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  1. Political party identities stronger than race or religion | Stanford News
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  3. A series of destabilizing events
  4. Empirical determinants of in-kind redistribution: Partisan biases and the role of inflation
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The widespread behavior suggests that Americans are not alone in having their partisan beliefs occupy a major identity role. But where they did find Americans to be distinct was in their outward display of partisan identities. Americans affix bumper stickers to their cars and place yard signs outside their homes advertising their political preferences, a behavior uncommon in other societies where citizens tend to keep those views to themselves.

Co-authors are Sean J.

Political party identities stronger than race or religion | Stanford News

Shanto Iyengar, Department of Political Science: siyengar stanford. Casteel creates portraits that connect viewers to her neighbors who became her friends, and her friends who became like family.

LSE Events - The Global Distribution Of Income And The Politics Of Globalisation

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The study , co-authored by Shanto Iyengar , a professor of communication and political science at Stanford, and appearing in the European Journal of Political Research , finds this increasing partisan divide present not only in America, but in other well-established democracies as well. One reason, the researchers find, is that who you support politically is your choice while factors like your race and ethnicity are assigned at birth. Another reason is that — unlike race, religion and gender, where social norms dictate behavior — there are few, if any, constraints on the expression of hostility toward people who adhere to opposing political ideologies, the researchers said.

For example, certain words are out-of-bounds when directed toward people of specific races or genders. In this sense, individuals have greater freedom to discriminate against out-party supporters.

John Echeverri-Gent

The researchers also cite the frequency of election campaigns and negative attack advertisements as other causes for growth of this partisan divide. To measure levels of partisanship, the researchers used a behavioral game involving donating money to individuals based on profiles that included, among other information, their political affiliation.

What the researchers also found significant was that this partisan behavior appeared both in divided societies, like Belgium and Spain, where rifts along social lines run deep, and in integrated societies, like the U. Among U.

In other words, they disliked their enemies even more than they liked their friends. American players provided an 8 percent bonus to players with the same partisan affiliation. Every banking crisis is associated with excessive lending. To simplify greatly, this is what happened in the US housing bubble of the s.


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As Atif Mian and I documented in our book House of Debt , there was a big expansion in lending to marginal borrowers during this period. Astonishingly, mortgage-credit growth for home purchases and income growth became negatively correlated as the bubble developed, and many borrowers—even those in the middle class—used the rising value of their homes to extract equity and to finance consumption.

Unfortunately, a financial system that thrives on massive use of debt by households concentrates risk squarely on debtors, who bear the brunt of any losses. So, when the housing bubble turned into a bust, the most-marginal homeowners took the biggest hit.

A series of destabilizing events

It becomes a zero-sum game between lender and borrower, and this time the political battle became especially heated because the losses were so big. Marginal borrowers, who had little net worth beyond their home, were virtually wiped out. Consumption, which was overheated during the boom, collapsed. Big mortgage lenders, including Wachovia, Washington Mutual, and Countrywide Financial, were bought by other large banks whose liquidity was essentially guaranteed by the US Treasury or the Federal Reserve.

Empirical determinants of in-kind redistribution: Partisan biases and the role of inflation

Distressed homeowners got little relief from TARP or from subsequent legislation and settlements with big banks. And so the Tea Party was born out of anger that debtors would get special breaks at a time when creditors already had gotten plenty. Just weeks later, demonstrators occupied a park in lower Manhattan, protesting income inequality, foreclosures, Wall Street corruption, and the power of money in politics.

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Though the Occupy movement probably had less direct political impact than the Tea Party did, the two movements uncannily illustrate the debtor-creditor split after financial crises, with the Tea Party siding against debtors and the Occupy movement with them. The increase in household debt from to , and the subsequent decline in consumption after the recession began, was greater in Ireland, Denmark, Norway, the United Kingdom, Spain, and the Netherlands than in the US.

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Meanwhile, the recession decimated government tax revenues, throwing weaker economies deeper into debt. Governments of countries hit hardest by the recession got into deep trouble with nervous creditors who worried they would never be repaid. Almost from the time it adopted the euro in , its deficits exceeded the mandated target of 3 percent of GDP. Bond yields soared as ratings agencies downgraded Greek debt to junk status.