What's financialism, and how is it destroying your life?

As businesses start retaining and investing larger cash-reserves, they're turning into banks. Banks, meanwhile, need to find another line of work: they become asset traders. Meanwhile, your wages have been stagnant for decades, which means that in order to survive, you must become a debtor.

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American businesses devour themselves to enrich the 1%


A Goldman Sachs report on stock buybacks shows a suspicious clustering in the fourth quarter, just when management bonuses are being calculated.

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Why the UK middle class should be rioting in the streets


Alex Proud, a lifestyle columnist for the right-of-centre UK daily The Telegraph, has an incendiary and essential column about the end-game of financialized capitalism, which, having destroyed the lives of working class people, has now set its sights on the middle class, as private equity firms buy up productive businesses, saddle them with debt, cash out huge dividends, and leave the businesses to collapse.

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Finance industry profiteers exploit prisoners' families


Companies like Jpay lobby hard to be the exclusive conduit for remittances from prisoners' families to the inmates, taking a huge rake off the top of funds sent to pay for essentials like warm clothes, medical care and food.

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Skinner-box rats trained to predict currency market movements


Viennese artist Michael Marcovici's Rat Traders uses reward, punishment and selective breeding to create a strain of lab-rat that can predict the movement of international currency markets.

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Fed whistleblower secretly recorded 46 hours of regulatory capture inside Goldman Sachs

Carmen Segarra is a former FTC regulator who joined the fed after the financial crisis to help rescue the banking system -- but she was so shocked by the naked regulatory capture on display that she ended up buying a covert recorder from a "spy shop" and used it to secretly record her colleagues letting Goldman Sachs get away with pretty much anything it wanted to do.

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Eric Holder: creator of the "Too Big to Jail" bankster


While you contemplate Eric Holder's track record of surveilling, intimidating and indicting journalists, remember that he also invented the Too Big to Jail doctrine, the failed idea that the answer to breathtaking criminal activity by gigantic banks is big fines, not criminal prosecutions.

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Class war meets the War on General Purpose Computers


The subprime auto-lending business -- writing car-loans to people who can't afford them -- is fuelled by GPS-enabled immobilizers that let lenders track and shut down cars whose drivers violate terms of service, from missing payments to fleeing the tri-county area in order to move into a shelter for abused women.

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Elizabeth Warren asks why criminal bankers are too big to jail

There were 800 convictions in the S&L crisis, but the DOJ hasn't prosecuted a single banker involved in the financial crisis; as Matt Taibbi points out in the brilliant, essential book The Divide, if shutting down a huge bank would impose too many costs on society, then why don't prosecutors insist that the banks be split up as a condition of not dropping the entire C-suite into the deepest dungeon in the nation?

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Elizabeth Warren speaks for allowing states to limit campaign finance

It's a stirring Congressional speech in support of Tom Udall's (D-NM) Constitutional amendment.

(via Reddit)

Mayday anti-super-PAC backs anti-corruption senate candidate in NH GOP primary

Brian from Mayday.US writes, "Lessig's anti-corruption Mayday PAC is entering its toughest race of this election cycle - supporting pro-campaign finance reform NH Senatorial candidate Jim Rubens in the Republican Primary against Scott Brown. Lawrence Lessig's anti-corruption Mayday PAC has just launched an online tool where supporters of campaign finance reform across the nation can call voters on the phone and urge them to come to the polls and vote for reform. Its first test is this Tuesday, September 9th."

Scott Brown Senate campaign threatens Lessig for calling him a "lobbyist"

Colin Reed, the campaign manager for Scott Brown's primary race, says that because senate rules don't define his boss as a lobbyist, he'll use his "legal options" against Lessig (Brown, a former Mass. state senator, works for "Nixon Peabody, a law and lobby firm, as counsel").

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Kleargear's parent company issues hilarious press release about company's future


The shady ripoff merchants are doing so well they're going to start selling through Amazon, and their apparently imaginary bricks-and-mortar sister company Gift World is shutting down.

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Market Basket victory: worker-friendly, fair business trounces looting klepto-investors


(WBUR)

The beloved, profitable, worker-friendly Market Basket grocery chain is back in the hands of former CEO Arthur T Demoulas, following a mass worker and management revolt at the news that Demoulas's cousin, Arthur S Demoulas, was taking over the company, bringing in a notorious former Radio Shack CEO, and getting set to break up and sell off the company in order to extract higher dividends for shareholders.

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City of London Police reject FOIA request for their dealings with copyright lobbyists

They say they have so much correspondence with the industry, and are apparently so incompetent at searching their own records, that they can't fulfil the request without being unduly burdened, and thus they are not required to comply with the Freedom of Information request.

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