Tag: banking
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Lost Generational Wealth
The growing gap between worker productivity and pay has been a new source of wealth since the early 1970’s. A much older but similar source of wealth was pocketed by slave owners. A Citigroup historical review of ties to slavery shows at least indirect profits. The company acknowledged that slavery and slave labor “most likely”…
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The Great Recession, Condensed
and with Glossary Subprime mortgages, side bets, greed, and fraud. The causes of the Great Recession were subprime adjustable-rate mortgages, and speculation using financial instruments that leveraged the actual market a thousandfold. In other words, greed and fraud. This is a bare-boned explanation of the greatest economic collapse since the Great Depression. The housing bubble that preceded…