recession

Defrauded Homeowners, Already Wronged Once, Could Carry Tax Burden BoA Won't Share

Defrauded Homeowners, Already Wronged Once, Could Carry Tax Burden BoA Won't Share
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.
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VIDEO: Obama Says Corporations That 'Cherrypick Their Taxes' Hurt US, Calls for Reform

VIDEO: Obama Says Corporations That 'Cherrypick Their Taxes' Hurt US, Calls for Reform
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.
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City of LA Sues JPMorgan for Systematically Steering Minorities Into Foreclosure

City of LA Sues JPMorgan for Systematically Steering Minorities Into Foreclosure
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.
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Chaz Bolte
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Investment Bank That Helped Start the Recession Just Doubled (Almost) Its Earnings

Investment Bank That Helped Start the Recession Just Doubled (Almost) Its Earnings
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.
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JP Morgan Posts Loss. Their Largest Expense: Legal Costs

JP Morgan Posts Loss. Their Largest Expense: Legal Costs
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.
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A Different Kind of Union: The Bailouts of Texas and the Eurozone

A Different Kind of Union: The Bailouts of Texas and the Eurozone
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.
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Jared Bernstein
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The American Recovery: Would You Like Fries with Those Job Numbers?

The American Recovery: Would You Like Fries with Those Job Numbers?
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?
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New Research: Economic Austerity in US and Europe 'Is Killing People'

New Research: Economic Austerity in US and Europe 'Is Killing People'
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.
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Cut Social Security to Destroy the Recovery

Cut Social Security to Destroy the Recovery
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.
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14 Reasons to Repeal Sequestration

14 Reasons to Repeal Sequestration
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.
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