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Money and Morals

Fri, 10 Feb 2012 00:00:00 -0800

New York Times - By Paul Krugman - Feb. 10 (Opinion) - Conservatives have started telling us that the growing inequality is about a decline in morals. But it’s mainly about money.

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Op-Ed Columnist: G.O.P. Monetary Madness

Thu, 15 Dec 2011 00:00:00 -0800

New York Times - By Paul Krugman - Dec. 15 (Opinion) - When it comes to views on economics, Republicans have been consistent, clear and wrong.

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Gingrich Gave Push to Clients, Not Just Ideas

Wed, 30 Nov 2011 00:00:00 -0800

New York Times - By MIKE McINTIRE, JIM RUTENBERG - Nov. 30 (News Report) - Newt Gingrich is adamant that he is not a lobbyist, but in the eight years since he started his health care consultancy, he has made millions of dollars while helping companies promote their services.

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Congress: Trading stock on inside information?

Wed, 16 Nov 2011 00:00:00 -0800

CBS News - By Steve Kroft, Ira Rosen, Gabrielle Schonde - Nov. 16 (Special Report) - Washington, D.C. is a town that runs on inside information - but should our elected officials be able to use that information to pad their own pockets? As Steve Kroft reports, members of Congress and their aides have regular access to powerful political intelligence, and many have made well-timed stock market trades in the very industries they regulate. For now, the practice is perfectly legal, but some say it's time for the law to change.

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Income for top 1 percent skyrocketed over last 30 years

Wed, 26 Oct 2011 00:00:00 -0700

yahoo.com - By Zachary Roth, Liz Goodwin - Oct. 26 (News Report) - So you already know that the gap between rich and poor has been widening lately. But some new numbers from the Congressional Budget Office put the issue into stark relief.

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Ron Paul nets over $2.7 million in "money bomb" campaign

Sat, 22 Oct 2011 00:00:00 -0700

OpenGlobe - By Tempodivalse, OpenGlobe contributors - Oct. 22 (News Report) - US presidential candidate Ron Paul has raised around $2.7 million for his campaign over the past three days, in one of his signature "money bombs".

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Revealed - the capitalist network that runs the world

Wed, 19 Oct 2011 00:00:00 -0700

New Scientist - Oct. 19 (Special Report) - An analysis of the relationships between 43,000 transnational corporations has identified a relatively small group of companies, mainly banks, with disproportionate power over the global economy. The study's assumptions have attracted some criticism, but complex systems analysts contacted by New Scientist say it is a unique effort to untangle control in the global economy. Pushing the analysis further, they say, could help to identify ways of making global capitalism more stable.

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5 New Rules for an Economy That Works

Sun, 09 Oct 2011 00:00:00 -0700

AlterNet - By David Morris - Oct. 09 (Opinion) - The 99% is growing stronger and larger. The next step is to move the country. Which requires us to decide where we want to go and how we want to get there.

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How to save the euro

Thu, 15 Sep 2011 00:00:00 -0700

Economist - Sep. 15 (Editorial) - So grave, so menacing, so unstoppable has the euro crisis become that even rescue talk only fuels ever-rising panic. Investors have sniffed out that Europe’s leaders seem unwilling ever to do enough. Yet unless politicians act fast to persuade the world that their desire to preserve the euro is greater than the markets’ ability to bet against it, the single currency faces ruin. As credit lines gum up and outsiders plead for action, it is not just the euro that is at risk, but the future of the European Union and the health of the world economy.

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Food stamp program doubles in region, abuse soars | Leah Fabel | Virginia | Washington Examiner

Thu, 08 Sep 2011 00:00:00 -0700

washingtonexaminer.com - Sep. 08 () -

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Wall Street Aristocracy Secretly Got $1.2 Trillion From Fed

Mon, 22 Aug 2011 00:00:00 -0700

Bloomberg - By Bradley Keoun, Phil Kuntz - Aug. 22 (Special Report) - Citigroup Inc. and Bank of America Corp. were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest US banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing market's collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the US Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the US Treasury, yet until now the full amounts have remained secret

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Sarah Palin's Husband Admits on Video That His Wife Quit Being Governor So She Could Make More Money

Mon, 22 Aug 2011 00:00:00 -0700

AlterNet - By Rachel Maddow - Aug. 22 (News Report) - The Rachel Maddow Show staff dug up a video yesterday that shows an interesting moment of candor by Sarah Palin's husband Todd. In the video, Palin is arguing with a woman who says she's an Alaska resident and disapproves of how his wife quit the Alaska governorship and "sold out." Palin doesn't disagree with the Alaska woman; he just says, "What would you do" with "thousands and thousands of dollars a day?"

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Is the SEC Covering Up Wall Street Crimes?

Wed, 17 Aug 2011 00:00:00 -0700

Rolling Stone - By Matt Taibbi - Aug. 17 (Investigative Report) - Imagine a world in which a man who is repeatedly investigated for a string of serious crimes, but never prosecuted, has his slate wiped clean every time the cops fail to make a case. No more Lifetime channel specials where the murderer is unveiled after

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The Economy Is Doomed Says Charles R. Morris

Thu, 11 Aug 2011 09:01:10 -0700

The Daily Beast - By Charles R. Morris - Aug. 11 (Opinion) - Over the last few days, global markets have been surging and collapsing like a teeny-bopper’s hormones. The Monday swoon was precipitated by the downgrading of the U.S. credit rating by one of the major credit agencies, while the Tuesday resurrection was in reaction to Federal Reserve chairman Ben Bernanke’s promise to keep interest rates near zero in perpetuity if necessary. Neither of those was a real event. Treasury risk premiums fell after the credit action, and American banks and corporations are already sitting on some $3 trillion in cash that they can’t spend. More free money won’t change anything. Gloom descended again on Wednesday, this time because of credit worries in Europe, which is at least a real problem. A deeper reason for the high market anxiety, however, is the sad state of financial governance in both Europe and the United States. The paralyzing standoff between the two major American parties was dramatized by the idiocies of the debt-ceiling debate. President Obama’s Monday speech only added to the nervousness by underscoring how far apart the parties were.

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U.S. Stocks Drop Sharply Amid Fears About Europe

Wed, 10 Aug 2011 00:00:00 -0700

New York Times - By Christine Hauser - Aug. 10 (News Report) - Stocks on Wall Street finished steeply lower on Wednesday as the financial sector dragged down the broader market, in a sharp reversal from the rally of the previous day. Financial stocks were down by more than 7 percent at about 4 p.m., in part because of fears about their exposure to French banks as shares in those institutions dropped during European trading. The broad stock market was affected because big countries like France in the heart of Europe might now be called upon to bail out their own banks as well as economies like Spain and Italy. "Today it’s fears about French banks and France," Michael Gapen, United States economist at Barclays Capital in New York, said, singling out the French bank Société Générale, whose shares fell about 18 percent. "SocGen is the name that is really driving trading."

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It's the Economy, Dummkopf!

Wed, 10 Aug 2011 00:00:00 -0700

Vanity Fair - By Michael Lewis - Aug. 10 (Special Report) - With Greece and Ireland in economic shreds, while Portugal, Spain, and perhaps even Italy head south, only one nation can save Europe from financial Armageddon: a highly reluctant Germany. The ironies—like the fact that bankers from Düsseldorf were the ultimate patsies in Wall Street’s con game—pile up quickly as Michael Lewis investigates German attitudes toward money, excrement, and the country’s Nazi past, all of which help explain its peculiar new status.

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Fed tells worried stock market it will keep interest rate near zero for 2 years

Tue, 09 Aug 2011 00:00:00 -0700

Associated Press - Aug. 09 (News Report) - The Federal Reserve guaranteed super-low interest rates for two more years Tuesday - an unprecedented step to arrest the alarming decline of the stock market and the economy. Wall Street roared its approval and finished a wild day with a 429-point gain. The rally was remarkably fast - the Dow Jones industrial average was still down for the day with less than an hour of trading to go - and enough to erase two-thirds of its decline the day before. The Fed set its target for interest rates near zero in 2008 as a response to the financial crisis that fall. Since then, it had said only that rates would stay low for an "extended period." On Tuesday, it guaranteed them until mid-2013.

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DNC chair blames Tea Party ‘tyrants’ for S&P credit rating downgrade

Mon, 08 Aug 2011 00:00:00 -0700

The Hill - By Alicia M. Cohn - Aug. 08 (Opinion) - Alicia M. Cohn / The Hill: DNC chair blames Tea Party ‘tyrants’ for S&P credit rating downgrade — The head of the Democratic National Committee joined Sen. John Kerry (D-Mass.) on Monday in casting blame for the U.S. credit downgrade on the Tea Party movement. — Rep. Debbie Wasserman Schultz (D-Fla.) …

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S&P downgrades U.S. credit rating

Fri, 05 Aug 2011 00:00:00 -0700

CNN - By Charles Riley - Aug. 05 (Breaking News) - Credit rating agency Standard & Poor's on Friday downgraded the credit rating of the United States, stripping the world's largest economy of its prized AAA status. In July, S&P placed the United States' rating on "CreditWatch with negative implications" as the debt ceiling debate devolved into partisan bickering.

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How USA Today Slips $82 Million a Year Onto Your Hotel Bill

Tue, 02 Aug 2011 00:00:00 -0700

Forbes - By Jeff Bercovici - Aug. 02 (News) - Gannett Co., the publisher of USA Today, has been profiting to the tune of tens of millions of dollars a year from these small charges.

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Dems suggest compromise on debt

Fri, 29 Jul 2011 00:00:00 -0700

The Politico - By Carrie Budoff Brown - Jul. 29 (Breaking News) - Politico - The president would be able to lift the debt ceiling unless two-thirds of both chambers override his veto.

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Wealth Gap Between Minorities and White Americans Doubles After Housing Crisis, Recession

Thu, 28 Jul 2011 00:00:00 -0700

Democracy Now - By Amy Goodman - Jul. 28 (News Report) - A new study of U.S. census data reveals that wealth gaps between whites and minorities in the United States have grown to their widest levels since the U.S. government began tracking them a quarter-century ago. White Americans now have on average 20 times the net worth of African Americans and 18 times that of Latinos. According to the Pew Research Center, the gaps were compounded during the housing bust and the subsequent recession, and essentially wiped out much of the economic progress made by people of color over the past 20 years. We discuss the center’s study with Roderick Harrison, sociologist and demographer, and former chief of racial statistics at the Census Bureau. “Any hopes or aspirations, particularly based solely on Obama's election, that we had reached some kind of post-racial state, were close to delusional,” says Harrison. “This report is pointing to just how much the inequalities have been exacerbated by the recession and poor economy.”

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Amazon’s Market Cap Passes $100 Billion

Wed, 27 Jul 2011 00:00:00 -0700

TechCrunch - By Leena Rao - Jul. 27 (News) - After reporting stronger than expected second quarter earnings yesterday, Amazon has passed $100 billion in market cap this morning. The company's shares are currently trading at around $225 per share, giving the e-commerce giant a $101.81 billion market cap.

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Debt Deception: Borrower Nightmares

Sat, 16 Jul 2011 00:00:00 -0700

iWatch News - By Julie Vorman - Jul. 16 (Special Report) - To mark the July 21 launch of the Consumer Financial Protection Bureau, a new regulator with broad powers, iWatch News is publishing stories about borrower nightmares: Americans from different walks of life who borrowed money with terms they didn’t understand and couldn’t afford. The stories build on our Debt Deception investigation, begun in February, of how lenders are accused of exploiting gaps in existing laws to make predatory and confusing loans. Here's a brief description of the borrowers we will profile in this installment:

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Doubt creeps in to tech valuations at Sun Valley

Tue, 12 Jul 2011 00:00:00 -0700

Reuters - By Sarah McBride, Yinka Adegoke - Jul. 12 (News) - Trouble is, not every company headed to market this year or next -- Groupon, Zynga, Facebook among them -- may become a Google. And recent high-profile debuts have spooked investors by dipping below their IPO prices.

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