I'm not the most regular blogger. I really do strive to post daily, it often doesn't work out. Sometimes my schedule pinched. Other times, health issues get in the way (ever try to write with a toothache?). But then there are times when the news makes me so angry I can't find civil words that … Continue reading Occupy Wall Street Meets Fahrenheit 451 – Whose Property Rights?
#OWS
The Top 0.1% Vs. Rest of Us Throughout the 20th Century
Following up on yesterday's post about the Global Top Incomes Database, I thought I'd give an example. Here's what I created: So what are we looking at? The blue line shows almost a century of the average income of the bottom 90% of American earners (in constant, real 2008 dollars - scale on right side). … Continue reading The Top 0.1% Vs. Rest of Us Throughout the 20th Century
Awesome Resource – The World Top Incomes Database
Any student, researcher, or #OWS protestor interested in income distribution and income growth should definitely be aware of this resource: The World's Top Incomes Database. (hat tip to Krugman, from whom I learned about it). It's a very powerful database combined with a very easy to use interface that allows you to extract exactly the … Continue reading Awesome Resource – The World Top Incomes Database
Rhetoric Is A Powerful Tool To Advance Moneyed Interests
Money is essential to a successful economy. But it's money in circulation that's useful. Money that's locked up in storage in vaults and savings doesn't help. The early economists understood this well and often used the analogy of money-is-to-economy as blood-is-to-human-body. Circulating money, money that is used to buy things is as important to the … Continue reading Rhetoric Is A Powerful Tool To Advance Moneyed Interests
Quickie – Some Graphs
I'll be talking tomorrow to a bunch of students about income distribution, student loans, and other things of interest to the #OWS crowd. These are some graphs I've collected from other sources that I'll use. No time to write much analysis today. It's mostly just the graphs. From Paul Krugman: The true age of spectacular … Continue reading Quickie – Some Graphs
Income Inequality Does Matter And It Makes Us Worse Off
There is viewpoint that asserts that income inequality and wealth inequality are necessary, that they are the differences that motivate people to work and get ahead. This viewpoint often implies that without wide income disparities that our economy's growth would slow. Supporters of such a viewpoint seem to suggest that the only choices we have … Continue reading Income Inequality Does Matter And It Makes Us Worse Off
The Economy Has Caused Riots Before – In the Great Depression
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
Banks Want to Do To Student Loans What They Did to Mortgages
On the heels of yesterday's post about student loans and their growth. I want you to know that Wall Street is hot on the problem. They've made a quiet proposal to the "supercommittee" that's supposedly addressing government deficits to have the government subsidize the banks via fees without creating any more student loans or taking … Continue reading Banks Want to Do To Student Loans What They Did to Mortgages
Student Loans and the Building Crisis
Student loans are gradually becoming a crisis. At the macro level, student loans are the only sector of consumer finance that is growing since the recession began 3 years ago. Federal student loans outstanding now total more than $1 trillion. That's more than total credit card debt. From Mybudget360.com: Student loan debt only segment of … Continue reading Student Loans and the Building Crisis
Some Other Interesting Perspectives on OccupyWallStreet
I've already mentioned my initial thoughts on the Occupy Wall Street movement (#OWS). Here's some snippets from a couple of others with some interesting insights. First, historian William Hogeland writes at his blog Hysteriography. He notes how the #OWS movement is a deeply American movement. It has roots in the American revolutionary period as much … Continue reading Some Other Interesting Perspectives on OccupyWallStreet
EconProph 