As Foreclosures Hit All-Time High, Wall Street on Pace to Hand Out Record $140B in Employee Bonuses
The Dow Jones Industrial Average has topped 10,000 for the first time
in a year, as JPMorgan Chase reported massive profits in the third
quarter. Meanwhile, the Wall Street Journal is reporting that
major US banks and securities firms are on pace to pay their employees
about $140 billion this year--a record high. But on Main Street,
foreclosures are also at record levels, and the official unemployment
rate is expected to top ten percent. We speak to former bank regulator
William Black, author of The Best Way to Rob a Bank Is to Own One.
The Dow Jones Industrial Average has topped 10,000 for the first time
in a year, as JPMorgan Chase reported massive profits in the third
quarter. Meanwhile, the Wall Street Journal is reporting that
major US banks and securities firms are on pace to pay their employees
about $140 billion this year--a record high. But on Main Street,
foreclosures are also at record levels, and the official unemployment
rate is expected to top ten percent. We speak to former bank regulator
William Black, author of The Best Way to Rob a Bank Is to Own One.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
The Dow Jones Industrial Average has topped 10,000 for the first time
in a year, as JPMorgan Chase reported massive profits in the third
quarter. Meanwhile, the Wall Street Journal is reporting that
major US banks and securities firms are on pace to pay their employees
about $140 billion this year--a record high. But on Main Street,
foreclosures are also at record levels, and the official unemployment
rate is expected to top ten percent. We speak to former bank regulator
William Black, author of The Best Way to Rob a Bank Is to Own One.
The Dow Jones Industrial Average has topped 10,000 for the first time
in a year, as JPMorgan Chase reported massive profits in the third
quarter. Meanwhile, the Wall Street Journal is reporting that
major US banks and securities firms are on pace to pay their employees
about $140 billion this year--a record high. But on Main Street,
foreclosures are also at record levels, and the official unemployment
rate is expected to top ten percent. We speak to former bank regulator
William Black, author of The Best Way to Rob a Bank Is to Own One.