Showing posts with label Americas. Show all posts
Showing posts with label Americas. Show all posts

Tuesday, April 23, 2013

America"s Focus on Terrorism Blinds Us To Everyday Violence and Suffering




There’s something amiss about disregarding everyday violence, just because it’s the rule and not the exception.








The Boston Marathon bombing and shootouts with the suspects frightened millions of Americans and turned into one of the biggest media events of the 21st century. But beyond lingering questions of whether the government went too far by shutting down an entire city and whether that might encourage future terrorism, a deeper and darker question remains: why is America’s obsession with evil so selective?


There are all kinds of violent events in America that go unheeded. The British-based Guardian newspaper reported that on the same day as the bombing, 11 people were killed by guns across the U.S. That sad list included a pregnant woman in Dallas allegedly shot by her boyfriend; a 13-year-old who took his own life after being bullied at school; and an off-duty New York City policewoman who killed her husband, her year-old baby, and then committed suicide with her police-issued handgun.


The lists of most violent American trends reveal the mundane shades of evil. There are the most violent cities. There are the murder capitals. There’s domestic violence primarily against women. There are the most dangerous jobs, where injury is common and death far more widespread than from bomb-wielding terrorists—such as at the Texas fertilizer plant that blew up last week and killed at least 14 people and where 270 tons of ammonium nitrate was illegally stored in violation of state and federal law.


What is it about the nature of one form of evil versus another that grips America’s attention, whipping mainstream media into a frenzy and pushing government to pull out the stops in one moment but not in another? Do we respond more to the unexpected rather than to senselessness that continues day by day? 


President Obama and Massachusetts Gov. Duval Patrick praised Bostonians for following law enforcement’s directions, just as they praised the police for their role in tracking the bombers. Patrick told CBS on Sunday that he had no regrets whatsoever about police actions such as shutting down Amtrack service and canceling sporting events. The governor was told that the bombers were fleeing and could randomly target any crowd. That’s why he locked down the region.


Whether the better-safe-than-sorry approach devolved into overreach is a question that cannot be clearly answered. The government never acts like a surgeon when it finds itself in a crisis. The Guardian thought that Bostonians and Americans overreacted and that would encourage terrorists, despite the “heinous” attack.  


“Four people [are] dead and more than 100 wounded, some with shredded and amputated limbs,” wrote correspondent Michael Cohen. “But Londoners, who endured IRA terror for years, might be forgiven for thinking that America over-reacted just a tad to the goings-on in Boston. They"re right—and then some. What we saw was a collective freak-out like few that we"ve seen previously in the United States. It was yet another depressing reminder that more than 11 years after 9/11 Americans still allow themselves to be easily and willingly cowed by the ‘threat’ of terrorism.”


President Obama, speaking at a memorial service last Thursday before the two bombers were killed or captured, said the opposite. “We don’t hunker down. That’s why we don’t cower in fear. We carry on. We race. We strive. We build, and we work, and we love—and we raise our kids to do the same.”  


That’s certainly been the case during other exceptionally violent melees, but not last week in Boston. In 2002, snipers who randomly shot victims targeted the Washington region. But the District of Columbia wasn’t locked down. This past February, a disgruntled Los Angeles police officer went on a multi-day murder spree across southern California leaving four people dead. But no curfew was imposed. Are homemade pipe- and pressure-cooker bombs that much more dangerous than modern guns?          


Any competent mental health professional pays close attention to the stories that people tell themselves about their beliefs and actions. By labeling the bombing as terrorism, the government and mainstream media elevated one exceptionally violent act to a level that is not accorded to the everyday violence that afflicts American society.


Individuals who are no more mentally ill or obsessed than the Boston bombers can carry out mass shootings, but Congress cannot bring itself to pass even the most watered-down gun controls. Industrial accidents can kill a dozen volunteer first responders and destroy a swath of a small rural town, but that’s business as usual—flouting workplace safety laws.


Humanity certainly has dark sides that are expressed in violent rage. But there’s also something very wrong and dark about disregarding everyday violence, just because it’s the rule and not the exception.       



 

Related Stories


AlterNet.org Main RSS Feed



America"s Focus on Terrorism Blinds Us To Everyday Violence and Suffering

America"s Focus on Terrorism Blinds Us To Everyday Violence and Suffering




There’s something amiss about disregarding everyday violence, just because it’s the rule and not the exception.








The Boston Marathon bombing and shootouts with the suspects frightened millions of Americans and turned into one of the biggest media events of the 21st century. But beyond lingering questions of whether the government went too far by shutting down an entire city and whether that might encourage future terrorism, a deeper and darker question remains: why is America’s obsession with evil so selective?


There are all kinds of violent events in America that go unheeded. The British-based Guardian newspaper reported that on the same day as the bombing, 11 people were killed by guns across the U.S. That sad list included a pregnant woman in Dallas allegedly shot by her boyfriend; a 13-year-old who took his own life after being bullied at school; and an off-duty New York City policewoman who killed her husband, her year-old baby, and then committed suicide with her police-issued handgun.


The lists of most violent American trends reveal the mundane shades of evil. There are the most violent cities. There are the murder capitals. There’s domestic violence primarily against women. There are the most dangerous jobs, where injury is common and death far more widespread than from bomb-wielding terrorists—such as at the Texas fertilizer plant that blew up last week and killed at least 14 people and where 270 tons of ammonium nitrate was illegally stored in violation of state and federal law.


What is it about the nature of one form of evil versus another that grips America’s attention, whipping mainstream media into a frenzy and pushing government to pull out the stops in one moment but not in another? Do we respond more to the unexpected rather than to senselessness that continues day by day? 


President Obama and Massachusetts Gov. Duval Patrick praised Bostonians for following law enforcement’s directions, just as they praised the police for their role in tracking the bombers. Patrick told CBS on Sunday that he had no regrets whatsoever about police actions such as shutting down Amtrack service and canceling sporting events. The governor was told that the bombers were fleeing and could randomly target any crowd. That’s why he locked down the region.


Whether the better-safe-than-sorry approach devolved into overreach is a question that cannot be clearly answered. The government never acts like a surgeon when it finds itself in a crisis. The Guardian thought that Bostonians and Americans overreacted and that would encourage terrorists, despite the “heinous” attack.  


“Four people [are] dead and more than 100 wounded, some with shredded and amputated limbs,” wrote correspondent Michael Cohen. “But Londoners, who endured IRA terror for years, might be forgiven for thinking that America over-reacted just a tad to the goings-on in Boston. They"re right—and then some. What we saw was a collective freak-out like few that we"ve seen previously in the United States. It was yet another depressing reminder that more than 11 years after 9/11 Americans still allow themselves to be easily and willingly cowed by the ‘threat’ of terrorism.”


President Obama, speaking at a memorial service last Thursday before the two bombers were killed or captured, said the opposite. “We don’t hunker down. That’s why we don’t cower in fear. We carry on. We race. We strive. We build, and we work, and we love—and we raise our kids to do the same.”  


That’s certainly been the case during other exceptionally violent melees, but not last week in Boston. In 2002, snipers who randomly shot victims targeted the Washington region. But the District of Columbia wasn’t locked down. This past February, a disgruntled Los Angeles police officer went on a multi-day murder spree across southern California leaving four people dead. But no curfew was imposed. Are homemade pipe- and pressure-cooker bombs that much more dangerous than modern guns?          


Any competent mental health professional pays close attention to the stories that people tell themselves about their beliefs and actions. By labeling the bombing as terrorism, the government and mainstream media elevated one exceptionally violent act to a level that is not accorded to the everyday violence that afflicts American society.


Individuals who are no more mentally ill or obsessed than the Boston bombers can carry out mass shootings, but Congress cannot bring itself to pass even the most watered-down gun controls. Industrial accidents can kill a dozen volunteer first responders and destroy a swath of a small rural town, but that’s business as usual—flouting workplace safety laws.


Humanity certainly has dark sides that are expressed in violent rage. But there’s also something very wrong and dark about disregarding everyday violence, just because it’s the rule and not the exception.       



 

Related Stories


AlterNet.org Main RSS Feed



America"s Focus on Terrorism Blinds Us To Everyday Violence and Suffering

Saturday, April 20, 2013

America"s New Math: 1 Wall Street Hour = 21 Years of Hard Work For the Rest of Us




It"s perverse: the top 10 hedge funds managers make as much as 196,000 registered nurses. Here"s how we change that.








The new Rich List is out — yet another example of financial pornography. While nearly 15 million Americans still can"t find jobs due to the 2008 Wall Street-created crash, the top hedge manager, David Tepper, earned $ 1,057,692 an HOUR in 2012 — that"s as much as the average American family makes in 21 years!  


America"s new math: 1 Wall Street hour = 21 years of hard work for the rest of us.


Together the top 10 hedge fund managers waltzed off with $ 10.1 billion in 2012, which is more than enough to hire 250,000 entry level teachers or 196,000 new registered nurses.


It"s not just that these financial gurus are filthy rich. It"s that they are the richest of the rich and we don"t even know what they do. Overall, hedge fund managers make 50 to 100 times more than our top athletes, movie stars, CEOs, lawyers, writers, doctors and celebrities. Yet, their activities are treated like state secrets.


So what is a hedge fund? No, it has nothing to do with the wholesale garden supply business. Nor does all that money come from hedging against unforeseen negative economic events. Rather, hedge funds are investment vehicles for the super rich — for “sophisticated” investors and institutions who have the resources to gamble for ultra-high returns.


Are you worth what you earn?


In a capitalist society your value is determined by what the market says you"re worth. The market is not supposed to pay you billions unless you"re producing enormous amounts of value for the economy.  Bruce Springsteen makes a good living because people like his songs, buy his records and attend his concerts. We give him money, he gives us entertainment.  


But not every market transaction is such an obvious fair exchange of value. Monopolies can jack up prices to make extra profits without increasing the value produced. It is also possible to lie, cheat and steal your way to riches without producing any economic value at all. And as we learned during the Wall Street crash, the creators of toxic assets produced an enormous amount of negative value for society even as the “market” paid them enormous sums.


So do hedge funds produce economic value or are they ripping us off?


Hedge fund managers don"t sing, act, hit baseballs or make movies for a living. Actually, obtaining reliable information about what they do is really hard to come by. (It took nearly two years of research for How to Make a Million Dollars an Hour before I could chase down just a few of the answers.)


When you read media reports it always sounds like top hedge fund managers are just the very best at buying low and selling high. We"re told that investors like Tepper were smart enough to load up on Apple, Inc in 2012 while everyone else was worried that the Euro crisis would crash the markets…and so on. Maybe that"s true. But we have no way to really check out what a particular hedge fund does on a day to day basis. That"s proprietary information. Instead we need to step back to examine the hedge fund business as a whole, and then ask two basic questions:


  1. How is it possible for hedge funds, most with fewer than 100 employees, to make more money than corporations with tens of thousands of employees?

  2. Is there any evidence to suggest that hedge funds succeed in large part because they have found ingenious ways to cheat? If so, how widespread is the cheating?

Hedge funds want to know who wins the race before it is run.


We also are told that these guys (and yes, they are all guys) make big bucks because they"re terrific gamblers, the very best poker players in the financial world. But that"s a misleading analogy. Evidence suggest that many are more like card sharks. They don"t really want to gamble. Instead they always seeking to bet on a sure thing. Better yet, they would prefer to create a rigged bet. Sounds far fetched? I"d wager that the financial maneuvers I"m about to list understate the severity of hedge fund cheating. (For more detailed information please see my workshop on C-Span Book TV.)


1. Insider trading.Many hedge funds (and we don"t know how many) make their money through illegal insider tips. If you know something big is about to happen to a company that no other outsider is supposed to know, you"re betting on a sure thing. So far U.S. Attorney Preet Bharara has nailed about 70 hedge fund honchos for obtaining illegal tips. The billionaire Raj Rajaratnam tried, found guilty and put away for nine years. And the third richest hedge fund earner in 2012, billionaire Steven Cohn, is watching as several of his high-level employees succumb to federal indictments. He could be next.   


How endemic are these crimes? We can only speculate, but this much is clear. It"s very hard to nail someone for insider trading. So the odds of ever getting caught are slim given that there are 9,000 hedge funds. But perhaps we should listen to the man closest to the prosecutions:


“Given the scope of the allegations to date, we are not talking simply about the occasional corrupt individual. We are talking about something verging on a corrupt business model.” — U.S. Attorney Preet Bharara, NYT, May 27, 2011


2. Design financial products to fail so you can collect the insurance.This was the game of choice before and during the housing bubble. We know for certain that hedge funds colluded with big banks to create mortgage-related securities that were designed to crash and burn, so hedge fund investors could bet against them. In fact, the hedge fund bettors designed the bets by assembling the worst mortgages they could find to place into the securities.


Sounds strange? It is. In fact, nowhere else in capitalism is something this shoddy permitted. It"s precisely like designing and building a home to fall down in six months so that you, the seller, can collect the insurance. Goldman Sachs, JPMorgan Chase and Citigroup have paid over a $ 1 billion in SEC fines for misleading investors about these shoddy deals. But their hedge fund partners made billions on the insurance and didn"t have to cough up a dime in penalties.


Not only did these deals defraud investors, but overall they puffed up the housing boom and then accelerated the crash. Without any exaggeration, these scams had no positive redeeming value for the economy. We"re talking pure rip-off.


3. Manipulating the media — rumor mongering.If you"re really clever you can slip phony tips to gullible reporters; information that is designed to assist your betting strategies. For example, you can set off rumors about a particular bank"s solvency while you"re betting against that bank. If you can help set off a bank run, so much the better, because then you can really win big. However, rumor mongering violates the law…if you"re caught.


What evidence do we have that this really goes on? Ask Jim Cramer, the frenetic star of “Mad Money.” Over a decade ago he ran a very successful hedge fund. Years later he admitted during an online interview (transcript here) that he fed false rumors to his comrades at CNBC so Cramer"s hedge fund could cash in on them. (The statue of limitations had already run when he confessed his sins.) Furthermore, he said point blank if you"re not willing to violate the rules, “maybe you shouldn"t be in this game.”  


4. High frequency trading.Here"s a game for fun and profit that is both legal (for now) and foolproof. You set up your ultra-high-speed computers right next to the stock exchanges so that you get the feed a few nanoseconds before the rest of the world. Then with the help of expert programmers you use that information to automatically jump in ahead of normal investors, so that you buy stocks that others want, jack up the price a little bit and then sell them back to these normal speed buyers. This means that when the rest of us hit the buy button on E-Trade, a high frequency algorithm has probably jumped in there before us, bought the stock we want, and is selling it back to us for a few pennies of profit. They do this millions of times a minute, racking up from $ 5 to $ 20 billion a year. It"s like a hidden private sales tax that goes into the pockets of high frequency traders. Our pension funds and 401ks are fleeced as well.  


A Tax Break for Hedge Funds


And the list goes on and on. Some maneuvers are ethically challenged but legal. Other"s are borderline. And some are flagrantly in violation of law. But in any event, most Americans would call it cheating. And to add insult to injury, hedge funds have a special tax break called “carried interest” which allows the richest of the rich to pay a lower tax rate than the rest of us.


Halting Runaway Inequality


Not only are we victims of the cheating and the tax breaks, but also, these outrageous incomes distort our entire income distribution. The more these guys make, the more every CEO desires (would Freud call it hedge fund envy?). Corporate compensation committees don"t want to lose their talented executives to hedge funds, do they? So up and up go corporate compensation packages. In 1970 the top CEOs averaged $ 45 for every dollar paid in worker wages. By 2006 the ratio jumped to $ 1,723 to $ 1.


The solutions are straightforward:


1. Get rid of the carried interest loophole. The Obama administration now claims at long last to support the elimination of this outrageous loophole. But don"t hold your breath. Instead of cutting back Social Security, the President should demand an immediate vote on this loophole all on its own. It might prove extremely embarrassing (and revealing) for members of both parties who for so long have quietly blocked its elimination. Voting on this loophole should become a litmus test of whether a politician is for Main Street or Wall Street.


2. Support the Robin Hood Tax. National Nurses United is leading the charge for a small tax on all sales of stock, bonds and derivatives. They aptly call it “A Sin Tax on Wall Street.” Eleven other nations are instituting such a tax which would go a long way toward putting the high frequency vultures out of business, as well as moving significant sums from the bloated financial sector to the rest of the economy. The nurses union is sponsoring a march in Washington on April 20. We all should be there. (See robinhoodtax.org)


3 Full disclosure. We need to shine a bright light on what these hedge funds do. Many are so large they could have an enormous negative impact on the economy if their bets go wrong. We need to know exactly how they make their money. If revealing those “trade secrets” undermine their profitability, so be it.


Of course, none of this will come easy. But sooner or later, the American public will act on what they already sense: we are fleeced each day in a myriad of ways by the big banks and hedge funds.


Get ready.



 

Related Stories


AlterNet.org Main RSS Feed



America"s New Math: 1 Wall Street Hour = 21 Years of Hard Work For the Rest of Us

America"s New Math: 1 Wall Street Hour = 21 Years of Hard Work For the Rest of Us




It"s perverse: the top 10 hedge funds managers make as much as 196,000 registered nurses. Here"s how we change that.








The new Rich List is out — yet another example of financial pornography. While nearly 15 million Americans still can"t find jobs due to the 2008 Wall Street-created crash, the top hedge manager, David Tepper, earned $ 1,057,692 an HOUR in 2012 — that"s as much as the average American family makes in 21 years!  


America"s new math: 1 Wall Street hour = 21 years of hard work for the rest of us.


Together the top 10 hedge fund managers waltzed off with $ 10.1 billion in 2012, which is more than enough to hire 250,000 entry level teachers or 196,000 new registered nurses.


It"s not just that these financial gurus are filthy rich. It"s that they are the richest of the rich and we don"t even know what they do. Overall, hedge fund managers make 50 to 100 times more than our top athletes, movie stars, CEOs, lawyers, writers, doctors and celebrities. Yet, their activities are treated like state secrets.


So what is a hedge fund? No, it has nothing to do with the wholesale garden supply business. Nor does all that money come from hedging against unforeseen negative economic events. Rather, hedge funds are investment vehicles for the super rich — for “sophisticated” investors and institutions who have the resources to gamble for ultra-high returns.


Are you worth what you earn?


In a capitalist society your value is determined by what the market says you"re worth. The market is not supposed to pay you billions unless you"re producing enormous amounts of value for the economy.  Bruce Springsteen makes a good living because people like his songs, buy his records and attend his concerts. We give him money, he gives us entertainment.  


But not every market transaction is such an obvious fair exchange of value. Monopolies can jack up prices to make extra profits without increasing the value produced. It is also possible to lie, cheat and steal your way to riches without producing any economic value at all. And as we learned during the Wall Street crash, the creators of toxic assets produced an enormous amount of negative value for society even as the “market” paid them enormous sums.


So do hedge funds produce economic value or are they ripping us off?


Hedge fund managers don"t sing, act, hit baseballs or make movies for a living. Actually, obtaining reliable information about what they do is really hard to come by. (It took nearly two years of research for How to Make a Million Dollars an Hour before I could chase down just a few of the answers.)


When you read media reports it always sounds like top hedge fund managers are just the very best at buying low and selling high. We"re told that investors like Tepper were smart enough to load up on Apple, Inc in 2012 while everyone else was worried that the Euro crisis would crash the markets…and so on. Maybe that"s true. But we have no way to really check out what a particular hedge fund does on a day to day basis. That"s proprietary information. Instead we need to step back to examine the hedge fund business as a whole, and then ask two basic questions:


  1. How is it possible for hedge funds, most with fewer than 100 employees, to make more money than corporations with tens of thousands of employees?

  2. Is there any evidence to suggest that hedge funds succeed in large part because they have found ingenious ways to cheat? If so, how widespread is the cheating?

Hedge funds want to know who wins the race before it is run.


We also are told that these guys (and yes, they are all guys) make big bucks because they"re terrific gamblers, the very best poker players in the financial world. But that"s a misleading analogy. Evidence suggest that many are more like card sharks. They don"t really want to gamble. Instead they always seeking to bet on a sure thing. Better yet, they would prefer to create a rigged bet. Sounds far fetched? I"d wager that the financial maneuvers I"m about to list understate the severity of hedge fund cheating. (For more detailed information please see my workshop on C-Span Book TV.)


1. Insider trading.Many hedge funds (and we don"t know how many) make their money through illegal insider tips. If you know something big is about to happen to a company that no other outsider is supposed to know, you"re betting on a sure thing. So far U.S. Attorney Preet Bharara has nailed about 70 hedge fund honchos for obtaining illegal tips. The billionaire Raj Rajaratnam tried, found guilty and put away for nine years. And the third richest hedge fund earner in 2012, billionaire Steven Cohn, is watching as several of his high-level employees succumb to federal indictments. He could be next.   


How endemic are these crimes? We can only speculate, but this much is clear. It"s very hard to nail someone for insider trading. So the odds of ever getting caught are slim given that there are 9,000 hedge funds. But perhaps we should listen to the man closest to the prosecutions:


“Given the scope of the allegations to date, we are not talking simply about the occasional corrupt individual. We are talking about something verging on a corrupt business model.” — U.S. Attorney Preet Bharara, NYT, May 27, 2011


2. Design financial products to fail so you can collect the insurance.This was the game of choice before and during the housing bubble. We know for certain that hedge funds colluded with big banks to create mortgage-related securities that were designed to crash and burn, so hedge fund investors could bet against them. In fact, the hedge fund bettors designed the bets by assembling the worst mortgages they could find to place into the securities.


Sounds strange? It is. In fact, nowhere else in capitalism is something this shoddy permitted. It"s precisely like designing and building a home to fall down in six months so that you, the seller, can collect the insurance. Goldman Sachs, JPMorgan Chase and Citigroup have paid over a $ 1 billion in SEC fines for misleading investors about these shoddy deals. But their hedge fund partners made billions on the insurance and didn"t have to cough up a dime in penalties.


Not only did these deals defraud investors, but overall they puffed up the housing boom and then accelerated the crash. Without any exaggeration, these scams had no positive redeeming value for the economy. We"re talking pure rip-off.


3. Manipulating the media — rumor mongering.If you"re really clever you can slip phony tips to gullible reporters; information that is designed to assist your betting strategies. For example, you can set off rumors about a particular bank"s solvency while you"re betting against that bank. If you can help set off a bank run, so much the better, because then you can really win big. However, rumor mongering violates the law…if you"re caught.


What evidence do we have that this really goes on? Ask Jim Cramer, the frenetic star of “Mad Money.” Over a decade ago he ran a very successful hedge fund. Years later he admitted during an online interview (transcript here) that he fed false rumors to his comrades at CNBC so Cramer"s hedge fund could cash in on them. (The statue of limitations had already run when he confessed his sins.) Furthermore, he said point blank if you"re not willing to violate the rules, “maybe you shouldn"t be in this game.”  


4. High frequency trading.Here"s a game for fun and profit that is both legal (for now) and foolproof. You set up your ultra-high-speed computers right next to the stock exchanges so that you get the feed a few nanoseconds before the rest of the world. Then with the help of expert programmers you use that information to automatically jump in ahead of normal investors, so that you buy stocks that others want, jack up the price a little bit and then sell them back to these normal speed buyers. This means that when the rest of us hit the buy button on E-Trade, a high frequency algorithm has probably jumped in there before us, bought the stock we want, and is selling it back to us for a few pennies of profit. They do this millions of times a minute, racking up from $ 5 to $ 20 billion a year. It"s like a hidden private sales tax that goes into the pockets of high frequency traders. Our pension funds and 401ks are fleeced as well.  


A Tax Break for Hedge Funds


And the list goes on and on. Some maneuvers are ethically challenged but legal. Other"s are borderline. And some are flagrantly in violation of law. But in any event, most Americans would call it cheating. And to add insult to injury, hedge funds have a special tax break called “carried interest” which allows the richest of the rich to pay a lower tax rate than the rest of us.


Halting Runaway Inequality


Not only are we victims of the cheating and the tax breaks, but also, these outrageous incomes distort our entire income distribution. The more these guys make, the more every CEO desires (would Freud call it hedge fund envy?). Corporate compensation committees don"t want to lose their talented executives to hedge funds, do they? So up and up go corporate compensation packages. In 1970 the top CEOs averaged $ 45 for every dollar paid in worker wages. By 2006 the ratio jumped to $ 1,723 to $ 1.


The solutions are straightforward:


1. Get rid of the carried interest loophole. The Obama administration now claims at long last to support the elimination of this outrageous loophole. But don"t hold your breath. Instead of cutting back Social Security, the President should demand an immediate vote on this loophole all on its own. It might prove extremely embarrassing (and revealing) for members of both parties who for so long have quietly blocked its elimination. Voting on this loophole should become a litmus test of whether a politician is for Main Street or Wall Street.


2. Support the Robin Hood Tax. National Nurses United is leading the charge for a small tax on all sales of stock, bonds and derivatives. They aptly call it “A Sin Tax on Wall Street.” Eleven other nations are instituting such a tax which would go a long way toward putting the high frequency vultures out of business, as well as moving significant sums from the bloated financial sector to the rest of the economy. The nurses union is sponsoring a march in Washington on April 20. We all should be there. (See robinhoodtax.org)


3 Full disclosure. We need to shine a bright light on what these hedge funds do. Many are so large they could have an enormous negative impact on the economy if their bets go wrong. We need to know exactly how they make their money. If revealing those “trade secrets” undermine their profitability, so be it.


Of course, none of this will come easy. But sooner or later, the American public will act on what they already sense: we are fleeced each day in a myriad of ways by the big banks and hedge funds.


Get ready.



 

Related Stories


AlterNet.org Main RSS Feed



America"s New Math: 1 Wall Street Hour = 21 Years of Hard Work For the Rest of Us

Sunday, April 14, 2013

Kyrzakhstan protests America"s denial of its existence


Joey - Golden Goebbels Award for outstanding performance in government propagandaStudy: Success has many fathers but failure becomes a government program


US Media: Can Pope Francis possibly clear up Vatican bureaucracy and banking without blaming the previous administration?


Michelle Obama praises weekend rampage by Chicago teens as good way to burn calories and stay healthy


Sequester halts plans of proper dictator preservation funny cartoonThis Passover, Obama urges his subjects to paint lamb’s blood above doors in order to avoid the Sequester


White House to American children: Sequester causes layoffs among hens that lay Easter eggs; union-wage Easter Bunnies to be replaced by Mexican Chupacabras


Time Mag names Hugo Chavez world’s sexiest corpse


Boy, 8, pretends banana is gun, makes daring escape from school


TANSTAAFL: There ainStudy: Free lunches overpriced, lack nutrition


Oscars 2013: Michelle Obama announces long-awaited merger of Hollywood and the State


Joe Salazar defends the right of women to be raped in gun-free environment: ‘rapists and rapees should work together to prevent gun violence for the common good’


Dept. of Health and Human Services eliminates rape by reclassifying assailants as ‘undocumented sex partners’


Obamacare posterKremlin puts out warning not to photoshop Putin riding meteor unless bare-chested


Deeming football too violent, Obama moves to introduce Super Drone Sundays instead


Japan offers to extend nuclear umbrella to cover U.S. should America suffer devastating attack on its own defense spending


Feminists organize one billion women to protest male oppression with one billion lap dances


Urban community protests Mayor Bloomberg’s ban on extra-large pop singers owning assault weapons


44.gif

Concerned with mounting death toll, Taliban offers to send peacekeeping advisers to Chicago


Karl Rove puts an end to Tea Party with new ‘Republicans For Democrats’ strategy aimed at losing elections


Answering public skepticism, President Obama authorizes unlimited drone attacks on all skeet targets throughout the country


Skeet Ulrich denies claims he had been shot by President but considers changing his name to ‘Traps’


Taliban Sensd Peacekeeping Advisers to Chicago Time mag cover parodyWhite House releases new exciting photos of Obama standing, sitting, looking thoughtful, and even breathing in and out


New York Times hacked by Chinese government, Paul Krugman’s economic policies stolen


White House: when President shoots skeet, he donates the meat to food banks that feed the middle class


To prove he is serious, Obama eliminates armed guard protection for President, Vice-President, and their families; establishes Gun-Free Zones around them instead


Bush and Obama - Flyboys funny cartoon

State Dept to send 100,000 American college students to China as security for US debt obligations


Jay Carney: Al Qaeda is on the run, they’re just running forward


Thank you, Obama, for saving the children posterPresident issues executive orders banning cliffs, ceilings, obstructions, statistics, and other notions that prevent us from moving forwards and upward


Fearing the worst, Obama Administration outlaws the fan to prevent it from being hit by certain objects


World ends; S&P soars


Riddle of universe solved; answer not understood


Nancy Pelosi lonely hearts club caucus cartoonMeek inherit Earth, can’t afford estate taxes


Greece abandons Euro; accountants find Greece has no Euros anyway


Wheel finally reinvented; axles to be gradually reinvented in 3rd quarter of 2013


Che Guevara - ban people, not guns communist parody posterBigfoot found in Ohio, mysteriously not voting for Obama


As Santa’s workshop files for bankruptcy, Fed offers bailout in exchange for control of ‘naughty and nice’ list


Freak flying pig accident causes bacon to fly off shelves


Obama Check 47% vs. 1% Cartoon


Buzz Geithner - to Infinity political cartoonObama: green economy likely to transform America into a leading third world country of the new millennium


Report: President Obama to visit the United States in the near future


Obama promises to create thousands more economically neutral jobs


Surrender your dignity funny propaganda posterModernizing Islam: New York imam proposes to canonize Saul Alinsky as religion’s latter day prophet


Imam Rauf’s peaceful solution: ‘Move Ground Zero a few blocks away from the mosque and no one gets hurt’


Study: Obama’s threat to burn tax money in Washington ‘recruitment bonanza’ for Tea Parties


Study: no Social Security reform will be needed if gov’t raises retirement age to at least 814 years


Wife beater Michelle Obama


Union Label, Union Made Obama cartoonObama attends church service, worships self


Collection of Books with No PagesObama proposes national ‘Win The Future’ lottery; proceeds of new WTF Powerball to finance more gov’t spending


Conservative view of liberalsHistorical revisionists: “Hey, you never know”


Vice President Biden: criticizing Egypt is un-pharaoh


Israelis to Egyptian rioters: “don’t damage the pyramids, we will not rebuild”


Lake Superior renamed Lake Inferior in spirit of tolerance and inclusiveness


Party Organ Donor Obamacare Cartoon - Parody of Soviet PosterAl Gore: It’s a shame that a family can be torn apart by something as simple as a pack of polar bears


Michael Moore: As long as there is anyone with money to shake down, this country is not broke


Obama’s teleprompters unionize, demand collective bargaining rights


Obama calls new taxes ‘spending reductions in tax code.’ Elsewhere rapists tout ‘consent reductions in sexual intercourse’


Biofuels funny shirtObama’s teleprompter unhappy with White House Twitter: “Too few words”


Obama’s Regulation Reduction committee finds US Constitution to be expensive outdated framework inefficiently regulating federal gov’t


Obama Cartoon: The Food Stamp PresidentObama Media Bubblehead funny cartoon


Taking a page from the Reagan years, Obama announces new era of Perestroika and Glasnost


Obama Man-Child funny picResponding to Oslo shootings, Obama declares Christianity “Religion of Peace,” praises “moderate Christians,” promises to send one into space


Occupy Wall Street Occupy Uranus Funny Cartoon


Bull Run - Occupy Wall Street CartoonRepublicans block Obama’s $ 420 billion program to give American families free charms that ward off economic bad luck


White House to impose Chimney tax on Santa Claus


Obama decrees the economy is not soaring as much as previously decreeed


Conservative think tank introduces children to capitalism with pop-up picture book “The Road to Smurfdom”


Iran�s peaceful atom cartoon: Mini-nuclear neighborhood cookout, families togetherAl Gore proposes to combat Global Warming by extracting silver linings from clouds in Earth’s atmosphere


Obama refutes charges of him being unresponsive to people’s suffering: “When you pray to God, do you always hear a response?”


Aljazeera Pond Scum Algae-Zeera CartoonI heart corporate jet owners funny shirt


Funny Sandra Fluke cartoon: From Rosie the Riveter to Sandra the RivetedObama regrets the US government didn’t provide his mother with free contraceptives when she was in college


Fluke to Congress: drill, baby, drill!


Planned Parenthood introduces Frequent Flucker reward card: ‘Come again soon!’


Obama to tornado victims: ‘We inherited this weather from the previous administration’


Hero of Socialist Labor medal parodyObama congratulates Putin on Chicago-style election outcome


People’s Cube gives itself Hero of Socialist Labor medal in recognition of continued expert advice provided to the Obama Administration helping to shape its foreign and domestic policies


Hamas: Israeli air defense unfair to 99% of our missiles, “only 1% allowed to reach Israel”


Sandra Fluke Cartoon - Battle of the FlukeDemocrat strategist: without government supervision, women would have never evolved into humans


Voters Without Borders oppose Texas new voter ID law


Enraged by accusation that they are doing Obama’s bidding, media leaders demand instructions from White House on how to respond


Campaign slogan Forward - Obama like Lenin funny satire


Fight for your right parody posterObama blames previous Olympics for failure to win at this Olympics


Official: China plans to land on Moon or at least on cheap knockoff thereof


Koran-Contra: Obama secretly arms Syrian rebels


Poll: Progressive slogan ‘We should be more like Europe’ most popular with members of American Nazi Party


Obama: If I had a son satirical parody cartoonObama to Evangelicals: Jesus saves, I just spend


May Day: Anarchists plan, schedule, synchronize, and execute a coordinated campaign against all of the above


Midwestern farmers hooked on new erotic novel “50 Shades of Hay”


Study: 99% of Liberals give the rest a bad name


Obama meets with Jewish leaders, proposes deeper circumcisions for the rich


Funny Obama picture - Pot smoking Choom GangHistorians: Before HOPE & CHANGE there was HEMP & CHOOM at ten bucks a bag


Cancer once again fails to cure Venezuela of its “President for Life”


Tragic spelling error causes Muslim protesters to burn local boob-tube factory


Khrushchev: we will Barry you! parody posterSecretary of Energy Steven Chu: due to energy conservation, the light at the end of the tunnel will be switched off


Democrat rights - then and now editorial cartoonObama Administration running food stamps across the border with Mexico in an operation code-named “Fat And Furious”


I Heart Gringos Funny T-Shirt


Everybody draw Mohammed cartoon Pakistan explodes in protest over new Adobe Acrobat update; 17 local acrobats killed


White House: “Let them eat statistics”


Special Ops: if Benedict Arnold had a son, he would look like Barack Obama


Reservoir dogs parody posterfollow The People


News we don


I Own The World
Supercommissar Maksim
It’s Big Fur Hat
Blur-Brain
Terry Colon
The Fine Report
The Looking Spoon
Sad Hill News
Professor Kurgman
kathy blog
FAQster
AWOL Civilization
BestObamaFacts.com
Looking at the Left
Red Planet Cartoons
Julia Gorin
Brain Terminal
Death By 1000 Papercuts
Zombietime




The People’s Cube



Kyrzakhstan protests America"s denial of its existence