Why America — Where Only The Rich Get Richer — Is Not A Democracy

Bill Moyers has seen the rich getting richer since the 1950s, and he’s sick and tired of it.

Bill Moyers gives his take on what has happened to our democracy, using the now famous leaked Citigroup document entitled “Revisiting Plutonomy”. These are the words that so disturbed Moyers:

“Asset booms, a rising profit share and favorable treatment by market-friendly governments have allowed the rich to prosper… [and] take an increasing share of income and wealth over the last 20 years.”

“…the top 10%, particularly the top 1% of the United States – the plutonomists in our parlance – have benefited disproportionately from the recent productivity surged in the US… [and] from globalization and the productivity boom, at the relative expense of labor.”

“… [and they] are likely to get even wealthier in the coming years. Because the dynamics of plutonomy are still intact.”

Disturbing indeed.  See Bill Moyers comments at:

Why America — Where Only The Rich Get Richer — Is Not A Democracy.


Robert Diamond, Disgraced Barclays Banker, Pulls Out Of Romney Fundraiser

Is accepting campaign donations from foreign banks even legal?

A disgraced London banker has rescinded an offer to co-host a high-dollar fundraiser for Mitt Romney, sparing the GOP hopeful the difficulty of appearing at a lavish event with a man embroiled in scandal.

Romney’s plan to hold a fundraiser in London this summer with Barclays CEO Robert Diamond was reported June 28 by the London Telegraph. The cost of the dinner seemed to shock the British paper, which noted that “the price of invitations dwarfs the amounts paid for such fund-raisers in British politics.”

On Tuesday, Diamond resigned from Barclays after his bank was fined more than $450 million by British and U.S. authorities for attempting to manipulate the Libor rate (London interbank offered rate), a key global metric used to set everything from credit card to mortgage interest rates.

more at Robert Diamond, Disgraced Barclays Banker, Pulls Out Of Romney Fundraiser.

Executives Learning To Really Relax On Vacation; Workers Not So Much

What’s wrong with picture…

Just because workers have stopped taking time off of work doesn’t mean that their bosses can’t have a bit of fun.

Of American executives surveyed in a new survey conducted by Robert Half Management Resources, 51 percent said they do not check in with the office while on vacation. That’s up from 26 percent in 2010 and 21 percent in 2005. (h/t Chicago Tribune) This comes just after a separate and now seemingly more awkward survey found that 37 percent of managers expected their employees to check in with work while on vacation.

Of course, American workers are doing what they can to make sure this isn’t an issue at all. Roughly three-fifths of American workers left some vacation days unused last year, a Harris Interactive survey found. According to this report, workers failed to use roughly 70 percent of their allotted time. Another survey showed that the fear of returning to heavy workloads prevented workers from taking more time off, USA Today reports.

via Executives Learning To Really Relax On Vacation; Workers Not So Much.

Investigation: Mitt Romney’s Offshore Accounts, Tax Loopholes, and Mysterious I.R.A. | Politics | Vanity Fair

Uh oh! More funny money Mitt’s not telling us about…

For all Mitt Romney’s touting of his business record, when it comes to his own money the Republican nominee is remarkably shy about disclosing numbers and investments. Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.

more at Investigation: Mitt Romney’s Offshore Accounts, Tax Loopholes, and Mysterious I.R.A. | Politics | Vanity Fair.