Large American and European banks are financing the destruction of rainforest, despite “sustainability pledges which specifically mention deforestation.”
The money is aiding a process that scientists say destroys ecosystems, displaces indigenous communities and covers the region each year in a thick, suffocating smog that stretches from Jakarta to Hong Kong.
How Big Banks Are Putting Rain Forests in Peril http://nyti.ms/2gY48gO
Why were people so willing to think a tiger would change its stripes?
Of course The Drumpf is serving his own needs first. Of course he lied to those who voted for him. Of course those who voted for him were fools to believe that he would follow through on his promises to them.
He’s outsourcing our economic policy to Wall Street.
“Steve Mnuchin is just another Wall Street insider,” Senator Bernie Sanders of Vermont and Senator Elizabeth Warren of Massachusetts said in a joint statement. “That is not the type of change that Donald Trump promised to bring to Washington — that is hypocrisy at its worst.”
Trump’s Economic Cabinet Picks Signal Embrace of Wall St. Elite http://nyti.ms/2gMB0sN
The staff at NobodyisFlyingthePlane would like to see if the promises of candidate Clinton will be kept by President C, should she be elected.
Her words seem to be what we need. Her summary of financial reforms speaks volumes.
The proper role of Wall Street is to help Main Street grow and prosper. When our financial sector works the right way, it helps families buy their first homes, entrepreneurs start and grow small businesses and hardworking Americans save for retirement. Rather than pursuing the kind of high-stakes speculation that devastated our economy before, Wall Street should focus on building an economy that creates good-paying jobs, rising incomes and sound investments so that more families can achieve the security of a middle-class life.
Hillary Clinton: How I’d Rein In Wall Street http://nyti.ms/1jJtCiI
Social activist investors make more headway when they attack the financiers and backers of problematic industries than going after the industries themselves.
They were able to convince PC Bank to curtail funding for mountain top removal mining. Hopefully this will have the intended effect of reducing this environmentally injurious practice.
This method of forcing corporations to stop harmful practices could be used in a wide array fields. The staff here at NobodyisFlyingthePlane hopes to see more of it.
NYTimes: A New Tack in the War on Mining Mountains
Why Finance Is Still a Problem
The Finance industry isn’t doing its part for the rest of the economy. There lots of improvements still needed in the sector.
An interesting clarification of just how much welfare US taxpayers give to businesses.
Its also shows just how impossible it is for a free market to meet the needs of either corporations or citizens.
NYTimes: Why We’re All Crony Capitalists, Like It or Not
Krugman points out the deceits we accept which paint our misperceptions about the wealthy in the US.
I hope we can break through the propaganda so often cited that the wealthy are job creators. Its just these type of lies which are the reason NobodyisFlyingthePlane. As he points out the really wealthy are not at all job creators, they are hedge fund managers.
Conservatives want you to believe that the big rewards in modern America go to innovators and entrepreneurs, people who build businesses and push technology forward.
The finance industry isn’t really as useful to us as is often believed.
Once upon a time, you might have been able to argue with a straight face that all this wheeling and dealing was productive, that the financial elite was actually providing services to society commensurate with its rewards. But, at this point, the evidence suggests that hedge funds are a bad deal for everyone except their managers; they don’t deliver high enough returns to justify those huge fees, and they’re a major source of economic instability.
Given that history, do you really want to claim that America’s top earners — who are mainly either financial managers or executives at big corporations — are economic heroes?
Next time you hear someone declaiming about how cruel it is to persecute the rich, think about the hedge fund guys, and ask yourself if it would really be a terrible thing if they paid more in taxes.