
All Are Equal, Except Those Who Aren’t
Like a gilded coating that makes the dullest things glitter, today’s thin veneer of political populism covers a grotesque underbelly of growing inequality that’s hiding in plain sight. And this phenomenon of ever more concentrated wealth and power has both Newtonian and Darwinian components to it. In terms of Newton’s first law of motion: those...
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The Inequality Gap on a Planet Growing More Extreme
As we head into 2019, leaving the chaos of this year behind, a major question remains unanswered when it comes to the state of Main Street, not just here but across the planet. If the global economy really is booming, as many politicians claim, why are leaders and their parties around the world continuing to...
Read MoreThis year, I simply couldn’t get one fact out of my head: according to a 2017 report from the Institute for Policy Studies, three billionaires -- Jeff Bezos, Warren Buffet, and Bill Gates -- have amassed as much wealth as the bottom half of American society. That’s 160 million people! (And unlike our president, I...
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Five Financial Uncertainties of 2018 (So Far)
Here we are in the middle of the second year of Donald Trump’s presidency and if there’s one thing we know by now, it’s that the leader of the free world can create an instant reality-TV show on geopolitical steroids at will. True, he’s not polished in his demeanor, but he has an unerring way...
Read MoreIn her new book, Collusion: How Central Bankers Rigged the World, Nomi Prins remembers how the 9/11 attacks affected her. She was, at the time, working for Goldman Sachs (which has been sending key former employees directly into top government posts ever since, most recently, of course, Steven Mnuchin as Donald Trump’s Treasury secretary). Before...
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Making the Fed an Instrument for Disaster
Warning: What you are about to read is not about Russia, the 2016 election, or the latest person to depart from the White House in a storm of tweets. It’s the Beltway story hiding in plain sight with trillions of dollars in play and an economy to commandeer. While we’ve been bombarded with a litany...
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The Next Financial Crisis -- Not If, But When
There’s been lots of fire and fury around Washington lately, including a brief government shutdown. In Donald Trump’s White House, you can hardly keep up with the ongoing brouhahas from North Korea to Robert Mueller’s Russian investigation, while it already feels like ages since the celebratory mood over the vast corporate tax cuts Congress passed...
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Secretary of the Treasury for the .01%
Treasury Secretary Steven Mnuchin doesn’t exactly come across as the guy you’d want in your corner in a playground tussle. In the Trump administration, he’s been more like the kid trying to cop favor with the school bully. That, at least, is the role he seems to have taken in the Trump White House. When...
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How a Bank Conquered Washington
Irony isn’t a concept with which President Donald J. Trump is familiar. In his Inaugural Address, having nominated the wealthiest cabinet in American history, he proclaimed, “For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished -- but the people...
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How to Swamp Washington and Double-cross Your Supporters Big Time
Given his cabinet picks so far, it’s reasonable to assume that The Donald finds hanging out with anyone who isn’t a billionaire (or at least a multimillionaire) a drag. What would there be to talk about if you left the Machiavellian class and its exploits for the company of the sort of normal folk you...
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Wall Street in the Saddle
As this endless election limps toward its last days, while spiraling into a bizarre duel over vote-rigging accusations, a deep sigh is undoubtedly in order. The entire process has been an emotionally draining, frustration-inducing, rage-inflaming spectacle of repellent form over shallow substance. For many, the third debate evoked fatigue. More worrying, there was again no...
Read MoreThe Wall Street Connection (1992 to 2016)
[This piece has been adapted and updated by Nomi Prins from chapters 18 and 19 of her book All the Presidents' Bankers: The Hidden Alliances that Drive American Power, just out in paperback (Nation Books).] The past, especially the political past, doesn’t just provide clues to the present. In the realm of the presidency and...
Read MoreShe eats at Chipotle. (Order: chicken burrito bowl.) She travels by van. (Model: A Chevy Express Explorer Limited SE nicknamed the "Scooby" van.) She barely figures in her own presidential campaign announcement video. (Entrance timing: A minute and a half into the two-minute clip.) Her campaign staff is so cheap they don't have business cards,...
Read MoreLas Vegas and the Global Casino We Call Wall Street
[The following Rebecca Solnit piece is slightly adapted from photographer Michael Light’s new book, Lake Las Vegas/Black Mountain, and appears atTomDispatch.com with special thanks to his publisher, Radius Books.] “Oh my God, I’m in hell,” I cried out when the car that had rolled for hours through the luscious darkness of the Mojave night came...
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A Private Equity Firm, a Missing Pool Fence, and the Price of a Child’s Death
Security is a slippery idea these days -- especially when it comes to homes and neighborhoods. Perhaps the most controversial development in America’s housing “recovery” is the role played by large private equity firms. In recent years, they have bought up more than 200,000 mostly foreclosed houses nationwide and turned them into rental empires. In...
Read MoreI live in Washington, D.C.'s Capitol Hill neighborhood. I can more or less roll out of bed into the House of Representatives or the Senate; the majestic Library of Congress doubles as my local branch. (If you visit, spend a sunset on the steps of the library's Jefferson Building. Trust me.) You can't miss my...
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How Private Equity Came to New York’s Rental Market -- and What That Tells Us About the Future
Things are heating up inside Wall Street’s new rental empire. Over the last few years, giant private equity firms have bet big on the housing market, buying up more than 200,000 cheap homes across the country. Their plan is to rent the houses back to families -- sometimes the very same people who were displaced...
Read MoreOne simple phrase electrified the financial world this past week: high-frequency trading. With the publication of his new book, Flash Boys, author Michael Lewis almost singlehandedly transformed the growing practice of high-frequency trading from an obscure form of financial wizardry cooked up in Wall Street's mad laboratories into a fledgling scandal. What's high-frequency trading? It's...
Read MoreI was electrified, and my own trajectory in life changed, by the antiwar movement of the 1960s and early 1970s. That experience, those years, mobilized me. They shocked me -- quite literally -- about what my country was capable of. They destroyed my rather idealistic urge to be a part of the government. I had...
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Thoughts for the Second Anniversary of Occupy Wall Street
I would have liked to know what the drummer hoped and what she expected. We’ll never know why she decided to take a drum to the central markets of Paris on October 5, 1789, and why, that day, the tinder was so ready to catch fire and a drumbeat was one of the sparks. To...
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