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Showing posts with label Business News. Show all posts
Showing posts with label Business News. Show all posts

Thursday, March 1, 2012

Blacks Receive Only Debt When Parents Die, Poorest Is Generational.


In the basement of Hill House, a community center just outside of this city's bustling downtown, Brooklyn Davis clutches a plastic fork and stabs eagerly at a styrofoam plate piled high with waffles and syrup. He keeps a broad-billed, oversized New York Yankees baseball cap pulled low over his ears, and has a NASCAR jacket -- festooned with the "Army Strong" trademark and corporate logos from Office Depot and Chevrolet and Old Spice -- wrapped around his thin frame.

"I found out I was poor in middle school," Davis says between bites, as he recalls intermittent forays into the drug trade. "I had holes in my shoes and I started getting ripped on. So I just started hitting the block, and I was like 'Man, nobody's going to be bothering me now. I've got money in my pocket.' But I realized that can't go on too long."

Davis is now a Hill House regular, keen to have a chance at breakfast, access to computers and the use of a telephone. The facility is anchored in the historic Hill District, a predominantly black and widely impoverished neighborhood that begins in the shadow of the recently completed Consol Energy Center arena -- the $320 million home to the Pittsburgh Penguins professional hockey team -- and rises eastward along several of the city's steep ridges.



Read More http://www.huffingtonpost.com/2012/03/01/american-poverty-rate_n_1304269.html

Wednesday, February 1, 2012

Blacks With Money Ready For The Buffett Tax.


What do Chris Rock and Warren Buffett have in common, besides that they both guest-edited that special issue of Vanity Fair?

They both want lawmakers to raise taxes on the rich.
The comedian of Nurse Betty and Dogma fame told the Associated Press Wednesday that he could stand to pay higher taxes.

"I can pay higher taxes and people can have jobs or I can pay lower taxes and I have my kids' teacher asking me for a loan because she's going to lose her house, which is true," said Rock, who is worth an estimated $70 million, according to celebertynetworth.com. "Stuff like that happens, so I'm going to lose the money no matter what."



 Read More http://www.huffingtonpost.com/2012/02/01/chris-rock-taxes_n_1248145.html?ncid=edlinkusaolp00000003

Tuesday, January 24, 2012

President One of Five to have 50% gain in Stock Market.


President Obama just joined an exclusive club.

He is one of only five presidents to see the Dow Jones Industrial Average gain 50 percent or more through his first three years in office, according to a report from Bespoke Investment Group. Obama, who has overseen a 60 percent gain in the Dow since taking office, joins two Democrats, Bill Clinton and Franklin Delano Roosevelt, and two Republicans, Calvin Coolidge and Dwight D. Eisenhower in the club.



Read More http://www.huffingtonpost.com/2012/01/23/obama-stocks-dow-jones_n_1224644.html?ncid=edlinkusaolp00000003

Sunday, January 22, 2012

1 % has 100 million dollar safe net, what you got?


It's not just executive compensation that's on the rise. A very solid number of executives at major corporations have also received payouts that Mother Jones calculates would be equal to the earnings of 203 lifetimes for a median income American.

More than 21 CEOs received severance or "walk-away" packages worth $100 million or more since 2000, a recent report from GMI has found. The report calculated the CEOs severance, or Golden Parachute as it's come to be called, by combining the various forms of compensation executives receive including a year's worth of annual base salary, stock option profits, stock awards, bonuses, benefits and perquisites, pensions and other deferred compensation. All told, the golden parachutes of the 21 CEOs were worth a combined $4 billion.





Friday, January 20, 2012

Newt Gingrich wants to go back to slavery


Despite his current surge in the South Carolina polls, Newt Gingrich's star is not rising among one group of workers who have been a key talking point on the campaign trail: unionized janitors who the former House speaker says make "an absurd amount of money" and should be fired and replaced with poor schoolchildren.
At a high school in Hudson, N.H., where Gingrich gave a speech last week, the janitors are represented by the Teamsters union. They start off earning $16.86 an hour, or $28,324 a year, according to the local union contract.

Before Gingrich arrived on Jan. 9, several of them were readying the auditorium for his event. The men weren't impressed by his plan for their jobs. Those surveyed began with one basic point: If their jobs are turned over to schoolchildren, they would be out of work. But they quickly moved on to what they see as the more offensive issue: that a man like Gingrich -- who made around $1.6 million offering advice to mortgage giant Freddie Mac -- would claim to know anything about janitorial work.

"If you leave these custodians go, they're going to be out of a job," said Jerry Mishow, head custodian at the school, who earns the top janitorial wage of $25.41 an hour, or $42,688 a year. "Leave well enough alone."
"It just shows how out of touch with reality he is," added Brian McNamara, another custodian.
"I don't think he knows what it feels like to be down in the trenches, actually, you know, with the average everyday guy," said a third custodian, Peter Petrakis.

"He doesn't even know what a custodian job is," Mishow added. "How can he put kids mixing chemicals and everything else?"


That's so wrong on so many levels," Petrakis agreed.
Janitors are not the only people to disparage Gingrich's controversial strategy to fight both child poverty and the jobs crisis by replacing adult janitors with working kids. Economists who study job creation say it won't improve the economy, academics who study children and poverty say it won't help poor kids, and unions who represent janitors say it's an affront to working people.

"You could take one janitor and hire 30-some kids to work in the school for the price of one janitor," Gingrich said at Monday night's Republican debate in South Carolina. "And those 30 kids would be a lot less likely to drop out. They would actually have money in their pocket."
His remarks were greeted with cheers from the audience.

"It's another absurd statement designed to appeal to the anti-union right-wing base," said Robert Troeller, president of Local 891, International Union of Operating Engineers, which represents New York City custodial engineers. "A man with a million-dollar line of credit at Tiffany's has the audacity to claim janitors are overpaid."



read more http://www.huffingtonpost.com/2012/01/19/janitors-newt-gingrich-fire-replace-children_n_1217352.html?ncid=edlinkusaolp00000003