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Park Avenue: money, power and the American dream - Why Poverty?

740 Park Ave, New York City, is home to some of the wealthiest Americans. Across the Harlem River, 10 minutes to the north, is the other Park Avenue in South Bronx, where more than half the population needs food stamps and children are 20 times more likely to be killed. In the last 30 years, inequality has rocketed in the US -- the American Dream only applies to those with money to lobby politicians for friendly bills on Capitol Hill.



How much inequality is too much? To find out more and get teaching resources linked to the film, go to www.whypoverty.net

Across America, Wall Street is grabbing money meant for public workers

Matt Taibbi | RollingStone.com
26 Sept 2013

[Excerpt]  This is the third act in an improbable triple-fucking of ordinary people that Wall Street is seeking to pull off as a shocker epilogue to the crisis era. Five years ago this fall, an epidemic of fraud and thievery in the financial-services industry triggered the collapse of our economy. The resultant loss of tax revenue plunged states everywhere into spiraling fiscal crises, and local governments suffered huge losses in their retirement portfolios – remember, these public pension funds were some of the most frequently targeted suckers upon whom Wall Street dumped its fraud-riddled mortgage-backed securities in the pre-crash years.

Today, the same Wall Street crowd that caused the crash is not merely rolling in money again but aggressively counterattacking on the public-relations front. The battle increasingly centers around public funds like state and municipal pensions. This war isn't just about money. Crucially, in ways invisible to most Americans, it's also about blame. In state after state, politicians are following the Rhode Island playbook, using scare tactics and lavishly funded PR campaigns to cast teachers, firefighters and cops – not bankers – as the budget-devouring boogeymen responsible for the mounting fiscal problems of America's states and cities.

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Sen. Bernie Sanders: 'Angry, disgusted, frustrated'

Happy Birthday, Molly Ivins (you were right)

In 1998, the late, brilliant Molly Ivins warned against passage of the Financial Services Modernization Act, predicting that massive financial institutions (like AIG) might take on excessive risk and require taxpayer bailouts:

"Watch the House pass a bad bill. Watch the Senate make it worse. Watch the banking industry dig its own grave. Watch supposedly smart people set up a financial disaster. Can we see President Clinton veto this mess? Veto, Clinton, veto.

"Not since Congress passed the Garn-St. Germain bill in 1981 – the one that deregulated the S&Ls and unleashed a half-a-trillion-dollar disaster, which the taxpayers of this country wound up paying for – has there been a move to match this for pure folly.

"In May, the House passed (by one vote) a bill to eliminate barriers between banks, brokerage firms and insurance companies. This sets up financial holding companies that can offer all three types of services simultaneously. The most obvious risk is that a blunder in the insurance or brokerage end of the business could bring down a bank, putting insured deposits at risk. The taxpayers, of course, then wind up with the tab, as we did with the savings-and-loan mess."

Inside Job [2010 documentary]

Winner of 2010 Academy Award for Best Documentary Feature

Inside Job is a 2010 documentary film about the late-2000s financial crisis. The film is described as being about "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption". In five parts, the film explores how changes in the policy environment and banking practices helped create the financial crisis.
Inside Job Documentary from Splashy on Vimeo.

NY Attorney General: Banks have no fear of law enforcement

Eric W. Dolan | Raw Story
6 May 2013

New York Attorney General Eric T. Schneiderman on Monday suggested that big banks were not afraid of skirting the law because they didn’t believe law enforcement would target them.
But he plans to change that.

Schneiderman announced a lawsuit against Wells Fargo and Bank of America earlier in the day. He alleged the two major banks repeatedly violated the terms of a mortgage settlement reached by the Department of Justice, Department of Housing and Urban Development and 49 state attorneys general last year.

“The problem is the banks have overwhelming confidence that law enforcement is not taking this seriously,” he told MSNBC host Chris Hayes. “They have overwhelming confidence that whatever the rules are, they won’t be followed up on.”

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The Top Ten things Black America will have to show for eight years of President Obama — none of them are good

In 2017, it will be routine for US presidents to unilaterally murder with or without announcement of cause anybody, anyplace on the planet within the reach of US drones, special operators and mercenaries.

Bruce A. Dixon | alternet.org
30 April 2013

When Barack Obama leaves the White House in January 2017, what will black America, his earliest and most consistent supporters, have to show for making his political career possible? We'll have the T-shirts and buttons and posters, the souvenirs. That will be the good news. The bad news is what else we'll have... and not.

To hear our black political class tell it, the election of the first black US president was its ultimate achievement to date, a giant step toward fulfillment of a previous generation's insurgent agenda for social transformation. Is that real? Has the career of Barack Hussein Obama really advanced any of the historic goals of the Freedom Movement? Is the question even fair?

With corporate media already speculating about next year's midterm elections, and the presidential contest of 2016, it's entirely appropriate to discuss the president's legacy. And fair is fair --- the black political class doesn't want its meager achievements compared to the agenda of those who fought for our freedom a half century ago, it probably ought to abandon its ceaseless self-promotion as the inheritors of that tradition.

It was the overwhelming black and brown vote, along with the utter, unwavering and uncritical support of African America which made President Obama's career possible. When he leaves office in January 2017, what will be the top ten things we can say black America gained or lost from his two terms in the White House?

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Health coalition swipes family-planning funds from State of Texas

Federal government bypasses state agency, awards Title X grant to Women’s Health and Family Planning Association of Texas.

Carolyn Jones 
25 March 2013

Some family-planning funding in Texas will soon be under new management.

The federal government announced today that it would no longer give a large slice of federal family-planning funds to the state of Texas. Instead, the feds will award the $6.5 million grant to the Women’s Health and Family Planning Association of Texas, a coalition of providers led by Fran Hagerty, to distribute to clinics for birth control, wellness exams,  STD screenings and other family-planning services.

The Observer reported in November that the coalition would apply directly to the federal government for the grant—called Title X (Title 10)—one of three federal funding streams that pay for family-planning services in the state.

Before today, the sole grantee for Texas’ Title X funds had been the Texas Department of State Health Services. The health department had in turn distributed the grant money to family planning providers statewide.

But the 2011 Legislature slashed the $111-million family-planning budget by two thirds, causing more than 60 clinics to close. The loss of clinics resulted in the number of Texans receiving services through Title X to drop by 50 percent, according to an annual review by the Texas Department of State Health Services.

The collateral damage wrought by the budget cuts has been widespread. Many of the providers in Hagerty’s coalition had lost state family-planning funds and are struggling to stay open.

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MSNBC Krystal Ball’s timely rant on Union Membership

25 Jan 2013

MSNBC Krystal Ball’s Timely Rant On Union Membership – Americans, Wake the “F” Up!

Union membership rates are at a 97-year low. She correctly implies that unions are to Democrats what big business and the wealthy are to Republicans. She correctly states that as labor unions go, so goes the middle class. One of her best statements was:
"The America we know and love is the America we know and love because of unions. They fought for better wages, equal pay, equal rights, worker safety, and even the weekend. They continue to fight today for the vision of America articulated so eloquently by the President".

Ross Perot in 1992 on NAFTA and the "Giant Sucking Sound"

Matt Taibbi: Secret and Lies of the Bailout

The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come.
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Matt Taibbi | Rolling Stone
4 Jan 2013

It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you'd think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we've been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?

Wrong.

It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.

But the most appalling part is the lying. The public has been lied to so shamelessly and so often in the course of the past four years that the failure to tell the truth to the general populace has become a kind of baked-in, official feature of the financial rescue...
...
...The bailout deceptions came early, late and in between. There were lies told in the first moments of their inception, and others still being told four years later. The lies, in fact, were the most important mechanisms of the bailout…
…
…So what exactly did the bailout accomplish? It built a banking system that discriminates against community banks, makes Too Big to Fail banks even Too Bigger to Failier, increases risk, discourages sound business lending and punishes savings by making it even easier and more profitable to chase high-yield investments than to compete for small depositors. The bailout has also made lying on behalf of our biggest and most corrupt banks the official policy of the United States government. And if any one of those banks fails, it will cause another financial crisis, meaning we're essentially wedded to that policy for the rest of eternity – or at least until the markets call our bluff, which could happen any minute now.

Other than that, the bailout was a smashing success.

THE WHOLE STORY

Former TARP special inspector Neil Barofsky on the need to tackle Banking Reform | Bill Moyers

Former TARP special inspector Neil Barofsky joins Bill to discuss the critical yet unmet need to rein in big banks.

Who Stole the American Dream?

The promise of a prosperous middle-class life with decent work, rising living standards, and the potential for a better future has long been the foundation of the American dream. But as America continues to struggle to recover from the Great Recession, it has become clear that the middle class is in jeopardy – and many of the policies of the last 40 years are to blame.



More here:

Democrats and the vanishing American middle class

David Seaton  |  7 Sept 2012  | my.firedoglake.com

The European middle class was created as a bulwark of social stability, basically to prevent the masses from taking the “winter palace” and stringing up the super rich. The American middle class as we know it really came into being when Henry Ford decided to pay his workers enough to buy the cars they made. It made Ford rich and led to turning America into a land of mass prosperity.

The American middle class is perhaps the United States’ greatest social achievement, an enormous mass of prosperous, educated and healthy citizens which has been the envy of all the world for nearly a hundred years, and the not so secret weapon that destroyed the Soviet Union and reoriented China.

Simplifying to the extreme you could say that the modern, American middle class was created by Henry Ford and literally saved from extinction, (the first time) by Franklin Delano Roosevelt. The whole story is in that reductio ad absurdum.

What most Americans, except for the one-percent perhaps, don’t seem to understand is that the American middle class is in reality a totally artificial construction, which if not carefully nurtured will dry up and die like an un-watered house plant. The super-rich are quite comfortable with its disappearance, as they think that they no longer depend on its prosperity for their own prosperity or even for their own physical safety.

I would argue that if the middle class is devastated then all the problems it was created to solve, all the dangers that it was meant to allay would reappear, just like uncut grass grows on the lawn of a foreclosed house.

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Chris Hedges: Hear the 99% roar

Chris Hedges on what he sees as the consequences of an uneven distribution of wealth: destruction, violence and revolt. He tells Piya Chattopadhyay what the Occupy movement should be about and how best to deal with these socioeconomic issues in the public discourse.

Mexico achieves Universal Health Coverage in less than a decade

banderasnews.com
August 17, 2012

Mexico City, Mexico - Despite periods of economic downturns and crisis, Mexico recently achieved a significant milestone – enrolling 52.6 million previously uninsured Mexicans in public medical insurance programs and thereby achieving universal health coverage in less than a decade.

This effort began in 2003 and occurred in a country of approximately 100 million people.

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Stephen Colbert interviews MSNBC's Chris Hayes, author of the new book 'Twilight of the Elites'

The host of MSNBC’s “Up with Chris Hayes” explains America’s housing bubble, elitism and the difference between educational opportunities and outcomes.

The Colbert Report
Get More: Colbert Report Full Episodes,Political Humor & Satire Blog,Video Archive

Paul Krugman's solution to getting fiscal stimulus | PBS News Hour

18 June 2012 Amid a tough economy, economist and New York Times columnist Paul Krugman has probably captured as much attention -- and notoriety -- as anyone else in his field. Part of his Making Sen$e of financial news series, Paul Solman speaks with Krugman whose new book "End This Depression Now" suggests some radical policy-making. -

Watch Krugman's Solution to Fiscal Stimulus? It Involves Aliens on PBS. See more from PBS NewsHour.

Bernie Sanders: "Break up the big banks"