for itself—obscenely well, it seemed to many people.

Right and Wrong New Labour

Gordon Brown’s poignant departure from 10 Downing Street on the evening of May 11 brought to mind Enoch Powell’s dictum that all political lives except those cut off prematurely end in failure. “Only those who have held the office of prime minister can understand the full weight of its responsibilities …

Economics: Which Way for Obama?

The bursting of the housing bubble and the associated credit crunch has so far wiped out about $3 trillion of wealth—nobody knows the exact amount—caused havoc in the financial markets, and prompted hundreds of thousands of homeowners to default on their monthly mortgage payments. Some experts predict that by the …