The idea that the Great Recession of 2008 may have been caused not just by careless banking but also social inequality is currently all the rage among macroeconomists…
There is ample evidence that, especially in the US, households reacted to higher inequality by working longer hours, lowering savings, and increasing debt in an attempt to maintain their relative consumption status. Up to a point this allowed them to pay for medical bills, the ever-increasing costs of children’s college education and a house; but eventually the bubble burst. The situation is not dissimilar in the UK.
Who knew? Give most people a cash machine with apparently unlimited money and they will Spend, Spend, Spend to keep up with the rich.
Although an ad, this expresses something lovely about men and “dadness”
The Transportation Security Administration announced Friday that they intend to fire seven of their employees following the discovery of a bribery scandal at the Philadelphia International Airport.
After an eight month investigation, authorities say a TSA training instructor who was responsible for administering annual proficiency exams was found to have accepted payment from TSA security officers to ensure passing grades.
TSA has proficiency exams now?
Rupert Murdoch, CEO of News Corp., repeatedly lobbied Tony Blair to invade Iraq. In the days leading up to the invasion, Tony Blair’s Director of Communications wrote that “(Blair) took a call from Murdoch who was pressing on timings, saying how News International would support us, etc. Both TB and I felt it was prompted by Washington, and another example of their over-crude diplomacy. Murdoch was pushing all the Republican buttons, how the longer we waited the harder it got.”
The phone call in question took place just days before a crucial vote on Iraq, and was one of three personal calls from Murdoch that Blair received in that week alone. Blair recently testified, admitting an “unhealthy” level of closeness with Murdoch, oftentimes communicating more with him than with his own ministers.
In the first 19 days following the invasion of Iraq, Rupert Murdoch’s Fox News averaged 3.3 million viewers, a 236% increase from the weeks preceding the war. Huge increases in newspaper sales were seen throughout his global media empire, with advertising revenue soaring to record levels. That empire now faces serious calls for it to be broken up.
Yet another reason to tax the rich, so they don’t feel free to start tax expensive wars for personal profit.