Turning Mirage Recovery into Real Recovery

people need jobs

ecently, news reporters have been sounding almost giddy, saying that unemployment is dropping, housing prices are rising and the stock market is growing to new highs. But, these reports do not ring true with what people see around them. When you look beyond the sunny headlines, the sad reality is mirage recovery. The economy is limping [...]

When Profits Rise but Wages Stagnate

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Mark Naison: The last time we had an extended period of profits rising while wages stagnated was the 1920′s – many historians view this as the most significant underlying cause of the Great Depression.

Obama’s Debate Mission

barack and bill

Brent Budowsky: Obama does recognize the pain that afflicts too many Americans, but he should also be the champion of an agenda of optimism, aspiration and achievement that will be the hallmark of a second Obama term.

What Occupy Wall Street Protestors Want

occupy wall street

Lydia Howell: After 30 years of reversals of 20th century progress towards equity and equality, towards inclusion and true democracy, We the People are awakening.

Sheared by the Shorts: How Speculators Fleece Investors

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Ellen Brown: When done on a large enough scale, short selling can force prices down, allowing assets to be picked up very cheaply.

Stock Tip: Be Worried. Workers are Consumers.

Iranian medical delegation at the Agent Orange conference in Hanoi.

Robert Reich: Every CEO of every company that continues to squeeze payrolls (Verizon, are you listening? Ford?) needs to understand they’re shooting themselves in the feet. Where do they expect demand for their products and services to come from?

How Not To Talk About Financial Panics: New Rules For Pundits

economy-sinking

James Livingston: Never act like you know what will happen next. You don’t, and nobody else does either. In fact, nobody knows what just happened.

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Let’s Have a Tea Party

tea party congress

Ted Vaill: Teabaggers, look at what has happened this past week in England – get rid of entitlements and you have rioting in the streets fomented by the unemployed youths who have been pushed down through England’s safety net.

Stock Market Crash: What are the Politics Behind It?

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Robert Brent Toplin: Conservatives often tout the benefits of “free” markets, but in practice, market fundamentalism has produced a troubled history.

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Republican Double-Dip: What Must Be Done

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Robert Reich: Now that we’re slouching toward a double-dip recession, the only hope is voters will tell their members of Congress to stop obsessing about future budget deficits and get to work on the real crisis of unemployment, falling wages, and no growth.

Real Crises and Fake Ones

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Steve Hochstadt: Our economic disaster is not about national debt, but about national poverty. America cannot be a great country, if we do not alleviate the critical economic problems gripping our poorest families.

The Shameful Murder of Dodd Frank

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Robert Reich: Wall Street has effectively neutered the Dodd-Frank law, which is the best argument I know for applying the nation’s antitrust laws to the biggest banks and limiting their size.

The Rich Are Destroying the Economy

bank-robbery

Shamus Cooke: Because both parties simply threw money at the banks and hedge funds instead of punishing them, a condition of “moral hazard” was created, meaning, that banks would assume another bailout would come their way if they destroyed the economy again — too big too fail, remember?

How to Get Washington’s Attention

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Robert Reich: The leaders of the Street and big business may now have to wake up to a reality they’ve tried to avoid — that the central economic problem of our time isn’t the long-term budget deficit but the immediate deficit in aggregate demand.

Wall Street’s Birthday Nothing to Crow About

wall street

Robert Reich: Happy Birthday Wall Street. Party away. Just know that most Americans aren’t joining the celebration.

The Jobs Report, and America’s Two Economies

looking for work

Robert Reich: With corporate profits are through the roof, the Dow is flirting with 12,000, Wall Street paychecks are fat again, and big corporations are sitting on more than $1 trillion in cash, you’d expect jobs be coming back. But you’d be wrong.

State of the Union Address 2011 – Full Video and Transcript

You can watch President Obama’s State of the Union Address, in its entirety and read the full transcript here. The president began by introducing the Speaker of the House, John Boehner. He then went on to talk about the tragedy in Tucson, pointing out that Representative Gabrielle Giffords’ seat was empty. The hour long video offers insight into what we’re to expect in the coming year.

The Four Most Dangerous Words To Your Portfolio

woman saving money

Manisha Thakor: “How Should I Invest?” are the four most dangerous words to your portfolio. The answer to that question is often given as if one size fits all, when it’s anything but. To protect yourself, here are 5 things to think about to make sure your hard earned money is invested in a way that is appropriate for your specific situation.

The U.S. Economy in 2011

Jobs in the New Year

Robert Reich: The two American economies — the Big Money economy and the Average Working Family economy — will continue to diverge. Corporate profits will continue to rise, as will the stock market. But typical wages will go nowhere, joblessness will remain high, the ranks of the long-term unemployed will continue to rise, the housing recovery will remain stalled, and consumer confidence will sag.

Why America’s Two Economies Continue to Drift Apart

unemployment

Robert Reich: Nothing is trickling down to the Average Worker economy. Job growth is still anemic. Unemployment won’t get down to pre-recession levels for 20 years. And almost half of October’s new jobs were in temporary help.

Obama’s First Stand

Robert Reich: The President says a Republican proposal to extend the Bush tax cuts to everyone for two years is a “basis for conversation.” I hope this doesn’t mean another Obama cave-in.

The Fed’s New Bubble (Masquerading as a Jobs Program)

economic collapse

Robert Reich: The latest jobs bill coming out of Washington isn’t really a bill at all. It’s the Fed’s attempt to keep long-term interest rates low by pumping even more money into the economy (“quantiative easing” in Fed-speak).

The Stock Market Rally Versus the World’s Economic Fundamentals

happy labor day

Robert Reich: The real economy is jobs and paychecks, what people buy and what they sell. And the real economy — even viewed from a worldwide perspective — is as precarious as ever, perhaps more so.

Forget Double Dip: We’re Still in One Long Big Dipper

recession

Robert Reich: It’s nonsense to think of the economy heading downward again into a double dip when most Americans never emerged from the first dip. We’re still in one long Big Dipper.

Why Raising Taxes on the Wealthy Helps Everyone, Including the Rich

taxes

Howard Roth: It does not make sense to tax that lower fifty percent of the population with 2.5 percent of the the total wealth, because practically all of their income is money already in circulation. You need to take the money from the top ten percent.

Banks, Markets Now Just Shearing Pens

wall street slide

Jim Fuller: For the first time in the 50-plus years I’ve been paying close attention to the securities markets and banking and looser attention to commodities markets — most of those years covering such businesses for newspapers and magazines — I am close to concluding that the only place for the modest savings of the average Jane or Joe is a tightly sealed jar buried in the garden or an envelope under a mattress. Maybe in a mixture of currencies.

The Great Disconnect Between Stocks and Jobs

Unemployment

In the Great Recession of 2008-2009, companies are going a step further. They’re using this sharp downturn to cut payrolls even below where they were when times were good. Outsourcing abroad, setting up shop in China and elsewhere, contracting out, replacing people with software and automated machines – they’re doing whatever it takes to get payrolls down so earnings bounce up.

The Wall Street Rally: Watch Your Wallets

banks

Keep your eye on the real economy, where unemployment and underemployment keep rising. It’s not as much fun as cheering and investing right now, but it’s far safer.

The Three Essentials of Financial Reform

dollar-hand

As the White House unveils its long-awaited proposals to prevent another Wall Street meltdown in the future, keep a lookout for three essentials. Without them the Street will revert to its old ways as soon as the coast clears. In fact, now that the government has bailed out the Street, the biggest banks will take [...]

The New Deal and the New New Deal: Countering Conservative Claptrap

gop-on-automatic

The stock market reached a six-year low today. Why? Some blame loose talk (including that of former Fed Chair Alan Greenspan) about nationalizing the nation’s banks. Others blame Obama’s new plan for helping homeowners who may not be able to pay their mortgages. But the real culprit is the accelerating decline in aggregate demand — [...]

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