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Unions are among the most effective mechanisms available for addressing massive economic inequalities. Congress should adopt labor law reforms to better protect workers' right to organize, starting with the widely popular Protecting the Right to Organize (PRO) Act. Among other things, the PRO Act would create the first serious monetary penalties for employers that retaliate against workers for unionizing.

Congress must also adequately fund the National Labor Relations Board (NLRB) so the agency can enforce labor law.

Many US workers say they want a union, but far too few have one. Right now, workers who've won recent union elections are inviting employers to meet them as equals and start bargaining union contracts.

Labor unions are highly correlated with safer conditions because they give workers a voice in setting workplace policies and the ability to engage management in addressing concerns without fear of retaliation.

The Black-led, multiracial committees that have led organizing drives at Amazon warehouses and the young women baristas leading breakthrough organizing victories at Starbucks are changing the public face of the labor movement in powerful and promising ways.

Two-thirds of union workers are women and/or workers of color.

In any company, the transparency and consistency of a union contract that sets wage rates, scheduled raises and procedures for promotions helps guard against forms of discriminatory bias that otherwise disadvantage women and workers of color.

Unionizing workers will continue to need extraordinary solidarity, persistence and public support in order to succeed. This is a moment of opportunity for all of us. Anyone ready to start reversing the worst economic inequalities the US has seen in almost a century can choose now to join and support workers who are organizing unions.

Diamond and Dybvig offered a stylized but insightful model of what banks do. They argued that there is always a tension between individuals’ desire for liquidity — ready access to funds — and the economy’s need to make long-term investments that can’t easily be converted into cash.

Banks square that circle by taking money from depositors who can withdraw their funds at will — making those deposits highly liquid — and investing most of that money in illiquid assets, such as business loans.

So banking is a productive activity that makes the economy richer by reconciling otherwise incompatible desires for liquidity and productive investment. And it normally works because only a fraction of a bank’s depositors want to withdraw their funds at any given time.

This does, however, make banks vulnerable to runs. Suppose that for some reason many depositors come to believe that many other depositors are about to cash out, and try to beat the pack by withdrawing their own funds. To meet these demands for liquidity, a bank will have to sell off its illiquid assets at fire sale prices, and doing so can drive an institution that should be solvent into bankruptcy

If that happens, people who didn’t withdraw their funds will be left with nothing. So during a panic, the rational thing to do is to panic along with everyone else.

There was, of course, a huge wave of banking panics in 1930-31. Many banks failed, and those that survived made far fewer business loans than before, holding cash instead, while many families shunned banks altogether, putting their cash in safes or under their mattresses. The result was a diversion of wealth into unproductive uses. In his 1983 paper, Bernanke offered evidence that this diversion played a large role in driving the economy into a depression and held back the subsequent recovery.

In the story told by Friedman and Anna Schwartz, the banking crisis of the early 1930s was damaging because it led to a fall in the money supply — currency plus bank deposits. Bernanke asserted that this was at most only part of the stor

a government backstop — either deposit insurance, the willingness of the central bank to lend money to troubled banks or both — can short-circuit potential crises.

But providing such a backstop raises the possibility of abuse; banks may take on undue risks because they know they’ll be bailed out if things go wrong.

So banks need to be regulated as well as backstopped. As I said, the Diamond-Dybvig analysis had remarkably large implications for policy.

From an economic point of view, banking is any form of financial intermediation that offers people seemingly liquid assets while using their wealth to make illiquid investments.

This insight was dramatically validated in the 2008 financial crisis.

By the eve of the crisis, however, the financial system relied heavily on “shadow banking” — banklike activities that didn’t involve standard bank deposits

Such arrangements offered a higher yield than conventional deposits. But they had no safety net, which opened the door to an old-style bank run and financial panic.

And the panic came. The conventionally measured money supply didn’t plunge in 2008 the way it did in the 1930s — but repo and other money-like liabilities of financial intermediaries did:

Fortunately, by then Bernanke was chair of the Federal Reserve. He understood what was going on, and the Fed stepped in on an immense scale to prop up the financial system.

a sort of meta point about the Diamond-Dybvig work: Once you’ve understood and acknowledged the possibility of self-fulfilling banking crises, you become aware that similar things can happen elsewhere.

Perhaps the most notable case in relatively recent times was the euro crisis of 2010-12. Market confidence in the economies of southern Europe collapsed, leading to huge spreads between the interest rates on, for example, Portuguese bonds and those on German bonds. The conventional wisdom at the time — especially in Germany — was that countries were being justifiably punished for taking on excessive debt

the Belgian economist Paul De Grauwe argued that what was actually happening was a self-fulfilling panic — basically a run on the bonds of countries that couldn’t provide a backstop because they no longer had their own currencies.

Sure enough, when Mario Draghi, the president of the European Central Bank at the time, finally did provide a backstop in 2012 — he said the magic words “whatever it takes,” implying that the bank would lend money to the troubled governments if necessary — the spreads collapsed and the crisis came to an end:

The complaint — filed last month with the Securities and Exchange Commission and the Department of Justice, as well as the FTC — says thousands of employees still had wide-ranging and poorly tracked internal access to core company software, a situation that for years had led to embarrassing hacks, including the commandeering of accounts held by such high-profile users as Elon Musk and former presidents Barack Obama and Donald Trump.

the whistleblower document alleges the company prioritized user growth over reducing spam, though unwanted content made the user experience worse. Executives stood to win individual bonuses of as much as $10 million tied to increases in daily users, the complaint asserts, and nothing explicitly for cutting spam.

Chief executive Parag Agrawal was “lying” when he tweeted in May that the company was “strongly incentivized to detect and remove as much spam as we possibly can,” the complaint alleges.

Zatko described his decision to go public as an extension of his previous work exposing flaws in specific pieces of software and broader systemic failings in cybersecurity. He was hired at Twitter by former CEO Jack Dorsey in late 2020 after a major hack of the company’s systems.

“I felt ethically bound. This is not a light step to take,” said Zatko, who was fired by Agrawal in January. He declined to discuss what happened at Twitter, except to stand by the formal complaint. Under SEC whistleblower rules, he is entitled to legal protection against retaliation, as well as potential monetary rewards.

The complaint from former head of security Peiter Zatko, a widely admired hacker known as “Mudge,” depicts Twitter as a chaotic and rudderless company beset by infighting, unable to properly protect its 238 million daily users including government agencies, heads of state and other influential public figures.

A person familiar with Zatko’s tenure said the company investigated Zatko’s security claims during his time there and concluded they were sensationalistic and without merit. Four people familiar with Twitter’s efforts to fight spam said the company deploys extensive manual and automated tools to both measure the extent of spam across the service and reduce it.

Overall, Zatko wrote in a February analysis for the company attached as an exhibit to the SEC complaint, “Twitter is grossly negligent in several areas of information security. If these problems are not corrected, regulators, media and users of the platform will be shocked when they inevitably learn about Twitter’s severe lack of security basics.”

Zatko’s complaint says strong security should have been much more important to Twitter, which holds vast amounts of sensitive personal data about users. Twitter has the email addresses and phone numbers of many public figures, as well as dissidents who communicate over the service at great personal risk.

This month, an ex-Twitter employee was convicted of using his position at the company to spy on Saudi dissidents and government critics, passing their information to a close aide of Crown Prince Mohammed bin Salman in exchange for cash and gifts.

Zatko’s complaint says he believed the Indian government had forced Twitter to put one of its agents on the payroll, with access to user data at a time of intense protests in the country. The complaint said supporting information for that claim has gone to the National Security Division of the Justice Department and the Senate Select Committee on Intelligence. Another person familiar with the matter agreed that the employee was probably an agent.

“Take a tech platform that collects massive amounts of user data, combine it with what appears to be an incredibly weak security infrastructure and infuse it with foreign state actors with an agenda, and you’ve got a recipe for disaster,” Charles E. Grassley (R-Iowa), the top Republican on the Senate Judiciary Committee,

Many government leaders and other trusted voices use Twitter to spread important messages quickly, so a hijacked account could drive panic or violence. In 2013, a captured Associated Press handle falsely tweeted about explosions at the White House, sending the Dow Jones industrial average briefly plunging more than 140 points.

After a teenager managed to hijack the verified accounts of Obama, then-candidate Joe Biden, Musk and others in 2020, Twitter’s chief executive at the time, Jack Dorsey, asked Zatko to join him, saying that he could help the world by fixing Twitter’s security and improving the public conversation, Zatko asserts in the complaint.

In 1998, Zatko had testified to Congress that the internet was so fragile that he and others could take it down with a half-hour of concentrated effort. He later served as the head of cyber grants at the Defense Advanced Research Projects Agency, the Pentagon innovation unit that had backed the internet’s invention.

But at Twitter Zatko encountered problems more widespread than he realized and leadership that didn’t act on his concerns, according to the complaint.

Twitter’s difficulties with weak security stretches back more than a decade before Zatko’s arrival at the company in November 2020. In a pair of 2009 incidents, hackers gained administrative control of the social network, allowing them to reset passwords and access user data. In the first, beginning around January of that year, hackers sent tweets from the accounts of high-profile users, including Fox News and Obama.

Several months later, a hacker was able to guess an employee’s administrative password after gaining access to similar passwords in their personal email account. That hacker was able to reset at least one user’s password and obtain private information about any Twitter user.

Twitter continued to suffer high-profile hacks and security violations, including in 2017, when a contract worker briefly took over Trump’s account, and in the 2020 hack, in which a Florida teen tricked Twitter employees and won access to verified accounts. Twitter then said it put additional safeguards in place.

This year, the Justice Department accused Twitter of asking users for their phone numbers in the name of increased security, then using the numbers for marketing. Twitter agreed to pay a $150 million fine for allegedly breaking the 2011 order, which barred the company from making misrepresentations about the security of personal data.

After Zatko joined the company, he found it had made little progress since the 2011 settlement, the complaint says. The complaint alleges that he was able to reduce the backlog of safety cases, including harassment and threats, from 1 million to 200,000, add staff and push to measure results.

But Zatko saw major gaps in what the company was doing to satisfy its obligations to the FTC, according to the complaint. In Zatko’s interpretation, according to the complaint, the 2011 order required Twitter to implement a Software Development Life Cycle program, a standard process for making sure new code is free of dangerous bugs. The complaint alleges that other employees had been telling the board and the FTC that they were making progress in rolling out that program to Twitter’s systems. But Zatko alleges that he discovered that it had been sent to only a tenth of the company’s projects, and even then treated as optional.

“If all of that is true, I don’t think there’s any doubt that there are order violations,” Vladeck, who is now a Georgetown Law professor, said in an interview. “It is possible that the kinds of problems that Twitter faced eleven years ago are still running through the company.”

The complaint also alleges that Zatko warned the board early in his tenure that overlapping outages in the company’s data centers could leave it unable to correctly restart its servers. That could have left the service down for months, or even have caused all of its data to be lost. That came close to happening in 2021, when an “impending catastrophic” crisis threatened the platform’s survival before engineers were able to save the day, the complaint says, without providing further details.

One current and one former employee recalled that incident, when failures at two Twitter data centers drove concerns that the service could have collapsed for an extended period. “I wondered if the company would exist in a few days,” one of them said.

The current and former employees also agreed with the complaint’s assertion that past reports to various privacy regulators were “misleading at best.”

The four people familiar with Twitter’s spam and bot efforts said the engineering and integrity teams run software that samples thousands of tweets per day, and 100 accounts are sampled manually.

As the head of security, Zatko says he also was in charge of a division that investigated users’ complaints about accounts, which meant that he oversaw the removal of some bots, according to the complaint. Spam bots — computer programs that tweet automatically — have long vexed Twitter. Unlike its social media counterparts, Twitter allows users to program bots to be used on its service: For example, the Twitter account @big_ben_clock is programmed to tweet “Bong Bong Bong” every hour in time with Big Ben in London. Twitter also allows people to create accounts without using their real identities, making it harder for the company to distinguish between authentic, duplicate and automated accounts.

In the complaint, Zatko alleges he could not get a straight answer when he sought what he viewed as an important data point: the prevalence of spam and bots across all of Twitter, not just among monetizable users.

Zatko cites a “sensitive source” who said Twitter was afraid to determine that number because it “would harm the image and valuation of the company.” He says the company’s tools for detecting spam are far less robust than implied in various statements.

“Agrawal’s Tweets and Twitter’s previous blog posts misleadingly imply that Twitter employs proactive, sophisticated systems to measure and block spam bots,” the complaint says. “The reality: mostly outdated, unmonitored, simple scripts plus overworked, inefficient, understaffed, and reactive human teams.”

For example, they said the company implied that it had destroyed all data on users who asked, but the material had spread so widely inside Twitter’s networks, it was impossible to know for sure

Some employees charged with executing the fight agreed that they had been short of staff. One said top executives showed “apathy” toward the issue.

Zatko’s complaint likewise depicts leadership dysfunction, starting with the CEO. Dorsey was largely absent during the pandemic, which made it hard for Zatko to get rulings on who should be in charge of what in areas of overlap and easier for rival executives to avoid collaborating, three current and former employees said.

For example, Zatko would encounter disinformation as part of his mandate to handle complaints, according to the complaint. To that end, he commissioned an outside report that found one of the disinformation teams had unfilled positions, yawning language deficiencies, and a lack of technical tools or the engineers to craft them. The authors said Twitter had no effective means of dealing with consistent spreaders of falsehoods.

Dorsey made little effort to integrate Zatko at the company, according to the three employees as well as two others familiar with the process who spoke on the condition of anonymity to describe sensitive dynamics. In 12 months, Zatko could manage only six one-on-one calls, all less than 30 minutes, with his direct boss Dorsey, who also served as CEO of payments company Square, now known as Block, according to the complaint. Zatko allegedly did almost all of the talking, and Dorsey said perhaps 50 words in the entire year to him. “A couple dozen text messages” rounded out their electronic communication, the complaint alleges.

Faced with such inertia, Zatko asserts that he was unable to solve some of the most serious issues, according to the complaint.

Some 30 percent of company laptops blocked automatic software updates carrying security fixes, and thousands of laptops had complete copies of Twitter’s source code, making them a rich target for hackers, it alleges.

A successful hacker takeover of one of those machines would have been able to sabotage the product with relative ease, because the engineers pushed out changes without being forced to test them first in a simulated environment, current and former employees said.

“It’s near-incredible that for something of that scale there would not be a development test environment separate from production and there would not be a more controlled source-code management process,” said Tony Sager, former chief operating officer at the cyberdefense wing of the National Security Agency, the Information Assurance divisio

Sager is currently senior vice president at the nonprofit Center for Internet Security, where he leads a consensus effort to establish best security practices.

Zatko stopped the material from being presented at the Dec. 9, 2021 meeting, the complaint said. But over his continued objections, Agrawal let it go to the board’s smaller Risk Committee a week later.

“A best practice is that you should only be authorized to see and access what you need to do your job, and nothing else,” said former U.S. chief information security officer Gregory Touhill. “If half the company has access to and can make configuration changes to the production environment, that exposes the company and its customers to significant risk.”

The complaint says Dorsey never encouraged anyone to mislead the board about the shortcomings, but that others deliberately left out bad news.

When Dorsey left in November 2021, a difficult situation worsened under Agrawal, who had been responsible for security decisions as chief technology officer before Zatko’s hiring, the complaint says.

An unnamed executive had prepared a presentation for the new CEO’s first full board meeting, according to the complaint. Zatko’s complaint calls the presentation deeply misleading.

The presentation showed that 92 percent of employee computers had security software installed — without mentioning that those installations determined that a third of the machines were insecure, according to the complaint.

Another graphic implied a downward trend in the number of people with overly broad access, based on the small subset of people who had access to the highest administrative powers, known internally as “God mode.” That number was in the hundreds. But the number of people with broad access to core systems, which Zatko had called out as a big problem after joining, had actually grown slightly and remained in the thousands.

The presentation included only a subset of serious intrusions or other security incidents, from a total Zatko estimated as one per week, and it said that the uncontrolled internal access to core systems was responsible for just 7 percent of incidents, when Zatko calculated the real proportion as 60 percent.

The complaint says that about half of Twitter’s roughly 7,000 full-time employees had wide access to the company’s internal software and that access was not closely monitored, giving them the ability to tap into sensitive data and alter how the service worked. Three current and former employees agreed that these were issues.

Agrawal didn’t respond to requests for comment. In an email to employees after publication of this article, obtained by The Post, he said that privacy and security continues to be a top priority for the company, and he added that the narrative is “riddled with inconsistences” and “presented without important context.”

On Jan. 4, Zatko reported internally that the Risk Committee meeting might have been fraudulent, which triggered an Audit Committee investigation.

Agarwal fired him two weeks later. But Zatko complied with the company’s request to spell out his concerns in writing, even without access to his work email and documents, according to the complaint.

Since Zatko’s departure, Twitter has plunged further into chaos with Musk’s takeover, which the two parties agreed to in May. The stock price has fallen, many employees have quit, and Agrawal has dismissed executives and frozen big projects.

Zatko said he hoped that by bringing new scrutiny and accountability, he could improve the company from the outside.

“I still believe that this is a tremendous platform, and there is huge value and huge risk, and I hope that looking back at this, the world will be a better place, in part because of this.”

the need for regulation to maintain the reliability of essential aspects of the economy like electricity supply and the monetary system.

Which is why I’m calling the modern American right antisocial — because its members reject any policy that relies on social cooperation, and they want us to return instead to Hobbes’s dystopian state of nature

why Republicans have become fanatics about cryptocurrency, to the extent that one Senate candidate has defined his position as being “pro-God, pro-family, pro-Bitcoin.” The answer, I’d argue, is that Bitcoin plays into a fantasy of self-sufficient individualism, of protecting your family with your personal AR-15, treating your Covid with an anti-parasite drug or urine and managing your financial affairs with privately created money, untainted by institutions like governments or banks.

In the end, none of this will work. Government exists for a reason. But the right’s constant attacks on essential government functions will take a toll, making all of our lives nastier, more brutish and shorter.

Just like midlife, quarterlife can bring its own crisis — trying to separate from your parents or caregivers and forge a sense of self is a struggle. But the generation entering adulthood now faces novel, sometimes debilitating, challenges.

Many find themselves so mired in day-to-day monetary concerns, from the relentless crush of student debt to the swelling costs of everything, that they feel unable to consider what they want for themselves long term

“We’ve been constrained by this myth that you graduate from college and you start your life,” she said. Without the social script previous generations followed — graduate college, marry, raise a family — Ms. Byock said her young clients often flailed around in a state of extended adolescence.

nearly one-third of Gen Z adults are living with their parents or other relatives and plan to stay there.

Many young people today struggle to afford college or decide not to attend, and the “existential crisis” that used to hit after graduation descends earlier and earlier

Ms. Byock said to pay attention to what you’re naturally curious about, and not to dismiss your interests as stupid or futile.

Experts said those entering adulthood need clear guidance for how to make it out of the muddle. Here are their top pieces of advice on how to navigate a quarterlife crisis today.

She recommends scheduling reminders to check in with yourself, roughly every three months, to examine where you are in your life and whether you feel stuck or dissatisfied

From there, she said, you can start to identify aspects of your life that you want to change.

“Start to give your own inner life the respect that it’s due,”

But quarterlife is about becoming a whole person, Ms. Byock said, and both groups need to absorb each other’s characteristics to balance themselves out

However, there is a difference between self-interest and self-indulgence, Ms. Byock said. Investigating and interrogating who you are takes work. “It’s not just about choosing your labels and being done,” she said.

Be patient.

Quarterlifers may feel pressure to race through each step of their lives, Ms. Byock said, craving the sense of achievement that comes with completing a task.

But learning to listen to oneself is a lifelong process.

Instead of searching for quick fixes, she said, young adults should think about longer-term goals: starting therapy that stretches beyond a handful of sessions, building healthy nutrition and exercise habits, working toward self-reliance.

“I know that seems sort of absurdly large and huge in scope,” she said. “But it’s allowing ourselves to meander and move through life, versus just ‘Check the boxes and get it right.’”

take stock of your day-to-day life and notice where things are missing. She groups quarterlifers into two categories: “stability types” and “meaning types.”

“Stability types” are seen by others as solid and stable. They prioritize a sense of security, succeed in their careers and may pursue building a family.

“But there’s a sense of emptiness and a sense of faking it,” she said. “They think this couldn’t possibly be all that life is about.”

On the other end of the spectrum, there are “meaning types” who are typically artists; they have intense creative passions but have a hard time dealing with day-to-day tasks

“These are folks for whom doing what society expects of you is so overwhelming and so discordant with their own sense of self that they seem to constantly be floundering,” she said. “They can’t quite figure it out.”

That paralysis is often exacerbated by mounting climate anxiety and the slog of a multiyear pandemic that has left many young people mourning family and friends, or smaller losses like a conventional college experience or the traditions of starting a first job.

Stability types need to think about how to give their lives a sense of passion and purpose. And meaning types need to find security, perhaps by starting with a consistent routine that can both anchor and unlock creativity.

perhaps the prototypical inspiration for staying calm in chaos: Yoda. The Jedi master is “one of the few images we have of what feeling quiet amid extreme pain and apocalypse can look like,

Even when there seems to be little stability externally, she said, quarterlifers can try to create their own steadiness.

establishing habits that help you ground yourself as a young adult is critical because transitional periods make us more susceptible to burnout

He suggests building a practical tool kit of self-care practices, like regularly taking stock of what you’re grateful for, taking controlled breaths and maintaining healthy nutrition and exercise routines. “These are techniques that can help you find clarity,”

Don’t be afraid to make a big change.

It’s important to identify what aspects of your life you have the power to alter, Dr. Brown said. “You can’t change an annoying boss,” he said, “but you might be able to plan a career change.”

That’s easier said than done, he acknowledged, and young adults should weigh the risks of continuing to live in their status quo — staying in their hometown, or lingering in a career that doesn’t excite them — with the potential benefits of trying something new.

quarterlife is typically “the freest stage of the whole life span,

Young adults may have an easier time moving to a new city or starting a new job than their older counterparts would.

Know when to call your parents — and when to call on yourself.

Quarterlife is about the journey from dependence to independence, Ms. Byock said — learning to rely on ourselves, after, for some, growing up in a culture of helicopter parenting and hands-on family dynamics.

there are ways your relationship with your parents can evolve, helping you carve out more independence

That can involve talking about family history and past memories or asking questions about your parents’ upbringing

“You’re transitioning the relationship from one of hierarchy to one of friendship,” she said. “It isn’t just about moving away or getting physical distance.”

Every quarterlifer typically has a moment when they know they need to step away from their parents and to face obstacles on their own

That doesn’t mean you can’t, or shouldn’t, still depend on your parents in moments of crisis, she said. “I don’t think it’s just about never needing one’s parents again,” she said. “But it’s about doing the subtle work within oneself to know: This is a time I need to stand on my own.”