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December 18, 2014
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One Minute to Midnight

One Minute to Midnight

By Michael Dobbs
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Tag: Recession


Jobless U.S. Males Are Deprived and Discouraged—Not Lazy

The share of unemployed American men age 25 to 54 has more than tripled since the 1960s. Many want to work, but the wages paid by what few jobs are available don’t support a desirable quality of life.

Posted on Dec 12, 2014 READ MORE



‘The Luminous Heart of Jonah S.’ Excerpt: Raphael’s Son Disappears

Author Gina Nahai’s latest novel, “The Luminous Heart of Jonah S.,” is a family epic that leaps from Tehran to Los Angeles and back again, blending murder mystery, history, myth and magic in a lively and lyrical read.

Posted on Nov 16, 2014 READ MORE



Study: The .01% Is the New 1%

Comparisons between post-2008 America and the economic quagmire of the 1930s have been circulating for years, but a new study out of the London School of Economics sets the country back even further—and moves the decimal point back a couple of spaces on the 1 percent to highlight an even smaller and richer demographic.

Posted on Nov 11, 2014 READ MORE



The Imperative of Revolt

Two leading political philosophers, Sheldon Wolin and John Ralston Saul, explore the corporations’ slow-motion coup d’état and the prospects of financial collapse and revolt.

Posted on Oct 19, 2014 READ MORE



Austerity-Hit Britons Have Sex Less Than Once a Week

A British Observer survey found that the average British adult has sex just four times a month, a drop from a 2008 figure of seven times a month, prompting questions of whether the change has anything to do with the ongoing economic doldrums.

Posted on Sep 28, 2014 READ MORE


Banks

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Posted on Aug 8, 2014 READ MORE



Global Recession Has ‘Led to 10,000 Suicides’

U.K. researchers report that the economic crisis in Europe and North America has contributed to the suicides of more than 10,000 people.

Posted on Jun 12, 2014 READ MORE



U.S. One Quarter Away From Recession but Economists Are Optimistic

The U.S. economy contracted for the first time in three years in early 2014, shrinking at an annual rate of 1 percent due in part to an unusually harsh winter in some of the country’s more populous states.

Posted on May 29, 2014 READ MORE



They Can’t Outlaw the Revolution

Cecily McMillan could get up to seven years on her conviction of hitting a plainclothes policeman who grabbed her in Zuccotti Park. The persecution of the Occupy activist has become emblematic of the state’s use of the courts to criminalize nonviolent dissent and try to crush new mass movements.

Posted on May 18, 2014 READ MORE



Prosecutors May Finally Go After Criminal Mega-Banks

The biggest banks pose a challenge for prosecutors.

Posted on Apr 30, 2014 READ MORE



Recalled to Life

Christine Pagano’s drug addictions took her from a middle-class home to prostitution and homelessness on the streets of Camden, N.J., one of our poorest cities. Her journey into hell showed her the other America.

Posted on Mar 23, 2014 READ MORE



NYC: Where Bonuses Rise, and The Working Poor Still End Up Homeless

Bonuses on Wall Street jumped 15 percent in 2013, while record numbers of New Yorkers poured into homeless shelters.

Posted on Mar 14, 2014 READ MORE



The Inevitability of Income Inequality

Inequality is endemic to the core structure of an America that operates more as a plutocracy than a democracy. It is an inherent result of the consolidation of a substantial amount of both financial power and political influence in the hands of a few families.

Posted on Mar 11, 2014 READ MORE



Journalist Crashes Wall Street Secret Fraternity Party, Lives to Tell Bizarre Tale

As he recounts in New York magazine, journalist Kevin Roose was able to infiltrate a secret Wall Street fraternity party in January 2012 that was attended by many of the top financial moguls of our time.

Posted on Mar 11, 2014 READ MORE


Noam Chomsky on Some Simple Ways to Ruin an Economy

Scholar, philosopher and activist Noam Chomsky kicks off this talk filmed last month with a simple, provocative premise: “Let’s pose that for some perverse reason that we were interested in ruining an economy and a society.” Now, who would want to go and do a thing like that?

Posted on Mar 6, 2014 READ MORE



Another Apparent Suicide Brings Financial World Death Toll to 6 in 2014

A 33-year-old JPMorgan employee jumped to his death from the roof of the firm’s Hong Kong headquarters Tuesday, adding to a series of untimely deaths in the banking and big business arena in recent weeks.

Posted on Feb 19, 2014 READ MORE



pacogaitero (CC BY-NC-SA 2.0)

Why the Lousy Jobs Report Boosted Wall Street

How can bad news on Main Street (only 113,000 jobs were created in January, on top of a meager 74,000 in December) cause good news on Wall Street?

Posted on Feb 10, 2014 READ MORE



Fourth Banker Dies of Apparent Suicide in a Week

Russell Investments chief economist Mike Dueker’s apparent suicide death, discovered Thursday after the 50-year-old former St. Louis Federal Reserve officer had been reported missing from his home in Tacoma, Washington, became the fourth such loss in the financial community in the span of a week.

Posted on Feb 5, 2014 READ MORE


Bankers Brought to Justice

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Posted on Jan 6, 2014 READ MORE


Financial Help or Bombardment ?

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Posted on Jan 5, 2014 READ MORE



AP/Elaine Thompson

13 States to Give Minimum Wage a Boost in the New Year

The new year will usher in a welcome change for workers in 13 states in which the minimum wage will rise above the federally required bottom line of $7.25 an hour.

Posted on Dec 29, 2013 READ MORE



(AP Photo/Cliff Owen)

Elizabeth Warren’s New Bill Aims to Stop Employers Discriminating Against the Poor

Citing “basic fairness” as motivation for introducing a bill that would prevent employers from using credit reports as criteria when hiring a new employee, Warren, along with six other senators, is once again fighting battles for the disadvantaged. Meanwhile, Hillary Clinton is busy assuaging Wall Street’s fears about populism.

Posted on Dec 17, 2013 READ MORE



Mike Licht, NotionsCapital.com (CC BY 2.0)

Judge Blasts Feds for Failure to Go After Wall Street Fraudsters

A federal judge and former Wall Street fraud prosecutor asks why no Wall Street bankers went to jail in the aftermath of the financial collapse that led to the Great Recession. Good question. Then he goes on to answer it.

Posted on Dec 17, 2013 READ MORE


Wall Street Santa

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Posted on Dec 3, 2013 READ MORE


Bitcoin Not Accepted

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Posted on Nov 29, 2013 READ MORE


Thanksgiving Emptiness

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Posted on Nov 27, 2013 READ MORE



The Economics of Middle-Class Identity

As the recession forces many of us to frequently change jobs and work in servile positions, defining whom we are becomes increasingly difficult; Karl Marx is considered by some to be the world’s most influential scholar; meanwhile, animals can speak, scientists find, but they don’t say much beyond the basics. These discoveries and more after the jump.

Posted on Nov 12, 2013 READ MORE



sashafatcat (CC BY 2.0)

The True State of the Economy

There is a tradeoff for all the loot Obama’s friends have been pilfering from working people, and that tradeoff is trust. Americans no longer have confidence in the government, the market or the justice system. And while the effects might not appear in the next month or two, there are sectors of the economy that are showing signs of weakness already.

Posted on Oct 5, 2013 READ MORE


Economic Recovery

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Posted on Sep 19, 2013 READ MORE



thinkpublic (CC BY-ND 2.0)

The American People Have Spoken: No More War Abroad, More Jobs at Home

At a time of great political division in our country President Obama has found a remarkable way to unite Americans of all political persuasions—conservatives, progressives and moderates. With a loud and clear voice the overwhelming majority of the American people, across the political spectrum, are saying NO to another war in the Middle East—Syria’s bloody and complicated civil war.

Posted on Sep 13, 2013 READ MORE


Mr. Burns

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Posted on Sep 12, 2013 READ MORE



Tax Credits (CC BY 2.0)

Think the Job Market Still Stinks? You’re Right

New federal statistics show a jobs market still far below pre-recession levels, despite record profits by corporations sitting on record levels of cash. What does it all mean? People want to work, but companies don’t want to hire.

Posted on Sep 10, 2013 READ MORE


Economy

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Posted on Sep 7, 2013 READ MORE



pillowhead designs (CC BY-NC 2.0)

Number of Millennials Living at Home Still Increasing

Given that unemployment has been steadily decreasing, it would be safe to assume that all the 20-somethings who went back to living with their parents during the recession would be moving out again. Wrong. Statistics now indicate 21.6 million people between 18 and 31 are staying at home or moving back in.

Posted on Sep 2, 2013 READ MORE



DeathByBokeh (CC BY-NC 2.0)

Poverty Damages the Mind

There is a strong connection between scarce resources and cognition: The more a person struggles financially, the less he or she can channel brain processes to completing other tasks. When you can’t make ends meet, the weight of worry occupies a large portion of the mind.

Posted on Aug 31, 2013 READ MORE



Pensiero (CC BY-NC-ND 2.0)

Austerity Making It Harder to Cheat on Your Wife

Summer used to be the season of infidelity in Italy. Now, with the European Union enforcing strict measures as a result of the economic crisis, affairs are no longer so simple to maintain.

Posted on Aug 27, 2013 READ MORE



Irish Typepad (CC BY-NC-ND 2.0)

Inside or Outside the House, Moms Are Losing the ‘Money Wars’

Although some media outlets make it seem as though women choose to leave or join the workforce, the truth is the decision often has more to do with desperation. The recession is taking its toll on everyone, and mothers are no exception.

Posted on Aug 21, 2013 READ MORE



WisconsinJobsNow (CC BY-NC 2.0)

Raising Minimum Wage Increases Quality of Life, Not Unemployment

Though many economists would have you that believe raising the minimum wage would result in higher unemployment rates, they are mistaken. Statistical analyses of a significant sampling of studies have shown no evidence that unemployment rates are affected by wage increases.

Posted on Aug 10, 2013 READ MORE



kevin dooley (CC BY 2.0)

The Investment Crisis Midwifing the Ongoing Recession

Investment in what experts call “real inputs”—structures and machines that enable and boost future output and productivity—is one way an economy grows over time. No wonder, then, that an economic crisis occurred just decades after the share of national income going to investment began declining during the start of the neoliberal era, around 1980, UMass-Amherst professor Gerald Friedman writes in Dollars & Sense.

Posted on Aug 9, 2013 READ MORE


Endless

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Posted on Jun 24, 2013 READ MORE


Credit

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Posted on Jun 3, 2013 READ MORE


Feeding On the Small

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Posted on May 27, 2013 READ MORE


Economic Murder: How and Why Austerity Kills

Austerity has caused more than 10,000 suicides (including the married couple pictured above) and as many as 1 million additional cases of depression across Europe and the United States, economist David Stuckler and physician Sanjay Basu estimate. Those findings are discussed in their new book, “The Body Economic: Why Austerity Kills.”

Posted on May 21, 2013 READ MORE


European Economy

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Posted on May 11, 2013 READ MORE



Bytemarks (CC BY 2.0)

Extend Their Benefits and They Still Take Jobs

New research from the Federal Reserve Bank of San Francisco shows that long-term jobless people whose unemployment benefits were extended at the start of the recession did not become unwilling to work.

Posted on May 9, 2013 READ MORE


Markets Rise to Record Highs

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Posted on May 8, 2013 READ MORE



Keoni Cabral (CC BY 2.0)

A 7.5 Percent Jobless Rate Means the McRecovery Continues

The U.S. economy appears to have added just enough jobs in April to keep pace with population growth, and the new positions are low wage and mostly nonunion.

Posted on May 3, 2013 READ MORE



goingslo (CC BY 2.0)

A Recovery for the Piggies, Not You

The economic crisis “ended only for the top 7 percent of households that have substantial holdings of stocks and bonds,” former Reagan Assistant Secretary of the Treasury Paul Craig Roberts writes. “The other 93% of the American population is still in recession.”

Posted on May 1, 2013 READ MORE



mcdett (CC BY-NC-ND 2.0)

Clouds of Recession Gather Over Northern Europe

A gloomy forecast for the sales of a German automaker portends the possible spread of Southern Europe’s economic crisis to other parts of the continent—and the world.

Posted on Apr 26, 2013 READ MORE


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