Learn More: Causes of the Economic Crisis
The Working Group has a regularly updated list of tools to help us learn more and analyze the changes facing our economy. We are not going back to some golden age of economic growth and low cost energy. Nor should we allow the economy to be organized to permit the extreme inequalities of the last three decades.
COMING SOON: “The Economic Meltdown Funnies” by Chuck Collins and Nick Thorkelson. Stay tuned to www.extremeinequality.org for details.
AUDIO: This American Life “Great Big Pools of Money”
Terrific radio journalism exploring the human and systemic dimensions of the current financial crisis. Download an mp3 file or listen on-line. Transcript also available.
http://www.thislife.org/Radio_Episode.aspx?episode=355
VIDEO: CSPAN: “Market Meltdown: The Bailout, Inequality and the Election” –a 50 minute session moderated by Chuck Collins of the Institute for Policy Studies. Speakers Dean Baker, Center for Economic and Policy Research, Barbara Ehrenreich, author of Nickel and Dimed, and Jared Bernstein, Economic Policy Institute.
http://video.google.com/videoplay?docid=1799828763957317166&hl=en
ARTICLE: Sara Robinson, “Firing Back on the CRA Libel”
“Conservatives are twisting the facts with a revisionist history about the Community Reinvestment Act (CRA) that encourages lending in low-income communities.”
http://www.ourfuture.org/print/29502
ARTICLE: Walden Bello, “Wall Street Meltdown Primer.”
Filipino sociologist Walden Bello provides a global perspective on financial bubbles and the crisis of overproduction in capitalism leading to the current crisis.
http://www.fpif.org/fpiftxt/5560
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June 13th, 2010 at 8:29 pm
1945-1980 were Great Middle Class Years.
Affordable Education-Homes-Health Care-Jobs Jobs-Unions-Pensions
Reagan and Neo-Cons came on in 1981.
Ir was intentional ENRICH Wall Street reduce Middle Class.
1945-1% owned 30% Total Financial Wealth
1980-1% owned 20%
1989-36% (Ron big tax cuts for 1%)
2008–Bush Finished the Job
1%=43%
10%=70%
20%=93%
80%=7%-=120,000,000 workers=SHAFTED
20 years 3 Conservative presidents
18 years Conservative Senate
12 years Conservative House
6 years TOTAL CONTROL
Bush 8 let Wall Street go into Big Time Gambling
Instead of using investors money to create new businesses and increase current ones and create Jobs,
They created 31,000 Net New Jobs per Month.A shame.
Prior were Carter 218,000–Reagan 175,000–Clinton record 237.000
31,000 was an insult to working America.
During Bush 8 Wall Street shipped 2,300,000 of our jobs to China.
It will take creation of 250,00 new jobs per month for five years to get back to full employment (5%)
The Conservative ideology of Market knows best gave us Great Depression and Great Recession. Even Ultra Conservative Alan Greenspan had to admit it.
WHAT DID THEY DO??
Since 1980
60% Tax Cut to Top 1%
47% Tax Cut to Gamblers on Wall Street in Unearned Income Tax
Huge Estate Tax Cut
Revenue Sharing costs to rich in income taxes transferred to Middle Class in property taxes.
Fed gave Bush 1% Interest and big increase in Total Money Supply
1920’s Deja Vu. Banks rushed to borrow and lend lend lend to Developers
to build homes too large-too expensive for middle class declining disposable income
Increased Middle Class Payroll Tax
Taxes SS income
Five Cent Tax On Gas
Spending Spree on Defense which enriched Rich Investors in Defense
stocks,.
The Big Three took a 1000B of Debt from Carter and added on 8000B in 20 years of Spend + Borrow Our kids Can Pay Tomorrow.
Carter left Reagan a 600B Budget to which he added on 80%.
Carter left Reagan a less than 1000B of Debt and he added on 1700B
Clinton left Bush an 1800 B Budget which Bush took to 3600B..
Clinton left Bush a Surplus as far as an eye could see and Bush added on
6000B Debt or more than we had after 220 years.Grover Nutquist had a party..
Folks! It was intentional. Grover Nutquist of ATR made 127 visits to White House in Bush first term. He was one who wanted to drown Government in a bathtub..How! Spend and Borrow to force us to eliminate Social Programs.
He has us, in 2010, exactly where he wanted us.
Facts hurt. Democrats are just dumb to not preach it over and over
8 more of Neocons And American World Status will disappear to number two or three or worse.
Neocon ideology destroyed Rome-Spain-Holland-England and now America?
cswinney old ugly mean honest
political historian lifeaholics of america
prove me wrong please with facts and numbers
July 24th, 2010 at 7:41 pm
I remember a white paper written just prior to Reagan taking office, subject American labor: “American labor must be reduced to a world level playing field in order for US corporations to compete in a world economy.”
I’ve searched high and low and even wrote to the Reagan Library but no luck on finding that quote….
But, alas, we see the results.