The salaries at Pimco confirm what researchers have been saying about income inequality in America: far more than the 1 percent, it’s the skyrocketing compensation of the 0.1 and 0.01 percent that are driving the rise in income inequality. Everyone – from the merely highly-paid to low-wage workers – is losing ground to the new income elite.
The Boston Globe about Wall Street's secretly purchased influence in Washington, D.C. was somewhat mistitled as being about the "struggle for the Democratic Party's Soul." It's also about how Wall Street's virtually unlimited cash secretly influences the key debates as well as the policy outcomes in the nation's capital.
All of us have spent a great deal of time complaining about Wall Street and how hard it is to take them on given all their money and political power. But here we have several cities with more in the wings actually doing something about it. Wouldn't it be something if progressives all over the country spread this campaign to their own town councils?