Occupy Wall Street
Matt Taibbi and “The $9 Billion Witness” Who Exposed How JPMorgan Chase Helped Wreck the Economy
Exclusive interview with Alayne Fleischmann, the whistleblower who helped the Justice Department force JPMorgan Chase to pay one of the largest fines in U.S. history for its role in the financial crisis. Matt Taibbi, also mentions that this is an indictment of the Obama Administration who had according to this case enough evidence to prosecute Wall Street and didn't.
Russian Roulette: Taxpayers Could Be on the Hook for Trillions in Oil Derivatives
The sudden dramatic collapse in the price of oil appears to be an act of geopolitical warfare against Russia. The result could be trillions of dollars in oil derivative losses; and depositors and taxpayers could be liable, following repeal of key portions of the Dodd-Frank Act signed into law on December 16th.
How Inside Traders Are Rigging America and Contributing to the Savage Inequalities of American Life
If a CEO tells his golf buddy that his company is being taken over, and his buddy makes a killing on that information, no problem. If his buddy leaks the information to a hedge-fund manager like Chiasson, and doesn't tell Chiasson where it comes from, Chiasson can also use the information to make a bundle. Major players on Wall Street have been making tons of money not because they re particularly clever but because they happen to be in the realm where a lot of coins come their way. Last year, the top twenty-five hedge fund managers took home, on average, almost one billion dollars each. Even run-of-the-mill portfolio managers at large hedge funds averaged $2.2 million each.
The incredible shrinking income of young americans
Since the Great Recession struck in 2007, the median wage for people between the ages of 25 and 34, adjusted for inflation, has fallen in every major industry except for health care. In retail, wholesale, leisure, and hospitality-which together employ more than one quarter of this age group-real wages have fallen more than 10 percent since 2007. To be clear, this doesn't mean that most of this cohort are seeing their pay slashed, year after year. Instead it suggests that wage growth is failing to keep up with inflation, and that, as twentysomethings pass into their thirties, they are earning less than their older peers did before the recession.
World leaders play war games as the next financial crisis looms
On Monday in Washington, the chancellor of the exchequer will see if Britain is ready for war. A financial war that is. Along with his allies from the United States, he will play out a war game designed to show whether lessons have been learned from the last show, the slump of 2008. Let's hope so. Because the evidence from last week's meeting of the International Monetary Fund in Washington was that it won't be long before the real shooting starts.
China’s Plan for Regional Development Bank Runs Into U.S. Opposition
This will certainly disrupt the current world order: For almost a year, China has been pitching an idea to its neighbors in Asia: a big, internationally funded bank that would offer quick financing for badly needed transportation, telecommunications and energy projects in underdeveloped countries across the region.
Thomas Piketty accuses Financial Times of dishonest criticism
Thomas Piketty has accused the Financial Times of ridiculous and dishonest criticism of his economics book on inequality, which has become a publishing sensation. The newspaper concluded there was little evidence in Piketty's original sources to verify his theory that the richest were accumulating more wealth, widening the gap between the haves and the have-nots in Europe and the United States. In an interview with the Agence France-Presse news agency, the economist said: "The FT is being ridiculous because all of its contemporaries recognise that the biggest fortunes have grown faster."
In the U.S. 49.7 Million Are Now Poor, and 80% of the Total Population Is Near Poverty
If you live in the United States, there is a good chance that you are now living in poverty or near poverty. Nearly 50 million Americans, (49.7 Million), are living below the poverty line, with 80% of the entire U.S. population living near poverty or below it. "The primary reason that poverty remains so high," Sheldon Danziger, a University of Michigan economist said, "is that the benefits of a growing economy are no longer being shared by all workers as they were in the quarter-century following the end of World War II."
Billionaires Dumping Stocks, Economist Knows Why
Despite the 6.5% stock market rally over the last three months, a handful of billionaires are quietly dumping their American stocks . . . and fast. Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping shares at an alarming rate. He recently complained of "disappointing performance" in dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods.
Inequality in the US Interview with Economist Joseph Stiglitz
The finance industry is to blame for the growing divide between the rich and poor in the United States, says Nobel Prize-winning economics professor Joseph Stiglitz. In an interview with SPIEGEL, he accuses the industry of preying on the poor and buying government policies that help them get richer.
For Economists Saez and Piketty, the Buffett Rule Is Just a Start
Emmanuel Saez and Thomas Piketty have spent the last decade tracking the incomes of the poor, the middle class and the rich in countries across the world. More than anything else, their work shows that the top earners in the United States have taken a bigger and bigger share of overall income over the last three decades, with inequality nearly as acute as it was before the Great Depression.
The Case for Raising Top Tax Rates
A new understanding of the economics of taxation - For 30 years, any proposal to raise taxes had to overcome an unshakable belief that higher taxes inevitably led to less growth. The belief survived the Clinton administration, when taxes rose and the economy surged. It survived George W. Bush s administration, when taxes were cut yet growth sagged. But now, a growing body of research suggests not only that the government could raise much more revenue by sharply raising the top tax rates paid by the richest Americans, but it could do so without slowing economic growth. Top tax rates could go as high as 80 percent or more.
Dallas Fed Calls For Breakup Of Big Banks
Richest 1 Percent Account For Nearly All Of U.S. Recovery’s Gains
Technically, the economy has been in recovery for two years. But it turns out the rich have been doing most of the recovering. In 2010 -- the first full year since the end of the Great Recession -- virtually all of the income growth in America took place among the country's very wealthiest people, says an economist at the University of California, Berkeley. The top 1 percent of earners took in a full 93 percent of all the income gains that year, leaving the other 7 percent of gains to be sprinkled among the vast majority of society.
The hypocrisy of Wall Street capitalism
The phrase "Wall Street" is evocative in American culture. For generations, it has referred to the showcase of American capitalism: our financial services system that ensured the efficient use of funds by channeling capital to its most productive use. Indeed, the governing ethos in America is that Wall Street is the heart and soul of our capitalist economy.
Why the super-rich love the UK
According to the Socialist Worker, if you earn 150,000 a year, you are rich. But in the rarefied world of serious money, you are not super-rich until you have at least 100m. - and UK tax policy caters to the Super Rich -- UK has a gigantic sign hanging over it saying, "Rich People! Come and Live Here! You Won't Have to Pay Any Tax!" It is an extraordinary policy for any developed nation, and not one that anyone else has been tempted to adopt.
The Big Deficit Lie: Every GOP Debt Plan Leaves Us With More Debt
The four remaining GOP candidates have a simple and straightforward plan for the direction of our federal debt. Up. Way up. That's the conclusion from a new report comparing the tax-and-spending plans from Newt Gingrich, Mitt Romney, Ron Paul, and Rick Santorum, from the Committee for a Responsible Federal Budget.
Why Wall Street hates a healthy labor market
It s always such a shame when the interests of labor don t match up with the priorities of capital. The Bureau of Labor Statistics reported on Thursday that new claims for jobless benefits fell again last week. But in a Wall Street Journal roundup of reactions to the news, one economist found reason for concern.
More than 40% of households are less than three months from poverty
While the official poverty rate in 2010 was 15.1 percent, there's a lot of controversy over how poverty should be measured, and still more over how we should view proximity to poverty, the people who aren't poor but are dangerously close to it. Here's another way of looking at that. The Corporation for Enterprise Development has released its annual assets and opportunity scorecard, scoring the states on how well they promote household financial security through jobs, education, health care, housing and financial assets. Do states support very small businesses?
Proof the Stock Market is Manipulated by Investor Class
Sometimes things are right under your nose. They are obvious, but diabolical. Even manipulation of the stock market may be involved. You have to ask yourself why the banks were bailed out. After all, it doesn't appear that they were bailed out to lend to mainstreet. I do think that there was a twofold reason why the banks were bailed out.
Why the Rich Keep Getting Richer
Mitt Romney, who wants talk of income inequality confined to "quiet rooms," admits he's spent the last decade living mostly on investments and paying less than half the taxes that would apply to a salary, just one more example of why the rich keep getting richer, as Bill Moyers and Michael Winship observe
FINANCIAL TYRANNY: Defeating the Greatest Cover-Up of All Time
2012 has begun as a year of rampant paranoia and hopelessness on the Internet and throughout mainstream media. The economy appears to be in a dire predicament -- ready to go over a cliff into an abyss few can even allow themselves to consider. You are about to read a comprehensive investigation summarizing all the best information I have gathered about the true nature of this crisis since I became directly aware of it in 1992. Very few people are aware that a massive 122-nation coalition has formed to solve the problem -- just in the nick of time and they are backing a legal, public solution to end Financial Tyranny.
Occupy sustainability: the 1% are blocking the transition to a renewable energy economy
To make our society sustainable, we have to deal not just with environmental issues and climate change, but with the economic crisis, and resource depletion. The most effective responses will deal with all three aspects at once. While climate change response has mostly been blocked, Occupy has gotten traction, channeling public outrage at the bailouts, the debt crisis, and rising unemployment.
Romney’s tax plan would slash revenue, reward the wealthy
Assuming the Bush tax cuts did expire, Romney's plan would deliver an average tax cut of almost $300,000 to households making more than $1 million, according to Gleckman. Taxpayers who make more than $1 million currently pay about 20% of all federal taxes, Gleckman said. Under Romney s plan, they d get more than 28% of the cuts. Those making $50,000 to $75,000 would have their taxes cut about $1,800..
GOP’s Capital Gains Tax Cut Is The Biggest Driver Of Income Inequality
The lowering of the capital gains tax, pushed through as part of the Bush tax cut package of 2003, was the biggest driver of income inequality from 1996 to 2006, according to a recent report from the Congressional Research Service. While the Bush tax cuts as a whole contributed to rising inequality, it was the change in policy toward capital gains - which were once taxed at normal income rates but are now taxed at 15 percent for the rich - that played the largest role in exploding the income gap.
Harder for Americans to Rise From Lower Rungs
Occupy the tax code: why taxing the rich will make the economy soar
Growing wealth widens distance between lawmakers and constituents
When Myers entered Congress, in 1975, it wasn't nearly so unusual for a person with few assets besides a home to win and serve in Congress. Though lawmakers on Capitol Hill have long been more prosperous than other Americans, others of that time included a barber, a pipe fitter and a house painter. A handful had even organized into what was called the "Blue Collar Caucus." But the financial gap between Americans and their representatives in Congress has widened considerably since then, according to an analysis of financial disclosures by The Washington Post.
Investors Lose Faith in Stocks As Billions Pour Out of Funds
The Corporations That Occupy Congress
50 Economic Numbers From 2011 That Are Almost Too Crazy To Believe
Even though most Americans have become very frustrated with this economy, the reality is that the vast majority of them still have no idea just how bad our economic decline has been or how much trouble we are going to be in if we don't make dramatic changes immediately. If we do not educate the American people about how deathly ill the U.S. economy has become, then they will just keep falling for the same old lies that our politicians keep telling them. Just "tweaking" things here and there is not going to fix this economy.
Are those startling poverty numbers accurate
IMF chief Lagarde warns of new ‘great depression’
Christine Lagarde, the head of the International Monetary Fund (IMF) has warned that the global economy faces being thrown into a deep "economic retraction" reminiscent of the great depression of the 1930 s. She said that no country is immune from the rising risks and that Europe needs to take the lead in formulating co-ordinated economic policies to head of the crisis and the possibility of a global recession.
How Congress, Banks and Wall Street Ruined Your 401k Plan
Due to a perfect storm of financial incompetence created by Congress, banks, and Wall Street our clients are going through an economic downturn that is destroying their retirement. This is not a normal economic cycle. This is a credit market fiasco that was caused by appalling decisions made in governmental monetary policy,
Child homelessness up 33% in 3 years
Depression and Democracy
It s time to start calling the current situation what it is: a depression. True, it s not a full replay of the Great Depression, but that s cold comfort. Unemployment in both America and Europe remains disastrously high. Leaders and institutions are increasingly discredited. And democratic values are under siege.
Bailout Total $29.616 Trillion Dollars – The Big Picture
There is a fascinating new study coming out of the Levy Economics Institute of Bard College. Its titled "$29,000,000,000,000: A Detailed Look at the Fed's Bail-out by Funding Facility and Recipient" by James Felkerson. The study looks at the lending, guarantees, facilities and spending of the Federal Reserve.
The insane wealth of Walmart’s founding family
$12 Trillion Republican National Debt
The GOP Recipe for Keeping the Economy Down Until Election 2012
Republicans don t believe in stimulating economies. They think markets eventually clear - once the pain is sufficient. Or in the immortal words of Herbert Hoover s treasury secretary, millionaire industrialist Andrew Mellon: "Liquidate labor, liquidate stocks, liquidate the farmer, liquidate real estate. It will purge the rottenness out of the system. People will work harder, lead a more moral life."
The Collapse of the Anti-tax Movement: OWS Paves the Way — Cuomo Leads the Way
December has brought a sea-change to American politics. The absolutist anti-tax message embraced by Republicans and Democrats alike has begun to collapse, beginning in New York. And it spite of what you hear in the loonier moments of Republican Presidential debates, it's a bipartisan change. Over the past week Republican and Democratic officials in Albany have forged a consensus to enact a millionaire's tax, cut middle class taxes and fund government services.
The biggest bailout
Who got the biggest bailout from the federal government? Was it one of the major banks, which have drawn so much of the anger of the liberal so-called Occupy Wall Street protesters around the country? Was it one of the auto companies perhaps? Not at all. In fact, the recipient of the biggest single bailout from Washington is not really a private-sector company -- at least not in the way we would normally understand that term. So who is it? It's government-run mortgage giant Fannie Mae. So far, Fannie Mae has received nearly $113 billion in bailout money from U.S. taxpayers.
Wall Street unemployment
Three years after the global financial crisis nearly brought Wall Street firms to the brink, the nation's largest banks are again struggling. As profits wane, layoffs have claimed thousands of jobs and those still employed have seen their compensation shrink. These problems are set against the morale-crushing backdrop of the Occupy Wall Street movement, which has made a villain of a once-lionised industry.
Are One In Five American Children Hungry?
Childhood hunger is a nice, safe issue. No politician can be against hungry children, and we are told that the U.S. faces a child hunger problem of massive proportions. Advocacy groups repeat over and over that 16.2 million children (one in five) "struggle with hunger in the United States." Television appeals show dispirited children going to bed hungry.
The 1% Inevitable, Given How Networks Work?
An infographic, shows that a "core" of 1,318 companies representing 20% of the global economy collectively own (through stock shares) an additional 60% of global revenues. If that doesn't freak you out, within that core is a still smaller "super-entity" of 147 companies--mostly financial institutions, depicted as red dots--that appear to control 40% of the total revenue in the network
TARP: A success none dare mention
The Troubled Asset Relief Program is widely viewed as the original sin of the Obama administration - though it was put together under President George W. Bush and succeeded far beyond expectations. It's widely seen as the tipping point for disgust with elites and insiders of all kinds - though it could also be seen as those insiders finest moment, a successful attempt to at least partially fix their own mistakes.
Five ways income inequality happened, and will continue
When it comes to income inequality, this is what U.S. politicians should be digesting now. While it's hardly a major revelation that for the top 1 percent of earners real after-tax income rose 275 percent between 1979 and 2007, the top 20 percent made more in after-tax income than the remaining 80 percent. That's quite a difference since the lowest-income group's median income only rose 18 percent.
A Movement of Numbers: Occupy Wall Street
Communicating core issues and educating the public can add members to a movement and make real progress. Data visualization can be harnessed as a tool for education and recruitment by visually presenting issues to a broader audience. If you want to get up to speed on the movement, the best place to go is a graph. Let s examine some of the more effective and complex visualizations coming out of the movement.
US economy grew at modest rate over summer
CBO: Top 1 Percent Almost Tripled Incomes, Fueling Inequality
The nation s richest citizens almost tripled their incomes between 1979 and 2007 as the inequality of the distribution of wealth in the United States expanded, according to a new government report. The top 1 percent saw their inflation-adjusted, after-tax earnings grow by 275 percent during that period, according to the nonpartisan Congressional Budget Office.
The Wild Ride of the Wealthiest 1%
The American rich, who used to be the most stable slice of the personal economy, are now the most volatile, with escalating booms and busts. During the past three recessions, the top 1% of earners (those making $380,000 or more in 2008) experienced the largest income shocks in percentage terms of any income group in the U.S., according to research from economists Jonathan A. Parker and Annette Vissing-Jorgensen at Northwestern University
Social Security Benefits to Rise 3.6%
Unpaid student loans top $1 trillion
HOLY BAILOUT – Federal Reserve Now Backstopping $75 Trillion Of Bank Of America’s Derivatives Trades
US Debt Accumulation by President
Groupon’s Red Flags Were Missed
Private Wall Street Companies Caused The Financial Crisis – Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act
The Occupy Wall Street protests have called new attention to the root causes of the crisis, and led Republicans to reiterate their claim that government-backed lenders Fannie Mae and Freddie Mac were the primary villains. The facts about the subprime mortgage market prove that claim false: Private firms dominated the subprime market boom of 2004-06, and were not even subject to the 1977 Community Reinvestment Act some Republicans vilify.
Bankers’ Salaries vs. Everyone Else’s – NYTimes.com
Here’s What The Wall Street Protesters Are So Angry About.. (Charts)
6 Big Economic Myths, Debunked
When you turn on the TV, all you hear are the same pack of talking heads delivering the same manufactured economic sound bites: taxing the rich kills jobs, the stimulus failed, the defecit is out of control. These zombie talking points aren't just wrong; they're dangerous. If we're ever going to revive the economy, we've got to tackle them head on. Here are six of the worst.
Amid hard times, Wall Streeters expect higher bonuses
CEO who laid off thousands gets $37 million retirement package
Craig Dubow recently retired as CEO of Gannett Inc., the giant publishing company resigned for Medical reasons -- he apparently has chronic hip and back problems. . To ease his retirement, Dubow will be getting as much as $37.1 million in retirement and health benefits from Gannett. This is a man who laid off 20,000 Gannett employees in his brief tenure, sending many, if not most, of them to an uncertain future with reduced or no health insurance and a perilous retirement.
Executive pay the high cost of market failure
When it comes to executive pay, the market is broken. The game, you might say, is rigged. Chief executives and their assorted lobby groups are fond of saying "That's the market" when it comes to defending the massive salaries. "Look at America," they cry. "You have to pay top dollar to attract the best talent!"
Who are the 1 percent?
Child poverty rate in Connecticut cities hits ‘alarming’ rate, census data shows
Poverty in North Carolina continues to rise, N.C. Justice Center reports
North Carolina s poverty rate jumped to 17.5 percent in 2010, a 22 percent increase since the beginning of the recession in 2007, according to new data from the U.S. Census Bureau, highlighting the widespread impact of the recession and need for policymakers to take immediate steps to address the lack of jobs and increased economic hardship.
Sign of the Times: Sesame Street Creates Muppet To Discuss Food Insecurity
The iconic kids show is set to unveil a new impoverished puppet named Lily, whose family faces an ongoing struggle with hunger issues. Lily will be revealed in a one-hour Sesame Street primetime special, Growing Hope Against Hunger, which is being sponsored by Walmart. The special will star country singer Brad Paisley and his wife Kimberly Williams Paisley, as well as the Sesame Street Muppets.
Media Lunacy: Gold Is Backed By Nothing, Unlike the US Dollar Which Is Backed by the American Government
There s something else happening here. Some investors are not confident with what gold is backed by, or if it s backed by anything at all, as compared to something like the US dollar. Investors are comfortable that the U.S. dollar is backed by the America government, so no matter what is happening to the American economy, something like the U.S. dollar is backed by the Federal Reserve that s going to be around a year from now. That s a much more comfortable investment for them.
Hispanic kids are the largest group of children living in poverty
Cost of Living Extremely Well Index : The Price of Living Large Is Up
The goods and services tracked in this article are not life s essentials - even for the ultra-wealthy. Home, family, health and one s occupation are far more important. Yet our tracking of the price fluctuations of items that are affordable only to those with very substantial means provides a useful barometer of economic forces at the top end of the market.
Behind The Poverty Statistics: Real Lives, Real Pain
Behind The Poverty Statistics: Real Lives, Real Pain
Union pensions: Law gives huge pension perks to union leaders
The Myth of Small-Business Job Creation
Jobs plan may create 1 million jobs – economists
Economists gave generally positive reviews to President Obama's jobs plan Friday, with some estimating that at least 1 million jobs could be added in the next year if Congress passes the package. The payroll tax holiday for workers and small businesses was cited specifically for having a relatively good "bang for the buck." And that part of the plan may have the most bipartisan support.
The Fed Audit
The Widening Academic Achievement Gap between the Rich and the Poor
It’s the Inequality, Stupid
Insider Trading Inquiry Steps Up Its Focus on Hedge Funds
The government has taken its strongest action against hedge funds as part of a vast investigation into insider trading on Wall Street. Federal prosecutors on Tuesday announced charges against three hedge fund managers, depicting a "triangle of trust" in which the three shared tipsters and illegally pooled confidential information about publicly traded technology companies.
Bernanke Addresses China’s Currency Policy
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