Segment 1: Groundhog Day in Washington SEGMENT BEGINS AT 00:37 Many Americans may not realize that the current debt ceiling debate is not about future expenditures but about already-promised current obligations. The wheel goes round and round and round and yet it...
INCOME INEQUALITY GROWS
CHART: America’s Income Inequality is Spiraling Out of Control
Prior to the 2008 economic crisis, few Americans were fully aware of the growing wealth gap in America.
Today, however, it seems everyone is waking up to America’s income inequality. Perhaps it had something to do with the trillions of dollars Washington doled out to the nation’s banksters in the wake of the 2008 economic crash. So far, the top 1% of income earners have been the primary beneficiaries of the last several years of bailouts, quantitative easing, etc.
Meanwhile, the bottom 99% have seen their fortunes change little.
The anger is growing among America’s working poor. Mass movements like Occupy Wall Street were just the beginning…
If America’s income inequality continues to grow in the coming years, populist politicians will be swept into the highest seats of power by promising wealth redistribution schemes.
Unfortunately, the inequalities that pervade our economic system could be greatly reduced through some basic reforms, including closing corporate tax loopholes.
But, don’t hold your breath on those kinds of reforms as the corporations practically make the rules in Washington.
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Real-Time Market Update
(Courtesy of Finviz.com)
- APPLE BEATS; HITS ALL-TIME HIGH. Apple reported another quarter of strong earnings after the market close yesterday, with quarterly profit up by 33 percent on the back of strong iPhone sales in the U.S. and China. (Bloomberg)
- CHINA PREPARES TO EASE. China’s central bank is planning to launch its own version of innovative credit-easing programs adopted by its counterparts in developed countries, according to officials with knowledge of the matter, as Beijing’s flagship plan to restructure trillions of dollars of local-government debts is hitting snags. (WSJ)
- OIL RALLY WEAKENS. Before deciding prices will race back to $100, here are five charts worth keeping in mind. (Bloomberg)
- PRAY FOR NEPAL. The death toll from Nepal’s devastating earthquake could reach 10,000, the prime minister said on Tuesday, as residents frustrated by the government’s slow response used their bare hands to dig for signs of their loved ones. (Reuters)