Why The Economy Can’t Get Out of First Gear: The Rich Have Sucked It Dry
by Robert Reich
"...If you have any doubt, just take a look at the Survey of Consumer Finances, released Monday by the Federal Reserve. Median family income was $49,600 in 2007. By 2010 it was $45,800 – a drop of 7.7%..."
"...Bottom line: The American economy is still struggling because the vast American middle class can’t spend more to get it out of first gear..."
Published: Friday 15 June 2012
See You at the Club: Fed Fat Cats Dip Into the Till
Robert Scheer - Truthdig
The Fed backed the bailout of Citigroup, the result of deals dreamed up by Dimon, who before his JPMorgan days had teamed with Sanford Weill to merge privately held investment firms with government-insured commercial banks, which would have been illegal under the Glass-Steagall law.
"... Dimon—whose company last year paid him $24 million, compared to the $45,800 median U.S. family income—testified that the bank could manage its own affairs. But that is hardly reassuring given that the Fed provided JPMorgan Chase $391 billion in total assistance as well as paying the bank to administer the government’s emergency lending program. It was the Fed that back in March of 2008 made $29 billion available to Dimon’s bank so it could acquire beleaguered Bear Stearns; the Fed also agreed to purchase Bear Stearns’ most toxic assets before the merger..."
Hmmm, wonder which consumers will actually buy this article?
Swiss bankers drop holiday plans on fear of arrest
MARTIN DE SA’PINTO AND EMMA FARGE
Zurich and Geneva — Reuters
Published Thursday, Jun. 14 2012, 3:41 PM EDT
Last updated Thursday, Jun. 14 2012, 4:52 PM EDT
After all...
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