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Wall Street

Why The Oil And Gas Industry Will Never Be The Same

May 3, 2020 Marshall Auerback, Brave New Europe. , , ,
When a staple commodity collapses to negative value it signals that something is clearly amiss in the global economy. When it is a global energy source like crude oil, it does not just signal pain in the oil patch, but an economic dislocation evocative of the Great Depression. Rare is the time when a commodity over which nations have fought wars in the past presents itself as something that traders would literally pay you to take it off their collective hands. To be sure, there are good technical reasons why U.S. West Texas Intermediate crude oil (WTI), the underlying commodity representing the NYMEX’s oil futures contract, actually traded negative in the second half of April, and continued to stay low (even though the June contract has now turned positive).

An All-American Urge To Offer Corporate Welfare

April 7, 2020 Nomi Prins, TomDispatch.com. , , ,
To say that these are unprecedented times would be the understatement of the century. Even as the United States became the latest target of Hurricane COVID-19, in “hot spots” around the globe a continuing frenzy of health concerns represented yet another drop down the economic rabbit hole. Stay-at-home orders have engulfed the planet, encompassing a majority of Americans, all of India, the United Kingdom, and much of Europe. A second round of cases may be starting to surface in China. Meanwhile, small- and medium-sized businesses, not to speak of giant corporate entities, are already facing severe financial pain. I was in New York City on 9/11 and for the weeks that followed. At first, there was a sense of overriding panic about the possibility of more attacks, while the air was still thick with smoke.

Not This Time: Watch Out For Wall Street In A Pandemic

March 25, 2020 Staff, Takeonwallst.com , , , ,
We have entered uncertain times. The novel coronavirus has upended life around the globe, and none of us knows exactly how long the outbreak or its ramifications will last. But daily reminders of how much we can’t control shouldn’t stop us from seizing upon those things we can.

Twenty-First Century Neoliberalism Is Failing – Where Do We Go From Here?

March 16, 2020 Margaret Flowers and Kevin Zeese, Clearing the FOG. , , ,
Stock markets around the world have become very volatile over the past few weeks with record losses. We are in a global recession, which could become a depression in the United States. Panic over the coronavirus and falling oil prices triggered the crisis, but economists have predicted this for some time due to high levels of corporate debt and artificial propping up of Wall Street. It was just a question of when. We speak with economist Jack Rasmus, author of "The Scourge of Neoliberalism: US Economic Policy from Reagan to Trump," about the current state of the economy and what we can expect from here. Rasmus posits that twenty-first-century neoliberalism is doomed to be highly unstable with rapid crashes and long recovery times. The system is going to change, but the direction it takes depends on what people do to demand a system that puts people before profits.

We’re In A Recession, And It’s Likely To Get Worse

March 15, 2020 Kevin Zeese and Margaret Flowers, Popular Resistance , , ,
The coronavirus epidemic is creating an ongoing teachable moment that could be used to transform the US economy. COVID-19 and the oil war are triggers leading to a recession that has its roots in record corporate and personal debt, longterm low wages and an artificially-inflated stockmarket. The shortcomings of US economic policy, the healthcare system, and workers' rights are being magnified by the current crisis. Epidemiologists are reporting the coronavirus epidemic will last months, maybe more than a year. A survey of prominent academic economists released on Thursday found that a majority believe even if the outbreak proves to be limited, like the flu, it is likely to cause a “major recession.”

Hoodwinked: How Wall Street And Big Real Estate Turned Anti-Discrimination Policies Against Blacks

March 13, 2020 Julia Thomas, Blackagendareport.com , ,
In 1970, Janice Johnson, a Black single mother in Philadelphia, was facing eviction from an old apartment building condemned by the city. She was desperately seeking a place for her and her 8-year-old son to live, and her attempts to rent nearby apartments were coming up short.

Climate Movement Takes Aim At Wall Street, Because ‘Money Is Only Language Fossil Fuel Industry Speaks’

January 14, 2020 By Jessica Corbett, Commondreams.org , ,
Organized by a coalition of climate, youth, and Indigenous groups, Stop the Money Pipeline will officially launch Friday at the final event in a weekly civil disobedience series that actor and activist Jane Fonda kicked off in October called Fire Drill Fridays. Several vocal climate campaigners plan to join Fonda at the Friday launch, including celebrities Martin Sheen and Joaquin Phoenix, Indigenous leaders Tara Houska and Eriel Deranger, Greenpeace USA executive director Annie Leonard, and authors and activists Naomi Klein and Bill McKibben.

The People vs Wall Street: California’s Public Banking Shakeup

November 17, 2019 Glenn Daigon, WhoWhatWhy.org. , ,
For only the second time in 100 years, a people-powered coalition overcame the stiff opposition of the banking lobby to successfully pass a law that legalizes public banking. Governor Gavin Newsom (D-CA) signed a bill into law last month allowing California cities and towns to establish public banks. It was almost a century ago that a similar grassroots uprising in North Dakota overcame the clout of big finance to establish the state-run Bank of North Dakota. And the passage of the California law may reverberate across the country. “We finally have the option of reinvesting our public tax dollars in our communities instead of rewarding Wall Street’s bad behavior,” AB 857 sponsor and California Assembly member David Chiu (D-San Francisco) told the Los Angeles Times.

How A Public Bank Could Free S.F.’s Money From Wall Street

November 4, 2019 By Ida Mojadad, Sfweekly.com , ,
Of all the vivid characters in Hustlers, from Jennifer Lopez’s magnetic Ramona to Cardi B portraying her own lived experience, the 2008 financial crash is the one that will be familiar to most contemporary Americans. In the movie, the Great Recession spurs a crew of New York strippers into making a living by drugging rich-looking men to spend lavishly at clubs as their own twisted way of surviving in a system that doesn’t protect people like them. “We got to start thinking like these Wall Street guys. You see what they did to this country?

Central Banks Bailing Out Wall Street And Big Finance As Crash Looms

October 21, 2019 Nick Beams, Wsws.org , , ,
Two actions by US financial authorities this week indicate that the United States will respond to a looming downturn in the global economy by providing, once again, unlimited amounts of cash to financial markets. On Wednesday, the Federal Reserve began an operation, lasting at least six months, to purchase around $60 billion of Treasury bills a month in response to sharp spikes in interest rates in overnight markets. The following day, in a separate action, the New York Federal Reserve injected $104.15 billion into financial markets to boost liquidity.

Just Like The “Money Trust” Before It, Wall Street Is A Threat To Democracy

October 20, 2019 Carter Daugherty, Take On Wall Street. , ,
We don’t speak of the “Money Trust” in the 21st century. But perhaps we should. These two words had a powerful resonance in the early decades of the 20th century as a label for the tiny number of rich Americans who used their dominance of finance to seize control of vast swaths of industry like railroads, metals, petroleum, to name but a few. Today, their names – the Morgans, the Mellons – can possess a certain ageless, almost noble echo thanks to the passage of time and decades of strategic philanthropy. But back then, their critics, and they were numerous, verily spit out their names in disgust. The address of J. Pierpont Morgan’s bank, on New York’s famous road of finance, loomed large enough in the public mind that no less than Franklin Delano Roosevelt could promise in 1933 that his cabinet would include “no one in it who knows the way to 23 Wall Street.

The 1% Rules, The 99% Lets Them!

October 6, 2019 Ralph Nader, Nader.org. , , ,
There has never been more access to food – domestic and imported – yet hunger is an ongoing problem everywhere. In the U.S. alone, 16.5 million children go to bed hungry and 20% of community college students are experiencing “food insecurity.” Never have there been more communications technologies, yet it is harder to get through to people personally than fifty years ago. Never have people been able to use their right to free speech so unencumbered, yet a torrent of lies are now spread so freely and are often unchallenged. Never have there been higher corporate profits, yet staggering amounts of poverty and near poverty remain along with stagnant wages. Never have there been more medicines to alleviate pain, yet far too many of these pain killers have caused massive fatalities and addictions.

Wall Street Demands “Discipline” As Protests Continue In Puerto Rico

July 30, 2019 Eric Johnson, Wsws.org , ,
Hours after Puerto Rican Governor Ricardo Rosselló’s early Thursday morning announcement that he will resign on August 2nd, thousands demonstrated in downtown San Juan demanding the resignation of his successor, Justice Minister Wanda Vázquez Garced. Both Rosselló and Vázquez are members of the New Progressive Party (PNP) and the Democratic Party. #WandaRenuncia quickly became one of the most popular Twitter hashtags while homemade signs Thursday featured the slogans, “this has not finished” and “we are cleaning the whole house.”

Wall Street Beware: The Public Banking Movement Is Coming For You

July 22, 2019 Robert R. Raymond, Truthout.org ,
It may not come as a surprise to hear that the majority of Americans don’t trust the banking system in this country. Only 27 percent of those surveyed in a 2016 Gallup poll said they had “a great deal” or “quite a lot” of confidence in the institution — less than half of the record high set in 1979. And the lack of trust is spread relatively evenly across the political spectrum — it’s not just liberals or those on the left: Almost everyone is fed up with the banks. And if banking institutions don’t exactly spark joy, their lead characters...

Wall Street Beware: The Public Banking Movement Is Coming For You

July 7, 2019 Robert R. Raymond, Truthout. , , ,
It may not come as a surprise to hear that the majority of Americans don’t trust the banking system in this country. Only 27 percent of those surveyed in a 2016 Gallup poll said they had “a great deal” or “quite a lot” of confidence in the institution — less than half of the record high set in 1979. And the lack of trust is spread relatively evenly across the political spectrum — it’s not just liberals or those on the left: Almost everyone is fed up with the banks. And if banking institutions don’t exactly spark joy, their lead characters — morally bankrupt investment bankers whose greed and arrogance almost singlehandedly collapsed the entire country’s economy — certainly don’t spark joy either.
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