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+2 +1
BUSTED: Paul Krugman removed 20 years of data from a chart to show a correlation that wasn't really there
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+3 +1
Rightwingers think capitalism's great – if you're selling something they like
By their logic, crowdfunding for the cop who shot Michael Brown is fine, but a Kickstarter for a feminist coloring book is a travesty.
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+15 +1
Antitrust: Commission sends Statement of Objections to MasterCard on cross-border rules and inter-regional interchange fees
The Statement of Objections outlines the Commission's preliminary view that MasterCard's rules prevent banks from offering lower interchange fees to retailers based in another Member State of the European Economic Area (EEA), where interchange fees may be higher. As a result, retailers cannot benefit from lower fees elsewhere and competition between banks cross-border may be restricted, in breach of European antitrust rules.
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+66 +1
Pope attacks capitalism as 'dung of the devil' in speech
Pope Francis has launched a blistering attack on the "new colonialism" of austerity, describing unfettered capitalism as "the dung of the devil" and apologising for the Catholic church's role in the conquest of indigenous populations in the Americas.
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+21 +1
Americans really do have to work harder to stay middle class
Roughly 90% of Americans describe themselves as “middle class”—either, upper middle class, lower middle class, or plain middle class—according to recent research from the Pew Research Center. That’s a highly desirable bloc of potential voters. And they’re a group that’s stuck in a rut, making them especially insecure.
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+11 +1
Reverse Robin Hood tax policy: Shifting taxes from the rich to the poor
An article of faith in the right wing of the US is that raising taxes is always bad and lowering taxes is always good. In fact, Grover Norquist has made a good living going around getting candidates to sign a pledge that they will never raise taxes, ever, and woe to anyone who breaks such a pledge.
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+47 +1
Don't blame your expensive lunch on minimum wage increases
Chipotle is just the latest company in the city to claim labor costs as the reason for price hikes. It sounds logical. Wages go up 10%, prices of menu items go up 10%. It’s fair, right? But Chipotle co-CEOs Steve Ells and Monty Moran’s earnings in 2014 were $28.9m and $28.2m, respectively. Ells also brought in around $42m in stock options in 2014, yet prices must go up because the lowest paid workers received a $1 raise?
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+21 +1
Two Americas: Hillary Clinton and Scott Walker have utterly different visions for our future.
On Monday, if you were paying attention, you caught a glimpse of our ultrapolarized future. Specifically, you saw two speeches from two candidates on opposite ends of the ideological divide. First was Hillary Clinton’s marquee speech on the economy, in which after months of silence, she addressed a major question of her candidacy: Was she committed to the neoliberal path of her husband’s administration and her first campaign, or would she follow the progressive economic zeitgeis?
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+14 +1
Gawker's staff meeting, live-tweeted
On Tuesday, Denton held a meeting with the editorial staff, some of whom tweeted what was happening. Finnegan offered a skeptical, detailed play-by-play of the topics the meeting covered:
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+20 +1
The M.I.T. Gang
Goodbye, Chicago boys. Hello, M.I.T. gang. If you don’t know what I’m talking about, the term “Chicago boys” was originally used to refer to Latin American economists, trained at the University of Chicago, who took radical free-market ideology back to their home countries.
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+15 +1
'The Half Has Never Been Told,' by Edward E. Baptist
A historian argues that the slave states were not a world apart but were crucial to American development.
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+19 +1
China’s Naked Emperors
Politicians who preside over economic booms often develop delusions of competence. You can see this domestically: Jeb Bush imagines that he knows the secrets of economic growth because he happened to be governor when Florida was experiencing a giant housing bubble, and he had the good luck to leave office just before it burst. We’ve seen it in many countries: I still remember the omniscience and omnipotence ascribed to Japanese bureaucrats in the 1980s, before the long stagnation set in.
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+26 +1
Are We Nearing The End Of Capitalism?
Capitalism has reigned for decades, yet it might see itself overthrown by the arrival of shared economies. Is the end near for capitalism? TestTube News is committed to answering the smart, inquisitive questions we have about life, society, politics and anything else happening in the news. It's a place where curiosity rules and together we'll get a clearer understanding of this crazy world we live in.
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+28 +1
10 Ways Monopoly Airlines Use 'Calculated Misery' to Make Flying an Increasingly Overpriced Nightmare
In other words, customer dissatisfaction pays off big for airlines. The industry figured out that if it only made flying a nightmarish experience for the average traveller – one in which things like food and comfort come a la carte and at additional cost – customers would pay extra for even the most basic services. Airlines get to pretend that they’re offering customer choice, and passengers are duped into believing they’re spending more for premium service.
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+30 +1
The looting class and its hoarded gold
Every time layoffs are announced or vital government benefits are slashed, we're told that there is no alternative because the money isn't there. But this is a bald-faced lie, explains Danny Katch, author of Socialism...Seriously: A Brief Guide to Human Liberation.
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+33 +1
How the rich stole our money — and made us think they were doing us a favor
Pushing people toward stocks, real estate and credit cards have all come at a cost -- and with one goal in mind.
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+22 +1
Economists Prove That Capitalism Is Unnecessary
Actually they’ve done no such thing. But they do effectively assume that it’s unnecessary all the time. This transcendental truth became apparent to me in the reactions I have had from mainstream economists to a lecture I gave to my Kingston students this month (which is posted on my YouTube channel and blog). In it I explained that, at a very basic level, the original “Neoclassical” mathematical model of a market economy is mathematically unstable...
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+31 +1
$750/pill pharma company under investigation by Senate for price gouging
Martin Shkreli, CEO of Turing Pharmaceuticals, just got a letter from the US Senate. And it’s not a nice letter. It was sent by US Senators Susan Collins and Claire McCaskill, leaders of the Senate Special Committee on Aging, who are concerned by recent drug pricing practices. In addition to Shkreli, the senators sent letters to the heads of three other pharmaceutical companies, namely Valeant Pharmaceuticals, Retrophin, Inc., and Rodelis Therapeutics.
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+24 +1
Jumping the Gun
The commercial market tries to force us to begin the buying season, otherwise known as the pagan/Christian holiday season, a little earlier every year.
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+44 +1
Martin Shkreli is now the CEO of a publicly traded pharmaceutical company
Martin Shkreli is now the CEO of a publicly traded pharmaceutical company. In a release on Thursday, KaloBios named Shkreli CEO and chairman of the board while also adding three new board members. KaloBios saw its stock price rise more than 400% on Thursday after Shkreli and his associates reported that they'd purchased 70% of the company's outstanding shares earlier this week.
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