News of the Day - 01/12/11

There Is a Global Aristocracy in the Making -- and the Greedy Super-Rich Think They've Earned It

By Lindsay Beyerstein, Media Consortium
Posted on January 11, 2011, Printed on January 12, 2011
http://www.alternet.org/story/149499/

Meet the new global elite. They’re pretty much the same as the old global elite, only richer and more smug.

Laura Flanders of GritTV interviews business reporter Chrystia Freeland about her cover story in the latest issue of the Atlantic Monthly on the new ruling class. She says that today’s ultra-rich are more likely to have earned their fortunes in Silicon Valley or on Wall Street than previous generations of plutocrats, who were more likely to have inherited money or established companies.

Perps in the White House

Posted on Jan 12, 2011
By Robert Scheer

While it is widely recognized that the banking meltdown has left enormous economic pain and political upheaval in its wake, it is amazing that the folks who created this mess are rewarded with ever more important positions in our government. Yet the recent appointments of Gene Sperling and William Daley, key Wall Street-connected perps of this crisis, to the most critical positions in the Obama White House have not generated much controversy.

The justification for the media’s indifference appears to be that the new appointees can hardly be worse than the hustlers they replaced. From its beginning, the Obama administration has been flooded with veterans of the Clinton White House who pushed through the radical deregulation that Wall Street had long sought and were rewarded with fat fees from the big banks when they left government.

Few foreclosures, no bank failures: Canada offers lessons

By Kevin G. Hall | McClatchy Newspapers

TORONTO — Maybe Canada has something to teach the U.S. about housing finance.

One in 4 U.S. homes is thought to be worth less that the mortgage being paid on it. One in every 492 U.S. homes received a foreclosure notice in November. For the fourth year running, analysts are speculating on where the bottom is for U.S. real estate.

No such worries up here in Canada — yet its system of mortgage finance gets little attention in the U.S.

We can feed 9 billion people in 2050

01:00 12 January 2011 by Debora Mackenzie
Magazine issue 2795.

The 9 billion people projected to inhabit the Earth by 2050 need not starve in order to preserve the environment, says a major report on sustainability out this week.

Agrimonde describes the findings of a huge five-year modelling exercise by the French national agricultural and development research agencies, INRA and CIRAD. It is the second report on sustainability launched this week to provide a healthy dose of good news.

Pension Envy

By Dave Johnson
Created 01/11/2011 - 8:10am

Since the 80s many employers have stopped offering health care, pensions and other benefits to their employees. Many are also cutting pay and hours, while increasing the workload. So more and more people are hurting. As more and more of us fall further and further behind, corporate/conservative propagandists use resentment to drive anti-union feelings. They tell people to oppose unions, saying, "Why should they have it so good?" The real question you should ask is, "Why should we have it so bad?"

Paul Krugman: Economics and Morality

Mark Thoma directs me to Eric Schoeneberg, who argues that the right is winning economic debates because people believe, wrongly, that there’s something inherently moral about free-market outcomes. My guess is that this is only part of the story; there’s more than a bit of Ayn Randism on the right, but there’s also the appeal of simplicity: goldbuggism is intellectually easy, Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it.