Recently, the government announced that the U.S. economy rose from January-March 2016 at a mere 0.5 percent annual growth rate. Since the U.S., unlike other countries, estimates its GDP based on annual rates, that means for the first quarter 2016 the U.S. economy grew by barely 0.1 percent over the previous quarter in late 2015. Read more…
Most observers think Sanders is on a quixotic quest and, with Wall Street’s political power, the chances of any revival of Glass-Steagall are, like his election to the presidency, slim. Yet Sanders has a strong argument, one that can be effectively made using Citigroup
What if instead banks became a public utility with an end to speculation? Proposals are being floated in the U.S. to create state banks, perhaps on the model of the successful Bank of North Dakota
The Big Short provides the narrative for how Wall Street keeps that growth going, with little increase in real value, but lots of high salaries and high living that all count towards GDP.
On November 13, 2015, the United Kingdom’s Serious Fraud Office (SFO) announced it was charging ten individual bankers, working for two separate banks, Deutsche Bank and Barclays, with fraud over their rigging of the Euribor rates.
At the most fundamental level, the shift from investing in real assets to financial asset investing occurs because the structure of the global economy today incentivizes financial asset investment more than real asset investment.
Note how immediate the increases are: The markets could barely wait to start buying
Puerto Rico’s governor may have said the commonwealth’s debt is not payable, but that doesn’t mean Puerto Ricans aren’t going to pay for it. Vulture capitalists are circling the island, ready to extract still more wealth. You may already know the drill: capital is sucked out by corporate interests that pay little in taxes, and speculators swoop in
For several decades, state and local governments have been showering private businesses with tax breaks and direct subsidies based on the theory that this practice fosters economic development and, therefore, job growth. But does it?
When artists say file-sharing is reducing their “value” as artists, they are helping make the persecution of file-sharing politically acceptable