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Cartoon: The populist menace

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Cartoon: The populist menace

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How the Elite stay in power

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and what we can do to change that

 

Congratulations chumps! You are now on the hook for $303 Trillion in Derivatives

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wage slave

Congratulations chumps! You are now on the hook for $303 Trillion in Derivatives

Daily Kos 12/15/14

Before Glass-Steagall was repealed in 1999, Wall Street was on the hook for bad bets with derivatives. During the real estate bubble the taxpayer was on the hook for these casino chips.

Then came the 2008 meltdown and Dodd-Frank was pushed through. The taxpayer was off the hook for six years. But now Congress rolled over for Wall Street and the taxpayer is on the hook again…..

Did Wall Street Need to Win the Derivatives Budget Fight to Hedge Against Oil Plunge?

naked capitalism 15 Dec 2014

Conventional wisdom among banking experts is that Wall Street’s successful fight last week to get a pet provision into the must-pass budget bill (or in political junkies’ shorthand, Cromnibus) as more a demonstration of power and a test for gutting Dodd Frank than a fight that mattered to them. But the provision they got in, which was to undo a portion of Dodd Frank that barred them from having taxpayer-backstopped deposits fund derivative positions, may prove to be more important than it seemed as the collateral damage from the 40% fall in oil prices hits investors and intermediaries….

 

Cromnibus Pension Provisions Gut Forty Years of Policy, Allow Existing Pensions to Be Slashed

naked capitalism 15 Dec 2014

The Kline-Miller amendment allows multi-employer pension benefits to be cut. Shouldn’t Warren Democrats be against that? ….

Wal-Mart is concentrated neoliberalism

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Shopping ’til we all drop at Wal-Mart

Wal-Mart is concentrated neoliberalism. From working to weaken government at the same time it gorges on government subsidies, to exploitation of its workforce, to moving production to the places with the lowest wages and weakest laws, to underpaying taxes, the workers who walked out on Black Friday have no shortage of targets.

Some of the latest findings in a just released report reveal that Wal-Mart dodges $1 billion a year in taxes and is the recipient of an estimated $6.2 billion a year in indirect subsidies through social-welfare programs such as food stamps. A separate report also just published documents the poverty of Wal-Mart workers, many of whom regularly skip meals because their pay is so low……..    read more here

 

The Rise of American Cannibals

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The Economist  Nov 6th 2014

A NEW paper by Emmanuel Saez of the University of California, Berkeley, and Gabriel Zucman of the London School of Economics suggests that, in America at least, inequality in wealth is approaching record levels. The authors examine the share of total wealth held by the bottom 90% of families relative to those at the very top. In the late 1920s the bottom 90% held just 16% of America’s wealth—considerably less than that held by the top 0.1%, which controlled a quarter of total wealth just before the crash of 1929. From the beginning of the Depression until well after the end of the second world war, the middle class’s share of total wealth rose steadily, thanks to collapsing wealth among richer households, broader equity ownership, middle-class income growth and rising rates of home-ownership. From the early 1980s, however, these trends have reversed. The top 0.1% (consisting of 160,000 families worth $73m on average) hold 22% of America’s wealth, just shy of the 1929 peak—and almost the same share as the bottom 90% of the population.

Read the full article here

The baleful influence of corporate power

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CorporateEarth2

Over 100 years ago, it was a Republican who warned us about the baleful influence of corporate power on representative government.

Today the business once transacted by individuals in every community is in the control of corporations, and many of the men who once conducted an independent business are gathered into the organization, and all personal identity, and all individualities lost. Each man has become a mere cog in one of the wheels of a complicated mechanism. It is the business of the corporations to get money. It exacts but one thing of its employees: Obedience to orders. It cares not about their relations to the community, the church, society, or the family. It wants full hours and faithful service, and when they die, wear out or are discharged, it quickly replaces them with new material. The corporation is a machine for making money, but it reduces men to the insignificance of mere numerical figures, as certainly as the private ranks of the regular army.

from  The Texas Economic Miracle Is Killing People by Charlie Pierce

 

95% of Income gains going to top 1%

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from The Benefits of Economic Expansions Are Increasingly Going to the Richest Americans

NYT 09/26/14       [Some call it Capitalism- looks more like Cannibalism…..]

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