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The Big Money economy is booming. According to a new Commerce Department report, third-quarter profits of American businesses rose at an annual record-breaking $1.659 trillion - besting even the boom year of 2006 (in nominal dollars). Profits have soared for seven consecutive quarters now, matching or beating their fastest pace in history. Executive pay is linked to profits, so top pay is soaring as well. Higher profits are also translating into the nice gains in the stock market, which is a boon to everyone with lots of financial assets. And Wall Street is back. Bonuses on the Street are expected to rise about 5 percent this year, according to a survey by compensation consultants Johnson Associates Inc. But nothing is trickling down to the Average Worker economy. Job growth is still anemic. At October's rate of only 50,000 new private-sector jobs, unemployment won't get down to pre-recession levels for twenty years. And almost half of October's new jobs were in temporary help.

· First ever study of global household assets · 50% of world's adults own just 1% of the wealth

Speaking at the 25th anniversary celebration of the national media watch group Fairness and Accuracy in Reporting, world-renowned political dissident and linguist Noam Chomsky analyzes the U.S. response to the popular uprisings sweeping the Middle East and North Africa. "Across the [Middle East], an overwhelming majority of the population regards the United States as the main threat to their interests," Chomsky says. "The reason is very simple... Plainly, the U.S. and its allies are not going to want governments which are responsive to the will of the people. If that happens, not only will the U.S. not control the region, but it will be thrown out." [includes rush transcript]

The 30-minute speech I gave last month at the Symphony Space in New York is now available on video, and is posted below in three YouTube segments (the first segment also contains the 4-minute introduction of my speech). The speech pertains to the evolution of my views on media criticism, the nature of media propaganda and what drives it, and what can be done to combat it. A DVD of the entire event -- featuring the three other speeches: from Amy Goodman, Noam Chomsky and Michael Moore -- is available at FAIR's website. I want to note one example, from today, that vividly illustrates many of the themes I discussed in that speech.  It is found in the following passage from this Reuters article on Obama's escalation of the covert war in Yemen and his targeting of U.S. citizen Anwar Awlaki for assassination: A U.S. official confirmed to Reuters that a U.S. strike last Friday killed Abu Ali al-Harithi, a midlevel al Qaeda operative, which followed last month's attempted strike against Anwar al-Awlaki, the leader of al Qaeda in the Arabian Peninsula. Whether Awlaki has any operational role in Al Qaeda at all is a matter of intense controversy.  The U.S. Government has repeatedly asserted that he does, but has presented no verifiable evidence to support that accusation.  But what is not in dispute is the notion that Awlaki is "the leader of al Qaeda in the Arabian Peninsula."  He unquestionably is not, and never has been, as multiple Yemen experts have repeatedly noted.  The Reuters claim is factually and entirely false. Whatever one's views are on Obama's assassination program, targeting U.S. citizens without due process obviously raises extraordinary and vitally important questions.  As The New York Times' Scott Shane put it when confirming Awlaki's inclusion on Obama's hit list: "The Obama administration has taken the extraordinary step of authorizing the targeted killing of an American citizen. . . . It is extremely rare, if not unprecedented, for an America

The London Metropolitan Police have withdrawn an appeal to the public to report anyone with anarchist sympathies, admitting it was "badly worded". But the climb-down is telling in itself: they did not seek to "stigmatise those with genuine political beliefs", but to "gather information on criminal acts". The conflation of anarchism and criminality is a key tactic in the state offensive against anarchists, driven by the fear that anarchist ideas are gaining ground within a new politics that eschews parties and favours direct action. 

NEW YORK, July 26, 2011 (Reuters) - Prioritizing debt payments to avoid a default would be "deeply disruptive" to the economy, Standard & Poor's global head of sovereign ratings said in an interview with CNBC on Tuesday.

The NAACP has just passed a historic resolution demanding an end to the War on Drugs.  The resolution comes as young Black male unemployment hovers near 50 percent and the wealth gap's become a veritable gulf. So why is the forty-year-old "War on Drugs" public enemy number one for the nation's oldest civil rights organization? Well here's why:  it's not extraneous - it's central: the war on drugs is the engine of 21st century discrimination - an engine that has brought Jim Crow into the age of Barack Obama.     Author Michelle Alexander lays out the statistics -- and the stories --  of 21st Century Jim Crow in her ought-to-blow-your-socks off book: "The New Jim Crow: Mass Incarceration in an Age of Colorblindness." I had a chance to sit down with Alexander earlier this summer. We'll be posting the full interview in two parts.     "We have managed decades after the civil rights movement to create something like a caste system in the United States," says Alexander in part one here  "In major urban areas, the majority of African American men are either behind bars, under correctional control or saddled with criminal record and once branded as criminal or a felon, they're trapped for life in 2nd class status."     It's not just about people having a hard time getting ahead and climbing the ladder of success. It's about a rigged system. Sound familiar?  Like the Pew Research Center report on household wealth and the Great Recession -- the NAACP resolution story was a one-day news-blip - despite the fact that it pierces the by-your-bootstraps myth that is at the heart of - you pick it - the deficit, the stimulus, the tax code - every contemporary US economic debate.     White America just maybe ought to pay attention. With more and more Americans falling out of jobs and into debt, criminal records are a whole lot easier to come by than life-sustaining employment.  Contrary to the conventional media version, the "Drug War" story is not a people with problems

A vital investigative report by Jeremy Scahill is first ignored, and then maligned, by subservient media outlets

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.

In May 2008, Josh Fox received a letter from a natural gas company offering to lease his family's land in Milanville, Pennsylvania for $100,000 to drill for gas.[1]Following the lease offer, he looked for information about natural gas drilling in the Marcellus Shale under large parts of Pennsylvania, New York, Ohio and West Virginia. He visited Dimock, Pennsylvania where natural gas drilling was already taking place. In Dimock, he met families able to light their tap water on fire as well as suffering from numerous health issues and fearing their well water had been contaminated.Fox then set out to see how communities are being affected in the west where a natural gas drilling boom has been underway for the last decade. He spent time with citizens in their homes and on their land as they relayed their stories of natural gas drilling in Colorado, Wyoming, Utah and Texas, among others. He spoke with residents who have experienced a variety of chronic health problems as well as contamination of their air, water wells or surface water. In some instances, the residents are reporting that they obtained a court injunction or settlement monies from gas companies to replace the affected water supplies with potable water or water purification kits.[2]Throughout the documentary, Fox reached out to scientists, politicians and gas industry executives and ultimately found himself in the halls of Congress as a subcommittee was discussing the Fracturing Responsibility and Awareness of Chemicals Act, "a bill to amend the Safe Drinking Water Act to repeal a certain exemption for hydraulic fracturing."[3] Hydraulic fracturing was exempted from the Safe Drinking Water Act in the Energy Policy Act of 2005.[4]Making appearances in the film are Dr. Theo Colborn, founder of the Endocrine Disruption Exchange (TEDX); John Hanger, Secretary of the Pennsylvania Department of Environmental Protection (DEP); Dr. Al Armendariz, Environmental Protection Agency (EPA) Administrator for Region 6; W

According to the American Society of Civil Engineers, repairing our crumbling infrastructure will require an investment of $2.2 trillion over five years. (Source: ASCE Report Card for America's Infrastructure) For every $100 billion spent on infrastructure projects such as rebuilding our roads and bridges, public transportation, energy transmission and water systems, 1.8 million jobs would be created. (Source: Heintz, Robert, James Pollin, and Heidi Garrett-Peltier, "How Infrastructure Investments Support the U.S. Economy: Employment, Productivity and Growth." Amherst, MA: Political Economy Research Institute, January 2009) The current Congress hasn't passed a single job-creation bill. Instead of creating jobs, they've been killing them and slowing down the economic recovery with severe budget cuts. In fact, 1.8 million jobs will be lost as a result of the recent debt ceiling deal to cut government spending while failing to extend the payroll tax and emergency unemployment benefits. (Source: The Century Foundation/Economic Policy Institute) A huge share of the nation's economic growth over the past 30 years has gone to the top .1% of Americans, who now make an average of $27 million per household. The average income for the bottom 90% of us is only $31,244. (Source: Mother Jones http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph) In 1945, the top tax rate for millionaires was 66.4%. The top tax rate for millionaires today is 32.4%. (Source: Mother Jones http://motherjones.com/politics/2011/02/income-inequality-in-america-chart-graph) Between 2007 and 2010, corporate profits came roaring back to record-high levels at the same time the country lost 8.2 million jobs, or 5.9% of the job base. (Source: Economic Policy Institute) Instead of investing in America and creating jobs, businesses have stockpiled nearly $1.9 trillion in cash - a record high. (Source: Federal Reserve) Corporate taxes account for only 1.3% of the gross d

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:

Gerald Klatt and Walter Burien are unrecognized heroes. These individuals are national leaders who have communicated how government agencies conceal American taxpayers' money in surplus accounts that collectively total trillions of our dollars. The data is found in government agencies' Comprehensive Annual Financial Reports (CAFRs).

When I first began writing about politics in late 2005, the standard liberal blogosphere critique -- one I naively believed back then -- was that Democrats were capitulating so continuously to the Bush agenda because they "lacked spine" and were inept political strategists: i.e., they found those policies so very offensive but were simply unwilling or unable to resist them.  It became apparent to me that this was little more than a self-soothing conceit: Democrats continuously voted for Bush policies because they were either indifferent to their enactment or actively supported them, and were owned and controlled by the same factions as the GOP. 

It's sometimes useful to see ourselves as others do, and reports this Independence Day weekend in a couple of English-speaking newspapers usually sympathetic to the United States are sobering.

Between Occupy Wall Street, in New York, and the other cities it's spread to, as well as the October 2011 movement that just began here in D.C, something seems to be happening in this country. Earlier at Freedom Plaza Chris Hedges, Pulitzer Prize-winning reporter and author, tells us what this could lead to.

Over the past 10 years, more than 20,000 American children are believed to have been killed in their own homes by family members. That is nearly four times the number of US soldiers killed in Iraq and Afghanistan. The child maltreatment death rate in the US is triple Canada's and 11 times that of Italy. Millions of children are reported as abused and neglected every year. Why is that? ... In looking at key indicators of well-being, children from Texas are twice as likely to drop out of high school as children from Vermont. They are four times more likely to be uninsured, four times more likely to be incarcerated, and nearly twice as likely to die from abuse and neglect.

Welcome to the revolution. Our elites have exposed their hand. They have nothing to offer. They can destroy but they cannot build. They can repress but they cannot lead. They can steal but they cannot share. They can talk but they cannot speak.  - 2011/11/15

Like the Ancients, we arrogant humans who turn ourselves into objects of worship and build ruthless systems of power to control the world around us will get what we are due.  - 2010/09/27