Washington's Blog reminds us that things got ugly during the last prolonged depression in the United States. This interesting historical footage from the Great Depression shows what happens when large numbers of people are unemployed for years at a time, get desperate, and perceive that the game is rigged to the benefit of Wall Street. … Continue reading The Economy Has Caused Riots Before – In the Great Depression
JP Morgan Chase
Too Big to Fail Should Be Too Big to Exist
Against Monopoly has a great graphic that shows a big part of the problem with our financial sector and our economy. The four banks shown above are the four largest banks in the U.S.: JP Morgan Chase, Citi, BofA, and Wells Fargo. Together they dominate the financial industry. If you add in Goldman Sachs and … Continue reading Too Big to Fail Should Be Too Big to Exist
Fox, Hen House, Economic Advisors
President Obama, in his never ending desperate quest to be accepted by Congressional Republicans as being just like them, even if it means abandoning the changes he was elected to lead, has changed his lead economic advisors. Simon Johnson in the NY Times observes: President Obama is embarked on a major charm offensive with the … Continue reading Fox, Hen House, Economic Advisors
EconProph 