The most disingenuous and sickening type of status quo defender is the person who blames the recent expansion in wealth inequality on a “lack of skilled workers.” Such a person is either a liar or an imbecile. There’s not much wiggle room there. Either this person doesn’t know that the Federal Reserve’s quantitative easing (QE) … Read more
The middle class has shrunk consistently over the past half-century. Until 2000, the reason was primarily because more Americans moved up the income ladder. But since then, the reason has shifted: There is a greater share of households on the lower rungs of the economic ladder. – From yesterday’s New York Times article: Middle Class Shrinks Further … Read more
While the general population is aware something is seriously wrong, people remain extremely confused about the root of the problem. This is because what’s happening all around us isn’t socialism and it isn’t free market capitalism. It is actually a return to something much more ancient and much more oppressive. It is a return to serfdom, neo-fedualism … Read more
Despite the seemingly strong empirical support in previous studies for theories of majoritarian democracy, our analyses suggest that majorities of the American public actually have little influence over the policies our government adopts. Americans do enjoy many features central to democratic governance, such as regular elections, freedom of speech and association, and a widespread (if still contested) franchise. But … Read more
Bernanke and the Federal Reserve are nothing but criminal butlers for the oligarchy. The proof is undeniable at this point. While this unaccountable banking cartel promised us that 0% rates would help the economy, America’s growing underclasses are paying 100% rates for loans to buy sofas and pay for food, more than five years into this so-called “recovery. … Read more
When you bail out financial criminals and predators, you get a criminal and predatory economy. If there’s one clear lesson from the 2008 crisis and its aftermath, that should be it. – From last year’s post: Another Tale from the Oligarch Recovery – How a $1,500 Sofa Costs $4,150 When You’re Poor The Pew Research Center … Read more
Wall Street is counting its winnings from seven years of easy money. The results represent a clear victory for Wall Street over Main Street, according to the team of Michael Hartnett, BofA’s chief investment strategist. “Zero rates and asset purchases of central banks have, thus far, proved much more favorable to Wall Street, capitalists, shadow … Read more
Wait a minute, this wasn’t supposed to happen… From Business Insider: Remember back in December when we highlighted that one of the responses to central banks’ introduction of negative interest rates might actually be a raising of interest rates by banks to borrowers? The bank’s preferred solution then might be to keep income up by widening the … Read more
Yesterday, I came across an excerpt from a book written by economist Joseph Stiglitz, which touched upon many crucial points regarding the U.S. economy. I think it’s an important read since it helps explain the roots of the current rebellion taking place within the political system. Americans aren’t angry because other Americans are fabulously wealthy. … Read more
Earlier today I came across a fantastic article published at Naked Capitalism by a writer known as Gaius Publius. Yves Smith introduces the piece with the following poignant passage: Let us not forget that the “things are going to get worse for you” story also conveniently diverts attention from the degree of rent extraction and … Read more