A record 6 million people -- or 27.2 percent of the population -- are unemployed in Spain, the highest level for the country since it began keeping records in 1976. Luckily, there is a silver lining: authorities say the rate of the increase has at least slowed since the recession first began. Spain’s economy -- the fourth largest in Europe -- has relied heavily on the major central banks, but the country has been left in recession by deep spending cuts. “These figures are worse than expected,” said Jose Luis Martinez, a strategist at Citi in Madrid. Spanish President Mariano Rajoy is expected to unveil a new reform plan Friday, but thousands of protesters still converged in Madrid on Thursday.
11 documents found in 0 seconds.
- Bill Black
- Dave Dayen
- David Dayen
- Department of Justice
- Economic Growth
- Election 2012
- Federal Trade Commission
- Global Wealth Inequality
- Lucas Gray
- Mike Papantonio
- Moyers & Company
- Occupy Wall Street
- Open Thread
- President Barack Obama
- Republican Party
- Robert Reich
- Social change
- Too Big to Fail
- Trickle Down
- Wall Street
- banking regulation
- banking regulators
- black bloc tactics
- budget cuts
- campaign finance reform
- crony capitalism
- elite fraud
- federal regulator
- loan modifcation
- middle class
- public schools
- record high
- savings and loan crisis
- spending cuts
- supply side
- tea party
- union movement
Global Wealth Inequality, what you never knew you never knew. The extreme truth about how wealth is divided globally. Inspired by the amazing "Wealth Inequality in America" video.
From Ring of Fire: Papantonio: Are Conservatives Ready To Break Up The Banks?:
For years, Progressives have been fighting to break up the big banks that crashed our economy. And now, they've gotten an unlikely ally in that fight -- The Tea Party. Apparently there are some members in the GOP who actually believe that the too big to fail banks need to be broken apart -- but not for the same reason progressives believe. Mike Papantonio discusses the evolving attitudes of the Tea Party with investigative journalist David Dayen.
Here's more from DDay's column at The American Prospect: Banks Are Too Big to Fail Say ... Conservatives?:
Intellectuals on the right are coming around to the idea that our biggest financial institutions could use a little regulation.
Members of the Federal Reserve don’t usually make the rounds at partisan gatherings. But amid the tri-cornered hats and “#StandWithRand” buttons of last week’s Conservative Political Action Conference (CPAC)—the largest annual gathering of conservatives in the country—was Richard Fisher, president of the Dallas Federal Reserve Bank. In a Saturday morning speech, Fisher quoted Revolutionary War hero Patrick Henry, who once said that while “Different men often see the same subject in different lights,” such quibbling had to be set aside in a time of “awful moment to this country.”
Fisher described the current time as an era of economic injustice in which the nation’s largest banks threaten our financial stability and act with immunity. He said that the Dodd-Frank financial reform law did not go nearly far enough to fix the problem, and that mega-banks still profited from being “Too Big to Fail.” His solutions included a proposal to limit the total assets held by the biggest financial institutions, keeping them at a size that would make them “small enough to save.” And he called on citizens of all political stripes to join him in this cause. “The American people will be grateful to whoever liberates them from a recurrence of taxpayer bailouts,” Fisher concluded. It was an indication of just how bipartisan the support for breaking up the big banks has become.
It may be surprising that conservatives—whose party just ran a private-equity tycoon for president—would be clamoring for Wall Street banks to be cut down to size. But over the last few years, conservative intellectuals—from economists and central bankers to think-tankers and high-profile pundits—have come to the conclusion that the largest institutions remain Too Big to Fail and that, in ways big and small, receive unfair financial advantages over their smaller rivals. Read on...
Two years after the revolution in Egypt began, unrest continues across the country as the political and economic situation worsens. As the current government consolidates its power, the demands of the revolution may seem further away than ever. Still the revolution has opened up new spaces for political action, spurring public debate on issues that have gone unacknowledged and unresolved for too long.
This short documentary looks at some of the reasons motivating revolutionaries to keep taking the streets, the obstacles that they are facing, and the tactics that they are using. It looks into the current economic and political problems facing Egyptians, the growing independent union movement, black bloc tactics, and the response of women to sexual assaults.
Robert Reich, former U.S. labor secretary and professor at U.C. Berkeley’s Goldman School of Public Policy, tells Current TV’s John Fugelsang why Democrats and Republicans need to cooperate in order to avert the looming sequester.
“What Democrats ought to be proposing, and even Republicans ought to be proposing, is to say, ‘Let’s just repeal the sequester,’” Reich says. “The problem right now is not the budget deficit — the budget deficit is actually shrinking — the problem right now is jobs. The problem right now is the economy and economic growth. Wages. That’s what we ought to get back to – the fundamentals.”
“Trickle-down economics is just a bald-faced lie,” Reich adds. “It means that you’re protecting the rich, protecting the powerful. It’s what Republicans have been doing for years, and you know, you tell a lie over and over and over again … and eventually people start to believe it.”
A special programming note from Senior Writer Michael Winship:
"As you probably have figured out by now, because Hurricane Sandy hit New York City and its surroundings with such a mighty punch, the Moyers & Company production team has been – literally, as Joe Biden would say – scattered to the winds. Many of us are still without power and light and unable to get to our studio or offices (On top of which, our offices were closed because of the building’s proximity to that high rise crane collapse you might have heard about, but that’s another story.)
As Bill said via phone earlier today, “We all live at the whim of Nature and Nature always has the last word.” And so this weekend we’re airing a repeat program as our Hurricane Sandy Special Edition: the very first of our Moyers & Company broadcasts, which initially aired in January and remains as relevant and powerful heading into Election Day as it was then.
The program spotlights the book Winner-Take-All Politics: How Washington Made the Rich Richer – And Turned Its Back on the Middle Class and its authors, Jacob Hacker and Paul Pierson. Bill Moyers notes that right from this very first broadcast we said that our series would focus on income inequality, corruption and the undue influence of Corporate America on a government bought and paid for by big business. Together they’re the proverbial elephant in the room politicians refuse to acknowledge – “all but unmentioned in the presidential debates and barely discussed throughout this long and painful election campaign” – but the source of the dysfunction and inertia that paralyze Congress, the White House – and the nation.
If you‘ve missed this edition of Moyers & Company, we hope you’ll watch before you cast your ballot on Tuesday. And if you’ve already seen it, take another look and remind yourself as you prepare to enter the voting booth of how we’ve been maneuvered by Wall Street and Beltway insiders, politically engineered into a state of inequality and the disproportionate power of a very few."
In its premiere episode, Moyers & Company dives into one of the most important and controversial issues of our time: How Washington and Big Business colluded to make the super-rich richer and turn their backs on the rest of us.
Bill’s guests – Jacob Hacker and Paul Pierson, authors of Winner-Take-All Politics: How Washington Made the Rich Richer — And Turned Its Back on the Middle Class, argue that America’s vast inequality is no accident, but in fact has been politically engineered.
How, in a nation as wealthy as America, can the economy simply stop working for people at large, while super-serving those at the very top? Through exhaustive research and analysis, the political scientists Hacker and Pierson — whom Bill regards as the “Sherlock Holmes and Dr. Watson” of economics — detail important truths behind a 30-year economic assault against the middle class.
Who’s the culprit? “American politics did it– far more than we would have believed when we started this research,” Hacker explains. “What government has done and not done, and the politics that produced it, is really at the heart of the rise of an economy that has showered huge riches on the very, very, very well off.”
Bill considers their book the best he’s seen detailing “how politicians rewrote the rules to create a winner-take-all economy that favors the 1% over everyone else, putting our once and future middle class in peril.”
The show includes an essay on how Occupy Wall Street reflects a widespread belief that politics no longer works for ordinary people, including footage we took at the OWS rally from October – December 2011.
Full transcript of the show below the fold...
Lucas Gray, the television animator of "The Simpsons," and "Family Guy," has created a great video animation that tackles the concept of "trickle-down" economics, and prosperity through budget cuts that take needed funds away from necessities like education for our children.
The three-minute video, is narrated with audio of a speech Barack Obama delivered at the Associated Press Luncheon in April of 2012, rips apart the concept of these tried and failed economic policies.
Once Upon a Trickle Down: The Rise and Fall of Supply Side Economics.
Good morning and TGIF!
Move over "Trickle Down," there's a new game in town. It's an economy that begins with the middle class.
After thirty years of an economy geared toward the wealthy, the rest of us are waking up to the fact that a strong middle class is critical for robust economic growth.
Big Foreclosure Compensation, But Only for the Right Wrongs
by Paul Kiel, ProPublica Answers to homeowners' questions about the Independent Foreclosure Review.The administration's website for the foreclosure prevention program. Provides an FAQ, homeowner examples, and other tools to see whether you might qualify for the program.A list of HUD-approved housing counseling agencies nationwide.Tips for homeowners from the Federal Trade Commission.These rules lay out how mortgage servicers are supposed to conduct the program.A finance and economics blog that provides news and metrics on the state of the housing market.
Can you put a price on the damage caused by a wrongful foreclosure? Banking regulators have. And it's $125,000. Or $60,000. Or $15,000. Or2026 it's unclear.
Last November, banking regulators launched a process to force the big banks to compensate homeowners victimized by their foreclosure abuses. Many crucial details remained unclear, including how much victims might receive.
More than seven months later, regulators finally released a "framework" that shows some of the possible outcomes. It's a list of thirteen mortgage servicing "errors," each with its own associated form of compensation. In addition to fixing the bank's errors, remedies include cash payments ranging from $500 all the way up to $125,000.
It turns out that, for homeowners seeking compensation for those errors and abuses, it's crucially important just how the servicer messed up. The logic for the differences in payment isn't always apparent and in some instances seems to defy common sense.
Two homeowners who each had their bid for a modification mishandled, for instance, could emerge with either $125,000 or $15,000 depending on just where in the process the error occurred. Regulators also left unsettled how homeowners will be compensated for so-called robo-signing, the scandal that provoked the foreclosure review to begin with.
With consumer response to the review so far underwhelming, regulators also extended the deadline for homeowners to submit a claim to September 30. It was originally April 30.