Tag Archives | Economy

Woman with 4 Jobs Dies While Napping in Car

By SpaceShoe via Flickr.

By SpaceShoe via Flickr.

This tragic death raises questions about the economy. It’s time to raise minimum wage – working four jobs and being forced to nap in one’s car between shifts to make ends meet is unacceptable. Minimum wage =/= livable wage and it should.

via AlterNet:

Maria Fernandes, 32, of Newark, NJ, worked four jobs, including two at different Dunkin Donuts stores. In between working, she would often park in public lots and catch up on sleep. She kept a can of gasoline in her car because she had occasionally run out of gas in the past during her job commutes.

On Monday, Fernandes pulled into a WaWa convenience store parking lot in Elizabeth, NJ, to nap. Concerned employees called 911. When emergency workers arrived and opened her car door, they were met with a toxic odor. Workers determined that Fernandes was dead and called Hazmat workers to the scene.

Fernandes died from inhaling a fatal mixture of carbon monoxide from her car, which was running, and the can of gasoline that spilled open in the back of her car.

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Citigroup: The Original Gangsta

500px-Citi.svgRobert Scheer writes at Truthdig:

Barack Obama’s Justice Department on Monday announced that Citigroup would pay $7 billion in fines, a move that will avoid a humiliating trial dealing with the seamy financial products the bank had marketed to an unsuspecting public, causing vast damage to the economy.

Citigroup is the too-big-to-fail bank that was allowed to form only when Bill Clinton signed legislation reversing the sensible restraints on Wall Street instituted by President Franklin Roosevelt to avoid another Great Depression.

Those filled with Clinton nostalgia these days might want to reflect back on how truly destructive was his legacy for hardworking people throughout the world who lost so much due to the financial shenanigans that he made legal.

“Today what we are doing is modernizing the financial services industry, tearing down those antiquated laws and granting banks significant new authority,” a beaming Clinton boasted after signing the Financial Services Modernization Act into law in 1999.

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According to the World Bank, Preventing Climate Change Would Help the Economy

Credit: Collection of Dr. Pablo Clemente-Colon, Chief Scientist National Ice Center.

Credit: Collection of Dr. Pablo Clemente-Colon, Chief Scientist National Ice Center.

Yes, you read that right. Implementing preventative measures and tackling the climate change before it gets worse would actually save us money and boost the economy. Well, according to the World Bank, who seem to be pro-climate change when dollar signs are in the mix.

Fighting climate change would help grow the world economy, according to the World Bank, adding up to $2.6tn (£1.5tn) a year to global GDP in the coming decades.

The findings, made available in a report on Tuesday, offer a sharp contrast with claims by the Australian government that fighting climate change would “clobber” the economy.

The report also advances on the work of economists who have argued that it will be far more costly in the long run to delay action on climate change.

Instead, Tuesday’s report found a number of key policies – none of which included putting an economy-wide price on carbon – would lead to global GDP gains of between $1.8tn and $2.6tn a year by 2030, in terms of new jobs, increased crop productivity and public health benefits.

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The Mantra on Wall Street Is ‘Don’t Fight the Fed’, but Do You Know What the Fed Is Doing? And Where Did Belgium Get $141 Billion to Purchase U.S. Treasury Bonds?

via chycho

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The main mantra on Wall Street is ‘Don’t Fight the Fed’, implying that if monetary policy is geared towards easing – lowering of interest rates – then riskier markets are the game in town, and if monetary policy is geared towards tightening – rising interest rates – then volatile markets are to be avoided. But do we know what the Fed is up to?

I. DOW, S&P 500, QE, and Tapering

Both the DOW and S&P 500 are sitting at all-time highs. Since bottoming out in early March 2009 (DOW, S&P 500), the DOW is up approximately 150% and the S&P 500 approximately 180%. Astronomical returns no matter what period you compare this to.

It’s no secret that the only reason the markets have been soaring is because of unlimited quantitative easing [QE], i.e., stimulus, stimulus, and indefinite-stimulus – “fundamentally a regressive redistribution program that has been boosting wealth for those already engaged in the financial sector or those who already own homes, but passing little along to the rest of the economy.”

By December 2012, funds were being pumped into the markets to the tune of $85 billion a month – a last resort, desperate measure that the FOMC began so that their ‘growth’ targets could be met.

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Why Riot?

PIC: Bryan Tong Minh (CC)

PIC: Bryan Tong Minh (CC)

A thought provoking must read on a largely misunderstood topic:

Via Ultra

So I’m writing here for simple reasons: to defend the riot as a general tactic and to explain why one might engage in a riot. By this I mean to defend and explain not just the window breaking, not just “non-injurious violence,” and certainly not just the media spectacle it generates, but the riot itself—that dangerous, ugly word that sounds so basically criminal and which often takes (as in London in 2011) a form so fundamentally unpalatable for civil society that it can only be understood as purely irrational, without any logic, and without possible defense.

I aim, nonetheless, to defend and explain the riot, because we live in a new era of riots. Riots have been increasing in absolute number globally for the past thirty years. They are our immediate future, and this future will spare Seattle no less than Athens or London, Guangzhou or Cairo.

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Fragmentation of Bitcoin Community Begins after the Collapse of Mt. Gox and Secondmarket’s Wall Street Exchange Proposal

bitcoin wall streetvia chycho

A few comments regarding Bitcoin and the recent developments with Mt. Gox (2, 3, 4, 5, 6, 7, 8, 9) and the announcement that SecondMarket is stepping into the game and planning to launch the “first New York-based Bitcoin exchange” (emphasis added):

“SecondMarket CEO Barry Silbert says that he’s modeling it after the early days of The IntercontinentalExchange (ICE), and that he hopes to have a set of founding members in place by the end of March (i.e., a ‘seat’ model). These members are expected to include Wall Street banks and well-funded Bitcoin startups (think Circle and Coinbase). Non-member firms or individuals would not be allowed to trade — at least at the outset — but likely could do business via the member firms.

When Wall Street insiders announce that they are joining your game, but not allowing you to play on their field, which is what is implied with “Non-member firms or individuals would not be allowed to trade”, one should be concerned that the fundamental rules of the game may be changing, but, unfortunately, with fear running rampant within the Bitcoin community due to the collapse of Mt.

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The One Percent Is Hogging so Much of Our Income That It’s Holding the Economy Back

meanlifeAre the rich intentionally trying to make the rest of us poor, thus preserving their own power?  Anthony W. Orlando writes at Informed Comment:

We all know that inequality has been rising and the average American household has been suffering. There is a myth that says all this suffering is necessary, that extreme inequality is the by-product of a rapidly growing economy—or worse, that it’s a good thing because it motivates everyone to work hard and climb the long ladder to the One Percent.

Even a brief glance at the historical record reveals just how perverted this hypothesis is.

For one thing, the economy has not been growing rapidly since inequality started climbing. From 1950 to 1980, “real gross domestic product (GDP)”—the output of the economy, adjusted for inflation—grew by 3.8 percent per year. From 1980 to 2010, it grew by 2.7 percent per year. (Since then, it’s been even worse.)

So income inequality hasn’t been “growth-enhancing” at all.

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