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Oct. 5th, 1970. Janis Joplin found dead of an overdose in her hotel room.

Paul B. Farrell at Marketwatch:

SAN LUIS OBISPO, Calif. (MarketWatch) — Memo to the Super Rich, your high-paid lobbyists and your no-compromise political puppets whose sole mission is destroying the presidency: Yes, you are succeeding. You’re also killing the economy.

Thanks to your self-destructive ideology, America is now in the second of back-to-back Lost Decades. A new one on the heels of the 2000-2010 Lost Decade where Wall Street lost more than 20% inflation-adjusted. Get it? You guys launched America’s second Lost Decade of 21st century.

Yes, two consecutive job-killing Lost Decades. The first created by Wall Street’s obsessive greed. The new one triggered by the widening wealth gap that’s feeding endless partisan political wars powered by Super Rich conservatives hell-bent on re-establishing the same free-market, trickle-down Reaganomics policies that have been sabotaging America for the last generation.

Unfortunately, the new one gets worse: Why? The coming Lost Decade is a backdrop for a wave of class warfare destined to trigger a historic revolution in American politics, bigger than the ‘29 Crash and Great Depression.

Initially inspired by the Arab Spring, Occupy Wall Street is a virus spreading rapidly as Occupy Everything, a reform movement that will overshadow the GOP/Tea Party as the voice of the people, leading to an Occupy America. Read more about the origins of Occupy Wall Street.

Read David Weidner’s Writing on the Wall: Occupy Wall Street is a tea party with brains.

Investors, listen closely: First, we’ll summarize five major signs of America’s new Lost Decade 2011-2021. Then, we summarize seven diverse examples of rebellions across the world adding fuel to America’s accelerating Occupy Wall Street revolution.

Why is this crucial for investors? Because these class wars are guaranteed to deepen America’s market and economic problems during the coming Lost Decade. So listen closely investors:</blockquote>

Last night

Stuart Zechman and I got sidetracked into a long discussion about whether there is, in fact, a reality-based community. It went on for two hours! To listen, click here.

Power play

It’s amazing, how the amnesia sets in when a politician tastes power. Cantor has a pretty big skeleton in the closet:

A top staffer to Eric Cantor is leaving the House majority leader’s office to launch a Super PAC aimed at raising Cantor’s national profile, sources told Influence Alley.

The PAC will be run by Cantor’s deputy chief of staff John Murray and would give Cantor a vehicle he could use to run for vice president, should the opportunity arise, said a source close to the majority leader’s office, who asked not to be named because the source was not authorized to speak publicly. Murray’s departure from Cantor’s office is imminent, the source said.

Murray did not respond to requests for comment.

Cantor, first elected to the House a decade ago, has risen quickly through the leadership ranks and has worked hard to raise his profile co-authoring “Young Guns: A New Generation of Conservative Leaders” last year.

And on Tuesday, after New Jersey Gov. Chris Christie announced — again — that he wasn’t running for president, talk quickly shifted to Cantor as the GOP’s next white knight. And just this week, the majority leader was the subject of a lengthy profile in New York Magazine.

Stateless income

David Cay Johnston.

Very important information to understand the flow of corporate money and how they game the tax systems.


Stop kicking people when they’re already down:

WASHINGTON (AP) – To the dismay of consumer groups and the discomfort of Democrats, President Barack Obama wants Congress to make it easier for private debt collectors to call the cellphones of consumers delinquent on student loans and other billions owed the federal government.

The change “is expected to provide substantial increases in collections, particularly as an increasing share of households no longer have landlines and rely instead on cellphones,” the administration wrote recently. The little-noticed recommendation would apply only to cases in which money is owed the government, and is tucked into the mammoth $3 trillion deficit-reduction plan the president submitted to Congress.

Despite the claim, the administration has not yet developed an estimate of how much the government would collect, and critics reject the logic behind the recommendation.

“Enabling robo-calls (to cellphones) is just going to lead to more harassment and abuse, and it’s not going to help the government collect more money,” said Lauren Saunders of the Boston-based National Consumer Law Center. “People aren’t paying their student loans because they can’t find a job.”

The thought of anyone sleeping with Alan Greenspan makes me queasy, especially right after dinner, but the reality of Greenspan’s wife having a prominent job in TV news always seemed downright sickening. More here.

When I die

The original demo from Laura Nyro:

Occupy Philly

Over 1000 people turned out for the Occupy Philly general assembly tonight.

The best is yet to come

Tony Bennett and Diana Krall:

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