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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 *

14 Ways a 90 Percent Top Tax Rate Fixes Our Economy and Our Country | OurFuture.org - 0 views

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    A return to Eisenhower-era 90% top tax rates helps fix our economy in several ways:
thinkahol *

A hidden world, growing beyond control | washingtonpost.com - 0 views

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    "The top-secret world the government created in response to the terrorist attacks of Sept. 11, 2001, has become so large, so unwieldy and so secretive that no one knows how much money it costs, how many people it employs, how many programs exist within it or exactly how many agencies do the same work."
Michael Haltman

The BP oil spill in Gulf of Mexico and the top kill (streaming live) - 2 views

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    Everything that you never wanted to know about a top kill.
Skeptical Debunker

Top Fed Official Warns Jobs Will Be Scarce As 'Paradigm Shift' Slows Hiring - 0 views

  • In remarks at the University of San Diego, Federal Reserve Bank of San Francisco President Janet Yellen said that rather than experiencing a "V-shaped recovery," the economy will continue to be sluggish and won't be operating at its full potential until 2013. As reasons, she cited consumer anxiety due to the high unemployment rate; a housing sector that "could weaken again"; "very nervous and exceedingly cost-conscious" businesses; and a commercial real estate market that won't contribute to growth "for some time." For workers, though, her prognosis was particularly dire: the labor market will be slow to recover because businesses have learned that they can cut workers yet maintain output.
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    A top Federal Reserve official warned Monday that even as the economy starts to grow again, employers are likely to continue squeezing more productivity out of workers rather than start hiring new ones, thereby prolonging the economic crisis for the millions of unemployed.
Sana ulHaq

Contract from America: Restore fiscal responsibility & constitutionally limited government - 0 views

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    The Tea Party Examiner continues today a point-by-point examination of the top ten issues voted on by Americans and released as the Contract from America. We've already covered the top four topics:
thinkahol *

Startling revelations from a Swiss banking insider | Dailycensored.com - 0 views

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    (interview with a Swiss banker  done in Mosсow 30.05.2011)  Q: Can you tell us something about your involvement in the Swiss banking business?A: I have worked for Swiss banks for many years. I was designated as one of the top directors of one of the biggest Swiss banks. During my work I was involved in the payment, in the direct payment in cash to a person who killed the president of a foreign country. I was in the meeting where it was decided to give this cash money to the killer. This gave me dramatic headaches and troubled my conscience. It was not the only case that was really bad but it was the worst. It was a payment instruction on order of a foreign secret service written by hand giving the order to pay a certain amount to a person who killed the top leader of a foreign country. And it was not the only case. We received several such hand written letters coming from foreign secret services giving the order to payout cash from secret accounts to fund revolutions or for the killing of people. I can confirm what John Perkins has written in his book "Confessions of an Economic Hit Man". There really exists just a system and Swiss banks are involved in such cases.
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 *

Why "business needs certainty" is destructive - Glenn Greenwald - Salon.com - 0 views

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    Businesses have had at least 25 to 30 years near complete certainty -- certainty that they will pay lower and lower taxes, that they' will face less and less regulation, that they can outsource to their hearts' content (which when it does produce savings, comes at a loss of control, increased business system rigidity, and loss of critical know how). They have also been certain that unions will be weak to powerless, that states and municipalities will give them huge subsidies to relocate, that boards of directors will put top executives on the up escalator for more and more compensation because director pay benefits from this cozy collusion, that the financial markets will always look to short term earnings no matter how dodgy the accounting, that the accounting firms will provide plenty of cover, that the SEC will never investigate anything more serious than insider trading (Enron being the exception that proved the rule). So this haranguing about certainty simply reveals how warped big commerce has become in the US. Top management of supposedly capitalist enterprises want a high degree of certainty in their own profits and pay. Rather than earn their returns the old fashioned way, by serving customers well, by innovating, by expanding into new markets, their 'certainty' amounts to being paid handsomely for doing things that carry no risk. But since risk and uncertainty are inherent to the human condition, what they instead have engaged in is a massive scheme of risk transfer, of increasing rewards to themselves to the long term detriment of their enterprises and ultimately society as a whole.
thinkahol *

Torture Prosecutor Tops 70,000 Questions for Obama on Change.Gov | Common Dreams - 0 views

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    A whopping 70,000 questions poured into Change.gov over the past week, in response to the Obama transition team's call for citizen queries to the President-Elect. After votes from about 100,000 people, the top ranked question asks Obama whether he will appoint a special prosecutor to investigate allegations of torture and illegal surveillance by the U.S. government. I've been working with activist Bob Fertik to organize support for the question, and several progressive bloggers urged readers and Obama supporters to vote for it last week. Digby, who has written extensively about the Bush administration's abuse of the rule of law, recently reported on the progress:
thinkahol *

FOCUS: What American Workers Don't Need - 0 views

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    President Obama submitted three free trade agreements to Congress based on the flawed North-American Free Trade Agreement (NAFTA) model that has been devastating to our economy, American workers and to labor and environmental standards. Hundreds of thousands of American jobs have been displaced and outsourced as a result of our pursuit of trade policies which are adverse to the economic interests of the American people. My home State of Ohio is one of the top-ten states posting the biggest job losses since the passage of NAFTA. Unfortunately, the proposed free trade agreements with South Korea, Colombia and Panama do nothing to address the significant flaws in the free trade model that prioritize the rights of multinational companies over the rights of workers and the American economy. The Korea-US and US-Colombia Free Trade Agreements are expected to increase our trade deficit by over $16 billion and result in the displacement or loss of over 200,000 jobs. This is on top of the over 2 million American jobs that have been displaced or eliminated over the past 10 years as a result of our increased trade deficit with China. The last thing American workers and our economy needs is more NAFTA-style free trade agreements.
thinkahol *

Top Secret America | washingtonpost.com - 0 views

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    with intro video
Levy Rivers

In Fine Print, a Proliferation of Large Donors - 0 views

  • The joint fund-raising committees have been utilized far more heavily this presidential election than in the past. Mr. Obama’s campaign has leaned on wealthy benefactors to contribute up to $33,100 at a time to complement his army of small donors over the Internet as he bypassed public financing for the general election. More than 600 donors contributed $25,000 or more to him in September alone, roughly three times the number who did the same for Senator John McCain.
  • Compared with Mr. Obama, Mr. McCain drew a slightly larger percentage of his big-donor money from the financial industry, about a fifth of his total. The next biggest amount in large checks for Mr. McCain came from real estate and then donors who identified themselves as retired. With his emphasis on offshore drilling, Mr. McCain has also enjoyed heavy support from generous benefactors in the oil and gas industry, a group Mr. Obama drew relatively little from.
  • Donations to these joint fund-raising committees have surged this election cycle, taking in nearly $300 million this year through September — with Mr. McCain collecting slightly more than Mr. Obama — compared with $69 million in 2004. Campaign finance watchdogs call it a worrisome trend, saying the heavy emphasis on such arrangements brings candidates one step further into the embrace of major donors.
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  • McCain finance officials introduced their main joint fund-raising committee, McCain Victory 2008, in the spring. Mr. McCain was still able to accept primary money, so money was divided between his primary campaign coffers, the Republican National Committee, several state parties and his compliance fund, for a maximum check of $70,100.
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 *

Bill Scher: Top 5: Why Wisconsin Matters to You - 0 views

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    Thousands are rallying in Wisconsin and across the nation to oppose conservative governors who are attacking the collective bargaining rights of our civil servants. And the people in the streets are not just public sector union members. Why? Why are so many who are not part of a union so committed to protecting the role of organized workers in our government and our economy?
Joe La Fleur

MSNBC Mashup: Bullying Mitt Romney - 0 views

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    OVER THE TOP! LIBERAL MEDIA CAMPAIGNING FOR BARAK OBAMA
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