8:21 May 4th, 2012 | 2 notes
4:20 Feb 29th, 2012 | 7 notes
10:56 Nov 22nd, 2011 | 217 notes
11:39 Nov 10th, 2011 | 17 notes
"And while the bankers’ period of remorse may or may not be over, the period of pay restraint certainly is. Bank leaders turned down bonuses in 2008 and 2009, but 14 out of 15 chief executives of leading US and European financial institutions accepted one last year. Total pay for those chief executives rose 36 per cent while revenue increased just 2.9 per cent, according to data compiled for the Financial Times by Equilar, an executive pay research firm."
1:04 Nov 8th, 2011 | 28 notes
"Starting around 1980, which is exactly when income inequality in America started to gap out, savings steadily fell. Fundamentally, what this represents is two things: the rich accumulating most of the gains of economic prosperity while the middle class suffered from sluggish wage growth. The rich couldn't really use that gusher of new money, so for 30 years they loaned it out to the middle class in increasingly Byzantine ways, and the middle class used these loans to sustain the steadily improving lifestyle they had gotten accustomed to. In 2008, this game of musical chairs came to a sudden end and the middle class stopped borrowing. And guess what? The rich still couldn't spend all that extra money. If they could, the savings rate would have stayed low. Instead, it shot up. The middle class was borrowing less, and the rich, left with no customers for their money, couldn't find anything to spend it on either. So now they're saving it."
8:48 Oct 31st, 2011 | 4 notes
11:23 Oct 26th, 2011 | 223 notes
8:01 Oct 26th, 2011 | 34 notes
"The CBO concluded that while after-tax household incomes grew by 275 per cent for the richest 1 per cent between 1979 and 2007, they rose by 65 per cent for the rest of the top 20 per cent of Americans. For the 60 per cent in the middle-class, after-tax incomes grew by slightly less than 40 per cent, and for the poorest 20 per cent by only 18 per cent."
12:42 Oct 21st, 2011 | 160 notes
chart of the day: as union membership rates decrease, middle class share of income shrinks and top 1 percent incomes explode
12:39 Oct 21st, 2011 | 37 notes