During the February storms that paralyzed the East Coast, killed 20 people and denied power to over 700,000, the U.S. stock market was on steroids. Misery apparently brings glee on Wall Street. Since it bottomed in 2009, the stock market has been on a meteoric rise - while economic security (and hope) has vaporized for middle and lower income class workers. The Federal Reserve was pumping $85 … [Read more...]
Fear Economy for the Ruling Class: Is the Tipping Point Near?
Paul Krugman hits a nerve with his NYT op-ed, "The Fear Economy," (December 26, 2013). The following day, the S&P, DOW & NASDAQ reached new highs, performing in 2013 like Internet stocks from the late 1990s. The Federal Reserve brags on its website that Americans accumulated over 77 trillion in assets by 2013, (largely controlled by the 0.1 percent.) Have we reached the tipping point? In … [Read more...]