U.S. bank bailout benefited billionaires, exposing corruption: ‘I understand why Americans are angry’
Before it collapsed and its billionaire depositors were bailed out by the U.S. government, Silicon Valley Bank successfully lobbied Congress to remove regulations on it. A senator admitted, “I understand why Americans are angry, even disgusted”.
Recession alert: we need a new unemployment insurance system
With the Federal Reserve pushing up interest rates, we appear headed for a new recession.
Pledging “pain,” Federal Reserve declares war on the working class
In his speech Friday at the Federal Reserve’s annual summit in Jackson Hole, Wyoming, Federal Reserve Chairman Jerome Powell made one thing clear: America’s financial oligarchy is determined to make the working class bear the cost of the deepening economic crisis.
Report card on a failing economic system
On Friday, May 6, the Federal Reserve released data showing that consumer credit (debt) has been accelerating since the fourth quarter of last year, with revolving credit (largely credit card debt) speeding up at an even greater pace since the third quarter of 2021.
Trump orders federal police to more cities
The Trump administration is stepping up its unconstitutional moves toward dictatorial rule, tear gassing antipolice violence protesters in Portland, Oregon and announcing the deployment of federal police to three more cities—Detroit, Cleveland and Milwaukee—in addition to Chicago and Albuquerque, New Mexico.