Wall Street

Wall Street Admits Curing Diseases Is Bad For Business

April 26, 2018 Lee Camp, Truthdig.com Educate! Health Care, Profit, Wall Street

Goldman Sachs has outdone itself this time. That’s saying a lot for an investment firm that both helped cause and then exploited a global economic meltdown, increasing its own wealth and power while helping to boot millions of Americans out of their homes. But now Goldman Sachs is openly saying in financial reports that curing people of terrible diseases is not good for business. I wish this were a joke. It sounds like a joke. In fact, I’ll show you later that it used to be one of my favorite jokes. But first, the facts. In a recent report, a Goldman analyst asked clients: “Is curing patients a sustainable business model?” Salveen Richter wrote: “The potential to deliver ‘one-shot cures’ is one of the most attractive aspects of gene therapy. … However, such treatments offer a very different outlook with regard to recurring revenue versus chronic therapies. …

How Banks Against Wealth Building By Blacks After 2008 Crash

April 25, 2018 Pam Martens and Russ Martens, Wallstreetonparade.com Educate! Banks, New Economy, Racial inequality, Wall Street

If you get your business news from the Wall Street Journal or Bloomberg News or the New York Times or Reuters or the Financial Times or CNBC, chances are you did not hear about a critically important symposium that was held on Monday on the dangers that Wall Street’s biggest banks continue to pose to the U.S. economy and, in particular, to communities of color. Adding to the mystery of how every major business news outlet could simultaneously decide to skip the event is that it was headlined by two famous players in the banking debate, Senator Elizabeth Warren and Neel Kashkari, President of the Federal Reserve Bank of Minneapolis. The symposium on “Too Big to Fail” was hosted by Howard University’s Department of Economics and held at the campus which is located in Washington, DC – where there is certainly no shortage of reporters.

The Public Banking Movement Is Taking Off In The U.S.

March 19, 2018 Margaret Flowers and Kevin Zeese, Clearing the FOG. Podcast Banking and Finance, Money, Public Banks, Wall Street

Public Banks exist around the world. They are used to hold public dollars, such as taxes and fees, to keep the money local so it serves the public interest, instead of giving it to Wall Street banks who charge high fees and interest rates. There is only one public bank so far in the United States, the Bank of North Dakota. It has been in existence for almost 100 years. Now, thanks to the work of the Public Banking Institute, there is a vibrant movement to create more public banks in the U.S. at the city and state level. We speak with Walt McRee and John Comerford about the reasons to support public banks, how they would serve people instead of Wall Street profits and current efforts across the country.

Rumors Grow That U.S. Fed Is Propping Up Stock Market

February 15, 2018 Pam Martens and Russ Martens, Wallstreetonparade.com Educate! Capital, Capitalism, Finance, Stock Market, Wall Street

It’s not every day that three well-credentialed men are willing to put their names and reputations behind the allegation that the U.S. Federal Reserve is rigging the stock market. But that’s exactly what happened yesterday. Paul Craig Roberts, a former Associate Editor of the Wall Street Journal and Assistant Secretary of the U.S. Treasury under President Ronald Reagan joined with Economist Michael Hudson and Wall Street veteran Dave Kranzler to write that “it appears that in May 2010, August 2015, January/February 2016, and currently in February 2018 the Fed is rigging the stock market by purchasing S&P equity index futures in order to arrest stock market declines.” This is not the first time the Fed has come under such suspicion.

What Happens When Wall Street Becomes Your Landlord?

January 27, 2018 By Negin Owliaei, Inequality.org Educate! Land, New Economy, Private Ownership, Wall Street

When José Rivera moved into his house, he thought he was on the path to home ownership. But after several years and more than $90,000 in rent, he can’t even get his landlord to fix the broken pipe that leaked raw sewage into his home. Rivera’s landlord is Colony Starwood Homes, a rental giant backed by Wall Street investment firms. When he first told the company about his leaky pipe, they cleaned the carpet, but left the sewage issue alone. When the pipe leaked again, Rivera filed another complaint — and five days later, he received a notice to vacate. Rivera is just one of the many renters highlighted in a just-released report looking at the new face of financialization in the housing market. The report is authored by three consumer advocacy and housing rights groups — the Alliance of Californians for Community Empowerment (ACCE), Americans for Financial Reform, and Public Advocates.

Experts Explain How Wall Street Loots The Economy

November 12, 2017 Pam Martens and Russ Martens, www.wallstreetonparade.com Educate! New Economy, Tax Haven, Tax Reform, Taxes, Wall Street

By Pam Martens and Russ Martens for Wall Street on Parade. If you feel lost in the cacophony of contrasting claims that Wall Street was adequately reformed under the Dodd-Frank legislation of 2010 or that it remains an insidious wealth transfer system for the 1 percent, then you need to invest one-hour of your time to listen carefully to some of the smartest experts in America address the topic. A free one-hour video is now available (see above) which should settle the debate once and for all that the Dodd-Frank legislation of 2010 has failed to deliver the needed reforms to Wall Street’s corrupt culture and fraudulent business models and that nothing short of restoring the Glass-Steagall Act is going to make the U.S. financial system safe again. Don’t let the grainy quality of the video turn you off (it was made from a live webinar): the integrity of the voices will quickly reassure you that you are watching something powerful and critical to the future of the U.S.

Government By Goldman

September 24, 2017 Gary Rivlin and Michael Hudson, www.theintercept.com Educate! Corruption, Democracy, Goldman Sachs, New Economy, Plutocracy, Trump, Wall Street

By Gary Rivlin and Michael Hudson for The Intercept. Steve Bannon was in the room the day Donald Trump first fell for Gary Cohn. So were Reince Priebus, Jared Kushner, and Trump’s pick for secretary of Treasury, Steve Mnuchin. It was the end of November, three weeks after Trump’s improbable victory, and Cohn, then still the president of Goldman Sachs, was at Trump Tower presumably at the invitation of Kushner, with whom he was friendly. Cohn was there to offer his views about jobs and the economy. But, like the man he was there to meet, he was at heart a salesman.

Obama Goes From White House to Wall Street

September 19, 2017 Max Abelson, www.bloomberg.com Educate! Barack Obama, Ruling Class, Wall Street

By Max Abelson for Bloomberg - Last month, just before her book “What Happened” was published, Barack Obama spoke in New York to clients of Northern Trust Corp. for about $400,000, a person familiar with his appearance said. Last week, he reminisced about the White House for Carlyle Group LP, one of the world’s biggest private equity firms, according to two people who were there. Next week, he’ll give a keynote speech at investment bank Cantor Fitzgerald LP’s health-care conference. Obama is coming to Wall Street less than a year after leaving the White House, following a path that’s well trod and well paid. While he can’t run for president, he continues to be an influential voice in a party torn between celebrating and vilifying corporate power. His new work with banks might suggest which side of the debate he’ll be on and disappoint anyone expecting him to avoid a trap that snared Clinton. Or, as some of his executive friends see it, he’s just a private citizen giving a few paid speeches to other successful people while writing his next book. “He was the president of the entire United States -- financial services are under that umbrella,” said former UBS Group AG executive Robert Wolf, an early supporter who joined the Obama Foundation board this year. “He doesn’t look at Wall Street like, ‘Oh, these are individuals who don’t want the best for the country.’ He doesn’t stereotype.”

Tenants March To Stop Giveaways To Wall Street Landlords

July 19, 2017 Aditi Katti, www.inequality.org Resist! March, New Economy, Property, Tenant Rights, Tenants, Wall Street

By Aditi Katti for Inequality.org - It was a brutally hot and humid day in the nation’s capital and Margie Mathers needed a cane to get up to the podium, but the Florida senior had a story she was determined to tell. “When I moved into our manufactured housing community in North Fort Myers, it was a beautiful, peaceful place,” Mathers told the crowd of around 1,000 activists who’d converged on the city for a July 13 Tenant March on Washington. “Now I have neighbors who are really struggling. They’re taking their medications every other day instead of every day and not eating the food they need to be healthy.” What changed? Her development had been purchased Equity LifeStyles Property Inc., a private equity firm specializing in developments where residents own their trailer homes but rent the land under them. This new landlord quickly jacked up Mathers’s monthly rent to $630, from $230 just four years ago. To fight back, Mathers became involved with MH Action, which is organizing owners of manufactured homes to protect the affordability and quality of their communities. This group co-sponsored the Tenant March, along with more than a dozen others, including New York Communities for Change, Community Voices Heard, People’s Action, CASA de Maryland, and the Center for Popular Democracy. Organizers reported that marchers came from 16 different states.

Is Wall Street About To Take Over Public Education?

July 10, 2017 Emily Talmage, www.emilytalmage.com Educate! Public Education, Wall Street

By Emily Talmage for Save Maine Schools - Across the country, teachers are being asked to collect, record, and slog through mountains of data that “experts” insist is meant to improve their practice. There are pre-assessments and post-assessments, habits of work rubrics, writing prompts, social and emotional screeners, standards-based grading systems, RTI data, student learning objectives, professional growth goals, student surveys, self evaluations, administrator evaluations, office discipline referrals, results from progress monitoring programs …the data demands go on and on, and all of it must be entered and stored in learning management systems. Recently, a few brave teachers have begun to publicly state the obvious: that we don’t need all of this data to do our jobs well. Unfortunately, no one seems to be listening, as there is a far more powerful entity that does need all this data: Wall Street. As Pay for Success schemes – also known as Social Impact Bonds – sweep the country, data collection in schools is reaching new heights. “[It’s] an approach that has come of age,” Andy Sieg, Managing Director and Head of Global Wealth and Retirement Solutions at Bank of America Merrill Lynch said of Pay for Success contracts.

How Wall Street Once Killed The U.S. Solar Industry

April 19, 2017 Robinson Meyer, www.theatlantic.com Educate! Solar Energy, Wall Street

By Robinson Meyer for The Atlantic - It’s less obvious than it may seem. The global industry is a $65-billion business, and the United States has been involved in it from the beginning. NASA first improved and perfected panels for early satellite and Apollo missions. American firms have been manufacturing and selling solar panels for 40 years. Yet North American firms produce only about 3 percent of the world’s solar panels. China and Taiwan, meanwhile, make more than 60 percent of them. Labor in East Asia is often cheaper than it is in the United States, but that’s not the only factor. Consider the global semiconductor industry. Both computer chips and solar panels emerged from the Cold War research-and-development boom. Both were commercialized before 1980, as American-invented products sold by American-owned firms. And both markets were essentially controlled by the United States before the rise of Asian firms in the mid-1980s and ’90s. But chips, which first went to market a decade earlier than solar panels, did not suffer the same catastrophe that solar panels did. Today, the United States still leads the computer-chip industry, holding more than half of global market share for 20 years.

From Bad To Worse For Puerto Rico

March 12, 2017 Joseph E. Stiglitz and Martin Guzman, www.project-syndicate.org Educate! Finance and the Economy, Poverty, Puerto Rico, Wall Street

By Joseph E. Stiglitz and Martin Guzman for Project Syndicate. SAN JUAN – Puerto Rico’s deep and prolonged recession has led to a severe debt crisis. And the combination of economic contraction and massive liabilities is having dire consequences for the island. Everywhere in the United States commonwealth, private-sector jobs are being lost. Total employment in Puerto Rico has fallen from 1.25 million in the last quarter of the 2007 fiscal year workers to less than a million almost a decade later. Without employment, large numbers of Puerto Ricans (who are US citizens) have emigrated. But, despite this flight, the unemployment rate is now 12.4%. Without job prospects, the labor participation rate has plummeted to 40%, two-thirds of the level on the US mainland. About 60% of Puerto Rico’s children live in poverty.

Cities And States Prefer Public Banks To Wall Street

March 11, 2017 Staff, www.publicbankinginstitute.org Create! Public Banking, Wall Street

By Staff of Public Banking Institute - Alarmed by the corruption and greed of Wall Street, many US cities and states are studying the feasibility of establishing public banks. Public banks are owned by cities, states or other jurisdictions and serve to keep funds local instead of being deposited on Wall Street. The funds are then used to support local economic activities like small business loans and student loans. Washington State has already cut its ties with Wells Fargo because they funded DAPL. Now they want to get rid of Wall Street as a place to park their money making use of the local economy and profiting the people of Washington instead of the bankers of Wall Street.

Trump Moves To Aggressively Protect Wall Street

February 6, 2017 Justin Sink, Elizabeth Dexheimer, and Katherine Chiglinsky, www.bloomberg.com Educate! Barack Obama, Donald Trump, Regulation, Wall Street

By Justin Sink, Elizabeth Dexheimer, and Katherine Chiglinsky for Bloomberg - President Donald Trump will order a sweeping review of the Dodd-Frank Act rules enacted in response to the 2008 financial crisis, a White House official said, signing an executive action Friday designed to significantly scale back the regulatory system put in place in 2010. Trump also will halt another of former President Barack Obama’s regulations, hated by the financial industry, that requires advisers on retirement accounts to work in the best interests of their clients. Trump’s order will give the new administration time to review the change, known as the fiduciary rule.

When Trade Deals Couldn’t Get Any Worse – Enter Wall Street

December 18, 2016 Pau Keenlyside, www.sierraclub.org Educate! ISDS, Mining, Trade, Wall Street

By Paul Keenlyside for the Sierra Club. What connects two proposed gold mines, one in the high-altitude wetlands of Colombia and one in the Carpathian Mountains of Romania? Both mines would require huge quantities of cyanide and threaten watersheds used by millions of people for drinking water. One would damage a unique, legally protected ecosystem and the other would destroy an ancient, UNESCO-nominated settlement. Both have been opposed by scientific bodies, protested by tens of thousands of people, and restricted by domestic courts. And in both cases, the Canadian mining corporations behind the projects (Eco Oro in Colombia and Gabriel Resources in Romania) have responded to the mining denials by using trade and investment deals to sue the governments in private tribunals.

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