Wall Street

Stock Buybacks Are Deadly

July 3, 2019 Luisa Galvao and Porter McConnell, TakeOnWallStreet.com. Educate! New Economy, Wall Street, wealth inequality

The eighties brought us permed bangs, acid wash jeans, and Gordon Gecko’s “greed is good” mantra. So it’s not surprising that in 1982, among other bad ideas, the Securities and Exchange Commission put into effect something called Rule 10b-18, which granted a “safe harbor” (read: free pass) to company executives who wanted to buy back their own stock to raise its price. The SEC promised it would no longer accuse executives who bought back their own stock of market manipulation, rewarding corporate greed. What exactly is a stock buyback? Stock “buybacks” are when companies buy back their own stock from shareholders on the open market. When a share of stock is bought back, the company reduces the number of shares left in the market, which raises the price of remaining shares.

Wall Street Mini-Tax Could Raise Maxi Revenue

March 14, 2019 Ronald M. Glassman and Gerald E. Scorse, Dissidentvoice.org Create! New Economy, Taxes, Wall Street

With great fanfare, politicians on the left are thinking big on tax reform: a 70 percent rate on incomes over $10 million, a wealth tax on the super-rich, estate taxes as high as 77 percent. With no fanfare at all, the nonpartisan Congressional Budget Office (CBO) has made the case for thinking small. According to the CBO, a mini-tax on sales of stocks, bonds and other holdings could boost revenues by scores of billions a year. The estimate came in December 2018 when the CBO released its list of optionsfor cutting the federal deficit.

Underserved Communities Increasingly Support Public Banking To Rectify Wall Street Abuses

February 22, 2019 Staff, Publicbankinginstitute.org Educate! New Economy, Public Banking, Wall Street

People from all hues of the political spectrum are recognizing that having local transparent control over the creation of credit through a publicly-owned bank not only saves money, but also gives communities the keys to the most important engine running an economy. Advocates see that this engine could be directed effectively to serve those whom Wall Street has continually exploited. A new report by the Action Center on Race & the Economy (ACRE) calls for a public bank in Chicago to serve the people who live there, instead of the financial elite.

In 2019, Wall Street Banks Will Determine The Future Of America

January 4, 2019 Pam Martens, Wallstreetonparade.com Educate! US Imperialism, Wall Street

Inevitably, investors get the kind of Wall Street they demand and deserve. That’s a paraphrase of the French philosopher Joseph de Maistre’s view on an engaged or unengaged citizenry: “Every nation gets the government it deserves.” As groggy Americans arise this morning to face the reality that their holiday escapism is over and it’s back to the grind of work and daily doses of White House tyranny and dysfunction, at 8:00 a.m. Dow futures were pointing to an approximate 300 point drop at the open of trading in New York following the worst December for stocks since the Great Depression.

Wall Street Thrives And Working People Struggle As GOP Tax Cut Turns One

December 18, 2018 By Max Moran, Inequality.org Educate! Banks, Tax cuts for the rich, Wall Street

The Tax Cuts and Jobs Act of 2017 — the only major piece of legislation passed by the Trump administration — turns one year old this week. The law’s advocates promised it would create an economic bonanza for working people. Instead, its biggest corporate backers have laid off employees and offshored jobs while the promised investment boom is nowhere to be found. And for all of the talk about rising GDP and a tight labor market, millions are still barely making ends meet. But that’s not all. As critics warned when the bill was being drafted, the legislation gave disproportionate benefits to one massive, reviled industry: Wall Street.

Comparing Crises: 1929 With 2008 And The Next

October 14, 2018 Jack Rasmus, Kyklos Productions. Educate! Banks, Economic collapse, Finanace and the Economy, Wall Street

It is often said that the initial months of the 2008-09 crash set the US economy on a trajectory of collapse eerily similar to that of 1929-30. Job losses were occurring at a rate of 1 million a month on average from October 2008 through March 2009. One might therefore think that mainstream economists would look closely at the two time periods—i.e. 1929-30 and 2008-09—to determine with patterns or similar causes were occurring. Or to a deep analysis of the periods immediately preceding 1929 and 2008 to see what similarities prevailed. But they haven’t.

Breaking With Wall Street: L.A. Puts It To The Voters

October 6, 2018 Ellen Brown, Ellenbrown.com Create! Electoral Politics, Revisionism, Wall Street

Wall Street owns the country. That was the opening line of a fiery speech by populist leader Mary Ellen Lease in 1890. Franklin Roosevelt said it again in a letter to Colonel House in 1933, and Sen. Dick Durbin was still saying it in 2009. “The banks – hard to believe in a time when we’re facing a banking crisis that many of the banks created – are still the most powerful lobby on Capitol Hill,” Durbin said in an interview. “And they frankly own the place.” Wall Street banks triggered a credit crisis in 2008-09 that wiped out over $19 trillion in household wealth, turned some 10 million families out of their homes, and cost almost 9 million jobs in the US alone; yet the banks were bailed out without penalty, while defrauded homebuyers were left without recourse or compensation.

Has Occupy Wall Street Changed America?

September 26, 2018 Chantal Da Silva, Newsweek.com Resist! History, Occupy, Wall Street

With many Americans still reeling from the 2008 financial crisis, Canadian anti-consumerist magazine Adbusters had issued a call to action for a "revolution," a "people's revolt in the West." The February 2011 editorial, written by staff writer Kono Matsu, said it was time for everyday American citizens to "rise up" and take a stand against the social and economic inequality that had become so rife in the country. "Over 25 million folks are now unemployed, 2.8 million homes are in foreclosure while the investment bankers who brought this economy misery cynically reap obscene bonuses and rewards," the call to action read. "Blatant corruption rules at the heart of American democracy. And with corporations now treated as people, big business money dictates who is elected to Congress and what laws they shall pass. America has devolved into a corporate state ruled by and for the megacorps," it warned.

The Anarchists Who Ignited Occupy Wall Street Seven Years Ago Are Now Calling For #OCCUPYSILICONVALLEY

September 15, 2018 Staff, Abillionpeople.org Resist! Occupy, Wall Street

Seven years after igniting the global phenomenon of Occupy Wall Street, Adbusters Media Foundation is launching #OCCUPYSILICONVALLEY, an ambitious, global blowback campaign against Big Tech's four most powerful corporations—Alphabet (Google), Amazon, Apple, and Facebook—that dominate so much of our social, political, and emotional lives. On Monday, September 17th, millions of people around the world, in millions of different ways, will unleash a one-day flood of memes, posts, pranks, tweets, and statuses—each of them overflowing with everything Silicon Valley wants to keep offline. "Our aim is to shut down Big Tech for a day," says Adbusters' Editor-in-Chief Kalle Lasn. "We want to teach Mark Zuckerberg, Sergey Brin, Jeff Bezos, and the rest of Silicon Valley a lesson they will never forget: We the people—not you—rule the internet."

On Ten Year Anniversary Of Financial Collapse, Fundamentals Still Flawed

August 7, 2018 By Elizabeth Preza, Alternet.org Educate! 2008 crash, New Economy, Wall Street

William Cohen—a former senior-level mergers and acquisitions banker on Wall Street who is now a special correspondent for Vanity Fair—on Sunday spoke about the ten-year anniversary of the 2008 financial crisis, warning the practices that prompted the economic collapse have not substantially changed in the past decade. In an interview with CNN’s Ana Cabrera, Cohen warned the United States has not made the necessary changes to prevent another devastating recession. “I wish I could say that we had, but we haven’t,” Cohen said. “The main driver of bad behavior on Wall Street is the compensation system, what people get rewarded to do. People are pretty simple—they do what they are rewarded to do. Wall Street is still rewarded to take big risks with other people's money. They are not rewarded to take prudent risks.

That Raise You Were Promised Last Year? Wall Street Took It From You

July 29, 2018 Will Bunch, The Inquirer Educate! Jobs and Wages, New Economy, Wall Street

By and large, American workers haven’t been getting the kind of pay raises that history predicts for an economy with such a low unemployment rate. That’s even more astounding when you remember 2017’s $1.5 trillion tax cut that was heavily weighted toward large corporations, with the promise that — this time, we swear — a lot of those dollars would trickle down to the rank-and-file worker. Now, the post-tax-cut numbers are coming in, and you’ll be shocked, shocked to learn that America didn’t get that pay raise after all. In a widely read column last week for Bloomberg, Noah Smith pointed to statistics from PayScale showing that so-called real wages — your paycheck, but adjusted for inflation — actually fell in the just-ended second quarter of 2018, by 1.8 percent.

The Coming Collapse

May 27, 2018 Chris Hedges, TruthDig. Educate! Banks, Economic collapse, Wall Street

The Trump administration did not rise, prima facie, like Venus on a half shell from the sea. Donald Trump is the result of a long process of political, cultural and social decay. He is a product of our failed democracy. The longer we perpetuate the fiction that we live in a functioning democracy, that Trump and the political mutations around him are somehow an aberrant deviation that can be vanquished in the next election, the more we will hurtle toward tyranny. The problem is not Trump. It is a political system, dominated by corporate power and the mandarins of the two major political parties, in which we don’t count.

The Fed Boosts Wall Street, Not Main Street

May 8, 2018 Nomi Prins, Truthdig.com Educate! Federal Reserve, New Economy, Wall Street

Since QE went global, the Bank of England, for one, has often had to defend itself from accusations that its policies have increased inequality. A recent study concluded that “nine years of asset purchases that pumped 375 billion pounds ($527 billion) into a faltering world economy didn’t widen inequality after all.” Although the British central bank does acknowledge that some measures of inequality arose, it stressed that accommodative monetary policy had only a “marginal impact” on that rise. The analysis simply misses the point. Net wealth at the top increased as asset bubbles fueled by QE inflated further. By sheer math, we can see that those who had access to QE rode the policy to greater gains while everyday citizens struggling to get by did not. They were not a part of the magical relationship between central banks, private banks and markets. That’s the definition of inequality. The rich get richer and everyone else—doesn’t.

How Wall Street Bought Toys ‘R’ Us And Left 30,000 People Without Jobs

May 7, 2018 Leticia Miranda, Buzzfeed.com Educate! Wall Street, Workers Rights and Jobs

When the last Toys ‘R’ Us store closes its doors once and for all, the company's top executives will have pocketed some $8.2 million in retention bonuses for sticking around long enough to liquidate the company. Wall Street firms that loaded Toys ‘R’ Us with debt when they bought it in 2005 will have collected millions in fees from the company, even if they ultimately lost the majority of their investment. And employees like Ann Marie Reinhart, who worked as a supervisor at Toys ‘R’ Us for 29 years, will walk away with nothing. Reinhart, 58, was a full-time supervisor at a Toys ‘R’ Us store in Durham, North Carolina, until she was laid off when her store closed in early April. Because Toys ‘R’ Us didn’t give her or her coworkers any severance, Reinhart is looking for a job and getting by on the wages her husband earns delivering auto parts.

The Return Of The Great Meltdown

April 28, 2018 Nomi Prins, Tom Dispatch. Educate! Banking, Economic collapse, Federal Reserve, Wall Street

We have entered a landmark moment: no president since Woodrow Wilson (during whose administration the Federal Reserve was established) will have appointed as many board members to the Fed as Donald Trump. His fingerprints will, in other words, not just be on Supreme Court decisions, but no less significantly Fed policy-making for years to come -- even though, like that court, it occupies a mandated position of political independence.

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