Clearchannel took over America's local radio, Bain Capital took over Clearchannel, Clearchannel went bankrupt

As I've written, the demise of newsmedia can't be blamed on tech -- rather, it was the combination of technology and deregulated, neoliberal capitalism, which saw media companies merged and acquired, vertically and horizontally integrated, with quality lowered, staff outsourced and assets stripped, leaving them vulnerable to technological shocks, after all their in-house experts were turned into contractors who drifted away, their physical plant sold and leased back, their war-chests drained by vulture capitalists who loaded them up with debt that acted like a millstone around their necks as they strove to maneuver their way out of their economic conundrum. Read the rest

Corbyn says he'll end asset-stripping hostile takeovers

Labour leader and PM-in-waiting Jeremy Corbyn has promised that when he is Prime Minister, his government will introduce regulations that ban the finance-driven, asset-stripping hostile takeovers of UK companies, in a bid to make finance the "servants of industry not the masters of us all." Read the rest

Hedge funds killed the newspaper industry, not the web

The web came of age with no-holds-barred finance capitalism, so it's hard to decide which of the last twenty years' worth of changes are the result of the tech industry, or of financialization, or a toxic mix of both. Read the rest

Bernie Sanders and Elizabeth Warren introduce a bill to provide $146B in aid to Puerto Rico and the Virgin Islands

As vulture capitalists and profiteers circle the devastation in America's hurricane-struck island colonies, the Trump administration has nothing for them but more loans to pile onto their existing, crippling debt (even as affected mainland cities where more white people live get direct government aid). Read the rest

Data-driven look at America's brutal, racist debt-collection machine

In 1996, New Jersey's courts heard 500 debt-collection cases; in 2008, they heard 140,000 cases, almost all against black people, almost all of whom were not represented by lawyers. The cases were filed by vulture capitalists who bought the debt for pennies on the dollar and employed "attorneys" who filed up to 1,000 cases a day, "reviewing" each one for about four seconds. Read the rest