You Earned $265 Million In 2010

Well, of course, you didn’t–and this is no Nigerian prince scam. Rather, it’s the average income for the top 400 earners in the U.S. This isn’t the top 1 percent. This is the ubber top percenters, the .001 percent.

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They Don’t Flee

Block the borders!!! Those rich people are fleeing state high taxes. Yeah, right–it’s a myth.

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NY Fed Chair: Senate Confirmation Needed?

The Federal Reserve Bank of New York is first among equals when it comes to the other 11 regional Fed Banks. That person has a big say on interests rates because s/he sits permanently on the Fed’s Board of Governors. So, should the head of the NY Fed have to be confirmed by the Senate? Senator Jack Reed thinks so.

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Warren/Manchin: “The Fed Needs Governors Who Aren’t Wall Street Insiders” But They Miss Key Point

Well, duh…

It’s good to see this demand by both Elizabeth Warren and Joe Manchin. But, there’s an important point missing.

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There Has Never Been Wage Stagnation. It’s A Lie.

Because what has happened is robbery. Pure and simple. “Stagnation” is too passive. It makes it sound like a natural phenomena, like a sunset.

It makes it sound like there were never active players in the daily robbery of workers–either by outright breaking of the law or by using the so-called “free market” system to take from people the fruits of their labor.

I raise this because of two elite views expressed in the past couple of days that are pretty common repetitions of the myth of “gee, isn’t it terrible this thing just happened”.

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“I Surrender”: Trying To Kill Obamacare Shows Supreme Court “politicians in robes”

Nobody, in my opinion, knows the Supreme Court better, and writes about its decisions and law in a more user-friendly way, than Linda Greenhouse, former NYTimes Supreme Court reporter who has a regular column on the Times website; I read every one of her columns, even if it’s not a topic I particularly work on or follow.

Today, she blisters the Court in a broadside that essentially says: by agreeing to take up a challenge to the Affordable Care Act, the conservative majority has shown that it is simply a group of “politicians in robes”.

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TPP: Public Citizen Shreds Forbes’ Lies

One of the greatest dangers we face from the odious Trans-Pacific Partnership is the investor-state dispute settlement (ISDS). The pro-TPP forces–who advocate for the non-existent so-called “free trade”–want to ignore the reality of the ISDS and, to do so, they actually have to lie about it. Unfortunately for them, Public Citizen is a tiger that won’t let these lies pass.

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Volkswagen To Recognize UAW In Tennessee

A common myth: the auto industry is dying. The reality: no, it’s increasing employment but largely in NON-UNION assembly plants in the South owned by foreign companies like Mercedes and Nissan, and at independent parts suppliers. Let’s see if this breaks open some new opportunities.

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Not Bad Work: Dodging $200 Million In Taxes

I often hear the refrain that billionaires and corporations just use legal tax gimmicks to avoid paying a fare share in taxes, and that if you want to hold someone accountable, point your finger at the politician who votes for the tax loopholes that makes tax dodging legal and possible. I get the politician’s responsibility–but only up to a point. Because there is a morality issue at stake here…uh, oh yeah, morality and business don’t coincide, as John Malone proves.

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Still A Disconnect

For many months, I’ve been very skeptical about the regular jobs reports that are fairly upbeat in the way they describe the economy. I still feel that way, though the direction is certainly better than say right during the post-financial crisis months.

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Global Comps’ Secret Tax Deals Robbing Every Citizen, Why CEOs Don’t Worry Much About Elections

While most progressive activists and politically obsessed people were dissecting the elections endlessly yesterday (me, I made chicken and audouille gumbo), some pretty damn interesting stuff dropped courtesy of the International Consortium of Investigative Journalists. Bottom line: we’re being robbed every day and the price tag is huge.

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Poor Households, Dumb Economists and The Perils of Bi-Partisanship

You know, maybe some of the political geniuses and economists should stop talking about how great the economy is and actually get beyond the talking points of the White House and look at a tiny fact to get a clue about why people are angry: household wealth. After understanding those number, they’d also understand that part of the problem has been, in fact, bi-partisanship.

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BREAKING…Yawn…Again: JP Morgan Faces Criminal Probe (Though Unlikely Execs End Up In Jail)

Have we heard this one before? Uh, huh. Will it mean any of the top bankers lose their jobs or, perish the thought, end up in jail? Well, I’d give a better chance the Waltons of Wal-Mart give away their entire fortune to their workers to pay for health care and higher wages.

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Tim Cook Should Stop Hiding Billions In Taxable Profits From The People, Gay & Straight

I am of two minds about Tim Cook’s public declaration that he is gay. On the one hand, good for him if he thinks that it emboldens other people to not be afraid of their sexual preference being known publicly. On the other hand, if the message is that, you, too can come out but only once you are the CEO of one of the most powerful corporations in the world–and you can do all that while fleecing the U.S. government of billions of dollars in revenue…well, it’s a moment to pause and consider.

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War Is Good

At least if you are in the war-making industrial business sector–or the bean-counting of the economy. Because, really, that’s what accounts for a nice little hunk of this little spurt of allegedly “good” economic news.

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Heh, Surprise: They Are At It Again

Under the heading of I am not surprised at all…guess what…the bankers are cheating again.

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