Ellen Brown: The fiscal cliff has been said to be holding Congress hostage to conservative demands, but the real hostages are the debt slaves of our financial system.
Brent Budowsky: On Thursday the staggeringly popular former president, who is known as the Comeback Kid, will appear in Ohio to talk about the great American economic comeback, alongside Bruce Springsteen.
Robert Reich: Most of the gains from the productivity revolution are going to the owners of capital, while typical workers are either unemployed or underemployed, or else getting wages and benefits whose real value continues to drop.
Ellen Brown: When done on a large enough scale, short selling can force prices down, allowing assets to be picked up very cheaply.
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.
Robert Reich: Happy Birthday Wall Street. Party away. Just know that most Americans aren’t joining the celebration.
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.
Robert Reich: Inhabitants of the Big Money economy are celebrating Republican wins last week. They figure financial regulations will be rolled back, environmental regulations will be canned, the Bush tax cut will be extended to the top 1 percent, and it will be harder for workers to form unions.
Shamus Cooke: The massive One Nation demonstration in Washington, D.C. proved that unions and other progressive groups can unite under a set of demands. But uniting for one demonstration is not enough.
Ted Vaill: President McCain has urged that the United Nations move its headquarters out of the U.S., and he has proposed that the U.S. leave the UN, which he calls “useless and corrupt”. He also has refused to meet with most foreign leaders in the White House, or to travel abroad, except for heavily guarded and secret trips to Iraq and Afghanistan.
Robert Reich: Ninety minutes before the end of the trading day today, the U.S. stock market almost melted down The Dow Jones Industrial Average dropped nearly 1,000 points. The market regained ground before the end, like a giant 747 narrowly averting a crash landing, but the questions of the day are: What happened? And what does it mean?
The Dow is up despite the biggest consumer retreat from the market since the Great Depression because of the very thing so many executives are complaining about, which is government’s expansion.
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.