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Inefficient Wall Street Wastes $280 Billion A Year

Inefficient Wall Street Wastes $280 Billion A Year | Coffee Party News | Scoop.it

Wall Street seems to have learned a neat trick: how to make more money while producing less.


Between 1980 and 2010, the U.S. financial industry nearly doubled in size, relative to the overall economy. Yet in terms of what the financial industry actually produces -- liquidity, assets, anything of measurable benefit to society -- the sector appears to be doing less these days than it used to.


That, at least, is the contention of Thomas Philippon, an associate professor of finance at the New York University Stern School of Business whose 2011 paper -- "Has the U.S. Finance Industry Become Less Efficient?" -- is circulating the blogs this week.

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Fact-based, solutions-oriented, people-powered news for the 99%
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Who’s trying to influence your vote?

Who’s trying to influence your vote? | Coffee Party News | Scoop.it
A guide to our political TV ad trackers.
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Florida cop suspended after shooting black woman in back with stun gun

Florida cop suspended after shooting black woman in back with stun gun | Coffee Party News | Scoop.it
A Tallahassee, Fla., woman was shot in the back with a taser by a police officer after he attempted to take her into custody. The incident was captured on video. 
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Living wage: New York mayor gives thousands of workers a raise (+video)

Living wage: New York mayor gives thousands of workers a raise (+video) | Coffee Party News | Scoop.it
Mayor Bill de Blasio’s executive order requires business tenants in certain city-subsidized building projects to raise their minimum wages to $13.13 for employees who don't receive benefits.
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In New York's North Country, The Republican Party's New Poster Candidate

In New York's North Country, The Republican Party's New Poster Candidate | Coffee Party News | Scoop.it
Elise Stefanik is 30 years old and running for Congress. If she wins, she would be the youngest woman ever elected to Congress. Democrats hope filmmaker Aaron Woolf can help them hang on to the seat.
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Michael Dunn Found Guilty In Florida 'Loud Music' Shooting

Michael Dunn Found Guilty In Florida 'Loud Music' Shooting | Coffee Party News | Scoop.it
The case, which ended in a mistrial earlier this year, drew national attention because of its racial overtones. Dunn, a white man, said he shot a black teen because he felt threatened.
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Montgomery Council approves plan for public finance of local campaigns

Montgomery Council approves plan for public finance of local campaigns | Coffee Party News | Scoop.it
Candidates for county executive, council could opt into system that leverages money from small donors.
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Costs of Obama's New War in Iraq and Syria Set to Explode, say Analysts

Costs of Obama's New War in Iraq and Syria Set to Explode, say Analysts | Coffee Party News | Scoop.it
The U.S.
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Battle for the Senate: Who else is spending like the Koch Brothers?

Battle for the Senate: Who else is spending like the Koch Brothers? | Coffee Party News | Scoop.it
The big spenders cross the political spectrum from Charles and David Koch and the US Chamber of Commerce on the right to billionaires Michael Bloomberg and Tom Steyer on the left.
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Wait, Jimmy Carter was right about American greed and consumption

Wait, Jimmy Carter was right about American greed and consumption | Coffee Party News | Scoop.it
Former President Jimmy Carter says the income gap in the United States has increased to the point where members of the middle class resemble the Americans who lived in poverty when he occupied the White House.

Via Jocelyn Stoller
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Koch brothers freak out in response to Rolling Stone expose

Koch brothers freak out in response to Rolling Stone expose | Coffee Party News | Scoop.it
David Koch, not holding up well under scrutiny.
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Terror charges against ex-Guantanamo detainee dropped

Terror charges against ex-Guantanamo detainee dropped | Coffee Party News | Scoop.it
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Marianne Castiglia (@feathersnpaws) | Twitter

Marianne Castiglia (@feathersnpaws) | Twitter | Coffee Party News | Scoop.it
Marianne Castiglia's insight:

Because 94 million Americans did not vote in 2012, THAT's why! 

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Chomsky: Corporations and the Richest Americans Viscerally Oppose the Common Good

Chomsky: Corporations and the Richest Americans Viscerally Oppose the Common Good | Coffee Party News | Scoop.it
The Masters of Mankind want us to become the "stupid nation," in the interests of their short-term gain -- damn the consequences.
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282 Mexican Police Arrested After Killing 2 Protesting Students, 58 Students Still Missing

282 Mexican Police Arrested After Killing 2 Protesting Students, 58 Students Still Missing | Coffee Party News | Scoop.it
The entire police force of this city was disarmed and detained.
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In Georgia, both parties are fighting for minority voters

In Georgia, both parties are fighting for minority voters | Coffee Party News | Scoop.it
Democrats hope to increase turnout among minorities, while Republicans are reaching out to about 275,000 people of color who have voted in general elections but have little or no history of casting Democratic primary ballots.
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Unarmed black granddad killed by cop, in shades of Ferguson

Unarmed black granddad killed by cop, in shades of Ferguson | Coffee Party News | Scoop.it
Following high-profile officer-related shootings in South Carolina and Missouri, critics are pushing for more transparency into how, when, and why police officers use deadly force against unarmed Americans.
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On The Alert For Ebola, Texas Hospital Still Missed First Case

On The Alert For Ebola, Texas Hospital Still Missed First Case | Coffee Party News | Scoop.it
Diagnosing and treating Ebola isn't so hard, health workers say; hospitals across the U.S. should be ready. But initial symptoms, such as fever and headache, can look the same as other illnesses.
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How A Law From The Civil War Fights Modern-Day Fraud

How A Law From The Civil War Fights Modern-Day Fraud | Coffee Party News | Scoop.it
A Civil War-era law that encourages whistleblowers to turn in their employers has been successful at exposing corporate fraud.
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Victory in Montgomery County, MD. Here's what you need to know. | Public Campaign

Big news: The biggest county in #Maryland just voted to #empower small donors in #politics. http://t.co/mX5Bybl9dD http://t.co/ZzQKCx3Jt2
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Supreme Court allows changes in Ohio early voting to remain in effect

Supreme Court allows changes in Ohio early voting to remain in effect | Coffee Party News | Scoop.it
When there is a significant burden on voters imposed for no good reason, or imposed for a partisan reason, then courts should shut down voting restrictions. The Ohio case did not involve significant burdens.
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On CNN, Reza Aslan Explains How The Media Is Failing In Its Reporting On Islam

On CNN, Reza Aslan Explains How The Media Is Failing In Its Reporting On Islam | Coffee Party News | Scoop.it

" Stoning and mutilation and those barbaric practices should be condemned and criticized by everyone. The actions of individuals and societies and countries like Iran, like Pakistan, like Saudi Arabia, must be condemned because they don't belong in the 21st century. But to say, "Muslim countries," as though Pakistan and Turkey are the same; as though Indonesia and Saudi Arabia are the same; as though somehow what is happening in the most extreme forms of these repressive countries - these autocratic countries - is representative of what's happening in every other Muslim country is frankly - and I use this word seriously - stupid. So let's stop doing that." Reza Aslan

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Time is money - YouTube

The Center for Public Integrity traveled around the U.S. to investigate the growing web of prison bankers, private vendors and corrections agencies … and how...
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For a Worker With Little Time Between 3 Jobs, a Nap Has Fatal Consequences

For a Worker With Little Time Between 3 Jobs, a Nap Has Fatal Consequences | Coffee Party News | Scoop.it
The death of Maria Fernandes, a 32-year-old Dunkin’ Donuts worker, has been held up as a symbol of the hardships facing the nation’s army of low-wage workers.
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Did sequestration cause the Secret Service’s problems?

Did sequestration cause the Secret Service’s problems? | Coffee Party News | Scoop.it
A House oversight committee examined the issue on Tuesday. Here are two charts that show the agency's funding and personnel levels.
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You Can Now Find Out How Much Big Pharma Is Paying Your Doctor

You Can Now Find Out How Much Big Pharma Is Paying Your Doctor | Coffee Party News | Scoop.it
There's now a public database revealing the speaking fees, consulting fees, and stake ownership of more than 500,000 physicians.
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Marijuana Legalization May Open Door To “Big Cannabis”

Marijuana Legalization May Open Door To “Big Cannabis” | Coffee Party News | Scoop.it
Tobacco giants have been considering the marijuana market since at least the 1960s. After all, who knows how to sell psychoactive smoke-ables better than Big Tobacco?
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