Occupy Banksters & Crony Capitalism & GREED

The State of Work
prospect.org | Harold Meyerson | Editorial

The Forty Year Slump

Since 1947, Americans at all points on the economic spectrum had become a little better off with each passing year. The economy's rising tide, as President John F. Kennedy had famously said, was lifting all boats. Productivity had risen by 97 percent in the preceding quarter-century, and median wages had risen by 95 percent. As economist John Kenneth Galbraith noted in The Affluent Society, this newly middle-class nation had become more egalitarian. The poorest fifth had seen their incomes increase by 42 percent since the end of the war, while the wealthiest fifth had seen their incomes rise by just 8 percent. Economists have dubbed the period the "Great Compression." ... Read more

*Fast Food CEOs Rake in Taxpayer-Subsidized Pay
ips-dc.org | author | date

These CEO pay subsidies are the result of a loophole that allows firms to deduct unlimited amounts from their income taxes for the cost of stock options, certain stock grants, and other forms of so-called "performance pay" for top executives. Put simply: the more corporations pay their CEOs, the less they pay in federal taxes. And ordinary taxpayers wind up footing the bill.

During the past two years, the CEOs of the top six publicly held fast food chains pocketed more than $183 million in fully deductible "performance pay," lowering their companies' IRS bills by an estimated $64 million. ...

How a Shadowy Network of Corporate Front Groups Distorts the Marketplace of Ideas (Think ALEC)
Truth-out | Joshua Holland | 11/21/13

In 1971, Lewis Powell, who would become a Supreme Court justice the following year, penned a memo calling on the American business community to aggressively engage in shaping the country's political discourse and regulatory landscape. The "American economic system is under broad attack," he wrote. He said the time had come to fight back. "Business must learn . . . that political power is necessary; that such power must be assiduously cultivated; and that when necessary, it must be used aggressively and with determination -- without embarrassment and without the reluctance which has been so characteristic of American business." ... Read more

ALEC calls for penalties on 'freerider' homeowners in assault on clean energy
The Guardian | Suzanne Goldenberg | 12/04/13

An alliance of corporations and conservative activists is mobilising to penalise homeowners who install their own solar panels -- casting them as "freeriders" -- in a sweeping new offensive against renewable energy, the Guardian has learned

Over the coming year, the American Legislative Exchange Council (Alec) will promote legislation with goals ranging from penalising individual homeowners and weakening state clean energy regulations, to blocking the Environmental Protection Agency, which is Barack Obama's main channel for climate action. ... Read more

Climate Scientists Say the Current International Warming Target Is "Disastrous"
BillMoyers | Tim McDonnell | 12/05/13

Ever since the 2009 climate talks in Copenhagen, world leaders have agreed on 2 degrees Celsius (3.6 degrees F) as the maximum acceptable global warming above preindustrial levels to avert the worst impacts of climate change (today we're at about 0.8 degrees C). But a new study, led by climatologist James Hansen of Columbia University, argues that pollution plans aimed at that target would still result in "disastrous consequences," from rampant sea level rise to widespread extinction. ... Read more