-A Pew Research Center poll finds that while Americans think rich people are hardworking, they also think the rich are greedier and more dishonest than the average American. And, 58 percent think the rich don’t pay enough taxes. More than half (52 percent) of those who said they were upper middle class even said they don’t pay enough taxes. Finally, 63 percent said the GOP favors the rich, which might be a problem for Mitt Romney.
-Banks are firing low-ranking workers left and right because of federal rules passed last year that seek to weed out fraud. Banks will incur a $1 million per day fine for not adhering to the guidelines. But the guidelines are punishing workers who committed petty crimes, in some cases, decades prior. “Critics point out that big banks have insulated top executives from criminal accountability by signing multimillion-dollar federal settlements in which they admit no wrongdoing,” writes USA Today. An Iowa lawyer, Leonard Bates, also argues that the rules are coming down hard on minorities who “engaged in youthful crimes to meet their basic needs.”
“These guidelines are really meant for executives and people who can perpetuate widespread fraud,” he says.
-A PayScale study says that millennials prefer startups. Are you noticing this trend?
-Never letting a fundraising opportunity slip by, President Obama’s campaign is selling the button above for $5. They’re a response to Mitt Romney’s “joke” on Friday, in which he told a Michigan crowd that there’s no question where he’s from. (He and Ann Romney are from Michigan. President Obama was born in Hawaii. End of story.)
-Tropical storm Isaac is headed towards the Gulf Coast and gaining strength. It had been predicted that the storm would reach category one hurricane strength, but it could become even more severe. Residents of New Orleans and other threatened areas have begun evacuating, flights are being cancelled and states of emergency have been declared. Since Hurricane Katrina made landfall (also around this time in 2005) the Army Corps of Engineers has spent $15 billion to strengthen New Orleans’ barriers. Isaac interrupted the GOP Convention yesterday, but the event will resume today.
-Also resuming today, play at the U.S. Tennis Center in Flushing, Queens where the U.S. Open is taking place. I was there last night, so naturally, this had to be part of the Rundown. Yesterday’s action included a match between 16-year-old newcomer Victoria Duval, who lost her first-round match against three-time champ Kim Clijsters and Donald Young, who went down to number one Roger Federer. Duval is definitely one to watch. The Williams sisters will both be playing today. And ICYMI, here’s a rather strange story about the sisters and their rise to stardom from the New York Times Magazine on Sunday. Makes you want to go to the gym.