Late Night: Eric Cantor Shows He Hasn’t Learned A Thing From Defeat

By: Tuesday October 28, 2014 8:00 pm

This is the old, false, Government is like a household shtick, limited in its revenue to what it can raise from taxing, and borrowing, with the further claim, that we as individuals owe the national debt, even though it is the Government and not ourselves that contracted to pay back the principal and interest on it.

 

Paul Krugman Still Believes That “teh debt” Can Be a Problem for the U.S.

By: Saturday October 11, 2014 6:40 pm

The deficit is now down to under 3% of GDP, and in contemplating that fact, Paul Krugman asks why the deficit hawks aren’t celebrating the precipitous fall from nearly 10% of GDP a few years ago.

Strike Debt Announces Abolishment Of Student Debt On Occupy Anniversary

By: Thursday September 18, 2014 10:16 am

Strike Debt, an offshoot of the Occupy Wall Street movement, announced yesterday that it has abolished $4 million worth of student loan debt as part of its Rolling Jubilee program. The group was able to purchase the debt for around $100,000. The announcement came on September 17th, which is the anniversary of the beginning of the Occupy Wall Street’s occupation in New York City.

The Rolling Jubilee program has abolished over $18 million worth of debt in total using the same strategies debt collectors use in acquiring large debts for pennies on the dollar, but instead of trying to collect from troubled borrowers they “abolish” the debt and send a letter to the debtor alerting them that they no longer have to pay.

FDL Book Salon Welcomes Eileen Appelbaum and Rosemary Batt, Private Equity at Work: When Wall Street Manages Main Street

By: Sunday September 14, 2014 1:59 pm

Welcome Eileen Appelbaum (CEPR), Rosemary Batt (Cornell University) and Host David Dayen (David’s webpage) (Twitter) Private Equity at Work: When Wall Street Manages Main Street A couple weeks ago, Burger King announced a merger with the Canadian coffee-and-donuts chain Tim Hortons. Well, not actually Burger King, but 3G Capital, the private equity firm that owns [...]

Poverty Is Profitable: 1 out of 3 U.S. Consumers in Debt Collection Status

By: Tuesday July 29, 2014 12:09 pm

A new report by the Urban Institute and Encore Capital Group’s Consumer Credit Research Institute shows 77 million Americans– 35 percent of those with files at a major credit bureau– have a debt in collection.

To Prison for Poverty

By: Wednesday June 4, 2014 5:43 pm

Many people think that debtor’s prisons disappeared from American society just as surely as horse-based transportation. But in fact, people who are too poor to pay fines are still being threatened with incarceration today, but with an all too familiar twist: private companies are making money off people who can’t pay.

Record Student Debt Exacerbating Wealth Inequality

By: Friday March 28, 2014 2:00 pm

As US student debt soars to the $1 trillion mark researchers are finding that the phenomenon is having long term deleterious effects on society. Namely the increases in student debt is widening the already massive wealth gap in America.

Peterson Thinks We Need Austerity While He Lives It Up!

By: Sunday March 9, 2014 1:05 pm

If we focus on Peterson’s faux problem and implement the policies that he and his allies advocate, then all that awaits us is austerity, periodic deeper and deeper recessions, and eventually a war of all against all, accompanied by lives that will be “nasty, brutish and short.”

How to Restore the Good Name of Government

By: Friday February 21, 2014 5:40 pm

Why is it that Washington village “progressives,” and their associates in other parts of the country who are nevertheless part of the Washington village culture, often ask useful questions, but, almost always deliver, underwhelming answers?

What That Letter Should Have Said

By: Thursday February 20, 2014 3:55 pm

On Valentine’s Day, Senator Bernie Sanders sent a letter to the President, authored by himself and signed by 15 other Senators, all Democrats. The letter was a response to the rumors that the President intends to include his Chained CPI proposal to cut Social Security benefits in the budget he will soon send to Congress.

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