Plutonomy revisited

Business Insider has a write-up of a BoA Merrill Lynch report that declares that, the FT’s quibbles aside, Thomas Piketty is essentially right, and the super-rich is where the action is, so invest accordingly. (Never mind that Piketty utterly destroyed, in the most gracious manner imaginable, the newspaper’s economics editor Chris Giles’ half-assed critique.) The BoA Merrill report was written by Ajay Kapur, who is quoted by BI as saying: When wealth and income are as concentrated as they are, and expected (a la Piketty) to get even more so, examining the ‘average’ consumer or… Read More

Radio commentary, December 5, 2009

[Not retrieved from the future. Most of this was delivered on WBAI last night, but the bits about the employment report and liberal disillusionment were written for tomorrow morning’s KPFA version.] Things today… Two stories on the front of Thursday’s Financial Times tell you a lot about life in today’s USA. Above the fold—a phrase that probably doesn’t mean that much to anyone under the age of 35—the lead story tells us that the Bank of America is about to pay back the $45 billion the U.S. government lent to it when… Read More