Tag Archives: finance

What the 1% did to Lancaster, Ohio

Lancaster, Ohio was once held up as a shining example of what a small American city should be. Even in the 60s and 70s it kept going when other cities saw their industries shutter. But then the Reagan years began and private-equity financiers got involved. Soon Anchor Hocking, the local glass company that had mostly escaped the forces that created the Rust Belt, was awash in debt as those financiers used it to give themselves enormous paybacks. Today Anchor Hocking is a ghost of its former self, Lancaster is full of poverty and drug use and those who profited from all of it are very far away.

Despite all this, almost two-thirds of Lancaster voted for you-know-who in the election.

The Biggest Price-Fixing Scandal Ever

Trust me, having grown up during the 60s, the idea of Rolling Stone doing investigative journalism is a bit difficult to comprehend. Yet they’re shedding light in places the “mainstream media” seem unwilling (or unable) to go. Like this look into how the big banks are manipulating the price of damn near everything.

What makes me especially pessimistic is the realization that our governments and laws are not on our side in this. As the defeat of gun background checks demonstrates our government is for sale and we don’t matter.

Overstock.com CEO: Our schools are awful and our financial markets are corrupt

Overstock.com CEO Patrick Byrne pulls no punches, calling our K-12 schools awful and our financial markets corrupt. We’re close to bottom for industrial countries as far as education goes and we continue to slip. And as far as the financial sector goes, he believes we haven’t hit bottom yet, with way more corruption still to be revealed.

Following the trail of slime

Raise your hand if you’ve heard this: The ESL ice rink is in dire financial trouble. Of course, there’s nothing new about this story, including the involvement of (Steve) Donner The Hutt. If it involves sports and financial mismanagement ultimately resulting in taxpayer funding of private enterprises you’ll find Donner The Hutt’s trail of slime all over it.

It’s funny, ESL is a nice facility but it’s still an open question as to whether it even needed to be built especially given its inability to break even. If the county takes it over, it then puts them in direct competition with the privately-owned rinks in the area and that’s not the way it’s supposed to work.