Tag Archives: Wall Street

The Economics of ‘Flood Wall Street’

The Economics of ‘Flood Wall Street’
After nearly 400,000 people turned out for a climate march in New York City on Sunday, activists are taking that momentum to protest in Lower Manhattan on Monday in what they’re calling Flood Wall Street. The slogan is “Stop capitalism. End the climate crisis,” and the goal is to “confront the root cause of the climate crisis – an economic system based on exploiting frontline communities, workers and natural resources.” Above ... Read more

The Lure of Taxable Debt

The Lure of Taxable Debt
Some universities have started forgoing their ability to issue tax-exempt bonds, long considered a benefit of their nonprofit status. Issuing taxable bonds instead makes sense under market conditions that defy conventional wisdom and allows institutions to avoid additional regulations on tax-exempt bonds, according to officials at an annual conference of college business officers. Read more

Did the Other Shoe Just Drop? Big Banks Hit with Monster $250 Billion Lawsuit in Housing Crisis Read

Did the Other Shoe Just Drop? Big Banks Hit with Monster $250 Billion Lawsuit in Housing Crisis Read
For years, homeowners have been battling Wall Street in an attempt to recover some portion of their massive losses from the housing Ponzi scheme. But progress has been slow, as they have been outgunned and out-spent by the banking titans. In June, however, the banks may have met their match, as some equally powerful titans strode onto the stage. Investors led by BlackRock, the world’s largest asset manager, and PIMCO, the world’s largest ... Read more

Economy slumps, Wall Street booms

Economy slumps, Wall Street booms
Alongside the massive diversion of social wealth to the financial elite, the IMF, World Bank and Fed continue to demand the gutting of past social reforms and protections for workers, in the name of “job creation” and “competitiveness.” Calling for cuts in government subsidies that hold down food and energy costs and privatization of state-owned industries, the World Bank in its June 10 Global Economic Prospects report stated: “In a world ... Read more

Infrastructure Sticker Shock

Infrastructure Sticker Shock
A general rule for government bonds is that they double the cost of projects, once interest has been paid. The San Francisco Bay Bridge earthquake retrofit was originally slated to cost $6.3 billion, but that was just for salaries and physical materials. With interest and fees, the cost to taxpayers and toll-payers will be over $12 billion. The bullet train from San Francisco to Los Angeles, another pet project of Jerry Brown and his ... Read more

Creditocracy or Democracy?

Creditocracy or Democracy?
The formula used to trap personal debtors today is much the same as the International Monetary Fund’s formerly controversial lending arrangements to poor countries — loan installments are made so that borrowers can service existing debts, while the principal is rolled over. With average incomes stagnant or falling, households have no alternative but to follow the same path. The likely consequence is that they end up performing a lifetime of ... Read more

How Wall Street Financial Fees Choke Our Cities

How Wall Street Financial Fees Choke Our Cities
When a city is forced to spend more on Wall Street fees than on basic public services, it is the sign of trouble. When that city is one of America's biggest population centers, it is the sign of a burgeoning crisis. That's the key takeaway from a recent report looking at what has been happening in Los Angeles over the last few years. Published by the union-backed Fix LA Coalition, the report details how the city has slashed its spending in ... Read more

Bitcoin for Undergrads, Wall Street’s Next Pump-and-Dump

Bitcoin for Undergrads, Wall Street’s Next Pump-and-Dump
The story was everywhere last week: MIT undergraduates will each receive $100 in Bitcoin when they arrive on campus next fall. The gift comes thanks to an affluent donor and two precocious student entrepreneurs — one a sophomore computer science major, the other a first-year Sloan MBA student and president of the MIT Bitcoin Club. The coverage was predictably gee-whiz. Read more

Leaked docs show how a Wall Street giant is guaranteed huge fees from taxpayers

Leaked docs show how a Wall Street giant is guaranteed huge fees from taxpayers
When you think of the term “public pension fund,” you probably imagine hyper-cautious investment strategies kept in check by no-nonsense fiduciary laws. But you probably shouldn’t. An increasing number of those pension funds are being stealthily diverted into high-fee, high-risk “alternative investments” that deliver spectacular rewards for the Wall Street firms paid to manage them – but not such great returns for pensioners and taxpayers. Read more

The Six Principles of the New Populism (and the Establishment’s Nightmare)

The Six Principles of the New Populism (and the Establishment’s Nightmare)
More Americans than ever believe the economy is rigged in favor of Wall Street and big business and their enablers in Washington. We’re five years into a so-called recovery that’s been a bonanza for the rich but a bust for the middle class. “The game is rigged and the American people know that. They get it right down to their toes,” says Senator Elizabeth Warren. Which is fueling a new populism on both the left and the right. While still far ... Read more