400 Mubaraks

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Monday March 07, 2011 · 10:12 AM PST

2011/03/07 · 10:12

Who stole from you? There's a reason most Americans and sliding into poverty. It isn't technology or lack of hard work - people have stolen from them, period. Using the government for special subsidies, tax credits and bailouts - these people have not just profited from being lucky in the marketplace, they've stolen from others.

So who are these 400 Mubaraks Moore is speaking of?

With a few exceptions they became rich doing nothing (inheritance) and nothing good (speculating) NONE have paid their fair share of taxes though most have enjoyed stealing from you in various ways (especially the speculators):

1. Bill Gates
$54 B     55     Medina, WA     Microsoft
2. Warren Buffett
$45 B     80     Omaha, NE     Berkshire Hathaway/SPECULATING
3 Larry Ellison
$27 B     66     Woodside, CA     Oracle
4 Christy Walton
$24 B     55     Jackson, WY     Walmart/INHERITANCE
5 Charles Koch
$21.5 B     75     Wichita, KS     energy/INHERITANCE
5. David Koch
$21.5 B     70     New York, NY     energy/INHERITANCE
(continues)

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Rogoff: Debt is the Real Problem

FIREeconomy

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Friday March 04, 2011 · 10:41 AM PST

2011/03/04 · 10:41

Harvard economics professor and Federal Reserve Bank economist Kenneth Rogoff is the latest establishment figure to speak out against the horrors of the FIRE (finance, insurance, real estate) economy. In Rogoff's view one of the key problem with the FIRE economy is its love of debt:

we need to recognize that the real problems are rooted in excessive concentrations of debt...we are very far from the idealized world in which financial markets efficiently share risk. Of the roughly $200 trillion in global financial assets today, almost three-quarters are in some kind of debt instrument, including bank loans, corporate bonds, and government securities.

Hard to believe we had a debt crisis, though I'm sure taking on MORE debt because the rich bought our democracy so they don't have to pay taxes but always get a taxpayer bailout is the right solution.

Rogoff also notes the tax incentives for corporations and people to take on debt:

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Fed Reserve Governor: Financial System WORSE Now

FIREeconomy

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Friday February 25, 2011 · 9:54 AM PST

2011/02/25 · 09:54

The jig is up. Those that know better than any talking head or political appointee are finally starting to talk - it's not pretty. Tom Hoenig, President of the Federal Reserve Bank of Kansas City and voting member of the Federal Open Market Committee, in a public address:

some of us are certain that in spite of all that’s been done and debated, the soundness of the largest financial institutions and the systemic risks they continue to pose is no better. In my view, it is even worse than before the crisis.

What? The bill written by Chris "I was bribed by countrywide" Dodd and Barney "please please let me stay finance committee chairman" Frank didn't actually do anything? Hard to believe.

Hoenig gives a recommended reading list for understanding the financial crisis:

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Taibbi: Wall Street is Above the Law

FIREeconomy

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Thursday February 17, 2011 · 9:58 AM PST

2011/02/17 · 09:58

Rolling Stone reporter Matt Taibbi exposes what we've always known: Wall Street is above the law.

Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth — and nobody went to jail.

If you are poor, middle class, black and you commit even a minor offense there is a very good chance you're going to jail. America has become a virtual prison state with the prison population DOUBLING since 1985. (more) Read More

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Jeffrey Sachs: "Do we have to have our own Egypt here in the United States?"

FIREeconomy

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Tuesday February 15, 2011 · 9:35 AM PST

2011/02/15 · 09:35

Jeffrey Sachs, director of the Earth Institute at Columbia University, has apparently had enough with the FIRE (finance, insurance, real estate) economy. In a perplexing outburst, given his previous support of Neoliberal policies, professor Sachs ripped into the American economic and political system as a charade by the rich and powerful, ultimately introducing the possibility of an Egypt style revolution in America due to wealth inequality and a lack of substantive democracy.

What's happening with this country? We give up massive tax cuts at the top then we turn around and squeeze the poorest of the poor...the rich have had 20 years of the greatest boom in the history of this world there is more wealth in this [New York] city, more billionaires, more people who have sheltered all their income, and we're turning around we're just going to keep driving down the poorest of the poorest of the poor and that's where we are. This is a game that's going to come to an end in a bad way. Do we really have to have our own Egypt here in the United States? Or are we going to understand that we have a society where half the people have no voice in this country at all.

Watch the Video of the Interview Here.

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"I don't have any enthusiasm for trying to shrink the financial system in our economy"

FIREeconomy

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Monday February 14, 2011 · 10:10 AM PST

2011/02/14 · 10:10

Well folks, that's the ballgame. Secretary Timothy Geithner, long time Wall Street flunkie (first time U.S Treasury Secretary) has made it clear. He loves the FIRE (finance, insurance, real estate) economy and doesn't want it diminshed. He's actually IN FAVOR of it's massively distorting and destabilizing influence with no benefit.

For those wondering why Geithner sabotaged real financial reform, you have your answer.

"I don't have any enthusiasm for ... trying to shrink the relative importance of the financial system in our economy as a test of reform, because we have to think about the fact that we operate in the broader world," Geithner said. "It's the same thing for Microsoft or anything else. We want U.S. firms to benefit from that." He continued: "Now financial firms are different because of the risk, but you can contain that through regulation." This was the purpose of the recent financial reform, he said. In effect, Geithner was arguing that we should be as comfortable linking the fate of our economy to Wall Street as to automakers or Silicon Valley.

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The Obama Hustle

FIREeconomy

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Friday February 11, 2011 · 10:00 AM PST

2011/02/11 · 10:00

Between now and November 2012 the Obama Administration is going to run a hustle on the American people. They are going to try and convince Democrats, Independents, and any Republicans they can get, that Obama brought "Change" to Washington. One problem... he didn't.

In fact, the special interests have never had so much power. This is not a result of the Republicans taking back Congress, but a near total abdication of the agenda Obama campaigned on. So how can Obama still win?

Enter the hustle (Obama's reelection strategy):

1. After doing the special interest bidding, collect campaign contributions from them.
2. Use the campaign contributions to hire the best media and public relations experts.
3. Implement the strategies crafted by the experts and hopefully con enough people for 50% +1.

PolitiFact has been tracking Obama's many Broken Promises:

FIREeconomy

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Wednesday February 09, 2011 · 10:01 AM PST

2011/02/09 · 10:01

The results are in. The Neoliberal model, based on empowering the FIRE (finance, insurance, real estate) sector, was initiated fully around 1980 and has now had 30 years.

The results? :drum roll: Poor growth and unprecedented wealth inequality.

But why did it fail?

Because Neoliberalim's central premise is wrong:

The reality it turns out is Rich Individuals do not allocate capital more efficiently or effectively than Poor(er) Individuals or the State.

Woops. Kind of a problem if the underlying ideology and public policy framework rests on redistributing wealth upward or trickle-down economics.

**** SUPERIOR VERSION****

FIREeconomy

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Friday February 04, 2011 · 10:25 AM PST

2011/02/04 · 10:25

The conventional wisdom by establishment figures on America's decline/future prospects is that education is "the answer." If only the education system could be strengthened the economy would be stronger. It is quickly becoming more of an article of religious faith than economic analysis.

This one to one correlation between educational achievement and economic prosperity is total nonsense. America did not prosper due to an exceptionally good education system and is not declining because of an exceptionally bad education system.

It is undeniable that America, by global standards, has poor education outcomes. Though it's important to note that these surveys largely discount private education outcomes and that a holistic view, while important, disqualifies elite standards (which parity those around the world). So America has a poor public education system compared to its peers in the developed world... so what?

FIREeconomy

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Thursday February 03, 2011 · 10:06 AM PST

2011/02/03 · 10:06

Want to learn how to turn a first world economy into a third world economy? Embrace the FIRE (finance, insurance, real estate) economy.

Ireland was once known as one of Neoliberalism's few success stories, but as Michael Lewis points out in Vanity Fair a strong wind will blow away any house of cards:

The Irish budget deficit—which three years ago was a surplus—is now 32 percent of its G.D.P., the highest by far in the history of the Eurozone. One credit-analysis firm has judged Ireland the third-most-likely country to default. Not quite as risky for the global investor as Venezuela, but riskier than Iraq. Distinctly Third World, in any case.

FIRE can do more damage to your economy than a 'shock and awe' bombing barrage by the U.S military!

FIREeconomy

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Friday January 28, 2011 · 1:38 PM PST

2011/01/28 · 13:38

Did you vote for change? Too bad you didn't get it. Candidate Obama took $998,000 from Goldman Sachs - President Obama bailed out Goldman Sachs and put Timothy Geithner, of AIG fame, as Treasury Secretary as well as Larry Summers of Glass-Steagall repeal and "women can't do math" fame.

Solidarity with the People of Egypt, we feel your pain.

Financial Crisis Commission blames Geithner as Obama Whistles Dixie

FIREeconomy

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Wednesday January 26, 2011 · 12:51 PM PST

2011/01/26 · 12:51

While President Obama, who ran on a platform of change, spent his state of the union address kowtowing to Wall Street and reciting corporatespeak (America needs to "win the future") in what one commentator called a "prayer to the free market", his weasel treasury secretary squirmed in the audience. Tim Geithner had already done much of what he came to D.C to do (sabotage financial reform) but just because Obama sold out doesn't mean everyone has.

The Financial Crisis Inquiry Commission leaked parts of its report to the press and it's brutal:

The 2008 financial crisis was an "avoidable" disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a Congressional inquiry.

And it goes further as they name names including Wall Street's favorite flunkie.

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400 Mubaraks

Rogoff: Debt is the Real Problem

Fed Reserve Governor: Financial System WORSE Now

Taibbi: Wall Street is Above the Law

Jeffrey Sachs: "Do we have to have our own Egypt here in the United States?"

"I don't have any enthusiasm for trying to shrink the financial system in our economy"

The Obama Hustle

Why Neoliberalism Failed

Education is NOT the Answer

Irish FIRE

Friday Fun - Video on the Bailouts

Financial Crisis Commission blames Geithner as Obama Whistles Dixie