« prev   random   next »

1
1

The Rigging Of The American Market

By Waitup following x   2015 Dec 30, 4:46am 1,922 views   4 comments   watch   sfw   quote     share    


http://www.talkmarkets.com/content/economics--politics/the-rigging-of-the-american-market?post=76943&utm_source=outbrain&utm_medium=referral

Much of the national debate about widening inequality focuses on whether and how much to tax the rich and redistribute their income downward.
But this debate ignores the upward redistributions going on every day, from the rest of us to the rich. These redistributions are hidden inside the market.
The only way to stop them is to prevent big corporations and Wall Street banks from rigging the market.

#economics

1   mmmarvel   ignore (0)   2015 Dec 30, 6:34am   ↑ like (2)   ↓ dislike (0)   quote   flag        

Another typical Robert Reich article. Nothing new from RR, the man bores me.

2   jazz_music   ignore (6)   2015 Dec 30, 2:13pm   ↑ like (1)   ↓ dislike (1)   quote   flag        

But there's all this great trickle down right? ... from these great job creators right?

LAYOFFS.
REDUCED WAGES.
INCREASED PRICES.
REDUCED VALUE TO CONSUMERS.

... Americans pay more for pharmaceuticals than do the citizens of any other developed nation. That’s partly because it’s perfectly legal in the U.S. (but not in most other nations) for the makers of branded drugs to pay the makers of generic drugs to delay introducing cheaper unbranded equivalents, after patents on the brands have expired.

This costs you and me an estimated $3.5 billion a year – a hidden upward redistribution of our incomes to Pfizer, Merck, and other big proprietary drug companies, their executives, and major shareholders.

We also pay more for Internet service than do the inhabitants of any other developed nation. The average cable bill in the United States rose 5 percent in 2012 (the latest year available), nearly triple the rate of inflation. Why? Because 80 percent of us have no choice of Internet service provider, which allows them to charge us more.

Internet service here costs 3 and-a-half times more than it does in France, for example, where the typical customer can choose between 7 providers.

And U.S. cable companies are intent on keeping their monopoly.

It’s another hidden upward distribution – from us to Comcast, Verizon, or another giant cable company, its executives and major shareholders.

Likewise, the interest we pay on home mortgages or college loans is higher than it would be if the big banks that now dominate the financial industry had to work harder to get our business.

As recently as 2000, America’s five largest banks held 25 percent of all U.S. banking assets. Now they hold 44 percent – which gives them a lock on many such loans.

3   justme   ignore (0)   2015 Dec 30, 2:29pm   ↑ like (1)   ↓ dislike (1)   quote   flag        

mmmarvel says

Another typical Robert Reich article. Nothing new from RR, the man bores me.

I think Robert Reich is good. Given that many people have not figured out yet why wealth inequality has been increasing dramatically since 1982, RR may repeat the facts every week for all I care. You're right there is nothing new -- the same old WallSt /Fed/Congress trinity of crony capitalism has been working the same way for a very long time.

4   tatupu70   ignore (0)   2015 Dec 30, 3:44pm   ↑ like (0)   ↓ dislike (1)   quote   flag        

justme says

You're right there is nothing new -- the same old WallSt /Fed/Congress trinity of crony capitalism has been working the same way for a very long time.

Pretty much since the founding of the country. I daresay it was much worse 100 years ago.

justme says

Given that many people have not figured out yet why wealth inequality has been increasing dramatically since 1982,

Not sure if this is a reference to me, but I'm all ears. In your opinion, what happened in 1982 to cause the reversal--inequality had been dropping for ~35 years prior to then.





The Housing Trap
You're being set up to spend your life paying off a debt you don't need to take on, for a house that costs far more than it should. The conspirators are all around you, smiling to lure you in, carefully choosing their words and watching your reactions as they push your buttons, anxiously waiting for the moment when you sign the papers that will trap you and guarantee their payoff. Don't be just another victim of the housing market. Use this book to defend your freedom and defeat their schemes. You can win the game, but first you have to learn how to play it.
115 pages, $12.50

Kindle version available


about   best comments   contact   one year ago   suggestions