Saturday , July 24 2021
Home / Tag Archives: Income disparity

Tag Archives: Income disparity

DoJ Bankruptcy Trustee Lambastes Provisions to Protect Sacklers in Purdue Bankruptcy Exit Plan as “Illegal”

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Last week, when I last wrote about the Purdue bankruptcy exit plan, it looked like the Sackler family would get to keep most of their fortune, and receive immunity from third-party lawsuits for claims related to the role they played in the opioids epidemic. Fifteen states had signalled, including previous stalwarts of state opioids litigation...

Read More »

Haiti Ruling Families Create and Kill Monsters

Yves here. Lambert has been seeking reader input and links on the uprisings taking place in many parts of the world, including Haiti, Cuba, and South Africa. This interview by Paul Jay with Jafrik Ayiti sheds light on the backstory in Haiti. Podcast: Play in new window | Download (Duration: 46:57 — 64.6MB) Subscribe Apple Podcasts | Spotify | Android | iHeartRadio | Stitcher | Blubrry | Email | TuneIn | Deezer | RSS The Haitian oligarchy collude with the U.S., Canada, foreign corporations...

Read More »

Biden Targets Non-Compete Agreements, Which Restrict the Job Opportunities of Millions of Low-Wage Workers

Yves here. While Biden noticing that non-compete agreements are an economy-constraining employer abuse is a step forward, it’s not clear that his Administration intends to do anything more than hand wave, even though the practice has become ludicrously common. Recall that the excuse for non-compete clauses is that an employee might walk off with valuable know-how that helps someone else in their industry. But now these provisions have become common even for low level workers whose jobs are so...

Read More »

Robinhood’s Revealing Ad Pitch: We’re All Investors, Alone

Yves here. Robinhood is baack…but not in the way you might anticipate. After having been bloodied in the GameStop stock squeeze, and then having to ‘splain itself before Congress, Robinhood is apparently hoping enough ad spending will make this sorry history go away. Or alternatively, perhaps it already has plenty of churn among its investors, so all it need to do is accelerate the intake a bit. I am highly confident you’ll enjoy Jared Holst’s take on Robinhood’s image-burnishing campaign. By...

Read More »

Bureau of Labor Statistics (Non) Reporting Tallies 8 Strikes in 2020 Versus Payday Report’s >1200

Yves here. It’s gratifying to see Mike Elk of Payday Report get some long overdue recognition. For those of you who have somehow managed not to hear of Payday Report despite this site linking to it regularly, Elk covers an important but not surprisingly neglected beat. Payday Report’s mission is “Covering labor in news deserts.” Elk has kept at his project despite running what can only be described as an extreme shoestring operation. Sadly Payday report is in constant fundraising mode due to...

Read More »

Michael Hudson Discusses Financialization, Rentierism, and Other Favorite Topics with Jessi Ora of Swedish Positiva Pengar Group

Yves here. Michael Hudson called this interview a summary of his overall economic philosophy, so I hope you will enjoy it. Needless to say, it also covers a lot of ground. One point where I hate to quibble is his call for 100% reserve backed banks. This is a very old idea, called narrow banking, advocated during the Great Depression by Yale economist Irving Fisher, infamous for declaring stocks at a permanently high plateau right before for 1929 crash. Fisher redeemed himself by identifying...

Read More »

Wall Street Journal Fingers Columbia as Leader in Grad Students Whose Student Debt Leaves Them ‘Financially Hobbled for Life’

The Wall Street Journal has done a terrific job of reporting in a new article, ‘Financially Hobbled for Life’: The Elite Master’s Degrees That Don’t Pay Off. Even though it discusses a general phenomenon, that of too many students of modest means acquiring student-debt-funded graduate degrees where the prospects of the borrowers paying off their obligations is practically nil. The Journal documents that Columbia is the outlier, both in the ratio of “untenable if you don’t have rich parents...

Read More »

An Independence Day Reflection: How the Rich Plan to Rule a Burning World

Yves here. It isn’t a far reach to argue that the creation over the last 20 or so years of a stronger surveillance and control apparatus is part of a long-term plan, above all to protect the powerful and rich. Remember, for instance, that in the early 2000s, Pentagon strategists were warning of coming destabilizing mass migrations, triggered by climate change. However, having lived in NYC during Hurricane Sandy, I need to correct part of his post. First, the dark zone in Manhattan was roughly...

Read More »

Yanis Varoufakis: Techno-Feudalism Is Taking Over

Yves here. Yanis Varoufakis puts a name, techno-feudalism, on the widespread shifts in economic power relationships. Varoufakis speculates as to whether this is a move to a new system or a reversion to an older tooth and claw version of capitalism. By Yanis Varoufakis. Originally published at Project Syndicate and his website This is how capitalism ends: not with a revolutionary bang, but with an evolutionary whimper. Just as it displaced feudalism gradually, surreptitiously, until one day...

Read More »

J & J Agrees to Pay New York $230 Million to Settle Opioids Lawsuit; Global Settlement Soon?

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. New York State Attorney General (AG) Letitia James yesterday announced a $230 million settlement agreement with Johnson & Johnson (J & J) of opioids claims, shortly before a trial was scheduled to begin on Tuesday in Long Island. From the press release issued by James Today’s agreement also makes enforceable a bar stopping J&J and all of...

Read More »