Monday, October 10, 2011

US observations

Two observations today.  The first is the graph below showing the median houshold income in the US since 2000 (ht.Felix Salmon).  Suprisingly the recovery from the 2008/09 recession has not resulted in an income boost, but in fact a dramatic continuation of the decline.

The second observation is that big banks on Wall Street are participating in a program to 'buy' their own police (ht.Yves Smith).  Which is all the more ironic this week as the Occupy Wall Street protestors rally against regulatory capture and the greed of the corporate world in seeking pursuing these ventures.  These officers are paid a token hourly rate by participating corporates, but their training and insurance is provided by the city.  Privatise profits, socialise losses.  That's not capitalism.

The fall out from the financial crisis is not over.

2 comments:

  1. yet another "jobless recovery" ... its starting to look like the Grapes of Wrath emerging again.

    Bleak and grim.

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