The average person is wondering why America can’t get out of this Depression and while we are not in bread lines like the 1930s – we’re getting awfully close. Families are being displaced by foreclosures. More tents are popping up around the cities and jobs are still hard to find.
To help understand what happened and what we can do about it let’s start with DERIVATIVES. These are unregulated investment vehicles that gambled away pension and retirement funds from around the world – so Wall Street could get rich… quick! This small clip, from the excellent documentary INSIDE JOB, explains in easy-to-understand terms how Collateralized Debt Obligations, or CDO derivatives, were instrumental to the global financial meltdown.
I highly recommend this documentary. INSIDE JOB sheds light on what really happened in 2008. Here’s a clip with the whole movie to follow. Continue reading
Last night, President Obama agreed to a deal with top Republicans that is widely seen as a big victory for the Tea Party.
s House and Senate leaders fine-tuned rival deficit reduction plans on Wednesday, Sen. Bernie Sanders spoke on the Senate floor about the public’s strong belief that additional revenue from the wealthy should be part of any package to reduce red ink. He cited a new Washington Post poll that found 72 percent favor raising taxes on those who make more than $250,000 year. Despite those overwhelming numbers, he said, “We are marching down a path which will do exactly opposite of what the American people want.” He called Republican opposition to more revenue “fanatical.” He also faulted President Obama for a bargaining strategy that sugars down to this: “Retreat after retreat after retreat.” Of the competing House and Senate proposals Sanders bluntly concluded that one is bad and the other is much worse. He shared his assessment with 
Last Wednesday, nearly lost in the furor over Rupert-gate and the debt ceiling crisis, came the surprising news that the Federal Reserve 
Massachusetts has joined several other states in saying 
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