Imagine this: You work 25 hours a week at the McDonald’s in Cairo, New York, and have finally earned two weeks of paid vacation. You set out on a bike trip. On the first day in the saddle, you hit a pothole and crash, cracking your collar bone. You sit on your couch for the […]Read More..
Each year the Federal Reserve sponsors a national academic competition to indoctrinate our leading high school students into revering the marvels of modern finance capitalism. Unfortunately, nowhere in that intensive program do our students learn about how the largest U.S. banks have turned the Federal Reserve into their own private piggy-bank. The Fed, through a […]Read More..
We’re far from poor — we just have a wildly lopsided distribution of wealth that makes us seem poor. America is loaded. We are not a struggling nation ready to go under. We are not facing an enormous debt crisis despite what the politicians and pundits proclaim. We are not the next Greece. Rather, we […]Read More..
The damage Wall Street inflicted on our educational infrastructure is growing. March 13, 2012 | The damage to our educational infrastructure is growing, according to Catherine Rampell’s chilling report in the New York Times. As state funding has dwindled, public colleges have raised tuition and are now resorting to even more desperate measures — cutting […]Read More..
December 21, 2011 – AlterNet “Squeezed by rising living costs, a record number of Americans, nearly 1 in 2, have fallen into poverty or are scraping by on earnings that classify them as low income.” “Study: 1 in 5 American children lives in poverty.” “In 2010, 17.2 million households, 14.5 percent of households (approximately one […]Read More..
We are told to appease the market gods or face eternal financial damnation. The markets are “jittery,” “upset,” “skittish” and “unnerved.” They are “confident” or “unsure.” They are “demanding” that political leaders “put up or shut up.” And they are “reacting unfavorably” to Obama’s newfound populism. These are just a few of the many ways […]Read More..
The corporate media may obsess about what Occupy Wall Street is all about, but these images should make it clear. October 23, 2011 | What are the Occupy Wall Street protesters angry about? The same things we’re all angry about. The only difference is the protestors turned their anger into public action. Occupy Wall Street […]Read More..
We are the richest country in the world, and we have the means to create employment for the 20 million who are without work. It’s now crystal clear that our economy is not producing enough jobs for all who want and need them. It’s also clear that our economy is doing an excellent job at […]Read More..
For all the damning evidence you’ll ever need about Wall Street corruption, take a look at the recent report from the Senate Permanent Subcommittee on Investigations, “Wall Street and the Financial Crisis: An Anatomy of a Financial Collapse” (PDF). The 650-page indictment reveals the myriad of ways Wall Street lies, cheats, steals and defrauds on […]Read More..
This horror story starts in the 1970s when the economic policy establishment, led by Milton Friedman, thought they were a whole lot smarter than the New Dealers who had put a lid on the financial sector and forced high taxes on the super-rich – all designed to prevent the gamblers from again wrecking our economy […]Read More..