Jubilee: Why Old Man Potter is bad for business in Bedford Falls


Old Man Potter collects that $3.3 billion in interest every year and only spends part of it on his household staff, limousine maintenance, imported cigars, etc. The rest of it just sits there in giant piles that Potter sometimes swims through Scrooge-McDuck-style, but otherwise doesn’t put to any productive use. [Read more...]

Smart people saying smart things

Warren Buffett on the shortcomings of gold; Adam Smith on the importance of paying high wages; Alisa Harris on the hatchet jobs written falsely accusing Kathryn Joyce of writing a hatchet job; the Rev. Phil Jackson on gun violence; and Steve Benen on Meals on Wheels, cancer treatment, Head Start and other things Congress doesn’t care about at all. [Read more...]

Money can’t buy happiness, but it does buy protection from certain forms of unhappiness

"The Worship of Mammon," by Evelyn De Morgan.

Here’s what we humans already knew and have known since before we started writing things down: Money is not sufficient for happiness. Money is necessary to avoid certain forms of unhappiness. It’s really not that complicated. It only appears complicated to those who: A) have enough money; and B) don’t have enough happiness. [Read more...]

Steal someone’s house, then write bad checks

Unless you're a bank.

An American story in three parts: 1) Four million families lose their homes due to improper foreclosures; 2) The banks get to keep the houses they improperly took, but they have to pay the families $300 to $500 each; 3) The banks’ checks bounce. [Read more...]

Scenes from the class war


The class war continues and most people are not on the side that’s winning. Lots o’ links, including: Adorable child chimneysweeps for the plutocrat who has everything; $59 in 45 years; permanent inequality; ho-hum, another five years of mass unemployment; reverse incentives; lucky duckies on disability; lucky duckies on food stamps; and capitalist theories of atonement. [Read more...]

Dear Regal theaters: It’s the customers, stupid

The workers who made these Model T Fords were paid enough that they could afford to buy Model T Fords. The people who work for Regal Entertainment can't afford to go out to the movies.

How big a boost to Regal’s bottom line will health care reform provide? I’m guessing it will be large. Much larger, I think, than whatever new costs-per-employee the law entails for the company. That calculation is a job for the company’s economists. Unfortunately, the company doesn’t have any economists, only accountants. [Read more...]

Social Security benefits should be going up, not the land-rent for seniors

*Jun 11 - 00:05*

“Residents of the Greenbriar Village development say owner Equity LifeStyle Properties has been unjustly increasing their land rents, and there’s nothing they can do about it. Equity is the largest manufactured home community company in the United States and in some cases has increased land rents more than 100 percent in a year, said Randy Schaffer, the president of the Greenbriar homeowners association.” [Read more...]

Scenes from the class war


“The unemployment rate is still at a level which should cause politicians to panic. No one is panicking.” “If the minimum wage had risen in step with productivity growth [since 1968], it would be over $16.50 an hour today. That is higher than the hourly wages earned by 40 percent of men and half of women.” [Read More...]