Posts Tagged ‘Wall Street’


 
 

Income inequality and mortality in 282 metropo...

Mortality is correlated with both income and inequality. (Photo credit: Wikipedia)

How to Fix America’s Wealth Inequality: Teach Americans to Be Cheap, The Atlantic, 12 March 2013

Wealth Inequality in the United States, Wikipedia

Who Rules America?, Wealth, Income, and Power by G. William Domhoff, UCSC. First posted September 2005; most recently updated February 2013.

It’s the Inequality, Stupid: Eleven charts that explain what’s wrong with America, Dave Gilson and Carolyn Perot | Mother Jones, March/April 2011 Issue

US Senator Bernie Sanders, I-Vermont, revealed for the first time in Senate testimony Tuesday that at least twenty-three billionaire families have contributed a minimum of $250,000 each so far in this year’s campaigns.

“My guess is that number is really much greater because many of these contributions are made in secret. In other words, not content to own our economy, the 1 percent want to own our government as well,” Sanders told the Senate Judiciary Committee’s Subcommittee on the Constitution, Civil Rights and Human Rights.

via The Nation & YouTube

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Glenn Greenwald - Caricature

(Photo credit: DonkeyHotey)

DemocracyNow.org – Four years after the 2008 economic crisis, not a single top Wall Street executive has gone to jail. “These executives knew that they could take these huge risks and even break laws and pay no real price, and that’s what happened,” says Glenn Greenwald, author of “With Liberty and Justice For Some: How the Law is Used to Destroy Equality and Protect the Powerful,” and a blogger for Salon. “It’s not just a travesty of justice that we haven’t punished them for past transgressions. The real danger is that we’re continuing to send the signal to the world’s most powerful financial actors that they don’t have any fear of criminal accountability when they commit these obvious crimes.”

Watch the extended interview with Glenn Greenwald

 

Glenn Greenwald (born March 6, 1967) is an American lawyer, columnist, blogger, and author. Greenwald worked as a constitutional and civil rights litigator before becoming a contributor (columnist and blogger) to Salon.com, where he focuses on political and legal topics.


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Berkeley professor and former Secretary of Labor Robert Reich talks with Jennifer Granholm about the real reasons for rising gas prices in America. “This is not about supply and demand,” Reich says. “This is about speculation. Gas prices are being driven by Wall Street.”
Tune in Weeknights at 9:00/8:00c on Current TV http://current.com/shows/the-war-room/


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Chris Hedges: “Obama Has Broken Almost Every Campaign Promise He Made In 2004”

The crash four years ago was shocking enough to the financial class. But what is happening on Wall Street now is even more terrifying. No doubt the economy itself—the crisis in Europe, the effects of the tsunami in Japan, America’s sputtering recovery—has played a large part in the financial industry’s struggles. But even the most stubborn economies improve eventually. The bigger issues are structural. The Dodd-Frank financial-­reform act, much maligned, has already begun to change the shape of the financial system—even before a number of its major provisions are proposed to go into full effect this coming July. Banks are working hard to interpret Dodd-Frank’s provisions in a way most favorable to them—and repealing Dodd-Frank is a key piece of Mitt Romney’s campaign platform.

To comply with the looming regulations, banks have begun stripping themselves of the pistons that powered their profits: leverage and proprietary trading. In the wake of the crash, Morgan Stanley and Goldman Sachs converted to bank holding companies to tap the “discount window,” the Fed’s pipeline of cheap funds that gave the banks an emergency source of liquidity. That move seemed smart then, but the stricter standards required of banks have now left them boxed in.

With all the major banks unable to wager their own funds on big bets, there’s a growing sense that the money that was being made during the Bush boom won’t be back. “The government has strangled the financial system,” banking analyst Dick Bove told me recently. “We’ve basically castrated these companies. They can’t borrow as much as they used to borrow.”

Of course, described a little less colorfully, reducing the risk in the system at a cost of a certain amount of the banks’ profits was precisely what the government was striving for. All this has meant that Wall Street’s traders have found themselves on the wrong end of the market—a predicament that many of them have never seen before. Before the crash, when compensation slid, the banks risked seeing their top talent run for the doors to rival firms or hedge funds. Now, with a glut of hedge funds and an industrywide belt-tightening, bank chiefs are calling their star traders’ bluffs. “If you’re really unhappy, just leave,” Morgan Stanley CEO James Gorman bluntly told Bloomberg TV a few days after his bank announced its meager bonus numbers.

via Is This the End of Wall Street As They Knew It? — New York Magazine.

Watch and share this video presented by the National Nurses United promoting a financial transaction tax on Wall Street trading to help restore the economy. The video portrays a banker whose greed contributes to the economic meltdown of a nation, resulting in lost pensions and jobs, as well as home foreclosures, and financial ruin for many Americans. The entertaining video short is inspired by The Twilight Zone, an American television anthology series created by Rod Serling.