Economic crisis, but not for billionaires


Rich and poor, cartoon

The crisis of the world’s stock exchanges and financial markets is increasingly spiralling out of control: here.

Richard D. Wolff, Truthout: “Standard & Poor’s downgrades US debt, stock markets gyrate around the world, Sarkozy and Merkel perform yet another empty summit, the Chinese and Japanese economies look worrisome. Serious commentators worry about global recession, another global banking collapse, eurozone dissolution and austerity programs that only make matters worse. Nouriel Roubini, famed professor at NYU’s Stern School of Business asks this month, ‘Is Capitalism Doomed?’ His answer: maybe”: here.

USA: The Super Committee’s Super-Close Ties to Banking and Finance. Lynn Parramore, New Deal 2.0: “The folks at Maplight have released some disturbing numbers on who has been the most generous to the 12 members of the newly-formed Joint Select Committee on Deficit Reduction, fondly known as the ‘Super Committee.’ Maplight reports that the 10 biggest organization contributors (this includes PACs and Employees) to Super Committee Members are: Club for Growth, $990,066; Microsoft Corp., $810,100; University of California, $629,495; Goldman Sachs, $592,684; EMILY’s List, $586,835; Citigroup Inc., $561,081; JPMorgan Chase & Co., $494,316; Bank of America, $349,566; Skadden, Arps, et al., $347,356; General Electric, $340,935 … Guess how these folks feel about paying their fair share in taxes?” See here.

Amidst plunging stock markets, fears of a new banking crisis, and near-zero economic growth in the US, Europe and Japan, Bank of America has announced 3,500 job cuts this quarter and is preparing to lay off over 10,000 workers in the coming months: here.

Grocery workers at three major chains in Southern California are voting Friday and Saturday on whether to accept the latest contract offer or go on strike: here.

On August 13, billionaire private equity investor Leon Black organized a 60th birthday party for himself at his estate on Long Island that cost “millions of dollars”: here. And here.

Britain: Transport privateer Stagecoach’s boss Brian Souter is in line for a whopping £51 million windfall after the company unveiled its second huge cash handout in four years today: here.

Economists dismissed Chancellor George Osborne’s claim today that a huge drop in government’s public-sector net borrowing in July meant his austerity drive was working: here.

Multimillionaire welfare-to-work privateer Emma Harrison is in charge of finding work for thousands of “troubled” families whom David Cameron blamed this week for rioting that swept across England: here.

Rory MacKinnon exposes the banks making fat profits from the sale of cluster bombs: here.

1 thought on “Economic crisis, but not for billionaires

  1. Pingback: Poor get poorer, billionaires get richer | Dear Kitty. Some blog

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