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: Labor Day is traditionally a time for picnics and parades. But this year is no picnic for American workers, and a protest march would be more appropriate than a parade.
Robert Reich: Our representatives in the nation’s capital continue to obsess about future budget deficits and games of chicken over raising the debt ceiling — neither of which has anything at all to do with the stalled recovery and the carnage on the Street.
Robert Reich: What do oil giant BP, the mining company Massey Energy, and Goldman Sachs have in common? They’re all big firms involved in massive plunder. BP’s oil spill is already one of the biggest and most damaging in American history. Massey’s mine disaster, claiming the lives of 29 miners, is one of the worst in recent history. Goldman’s alleged fraud is but a part of the largest financial meltdown in 75 years.
Charley James: According to DHS Secretary Janet Napolitano, news reports that Umar Farouk Abdulmutallab – the man accused to trying to blow up NW253 – concealed explosives in his underpants are accurate “so we want to be sure that, along with making people walk barefoot through check points, and banning shampoo and deodorant, no one is trying to sneak explosives aboard in their knickers.”
Something, anything, has to be done at some point to show that the Obama Administration is not just the latest group of good people with good ideas that are absorbed into a system that makes Hamid Karzai look like a clean government activist. The corporate money so clogs the arteries of our body political the whole damn thing is sclerotic, choked off from the life-giving oxygen of democracy.
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 United States is in the midst of the worst financial crisis since the Great Depression. The question is: How close are we to another Great Depression? The answer is: Very close. Here’s why. The Great Depression was the result of the combination of the 1929 financial crisis and serious structural problems in the American […]
by Robert Reich — This is not the Great Depression of the 1930s, but nor is it turning out to be merely a bad recession of the kind we’ve experienced periodically over the last half century. Call it a Mini Depression.