Middle class still left behind in U.S. economic recovery, data show - The Washington Post
“It’s a pathetic recovery,” said Thea Lee, an economist and the union’s deputy chief of staff. “It really is extraordinary that four years ago we declared the recession over, but we’re not even within spitting distance of full employment.”
Friday, July 19, 2013
Detroit’s half-century of steady decline - The Washington Post
Detroit’s half-century of steady decline - The Washington Post
"Once known as the “Paris of the West” and home to America’s bustling auto industry, Detroit filed for bankruptcy after fighting steady decline for half a century.
In the 1950s, Detroit, known worldwide as the Motor City, had one of the highest per capita incomes in the country when auto plants were hiring wholesale. Now it has the highest rate of violent crime among the nation’s big cities. Average police response time is almost an hour. Nearly 80,000 buildings are abandoned or seriously blighted, and 40 percent of the city’s streetlights do not work. The jobless rate is above 18 percent, more than twice the national rate."
"Once known as the “Paris of the West” and home to America’s bustling auto industry, Detroit filed for bankruptcy after fighting steady decline for half a century.
In the 1950s, Detroit, known worldwide as the Motor City, had one of the highest per capita incomes in the country when auto plants were hiring wholesale. Now it has the highest rate of violent crime among the nation’s big cities. Average police response time is almost an hour. Nearly 80,000 buildings are abandoned or seriously blighted, and 40 percent of the city’s streetlights do not work. The jobless rate is above 18 percent, more than twice the national rate."
Monday, July 15, 2013
7 Ways the Zimmerman Mindset Permeates America's Criminal Justice System | Alternet
7 Ways the Zimmerman Mindset Permeates America's Criminal Justice System
"The United States imprisons a larger percentage of its black population than South Africa did at the height of apartheid."
"The United States imprisons a larger percentage of its black population than South Africa did at the height of apartheid."
Friday, July 12, 2013
Two Sentences that Explain the Crisis and How Easy it Was to Avoid | The Big Picture
Two Sentences that Explain the Crisis and How Easy it Was to Avoid | The Big Picture
“From 2000 to 2007, [appraisers] ultimately delivered to Washington officials a petition; signed by 11,000 appraisers…it charged that lenders were pressuring appraisers to place artificially high prices on properties. According to the petition, lenders were ‘blacklisting honest appraisers’ and instead assigning business only to appraisers who would hit the desired price targets” (FCIC 2011: 18).
“From 2000 to 2007, [appraisers] ultimately delivered to Washington officials a petition; signed by 11,000 appraisers…it charged that lenders were pressuring appraisers to place artificially high prices on properties. According to the petition, lenders were ‘blacklisting honest appraisers’ and instead assigning business only to appraisers who would hit the desired price targets” (FCIC 2011: 18).
Monday, July 08, 2013
It’s Not Just Thomson Reuters – Elite Investors Get Tons of Unfair Advantages: Blodget | Daily Ticker - Yahoo! Finance
Elite Investors Get Tons of Unfair Advantages - Yahoo! Finance
“The market will never, ever be safe for the little guy,” says Blodget. “So anything we do that makes it appear a little bit safer…is actually worse because then people think they are on the same playing field as the little guy.”
“The market will never, ever be safe for the little guy,” says Blodget. “So anything we do that makes it appear a little bit safer…is actually worse because then people think they are on the same playing field as the little guy.”
Friday, June 28, 2013
Where Are the Libor Cases Against U.S. Banks? - Bloomberg
Where Are the Libor Cases Against U.S. Banks? - Bloomberg
"It would look awfully strange if the U.S. government wound up targeting only foreign banks as part of its investigation into the manipulation of the London interbank offered rate. It’s too soon to say if that will be the end result. But time is marching quickly."
"It would look awfully strange if the U.S. government wound up targeting only foreign banks as part of its investigation into the manipulation of the London interbank offered rate. It’s too soon to say if that will be the end result. But time is marching quickly."
Homebuilders Hurt by Housing Hangover | The Big Picture
Homebuilders Hurt by Housing Hangover | The Big Picture
"Bottom line, the distressed market was “the” housing market for years. It’s what everybody wanted. It has been absolutely responsible for the short squeeze in housing over the past 18 months and a large percent of house price gains (of course, the 30-year fixed mortgage rate being forced down in QE3 from 5% to 3.5% was worth 15% to house prices as well). And the artificial lack of distressed due to loan mods, new anti-foreclosure laws, and perma foreclosure timeline extending — coupled with rates back to pre-QE3 levels — will be responsible for “Hangover 2″ that follows."
"Bottom line, the distressed market was “the” housing market for years. It’s what everybody wanted. It has been absolutely responsible for the short squeeze in housing over the past 18 months and a large percent of house price gains (of course, the 30-year fixed mortgage rate being forced down in QE3 from 5% to 3.5% was worth 15% to house prices as well). And the artificial lack of distressed due to loan mods, new anti-foreclosure laws, and perma foreclosure timeline extending — coupled with rates back to pre-QE3 levels — will be responsible for “Hangover 2″ that follows."
Who killed the American dream? - Rex Nutting - MarketWatch
Who killed the American dream? - Rex Nutting - MarketWatch
"Corporate executives receive millions in excess compensation because of rent-seeking. Many executives are mediocre at their jobs, yet receive extravagant pay packages, regardless of their performance. CEO pay increased by 14 times from the late 1970s to 2000, more than twice as fast as stock prices did, ....
"Corporate executives receive millions in excess compensation because of rent-seeking. Many executives are mediocre at their jobs, yet receive extravagant pay packages, regardless of their performance. CEO pay increased by 14 times from the late 1970s to 2000, more than twice as fast as stock prices did, ....
CEOs in other countries earn half as much for doing the same job. And we manage to find qualified people to lead other complex organizations without paying them an average of $14 million a year: The president of the United States makes $450,000 a year, including expenses. The chairman of the Federal Reserve makes just under $200,000. The chairman of the Joint Chiefs of Staff makes about $250,000."
Thursday, June 27, 2013
CEO Pay in 2012 Was Extraordinarily High Relative to Typical Workers and Other High Earners | Economic Policy Institute
CEO Pay in 2012 Was Extraordinarily High Relative to Typical Workers and Other High Earners | Economic Policy Institute
"Depending on the CEO compensation measure, U.S. CEOs of major companies earned 20.1 or 18.3 times more than a typical worker in 1965; this ratio grew to 29.0-to-1 or 26.5-to-1 in 1978 and 58.5-to-1 or 53.3-to-1 by 1989 and then surged in the 1990s to hit 383.4-to-1 or 411.3-to-1 by the end of the recovery in 2000. The fall in the stock market after 2000 reduced CEO stock-related pay (e.g., options) and caused CEO compensation to tumble until 2002 and 2003. CEO compensation recovered to a level of 351.3 times worker pay by 2007, almost back to its 2000 level using the option-realized metric. The CEO-to-worker compensation ratio based on options-granted, however, returned only to 244.1-to-1 in 2007, still far below its height in 2000 (yet still substantially higher than the 1995 ratio of 136.8). The financial crisis in 2008 and accompanying stock market decline reduced CEO compensation after 2007–2008, as discussed above, and the CEO-to-worker compensation ratio fell in tandem. By 2012 the stock market had recouped much of the value it lost following the financial crisis. Likewise, CEO compensation has grown from its 2009 low, and the CEO-to-worker compensation ratio in 2012 had recovered to 272.9-to-1 or 202.3-to-1, depending on the measurement of options."
"Depending on the CEO compensation measure, U.S. CEOs of major companies earned 20.1 or 18.3 times more than a typical worker in 1965; this ratio grew to 29.0-to-1 or 26.5-to-1 in 1978 and 58.5-to-1 or 53.3-to-1 by 1989 and then surged in the 1990s to hit 383.4-to-1 or 411.3-to-1 by the end of the recovery in 2000. The fall in the stock market after 2000 reduced CEO stock-related pay (e.g., options) and caused CEO compensation to tumble until 2002 and 2003. CEO compensation recovered to a level of 351.3 times worker pay by 2007, almost back to its 2000 level using the option-realized metric. The CEO-to-worker compensation ratio based on options-granted, however, returned only to 244.1-to-1 in 2007, still far below its height in 2000 (yet still substantially higher than the 1995 ratio of 136.8). The financial crisis in 2008 and accompanying stock market decline reduced CEO compensation after 2007–2008, as discussed above, and the CEO-to-worker compensation ratio fell in tandem. By 2012 the stock market had recouped much of the value it lost following the financial crisis. Likewise, CEO compensation has grown from its 2009 low, and the CEO-to-worker compensation ratio in 2012 had recovered to 272.9-to-1 or 202.3-to-1, depending on the measurement of options."
Tuesday, June 25, 2013
Forget a gold watch: McKesson CEO is getting a $159M retirement ‘gold mine’ - NY Daily News
Forget a gold watch: McKesson CEO is getting a $159M retirement ‘gold mine’ - NY Daily News: John Hammergren, chairman and CEO of McKesson Corp., has set a mind-boggling record of $159 million for the largest retirement package in U.S. corporate history. But an expert on executive compensation reportedly calls the benefit ‘excessive,’ since Hammergren is paid roughly $50 million annually.
Friday, June 21, 2013
How Google hires people - Business Insider
How Google hires people - Business Insider
"Google also used to be famous for posing impossibly difficult and punishing brain teasers during interviews." ... After many employers caught on to this theme, now it says : "Turns out those questions are"a complete waste of time," according to Bock. "They don’t predict anything. They serve primarily to make the interviewer feel smart."
"Google also used to be famous for posing impossibly difficult and punishing brain teasers during interviews." ... After many employers caught on to this theme, now it says : "Turns out those questions are"a complete waste of time," according to Bock. "They don’t predict anything. They serve primarily to make the interviewer feel smart."
Bank of America Bribed Employees Into Screwing Homeowners - Because Finance Is Boring
Bank of America Bribed Employees Into Screwing Homeowners - Because Finance Is Boring
So, instead of helping homeowners through the program DESIGNED to keep them out of foreclosure (HAMP), the program many members of Congress demanded in order to sign up for TARP, which SAVED BANK OF AMERICA from bankrupty, instead of following the rules and NOT BEING EVIL, Bank of America decided, “Nah, let’s just lie and destory docs and fuck homeowners.
Sunday, June 16, 2013
Time to Buy a House? Not on Your Life! » CounterPunch: Tells the Facts, Names the Names
Time to Buy a House? Not on Your Life! - Mike Whitney
"Anyone who buys a house in today’s market should be aware of the risks. They should know that current prices are not supported by fundamentals, but by unprecedented manipulation by the Fed, the Obama administration, Wall Street Private Equity investors, and the nation’s biggest banks. If any of these main-players withdraws or even reduces their support for the market (in other words, if the banks release more of their distressed inventory, if rates rise, if PE firms buy fewer homes, or if the Congress curtails current mortgage modification programs), housing prices will fall."
"Anyone who buys a house in today’s market should be aware of the risks. They should know that current prices are not supported by fundamentals, but by unprecedented manipulation by the Fed, the Obama administration, Wall Street Private Equity investors, and the nation’s biggest banks. If any of these main-players withdraws or even reduces their support for the market (in other words, if the banks release more of their distressed inventory, if rates rise, if PE firms buy fewer homes, or if the Congress curtails current mortgage modification programs), housing prices will fall."
Monday, June 10, 2013
CONVERSABLE ECONOMIST: Labor's Falling Share, Everywhere
CONVERSABLE ECONOMIST: Labor's Falling Share, Everywhere
"The OECD has observed, for example, that over the period from 1990 to 2009 the share of labour compensation in national income declined in 26 out of 30 developed economies for which data were available, and calculated that the median labour share of national income across these countries fell considerably from 66.1 per cent to 61.7 per cent ... Looking beyond the advanced economies, the ILO World of Work Report 2011 found that the decline in the labour income share was even more pronounced in many emerging and developing countries, with considerable declines in Asia and North Africa and more stable but still declining wage shares in Latin America."
"The OECD has observed, for example, that over the period from 1990 to 2009 the share of labour compensation in national income declined in 26 out of 30 developed economies for which data were available, and calculated that the median labour share of national income across these countries fell considerably from 66.1 per cent to 61.7 per cent ... Looking beyond the advanced economies, the ILO World of Work Report 2011 found that the decline in the labour income share was even more pronounced in many emerging and developing countries, with considerable declines in Asia and North Africa and more stable but still declining wage shares in Latin America."
Why the Super-Rich Love Bubbles | The Reformed Broker
Why the Super-Rich Love Bubbles | The Reformed Broker
"What you'll see is a regular pattern of stock market crashes followed by the rapid recovery of income share by the top .01%. The super-rich have been benefitting disproportionately from this boom/bust pattern that Alan Greenspan kicked into high gear with his doctrine of defending asset prices at all costs."
"What you'll see is a regular pattern of stock market crashes followed by the rapid recovery of income share by the top .01%. The super-rich have been benefitting disproportionately from this boom/bust pattern that Alan Greenspan kicked into high gear with his doctrine of defending asset prices at all costs."
Madoff, other felons say markets are unfair - MarketWatch
Madoff, other felons say markets are unfair - MarketWatch
"MarketWatch found that insider trading may be one of the most common crimes on Wall Street and one of the least prosecuted. And that was only the beginning. MarketWatch discovered that the problem for retail investors goes far beyond a failure of regulators to identify insider-trading violations.
The financial criminals we spoke with said that not only do many investors routinely skirt insider-trading laws, but the explosion of computerized high-speed trading in recent years has made the situation even more unfair for the retail investor.
Those retail investors should be careful when relying on audited financial statements because accounting fraud continues unabated, according to one interview. Accounting-fraud cases are complex, and regulators don’t have the resources to enforce the law effectively, according to one felon."
Thursday, June 06, 2013
Zillow CEO: Rising Mortgage Rates May Trap You - Yahoo! Finance
Zillow CEO: Rising Mortgage Rates May Trap You
"The reason for the limited supply is that "44 percent of Americans with a mortgage are effectively in a negative equity position," he said. "Meaning if they sold their home, they wouldn't be able to clear their mortgage. They're basically trapped in their home and can't list."
""We're now seeing unsustainably high rates of appreciation," Rascoff said. "In Phoenix, in San Francisco, in Orange County and San Jose, [Calif.], 20-plus percent year-over-year appreciation. Far too high. We've come back too fast. It's concerning."
"The reason for the limited supply is that "44 percent of Americans with a mortgage are effectively in a negative equity position," he said. "Meaning if they sold their home, they wouldn't be able to clear their mortgage. They're basically trapped in their home and can't list."
""We're now seeing unsustainably high rates of appreciation," Rascoff said. "In Phoenix, in San Francisco, in Orange County and San Jose, [Calif.], 20-plus percent year-over-year appreciation. Far too high. We've come back too fast. It's concerning."
Sunday, June 02, 2013
Inside San Jose's largest homeless encampment, the Jungle - San Jose Mercury News
Inside San Jose's largest homeless encampment, the Jungle - San Jose Mercury News
"If you're out here, the system has failed you...The safety net that was supposed to catch you didn't. I think it's a terrible statement for our community that there are people who believe this is their best option. This is a terrible, terrible place for anyone to live."
"If you're out here, the system has failed you...The safety net that was supposed to catch you didn't. I think it's a terrible statement for our community that there are people who believe this is their best option. This is a terrible, terrible place for anyone to live."
Friday, May 31, 2013
U.S. stands out as a rich country where a growing minority say they can’t afford food | Pew Research Center
U.S. stands out as a rich country where a growing minority say they can’t afford food | Pew Research Center
"Despite being the richest country in the survey, nearly a quarter of Americans (24%) say they had trouble putting food on the table in the past 12 months. This is up from just 16% who reported such deprivation in 2007, the year before the Great Recession began.
Americans’ reported level of deprivation is closer to that experienced by Indonesians or Greeks than it is the British or the Canadians. In fact, the percentage of Americans who say they could not afford the food needed by their families at some point in the last year is three times that in Germany, more than twice that in Italy and Canada."
Americans have rebuilt less than half of wealth lost to the recession, study says - The Washington Post
Americans have rebuilt less than half of wealth lost to the recession, study says - The Washington Post
"In addition, the report showed most of the improvement was due to gains in the stock market, which primarily benefit wealthy families. That means the recovery for other households has been even weaker."
"In addition, the report showed most of the improvement was due to gains in the stock market, which primarily benefit wealthy families. That means the recovery for other households has been even weaker."
Thursday, May 30, 2013
The ‘cult of capitalism’ and U.S. moral decline - Paul B. Farrell - MarketWatch
The ‘cult of capitalism’ and U.S. moral decline - Paul B. Farrell - MarketWatch
"Wall Street’s greedy narcissists are unwittingly sabotaging the economy, lost in their silent conspiracy, controlling the invisible hand, in a costly war that will again lead, as in 2000 and 2008, to the fulfillment of the death wish of the cult of capitalism."
"Wall Street’s greedy narcissists are unwittingly sabotaging the economy, lost in their silent conspiracy, controlling the invisible hand, in a costly war that will again lead, as in 2000 and 2008, to the fulfillment of the death wish of the cult of capitalism."
Wednesday, May 29, 2013
Monsanto sows seeds of protest - MarketWatch
Monsanto sows seeds of protest - MarketWatch
"For many protesters, it comes down to this slogan: “Either mankind will stop Monsanto or Monsanto will stop mankind.”
"Monsanto recently short-circuited this process by lobbying Washington lawmakers to slip a provision into a bill that President Barack Obama signed into law. It requires the USDA to ignore court rulings and permit planting of genetically engineered crops — even if courts deem them potentially unsafe — as the agency conducts further reviews. ... Imagine Boeing getting a law passed that allowed airlines to keep flying the Dreamliner while conflicted bureaucrats studied why its batteries caught fire in midflight."
"For many protesters, it comes down to this slogan: “Either mankind will stop Monsanto or Monsanto will stop mankind.”
"Monsanto recently short-circuited this process by lobbying Washington lawmakers to slip a provision into a bill that President Barack Obama signed into law. It requires the USDA to ignore court rulings and permit planting of genetically engineered crops — even if courts deem them potentially unsafe — as the agency conducts further reviews. ... Imagine Boeing getting a law passed that allowed airlines to keep flying the Dreamliner while conflicted bureaucrats studied why its batteries caught fire in midflight."
Monday, May 27, 2013
The Real Numbers: Half of America in Poverty -- and It's Creeping Upward | Alternet
The Real Numbers: Half of America in Poverty -- and It's Creeping Upward
"Analysis of Economic Policy Institute data shows that Mitt Romney's famous 47 percent, the alleged 'takers,' have taken nothing."
"The IRS reports that the highest wage in the bottom half of earners is about $34,000. To be eligible for food assistance, a family can earn up to 130% of the federal poverty line, or about $30,000 for a family of four. "
"Analysis of Economic Policy Institute data shows that Mitt Romney's famous 47 percent, the alleged 'takers,' have taken nothing."
"The IRS reports that the highest wage in the bottom half of earners is about $34,000. To be eligible for food assistance, a family can earn up to 130% of the federal poverty line, or about $30,000 for a family of four. "
America is the only rich country that doesn’t guarantee paid vacation or holidays
America is the only rich country that doesn’t guarantee paid vacation or holidays
"The United States is the only advanced economy in the world that does not guarantee its workers paid vacation. European countries establish legal rights to at least 20 days of paid vacation per year, with legal requirements of 25 and even 30 or more days in some countries. Australia and New Zealand both require employers to grant at least 20 vacation days per year; Canada and Japan mandate at least 10 paid days off. The gap between paid time off in the United States and the rest of the world is even larger if we include legally mandated paid holidays, where the United States offers none, but most of the rest of the world’s rich countries offer at least six paid holidays per year. "
" Of course, in practice, richer workers are able to negotiate for both paid vacation and paid holidays. It’s poorer workers who can’t take any time off."
"So among richer workers, almost all employers offer paid vacation and holidays, and quite a bit of it. Among poorer workers, less than half get paid vacation, and even when they do, their employers offer a lot less of it. This is one more way in which the poor often end up working much harder than the rich."
"The United States is the only advanced economy in the world that does not guarantee its workers paid vacation. European countries establish legal rights to at least 20 days of paid vacation per year, with legal requirements of 25 and even 30 or more days in some countries. Australia and New Zealand both require employers to grant at least 20 vacation days per year; Canada and Japan mandate at least 10 paid days off. The gap between paid time off in the United States and the rest of the world is even larger if we include legally mandated paid holidays, where the United States offers none, but most of the rest of the world’s rich countries offer at least six paid holidays per year. "
" Of course, in practice, richer workers are able to negotiate for both paid vacation and paid holidays. It’s poorer workers who can’t take any time off."
"So among richer workers, almost all employers offer paid vacation and holidays, and quite a bit of it. Among poorer workers, less than half get paid vacation, and even when they do, their employers offer a lot less of it. This is one more way in which the poor often end up working much harder than the rich."
Sunday, May 26, 2013
More Evidence Banks Violated Mortgage Pact: NY Attorney General
More Evidence Banks Violated Mortgage Pact: NY Attorney General
Schneiderman has said that, since last October, his office had documented 339 violations of standards—210 by Wells Fargo and 129 by Bank of America—dictating the timeline for banks to process mortgage modification applications.
Schneiderman has said that, since last October, his office had documented 339 violations of standards—210 by Wells Fargo and 129 by Bank of America—dictating the timeline for banks to process mortgage modification applications.
Protesters around the world march against Monsanto
Protesters around the world march against Monsanto
Organizers said "March Against Monsanto" protests were held in 52 countries and 436 cities, including Los Angeles where demonstrators waved signs that read "Real Food 4 Real People" and "Label GMOs, It's Our Right to Know."
Organizers said "March Against Monsanto" protests were held in 52 countries and 436 cities, including Los Angeles where demonstrators waved signs that read "Real Food 4 Real People" and "Label GMOs, It's Our Right to Know."
Friday, May 24, 2013
Calculated Risk: Update: The Two Bottoms for Housing
Calculated Risk: Update: The Two Bottoms for Housing
"There are usually two bottoms for housing: the first for new home sales, housing starts and residential investment, and the second bottom is for house prices...Now it appears activity bottomed in 2009 through 2011 (depending on the measure) and real house prices bottomed in early 2012."
"There are usually two bottoms for housing: the first for new home sales, housing starts and residential investment, and the second bottom is for house prices...Now it appears activity bottomed in 2009 through 2011 (depending on the measure) and real house prices bottomed in early 2012."
Friday, May 17, 2013
Insurers Stray From the Conservative Line on Climate Change - NYTimes.com
Insurers Stray From the Conservative Line on Climate Change - NYTimes.com
"And the industry expects the situation will get worse. “Numerous studies assume a rise in summer drought periods in North America in the future and an increasing probability of severe cyclones relatively far north along the U.S. East Coast in the long term,” said Peter Höppe, who heads Geo Risks Research at the reinsurance giant Munich Re. “The rise in sea level caused by climate change will further increase the risk of storm surge.” Most insurers, including the reinsurance companies that bear much of the ultimate risk in the industry, have little time for the arguments heard in some right-wing circles that climate change isn’t happening, and are quite comfortable with the scientific consensus that burning fossil fuels is the main culprit of global warming."
"And the industry expects the situation will get worse. “Numerous studies assume a rise in summer drought periods in North America in the future and an increasing probability of severe cyclones relatively far north along the U.S. East Coast in the long term,” said Peter Höppe, who heads Geo Risks Research at the reinsurance giant Munich Re. “The rise in sea level caused by climate change will further increase the risk of storm surge.” Most insurers, including the reinsurance companies that bear much of the ultimate risk in the industry, have little time for the arguments heard in some right-wing circles that climate change isn’t happening, and are quite comfortable with the scientific consensus that burning fossil fuels is the main culprit of global warming."
Average US Retirement Age Is 61--And Rising - Yahoo! Finance
Average US Retirement Age Is 61--And Rising
"The average non-retired American now plans to retire at 66, up from 60 in 1995, according to the Gallup survey....The trend to retire older started in the 1990s...."
"The average non-retired American now plans to retire at 66, up from 60 in 1995, according to the Gallup survey....The trend to retire older started in the 1990s...."
Monday, May 13, 2013
Markets Erode Morals, Let People Do Horrible Things: Study
Markets Erode Morals, Let People Do Horrible Things: Study
"Formerly public institutions have been privatized, including the warehousing of human beings in prisons, as The Huffington Post's Chris Kirkham has documented extensively. People get the names of casinos and porn sites tattooed on their faces. Pension plans have been replaced by market-based 401(k)s, which gradually eat away at retirement security. Some would like to replace social programs like Medicare and Social Security with market-based accounts. Satisfying the god of the free market has led to widening income inequality, with soaring stocks and stagnant wages."
"Formerly public institutions have been privatized, including the warehousing of human beings in prisons, as The Huffington Post's Chris Kirkham has documented extensively. People get the names of casinos and porn sites tattooed on their faces. Pension plans have been replaced by market-based 401(k)s, which gradually eat away at retirement security. Some would like to replace social programs like Medicare and Social Security with market-based accounts. Satisfying the god of the free market has led to widening income inequality, with soaring stocks and stagnant wages."
Friday, May 10, 2013
Gen. EfraÃn RÃos Montt of Guatemala Guilty of Genocide - NYTimes.com
Gen. EfraÃn RÃos Montt of Guatemala Guilty of Genocide - NYTimes.com
"The American military had a close relationship with the Guatemalan military well into the 1970s before President Jimmy Carter’s administration cut off aid. When General RÃos Montt seized power in March 1982, President Ronald Reagan’s administration cultivated him as a reliable Central American ally in its battle against Nicaragua’s Sandinista government and Salvadoran guerrillas."
...
"By the end of 1982, however, the State Department had gathered evidence that the army was behind the massacres.
"The American military had a close relationship with the Guatemalan military well into the 1970s before President Jimmy Carter’s administration cut off aid. When General RÃos Montt seized power in March 1982, President Ronald Reagan’s administration cultivated him as a reliable Central American ally in its battle against Nicaragua’s Sandinista government and Salvadoran guerrillas."
...
"By the end of 1982, however, the State Department had gathered evidence that the army was behind the massacres.
But even then, the administration insisted that General RÃos Montt was working to reduce the violence. After a regional meeting, President Reagan described him as “a man of great personal integrity and commitment.”
Thursday, May 09, 2013
New Database Reveals Adjacent Hospitals Charging $200,000 Difference For Same Procedure | TechCrunch
New Database Reveals Adjacent Hospitals Charging $200,000 Difference For Same Procedure |
"Average inpatient charges for services a hospital may provide in connection with a joint replacement range from a low of $5,300 at a hospital in Ada, Oklahoma, to a high of $223,000 at a hospital in Monterey Park, California. Even within the same geographic area,”
"Average inpatient charges for services a hospital may provide in connection with a joint replacement range from a low of $5,300 at a hospital in Ada, Oklahoma, to a high of $223,000 at a hospital in Monterey Park, California. Even within the same geographic area,”
Wednesday, May 08, 2013
Stephen Hawking joins academic boycott of Israel | World news | The Guardian
Stephen Hawking joins academic boycott of Israel
"Hawking's decision marks another victory in the campaign for boycott, divestment and sanctions targeting Israeli academic institutions."
"Hawking's decision marks another victory in the campaign for boycott, divestment and sanctions targeting Israeli academic institutions."
Enron's Skilling May Be Free As Soon As 2017 Or 11 Years Early | Zero Hedge
Enron's Skilling May Be Free As Soon As 2017 Or 11 Years Early | Zero Hedge
"ENRON'S SKILLING HELPED MASTERMIND MASSIVE FRAUD AT ENERGY FIRM
"ENRON'S SKILLING HELPED MASTERMIND MASSIVE FRAUD AT ENERGY FIRM
Indeed he did: which is why it is surprising he served any prison time at all.
So in brief: justice for all, except for those who have $40 million set aside for "restitution payments."
The Idled Young Americans - NYTimes.com
The Idled Young Americans - NYTimes.com
"For all of Europe’s troubles — a left-right combination of sclerotic labor markets and austerity — the United States has quietly surpassed much of Europe in the percentage of young adults without jobs. It’s not just Europe, either. Over the last 12 years, the United States has gone from having the highest share of employed 25- to 34-year-olds among large, wealthy economies to having among the lowest."
"For all of Europe’s troubles — a left-right combination of sclerotic labor markets and austerity — the United States has quietly surpassed much of Europe in the percentage of young adults without jobs. It’s not just Europe, either. Over the last 12 years, the United States has gone from having the highest share of employed 25- to 34-year-olds among large, wealthy economies to having among the lowest."
Sunday, May 05, 2013
The Rich Have Gained $5.6 Trillion in the 'Recovery,' While the Rest of Us Have Lost $669 Billion | Alternet
The Rich Have Gained $5.6 Trillion in the 'Recovery,' While the Rest of Us Have Lost $669 Billion | Alternet
"From 2009 to 2011, the richest 8 million families (the top 7%) on average saw their wealth rise from $1.7 million to $2.5 million each. Meanwhile the rest of us -- the bottom 93% (that's 111 million families) -- suffered on average a decline of $6,000 each.
Do the math and you'll discover that the top 7% gained a whopping $5.6 trillion in net worth (assets minus liabilities) while the rest of lost $669 billion. Their wealth went up by 28% while ours went down by 4 percent."
"From 2009 to 2011, the richest 8 million families (the top 7%) on average saw their wealth rise from $1.7 million to $2.5 million each. Meanwhile the rest of us -- the bottom 93% (that's 111 million families) -- suffered on average a decline of $6,000 each.
Do the math and you'll discover that the top 7% gained a whopping $5.6 trillion in net worth (assets minus liabilities) while the rest of lost $669 billion. Their wealth went up by 28% while ours went down by 4 percent."
Tuesday, April 30, 2013
How Did the World's Rich Get That Way? Luck - Businessweek
How Did the World's Rich Get That Way? Luck - Businessweek
"Take the importance of family. In the U.S., about 50 percent of variation of wealth and about 35 percent to 43 percent of variation in income of children can be explained by the relative wealth and income (PDF) of their parents, suggest economists Samuel Bowles and Herbert Gintis. One reason for this tight relationship is that parents who were educated are far more likely to educate their own kids. According to Michael Greenstone and Adam Looney of the Brookings Institution, the median wage of the average American male—employed or not—has declined by $13,000 since 1969. Most of that drop is because of plummeting earnings among those with a high school diploma or less, something that’s highly dependent on your parents. Evan Soltas examined the General Social Survey data and concluded that if your father didn’t graduate high school, you are eight times more likely not to graduate high school yourself—a 22.2 percent chance, as compared to a 2.9 percent chance among kids whose fathers did graduate.
"Take the importance of family. In the U.S., about 50 percent of variation of wealth and about 35 percent to 43 percent of variation in income of children can be explained by the relative wealth and income (PDF) of their parents, suggest economists Samuel Bowles and Herbert Gintis. One reason for this tight relationship is that parents who were educated are far more likely to educate their own kids. According to Michael Greenstone and Adam Looney of the Brookings Institution, the median wage of the average American male—employed or not—has declined by $13,000 since 1969. Most of that drop is because of plummeting earnings among those with a high school diploma or less, something that’s highly dependent on your parents. Evan Soltas examined the General Social Survey data and concluded that if your father didn’t graduate high school, you are eight times more likely not to graduate high school yourself—a 22.2 percent chance, as compared to a 2.9 percent chance among kids whose fathers did graduate.
The advantages of a privileged background don’t stop at graduation. Tufts economist Linda Loury suggests that half of all jobs in the U.S. are found through family, friends, or acquaintances. Canadian economists Miles Corak and Patrizio Piraino look at how often men end up working at the same company where their father worked, finding that as many as 40 percent have done that at some point. The proportion rises to 70 percent among the top 1 percent in income distribution. This helps to explain why the relationship between the earnings of parent and child is even higher at the top end than it is across the population at large, according to Corak. One-third of successions between chief executive officers in publicly listed companies in the U.S. involves an incoming CEO related by blood or marriage to the old CEO, the founder, or a large shareholder."
Calculated Risk: Real House Prices, Price-to-Rent Ratio, City Prices relative to 2000
Calculated Risk: Real House Prices, Price-to-Rent Ratio, City Prices relative to 2000
"In nominal terms, the Case-Shiller National index (SA) is back to Q2 2003 levels (and also back up to Q3 2010), and the Case-Shiller Composite 20 Index (SA) is back to November 2003 levels, and the CoreLogic index (NSA) is back to January 2004. "
"In real terms, the National index is back to October 1999 levels, the Composite 20 index is back to January 2001, and the CoreLogic index back to February 2001.
In real terms, most of the appreciation in the last decade is gone."
"In nominal terms, the Case-Shiller National index (SA) is back to Q2 2003 levels (and also back up to Q3 2010), and the Case-Shiller Composite 20 Index (SA) is back to November 2003 levels, and the CoreLogic index (NSA) is back to January 2004. "
"In real terms, the National index is back to October 1999 levels, the Composite 20 index is back to January 2001, and the CoreLogic index back to February 2001.
In real terms, most of the appreciation in the last decade is gone."
"On a price-to-rent basis, the Case-Shiller National index is back to Q4 1999 levels, the Composite 20 index is back to January 2001 levels, and the CoreLogic index is back to February 2001.
In real terms - and as a price-to-rent ratio - prices are mostly back to early 2000 levels."
Wealthiest Americans Only Winners in Recovery, Pew Says - Bloomberg
Wealthiest Americans Only Winners in Recovery, Pew Says
"Pew attributed the disparity to gains during that period in the stock and bond markets, benefiting affluent households, while the housing market’s decline hit others harder. The report underscores the nation’s growing income inequality, with the top 13 percent of households recovering their losses from the 18- month recession that ended in June 2009, and the rest of the country continuing to hemorrhage wealth."
"Pew attributed the disparity to gains during that period in the stock and bond markets, benefiting affluent households, while the housing market’s decline hit others harder. The report underscores the nation’s growing income inequality, with the top 13 percent of households recovering their losses from the 18- month recession that ended in June 2009, and the rest of the country continuing to hemorrhage wealth."
Wednesday, April 24, 2013
Wall Street betting billions on single-family homes in distressed markets - The Washington Post
Wall Street betting billions on single-family homes in distressed markets - The Washington Post
“There is the possibility that Wall Street and the banks and the affluent 1 percent stand to gain the most from this,” said Jack McCabe, a real estate consultant based in Deerfield Beach, Fla. “Meanwhile, lower-income Americans will lose their opportunity for the American Dream of building wealth through owning a home.”
“There is the possibility that Wall Street and the banks and the affluent 1 percent stand to gain the most from this,” said Jack McCabe, a real estate consultant based in Deerfield Beach, Fla. “Meanwhile, lower-income Americans will lose their opportunity for the American Dream of building wealth through owning a home.”
Tuesday, April 23, 2013
The wealthy keep getting wealthier - Business Insider
The wealthy keep getting wealthier - Business Insider
"The wealthiest 7% (households earning $840,000 or more), on the other hand, had more money to invest in the stock market, which has rebounded at a faster rate. Between 2009 and 2011, the S&P 500 soared by 34% while the S&P/Case-Shiller home price index dropped by 5%."
"The wealthiest 7% (households earning $840,000 or more), on the other hand, had more money to invest in the stock market, which has rebounded at a faster rate. Between 2009 and 2011, the S&P 500 soared by 34% while the S&P/Case-Shiller home price index dropped by 5%."
Monday, April 22, 2013
Hewlett-Packard and Its Obstinate Director - NYTimes.com
Hewlett-Packard and Its Obstinate Director - NYTimes.com
"Boards “are like the Hotel California,” Mr. Patterson said. “Directors check in but they never check out. It’s so hard to mount and win a campaign, and even then, they stay. Shareholders need to mobilize for a second round."
"Boards “are like the Hotel California,” Mr. Patterson said. “Directors check in but they never check out. It’s so hard to mount and win a campaign, and even then, they stay. Shareholders need to mobilize for a second round."
Thursday, April 18, 2013
Lawrence Wittner: That's Where the Money Goes
Lawrence Wittner: That's Where the Money Goes
The United States spent more than four times as much on the military as China (the number two big spender) and more than seven times as much as Russia (which ranked third).
The United States spent more than four times as much on the military as China (the number two big spender) and more than seven times as much as Russia (which ranked third).
Wednesday, April 17, 2013
Whoops! Turns out debt doesn’t ruin economies - Salon.com
Whoops! Turns out debt doesn’t ruin economies - Salon.com
"The reason we are just now getting critical second looks at Reinhart and Rogoff’s findings, when the paper in question came out in 2010, is that the economists just didn’t release their data. Here’s Dean Baker complaining about that fact in 2010. As he wrote: “Mr. Rogoff and Ms. Reinhart have declined to adhere to standard ethics within the economics profession and have refused to share the data on which they base their conclusion with other researchers.”
This is important — it should in fact be a Big Deal — because Reinhart and Rogoff have been the ultimate authorities in the appeals to authority from everyone advocating austerity in the U.S. and across the world for the last few years. Tim Fernholz excerpts Tom Coburn’s account of the address the two gave to 40 senators, and quotes officials and politicians from Europe and the U.S. and from both sides of the American party divide praising Reinhart and Rogoff’s study.
So, austerity’s canceled, right? Haha, no, sorry.
The problem is that debt moralists used the study to justify a political belief, and they will not shed that belief now that the study has been shown to be flawed. The idea that debt is just innately bad, and indicative of a sort of national deficiency of character, will persist. It’s not based on data, it’s based on facile analogies to kitchen table checkbook balancing and “common sense” about how it is always necessary to “live within your means.” We already have plenty of evidence that austerity doesn’t boost economies, and no one cares. No one will care about this."
"The reason we are just now getting critical second looks at Reinhart and Rogoff’s findings, when the paper in question came out in 2010, is that the economists just didn’t release their data. Here’s Dean Baker complaining about that fact in 2010. As he wrote: “Mr. Rogoff and Ms. Reinhart have declined to adhere to standard ethics within the economics profession and have refused to share the data on which they base their conclusion with other researchers.”
This is important — it should in fact be a Big Deal — because Reinhart and Rogoff have been the ultimate authorities in the appeals to authority from everyone advocating austerity in the U.S. and across the world for the last few years. Tim Fernholz excerpts Tom Coburn’s account of the address the two gave to 40 senators, and quotes officials and politicians from Europe and the U.S. and from both sides of the American party divide praising Reinhart and Rogoff’s study.
So, austerity’s canceled, right? Haha, no, sorry.
The problem is that debt moralists used the study to justify a political belief, and they will not shed that belief now that the study has been shown to be flawed. The idea that debt is just innately bad, and indicative of a sort of national deficiency of character, will persist. It’s not based on data, it’s based on facile analogies to kitchen table checkbook balancing and “common sense” about how it is always necessary to “live within your means.” We already have plenty of evidence that austerity doesn’t boost economies, and no one cares. No one will care about this."
Tuesday, April 16, 2013
A Tax System Stacked Against the 99 Percent - NYTimes.com
A Tax System Stacked Against the 99 Percent - NYTimes.com
"What should shock and outrage us is that as the top 1 percent has grown extremely rich, the effective tax rates they pay have markedly decreased. Our tax system is much less progressive than it was for much of the 20th century. The top marginal income tax rate peaked at 94 percent during World War II and remained at 70 percent through the 1960s and 1970s; it is now 39.6 percent. Tax fairness has gotten much worse in the 30 years since the Reagan “revolution” of the 1980s."
"What should shock and outrage us is that as the top 1 percent has grown extremely rich, the effective tax rates they pay have markedly decreased. Our tax system is much less progressive than it was for much of the 20th century. The top marginal income tax rate peaked at 94 percent during World War II and remained at 70 percent through the 1960s and 1970s; it is now 39.6 percent. Tax fairness has gotten much worse in the 30 years since the Reagan “revolution” of the 1980s."
Goldman, AIG and the government renew their friendship - Reuters
Goldman, AIG and the government renew their friendship | Unstructured Finance
"For those who follow bailout sagas, the idea of a Goldman bankers handling AIG’s bailout repayment and being congratulated by a former government official has a certain degree of irony.
"For those who follow bailout sagas, the idea of a Goldman bankers handling AIG’s bailout repayment and being congratulated by a former government official has a certain degree of irony.
One of the biggest scandals coming out of the financial crisis was a $12.9 billion payment AIG made to Goldman Sachs after its bailout in the fall of 2008. The payout was related to credit default swaps that Goldman had purchased from AIG in the years leading up to the crisis, to protect against potential losses on mortgage securities.
As mortgages went belly up in 2007, Goldman began demanding payments from AIG. The two parties had a drawn-out, heated battle about the amount of money Goldman deserved. But when the government took over AIG’s finances, the insurer paid Goldman and more than a dozen other banks 100 cents on the dollar.
Goldman got special scrutiny because it received more than other banks, and because the country was in the midst of a populist backlash against Wall Street. Within four months, Goldman Sachs had become the “vampire squid” – a moniker that stuck – and dozens of conspiracy theories about Goldman being “Government Sachs” took root."
Thursday, April 11, 2013
The Madness of NYT’s Tom Friedman | Consortiumnews
The Madness of NYT’s Tom Friedman | Consortiumnews
"When ranking which multi-millionaire American pundit is the most overrated, there are, without doubt, many worthy contenders, but one near the top of any list must be the New York Times’ Thomas L. Friedman – with his long record of disastrous policy pronouncements including his enthusiasm for George W. Bush’s invasion of Iraq.
Friedman, of course, has paid no career price for his misguided judgments and simplistic nostrums. Like many other star pundits who inhabit the Op-Ed pages of the Times and the Washington Post, Friedman has ascended to a place where the normal powers of gravity don’t apply, where the cumulative weight of his errors only lifts him up."
"When ranking which multi-millionaire American pundit is the most overrated, there are, without doubt, many worthy contenders, but one near the top of any list must be the New York Times’ Thomas L. Friedman – with his long record of disastrous policy pronouncements including his enthusiasm for George W. Bush’s invasion of Iraq.
Friedman, of course, has paid no career price for his misguided judgments and simplistic nostrums. Like many other star pundits who inhabit the Op-Ed pages of the Times and the Washington Post, Friedman has ascended to a place where the normal powers of gravity don’t apply, where the cumulative weight of his errors only lifts him up."
How High Should Top Income Tax Rates Be? (Hint: Much Higher)
How High Should Top Income Tax Rates Be? (Hint: Much Higher):
"time series analyses of top income tax rates since World War II suggest that their decline has had a statistically insignificant impact on economic growth and its driving factors — labor supply, savings, investment, and productivity. On the other hand, the falling top tax rate has had a statistically significant impact both in increasing the share of income concentrated at the very top of the income distribution and the share of income accruing to capital at the expense of labor income."
"time series analyses of top income tax rates since World War II suggest that their decline has had a statistically insignificant impact on economic growth and its driving factors — labor supply, savings, investment, and productivity. On the other hand, the falling top tax rate has had a statistically significant impact both in increasing the share of income concentrated at the very top of the income distribution and the share of income accruing to capital at the expense of labor income."
Wednesday, April 10, 2013
Millionaire Freshmen Make Congress Even Wealthier - OpenSecrets Blog
Millionaire Freshmen Make Congress Even Wealthier - OpenSecrets Blog
"According to data collected from personal financial disclosure forms filed by all members of Congress and candidates who succeeded at the polls in November, the median net worth of the 94 incoming lawmakers at the end of 2011 was $1,066,515. The most recent numbers available from the U.S. Census show that the median net worth of the typical American household is $66,740. "
"According to data collected from personal financial disclosure forms filed by all members of Congress and candidates who succeeded at the polls in November, the median net worth of the 94 incoming lawmakers at the end of 2011 was $1,066,515. The most recent numbers available from the U.S. Census show that the median net worth of the typical American household is $66,740. "
Tuesday, April 09, 2013
How New Jersey Defendants Receive A Ten-Month Sentence For Being Poor | ThinkProgress
How New Jersey Defendants Receive A Ten-Month Sentence For Being Poor | ThinkProgress: "Most of the inmates in New Jersey’s jails are incarcerated because they were charged with a crime and are awaiting trial, and nearly 40 percent of them would have been released immediately had they been able to afford bail, according to a new study. "
Arggggh! American Workers at a Breaking Point - Yahoo! Finance
Arggggh! American Workers at a Breaking Point - Yahoo! Finance
"A whopping 83 percent of American workers said they are stressed out by at least one thing at work, up sharply from 73 percent in 2012, according to a survey by Harris Interactive for Everest College."
"A whopping 83 percent of American workers said they are stressed out by at least one thing at work, up sharply from 73 percent in 2012, according to a survey by Harris Interactive for Everest College."
Monday, April 01, 2013
21 graphs that show America’s health-care prices are ludicrous
21 graphs that show America’s health-care prices are ludicrous
This is the fundamental fact of American health care: We pay much, much more than other countries do for the exact same things.
This is the fundamental fact of American health care: We pay much, much more than other countries do for the exact same things.
Thursday, March 28, 2013
Study: Iraq, Afghan war costs to top $4 trillion - The Washington Post
Study: Iraq, Afghan war costs to top $4 trillion - The Washington Post
"As a consequence of these wartime spending choices, the United States will face constraints in funding investments in personnel and diplomacy, research and development and new military initiatives,” the report says. “The legacy of decisions taken during the Iraq and Afghanistan wars will dominate future federal budgets for decades to come.”
"As a consequence of these wartime spending choices, the United States will face constraints in funding investments in personnel and diplomacy, research and development and new military initiatives,” the report says. “The legacy of decisions taken during the Iraq and Afghanistan wars will dominate future federal budgets for decades to come.”
Hot Money Blues - NYTimes.com
Hot Money Blues - Krugman - NYTimes.com:
"But the truth, hard as it may be for ideologues to accept, is that unrestricted movement of capital is looking more and more like a failed experiment.
It’s hard to imagine now, but for more than three decades after World War II financial crises of the kind we’ve lately become so familiar with hardly ever happened. Since 1980, however, the roster has been impressive: Mexico, Brazil, Argentina and Chile in 1982. Sweden and Finland in 1991. Mexico again in 1995. Thailand, Malaysia, Indonesia and Korea in 1998. Argentina again in 2002. And, of course, the more recent run of disasters: Iceland, Ireland, Greece, Portugal, Spain, Italy, Cyprus."
'via Blog this'
"But the truth, hard as it may be for ideologues to accept, is that unrestricted movement of capital is looking more and more like a failed experiment.
It’s hard to imagine now, but for more than three decades after World War II financial crises of the kind we’ve lately become so familiar with hardly ever happened. Since 1980, however, the roster has been impressive: Mexico, Brazil, Argentina and Chile in 1982. Sweden and Finland in 1991. Mexico again in 1995. Thailand, Malaysia, Indonesia and Korea in 1998. Argentina again in 2002. And, of course, the more recent run of disasters: Iceland, Ireland, Greece, Portugal, Spain, Italy, Cyprus."
'via Blog this'
Wednesday, March 27, 2013
Tuesday, March 26, 2013
College Grads May Be Stuck in Low-Skill Jobs - Yahoo! Finance
College Grads May Be Stuck in Low-Skill Jobs - WSJ
"Underemployment—skilled workers doing jobs that don't require their level of education—has been one of the hallmarks of the slow recovery. By some measures, nearly half of employed college graduates are in jobs that don't traditionally require a college degree.
Economists have generally assumed the problem was temporary: As the economy improved, companies would need more highly educated employees. But in a paper released Monday by the National Bureau of Economic Research, a team of Canadian economists argues that the U.S. faces a longer-term problem."
"Underemployment—skilled workers doing jobs that don't require their level of education—has been one of the hallmarks of the slow recovery. By some measures, nearly half of employed college graduates are in jobs that don't traditionally require a college degree.
Economists have generally assumed the problem was temporary: As the economy improved, companies would need more highly educated employees. But in a paper released Monday by the National Bureau of Economic Research, a team of Canadian economists argues that the U.S. faces a longer-term problem."
The London Whale and the real link between the US economy and Cyprus | Dean Baker | Comment is free | guardian.co.uk
The London Whale and the real link between the US economy and Cyprus | Dean Baker | Guardian
"Many highly-respected Washington types have been running around for the last three years yelling that because of its large budget deficits, the United States is Greece. Then we learned last week that the immediate danger is the United States being Cyprus."
"Many highly-respected Washington types have been running around for the last three years yelling that because of its large budget deficits, the United States is Greece. Then we learned last week that the immediate danger is the United States being Cyprus."
Monday, March 25, 2013
Tuesday, March 19, 2013
Jamie Dimon Told Regulators He Would Not Follow Regulations | FDL News Desk
Jamie Dimon Told Regulators He Would Not Follow Regulations | FDL News Desk:
"Only Wall Street could be so brazen, the confidence that comes from widespread bribery. In no other field could a corporate officer decide to break the law and when questioned by the regulator scream at them about the law being wrong. If you are looking for more evidence that it’s the rich not the law that rules – now you have it. How dare the regulators try to regulate! Don’t they know Dimon is special? Don’t they know that Wall Street is above the law?
"Only Wall Street could be so brazen, the confidence that comes from widespread bribery. In no other field could a corporate officer decide to break the law and when questioned by the regulator scream at them about the law being wrong. If you are looking for more evidence that it’s the rich not the law that rules – now you have it. How dare the regulators try to regulate! Don’t they know Dimon is special? Don’t they know that Wall Street is above the law?
The Senate Committee released a damning report on JP Morgan’s conduct in the London Whale trade and apparent cover up. Of course, there won’t be any real consequences, not only does Wall Street get toshop for its regulators but in the event the regulator actually tries to enforce the law they get to bully them out of their position which the public will only learn about if the Senate has a hearing.
No fines, no jail time, just break the law and never back down and you can get that big bonus. Too Big To Fail and Too Big To Jail."
Monday, March 18, 2013
MI6 and CIA heard Iraq had no active WMD capability ahead of invasion | World news | guardian.co.uk
MI6 and CIA heard Iraq had no active WMD capability ahead of invasion - Guardian
"Tony Blair told parliament before the war that intelligence showed Iraq's nuclear, chemical, and biological weapons programme was "active", "growing" and "up and running".
A special BBC Panorama programme aired on Monday night details how British and US intelligence agencies were informed by top sources months before the invasion that Iraq had no active WMD programme, and that the information was not passed to subsequent inquiries."
"Tony Blair told parliament before the war that intelligence showed Iraq's nuclear, chemical, and biological weapons programme was "active", "growing" and "up and running".
A special BBC Panorama programme aired on Monday night details how British and US intelligence agencies were informed by top sources months before the invasion that Iraq had no active WMD programme, and that the information was not passed to subsequent inquiries."
Sunday, March 17, 2013
JPMorgan bullied bank regulators, documents and testimony show - The Washington Post
JPMorgan bullied bank regulators, documents and testimony show - The Washington Post
When examiners issued recommendations the bank didn’t like, executives yelled and called the federal officials “stupid.”
When examiners issued recommendations the bank didn’t like, executives yelled and called the federal officials “stupid.”
Friday, March 15, 2013
How Monsanto outfoxed the Obama administration - Salon.com
How Monsanto outfoxed the Obama administration - Salon.com
"Experts who have examined Monsanto’s conduct say the Justice Department’s decision not to act all but officially establishes the firm’s sovereignty over the U.S. seed industry. Many of them also say the decision ratifies aggressive practices Monsanto used to entrench its dominance and deter competition. This includes highly restrictive contractual agreements that excluded rivals, alongside a multibillion-dollar spree to buy up seed companies."
"Experts who have examined Monsanto’s conduct say the Justice Department’s decision not to act all but officially establishes the firm’s sovereignty over the U.S. seed industry. Many of them also say the decision ratifies aggressive practices Monsanto used to entrench its dominance and deter competition. This includes highly restrictive contractual agreements that excluded rivals, alongside a multibillion-dollar spree to buy up seed companies."
Thursday, March 14, 2013
Iraq war costs U.S. more than $2 trillion - study - Yahoo! News India
Iraq war costs U.S. more than $2 trillion - study - Yahoo! News India
"The U.S. war in Iraq has cost $1.7 trillion with an additional $490 billion in benefits owed to war veterans, expenses that could grow to more than $6 trillion over the next four decades counting interest, a study released on Thursday said.
"The U.S. war in Iraq has cost $1.7 trillion with an additional $490 billion in benefits owed to war veterans, expenses that could grow to more than $6 trillion over the next four decades counting interest, a study released on Thursday said.
The war has killed at least 134,000 Iraqi civilians and may have contributed to the deaths of as many as four times that number, according to the Costs of War Project by the Watson Institute for International Studies at Brown University."
37 percent of people completely lost | Notes & Errata by Mark Morford | an SFGate.com blog
37 percent of Americans completely lost - SFGate.com blog
"Six percent of Americans believe in unicorns. Thirty-six percent believe in UFOs. A whopping 24 percent believe dinosaurs and man hung out together. Eighteen percent still believe the sun revolves around the Earth. Nearly 30 percent believe cloud computing involves… actual clouds. A shockingly sad 18 percent, to this very day, believe the president is a Muslim."
"Six percent of Americans believe in unicorns. Thirty-six percent believe in UFOs. A whopping 24 percent believe dinosaurs and man hung out together. Eighteen percent still believe the sun revolves around the Earth. Nearly 30 percent believe cloud computing involves… actual clouds. A shockingly sad 18 percent, to this very day, believe the president is a Muslim."
Iraq's pain has only intensified since 2003 | Sami Ramadani | Comment is free | The Guardian
Iraq's pain has only intensified since 2003 | Sami Ramadani | The Guardian
The country already so damaged, is now crippled by fear of all-out civil war.
"Wanton imperialist intervention and dictatorial rule have together been responsible for the deaths of more than a million people since 1991. And yet, according to both Tony Blair and the former US secretary of state Madeleine Albright, the "price is worth it". Blair, whom most Iraqis regard as a war criminal, is given VIP treatment by a culpable media. Iraqis listen in disbelief when he says: "I feel responsibility but no regret for removing Saddam Hussein." (As if Saddam and his henchmen were simply whisked away, leaving the people to build a democratic state). It enrages us to see Blair build a business empire, capitalising on his role in piling up more Iraqi skulls than even Saddam managed."
The country already so damaged, is now crippled by fear of all-out civil war.
"Wanton imperialist intervention and dictatorial rule have together been responsible for the deaths of more than a million people since 1991. And yet, according to both Tony Blair and the former US secretary of state Madeleine Albright, the "price is worth it". Blair, whom most Iraqis regard as a war criminal, is given VIP treatment by a culpable media. Iraqis listen in disbelief when he says: "I feel responsibility but no regret for removing Saddam Hussein." (As if Saddam and his henchmen were simply whisked away, leaving the people to build a democratic state). It enrages us to see Blair build a business empire, capitalising on his role in piling up more Iraqi skulls than even Saddam managed."
Katrina vanden Heuvel: Above the law - The Washington Post
Katrina vanden Heuvel: Above the law - The Washington Post
The country is waging a war on terrorism that admits no boundary and no end. Now Holder is saying that the president has the authority to kill Americans in the United States if they are “engaged in combat.” No hearing, no review, no due process of law. For those who remember how the FBI deemed Martin Luther King Jr. a communist, and how the national security apparatus termed Nelson Mandela a terrorist, alarm is surely justified.
Then, the attorney general, while testifying before the Judiciary Committee, was challenged by Sen. Charles Grassley (R-Iowa) about the glaring absence of any indictments against leading bankers or big banks coming out of the financial collapse. Holder responded that, essentially, these banks were too big to jail.
“The size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy,” he said.
This astounding admission of what clearly has been administration policy helped spur newly elected Sen. Elizabeth Warren (D-Mass.) to grill regulators at a separate banking committee hearing. Asking why there was no indictment of the big British bank HSBC, which settled after after an investigation found that it laundered billions of dollars from Iran, Libya and drug cartels despite repeated cease-and-desist warnings, Warren expressed the public’s exasperation.
“If you’re caught with an ounce of cocaine, the chances are good you’re going to go to jail. If it happens repeatedly, you may go to jail for the rest of your life,” Warren said. “But, evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your bed at night — every single individual associated with this. And I think that’s fundamentally wrong.”
Taken together, the attorney general’s astounding claims undermine the whole notion of a nation of laws.
The country is waging a war on terrorism that admits no boundary and no end. Now Holder is saying that the president has the authority to kill Americans in the United States if they are “engaged in combat.” No hearing, no review, no due process of law. For those who remember how the FBI deemed Martin Luther King Jr. a communist, and how the national security apparatus termed Nelson Mandela a terrorist, alarm is surely justified.
Then, the attorney general, while testifying before the Judiciary Committee, was challenged by Sen. Charles Grassley (R-Iowa) about the glaring absence of any indictments against leading bankers or big banks coming out of the financial collapse. Holder responded that, essentially, these banks were too big to jail.
“The size of some of these institutions becomes so large that it does become difficult for us to prosecute them when we are hit with indications that if you do prosecute, if you do bring a criminal charge, it will have a negative impact on the national economy,” he said.
This astounding admission of what clearly has been administration policy helped spur newly elected Sen. Elizabeth Warren (D-Mass.) to grill regulators at a separate banking committee hearing. Asking why there was no indictment of the big British bank HSBC, which settled after after an investigation found that it laundered billions of dollars from Iran, Libya and drug cartels despite repeated cease-and-desist warnings, Warren expressed the public’s exasperation.
“If you’re caught with an ounce of cocaine, the chances are good you’re going to go to jail. If it happens repeatedly, you may go to jail for the rest of your life,” Warren said. “But, evidently, if you launder nearly a billion dollars for drug cartels and violate our international sanctions, your company pays a fine and you go home and sleep in your bed at night — every single individual associated with this. And I think that’s fundamentally wrong.”
Taken together, the attorney general’s astounding claims undermine the whole notion of a nation of laws.
Sunday, March 10, 2013
Many Left Behind as Silicon Valley Rebounds - ABC News
Many Left Behind as Silicon Valley Rebounds - ABC News
Food stamp participation just hit a 10-year high, homelessness rose 20 percent in two years, and the average income for Hispanics, who make up one in four Silicon Valley residents, fell to a new low of about $19,000 a year— capping a steady 14 percent drop over the past five years, according to the annual Silicon Valley Index...
Before the Great Recession, about 10 percent of people seeking food had at least some college education. Today, one in four who line up at food pantries for bags of free food have been to college. Last year the share of households in Silicon Valley earning less than $35,000 rose two percentage points to 20 percent, according to the 2013 Silicon Valley Index.
"There are millionaires, even billionaires, who sit in their sunrooms watching me work in their gardens and they have no clue what's going on," said Sherri Bohan, a credentialed horticulturist who ran a landscape gardening firm for 30 years and raised two sons as a single mom. Today, retired and disabled, she picks up a free bag of groceries every week at her local food bank. Without the food she says she would go hungry.
Food stamp participation just hit a 10-year high, homelessness rose 20 percent in two years, and the average income for Hispanics, who make up one in four Silicon Valley residents, fell to a new low of about $19,000 a year— capping a steady 14 percent drop over the past five years, according to the annual Silicon Valley Index...
Before the Great Recession, about 10 percent of people seeking food had at least some college education. Today, one in four who line up at food pantries for bags of free food have been to college. Last year the share of households in Silicon Valley earning less than $35,000 rose two percentage points to 20 percent, according to the 2013 Silicon Valley Index.
"There are millionaires, even billionaires, who sit in their sunrooms watching me work in their gardens and they have no clue what's going on," said Sherri Bohan, a credentialed horticulturist who ran a landscape gardening firm for 30 years and raised two sons as a single mom. Today, retired and disabled, she picks up a free bag of groceries every week at her local food bank. Without the food she says she would go hungry.
Friday, March 08, 2013
401Ks are a disaster: Column
401Ks are a disaster: USAToday
Thanks Wallstreet for pushing the 401Ks in place of defined benefit plans/pensions.
Thanks Wallstreet for pushing the 401Ks in place of defined benefit plans/pensions.
Thursday, March 07, 2013
Tuesday, March 05, 2013
Economic Optimism Plunges; 59% Say U.S. In Recession: IBD/TIPP Poll - Investors.com
Economic Optimism Plunges; 59% Say U.S. In Recession: IBD/TIPP Poll - Investors.com:
Dow hits all time high while 59% think US is in recession !
Dow hits all time high while 59% think US is in recession !
Sunday, March 03, 2013
India's rice revolution
India's rice revolution - Guardian
In a village in India's poorest state, Bihar, farmers are growing world record amounts of rice – with no GM, and no herbicide. Is this one solution to world food shortages?
Last month Nobel prize-winning economist Joseph Stiglitz visited Nalanda district and recognised the potential of this kind of organic farming, telling the villagers they were "better than scientists". "It was amazing to see their success in organic farming," said Stiglitz, who called for more research. "Agriculture scientists from across the world should visit and learn and be inspired by them."
In a village in India's poorest state, Bihar, farmers are growing world record amounts of rice – with no GM, and no herbicide. Is this one solution to world food shortages?
Last month Nobel prize-winning economist Joseph Stiglitz visited Nalanda district and recognised the potential of this kind of organic farming, telling the villagers they were "better than scientists". "It was amazing to see their success in organic farming," said Stiglitz, who called for more research. "Agriculture scientists from across the world should visit and learn and be inspired by them."
Friday, March 01, 2013
Thursday, February 28, 2013
Short sales surged in 2012 - Yahoo! Finance
Short sales surged in 2012 - Yahoo! Finance
Foreclosures accounted for 11% of all sales, down from 13% a year before. Meanwhile, short sales rose 5% year-over-year, accounting for 32% of all home deals.
Foreclosures accounted for 11% of all sales, down from 13% a year before. Meanwhile, short sales rose 5% year-over-year, accounting for 32% of all home deals.
Wednesday, February 27, 2013
Salt, Sugar, Fat: How the Food Giants Hooked Us by Michael Moss – review | Books | The Observer
Salt, Sugar, Fat: How the Food Giants Hooked Us by Michael Moss – Guardian.com
A damning investigation into the junk food industry is both chilling and contentious.
A damning investigation into the junk food industry is both chilling and contentious.
Sunday, February 24, 2013
Why Should Taxpayers Give Big Banks $83 Billion a Year? - Bloomberg
Why Should Taxpayers Give Big Banks $83 Billion a Year? - Bloomberg
Banks have a powerful incentive to get big and unwieldy. The larger they are, the more disastrous their failure would be and the more certain they can be of a government bailout in an emergency. The result is an implicit subsidy: The banks that are potentially the most dangerous can borrow at lower rates, because creditors perceive them as too big to fail.
Banks have a powerful incentive to get big and unwieldy. The larger they are, the more disastrous their failure would be and the more certain they can be of a government bailout in an emergency. The result is an implicit subsidy: The banks that are potentially the most dangerous can borrow at lower rates, because creditors perceive them as too big to fail.
Thursday, February 21, 2013
Tuesday, February 19, 2013
There’s Still a Foreclosure Crisis » Counterpunch: Tells the Facts, Names the Names
There’s Still a Foreclosure Crisis Mike Whitney - Counterpunch
A closer inspection of the data suggests that it’s not Mr. Public who’s buying all those homes, but deep-pocket speculators who’ve piled into the market seeking short-term gains.
A closer inspection of the data suggests that it’s not Mr. Public who’s buying all those homes, but deep-pocket speculators who’ve piled into the market seeking short-term gains.
Monday, February 18, 2013
Don’t Blink, or You’ll Miss Another Bank Bailout - NYTimes.com
Don’t Blink, or You’ll Miss Another Bank Bailout - NYTimes.com
Late last Wednesday, the New York Fed said in a court filing that in July it had released Bank of America from all legal claims arising from losses in some mortgage-backed securities the Fed received when the government bailed out the American International Group in 2008. One surprise in the filing, which was part of a case brought by A.I.G., was that the New York Fed let Bank of America off the hook even as A.I.G. was seeking to recover $7 billion in losses on those very mortgage securities.
Late last Wednesday, the New York Fed said in a court filing that in July it had released Bank of America from all legal claims arising from losses in some mortgage-backed securities the Fed received when the government bailed out the American International Group in 2008. One surprise in the filing, which was part of a case brought by A.I.G., was that the New York Fed let Bank of America off the hook even as A.I.G. was seeking to recover $7 billion in losses on those very mortgage securities.
Equal Opportunity, Our National Myth - NYTimes.com
Equal Opportunity, Our National Myth - Joseph Stiglitz - NYTimes.com
According to research from the Brookings Institution, only 58 percent of Americans born into the bottom fifth of income earners move out of that category, and just 6 percent born into the bottom fifth move into the top. Economic mobility in the United States is lower than in most of Europe and lower than in all of Scandinavia.
According to research from the Brookings Institution, only 58 percent of Americans born into the bottom fifth of income earners move out of that category, and just 6 percent born into the bottom fifth move into the top. Economic mobility in the United States is lower than in most of Europe and lower than in all of Scandinavia.
American Dream died with Dow 49,200 forecast - Paul B. Farrell - MarketWatch
American Dream died with Dow 49,200 forecast - Paul B. Farrell - MarketWatch
Some of the Dow predictions in 2000:
Some of the Dow predictions in 2000:
- 15,000 by 2005: Deutsche Bank economist Ed Yardeni, quoted in Barron’s.
- 18,500 by 2006: Prudential’s chief technician, Ralph Acampora, quoted in Fortune.
- 41,000 by 2008: Harry Dent, author of “The Roaring 2000s: Building The Wealth And Lifestyle You Desire In The Greatest Boom In History.” Wired magazine quoted 41,000 as a peak with the market not bottoming till 2022. Dent has since published “The Great Crash Ahead” and “The Great Depression Ahead.”
- 21,200 by 2010: Sheldon Jacobs, publisher of the popular No-Load Fund Investor newsletter hedged his optimistic bet in small type: “But it won’t be smooth sailing. There will be three major bear markets before then.” But long-run, it was optimistic.
- 30,000 by 2010: In an interview, Barron’s noted that back in 1989 Frank Jennings, manager of Oppenheimer Global Growth & Income Fund, had successfully predicted the Dow at 10,000 within 10 years. His new Dow 30,000 assumed an “exponential gain of 11% a year.” Later in 2000, Jenning’s optimism was reinforced with the publication of “Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market,” by James Glassman and Kevin Hassett.
49,200 by 2013: Investor’s Business Daily made this forecast based on an assumed 15% annual growth rate, which was the actual average gain of the Dow from 1982 to 2000, so at the time, it made sense.
Incomes Flat in Recovery, but Not for the 1% - NYTimes.com
Incomes Flat in Recovery, but Not for the 1% - NYTimes.com
There was a wide gap between the top 1 percent, whose earnings rose by 11.2 percent, and the other 99 percent, whose earnings declined by 0.4 percent.
There was a wide gap between the top 1 percent, whose earnings rose by 11.2 percent, and the other 99 percent, whose earnings declined by 0.4 percent.
Monday, February 11, 2013
Sunday, February 10, 2013
Saturday, February 09, 2013
How do you explain drone killings? With post-Orwellian “Newspeak” - Salon.com
How do you explain drone killings? With post-Orwellian “Newspeak” - Salon.com
In the logic of perma-war, "imminent threat" is everywhere and drone attacks on Americans are no problem.
Thursday, February 07, 2013
Wednesday, February 06, 2013
Tuesday, February 05, 2013
S.& P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor - NYTimes.com
S.& P. E-Mails on Mortgage Crisis Show Alarm and Gallows Humor - NYTimes.com
“We rate every deal. It could be structured by cows and we would rate it.”
“We rate every deal. It could be structured by cows and we would rate it.”
Saturday, February 02, 2013
Monday, January 28, 2013
Housing Market’s Future Still Has Many Clouds - NYTimes.com
Housing Market’s Future Still Has Many Clouds - NYTimes.com
History doesn’t suggest that another big bubble will come so fast. In fact, before the most recent one, the United States had had only one major national home price boom in the last century, when real prices rose a total of 68 percent from 1942 to 1953.
...
As of December, the Zillow-Pulsenomics Home Price Expectations Survey, which involves more than 100 forecasters, and the S.& P. Case/Shiller Composite Index Futures were both forecasting modest increases for the next half-decade, implying inflation-adjusted price growth of 1 to 2 percent a year.
History doesn’t suggest that another big bubble will come so fast. In fact, before the most recent one, the United States had had only one major national home price boom in the last century, when real prices rose a total of 68 percent from 1942 to 1953.
...
As of December, the Zillow-Pulsenomics Home Price Expectations Survey, which involves more than 100 forecasters, and the S.& P. Case/Shiller Composite Index Futures were both forecasting modest increases for the next half-decade, implying inflation-adjusted price growth of 1 to 2 percent a year.
Inventory and the Low Equity/No Equity Homeowner | The Big Picture
Inventory and the Low Equity/No Equity Homeowner | The Big Picture
It is not “If we only had more houses, we could sell them.” Rather, its more of “The lack of equity is causing both a lack of homes for sale and a lack of potential new buyers.”
It is not “If we only had more houses, we could sell them.” Rather, its more of “The lack of equity is causing both a lack of homes for sale and a lack of potential new buyers.”
Saturday, January 26, 2013
Thursday, January 24, 2013
Monday, January 21, 2013
Saturday, January 19, 2013
Friday, January 18, 2013
Thursday, January 17, 2013
Saturday, January 12, 2013
Thursday, January 10, 2013
Wednesday, January 09, 2013
Tuesday, January 08, 2013
Monday, January 07, 2013
Sunday, January 06, 2013
Thursday, January 03, 2013
Wednesday, January 02, 2013
Thursday, December 20, 2012
Tuesday, December 18, 2012
How Wal-Mart Used Payoffs to Get Its Way in Mexico - Yahoo! Finance
How Wal-Mart Used Payoffs to Get Its Way in Mexico - NYT
Wal-Mart de Mexico was an aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited, an examination by The New York Times found.
Wal-Mart de Mexico was an aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited, an examination by The New York Times found.
Tuesday, December 11, 2012
Thursday, December 06, 2012
For Pete's Sake, What's Happened to Our Democracy?
For Pete's Sake, What's Happened to Our Democracy?
One billionaire has the wherewithal to totally redirect America's political discourse.
One billionaire has the wherewithal to totally redirect America's political discourse.
Wednesday, December 05, 2012
Tuesday, December 04, 2012
Sunday, December 02, 2012
Thursday, November 29, 2012
Food stamps on the rise - Nov. 28, 2012
Food stamps on the rise
Nearly 15 million households were on food stamps at some point last year, up from 13.6 million in 2010, newly released Census data shows. That's an increase to 13%, up from 11.9% in 2010.
Nearly 15 million households were on food stamps at some point last year, up from 13.6 million in 2010, newly released Census data shows. That's an increase to 13%, up from 11.9% in 2010.
Tuesday, November 27, 2012
Monday, November 26, 2012
Wednesday, November 21, 2012
Strategic Maneuvers | CREW | Citizens for Responsibility and Ethics in Washington
Strategic Maneuvers-The Revolving Door from the Pentagon to the Private Sector
- Citizens for Responsibility and Ethics in Washington
- Citizens for Responsibility and Ethics in Washington
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