How to Liberate America From Wall Street

How is it that our nation is awash in money, but too broke to provide jobs and services? David Korten introduces a landmark new report, “How to Liberate America from Wall Street Rule.” By David Korten Yes! Magazine, Jul 19, 2011   Image by Beverly & Pack The dominant story of the current political debate is that the government is broke. We can’t afford to pay for public services, put people to work, or service the public debt. Yet ... Read more

GAO Audit: Fed gave $16 trillion in emergency loans

By Stephen C. Webster Raw Story, July 21st, 2011 The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government’s first-ever audit of the central bank. Last year, the gross domestic product of the entire U.S. economy was $14.5 trillion. Of the $16.1 trillion loaned out, $3.08 trillion went to financial ... Read more

Treasure Trove of Documents Show Corporatists Game Plan

Below are two articles about a treasure trove of documents from ALEC — the American Legislative Exchange Council. This is a conservative lobby group that drafts laws for state government, working closely with big business interests. The 800 documents provide a road map for their game plan. You can see the documents as they are made public at ALEC Exposed, ALEC Exposed–How Corporations Are ... Read more

Putting Super Wealth Into Perspective

Gini’s Growing Fast (or How Much Can One Man Make?) by Paul Buchheit The Gini Coefficient is a measure of economic inequality, from 0 to 1, with 1 representing the most severe degree of inequality. The U.S. Gini, one of the highest among developed countries, has risen steadily, from .39 in 1970 to .47 in 2009. Based on Tax Foundation figures, the richest 1% has TRIPLED its share of the income pie over the past 30 years, mainly through ... Read more

For Top 400 U.S. Taxpayers, a Near-Record Year

America’s super rich, new IRS income data show, partied on right through the depth of the Great Recession. And they shared precious little of their good fortune with Uncle Sam. By Sam Pizzigati Too Much, May 14, 2011 America’s super rich, new IRS income data show, partied on right through the depth of the Great Recession. And they shared precious little of their good fortune with Uncle Sam. In 2008, the IRS revealed last week, 400 Americans ... Read more

Gang of Six Deficit Plan Supported By Obama Would Continue Theft of Middle Class

Below are four articles on the Gang of Six deficit reduction plan — the gang is made up of three Democrat and three Republican senators.  The plan has not been publicly released but the leaked details and vague two-page document indicate a reduction in the tax rate for the wealthiest in corporations to 29% while closing some tax loopholes, and cuts to the entitlement programs Social Security and Medicare (called entitlements because ... Read more

Obama and Congress to Complete Their Financial Coup: Debt Ceiling Debate Charade Masks Escalation of Attack On 99% of US Population

By Steve Lendman Amped Status, July 15, 2011 Short of finalizing details and assuring enough bipartisan support, it’s a done deal to slash Social Security, Medicare, Medicaid, and other social spending while leaving outsized military budgets and generous handouts to corporate favorites in place. At the same time, the timeline to accomplish it is undetermined. Political posturing may extend the August 2 deadline until fall or beyond. It’s how ... Read more

Financial Terrorism Analysis: How Global Bankers Plunder Nations – Lessons from Greece

By Andrew Gavin Marshall, Global Research, July 18, 2011 Introduction In late June of 2011, the Greek government passed another round of austerity measures, ostensibly aimed at getting Greece “back on track” to economic progress, but in reality, implementing a systematic program of ‘social genocide’ in the name of servicing an endless and illegitimate debt to foreign banks. Right on cue, protests and riots broke out in Athens against the ... Read more

Outcasts: Tonight Tens Of Thousands Of Formerly Middle Class Americans Will Be Sleeping In Their Cars, In Tent Cities Or On The Streets

Economic Collapse, July 2011 Economic despair is beginning to spread rapidly in America.  As you read this, there are millions of American families that are just barely hanging on by their fingernails.  For a growing number of Americans, it has become an all-out battle just to be able to afford to sleep under a roof and put a little bit of food on the table.  Sadly, there are more people than ever that are losing that battle.  Tonight, tens ... Read more

Quelle Surprise! DoJ Pushing State AGs to Whitewash Servicing Abuses; Failure to Investigate Confirmed

Naked Capitalism, July 11, 2011 The latest report by Shahien Nasirpour at Huffington Post confirms two things you’ve heard here and on some other sites following this sorry affair: first, that Tom MIller, Iowa attorney general who is leading the 50 state attorneys general negotiations on mortgage abuses, is a liar, and second, that any settlement will be a whitewash. Actually, we already knew Miller was a liar. Shortly after the effort was ... Read more