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Archive for May 10th, 2013

Senator Elizabeth Warren has introduced a bill in which student loans will be offered at the same rate banks pay the Federal Reserve. They pay 0.75 percent, less than one percent.

“In her Senate remarks introducing The Bank on Students Loan Fairness Act, Warren bluntly states her rationale: “‘If the Federal Reserve can float trillions of dollars to large financial institution, surely they can float the Department of Education the money to fund our students, keep us competitive, and grow our middle class.'”

Naturally, the entire Republican Party and 80 percent of Democrats will oppose this bill because it’s what they do; wage war against the middle class.

Click on the link below for the full story.

elizabeth-warren-introduces-first-bill-students-should-get-educational-loans-at-same-low-rate-as-big-banks-0-75-percent

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Yes, are we getting ripped off. From 2009 to 2011, the richest 8 million families (the top 7%) on average saw their wealth rise from $1.7 million to $2.5 million each. Wealth is what you own, income is money coming in. Income is what makes wealth grow, outside of say, the growth in value of an asset.

The Dow Jones just blew past 15,000, a record. How’d that happen? Easy. Income is being massively, and in many cases illegally, redistributed from the 93 percent to the 1 percent. See your-retirement-bottle-champagne-how-wall-street-fraudsters-ripped-you-again and breakdown-of-the-26-trillion-the-federal-reserve-handed-out-to-save-rich-incompetent-investors-but-who-purchase-political-power. The extra money the 1 percent receive in their rip-off scam is invested in the stock and bond markets, and it is precisely this redistribution scheme that is fueling the Dow Jones Industrials.

That’s why the rest of us, that’s 111 million families, suffered on average a decline of $6,000 each. It’s been redistributed to the 1 percent. Free trade treaties also play a role in this scam. Every year, one to three million jobs are exported from the United States to lower wage nations, according to the Federal Reserve. The difference between the old higher wages and the new lower wages are thrust into the pockets of the 1 percent via higher corporate earnings, rising dividends and soaring stock prices.

Do the math and you’ll discover that the top 7% gained a whopping $5.6 trillion in net worth (assets minus liabilities) while the rest of lost $669 billion. Their wealth went up by 28% while ours went down by 4 percent.

It’s as if the entire economic recovery is going into the pockets of the rich because it is. It’s no accident, it’s been carefully planned, whether it’s shipping jobs overseas, or giving bailouts to the 1 percent via the government and the Federal Reserve.

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The collapse of the Rana Plaza building last week in Bangladesh, which housed five clothing factories, is the deadliest disaster in the history of the garment industry, with the death toll likely to keep rising as work crews now use heavy machinery to clear debris from some of the most devastated sections of the building. Over 1000 bodies have been pulled out from the collapsed eight story building. One person has been found alive. Several days ago, hours after the 500th body was pulled from the rubble, Bangladesh’s finance minister said the disaster wasn’t a big deal. One has to wonder whose payroll he’s on.

In the race to the bottom, more than a thousand people are dead so that Walmart’s stock price could go higher. The same is true for JC Penney and the Gap and a few others. It has been reported by various news sources that these companies had their products made in the factories that were in the building.

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