It was the best of times, it was the worst of times. As poverty and unemployment numbers are revised upwards and the nation’s income gap widens, DC is having boom times as the Dow crosses 16,000. Truly a tale of two economies with a 9.9 out of 10 chance that you aren’t in the one that is having a great time.
|By: DSWright Tuesday November 12, 2013 8:33 am|
Huszar admits Bernanke’s cover story of helping drive down interest rates for struggling homeowners and small businesses was deception. The Fed knew QE was having no effect on helping banks make loans, the program’s only actual function was to let Wall Street siphon money directly from an increasingly compromised central bank.
|By: DSWright Wednesday September 11, 2013 1:05 pm|
The 99% do not have a seat at the economic table as Washington ignores their needs and bends over backwards to help the 1% campaign contributor class. And when you aren’t at the table you are on the menu.
|By: DSWright Tuesday June 25, 2013 12:10 pm|
Though the words “recovery” ring out in the corporate media the reality is unsurprisingly quite different. While only the rich have benefited from the financial crisis thanks to the State, one metric for prosperity or lack therefore continues to increase – childhood poverty.
|By: DSWright Friday June 21, 2013 9:15 am|
Karl Marx may have been too optimistic about capitalism. Economist Michel Hudson has long claimed that Marx’s contention that ultimately industrial capitalism would triumph over finance capitalism was wrong. That, in fact, bankers have prevailed subjugating the productive forces of industry to the power of debt slavery and rentier capitalism. The real economy has been subsumed by the FIRE economy.
|By: DSWright Friday April 19, 2013 8:18 am|
A paper by Kenneth Rogoff and Carmen Reinhart entitled Growth In A Time Of Debt became the intellectual backbone for the austerity movement/plutocrats and their apparatchiks in Washington and elsewhere. Now a graduate student has discovered a major excel error in Rogoff and Reinhart’s research which skewed the data to support their thesis and found that when that error was corrected their data actually supported the contrary view.
|By: David Swanson Saturday April 13, 2013 6:53 pm|
Several years ago a bunch of peace activists were eating in a restaurant in Crawford, Texas, and we noticed George W. Bush. He was actually a cardboard version of George W. Bush like you might get your photo with in front of the White House, but he was almost as lifelike as the real thing. We picked him up and stood him in the corner of the restaurant, facing the corner. We asked him to stay there until he understood what he’d done wrong. For all I know he’s still standing there.
|By: DSWright Wednesday March 27, 2013 8:00 pm|
The story of robotics replacing workers in manufacturing is nothing new but now it seems that robots are moving into the once unthinkable sector of service jobs. The kind of work some previously thought only humans could do.
|By: DSWright Monday March 18, 2013 8:30 am|
When dealing with regulators from the Office of the Comptroller of Currency (OCC) JP Morgan Chase CEO Jamie Dimon reportedly started screaming and told regulators he did not believe they should have the documents they were required to have under the law.
|By: DSWright Monday March 4, 2013 7:48 am|
Last Friday President Obama signed the sequester order officially launching America’s latest austerity program. Austerity has yet to produce jobs or growth in any country it has been tried in. In fact, austerity is becoming one of the few certainties within economic policy making – the certainty of losing growth if the policy is adopted. And now we get to learn the lesson everyone else now knows the hard way.
But even in the “across the board” cutting program it seems the poor are going to get the worst of it.