As we’ve learned the hard way, the core of our modern capitalist economy is finance, and finance is run entirely by a few large Wall Street firms. But here’s the ultimate irony: while modern capitalism depends on Wall Street, Wall Street no longer depends on capitalist principles. In finance a new system has emerged that [...]

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 in seven), were [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

American families are fortunate to have Elizabeth Warren on their side, along with the 50 state attorney generals who are demanding reparations from the nation’s largest banks.
Warren, who is the temporary head of the Consumer Financial Protection Bureau (a quasi independent agency housed in the not-so-friendly Treasury Department) and these AGs [...]

Do public sector workers earn more than private sector workers? Who cares? This boneheaded question has us fighting over the crumbs. (And the answer is no - all credible studies show that when you account for educational levels, the total compensation packages are about the same.)
The real question is: Why have [...]

Japan's Nikkei share average plunged 10.6 percent on Tuesday, posting the worst two-day rout since 1987, as hedge funds bailed out after reports of rising radiation near Tokyo. ~ Reuters, March 15, 2011
While it's far too early to assess the full impact of the Japanese disaster on markets around the globe — [...]