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Saturday, October 20, 2018

On Wall Street, Us R Toys

Reprinted with permission from Creators.

 

As America emerged from World War II, the public generally agreed that the ordinary people who had endured the sacrifice should share in the good times ahead. A golden age for the American worker commenced as business, labor and government stood together on the stage.

Labor has since fallen off. Behold the spectacle at Toys R Us.

About a year ago, the company filed for a Chapter 11 bankruptcy. Its private-equity owners closed 800 stores and laid off 33,000 employees — skipping out on $75 million in severance pay.

Toys R Us had its challenges, but it wasn’t a dying business.…

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Battle Over Pre-Existing Conditions Imperils Republicans

Reprinted with permission from AlterNet.

Republican state attorneys general thought they had a perfect way to flex their muscles after the GOP tax scam bill was passed: sue to overturn the Affordable Care Act’s protections for pre-existing conditions, on the premise that the regulations are not “severable” from the individual mandate — which Republicans are again arguing is unconstitutional.

The suit is completely meritless and has been derided as ridiculous by even conservative legal scholars, but the Texas federal judge who heard the case appears inclined to let it move forward, so it could well work its way through the courts.…

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Trump May Blunder Into Another (And Worse) Financial Crisis

Reprinted with permission from AlterNet.

At summer’s end, the U.S. economy looks to be sizzling. Unemployment is low. Growth is higher than expected. Consumer confidence is soaring and Wall Street just set a record bull run.

“We are crushing it,” Trump’s economic advisor Larry Kudlow recently boasted.

The euphoria feels a bit like… just before the crash of 2007-8. Does that worry you? It should.

Hold onto your 401(k)s, because the Wall Street casino that nearly tanked the global economy ten years ago is up and running amok again.

But what about the much-touted safeguards in place today? It’s true that in 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was passed to ensure that taxpayers would never again be on the hook to bailout of big financial institutions.…

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