Derek Thompson is a senior editor at The Atlantic, where he oversees the Business Channel. More
Thompson has written for Slate, BusinessWeek, and the Daily Beast. He has also appeared as a guest on radio and television networks, including NPR, the BBC, CNBC, and MSNBC.
I knew the percentage was high, but I didn't realize that only 1.4 million taxpayers (the top 1% income earners) pay more income taxes than 134 million other Americans do. That's startling and it is not healthy in my opinion. I understand the argument that the top 1% earn a lot of income and so on, but it cannot be healthy that so much of our government's revenues are dependent on such a small group.
The Wall Street herd is at it again.
Even as the cleanup crew is carting away the debris left by the last financial crisis, the investment banks, hedge funds and exchanges are busy working on the next one.
Forget collateralized-debt obligations and credit default swaps -- the new new thing is high-frequency trading. In the last three years, this practice has boosted trading on the country's stock exchanges by more than 150 percent, to the point where it now accounts for two-thirds of the daily trading volume.
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