Subscribe to Receive the Daily Report

Wednesday, February 14th, 2024

A Growing Number of Economists Are Joining the Fight to Rein In the Big Banks

Author:     C.J. Polychroniou
Source:     truthout
Publication Date:     February 12, 2024
 Link: A Growing Number of Economists Are Joining the Fight to Rein In the Big Banks
Stephan:  

Here is a very important interview about the grotesque and, in my view the evil wealth inequality that is doing such damage to America’s social wellbeing. It also discusses how to reverse this negative trend. One of the key steps is reversing the Citizens United Supreme Court decision. That isn’t going to happen as long as we have the christofascist cabal that controls the Court today. But if the Democrats could take a strong majority in both Houses of Congress, and Biden wins, laws could be passed changing the tax code and controlling the banks that could accomplish what needs to be done.

Protesters display signs during a demonstration in New York City
Credit: Michael Nigro / Sopa Images / Lightrocket / Getty

The fortunes of the five richest men in the world have “shot up by 114 percent since 2020,” according to a January 2024 Oxfam report on global inequality, while “nearly five billion people have been made poorer.”

This most recent gross increase in wealth and income inequality builds on global trends that took hold in the early 1980s, with the decades-long increase in inequality being particularly large in the United States compared to other developed nations. Wealth inequality is typically higher than income inequality, which in turn feeds higher future income inequality. Indeed, income inequality in the U.S. continues to rise, according to the latest report from the Congressional Budget Office, utilizing data through 2020.

At the same time, and quite unsurprisingly, the largest U.S. banks made record profits in 2023, with JPMorgan Chase reporting $49.6 billion in net income for the year. In the meantime, the Federal Reserve, which world-renowned progressive economist Gerald Epstein calls the “chairman” of […]

Read the Full Article

1 Comment

  1. Rev. Dean on Wednesday, February 14, 2024 at 4:30 am

    You are absolutely right, Stephan! What we need is to become a REAL democracy and that will never happen as long as the Billionaires exist. From just one of your reports which I saw, there is one Billionaire who has enough money to pay off our national debt and still be a billionaire, who could spread his money around to help all the poor people in our country, and still be a rich man. with more money than anyone needs to survive.

    This is NOT a DEMOCRACY! We do bot need it to become a THEOCRACY!