Tag Archives: Late-2000s recession

Awash in money and piles of debt


Detail from Government. Mural by Elihu Vedder....

Detail from Government. Mural by Elihu Vedder. Lobby to Main Reading Room, Library of Congress Thomas Jefferson Building, Washington, D.C. Main figure is seated atop a pedestal saying "GOVERNMENT" and holding a tablet saying "A GOVERNMENT / OF THE PEOPLE / BY THE PEOPLE / FOR THE PEOPLE". Artist's signature is "ELIHU VEDDER / ROMA–1896".
(Photo credit: Wikipedia)

By Stella Dawson – The amount of money thrown at rescuing the world economy since the Great Recession began is truly staggering, probably more than $14 trillion, and the financial spigots are still open.

Major central banks haven’t finished pumping money into the global economy either.

The Federal Reserve meets on Tuesday and Wednesday and the Bank of Japan meets on Friday, and their bias toward monetary easing through bond purchases is likely to remain firmly in place. Japan may even ease again to counter deflationary pressures.

But can all this money restore growth to robust levels anytime soon? more> http://is.gd/V6OCDa

The Rich Get Richer: 2010 Was a Very Good Year to Be in the 1%


By Derek Thompson – During the Great Recession, the 1% absorbed half of total income losses between 2007 and 2009. But in the first year of the recovery, the top percentile won 93% of all income gains.

As for this recession, Tim Noah puts it beautifully: This recovery has been a luxury item. For the bottom 99%, real income growth over the first two years of the recovery was one-fifth of one percent. The richest percentile saw its income rebound by 11.6%. It is only slightly sensational to point out that the 1%’s income has outgained the rest of the economy by a factor of 58 in the recovery. more> http://tinyurl.com/79e2sly