Posts Tagged 'Great Recession'

Ruth Milka – Treasury nominee’s bank was accused of “widespread misconduct” for their role in foreclosure crisis

According to newly released documents published by The Intercept, OneWest Bank, which was ran by Trump’s treasury secretary nominee, Steven Mnuchin, from 2009 to 2015, repeatedly broke laws in California during the foreclosure crisis. 

Although a suit was never brought against the company, the memo states that California’s attorney general “uncovered evidence suggestive of widespread misconduct.”

OneWest is a delightful bank … that has foreclosed on as many as 36,000 homes in California during ...

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Guns and Chipotle: Millennials are the most employed generation in two occupational areas: food services and military.

Young Americans have many financial obstacles placed in their way.  Many older Americans like to chime in and blast younger Americans as being weak and complaining too much but the facts tell a different story.  Millennials do have it economically tougher.  Quality of life is up (for all) but the standard of living is getting harder to keep up with.  To achieve that middle class lifestyle that baby boomers achieved with very little education and in many cases a blue ...

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JOHN WIGHT – Venezuela on the Brink

The crisis engulfing Venezuela appears to have reached the point of no return. Inflation is heading for 1000% while shortages of food and other essentials are now widespread. It has prompted many to speculate that it is just a matter of time before President Maduro is forced from office and Chavism is consigned to the dustbin of history.

The legacy of Hugo Chavez

When Hugo Chavez first came to prominence in the early 1990s, as a young military officer leading a ...

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Paul Buchheit – How a disappearing and deluded middle class awaits the new president

Disturbing truths about the wealth gap in America have surfaced in recent months. Our nation is breaking in two. Yet downtrodden Americans are hoping for a fairy-tale ending to their misery, instead of demanding the progressive measures that would empower them.

Collapse of the Middle Class

For every $100 owned by a middle-class household in 2001, that household had just $72in 2013.

Half of us are barely surviving, and it may be more than half. A J.P. ...

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Edward Baptist – America’s Economy Was Built on Slavery, Not White Ingenuity—Historians Should Tell It Like It Is

The following is an adapted excerpt from the new paperback edition of The Half Has Never Been Told by Edward Baptist (Basic Books, 2016): 

A beautiful late April day in 1937, seventy-two years after slavery ended in the United States. Claude Anderson parks his car on the side of Holbrook Street in Danville. On the porch of number 513, he rearranges the notepads under his arm. Releasing his breath in a rush of decision, he steps up to the door of ...

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Richard Eskow – Behind the Job Numbers, Millions Are Being Left Behind

A team of political scientists, writing in the Washington Post, concluded that “Trump supporters who are struggling economically perceive U.S. economic performance overall to be much worse than it actually is.”

Those voters believed that the unemployment rate is three times higher than the official number, and these new figures aren’t likely to change that.

“It is noteworthy,” the researchers added, “that the impact of additional factual information about the national rate did not move their perceptions much.”

They may not know ...

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The number of people on food stamps is plummeting at the fastest rate ever after the government made a key change

Fewer and fewer Americans are on food stamps, and the decline is only getting faster.

According to Paul Trussell, an analyst at Deutsche Bank, the number of people utilizing the Supplemental Nutrition Assistance Program, or SNAP, in June 2016 was down 4.7% from the same month a year before, and the number of households using SNAP was down 5.2% year-over-year.

“The month of June represents the biggest YOY decline in persons and households participating in SNAP ...

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Susan J. Popkin Molly M. Scott Martha M. Galvez – Impossible Choices: Teens and Food Insecurity in America

Food-insecure teens who don’t get enough to eat sometimes resort to extreme measures to cope with hunger—from saving school lunches for the weekend or going hungry so younger siblings can eat to stealing or trading sex for money to buy food. The most risky behaviors are by no means typical of all teens, even in the most distressed communities, but they illustrate the lengths to which some of the most desperate and food-insecure teens are willing to go to survive.

An ...

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Sarah Lazare – Americans Are Drowning in Credit Card Debt, and It’s Not Because They Are ‘Irresponsible’

Amid soaring inequality [3] and stagnant wages [4], consumers in the United States collectively accumulated a stunning $34.4 billion in credit card debt during the second quarter of 2016 alone, according to a new report [5] from the personal finance website WalletHub.

This high number represents the greatest second-quarter accumulation since at least 1986, when such data was first recorded, and positions U.S. consumers to surpass “$1 trillion in outstanding balances for the first time by the end of 2016,” ...

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Sam Becker – How Much Money Does the Average American Have in Their Bank Account?

Despite living in what is likely the wealthiest nation to ever have existed, Americans sure are having a hard time getting by. As most people are well aware of at this point, wage stagnation and numerous structural economic changes over the years have led to a shrinking middle class, fewer and fewer “good” jobs, and calls for political policies that were once thought to be too poisonous to touch — like a $15 minimum wage, for example.

Given that ...

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