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Refinancing is dead: a generation of Hard Times will continue until secularly real wages improve

On Monday I gave what I think is a reasonable roadmap to the next recession.  I wanted to follow up a little. The post from nearly 10 years ago was entitled, “Are Hard Times Near?  The great decline in interest rates is ending.”  The theory is right in the title.  Since the 1970s, real average hourly earnings had declined.  Average Americans coped …

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BofA: The Oil Crash Is Kicking Off One of the Largest Wealth Transfers In Human History

 Economists are still hotly debating whether the oil crash has been a net positive for advanced economies. Optimists argue that cheap oil is a good thing for consumers and commodity-sensitive businesses, while pessimists point to the hit to energy-related investment and possible spillover into the financial system. A new note from Francisco Blanch at Bank of America Merrill Lynch, however, …

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Quentin Fottrell – Most Americans have less than $1,000 in savings

Americans are living right on the edge — at least when it comes to financial planning. Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey forpersonal finance website GOBankingRates.com. “It’s worrisome that …

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Black Agenda Radio – 09.28.15

Welcome, to the radio magazine that brings you news, commentary and analysis from a Black Left perspective.

– The Oakland, California-based Ella Baker Center for Human Right conducted a survey of 1,000 former prison inmates and their family members. The study found that the burden of mass incarceration is borne, not ust by the 2.4 million people that are locked up in the United States, but also by their families, with women carrying a disproportionate share of the financial weight. Darris Young is a local organizer for the Ella Baker Center, and a former prison inmate, himself. He conducted some of the surveys, and explained why it’s necessary to look at how mass incarceration affects families.

– Activists are kicking off the Autumn season with a Rise Up October campaign against police killings in the Black community, culminating in protests in New York City, October 22nd through the 24th. Carl Dix is a co-founder of the Stop Mass Incarceration Network.

– The flood of refugees into Europe continues, with most fleeing the war against Syria by Islamic jihadists backed by the U.S. and its allies. The Russians have speeded up military aid to the Syrian government. President Obama claims that Russian help will only make the situation worse. But Sara Flounders, of the United National Anti-War Coalition, says that’s insane.

– The flood of refugees into Europe continues, with most fleeing the war against Syria by Islamic jihadists backed by the U.S. and its allies. The Russians have speeded up military aid to the Syrian government. President Obama claims that Russian help will only make the situation worse. But Sara Flounders says that’s insance.

– James Paul, author of the book “Syria Unmasked,” agrees that most of the people fleeing to Europe from the Middle East and Africa are “regime change” refugees whose countries have been destabilized by western military intervention. Paul is the former executive director of the Global Policy Forum and the Middle East Research and Information Project.

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William Edstrom – Wall Street and the Military are Draining Americans High and Dry

The United States (US) government often cites $18 trillion as the amount of money that they owe, but their actual debts are higher. Much higher. The government in the USA owes $13.2 trillion in US Treasury Bonds, $5 trillion in money borrowed by the US Federal government from Federal government trust funds like the Social Security trust fund, $0.7 trillion …

subprime mortgage

GOVERNMENT USING SUBPRIME MORTGAGES TO PUMP HOUSING RECOVERY – TAXPAYERS WILL PAY AGAIN

It seems hard to believe, but your government is purposely recreating the mortgage debacle of 2007 and putting you on the hook for the billions in losses coming down the road. In their frantic effort to generate the appearance of economic recovery they are willing to gamble with taxpayer’s money while luring unsuspecting blue collar folks into buying houses they …