By Joseph Stiglitz
Americans have been watching global protests against oppressive regimes that concentrate massive wealth in the hands of an elite few. Yet in our own democracy, 1 percent of the people take nearly a quarter of the nation’s income—an inequality even the wealthy will come to regret.
Video - In a desperate bid to improve the public finances, the Final Nail Party take to the streets to raise money for troubled Irish bankers. Featuring Brian Cowen, Brian Lenihan, and Mary Coughlan. At least they're paying attention in Ireland, which is more than we can say for our culture of televised dancing with teenagers named Palin.
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Video: Congresswoman Marcy Kaptur questions Turbo on AIG, Goldman Sachs, and NY Federal Reserve actions regarding AIG counterparty payouts at PAR. This clip could have been published with the last story, but two is better than one when it comes to Geithner looking like a Goldman shill. Six minutes of revenge.
UPDATE: We've located and added the transcript inside.
California Prison Psychiatrist Paid $838,706
Bid-Rigging Investors Plead Guilty To Fixing Foreclosure Auctions
The Stock Market Is Overvalued Between 48% And 61% - CHARTS
Where Taxes Are So Low, Some People Might Actually Pay…
The next, worse financial crisis - Ten reasons why we are doomed to repeat 2008
Geithner Plunders Gov Retirement Accounts The Most Since Debt Ceiling Breach
Did Paulson Receive Preferential Terms From Dealers When Selling Lehman Bonds?
No stopping ECB rate hike Thursday, economists say
E.U. complains publicly about Moody's downgrade of Portugal to JUNK
Portuguese Bonds Hit 12% For First Time Ever After Moody's Downgrade
No recession for Obama's 454 White House aides: They'll make $37M this year
'Billions worth' of treasure found in Indian temple
What Recession? - How to get paid like a U.S. CEO
Netherlands to Levy Bank Tax of at Least 300 Million Euros
In U.S. Monetary Policy, a Boon to Banks - ProPublica
Whose $100 Million ATM Receipt Is This?
Weak economy may force second bailout of Ireland - Reuters
New York Fed Halts FAILED AIG Bond Auctions on Market Conditions - Bloomberg
Elaborate ruse behind vast Afghanistan Bank fraud - Wash Po
Meltdown: What Really Happened at Fukushima?
Moody's Warns It May Cut Ireland To JUNK
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Crapitalism.
We defy anyone to demonstrate that anything has changed since this film was released in 1992. In fact, crony crapitalism, whereby corporations run Congress and write legislation via K-Street lobbyists masquerading as prostitutes, has only gotten worse, as evidenced by our last story.
Yesterday in Phoenix, as a dust storm overtakes the city. This is pretty amazing video.
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China debt woes point to MASSIVE bank bailout
OOPS - S&P warns Greek debt rollover would be DEFAULT
Russia rescues Bank of Moscow in record bailout
Bill Clinton - Lower The Corporate Tax Rate And Eliminate The Loopholes
Chinese Local Debt Might Be $540B More Than Estimated: Moody's
Revealed: Tim Geithner’s Cover Letter to Goldman Sachs
Life Insurers Subpoenaed By New York AG Over Customer Payouts
For Dollar Salvation We Need A New Gold Standard - Economist James Grant
Iceland Votes: "Declares Independence from International Banks"
How Obama Got Rolled By Wall Street - Dr. Pitchfork
JPMorgan's $1.5 Billion TARP Blunder - Dan Rather Reports
Ron Paul says legalize marijuana - CNBC Video 6-22-11
Ratings agencies could wreck Greek rescue by declaring it a default
Mortgage Mods For Those Who Never Requested Help - NYT
French writer to file new rape charges against Strauss-Kahn
Russia to Deploy Troops to Defend Interests in Arctic
Douglas MacArthur - Address to Congress (1951) - Youtube
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CNBC Video - Bill Gross on the U.S. Fiscal Nightmare - June 13, 2011
When adding in all of the money owed to cover future liabilities in entitlement programs the US is actually in worse financial shape than Greece and other debt-laden European countries, Pimco's Bill Gross told CNBC Monday.
Much of the public focus is on the nation's public debt, which is $14.3 trillion. But that doesn't include money guaranteed for Medicare, Medicaid and Social Security, which comes to close to $50 trillion, according to government figures.
The government also is on the hook for other debts such as the programs related to the bailout of the financial system following the crisis of 2008 and 2009, government figures show.
Taken together, Gross puts the total at "nearly $100 trillion," that while perhaps a bit on the high side, places the country in a highly unenviable fiscal position that he said won't find a solution overnight.
Jul 8, 2011 at 12:06 PM
