What Tax Plan?

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Transcript “Trump's Tax Plan Helps Wall Street, Not Main Street,” TRNN, October 3, 2017. It should be called the Leona Helmsley tax plan,' says economist Michael Hudson. 'Only the little people will pay taxes'. S. Peries: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. A general consensus is emerging that Trump's tax plan, which he presented last Wednesday will benefit mostly the country's upper classes and corporations. In fact the only people that got a tax increase are the poorest taxpayers. A quick scan of even business press headlines will reinforce what I'm saying. For example, Bloomberg writes, "Tax reform could open a huge loophole for wealthy Americans", and the conservative magazines National Review has a headline that ...

Stock on Trumponomics

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August 4 2017, The Real News Network “Trump is Turning Against the White Working Class that Elected Him,” The Real News Network, August 4, 2017.  Rising stock prices is not an indicator of financial health like Trump would have you believe, specially when you examine who is buying that stock, says economist Michael Hudson, the author of J Is for Junk Economics. SHARMINI PERIES: It's the Real News Network. I'm Sharmini Peries coming to you from Baltimore. The rise of stock prices in the US stock market could be an indication of economic growth and prosperity, but it could also be an indication of the concentration of wealth of the rich and powerful. Which is it? To answer that question, we need to ...

Harper’s Slow Crash

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As published in Harper's Magazine. Two years before the 2008 Wall Street crash that toppled the global economy into deep recession, Harper’s Magazine published a dark prophecy of what was to come. In “The New Road to Serfdom,” economist Michael Hudson laid out how millions of Americans had taken on huge debts to buy houses on the presumption that they could later sell them at a profit. “Most everyone involved in the real estate bubble so far has made at least a few dollars,” he wrote. “But that is about to change. The bubble will burst, and when it does the people who thought they would be living the easy life of a landlord will soon find out that what they ...

Another Housing Bubble?

TRNN, May 24, 2017. Economist Michael Hudson explains that even though housing prices are back up at 2008 levels homeownership is at a much lower level and banks have their loans guaranteed by the US government SHARMINI PERIES: It's The Real News Network. I'm Sharmini Peries, coming to you from Baltimore. Just prior to the economic collapse of 2007-2008 there were several economic indicators which could have given us a clue of the impending disaster. If we look at the economic situation today in the US, we find many of these very same indicators. Housing prices are getting very high. Credit card debt has begun to rise again. Student loans are in default, many of them, and the stock and bond markets ...

BC Pipeline Poll

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British Columbia May 12 2017 “Why are British Columbians Voting Liberal, Against Their Own Interest?” The Real News Network, May 12, 2017. British Columbia is giving away lumber at .50 cents an acre and the Green Party holds the balance of power at a tipping point on energy policy says Michael Hudson. https://www.youtube.com/watch?v=zBy-zR600zs Dimitri Lascari: This is Dimitri Lascaris for The Real News. On Tuesday of this week the Canadian Province of British Colombia held an election and the result was a nail biter. BC's legislature consists of 87 seats and in order to command a majority, a party must hold a minimum of 44 seats. The provisional results are that the right wing incumbent liberal party, led by BC premier Christy ...

IMF to Greece: Sorry We’ll Destroy You

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Greece Passes New Austerity for New Loans, The Real New Network, May 6, 2017. Bond holders, banks, and IMF bear responsibility for having made irresponsible loans to Greece, so it is not right for them to force yet more austerity on Greece, says Michael Hudson. Sharmini Peries: It's the Real News Network. I am Sharmini Peries coming to you from Baltimore. The European Commission announced on May 2, that an agreement on Greek pension and income tax reforms would pave the way for further discussions on debt release for Greece. The European Commission described this as good news for Greece. The Greek government described the situation in similar terms. ...