Home · News · News May 2014
Thursday May 01, 2014
News Articles

Is Rising Wealth Concentration Really an Inexorable Trend?
MotherJones | Kevin Drum | 04/27/14

Jared Bernstein tries to explain today why Thomas Piketty's Capital in the 21st Century has become such a cultural phenomenon. The answer, he says, is a growing sense that "something is structurally wrong with both the economy and the practice of economics":

Between financial bubbles and busts, the macro-management seems inept and even once the economy starts growing again, the benefits accrue narrowly to the top. In part, it's a sense that "the fix is in" when it comes to the distribution of growth. ... Read more

The U.S. Is Even More Unequal Than You Realized
HP | Maxwell Strachan | 05/01/14

Click to zoom - Income Inequality

The chart above, from the Organization for Economic Co-operation and Development (OECD) using the World Top Incomes Database, shows how income gains between 1975 and 2007 were divvied up in 18 OECD countries for which the researchers had data. Nowhere did the rich benefit as much as in America.

America's top 1 percent of earners accounted for 47 percent of all pre-tax income growth over that time period. And that's excluding capital gains, for God's sake. Throw in the rest of the top 10 percent, and you're looking at a group that got four-fifths of all income growth between the Ford and George W. Bush administrations. The rest of us were left to scramble for the last one-fifth of extra income. If you add in capital gains, which typically accrue to the highest earners anyway, the picture is probably a lot worse. ... Read more

Criminal Charges Against Banks Risk Sparking Crisis
Bloomberg | Greg Farrell | 05/01/14

As U.S. Justice Department prosecutors angle to bring the first criminal charges against global banks since the financial crisis, they'll have to stare down warnings of uncontainable collateral damage.

The 2002 collapse of Arthur Andersen, the accounting firm indicted in the Enron scandal, "should be a lesson" for prosecutors, Brad Hintz, an analyst at Sanford C. Bernstein & Co., said today in an interview on Bloomberg Television. "Don't play with matches."

Stung by lawmakers' criticism that multibillion-dollar settlements have done too little to punish Wall Street in the wake of the financial crisis, prosecutors are considering indictments in probes of Credit Suisse Group AG and BNP Paribas SA, a person familiar with the matter said. Even after talking with financial regulators about ways to mitigate damage -- such as ensuring banks keep charters -- prosecutors might not fully understand consequences for the market, according to industry lawyers and bankers who are following the case. ... Read more

DemocracyNow Daily News
Democracy Now! U.S. and World News Headlines for Thursday, May 01 [12:33]
DN | Lawyer for Next Oklahoma Prisoner Set for Death Calls for Independent Probe of Botched Execution (05/01/14) [14:48]
DN | Brown Student Lena Sclove Speaks Out After School Lets Her Accused Rapist Return to Campus (05/01/14) [8:16]
TRNN News
TRNN | Why Aren't North American Workers More Militant? (05/01/14) [17:21]
TYT News
TYT | Gov Rick Scott Confronts Ugly Obamacare Truth: Seniors Love It! (04/30/14) [7:23]
TYT | Tim Pawlenty Supports Minimum Wage, That Was Before Lunch... (04/30/14) [4:44]
Bill Moyers
Bill Moyers | Artist Chris Jordan explores feelings about consumerism with his incredible garbage photographs that attempt to quantify how much stuff Americans throw away each minute. [10:23]
Diane Rehms Show
Diane Rehm The Plight Of The Middle Class In The Post-Recession Job Market (05/01/14) [1hr]
Thom Hartmann
Thom Hartmann | How George W. Bush Screwed this Generation of College Students... (04/28/14) [4:45]
Thom Hartmann | talks economics with Dr. Stephanie Kelton, Chair, Department of Economics-University of Missouri at Kansas City (04/29/14) [22:52]
Thom Hartmann | Brunch with Bernie - April 30, 2014 [44:12]
More News

What $1.4 Trillion In QE Buys The US Economy
ZeroHedge | author | 05/01/14

Click to zoom - Income Inequality

Back in December of 2012, the Fed, after two and a half failed attempts to stimulate the economy (via QE1, QE2 and Operation Twist), announced Open-Ended QE of an indefinite injection of $85 billion per month (which it currently is tapering at a pace of $10 billion per month on the realization that it has soaked up virtually all high quality collateral). Since then the Fed's balance sheet has grown from $2.9 trillion to $4.3 trillion: a direct injection of $1.4 trillion in liquidity into the stock market, if not so much the economy, which as Wall Street is suddenly busy telling us following the latest disappointing construction spending data.

There's even better news: if the next quarter shows the US economy contracting again - and with the "beneficial" impact of Obamacare fading, global trade stuck in the doldrums, and US consumers tapped out with near record low savings this is a distinct possibility - the US will officially enter a recession. ... Read more


05.01.2014. 12:44

<< First < Previous [5 / 5] Next > Last >>
Get Our Newsletter
* Email Address:
* Pref Format:
* Type code:

Email marketing

Sponsors
I'm looking for sponsors to financially help with this site.  If you might be interested please send me a message using the Contact form.

Donation


I am one of those "once" middle class, over 60, over educated, under-employed, semi retired, soon to be poor workers, that everyone is talking about. 
But I have a modest standard of living so I plan to give all extra donation, beyond my immediate needs, to several of my favorite charities.

save-the-children

News Pages
News January 2018
News December 2017
News November 2017
News October 2017
News September 2017
News August 2017
News July 2017
News June 2017
News May 2017
News April 2017
News March 2017
News February 2017
News January 2017
News December 2016
News November 2016
News October 2016
News September 2016
News August 2016
News July 2016
News June 2016
News May 2016
News April 2016
News March 2016
News February 2016
News January 2016
News December 2015
News November 2015
News October 2015
News September 2015
News August 2015
News July 2015
News June 2015
News May 2015
News April 2015
News March 2015
News February 2015
News January 2015
News December 2014
News November 2014
News October 2014
News September 2014
News August 2014
News July 2014
News June 2014
News May 2014
News April 2014
News March 2014
News February 2014
News January 2014
News December 2013
News November 2013
News October 2013
News September 2013
News August 2013
News July 2013
News June 2013
News May 2013
News April 2013
News March 2013
News February 2013
News January 2013
News December 2012
News November 2012
News October 2012
News September 2012
News August 2012
News July 2012
News June 2012
News May 2012
News April 2012
News March 2012
News February 2012
News January 2012
News December 2011