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Reviving the Dream
NYTimes columnist Bob Herbert gives a good summary of how both the American economy and economists were hijacked for the benefit of the politically-connected rich. The American economy doubled in size from 1980 to 2005 while working Americans' income decl
Two Americas, Two Tax Codes - NYTimes.com
Despite propaganda portraying the American tax system as progressive, it actually taxes the rich at much lower rates than working people. A 19th-century British author complained there is "one law for rich and poor alike, which prohibits them equally from
Forced From Executive Pay to Hourly Wage - NYTimes.com
Highly-qualified professionals are being forced into manual labor, are cashing in their retirement savings, and are losing their houses. But Bush, Cheney, and the other "masters of the universe" who caused the problem are doing just fine, thank you very m
Desperately Protecting A.I.G.’s House of Cards - NYTimes.com
How A.I.G. used credit-default swaps to turn itself into the poster child for disaster capitalism:"Cover our losses or we'll bring down the entire world economy."
Banking on the Brink
Paul Krugman (quoting Alan Greenspan in support) lays out a strong case for temporary nationalization of insolvent big banks, and wonders why the Obama administration is dithering around with half-measures that give profits to bank owners and losses to ta
Judges Plead Guilty in Scheme to Jail Youths for Profit
Just "Good Old American Free Enterprise" at its finest! The predictable result of turning government services over to profit-driven psychopaths via "privatization."
Trying to Live on 500K in New York City - NYTimes.com
Boo-hoo. It costs lots of money to hire a chauffeur/bodyguard, to have both a posh apartment and a $4 million summer home. Are we supposed to feel sorry for these pampered incompetents who wrecked the U.S. and world economies?
When Humans Need a Nudge Toward Rationality
Discusses the fact that people often act against their best interests, and that corporations and other organizations have become expert in manipulating them.
Editorial - Bank Bailout, Redux - NYTimes.com
Transferring billions of dollars of working people's money into the hands of the banksters and their cronies.
In Florida, Despair and Foreclosures - NYTimes.com
Working people's houses are taken away, while banksters reward themselves with billions of dollars in bonuses, and the Bush-Cheney vermin both escape punishment for their crimes and get to keep their ill-gotten loot.
American Express Watched Where You Shopped - NYTimes.com
Banks and financial services companies do whatever they want, as always.
F.D.R’s Example Offers Lessons for Obama - NYTimes.com
The article draws parallels between the challenges that faced FDR in 1933 and those that face Obama in 2009. However, the lead photograph, juxtaposing American Chrysler workers in 1933 and foreign IndyMac customers in 2009, also dramatizes the changes tha
Man Kills His Wife and 5 Children - NYTimes.com
Recession and unemployment are not just about numbers and statistics. They affect real people. That's something with which economists must come to grips if they want to make a serious contribution both to knowledge and to society.
NYTimes Editorial: From Here to Retirement
Eliminating pensions and replacing them with 401(k)s was part of "The Great Risk Shift," which shifted economic risks from corporations and their wealthy owners to honest working people. This NY Times editorial examines some of the results.
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