The unprecedented level of economic inequality in America is undeniable. In an extended essay, Bill Moyers shares examples of the striking extremes of wealth and poverty across the country, including a video report on California’s Silicon Valley. There, Facebook, Google, and Apple are minting millionaires, while the area’s homeless -- who’ve grown 20 percent in the last two years -- are living in tent cities at their virtual doorsteps.

“A petty, narcissistic, pridefully ignorant politics has come to dominate and paralyze our government,” says Bill, “while millions of people keep falling through the gaping hole that has turned us into the United States of Inequality.”

Full transcript below the fold.

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The famed award-winning investigative reporting team of Donald Barlett and James Steele have just published a new book, "The Betrayal of the American Dream," a followup to their landmark bestseller, "America: What Went Wrong?" As Republicans and Democrats continue disputing who should bear the brunt of the tax burden, Barlett and Steele argue that America’s middle class has been decimated over the years due to policies governing not only taxes but also bank regulations, trade deficits and pension funds. Their book chronicles how the American middle class has been systematically impoverished and its prospects thwarted in favor of a new ruling elite. Barlett and Steele have worked together for more than 40 years, sharing two Pulitzer Prizes and two National Magazine Awards. The duo join Amy Goodman of DemocracyNow! to discuss the assault on the middle class, the great tax heist, deregulation, the outsourcing of U.S. jobs by companies like Boeing and Apple, and the end of retirement. "People are going to have to work forever, and yet what are those jobs going to be? What are they going to pay? And it also puts pressure then on people coming into the workforce. How are they going to get a job if people are having to work between 65 and 75 years old?," Steele says. The duo also discuss their past reporting on the 2002 Olympics in Salt Lake City, headed by the Republican presidential candidate, Mitt Romney, and note he headed "an Olympic committee where that entire operation raided the federal Treasury like no other Olympics in history."

Full transcript here.

Mayor Bloomberg may have his own personal army to keep tents out of Zuccotti Park, there's nothing he can do to make the "Big Banks" cool again to new college graduates.

As one professor of economics put it, "I teach financial markets, and it’s a little like teaching R.O.T.C. during the Vietnam War."

Via:

The new recruiting climate was on display at Yale in mid-November, when a group of Yale students turned a Morgan Stanley information session into a protest site. While their fellow students, clad in suits and clutching folders with résumés, filed into The Study at Yale, a local hotel, to learn more about the investment bank, a group of approximately 25 Yale undergraduates protested outside. They held signs and chanted slogans like “Take a stance, don’t go into finance” and “25 percent is too much talent spent” — a nod, protest organizers said, to the quarter of Yale graduates who typically take finance and management consulting jobs after graduation.

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Yale, which has graduated financial heavyweights like Stephen A. Schwarzman, the co-founder of the Blackstone Group, is traditionally considered a Wall Street feeder school. But the Occupy New Haven movement wants to change the focus.

Alexandra Brodsky, a Yale senior who helped organize Tuesday’s protest, said in an interview that recruiting “serves to divide the campus.”

Ms. Brodsky added that she had recently begun openly questioning the career choices of her finance-minded friends, because “these are people who could be doing better things with their energy.”

Certainly not all new graduates will be able to resist the promise of high-dollar salaries and perks of the financial institutions, but how many of them are really seeking employment elsewhere?

The New York Times reports that a recent survey showed that the "most coveted positions among young workers these days are jobs at technology firms like Google, Apple and Facebook."

The Wall Street banks didn't even make it into the top 25 most coveted positions. JPMorgan Chase was the highest rated investment bank coming in at only 41st, with only 2 percent of those polled choosing it as their first choice for employer.

Heartbreaking, isn't it?