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The Bernanke Fed's low interest rates are hurting seniors and savers who are earning very little on their savings. This is taking money away from millions of savers and reducing consumption spending by seniors and savers. According to the Labor Department average annual investment income for 24.6 million American households headed by seniors over the age of 65 was $2,564 in 2009. This is down significantly from prior years. A survey by the Employee Benefit Research Institute shows that one in three retirees have had to dig deeper into their savings to cover basic necessities in 2010. With inflation at an annualized rate of 5.6% in the first quarter 2011, interest rates of 0.24% on savings accounts do little to cover inflation. There is a sense that this is hurting retirees who have lived prudently and worked hard and on savers of different ages. This actually discourages healthy savings that would protect Americans from job losses and build a safer future. American contributions to bank and 401 (k) accounts is only 4% of disposable income in 2010, according to the Fed. Another danger is that the smaller 401 (k) accounts of the average American family after losses in earlier stock market declines, will again be exposed to the fluctuations and risk in the stock market. This could happen as money is shifted to the stock market in the hope of earning better returns. Seniors are an active voting group, and voting patterns show a shift to Congressional candidates who question Fed policy....

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This account describes the events that preceded the raid on the compound in Abbottabad that housed Osam bin Laden. The first information came years earlier during interrogation of Al Quaeda suspects in Iraq, who referred to a courier carrying messages from senior leaders. One suspect Hasan Gul referred to an important courier in 1994, and tried to disclose as little as possible. Over several years the information was pieced together leading to the courier's location at the Abbotabad compound. There was another individual living there who rarely ventured out and a seven foot wall protected the terrace in that part of the compound, making it impossible for outsiders to see who he was. Garbage was burned at the compound, and the nature of the compound with high walls and security led the CIA to believe there was a high probability that senior Al Quaeda leaders were inside. In December the CIA asked Congressional lawmakers at a secret meeting for additional funds to finance the operation. Adm. McRaven was placed in charge of the operation. A mock compound was built in Afghanistan and the attack on the compound was practiced by Special Forces. In April, Leon Panetta, who had tracked the information about the compound as head of the CIA, held daily meetings. He told his team "we've got to find out what the hell is in that compound." On April 19, Panetta informed Mr Obama that the CIA believed Osama Bin Laden was there. The same day Obama gave the go ahead for a helicopter assault....

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The LDP Party led by prime minister Abe wins 290 seats in the lower house of parliament in the Dec. 2014 elections. Its ally the Komeito Party gets 34 seats giving the government a two thirds majority in parliament. The LDP previously had 295 seats from the 2012 elections. Of the total 475 seats in parliament, 73 seats went to the opposition DPJ Party and 21 seats to the Communist Party. This gives Abe a 4 year mandate reducing the uncertainty from having a regular change in prime ministers in recent history, making Abe the 17th prime minister in 25 years. The stable government and clear economic policy will help the economy. Abe says he will focus on prodding companies to raise wages, as many people say they have not personally seen any benefit from Abenomics. As a result turnout hit a new low of 52% compared to 59% in 2012 parliamentary elections, with prospective voters showing their dissatisfaction by staying away. Severe winter weather and public confusion about why the snap election was being held may have added to low voter turnout. Other parts of the Abe agenda include restarting some of the 48 nuclear reactors offline since the Fukushima disaster. Abenomics faces hard work ahead as it grapples with two quarters of declining growth in 2014, consumers feeling the effects of the increase in the consumption tax from 5% to 8%, and small businesses feeling the effects of higher cost for imports with the weaker yen. ...

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President Goodluck Jonathan as "Mr. Clean" aroused many of the same hopes now aroused by the election of Buhari as president of Nigeria. Under Goodluck Jonathan Nigeria's foreign reserves declined from $50 billion to $33 billion, and there is $1 billion in the sovereign wealth fund. About $20 billion in pilfering of state funds was reported by the Central Bank of Nigeria, but no action was taken by Jonathan. Indians may pride themselves on a better performance, yet prime minister Singh of India, seen as "Mr. Clean," allowed auctioning of telecom licenses in the second term, that had to be cancelled because of corruption. Throughout emerging markets not just in oil producing countries, poverty remains entrenched, because funds that should go into infrastructure and services are misused, which creates a disincentive for foreign investment, further adding to the problems in these countries. India and Nigeria are the two fastest growing countries in the planet, and the unspoken fear is that the demographic dividend with so many young people will be wasted by corrupt and inefficient management of the economy and resources of the two countries. The time lost in the last years of the Singh administration and the four years of the Jonathan administration will never be regained, the hopes of millions of young people are dashed again and again, and the goodwill of Europe and the U.S. eager to participate with the latest technologies in the development of the two countries, as they have done in China, is wasted....

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In 1980 Jeb Bush 27, was looking for a place where he could make a fresh start away from the Bush name in Washington and Texas. His father was making a run for president that year. Miami with its bustling Cuban American community seemed a perfect place for Bush with his fluency in Spanish and his Mexican born wife Columba. The co-chairman of the Bush campaign in Florida was a Cuban American, Armando Codina. He set up Bush Realty, making Jeb Bush a partner with a 40% stake in the firm. In this period 1980-1992, Bush's gross income averaged 107,000 for the 6 years before the elder Bush was elected president to $1.6 million in 1990 half way during the elder Bush's term as president, according to a WSJ analysis of tax returns. This was also a period when Jeb Bush while engaging in business deals, was also running for office- first as Commerce secretary for 2 years in 1987, making a unsuccessful run for governor in 1994, and a successful run in 1998, 2002. He helped boost the Republican party in the Miami area, bringing together Republicans and the Cuban American exile community, during the anti-communist mood of the Reagan period. As Miami-Dade county Republican party chairman he helped boost voter rolls for the party, which had a 2 to 1 Democratic party advantage in earlier years. Stewart and Reinhard document the situations in which the Bush connections at the White House helped Jeb Bush in his real estate business....

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Yanukovych, the president of Ukraine, is from the industrial eastern part of Ukraine centring on Donetsk. He is intensely disliked by the protesters in Ukraine and unpopular with the western part of the country which favors joining the European Union. Polls show 45% of the people support joining the EU, and only 14% joining Russia in a economic union. Yanukovych failed to bring the country together. The EU had called for the release of a former prime minister Ms. Tymoshenko in prison for the last 2 years, and Yanukovych's failure to do this worsened relations with Germany. The U.S. sees Yatsenuyk 39, a economist who served in the Tymoshenko administration as economy minister, as a person with the credibility in Ukraine and the experience to be part of a transition government. Figures who are popular with protesters but have no connections with previous governments include Vitali Klitschko, 42, a boxing champion, who has his own party Udar, meaning punch. Tymoshenko, was popular during the Orange Revolution in 2004, but her two terms as prime minister came under criticism for mismanagement. Parliament selected the prime minister under the 2004 constitution, and the protests focussed on consolidation of power under the president, including the appointment of the prime minister. As a first step parliament took on powers to appoint the prime minister on Feb. 21, 2014, freed Tymoshenko from prison, and set a date for elections in May 2014. Yanukovych fled Kiev and left for the eastern part of the country as parliament began the transition to a new government. ...

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Newly elected president Poroshenko's personal relations with Putin and his connections to Russia's business interests will help him improve relations with Putin. He wants to have substantive preparations for talks with Russia so that progress is made in relations and in other issues. Putin has said he will respect the results of the Ukraine election. Senators Portman and Cardin, and former Secretary of State Madeleine Albright were in Kiev to monitor the elections, and found them to be fair and properly conducted. Turnout was high and voters rejected the old world politics of the main rival candidate Tymoshenko, who received only 13% of the vote compared to Poroshenko's 54%. Poroshenko is a businessman who started out in chocolate, but has business interests in automobiles and owns television station 5. He was Speaker of parliament, and Trade minister in previous governments. The election result and voter rejection of the old politics gives a fresh start, and a chance for Russia, Germany and the EU to move forward. Russian president Putin had serious problems with the old politicians and may find it easier to work with Poroshenko. American led sanctions provide Russia an incentive to resolve the situation to give Russia's economy a chance to recover from serious capital outflows. Poroshenko is pro-EU, with enough Russian connections to maintain confidence in Russian-Ukrainian relations, for the fresh start Ukrainians are looking for. His focus is on economic development, with jobs as a priority for the young people facing extremely high unemployment....

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IMF forecasts for Greece's growth rate are proving too optimistic. The IMF forecast is for zero growth in 2013, and increases of 2.3% and 2.9% in 2014 and 2015. Even in its pessimistic projections the IMF forecasts a 1% downturn in 2013 and growth of 1.3% and 1.9% in 2014 and 2015. The government sector was a large part of the economy. Now that this is shrinking, the export sector which only represents 20% of GDP is too small to generate needed growth. Greece also lacks the competitiveness and the large foreign enterprises that operate in Ireland, making growth less likely. A major problem is also the 40 billion euros Greeks have withdrawn from their banks in recent years. Even the figure of 120% of GDP that is expected in 2020 under the March 2012, 130 billion euro bailout is a very hypothetical figure, having no sound basis. Landon Thomas cites a confidential study the IMF had circulated in February 2012, showing the long term prospect for Greek debt if growth does not materialize because of lack of competitiveness. It would increase the debt to GDP ratio to 178% by 2015, and leave it at the current level of 160% of GDP in 2020. Some experts say the whole debt sustainability analysis makes no sense, with the question being insolvency in the case of Greece, not illiquidity. And requiring a focus to bring debt to manageable level to create prospects for growth. The Wall Street Journal emphasizes this in its editorial on Feb. 29, 2012....

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The Bureau of Labor Statiistics puts out a statistic each month, called the JOLTS for Job Openings and Labor Turnover Survey, which shows how many job openings there are in the US. This statistic stood at 2.2% for February 2009, down from 3% in Feb 2008, and this is 2.2% of all the jobs in the USA, which comes to about 3 million. The Conference Board's report shows 3.2 million online advertised vacancies as of March 2009. The odd thing is that there are so many advertised vacancies when the unemployment rate has shot up in the same year from 4.8% to 8.1%. The implications are serious. First there is a mismatch in qualifications. As jobs are lost in construction and the financial industry and in retail, new jobs are appearing in health care, education, government and accounting. This structural shift is happening quicker than the market can respond, or faster than labor retraining has time to respond. And compounding this the severe housing market leaves people unable to sell their homes and move. This makes for a less mobile labor market than the US has had in the past. With the government stepping in to ease the burden of unemployment there may be even less incentive to move. And those that move will have to accept the lower pay in new careers , and employers will have to settle for imperfect fits in filling vacancies. To reduce the mismatch in qualifications governments will have to ramp up their job retraining programs. ...

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Obama's Cairo speech to the Muslim world on June 4, 2009. He tried to reach out to the Muslim world. Did not use the term terrorism but used instead "violent extremism." He emphasized that most of the differences between the Muslims and the West can be eased by "a sustained effort to listen to each other, to learn from each other, to respect one another, and to seek common ground. " As one Arab leader put it, its a fresh voice only a short while after some were talking about the "clash of civilizations." He also avoided the idea of us vs they of the Bush administration, of moderates allied with the USA and the extremists gouped together with Iran. He called the denial of the Holocaust as "baseless, ignorant and hateful." And touched on the problems facing the people of the Middle East who were trying to find a voice in their own countries. See the link to Iran's election debate between Moussavi and Ahmadinejad in which Moussavi described Ahmadinejad's denial of the Holocaust as underminig Iran's dignity and harming its standing with the rest of the world. Obama's reference to his own personal encounter with Islam in his life, and being the American President, has to have created a climate in which Moussavi could engage in the intense debate with Ahmadinejad and win conservatives over to his side. Moussavi said Ahmadinejad had "exhibitionist, extremist, superficial, adventurist, foreigh policies," based on "illusional perceptions" that the US, Israel, France and the West were collapsing....

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Fed chief Bernanke's childhood home in Dillon County, South Carolina, a home in which his grandparents lived after building it on purchased land in 1945. The home was transferred to his parents and remained in the family till 1996. The town with its tobacco and textile industries is suffering decline and unemployment is 14%. The dropout rate at Dillon High School where Bernanke studied, graduating in 1971, is 40% for the ninth grade. Bernanke's grandfather Jonas, a pharmacist, opened Jay Bee Drug Company on Main Street in 1941. Ben's father and uncle ran the drug store. Now the home has ended up in foreclosure and was bought recently from foreclosure for $83,000, by a 25 year old working in a bank who grew up in the neighborhood. Mohawk Industries closed a plant making yarn for carpeting, Wix Manufacturing cut hours and jobs at its automotive filter factory, and Smurift Stone Container making corrugated cardboard filed for bankruptcy in Dillon county. The house has an interesting mortgage history. The owner who could not make the payments had a 10.1% 30 year fixed mortgage, well above the rate for a prime loan, with their payments on the $123,000 home at $1088. When Mrs Rogers lost her job at a shoe store the couple could not make the payments. The couple broke up under the financial strain. Landmark Mortgage which made the original loan transferred the loan to Option One Mortgage Corporation, which packaged it with other mortgages into a $818 million security. ...

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On one hand the issue of the $165 million in bonuses going out to employees in the 370 person Financial Products Group, and oth the other the need to wind up the complex derivative contracts that are causing these huge losses at AIG. But are such huge payouts needed for these employees to do their job? Isn't this aprofessional responsibility of these employees? And AIG's retention-payment program was disclosed a year ago and the amount of the bonuses $400 million, says the Washington Post, had been widely reported. The company is set to pay according to the WPost $600 million in retention awards to about 4700 people throughout the global insurance units. WHat happens to the $600 million, as no opinion has been voiced on these upcoming payments. The whole idea of retention payment raises another question. Will the skills of these employees be needed in a long drawn out economic downturn spread over several years or longer. And will thefailure of such things as derivatives, and the tighter regulation, mean that they will play amuch smaller role in the future. And even in the insurance units will these skills draw a premium in a market where the supply of new talent is larger than the job market ? One expert has sugggested that even if some of them left, there would be younger people to replace them who might bring an even better set of qualifications, with amix of skills, caution and prudence. So is there something self-interested and spurious in the retention argument itself and shouldn't this bluff be called? ...

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Raul Baduel, a Venezuelan military officer who rose to lead the Fourth Armored Division, the Army, and then became Defense Minister after he rescued Chavez during the chaotic days following the 2002 coup in Venezuela. He thought it was aainst the constitution then and now he felt that the efforts to amend the constitution with the recent referendum were also against the constitution. He come from humble beginnings like Chavez, and was determined like Chavez to follow the lead of Simon Bolivar in leading the oppressed classes in Venezuela get free from the ruling elites. However after Chavez concentrated power in himself and decided to amend the constitution in his favor, Baduel broke ranks with Chavez and worked to defeat the efforts to amend it through referendum vote. When the referendum was lost by Chavez, and the Election Commission decided to postpone announcing the results Baduel went on television saying that for the good of the country the Election Commission had to be fair and good not yield to any pressures. The Election Commission did so and Chavez within hours conceded defeat. Baduel has an interesting personal life. He is a vegetarian, is deeply mystical, follows his own religion and also religions of the east such as Islam, Buddhism and Taoism. He works while listening to Gregorian chants. Venezuelan opinion appears to have soured against military involvement in politics. Opposition leaders are now very unhappy about the military, the politicizing of the whole country and efforts to stay in power. ...

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Lawmakers in Congress finally get overwhelming bipartisan support behind a plan to help homeowners facing foreclosure. The rate of homeowners going into foreclosure is 8000 a day or 2,920,000 between now and the same time next year, with the burden falling more heavily in some regions or states like Nevada, Arizona, California and Florida, and in states where the economy is weak as in the auto industry states of Michigan, Ohio and Indiana. This took some time apparently as there was some hope a couple of months before that the economy would recover and taxpayer money need not be spent to rescue homeowners and lenders from their folly. Now the economy looks sure to go into a serious downturn and homeowner prices measured by the Case-Shiller index show a 16.5% drop in prices from this time last year. Lenders earlier had balked from reducing the size of the loans and balance owed by lenders as part of their contribution. Now with losses of 40-60% in foreclosure the new federally guaranteed mortgages which require reducing the loan money owed to 85% of current value are looking attractive. The new mortgages are 30 year fixed loans with a federal guarantee. Only borrowers wanting to stay in their primary home are eligible. Borrowers also have to pay hefty fees to save taxpayer money. Buyers who purchase unoccupied properties will get a $8000 refund tax credit. There is some concern that because the bill is fairly complicated homeowners and lenders would not make larger use of it....

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As Citigroup shares dropped to $3.77 a share last week abruptly losing 50% of their value in a week, the Federal Reserve, Treasury and the FDIC were in negotiations over the weekend with Citigroup. Mr Paulson had several discussions with Robert Rubin, influential executive and director of Citicorp. And Citicorp CEO Vikram Pandit spoke with regulators and lawmakers. The deal that was worked out is as follows. Under the deal about $306 billion of largely residential and commercial real estate loans and certain other assets, which will remain on the balance sheet, will be backed up by Citigroup and the government. Any losses will be shared in the following manner. The first $29 billion in losses on that portfolio will be Citigroup's responsibility. Any losses over the $29 billion will be shared 10% by Citigroup and 90% by the government. Of the government's losses Treasury will use $5 billion from the bailout fund, FDIC bear the next $10 billion in losses, and the Federal Reserve will guarantee any additional losses above this $15 billion. What will the government get in exchange? Citigroup will issue $7 billion of preferred stock to government regulators. In addition the government is buying $20 billion in preferred stock in Citigroup with all preferred shares paying a 8% dividend. The other aspects of the deal are that all dividend payments by Citigroup will be halted for 3 years, certain executive compensation restrictions, and Citigroup will put in place the FDIC's loan modification plan which is similiar to the plan it recently announced....

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What is Antifa. during the protests this term keeps coming up, yet no one is really sure what it is.  It started in Germany in the 1920's and basically means anti-fascist or in German antifaschistisch. Most Germany parties from the SPD, CDU and the Greens to other parties accept this as a point of view considering Germany's Nazi past.  Yet DW.com asks is it only referring to all those opposed to fascism in Germany or to black clad anarchists and leftists facing police on German streets. The last such confrontation with police happened in Germany in Hamburg during the 2017 G20 summit. A famous scene from that time is pictured in DW.com. There the meaning becomes complex as the Communist Party of Germany (KPD) adopted the phrase and the disinctinve two flag logo for the 1932 election campaign, in Weimar Germany's last free election, which the Nazis could not win fully but with the left parties split emerged as winner. After the formation of the GDR, the German Democratic Republic in East Germany, the interwar KPD party veterans like Walter Ulbricht came to power in GDR. GDR became part of the Soviet bloc countries during the Cold War and used antifascist in a way that was synonymous with anticapitalism. This same movement then langusihed in the Germany of the early post war years under Cologne's former mayor, Korad Adenauer. In the 1970's and 1980's the left movement revived in Hamburg and Berlin, coalescing with a antinuclear movement and widespread protests against president Reagan's stationing of nuclear missiles on German soil aimed at the Soviet Union bloc. After the reunification the protests against coal, for climate change action, and for anti-globalization. There is even an overlap with anti-Zionism. Germany's internal intelligence agency says the antifa movement is the "main field of agitation" for autonomous leftist groups, with some groups supporting "militant actions." Yet when there are broad uncontroversial protests there can be people from all walks of life, not just the anarchist or far left groups.  So that the protests in the U.S. were met with comments of antifa - Saskia Esken of the SPD saying "58 and atifa. Obviously." To which the General Secretary of the CDU said "Against fascism, and for democracy and human rights. Without violence. Obviously, for me. It's sad that the chairwoman of the SPD lacks the strength to differentiate."  To which Esken says it is only a point of view that antifa refers to, not some action. To which the the youth organization of the Angela Merkel CDU/CSU alliance the Junge Union (founded 1947) replied: " 73 and appalled" getting the final word.  Search for a dictionary and you are left with no clear meaning either. DW.com says Germany's duden dictionary only says antifa refers to the " entirety of the movements and ideologies, which oppose fascism and national socialism."    ...

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Cruz gets more 10 more delegates than Trump following a tight election in Louisiana Republican primary. Rubio delegates in Louisiana committed to Cruz, and other non committed delegates.

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Met with Robert Thomson after his talk at the Detroit Economic Club in the late 1990's and had a short conversation. He was managing Editor of the Financial Times (Pearson Group) at the time. He seemed friendly, open and very knowledgeable. It appears that Murdoch is bringing with him good people to oversee the Journal. Murdoch is expected to focus attention on Dow Jones Newswires, a business he "wants to aggressively develop."

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Protonix or Pantoprazole Wyeth's third best selling drug with sales of $1.8 billion has patent that expires in July 2010. Now a judge has ruled that Teva Pharmaceutical can introduce its generic version of this drug, Teva had filed a suit challenging the patent's validity and the judge ruled rejecting Wyeth's request to block the generic version from being marketed. Pantoprazole is used to treat severe inflammation of the esophagus from excess acid production.

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GM's 38.96 billion loss in the third quarter 2007. It includes a $38.6 billion charge related to write down of tax credits and does not affect GM's cash position. But GM had a loss even before the writedown. Among the causes of this are subprime home loan losses of its former financing unit GMAC, and declining sales in the USA and Europe, and unfavorable exchange rates with the euro and Canadian dollar.

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A new generation of young people born between 1995 to 2012 get the name iGen. It makes up 24% of the population in the U.S. San Diego State University Prof. Twenge describes this group of young people as open and tolerant but very casual about most things, and not literate in comparison to the Millenials and previous generations of young people. They are tolerant to LGBT and transgender, not church going,  and at the same time can be intolerant of other opinions than their own. One of four students in this group says someone who says something insensitive about race can be fired. This group also does not try to look deeper to obtain a better understanding. Virtual relationships are preferred to social relationships. They tend to spend about 6 hours on technology devices such as smartphones and social media outlets. They interact less and yet do not find time for reading, and read much less than GenX or Millenials, or baby boomers. Twenge says they are less informed about current events and their academic skills lag behind that of Millenials. Not that this is a good place they have found, as the more time they spend on the internet the worse they feel. Making them less happy than other generations of young people before them who had face to face interaction instead of endless hours on social media. The reviewer is skeptical of what is happening here, saying that the use of technology devices in this way has stunted their development in ways one could not imagine possible. Not let them develop the skills of previous generations of young people who did not have these devices and lived a simpler life with face to face interaction. ...

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It is not clear what this bazooka is. China's leaders are studying the economy carefully. Recent actions for stimulus were designed to offset weak performance of stock markets which have rebounded with Shanghai index up 11% into positive territory. Consumption spending is weak with worries about the safety net and propensity to save so that lower mortgage rates will mean households will pay of their mortgage first before increasing spending. Real estate construction is weak after bankruptcies in this sector. Some suggestions are for China to improve its safety net as in the US for working class people, low income families- to give them better medical insurance. And increase pensions of farmers, migrant workers, and low income families. They may still be inclined to save yet it is a move in the right direction as is happening in the US, and the trend worldwide is to reduce stark social divisions. China just lacks the resources for the kind of revival in the US that Harris has planned. As long as the US was frittering away its resources in foreign wars it had one hand tied behind it's back, as long as it did not invest these dollars going to wars overseas in the domestic economy it would languish and fall behind. It was in this sense Joe Biden who did the hard work that Trump after raising the alarm signals failed to do for lack of focus, and now it is Harris who is building the game plan for the kind of US that led the US into the twentieth century once before- optimism, imagination and hard work. ...

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The complex relations of Jordan and Saudis with US and Israel, in June 2025.  There is also the perception and actions of the two American parties Republicans and Democrats that have exacerbated the situation. This see saw of relations under the two parties in the US has only served to exacerbate the relations and draw the US into Middle East conflicts that have their origins in British colonial rule and interests of western oil companies from 1900.  During the Reagan period American involvement under Defense Secretary Rumsfeld to support the Iraqi invasion of Iran in a balancing act. And just a year earlier the Democrat Carter's efforts to look at the Islamic revolution as a response to the CIA's intervention in Iran's internal affairs under Eisenhower's Foreign minister Dulles to secure oil supplies, and efforts to find a way to good relations with Iran. This was followed by the Democrat Obama negotiating with Iran, normalizing relations and Democrat Biden handing over Iranian assets  of hundreds of billions of dollars that were used DJT says to build its military that had suffered badly under the earlier western sanctions under Republican Trump.  It has led to some of the migration from Syria after Russian involvement that flooded Germany with millions of migrants and destabilized European countries democratic processes. These earlier interactions between US and Iran have turned into an Iranian effort to develop its nuclear capabilities bringing the situation faced today, and showing the failure to find solutions of everything tried before and not helping the people of the Arab World and the Gulf regions.   ...

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It is important to remember that Republicans Wendell Wilkie who ran in 1940 and Dewey in 1944 and 1948, Eisenhower in 1952, 1956, all adopted the worker protections for safety, hours and wages, and the employment stabilization programs set up by Perkins for the two Roosevelts- Republican Teddy Roosevelt who gave her her start 1911 and Democrat Franklin Roosevelt 1924-1944. Basically it setup what we call the Modern World where America was the model of modern industrialization for the whole World. Important to remember as Labor and Capital go through a reaffirmation of the principles guiding same issues that dogged America before. The Frances Perkins Exhibit at Columbia University in 2010 showed the most influential woman for the lives of ordinary American citizens and workers, workers families and children, for three decades 1920's to the 1950's. The first woman to serve as a key member of the cabinet. One who guided the legislation that set up the structure in which labor and capital each participated equally in the economic structure of modern America. Perkins was educated at Mount Holyoke College which had Corinthians 1 15  as motto "Be ye steadfast." She got her Masters degree in Economics and Sociology from Columbia University. She studied economics at University of Pennsylvania before going to Columbia University.  She is the only member of the cabinet who served not just all 12 years from1932 to 1944 under Franklin Roosevelt, but also before that from 1924 to 1932 for NY Governors Al Smith and Roosevelt, and before that for Teddy Roosevelt as head of the Committee on Public Safety in 1911. When Harry Truman followed FDR Perkins asked to run the Social Security administration, was made Civil Service Commissioner in 1944. She lectured at Cornell University during the Eisenhower administration.  ...