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Tag Archives: Income disparity

Questioning Innovation

I haven’t quite worked through my reaction to some recent pieces in the Financial Times that seem to merit comment, so forgive me for picking out a just a couple of tidbits that still might serve as grist for discussion. One thing that has long bothered me is the worship of innovation. Relatively early in my career, I had a consulting gig with a venture capital firm where my job was to look at oddball deals. I learned that quite a few bona fide inventions and technology improvements, even...

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Tucker Carlson Tears into Vulture Capitalist Paul Singer for Strip Mining American Towns

In a bit of synchronicity, Lambert gave a mini-speech tonight that dovetails with an important Tucker Carlson segment about how hedge funds are destroying flyover. As UserFriendly lamented, “It is beyond sad that Tucker Carlson is doing better journalism than just about anywhere else.” That goes double given that Carlson has only short segments and TV isn’t well suited to complicated arguments. about the America he grew up in in Indiana, before his parents moved to Maine, where most people...

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The Debt Delusion

Yves here. It is frustrating to see how often seemingly new ideas need to be repeated, like “The earth is not flat,” or “The Federal government does not need to tax or go into debt to spend” for them merely to get a hearing, let alone for their ramifications to sink in. So here is yet another go at debunking austerity mythology, via John Week’s new book, The Debt Delusion. By Richard Murphy, a chartered accountant and a political economist. He has been described by the Guardian newspaper as...

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Wealthy Countries’ Approach to Climate Change Condemns Hundreds of Millions of People to Suffer

Yves here. Perhaps I am being churlish, but I find this post to be an exercise in climate change delusion. It is true the advanced economies owe emerging economies a debt for the climate damage they’ve done, and the fact that that would constrain their development if everyone were to get as serious as they need to be about climate change now. However, the author proposes having wealthy countries fund the rapid development of greener technologies in poor parts of the world. This again runs...

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What This Election Proves Is the Need for Epoch Making Change

Yves here. In a recent talk, political scientist Mark Blyth described how past breakdowns in economic policy regimes led to radical change: The gold standard produced the Great Depression, and the Post World War II social democratic era with strong social safety nets and a policy emphasis on creating full employment went off the rails with the 1970s stagflation. We summarized Blyth’s take on the crisis just past: Blyth stresses that what happened after the 2008 financial crisis, which...

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America’s War Exceptionalism Is Killing the Planet

By William Astore, a retired lieutenant colonel (USAF) and history professor. His personal blog is Bracing Views. Originally published at TomDispatch Ever since 2007, when I first started writing for TomDispatch, I’ve been arguing against America’s forever wars, whether in Afghanistan, Iraq, or elsewhere. Unfortunately, it’s no surprise that, despite my more than 60 articles, American blood is still being spilled in war after war across the Greater Middle East and Africa, even as foreign...

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AOC Schools Mayor Pete on Why Means Testing Free College Is Such a Bad Idea

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. I hope everyone had a pleasant Thanksgiving and no one’s still struggling to dig out from under a mountain of turkey leftovers and various vegetables that only appear  on our dining tables once a year. None of those here. It was just my husband and I for Thanksgiving dinner – and neither of us cares for turkey. So we had duck, with a pomegranate...

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What’s Behind the Subprime Consumer Loan Implosion?

Yves here. Note that the deterioration in subprime loan repayments is at odds with cheery stories at Bloomberg like Even Low Earners Have Money to Spend. By Wolf Richter, editor of Wolf Street. Originally published at Wolf Street This is the transcript from my podcast last Sunday, THE WOLF STREET REPORT: OK, we’ve got a situation in subprime consumer loans. The delinquency rate on credit-card loan balances at the nearly 5,000 smaller commercial banks in the United States – this means all...

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Federal Prosecutors Initiate Criminal Probe of Six Opioid Manufacturers and Distributors

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. The Wall Street Journal reported yesterday that Federal prosecutors have initiated an investigation into whether six drug companies have intentionally allowed opioids to flow into communities, Federal Prosecutors Launch Criminal Probe of Opioid Makers, Distributors: The investigation, if it results in criminal charges, could become the largest...

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Obama Privately Considered Leading ‘Stop-Bernie Campaign’ to Combat Sanders 2020 Surge: Report

By Jake Johnson, staff writer at Common Dreams. Originally published at Common Dreams Former President Barack Obama reportedly told advisers behind closed doors earlier this year that he would actively oppose Sen. Bernie Sanders if the progressive senator from Vermont opened up a big lead in the 2020 Democratic presidential primary race. “Publicly, [Obama] has been clear that he won’t intervene in the primary for or against a candidate,” Politico reported Tuesday. “There is one potential...

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