Despite President Obama’s spirited pledge to reduce the growing gap between rich and poor, his administration has been covertly involved in negotiating a Trans Pacific Partnership (TPP) trade agreement whose potential fallout would only exacerbate, not lessen, the economic divide, consolidating what is essentially an oligarchy of Wall Street interests. You may be unfamiliar with the TPP, as it’s not played up in the media, unless … Continue reading Trans Pacific Partnership: Corporate Mayhem Alive and Well
I wanted to revisit my last post of several days ago, “The Yacht Mentality that Threatens our Economy,” with this apropos poem by William Carlos Williams, one of America’s foremost modernist poets. As you may have surmised, it’s called “Yachts,” which I employed as my central metaphor in depicting the economic inequity rampant in our nation. Williams, by the way, was a physician from Hoboken, … Continue reading On Class Warfare in America: The Yacht Mentality Revisited
I turned on the TV while eating lunch yesterday to a feature called “Island Paradises,” thinking Hawaii or maybe some Caribbean gem like Dominica or St. Vincent’s. Instead, it was about one man’s substantial investment, worth $28 million, in a plus 100 foot long yacht, sporting 3 recreational decks with pools, 7 bathrooms and 15 bedrooms, plus 3 bars and a below deck garage replete … Continue reading The Yacht Mentality that Threatens our Economy
You may have seen this morning’s AP report on growing poverty in America.: Four out of 5 U. S, adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream. I found the report disturbing, but not unexpected, as I’ve done a lot of reading on the subject over … Continue reading The Fading of the American Dream: a Tale of Two Nations
If you’ve been watching the headlines on the economic front, you may have seen the news about record bank profits in the first quarter of the year to the tune of $40.3 billion, an all time high. In fact, profits surged 15.8% over the same quarter a year ago. This marks the 14th straight quarter of bank gains. In short, the bailed out banks (you … Continue reading Happy Days are here again: and the banks roll on
You see them everywhere now, spreading like a fungus, invasive, unstoppable, a contagion blighting main street America. What we used to call downtown is a pale shade of what once gave vitality and lent identity to our cities and towns, now reduced to a town hall, a few restaurants, maybe a police station, a bank or two, perhaps a post office and a motley of … Continue reading Wal-Mart: an anatomy of a colossus
Currently, rumors have been floating like broom-seated witches in the wind that the government wants to not only overhaul America’s pension system, but replace it with its own. Nationalization then is the buzz word here. Private plans such as IRAs and 401(k)s would ultimately be eliminated (National Seniors Council). How tenable are such rumors? We do know that the Labor Department has been looking at … Continue reading Is government planning to nationalize the pension system?
Let me tell you of my conversion to the Left 1. The Great Recession: Our worst economic crisis since the stock market collapse in 1928, its genesis clearly lies with Wall Street speculators and the banking industry. With dollar signs for eyeballs, they lured many home buyers, often minorities, into high end mortgages fabricated by a bubble market swelled by over investment. Subprime and adjusted … Continue reading My conversion to the Left
I want to follow-up on my last post dealing with our economic prospects in the coming year, exacerbated by Sequestration, or mandatory across-the-board budget cuts, beginning in January, 2013. Things to ponder: Whatever one’s politics, the Obama administration, in its doubtless sincere efforts to stimulate the economy, may have actually done it harm by adding $4 trillion to our national debt, now over a staggering … Continue reading I want to follow-up….
A day of financial reckoning will soon come to America, resulting in a substantial redistribution of income and entitlement payouts. It will see its genesis early in 2013, or shortly after this fall’s election. We’ve already witnessed the opening skirmish of this inevitable transition to a more restricted access to America’s economic pie, beginning with the recommendations of the Congressional appointed Joint Selection Committee on … Continue reading A day of financial reckoning will soon come….