According to the WSJ, Wall Street's end-of-year bonuses will shrink drastically thanks to dismal fourth-quarter figures. Around 400 partners at Goldman Sachs will see their net pay cut in half, while Morgan Stanley's bonuses may dip from 40% to 30%. Some socialist bankers (they exist) might suggest that a falling tide sinks all boats, but those idiots clearly haven't stepped aboard the Serene. Never ones to take fairness lying down, a group of executives at the brokerage firm Jefferies Group are threatening to sue or quit or both if their pay isn't up to par. more ›

"Hard Times in the Projects," an in-depth review of New York City's publicly subsidized housing program, reveals how living conditions have declined over the past few decades. Federal legislators have reduced funds while operating costs have soared. As a consequence, the New York City Housing Authority (NYCHA) struggles to maintain its buildings, collect the trash, or respond to service calls. Residents have experienced rent hikes and service cuts, and face the possible closure of senior centers and community programs. While New York State and City governments also cut funding during the 1990s and 2000s, the administrations of Bloomberg and Spitzer have recently anounced the restoration of some subsidies. more ›