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When is a Contract a Contract?

Dean Baker complains about AIG bonuses being honored because they’re contracts, whereas Detroit and, possibly, Chicago city employees pensions are in line to be slashed despite being contracts. Such is life in a plutocracy. This really ought not surprise anyone. The rules for the elite are, and have always been, different. A contract to pay […]

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What Sustainability?

I can understand why capitalists are opposed to democracy: the impulse of the masses is – usually – to redistribute some of the loot downwards to their own pockets and away from those who “earned” it. I suppose it all depends on what you mean by “earned”. I have a harder time understanding why some […]

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Signs of Life? Part 3

OK, let’s end the week with one last optimistic hurrah. Today’s employment report was pretty good. That’s probably less enthusiasm than you will sense in the way others are reacting, but I put today’s numbers in a longer term context. In which case they aren’t bad, but they aren’t exactly terrific either. The facts: The […]

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