Posts tagged: the new robber barons
A waitress offers macaroons. You shouldn’t eat these treats any more than you should eat fairy food. If you eat them, you might get your loyalties so mixed up that one day you’re sitting at a press conference asking Donald Trump about “the highest levels of luxury” like you believe it.
If you get too comfy in rich-people land, in New York or Dubai, you might stay here and belong to them.
Dow closes over 17,000 for first time - http://www.bbc.co.uk/news/world-28134342
The Dow Jones Industrial Average has closed above 17,000 for the first time, buoyed by investor confidence about the global economy.
The US stock index, which is made up of some of the biggest global firms, rose 92 points to finish at 17,068.
Investors pushed shares higher after a better-than-expected jobs report showed the US economy added 288,000 jobs in June.
Overall, low interest rates have led investors to pour money into stocks.
That has pushed US indexes - including the S&P 500 - to new highs in 2014.
On Wednesday, the Dow closed at its 13th record high for the year, while the S&P 500 hit its 24th closing high for 2014.
Slow but steady
A string of positive economic news, combined with increasing merger and acquisition activity, has buoyed investor confidence on Wall Street.
Thursday’s positive jobs figure capped a week of good reports globally, including news that China’s manufacturing activity hit a six-month high in June.
“The economic data we continue to get is not exceptional, but it is still positive,” Benedict Willis of Princeton Securities told the BBC from the floor of the New York Stock Exchange.
Investors had been worried that rising stock prices could not be supported by actual underlying economic growth, but Mr Willis said that as long as the data remained upbeat, that should be enough to allay concerns.
He added he expected markets would continue to rise.
“Yesterday’s highs are tomorrow’s lows - I think the market will continue on its upside move,” he said.
Overall, investors have been pouring money into stocks over the past year and a half, partially as a result of the policies of the Federal Reserve.
The US central bank has taken extraordinary measures to keep interest rates low, in an effort to encourage banks to lend and thus stimulate economic growth.
Low interest rates, however, have also meant that firms are less inclined to keep extra cash on hand where it is not earning money.
That has spurred increased merger and acquisition activity, with firms in the pharmaceutical, food processing, and technology industries all announcing strings of acquisitions in recent weeks.
Some have worried that in keeping rates so low, the Federal Reserve is encouraging a bubble in the stock market.
However on Wednesday, Fed chair Janet Yellen said in a speech in front of the International Monetary Fund that the central bank would not raise rates in an effort to deter financial excesses.
“Efforts to promote financial stability through adjustments in interest rates would increase the volatility of inflation and employment,” she said.
the dow is hitting literal record highs on news of lots of new part-time jobs, the economy is bigger than ever but people still can’t earn a living wage unless they’re already rich.
I am still harping on this, but I would like to point out how conservatives are forever accusing liberal justices of judicial activism while conservative justices are LITERALLY giving corporations civil rights and acting like that shit is grounded in precedent and originalism. Get the fuck out of my face with that horseshit forever.
North Carolina, as well as many states across the US, suffers from a disease I call “let’s not pay workers a living wage”. You see, NC’s minimum wage reflects the federal wage of $7.25 an hour, which means that these individuals are expected to survive on a mere $15,080 a year. Over the past 30 years, the rise in minimum wage has not paralleled inflation or the increasing cost of living. If the federal minimum wage rose at the same rate as the exploitative 1%’s earnings, it would be $22.62 an hour today. And despite the stereotypes, low wage workers are not primarily teenagers working after school and during vacations. They are adults. They have families.
Many people in NC are ready to raise minimum wage to $15/hour and make their voices heard at the weekly Moral Monday protests. I caught up with my friend and fellow feminist activist Zaina Alsous to talk about her work in this cause and how she supports the lowest paid workers of our state:
Independent artists could disappear from YouTube “in a matter of days” after the Google video service confirmed it was dropping content from independent labels that have not signed up for its upcoming subscription music service.
YouTube is about to begin testing the new service – which will charge people to watch and listen to music without ads, and download songs to their mobile devices – within the next few days, initially within Google.
The company has signed lucrative licensing deals with major labels Universal, Warner and Sony, while demanding that independent labels sign up to inferior terms or face having their videos blocked from YouTube’s free service.
Artists including Adele, Arctic Monkeys and Jack White could see their videos taken down. The site has become a key promotional outlet for independent labels of all sizes in recent years.
The move comes as Amazon too has begun to flex its muscles in ways that limit the content its customers can receive. Amazon is delaying shipments and refused pre-orders for some titles from Hachette, publisher of Harry Potter author JK Rowling, and home to David Baldacci, Stephen Colbert, David Foster Wallace and others.
It has also pulled pre-orders for forthcoming Warner Home Video features, including international blockbuster The Lego Movie, 300: Rise of an Empire, Winter’s Tale and Transcendence.
this is fun new bullshit. we neeeed new antitrust laws
But the people in power via capitalism don’t want this.
solar houses charging your electric car, no grid, no gas
Reminder how much Walmart takes from taxpayers, even those who don’t shop there. (via @sarah_clem)
Also a reminder that many people on public assistance have jobs. Keep that in mind next time some GOP empty suit tries to play the “lazy colored people” card.
#FuckWalmart this Christmas season
Fucking fuck. God dammit.
This is just sick !!!
not only did we find a way to prevent poor people from even sitting on fucking benches and spend a whole shit ton of money building fucking sharp edges on things instead of idk addressing systemic poverty and inequality, WE FOUND A WAY TO TURN A PROFIT ON IT
PAY A QUARTER TO STAY ALIVE ANOTHER HOUR
WE HAVE LITERALIZED THE PROBLEM BUT WE STILL CAN’T SEE IT
Why do so many people hear “I want a communist revolution!” when we talk about lowering income inequality? It’s almost as if people don’t know what they’re talking about.
You’re so disillusioned; you think you actually earned that money? You’re not deserving in the least. See, because it is your fault we’re poor. You stay rich because of capital. You control the means of production; you don’t actually do anything to maintain a living. Everything you have and continue to earn is at our expense. The labor-value we produce is appropriated by worthless shits like you who don’t see us as human. Our interests are mutually exclusive: while workers fight to survive, your greed and desire for profit is tempered only by laws from a corrupt government.
Your ancestors enslaved people for labor and then received compensation when they freed them. Where was our compensation? Our reparations? Did we get free tickets back to our countries? Did we receive housing? Jobs? Education? No. We brought ourselves up from nothing. All while surviving violence at the hands of people like you. It is you who deserve nothing.
You nauseating, filthy, capitalist, white supremacist piece of shit. So quick to victim blame but so quick to ignore, that even if you didn’t inherit your money, you still inherited whiteness. And even now you profit off innocent people and innocent nations who cannot escape a system you continue to build up.
Please detail how out of 7 billion people, you few deserve to have so much money you do nothing with it. While we work to the last day of our lives. I’m waiting.