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    For there is another kind of violence, slower but just as deadly destructive as the shot or the bomb in the night. This is the violence of institutions; indifference and inaction and slow decay. This is the violence that afflicts the poor, that poisons relations between men because their skin has different colors. This is the slow destruction of a child by hunger, and schools without books and homes without heat in the winter.

    This is the breaking of a man's spirit by denying him the chance to stand as a father and as a man among other men. And this too afflicts us all.

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    I Want My Next Kid To Be A Corporation

    So I can claim IT as a dependent but not have to support IT.

    The Pinocchio Project
    Watching as the Supreme Court turns a corporation into a real live boy.
    By Dahlia Lithwick

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    Return to the Gilded Age

    Bail out the rich.  Fail to regulate corporations.  Allow unconstrained corporate compensation agreements.  Do not facilitate unionization of workers.  Allow big corporations to control the media.  Make free trade more important than our manufacturing industries.  Ignore environmental priorities.  Keep taxes low.  Deficit spend on the military.  Constrain health care and infrastructure expenditures.

    And expect things to get better.

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    Les Leopold: Why Our [...]



    a day for pitchforks

    It’s the best of times for Goldman Sachs, and the worst of times for the rest of us.

    Ironic that this news would break on Bastille Day:

    Goldman Sachs’ profits for the second quarter smashed Wall Street estimates and are likely to trigger a windfall for bankers.

    The bank, long considered the most prestigious and profitable on Wall Street, recorded net profits of $3.44bn in the [...]



    unfuckingbelievable

    I tried to post on this yesterday, but Li’l Kim clogged my intertoobz:

    July 8 (Bloomberg) — Morgan Stanley plans to repackage a downgraded collateralized debt obligation backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind, said two people familiar with the sale.

    Morgan Stanley is selling $87.1 million of securities that it expects to receive top AAA ratings [...]



    More Bush III – More Change We are Not Getting

    Obama Blocks Dick Cheney FBI Notes Release

    Transparency?

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    idiots and the newschimps who follow them over the cliff

    A “taxpayer watchdog” group calling itself Common Sense for Oregon has started buying ads on Portland radio ridiculing “free soda for prisoners” in its attempt to give the newly majority-Democrat Oregon legislature a black eye at a time when the legislature is trying to close a $4 billion budget gap.

    With unemployment in the state at a post-Great Depression high, and drastic cuts imminent to programs [...]



    Proof that Accounting is Not an Exact Science and the Fall of Rome

    Krugman has an article today, Alice in financeland, that shows how sometimes following accounting rules leads to apparent absurdities.  Because of market to market accounting rules and credit default swaps he says:

    …Citigroup is profitable because investors think it’s failing, while Morgan Stanley is losing money because investors think it will survive. I am not making this up.

    This is part of the problem of  “too big [...]



    tell congress to impeach jay bybee

    Sign the petition.

    Some of Bybee’s greatest hits:

    Sickening.

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