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Monday, November 2, 2015

The Rigging of the American Market


The Rigging of the American Market


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Robert Reich Headshot

Gustav Dejert via Getty ImagesPosted: Updated: 






Much of the national debate about widening inequality focuses on whether and how much to tax the rich and redistribute their income downward.

But this debate ignores the upward redistributions going on every day, from the rest of us to the rich. These redistributions are hidden inside the market.
The only way to stop them is to prevent big corporations and Wall Street banks from rigging the market.
For example, Americans pay more for pharmaceuticals than do the citizens of any other developed nation.
That's partly because it's perfectly legal in the U.S. (but not in most other nations) for the makers of branded drugs to pay the makers of generic drugs to delay introducing cheaper unbranded equivalents, after patents on the brands have expired.
This costs you and me an estimated $3.5 billion a year -- a hidden upward redistribution of our incomes to Pfizer, Merck, and other big proprietary drug companies, their executives, and major shareholders.
We also pay more for Internet service than do the inhabitants of any other developed nation.
The average cable bill in the United States rose 5 percent in 2012 (the latest year available), nearly triple the rate of inflation.
Why? Because 80 percent of us have no choice of Internet service provider, which allows them to charge us more.
Internet service here costs 3 and-a-half times more than it does in France, for example, where the typical customer can choose between 7 providers.
And U.S. cable companies are intent on keeping their monopoly.
It's another hidden upward distribution - from us to Comcast, Verizon, or another giant cable company, its executives and major shareholders.
Likewise, the interest we pay on home mortgages or college loans is higher than it would be if the big banks that now dominate the financial industry had to work harder to get our business.
As recently as 2000, America's five largest banks held 25 percent of all U.S. banking assets. Now they hold 44 percent -- which gives them a lock on many such loans.
If we can't repay, forget using bankruptcy. Donald Trump can go bankrupt four times and walk away from his debts, but the bankruptcy code doesn't allow homeowners or graduates to reorganize unmanageable debts.
So beleaguered homeowners and graduates don't have any bargaining leverage with creditors -- exactly what the financial industry wants.
The net result: another hidden upward redistribution -- this one, from us to the big banks, their executives, and major shareholders.
Some of these upward redistributions seem to defy gravity. Why have average domestic airfares risen 2.5% over the past, and are now at their the highest level since the government began tracking them in 1995 -- while fuel prices, the largest single cost for the airlines, have plummeted?
Because America went from nine major carriers ten years ago to just four now. Many airports are now served by one or two.
This makes it easy for airlines to coordinate their fares and keep them high -- resulting in another upward redistribution.
Why have food prices been rising faster than inflation, while crop prices are now at a six-year low?
Because the giant corporations that process food have the power to raise prices. Four food companies control 82 percent of beef packing, 85 percent of soybean processing,63 percent of pork packing, and 53 percent of chicken processing.
Result: A redistribution from average consumers to Big Agriculture.
Finally, why do you suppose health insurance is costing us more, and co-payments and deductibles are rising?
One reason is big insurers are consolidating into giants with the power to raise prices. They say these combinations make their companies more efficient, but they really just give them power to charge more.
Health insurers are hiking rates 20 to 40 percent next year, and their stock values are skyrocketing (the Standard & Poor's 500 Managed Health Care Index recently hit itshighest level in more than twenty years.)
Add it up -- the extra money we're paying for pharmaceuticals, Internet communications, home mortgages, student loans, airline tickets, food, and health insurance -- and you get a hefty portion of the average family's budget.
Democrats and Republicans spend endless time battling over how much to tax the rich and then redistribute the money downward.
But if we didn't have so much upward redistribution inside the market, we wouldn't need as much downward redistribution through taxes and transfer payments.
Yet as long as the big corporations, Wall Street banks, their top executives and wealthy shareholders have the political power to do so, they'll keep redistributing much of the nation's income upward to themselves.
Which is why the rest of us must gain political power to stop the collusion, bust up the monopolies, and put an end to the rigging of the American market.
ROBERT B. REICH's new book, "Saving Capitalism: For the Many, Not the Few," will be out September 29. His film "Inequality for All" is now available on DVD and blu-ray, and on Netflix. Watch the trailer below:

 The TRUTH will set you FREE.

Why Poverty Isn’t a Halloween Costume






Why Poverty Isn’t a Halloween Costume
Not all of us can take off the costumes and go back to a life free of racism and hardship.
STEPHANIE LAND
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Ted Cruz Is Right: Let Limbaugh and Hannity Moderate a GOP Debate!
Voters would get to see the way the conservative entertainment complex now controls the Republican Party.
JOAN WALSH


Even Hillary Clinton Thinks It’s Time to Investigate Exxon
Lawmakers, candidates, and environmental groups are pressing the Department of Justice to probe the oil company’s role in sowing doubt about climate science.
ZOË CARPENTER
Goodbye Grantland, ESPN’s Home for Actual Sports Journalism
For this former ESPN ombudsman, Grantland was a beacon in a field of sludge.
ROBERT LIPSYTE
What If Your Tap Water Was Too Polluted to Drink?
This sorry state of affairs is the daily reality for too many Americans.
MICHELLE CHEN
Why Poverty Isn’t a Halloween Costume
Not all of us can take off the costumes and go back to a life free of racism and hardship.
STEPHANIE LAND
Gender Equality Is Not Possible Without Abortion
And a few other last words to Ross Douthat.
KATHA POLLITT


The TRUTH will set you FREE.

Democratic Socialism Has Deep Roots in American Life


bernie sanders


Democratic Socialism Has Deep Roots in American Life

Lawrence Wittner: The shock and disbelief with which many political pundits have responded to Bernie Sanders’s description of himself as a “democratic socialist”—a supporter of democratic control of the economy—provide a clear indication of how little they know about the popularity and influence of democratic socialism over the course of American history.

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MONDAY, 2 NOVEMBER 2015

bernie sanders


Democratic Socialism Has Deep Roots in American Life

Lawrence Wittner: The shock and disbelief with which many political pundits have responded to Bernie Sanders’s description of himself as a “democratic socialist”—a supporter of democratic control of the economy—provide a clear indication of how little they know about the popularity and influence of democratic socialism over the course of American history.
el super protest


El Super Ain't So Super

Rosemary Jenkins: They came—ready to march and chant, to pray and cajole. The message was clear: El Super cannot continue its heartless, self-serving, insensitive policies which not only negatively impact its workers but the safety of the community as a whole.

villaraigosa


Governor Villaraigosa and California's Latino Majority

Leonard Isenberg: To effectively take advantage of the new Latino population majority in the state, Villaraigosa needs to make himself the common point of reference for this constituency.

hillary blacklivesmatter


What Must Hillary Do to Prove She Believes Black Lives Matter?

David Love:#BlackLivesMatter wants more than rhetoric, it wants substance. And realness. It is no accident that it targets Democratic candidates rather than the GOP field.

radioactive waste


Exploding Radioactive Waste Warning: Keep It Above Ground

John LaForge: October’s waste explosion and fire shows we don’t have to wait thousands of years for disaster to strike.

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Powerful Politician Argues White Privilege Doesn’t Exist, Accidentally Demonstrates White Privilege


Republican presidential candidate Carly Fiorina has a message for the ladies of 'The View': "Man up." Paul Ryan has made it clear that just because he wants work-life balance, it doesn't mean he supports policies that would ensure that poorer Americanshave the same privilege. And, if you're concerned about your carbon footprint and are planning some holiday travel, these are America's most efficient and least efficientairlines.
Fiorina Fights Sexism By Telling The Women Of ‘The View’ To ‘Man Up’
Powerful Politician Argues White Privilege Doesn’t Exist, Accidentally Demonstrates White Privilege
One of Rhode Island’s most powerful Democrats doesn’t believe that “white privilege” exists. In a recent interview with the Providence Journal, Nicholas Mattiello, the state’s speaker of the House, said that that racial disparities are simply due to African-Americans’ and other minority groups’ failure to “take advantage” of the opportunities available to them. ...(read more)
Supreme Court To Hear One Of The Most Egregious Jury Discrimination Cases Since Jim Crow
After Defending His Own Family Time, Paul Ryan Refuses To Support Paid Family Leave
Want To Reduce Your Carbon Footprint? Here’s Which Airlines To Fly.
A study recently released by the International Council on Clean Transportation (ICCT) found a wide range in fuel efficiency for U.S. airlines. Among the 13 biggest airlines, the least efficient, American, used 25 percent more fuel per passenger mile than Alaskan Airlines, the most efficient way to fly. ...(read more)
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Lie down on the job with this crazy morphing workstation



Lie down on the job with this crazy morphing workstation

By Lloyd Alter
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Copyright © 2015 Mother Nature Network, All rights reserved.


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SHELL CIRCUMVENTED RA 7641

SYNDICATED ESTAFA


MY QUEST FOR SWINDLED 

RETIREMENT PAY BY SHELL



SWINDLING ITO, SYNDICATED ESTAFA


HOT PURSUIT
DUTY OF LAW ENFORCEMENT ENTITIES


SHELL SWINDLING OF RETIREMENT PAY 5TH YEAR

1001counts
SEE BELOW FOR THE 1001ST   TIME THE REITERATION OF DEMAND PAYMENT OF RETIREMENT PAY WHICH SHELL REFUSED TO HONOR IN THE PRESENCE AND DEEMED APPROVAL OF THE HONORABLE MAGISTRATES OF THE SUPREME COURT OF THE PHILIPPINES


Dishonest scales are an abomination to the Lord, but a just weight is His delight... Proverbs Chapter 11  v. 1
Retirement Pay Law circumvented by Shell subject to penal provision provided for by Article 288 of the Labor Code of the Philippines.





CONTENTS

.ENTERTAINMENT (4) 10 CCR § 2695.5 (1) 18DEC15 (112) 1A_MEDIA (8) 2014 CHRISTMAS MESSAGE (1) 2015 Miss Universe (1) 2016 SONA (1) 2020 EXCLUSION (1) 4TH OF JULY (1) abante clipping (1) ABOLITION OF THE COURT OF APPEALS (1) ABRAHAM LINCOLN (1) ABS-CBN (5) ABS-CBN NEWS (6) ABSOLUTE PARDON (1) ABU SAYAFF GROUP (2) ABUSE OF JURISDICTION (1) ACADEMIC FREEDOM (1) ACCRA (19) ACE VEDA (2) ACKNOWLEDGMENT OF EMAIL RECEIPT (2) aclu (3) AIRPORT HACKS (1) AIRWAVES (1) AIZA SEGUERRA (1) ALAN PETER CAYETANO (4) ALBAYALDE (8) ALBERTO ROMULO (1) ALDEN AND MAINE (1) Alfred Clayton (55) ALLEGATIONS OF MISCONDUCT (4) ALTERNET (6) ALVAREZ (1) ALVIN CUDIA (2) ALYAS BIKOY (1) AMADO VALDEZ (1) ANARCHY (1) ANDRES BONIFACIO (2) ANGEL LAZARO (1) ANGELO REYES (1) ANNEX 5 (5) ANNUAL REMINDERS (1) ANTHONY TABERNA . GERRY BAJA (2) ANTI GRAFT AND CORRUPT PRACTICES ACT (2) ANTI-TERRORISM ACT OF 2020 (1) ANTONIO (26) AQUACULTURE (1) AQUASCAPING (1) ARNOLD GONZALEZ (1) Arnold Schwarzenegger (5) ARTBOARD (15) ARTEMIO PANGANIBAN (1) atty dodo dulay (3) ATTY THEODORE TE (2) ATTY. AILEEN LOURDES LIZADA (3) ATTY. 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JUAN ESCANDOR (1) Dr. Love...Tribute to Andy Williams (4) DRA.LULU (1) DRILON (2) DRONE SURFING (1) DRUG MATRIX (1) DUAL DYNAMICS OF CORRUPTION (1) DUBAI (1) DUCKS (1) DUE PROCESS (1) DUTERTE (89) DUTERTE COVID 19 (3) duterte impeachment (1) DUTERTE NEWS (4) DUTERTE SONA 2018 (1) DUTERTE SUPREME COURT APPOINTEES (1) DUTY TO INVESTIGATE (1) DYING LAWFUL DISCRETION (2) DZMM (13) DZMM SOUND BITES (2) EARTHQUAKE (3) EAT BULAGA (2) ECONOMIC SABOTAGE (2) EDD (1) EDDIE ATCHLEY (5) EDDIE GARCIA (4) EDGAR JOPSON (1) EDSA 1 (1) EDSA 4 (1) EFREN (25) EL SHADDAI (4) ELECTION (1) ELECTORAL COLLEGE (1) electric car (3) END OF THE AMERICAN DREAM (1) ENDO (2) ENERGY IN CAN (1) ENRILE (6) ENTREPRENEUR (1) ENTRY OF JUDGMENT (1) ENVIRONMENT (7) ERAP (1) ERWIN TULFO (1) ESPINOSA KILLING (1) ESPOSO (1) ESTAFA OR SWINDLING (1) ESTATE TAX (3) ESTELITO MENDOZA (2) EUGENE V. DEBS (1) EXCAVATION DEPTH (1) EXCAVATION FOR A FEE (1) EXHAUSTION OF THE SSS ADMINISTRATIVE REMEDIES (2) EXPLOSION (6) EXPOSE THE TPP (1) F-35 (1) FAILON (1) FAIR CLAIMS SETTLEMENT PRACTICES REGULATION (1) FAKE AMBUSH (1) FAMILY AND FRIENDS (1) FASAP VS. PAL (2) fascinating (1) FATIMA (1) FERNANDO POE JR. (1) FILIPIKNOW (4) FILIPINO SUBJECT (1) FILMS FOR ACTION (2) FIREWORKS (1) FIRST DRAFT (1) FIX THE COURT (3) flaring (4) flash (1) FOIA APPEAL (11) foia executive order by duterte (1) For Hon CJ Sereno (57) FORTUNE TOBACCO CORPORATION (1) fossil fuel (13) Fr. JERRY ORBOS (1) FR. JOAQUIN BERNAS (1) FR..ZACARIAS AGATEP (1) fracking (2) FRANCIS TOLENTINO (1) FREDDIE AGUILAR (1) Frederick Douglass (1) FREEDOM OF EXPRESSION REFERENCES (1) FREEDOM OF SPEECH (1) Friends from Tabangao (7) Frito_Lay (1) G-SPOT (1) GANDHI (1) GarageBand (1) GATES OPEN OR CLOSE (1) GB (3) GCTA (6) GEN. BATO (1) GENERAL BATO (1) GEORGE ORWELL (1) GEORGE SOROS (1) GERALD BANTAG (2) German artist (1) GERRY BAJA (1) GETTYSBURG ADDRESS REFERENCE (1) GEUS (1) GEUS REITERATION OF DEMAND PAYMENT (29) GIANT HULKBUSTER (1) GIANT SKELETONS (1) gifs (1) GILSON ACEVEDA (4) GINA LOPEZ (22) GIVE THANKS (1) GIZMODO (1) GLORIA (7) GMA News Online (1) gmo (3) GMO FREE USA (2) golan (1) Golden Gate views (7) GOP (3) GORDON (5) GOTCHA (1) GOUT (1) GRACE (1) GRACE POE (4) GRAND CONSPIRACY (2) GREAT ESCAPE (1) GREED (1) GREENPEACE (30) GREENPEACE VIDEOS (3) GRETCHEN HO (1) GRIT (1) GUENIOT EMAIL ADDRESS (1) GUIDE Back up (1) GUN VIOLENCE (1) HABITUAL CHEATING (5) HALAMANG GAMOT (6) HAPKIDO (1) Harriet Heywood (2) Harry Roque (25) Hatol (1) HEARSAY (3) HEFTY (1) HERITAGE LAW (1) HEROISM (3) HEYWOOD (1) HIAS (1) HILING NA PANG-UNAWA AT PANALANGIN (1) HITLER (1) HOME SOLAR (1) HONDA_COOPER (2) HOOVERBOARD (1) HORSE KICK (2) HOT PURSUIT (2) HOTLINE 8888 (6) HOTLINE 8888 _NOTICE ON BLOGS (1) HOUSE SOLAR PANELS (1) HUFF_POST BUSINESSS (1) HUFF_POST POLITICS (5) HUKUM BITAY (2) HUKUman (1) HUMAN RIGHTS (3) HUMAN RIGHTS CAMPAIGN (2) HUMAN RIGHTS ON LINE PHILIPPINES (3) HUMAN RIGHTS WATCH (7) humor (5) i am sorry (1) IA_MEDIA (19) IBP (2) IJREVIEW (2) ILLEGAL DRUGS (38) ILLUSTRATION BOARD (1) ILRF (3) IMAGES (3) IMAGES COLLECTION FROM FACEBOOK (16) IMELDA (1) Immigration reform (1) IMMUNITY FROM SUIT (1) impeachment (4) IMPEACHMENTDUE TO DELAY OF DISPOSITION OF CASES (1) IMPULSION (1) IN THESE TIMES (3) INAPPROPRIATE RESPONSE (117) INAUGURAL DUTERTE (2) Inay...Home (3) INC (2) INCRIMINATING SENTENCES (1) INDEPENDENCE DAY (1) InDesign (5) INDISCRETION OF A DYING MAN (3) INDOLENCE (1) INFOWARS (1) INJUSTICE (1) INORDINATE DELAY (1) INQUIRER (13) INQUIRY (66) INSPIRING (59) INSURANCE COMMISSIONER (1) INTELLIGENCE.COM (1) INTERAKSYON (1) International Labor Rights Forum (1) INTERNET FREEDOM (1) IOWA CITIZENS FOR COMMUNITY IMPROVEMENT (1) IOWA CITY (1) ISLAM (1) ITALY (1) IUF (10) JACK LAM (3) JAIME (38) JAMES BWEIN (1) JANELLA SALVADOR (1) JANET LIM NAPOLES (1) JARIUS BONDOC (5) Jawaid Ali (2) JBC INTERVIEW. 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