recession

A loophole in the fines Bank of America are forced to pay out could have homeowners hit with a hefty tax burden – all while the bank that defrauded them gets to write off its criminal behavior.

In a video address to the American people over the weekend, President Barack Obama called out big corporations offshoring their taxes at the expense of middle class taxpayers. The president looked to reignite the debate that has stalled out in Congress over closing loopholes that he says "threatens to undermine the progress" of the country's recovery.

The City of Los Angeles has filed a lawsuit against JPMorgan Chase alleging the financial titan steered minority borrowers into homes they could not afford, triggering a foreclosure wave whose effects can still be felt in the city today. The lawsuit cites a report conducted by a low-income advocacy group that claims the mortgage crisis caused over 200,000 foreclosures in Los Angeles between 2008 and 2012.

Investment bank Morgan Stanley says that its third-quarter earnings almost doubled as the firm's equity sales and trading revenue rose. The bank, whose practices helped the American economy spiral into recession five years ago, has bounced back while so much of the American population has struggled.

JP Morgan, fresh of a round of fines caused by head Jamie Dimon's mismanagement, reported a loss for the quarter. Most troubling is that their largest expenses were their legal fees.

Remember when New York bailed out Texas to the tune of $150 billion? It was less than 25 years ago, but a lot has changed — and yet global parallels still abound.

The economy added 190,000 jobs in June. According to Think Progress, many of these jobs are in the low wage service sector, aka McDonalds and Wal-Mart. Do the job numbers create a better American life when they don't even come with a decent livable wage?

Despite assurances by financial elites that austerity economics is a prescription to improve the lives of the masses, research contained in a newly published book shows that the push for steep cuts in wages, social programs, and public health programs is literally killing people throughout Europe and the US.

President Obama picked the very day that new job creation collapsed to propose a deflationary budget deal featuring cuts in Social Security and Medicare. This is perverse economics and worse politics, on several grounds.

It’s been four years since Wall Street ruined the economy, we’re nearly nine million jobs behind where we need to be, and for years our politicians have debated how much less – not how much more – they’ll do about it.