When Will America Jail Their Banksters?

The most dramatic contrast in the rule of law against the architects of financial theft can be seen in the way America protects their banksters and the accountability that Iceland imposed on their financial crooks. The fact that the orthodox financial press refuses to cover the incarceration of Iceland’s Bankers Face 74 Years in Prison While US Banks Profit After Your Bailout, is clear proof who really controls the political and economic institutions in the United States. As for the courts, America has long ago shredded the rule of law in this country. “Five top bankers from Iceland’s two largest banks — Landsbankinn and Kaupþing — were found guilty of embezzlement, market manipulation, and breach of fiduciary duties. Though the country’s maximum penalty for financial crimes currently stands at six years, the Supreme Court is currently hearing arguments to extend the limit. Most of those convicted have so far […] Read More

1 in 5 US children live below poverty line, more than during Great Recession

Around 22 percent of American children lived below the federal poverty line in 2013, up from 18 percent in 2008, according to a new report. Black, Hispanic, and American Indian children were twice as likely to live in poverty as whites. The 2015 Kids Count Data Book ‒ released Tuesday by the non-profit group Annie E. Casey Foundation ‒ was compiled using federal government data collected from 2008 to 2013 to determine state-based trends pertaining to 16 factors related to quality of life for young children. Those factors include health, family life, community, and education. The 16.1 million children living in poverty in 2013 counts for nearly 3 million more than those living in poverty in 2008, the beginning of the Great Recession. More than two million more children live in areas of concentrated poverty compared to 2006 to 2010, the report found. The federal poverty line in 2013 […] Read More

One American’s Rage Spills Over: Shut Your Mouth & Start Fighting These Political Parasites

Warning: NSFW, for the weak of heart, look away… Submitted by Thad Beversdorf via First Rebuttal blog, I was shocked today by the absolute gaul of the Fed releasing a statement about Net Worth in America reaching record levels.  Now I get that they are under extreme pressure to sell the story that everything is rainbows and butterflies.  But surely they understand that working class Americans are going along with the story because they really don’t have any say in our nation’s policies anymore.  That doesn’t mean they want it thrown in their faces that the Fed has spent 6 years now inflating the wealth of the top 10% so much that it actually lifts the total wealth of the nation’s citizens to record highs. The ugly reality is that the bottom 80% of Americans experienced none of that gain.  That’s right a big ole goose egg.  And so when the Fed via its […] Read More

The Destruction Of The Middle Class Is Nearing The Final Stages

Submitted by Tom Chatham via Project Chesapeake, The events of the past few months seem astounding when taken in all at once. The plan to destroy the U.S. dollar and the American middle class is moving at an ever increasing speed. At the recent G20 meeting the nations agreed that bank deposits would no longer be considered money. These bank deposits become the property of the banking institution and as such can be used any way the bank wants. This means that any money you deposit in a bank now is no longer yours but makes you an investor in the bank and subject to lose that money if a banking crisis takes down the bank. The spending bill just passed by congress makes the American taxpayer responsible for any derivatives loses that banks may suffer. These derivative holders now have first priority when any funds are paid out […] Read More

In the U.S., Downward Mobility and Vulnerability Is a Widely Shared Experience

Those at the bottom are only a short step away from bankruptcy. NEW YORK — Two new studies show, once again, the magnitude of the inequality problem plaguing the United States. The first, the U.S. Census Bureau’s annual income and poverty report, shows that, despite the economy’s supposed recovery from the Great Recession, ordinary Americans’ incomes continue to stagnate. Median household income, adjusted for inflation, remains below its level a quarter century ago. It used to be thought that America’s greatest strength was not its military power, but an economic system that was the envy of the world. But why would others seek to emulate an economic model by which a large proportion — even a majority — of the population has seen their income stagnate while incomes at the top have soared? A second study, the United Nations Development Program’s Human Development Report 2014, corroborates these findings. Every […] Read More

2014: David Stockman’s “Born Again Jobs Scam”: The Ugly Truth Behind “Jobs Friday”

Submitted by David Stockman via his Contra Corner blog, The mainstream recovery narrative has an astounding “recency bias”. According to all the CNBC talking heads, the 192,000 NFP jobs gain reported on Friday constituted another “strong” report card. Well, let’s see. Approximately 75 months ago (December 2007) at the cyclical peak before the so-called Great Recession, the BLS reported 138.4 million NFP jobs. When the hosanna chorus broke into song last Friday, the reported figure was 137.9 million NFP jobs. By the lights of old-fashioned subtraction, therefore, we are still 500k jobs short—notwithstanding $3.5 trillion of money printing in the interim. The truth is, all the ballyhooed “new jobs” celebrated on bubblevision month-after-month have actually been “born again” jobs. That is, jobs which were created during the Fed’s 2002-2007 bubble inflation; lost in the aftermath of the September 2008 meltdown; and then “recovered” during the renewed bubble inflation now underway. Stated differently, back when the NFP jobs count first clocked in at 137.9 million in the […] Read More

2014: 16 Signs That Most Americans Are NOT PREPARED For The Coming Economic Collapse

Sometimes I think that I sound like a broken record.  I am constantly using phrases such as “get prepared while you still can” and “time is running out”.  In fact, I use them so often that people are starting to criticize me for it.  But the truth is that only a small percentage of people out there are actively taking steps to get ready for what is coming.  Most of the country is not prepared at all.  In many ways, it is just like 2007 all over again.  There were many people that could see what was about to happen and were doing all they could to warn people, but most did not listen.  And then the great financial crisis of 2008 struck and millions of people lost their jobs and their homes.  Unfortunately, the next great wave of the economic collapse is going to be even more painful […] Read More

2014: 9 Of The Top 10 Occupations In America Pay An Average Wage Of Less Than $35,000 A Year

According to stunning new numbers just released by the federal government, nine of the top ten most commonly held jobs in the United States pay an average wage of less than $35,000 a year.  When you break that down, that means that most of these workers are making less than $3,000 a month before taxes.  And once you consider how we are being taxed into oblivion, things become even more frightening.  Can you pay a mortgage and support a family on just a couple grand a month?  Of course not.  In the old days, a single income would enable a family to live a very comfortable middle class lifestyle in most cases.  But now those days are long gone.  In 2014, both parents are expected to work, and in many cases both of them have to get multiple jobs just in order to break even at the end of […] Read More

2014: Comcast’s Costly Package

The proposed takeover of Time Warner Cable is misguided, monopolistic and bad for the U.S. economy. This article originally appeared on Al Jazeera America, and is reprinted here with their permission. If you’re wondering why ordinary Americans aren’t even close to achieving economic prosperity nearly five years after the official end of the Great Recession, you should pay close attention to the proposed $45 billion takeover of Time Warner Cable by Comcast. The deal, which was announced last week, would create a monopolistic behemoth, reducing competition in the telecommunications sector and granting the consolidated companies more power to simultaneously raise prices and depress wages. It would reduce the number of jobs on the market, weaken smaller businesses and restrain the deployment of technology — especially the high-speed Internet access that’s necessary to support economic growth in this digital age. If the deal goes through, it will serve as the […] Read More

2013: JP Morgan Buying Its Way Out of Legal Troubles

The announcement that a tentative agreement had been reached between the Department of Justice and JP Morgan (JPM) was surprising only in the size of the penalty the country’s largest bank (and second largest in the world) agreed to pay: $13 billion. It’s the largest penalty on record that any company has paid to settle claims made by the Justice Department. But it’s far from being the first that JPM has paid. In a little over 10 years, the bank has paid out (not counting the present agreement which is still being negotiated) more than $5.2 billion in settling claims ranging from fraud involved in underwriting Enron and WorldCom bonds, and engaging in a “pay-to-play” scheme that brought Jefferson County, Alabama, to the brink of bankruptcy, to wrongly overcharging several thousand military families for their mortgages. This present agreement is the result of numerous charges brought by several aggrieved parties, including the Federal Housing Finance […] Read More

2013: The Living-in-the-Basement Generation

How young adults are faring in America’s twenty-five biggest metro areas. With housing prices and job numbers rising, many commentators have begun to talk about the “recovery,” with the “crisis” relegated to the past. But a crisis certainly remains, according to new research by the Social Science Research Council’s Measure of America project, for our nation’s 5.8 million “disconnected youth”—the one in seven Americans between the ages of sixteen and twenty-four who are neither working nor enrolled in school. This cohort, whose numbers were stable for a decade, surged by 800,000 after the Great Recession and includes not only children from poor and minority families but significant numbers of white, middle-class youth as well. The consequences are dire for these young Americans. They’re not only more likely to have a hard time in the job market; researchers have found that disconnection has scarring effects on health and happiness that endure […] Read More