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thinkahol *

House Bill Means Fewer Children in Head Start, Less Help for Students to Attend College... - 0 views

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    Some 157,000 at-risk children up to age 5 could lose education, health, nutrition, and other services under Head Start, while funds for Pell Grants that help students go to college would fall by nearly 25 percent, under a bill passed by the House that would cut current-year non-security discretionary funding by an average of 14.3 percent.  The bill (H.R.1), which would fund the government for the rest of fiscal year 2011, now must be considered by the Senate. [1] H.R. 1 also would kill a program that helps low-income families weatherize their homes and permanently reduce their home energy bills, cut federal funds for employment and training services for jobless workers and for clean water and safe drinking water by more than half, and raise the risk that the WIC nutrition program may not be able to serve all eligible low-income women, infants, and children under age 5.  In addition, it would cut funds for the Centers for Disease Control and Prevention by 10 percent, for the Food and Drug Administration by 10 percent, and for the Food Safety and Inspection Service by 9 percent. The House bill does not apply its overall 14.3 percent cut on an across-the-board basis.  Some cuts, such as the 6.0 percent reduction in funding for House of Representatives staff salaries and expenses, would be smaller.  But many important programs, including some of the ones listed above, would be cut much more to make up the difference.  (The table on the next page shows the average size of the cut for programs within the jurisdiction of each subcommittee.) At the same time, H.R. 1 would increase overall funding for security programs (those funded by the Defense, Homeland Security, and Military Construction-Veterans Affairs appropriation bills) by a little less than 1 percent. Also, the 14.3 percent figure is a bit deceiving.  To achieve that level of overall cuts for non-security programs for the entirety of 2011, funding for those programs will have to fall on average by nearly one
Sarah Eeee

Income Inequality and the 'Superstar Effect' - NYTimes.com - 0 views

  • Yet the increasingly outsize rewards accruing to the nation’s elite clutch of superstars threaten to gum up this incentive mechanism. If only a very lucky few can aspire to a big reward, most workers are likely to conclude that it is not worth the effort to try.
  • It is true that the nation grew quite fast as inequality soared over the last three decades. Since 1980, the country’s gross domestic product per person has increased about 69 percent, even as the share of income accruing to the richest 1 percent of the population jumped to 36 percent from 22 percent. But the economy grew even faster — 83 percent per capita — from 1951 to 1980, when inequality declined when measured as the share of national income going to the very top of the population.
  • The cost for this tonic seems to be a drastic decline in Americans’ economic mobility. Since 1980, the weekly wage of the average worker on the factory floor has increased little more than 3 percent, after inflation. The United States is the rich country with the most skewed income distribution. According to the Organization for Economic Cooperation and Development, the average earnings of the richest 10 percent of Americans are 16 times those for the 10 percent at the bottom of the pile. That compares with a multiple of 8 in Britain and 5 in Sweden.
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  • Not coincidentally, Americans are less economically mobile than people in other developed countries. There is a 42 percent chance that the son of an American man in the bottom fifth of the income distribution will be stuck in the same economic slot. The equivalent odds for a British man are 30 percent, and 25 percent for a Swede.
  • Just as technology gave pop stars a bigger fan base that could buy their CDs, download their singles and snap up their concert tickets, the combination of information technology and deregulation gave bankers an unprecedented opportunity to reap huge rewards. Investors piled into the top-rated funds that generated the highest returns. Rewards flowed in abundance to the most “productive” financiers, those that took the bigger risks and generated the biggest profits. Finance wasn’t always so richly paid. Financiers had a great time in the early decades of the 20th century: from 1909 to the mid-1930s, they typically made about 50 percent to 60 percent more than workers in other industries. But the stock market collapse of 1929 and the Great Depression changed all that. In 1934, corporate profits in the financial sector shrank to $236 million, one-eighth what they were five years earlier. Wages followed. From 1950 through about 1980, bankers and insurers made only 10 percent more than workers outside of finance, on average.
  • Then, in the 1980s, the Reagan administration unleashed a surge of deregulation. By 1999, the Glass-Steagall Act lay repealed. Banks could commingle with insurance companies at will. Ceilings on interest rates vanished. Banks could open branches anywhere. Unsurprisingly, the most highly educated returned to banking and finance. By 2005, the share of workers in the finance industry with a college education exceeded that of other industries by nearly 20 percentage points. By 2006, pay in the financial sector was again 70 percent higher than wages elsewhere in the private sector. A third of the 2009 Princeton graduates who got jobs after graduation went into finance; 6.3 percent took jobs in government.
  • Then the financial industry blew up, taking out a good chunk of the world economy. Finance will not be tamed by tweaking the way bankers are paid. But bankers’ pay could be structured to discourage wanton risk taking
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    (Part 2 of 2 - see first part below) What impact do the incredible salaries of superstars have on the rest of us? What has changed, technologically and socially, to precipitate these inequities? This article also offers a brief look at the relationship between income inequality and economic growth, comparing the US throughout its history and the US vis a vis several European countries.
thinkahol *

Evil Corporate Tax Holiday Gains Bipartisan Support | Rolling Stone Politics | Taibblog... - 0 views

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    The madness that is the proposed tax repatriation holiday is continuing and gathering steam. More and more members of congress are coming out of the woodwork, scratching their chins in contemplative consideration as it were, pretending that they've just realized what a great day a corporate tax holiday would be - not that they've taken gazillions of dollars from the firms lobbying for it or anything. The latest convert seems to be Nevada Democrat Shelley Berkley. Berkley's plan is to offer a pseudo-holiday - not the full-fledged happy-ending massage the companies wanted (i.e. a reduction from 35 percent+ to 5.25 percent) but a mere ten-point shave: Representative Shelley Berkley, a Nevada Democrat, is the latest lawmaker to consider legislation allowing multinational companies to send offshore profits to the U.S. at a reduced tax rate. Her proposal, which was confirmed yesterday by Berkley's communications director, David Cherry, would allow companies to return profits to the U.S. at a 25 percent tax rate, 10 percentage points below the maximum statutory rate. Most companies publicly supporting a holiday, such as Duke Energy Corp., have spoken favorably of the 5.25 percent rate that is being offered by Representative Kevin Brady, a Texas Republican. One thing that people must understand about this tax repatriation business is that it's a wholly bipartisan affair. It's not solely the work of evil Republicans. This is a scheme that requires heavies in both parties to help ram the knotty, hard-to-sell legislation through. On the Democratic side, unsurprisingly, the main actor is going to be Chuck Schumer. John Kerry is also involved with this nastiness. Barbara Boxer led the 2004 effort and the failed 2009 campaign to get a holiday, and is rumored to be lurking somewhere in this business. Note that Cisco, a California corporate heavyweight and one of the companies lobbying most ravenously for this tax holiday, has been a consistent lifelong contributor
thinkahol *

AFP: UN warns of 70 percent desertification by 2025 - 0 views

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    Drought could parch close to 70 percent of the planet's soil by 2025 unless countries implement policies to slow desertification, a senior United Nations official has warned. "If we cannot find a solution to this problem... in 2025, close to 70 percent could be affected," Luc Gnacadja, executive secretary of the United Nations Convention to Combat Desertification, said Friday. Drought currently affects at least 41 percent of the planet and environmental degradation has caused it to spike by 15 to 25 percent since 1990, according to a global climate report. "There will not be global security without food security" in dry regions, Gnacadja said at the start of the ninth UN conference on the convention in the Argentine capital. "A green deal is necessary" for developing countries working to combat drought, he stressed. The next meeting on the convention is scheduled to take place in South Korea in 2010.
Skeptical Debunker

Belief In Climate Change Hinges On Worldview : NPR - 0 views

  • "People tend to conform their factual beliefs to ones that are consistent with their cultural outlook, their world view," Braman says. The Cultural Cognition Project has conducted several experiments to back that up. Participants in these experiments are asked to describe their cultural beliefs. Some embrace new technology, authority and free enterprise. They are labeled the "individualistic" group. Others are suspicious of authority or of commerce and industry. Braman calls them "communitarians." In one experiment, Braman queried these subjects about something unfamiliar to them: nanotechnology — new research into tiny, molecule-sized objects that could lead to novel products. "These two groups start to polarize as soon as you start to describe some of the potential benefits and harms," Braman says. The individualists tended to like nanotechnology. The communitarians generally viewed it as dangerous. Both groups made their decisions based on the same information. "It doesn't matter whether you show them negative or positive information, they reject the information that is contrary to what they would like to believe, and they glom onto the positive information," Braman says.
  • "Basically the reason that people react in a close-minded way to information is that the implications of it threaten their values," says Dan Kahan, a law professor at Yale University and a member of The Cultural Cognition Project. Kahan says people test new information against their preexisting view of how the world should work. "If the implication, the outcome, can affirm your values, you think about it in a much more open-minded way," he says. And if the information doesn't, you tend to reject it. In another experiment, people read a United Nations study about the dangers of global warming. Then the researchers told the participants that the solution to global warming is to regulate industrial pollution. Many in the individualistic group then rejected the climate science. But when more nuclear power was offered as the solution, says Braman, "they said, you know, it turns out global warming is a serious problem."And for the communitarians, climate danger seemed less serious if the only solution was more nuclear power.
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  • Then there's the "messenger" effect. In an experiment dealing with the dangers versus benefits of a vaccine, the scientific information came from several people. They ranged from a rumpled and bearded expert to a crisply business-like one. The participants tended to believe the message that came from the person they considered to be more like them. In relation to the climate change debate, this suggests that some people may not listen to those whom they view as hard-core environmentalists. "If you have people who are skeptical of the data on climate change," Braman says, "you can bet that Al Gore is not going to convince them at this point." So, should climate scientists hire, say, Newt Gingrich as their spokesman? Kahan says no. "The goal can't be to create a kind of psychological house of mirrors so that people end up seeing exactly what you want," he argues. "The goal has to be to create an environment that allows them to be open-minded."And Kahan says you can't do that just by publishing more scientific data.
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    "It's a hoax," said coal company CEO Don Blankenship, "because clearly anyone that says that they know what the temperature of the Earth is going to be in 2020 or 2030 needs to be put in an asylum because they don't." On the other side of the debate was environmentalist Robert Kennedy, Jr. "Ninety-eight percent of the research climatologists in the world say that global warming is real, that its impacts are going to be catastrophic," he argued. "There are 2 percent who disagree with that. I have a choice of believing the 98 percent or the 2 percent." To social scientist and lawyer Don Braman, it's not surprising that two people can disagree so strongly over science. Braman is on the faculty at George Washington University and part of The Cultural Cognition Project, a group of scholars who study how cultural values shape public perceptions and policy
Skeptical Debunker

Opinion: Trudy Rubin: U.S. ignores health care successes in Europe, Japan - San Jose Me... - 0 views

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    One of the most bewildering aspects of the current health care debate is the failure to learn key lessons from health systems abroad. Conservative talk show hosts decry the alleged evils of "socialized medicine" in countries with universal health coverage; they warn grimly of rationed health care. Yet there's nary a peep from Rush Limbaugh or Glenn Beck - let alone Congress - about countries such as Germany, France, Switzerland or Japan, where coverage is universal, affordable, and top quality, and patients see private doctors with little or no waiting. And, oh yes, their health costs are a fraction of our bloated numbers: The French spend 10 percent of GDP on health care, the Germans 11 percent, and they cover every citizen. We spend a whopping 17 percent and leave tens of millions of Americans uninsured. If you want a very readable short course on how European systems really work, take a look at "The Healing of America: A Global Quest for Better, Cheaper, and Fairer Health Care," by T.R. Reid, a former Washington Post foreign correspondent. You might also watch a fascinating 2008 Frontline series, available online, in which Reid was an adviser: "Sick Around the World: Can the U.S. Learn Anything From the Rest of the World About How to Run a Health Care System?"
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    Article continued (Diigo would not highlight!?) - So far, the answer seems to be "no," not because there aren't valuable lessons, but because politicians won't relinquish their myths about European health Advertisement systems. Reid takes up that task. Myth No. 1, he says, is that foreign systems with universal coverage are all "socialized medicine." In countries such as France, Germany, Switzerland, and Japan, the coverage is universal while doctors and insurers are private. Individuals get their insurance through their workplace, sharing the premium with their employer as we do - and the government picks up the premium if they lose their job. Myth No. 2 - long waits and rationed care - is another whopper. "In many developed countries," Reid writes, "people have quicker access to care and more choice than Americans do." In France, Germany, and Japan, you can pick any provider or hospital in the country. Care is speedy and high quality, and no one is turned down. Myth No. 3 really grabs my attention: the delusion that countries with universal care "are wasteful systems run by bloated bureaucracies." In fact, the opposite is true. America's for-profit health insurance companies have the highest administrative costs of any developed country. Twenty percent or more of every premium dollar goes to nonmedical costs: paperwork, marketing, profits, etc. In developed countries with universal coverage, such as France and Germany, the administrative costs average about 5 percent. That's because every developed country but ours has decided health insurance should be a nonprofit operation. These countries also hold down costs by making coverage mandatory and by using a unified set of rules and payment schedules for all hospitals and doctors. This does not mean a single-payer system or a government-run health system. But it does sharply cut health costs by eliminating the mishmash of records and charges used by our myriad insurance firms, who use all kinds of gimmi
Skeptical Debunker

Big majority wants Wall Street regulation - U.S. business- msnbc.com - 0 views

  • A Harris release on the February 16-21 telephone survey of 1,010 adults did not specify how financial regulation should be applied but said three-quarters of Americans believe Wall Street companies should pay bonuses only while in the black.Story continues below ↓advertisement | your ad heredap('&PG=NBCMSB&AP=1089','300','250');Harris said the U.S. public does see value in Wall Street itself: nearly 60 percent say the financial sector is an essential benefit to the United States.But a slightly larger majority disagrees that what is good for Wall Street is good for the country, while about two-thirds harbor strong negative views about the people who work there.By a margin of 66 percent to 29 percent, Americans agree that "most people on Wall Street would be willing to break the law if they believed they could make a lot of money and get away with it," pollsters found.Sixty-five percent say most successful people on Wall Street do not deserve the kind of money they make.
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    An overwhelming majority of Americans wants Wall Street subjected to tougher regulation in the aftermath of the bank bailout and the bonus scandals that have rocked the U.S. financial sector, according to a Harris poll released on Thursday. The findings suggest that 82 percent of Americans want the government to clamp down more strongly on Wall Street excesses, with a particular emphasis on bonus schemes that have rewarded employees at loss-making companies such as American International Group.
thinkahol *

GMF - The Copenhagen Consensus: Reading Adam Smith in Denmark - 0 views

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    Adam Smith observed in 1776 that economies work best when governments keep their clumsy thumbs off the free market's "invisible hand." Two generations later, in 1817, the British economist David Ricardo extended Smith's insights to global trade. Just as market forces lead to the right price and quantity of products domestically, Ricardo argued, free foreign trade optimizes economic outcomes internationally. Reading Adam Smith in Copenhagen -- the center of the small, open, and highly successful Danish economy -- is a kind of out-of-body experience. On the one hand, the Danes are passionate free traders. They score well in the ratings constructed by pro-market organizations. The World Economic Forum's Global Competitiveness Index ranks Denmark third, just behind the United States and Switzerland. Denmark's financial markets are clean and transparent, its barriers to imports minimal, its labor markets the most flexible in Europe, its multinational corporations dynamic and largely unmolested by industrial policies, and its unemployment rate of 2.8 percent the second lowest in the OECD (the Organization for Economic Cooperation and Development). On the other hand, Denmark spends about 50 percent of its GDP on public outlays and has the world's second-highest tax rate, after Sweden; strong trade unions; and one of the world's most equal income distributions. For the half of GDP that they pay in taxes, the Danes get not just universal health insurance but also generous child-care and family-leave arrangements, unemployment compensation that typically covers around 95 percent of lost wages, free higher education, secure pensions in old age, and the world's most creative system of worker retraining. Does Denmark have some secret formula that combines the best of Adam Smith with the best of the welfare state? Is there something culturally unique about the open-minded Danes? Can a model like the Danish one survive as a social democratic island in a turbulent sea of globali
Muslim Academy

American presidential elections and Afghan war - 0 views

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    The candidate for the elections from the Republic Party Mitt Romney says that the afghan war should be considered but the decision depends upon the congress and the defense ministry and the future of Afghanistan is based on it. There are also progressive development between America, Afghanistan and the Taliban and there is always a hope for the best. The residents of America are also against the afghan war. According to a survey it was found that only 27 percent people back the afghan war and almost 66 percent people are against this. So it is also a factor of the reduction of the support of the war.
thinkahol *

How Corporations Buy Congress | BuzzFlash.org - 0 views

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    With the November elections quickly approaching, the majority of  Americans will be thinking one thing: "Who cares?" This apathy isn't due  to ignorance, as some accuse. Rather, working people's disinterest in  the two party system implies intelligence: millions of people understand  that both the Democrats and Republicans will not represent their  interests in Congress.  This begs the question: Whom does the two party system work for? The  answer was recently given by the mainstream The New York Times, who  gave the nation an insiders peek on how corporations "lobby" (buy)  congressmen. The article explains how giant corporations - from  Wall-mart to weapons manufacturers - are planning on shifting their  hiring practices for lobbyists, from Democratic to Republican  ex-congressmen in preparation for the Republicans gaining seats in the  upcoming November elections: "Lobbyists, political consultants and recruiters all say that the  going rate for Republicans - particularly current and former House staff  members - has risen significantly in just the last few weeks, with  salaries beginning at $300,000 and going as high as $1million for  private sector [corporate lobbyist] positions." (September 9, 2010) Congressmen who have recently retired make the perfect lobbyists:  they still have good friends in Congress, with many of these friends  owing them political favors; they have connections to foreign Presidents  and Kings; and they also have celebrity status that gives good PR to  the corporations. Often, these congressmen have done favors for the corporation that  is now hiring them, meaning, that the corporations are rewarding the  congressmen for services rendered while in office, offering them million  dollar lobbyist jobs (or seats on the corporate board of directors)  that requires little to no work.  The same New York Times article revealed that the pay for 13,000  lobbyists currently bribing Congress is a combined $3.5 bil
Levy Rivers

Where did the tables turn? - Roger Simon - Politico.com - 0 views

  • Except in Iowa, in January of this year, they did vote. Younger voters represented 22 percent of the vote in the Iowa caucus— the highest youth turnout in any state so far — and Obama got 57 percent of them to Clinton’s 11 percent. The youth vote, in fact, turned out to be about 30 percent of Obama’s total vote.
  • But to my way of thinking, Clinton’s loss in Iowa was a critical one, because she was no longer inevitable. She had let Obama into the game. She had let a candidate with money and a message get off to a running start. She had allowed him to become a credible candidate.
  • As it turned out, Obama had both a strategy and the money to execute it. His campaign knew what the race really was about: the acquisition of pledged delegates.
Sarah Eeee

Income Inequality and the 'Superstar Effect' - NYTimes.com - 0 views

  • In 1982, the top 1 percent of pop stars, in terms of pay, raked in 26 percent of concert ticket revenue. In 2003, that top percentage of stars — names like Justin Timberlake, Christina Aguilera or 50 Cent — was taking 56 percent of the concert pie.
  • . In an article entitled “The Economics of Superstars,” he argued that technological changes would allow the best performers in a given field to serve a bigger market and thus reap a greater share of its revenue. But this would also reduce the spoils available to the less gifted in the business.
  • IF one loosens slightly the role played by technological progress, Dr. Rosen’s framework also does a pretty good job explaining the evolution of executive pay. In 1977, an elite chief executive working at one of America’s top 100 companies earned about 50 times the wage of its average worker. Three decades later, the nation’s best-paid C.E.O.’s made about 1,100 times the pay of a worker on the production line.
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  • CAPITALISM relies on inequality. Like differences in other prices, pay disparities steer resources — in this case, people — to where they would be most productively employed.
  • In poor economies, fast economic growth increases inequality as some workers profit from new opportunities and others do not. The share of national income accruing to the top 1 percent of the Chinese population more than doubled from 1986 to 2003.
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    What impact do the incredible salaries of superstars have on the rest of us? What has changed, technologically and socially, to precipitate these inequities? This article also offers a brief look at the relationship between income inequality and economic growth, comparing the US throughout its history and the US vis a vis several European countries. (Part 1 of 2)
thinkahol *

Why Isn't Wall Street in Jail? - 0 views

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    Which is not to say that the Obama era has meant an end to law enforcement. On the contrary: In the past few years, the administration has allocated massive amounts of federal resources to catching wrongdoers - of a certain type. Last year, the government deported 393,000 people, at a cost of $5 billion. Since 2007, felony immigration prosecutions along the Mexican border have surged 77 percent; nonfelony prosecutions by 259 percent. In Ohio last month, a single mother was caught lying about where she lived to put her kids into a better school district; the judge in the case tried to sentence her to 10 days in jail for fraud, declaring that letting her go free would "demean the seriousness" of the offenses. So there you have it. Illegal immigrants: 393,000. Lying moms: one. Bankers: zero. The math makes sense only because the politics are so obvious. You want to win elections, you bang on the jailable class. You build prisons and fill them with people for selling dime bags and stealing CD players. But for stealing a billion dollars? For fraud that puts a million people into foreclosure? Pass. It's not a crime. Prison is too harsh. Get them to say they're sorry, and move on. Oh, wait - let's not even make them say they're sorry. That's too mean; let's just give them a piece of paper with a government stamp on it, officially clearing them of the need to apologize, and make them pay a fine instead. But don't make them pay it out of their own pockets, and don't ask them to give back the money they stole. In fact, let them profit from their collective crimes, to the tune of a record $135 billion in pay and benefits last year. What's next? Taxpayer-funded massages for every Wall Street executive guilty of fraud?
thinkahol *

Our Fantasy Nation? - NYTimes.com - 0 views

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    It has among the lowest tax burdens of any major country: fewer than 2 percent of the people pay any taxes. Government is limited, so that burdensome regulations never kill jobs. This society embraces traditional religious values and a conservative sensibility. Nobody minds school prayer, same-sex marriage isn't imaginable, and criminals are never coddled. The budget priority is a strong military, the nation's most respected institution. When generals decide on a policy for, say, Afghanistan, politicians defer to them. Citizens are deeply patriotic, and nobody burns flags. So what is this Republican Eden, this Utopia? Why, it's Pakistan. It has among the lowest tax burdens of any major country: fewer than 2 percent of the people pay any taxes. Government is limited, so that burdensome regulations never kill jobs. This society embraces traditional religious values and a conservative sensibility. Nobody minds school prayer, same-sex marriage isn't imaginable, and criminals are never coddled. The budget priority is a strong military, the nation's most respected institution. When generals decide on a policy for, say, Afghanistan, politicians defer to them. Citizens are deeply patriotic, and nobody burns flags. So what is this Republican Eden, this Utopia? Why, it's Pakistan.
thinkahol *

The Money Party - The Essence of our Political Troubles | The Economic Populist - 0 views

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    The Money Party is a small group of enterprises and individuals who have most of the money in this country. They use that money to make more money. Controlling who gets elected to public office is the key to more money for them and less for us. As 2008 approaches, The Money Party is working hard to maintain its perfect record. It is not about Republicans versus Democrats. Right now, the Republicans do a better job taking money than the Democrats. But The Money Party is an equal opportunity employer. They have no permanent friends or enemies, just permanent interests. Democrats are as welcome as Republicans to this party. It's all good when you're on the take and the take is legal. This is not a conspiracy theory. There are no secret societies or sinister operators. This party is up front and in your face. Just follow the money. One percent of Americans hold 33% of the nation's wealth. The top 10% hold 72% of the total wealth. The bottom 40% of Americans control only 0.3% (three tenths of one percent). And that was before "pay day loans."
thinkahol *

Americans Don't Realize Just How Badly We're Getting Screwed by the Top 0.1 Percent Hoa... - 0 views

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    With an unprecedented sum of wealth held within the top one-tenth of one percent of the US population, we now have the most severe inequality of wealth in US history.
thinkahol *

The Blog : How Rich is Too Rich? : Sam Harris - 0 views

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    I've written before about the crisis of inequality in the United States and about the quasi-religious abhorrence of "wealth redistribution" that causes many Americans to oppose tax increases, even on the ultra rich. The conviction that taxation is intrinsically evil has achieved a sadomasochistic fervor in conservative circles-producing the Tea Party, their Republican zombies, and increasingly terrifying failures of governance. Happily, not all billionaires are content to hoard their money in silence. Earlier this week, Warren Buffett published an op-ed in the New York Times in which he criticized our current approach to raising revenue. As he has lamented many times before, he is taxed at a lower rate than his secretary is. Many conservatives pretend not to find this embarrassing. Conservatives view taxation as a species of theft-and to raise taxes, on anyone for any reason, is simply to steal more. Conservatives also believe that people become rich by creating value for others. Once rich, they cannot help but create more value by investing their wealth and spawning new jobs in the process. We should not punish our best and brightest for their success, and stealing their money is a form of punishment. Of course, this is just an economic cartoon. We don't have perfectly efficient markets, and many wealthy people don't create much in the way of value for others. In fact, as our recent financial crisis has shown, it is possible for a few people to become extraordinarily rich by wrecking the global economy. Nevertheless, the basic argument often holds: Many people have amassed fortunes because they (or their parent's, parent's, parents) created value. Steve Jobs resurrected Apple Computer and has since produced one gorgeous product after another. It isn't an accident that millions of us are happy to give him our money. But even in the ideal case, where obvious value has been created, how much wealth can one person be allowed to keep? A trillion doll
thinkahol *

Is Great Depression II on the Horizon? - Blogcritics Culture - 0 views

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    A new study by Northwestern University economists, called The "Jobless and Wageless" Recovery from the Great Recession of 2007-2009," found that the economic recovery is highly uneven: corporate profits captured 88 percent of the growth in real national income while aggregate wages and salaries accounted for only slightly more than one percent. In other words, the average American worker has been left behind by the recovery, which officially began in June 2009. "The economic recovery through 2011 I has failed to create any net new jobs since the quarter marking the end of the recession in 2009 II
Bakari Chavanu

The Greatest Threat to Global Food Security: Capitalism - 0 views

  • Certainly one of our most fundamental of human needs is our ability to grow and procure adequate nutrition.
  • Giant multinational corporate entities like Cargill, Nestle, Monsanto, ConAgra and Archer Daniels Midland
  • US Agribusiness spent $137 million on lobbying efforts to promote corporate interests through the purchase of favorable legislation
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  • In fact, 95 percent of US soy, and 86 percent of US corn is genetically modified[iii].
  • Food Stamps for over 46 million Americans suffering in poverty 
  • Despite record farm profits (2012 saw the highest profits since 1973), the recent passage of the $1 trillion Farm Bill expands pay-outs to millionaire farming entities
  • Cargill, one of the largest food producers in the world and the world's largest privately-held corporation, boasted nearly $134 billion in sales last year alone[vii], more than the GDPs of Ecuador, Honduras, Laos and Serbia combined.
  • As of 2011, the United States Federal Drug Administration, tasked with ensuring the safety of America's food supply, inspected only 6 percent of domestic food producers and 0.4 percent of imports[viii]
  • According to the CDC, foodborn pathogens sicken 48 million people in the U.S. each year, resulting in 128,000 hospitalizations and 3,000 deaths annually.
Joe La Fleur

Election Fraud? Obama Won More Than 99 Percent Of The Vote In More Than 100 Ohio Precincts - 0 views

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    CON MAN, LIAR, CHEAT, THE MASTER OF DECEPTION
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