"Work ethic": Minutes from 2011 meeting reveal Federal Reserve bankers making fun of unemployed Americans

The Federal Reserve Board, charged with maximizing employment in America, sets interest rates and takes other measures to achieve this goal; because of public records laws, we get to look in on their deliberations five years after the fact. A recently released transcript, dating from the depths of America's unemployment crisis in 2011, reveals that Board members selected by American business (as opposed to those members appointed by the President) mocking unemployed Americans as being uneducated, addicted to drugs, and having a poor "work ethic." Read the rest

Billionaire tech investors back ballot initiative to purge homeless people from San Francisco

Sequoia Capital Chairman Michael Moritz and angel investor Ron Conway have donated to San Francisco's Proposition Q: if passed, "the city would give residents of tent encampments 24 hours’ notice to relocate to a shelter or accept a bus ticket out of town." Read the rest

Tim O'Reilly schools Paul Graham on inequality

Y Combinator founder and essayist Paul Graham's essay on the inevitability -- and desirability -- of income inequality sparked many scathing rebuttals, some of them quite brilliant, but the best so far comes from Tim O'Reilly, one of technology's towering figures. Read the rest

Oxfam: 85 richest humans own more than all assets held by half the human race

A new Oxfam report entitled Working for the Few (PDF), documents a "power grab" by the world's wealthy super-elite, who have amassed astonishing assets while the rest of the world grew poorer. Not only do the top 1% of the world's richest own 65 times more than the world's poorest 50%, but the 85 richest people own more than half the world. Oxfam is clear that this wealth expansion at the top is the result of a horribly corrupt political process by which elected representatives end up making policies to enrich the already-wealthy.

They're at Davos this week, asking the world's elites to pledge support for progressive taxation; an end to tax-avoidance; an end to financial corruption of legislation and policy; transparency in their own fortunes; universal healthcare, education and social protection; and a living wage for all. Read the rest