Yes, sports fans, you read that headline correctly. The top 1% has captured all of the income gains since 2009 and then some, roaring ahead while the rest of the population slipped behind.
Read more...The New York Times comes in on the side of the whining rich in a piece titled, “Two-Tax Rise Tests Wealthy in California.”
Read more...Please download and enjoy this ebook, which is a joint project of Alternet and Econ4, an organization of heterodox economists promoting social change.
Read more...Dystopian technology fantasies are flooding the media, to the delight of the 1 percent.
Read more...Nathan Tankus found this archival video (you are going to get a gas out of the production values…and be patient with the set up, it takes a few minutes for the video to get going).
Read more...A new paper by Mark Weisbrot and Helene Jorgensen of CEPR have managed to unearth a dirty little secret: the IMF doesn’t just prescribe broadly similar policies in its Article IV consultations, it looks like its hands out the same medicine. We’ve used the metaphor of breaking countries on the rack, but cutting them to fit a Procrustean bed might be more apt.
Read more...Americans are cynical about politicians. Congressional approval ratings were mired just above single-digit levels in 2012, hitting 10% twice. An expression of utter disdain. But the French—with their economy spiraling deeper into crisis—expressed disdain for their political class, as they call it, in another way: with a desire for authoritarian leadership, a “real leader” who would “reestablish order.”
Read more...Bill Black discusses the basis for giving the “Private Eye” award to Goldman at the counter World Economic Forum gathering at Davos .
Read more...As we anticipated, the Republicans have climbed down on making the debt ceiling the key battle line in their plan to impose spending cuts. Good Democrats applauded that move as a sign that Obama had displayed toughness and prevailed.
It’s not quite that simple.
Read more...Some readers would probably come up with less polite versions of the question above, but regardless of how one states it, policy in the Eurozone is very much driven by both the needs and the wants of German banks.
Read more...By Joe Firestone, Ph.D., Managing Director, CEO of the Knowledge Management Consortium International (KMCI), and Director of KMCI’s CKIM Certificate program. He has taught political science as the graduate and undergraduate level and blogs regularly at Corrente, Firedoglake and Daily Kos as letsgetitdone. Cross posted from New Economic Perspectives
Our Congresspeople, corporate CEOs, tea partiers, most economists, Pete Peterson’s minions, and even our President, tell us that we’re running out of money; and that we can’t keep running huge deficits, and increasing our national debt forever, because eventually, our creditors will just cease lending us our dollars back….
Read more...A important shift in the Republicans’ negotiating stance over the austerity fight (do we go Dem lite or Republican high test?) was duly noted in the Financial Times a day ago, but a search in Google News (“debt ceiling”) suggests a lot of other commentators have not yet digested its significance, so it seemed worthy of a short recap here.
Read more...By Bill Black, the author of The Best Way to Rob a Bank is to Own One and an associate professor of economics and law at the University of Missouri-Kansas City. Cross posted from New Economic Perspectives
It is good to be Angela Merkel.
Read more...By Joe Firestone, Ph.D., Managing Director, CEO of the Knowledge Management Consortium International (KMCI), and Director of KMCI’s CKIM Certificate program. He has taught political science as the graduate and undergraduate level and blogs regularly at Corrente, Firedoglake and Daily Kos as letsgetitdone
Yesterday, Ezra Klein mouthpieced for Treasury and Fed reported in the Washington Post that:
The Treasury Department will not mint a trillion-dollar platinum coin to get around the debt ceiling. If they did, the Federal Reserve would not accept it.
Needless to say, it’s not surprising that a reading of the underlying statutes suggests Obama was free to use the platinum coin to circumvent the debt ceiling, and conveniently scapegoats the Fed to hide his own preference for imposing austerity.
Read more...Real News Network has run an occasional series based on an interview with Peter Kuznick on what he calls “untold history,” which are important junctures in American history that are airbrushed out of the mainstream narrative. Here, Paul Jay and Kuznick continue their discussion of Roosevelt’s wildly popular vice president Henry Wallace and how he was shoved aside in favor of Harry Truman.
Read more...