Census finds record gap between Rich and Poor

[Big Fitz]

It's coming fast. Both parties are rotted out from the inside. The radical socialist revolutionaries rule the DNC and the Conservatives are making a last gasp attempt to revitalize the GOP. If not, you're looking at 2 new parties on the horizon. One from the former Reagan/JFK democrats and the other of a new Libertarian party fused with much more conservatives.

 

[georgephillip]

It's coming fast. Both parties are rotted out from the inside. The radical socialist revolutionaries rule the DNC and the Conservatives are making a last gasp attempt to revitalize the GOP. If not, you're looking at 2 new parties on the horizon. One from the former Reagan/JFK democrats and the other of a new Libertarian party fused with much more conservatives.

How about Ralph Nader running as a Green against Ron Paul as a Libertarian for the White House in 2012?

 

[Big Fitz]

It's coming fast. Both parties are rotted out from the inside. The radical socialist revolutionaries rule the DNC and the Conservatives are making a last gasp attempt to revitalize the GOP. If not, you're looking at 2 new parties on the horizon. One from the former Reagan/JFK democrats and the other of a new Libertarian party fused with much more conservatives.

How about Ralph Nader running as a Green against Ron Paul as a Libertarian for the White House in 2012?

They'll be the dem and GOP nominees. The new moderate dems will have Joe Liebermann and the Libertarians will have Sarah Palin.

 

[Dick Tuck]

And if the Federal Reserve is the central hub of insider trading on Wall Street...?

Then criminal investigations and prosecutions should begin and leave no stone unturned regardless of office or wealth. I am for everyone living under the same laws. I don't do special rights.



Punishment for corrupt watchdogs should be more severe than that of the criminals. You cannot afford permissiveness in this.

Wall Street owns Republicans AND Democrats from Maine to Maui.

No. The DNC has been taken over by the revolutionaries who are trying to rob wall street. It's possible this could end that party in the next 3 elections if they can't succeed in creating a fascist state by then enslaving wall street. But if they fail it, the dems are done for, because wall street will never trust them again.

But that aside, that's why you want 100% transparent money reporting for all politics.

Is the Fed Pumping Up the Market?


Fool.com: Is Fed Buying Behind the Stock Rally?
• ZeroHedge: Fed Injects Record $5 Billion Into Stock Market With Today's POMO

So the Fed increases money supply, the way it always does, especially in the huge jump last week of the dollar to the yen. And Rush Limbaugh and some blogger calling himself "Tyler Durden" (You can't make this stuff up), claim it's a secret plot to pump money in the stock market. And you run with this?

 

[Revere]

Has the US ever transferred more wealth to the "poor" in its history as it is now?

Where is it getting us?

 

[uscitizen]

again, if the kid choses a non joke major thier salary will easily pay student loans.

Just like I said, all anyone needs to make an above average income is a degree.

 

[georgephillip]

Then criminal investigations and prosecutions should begin and leave no stone unturned regardless of office or wealth. I am for everyone living under the same laws. I don't do special rights.



Punishment for corrupt watchdogs should be more severe than that of the criminals. You cannot afford permissiveness in this.



No. The DNC has been taken over by the revolutionaries who are trying to rob wall street. It's possible this could end that party in the next 3 elections if they can't succeed in creating a fascist state by then enslaving wall street. But if they fail it, the dems are done for, because wall street will never trust them again.

But that aside, that's why you want 100% transparent money reporting for all politics.

Is the Fed Pumping Up the Market?


Fool.com: Is Fed Buying Behind the Stock Rally?
• ZeroHedge: Fed Injects Record $5 Billion Into Stock Market With Today's POMO

So the Fed increases money supply, the way it always does, especially in the huge jump last week of the dollar to the yen. And Rush Limbaugh and some blogger calling himself "Tyler Durden" (You can't make this stuff up), claim it's a secret plot to pump money in the stock market. And you run with this?

It's all about as secret as America's class war:

"Financialization provides a path to wealth creation, which is why the (Financial) sector's portion of total corporate profits is now nearly 40 per cent. It's a way to bypass the pervasive inertia of the production-oriented economy.

"The Fed's role in this new paradigm is to create a hospitable environment (low interest rates) for bubble-making so the upward transfer of wealth can continue without interruption.

"Bubble-making is policy.

"By necessity, the Fed spends a considerable amount of time talking to investment managers, bank economists and market strategists. Doing so helps it gather intelligence about the market and the economy that is invaluable in informing the bank's decisions on borrowing costs and lending programs.

"But a Reuters investigation has found that the information flow sometimes goes both ways as Fed officials let their guard down with former colleagues and other close private sector contacts.

"This selective dissemination of information gives big investors a competitive edge in the market.

" In the past, Fed officials themselves have privately expressed discomfort about the cozy ties between the central bank and consultants to big investors, though their concerns have largely fallen on deaf ears."

Special Report

 

[georgephillip]

Has the US ever transferred more wealth to the "poor" in its history as it is now?

Where is it getting us?

"The median ANNUAL income of a person in the top 0.01% (of all US earners) is $50,000,000. They have $350,000,000 in assets and, since 1978, that is an increase of 550% - how have you done the past 30 years?"

The richest 10,000 Americans have been the beneficiaries of the greatest transfer of wealth in recorded history over the last three decades.

And they still want more.

America is 234

 

[rightwinger]

Has the US ever transferred more wealth to the "poor" in its history as it is now?

Where is it getting us?

Actually, the opposite is true

We have never transferred more wealth to the top 2% than we have in the last 30 years. That 2% has more wealth than 50% of Americans combined

 

[Trajan]

And if the Federal Reserve is the central hub of insider trading on Wall Street...?

Then criminal investigations and prosecutions should begin and leave no stone unturned regardless of office or wealth. I am for everyone living under the same laws. I don't do special rights.



Punishment for corrupt watchdogs should be more severe than that of the criminals. You cannot afford permissiveness in this.

Wall Street owns Republicans AND Democrats from Maine to Maui.

No. The DNC has been taken over by the revolutionaries who are trying to rob wall street. It's possible this could end that party in the next 3 elections if they can't succeed in creating a fascist state by then enslaving wall street. But if they fail it, the dems are done for, because wall street will never trust them again.

But that aside, that's why you want 100% transparent money reporting for all politics.

Why haven't the revolutionaries in the DNC turned Eliot Spitzger loose on Wall Street? About 1500 bankers went to prison after the Savings and Loan scandal -- so far not a single banker has even been charged with securities fraud from our latest Wall Street crime wave.

I agree with you here. The SEC was asleep at the switch or watching porn, literally. Moodys and Dun & Bradstreet, Fitch have never been called to account for the ratings they employed ala MBS's etc.

Same with the Department of Mines Minerals and Energy, that helped get us to the BP disaster, there is no accountability anymore it appears.

Quis custodiet ipsos custodes? We can't, its just to big...............

 

[Bfgrn]

It's coming fast. Both parties are rotted out from the inside. The radical socialist revolutionaries rule the DNC and the Conservatives are making a last gasp attempt to revitalize the GOP. If not, you're looking at 2 new parties on the horizon. One from the former Reagan/JFK democrats and the other of a new Libertarian party fused with much more conservatives.

How about Ralph Nader running as a Green against Ron Paul as a Libertarian for the White House in 2012?

They'll be the dem and GOP nominees. The new moderate dems will have Joe Liebermann and the Libertarians will have Sarah Palin.

WTF is a Reagan/JFK democrat? Reagan left the Democratic party in 1962 and supported Richard Nixon in 1960.


"Washington couldn't tell a lie, Nixon couldn't tell the truth, and Reagan couldn't tell the difference."
Mort Sahl

 

[georgephillip]

Has the US ever transferred more wealth to the "poor" in its history as it is now?

Where is it getting us?

Actually, the opposite is true

We have never transferred more wealth to the top 2% than we have in the last 30 years. That 2% has more wealth than 50% of Americans combined

Please click here to view actual US wealth distribution plotted against estimated and ideal distributions.

Note how the wealth held by the bottom two quintiles together simply vanishes on a chart like this.

"It’s based on a survey done in 2005–before the financial crisis, and just about at the peak of housing boom-induced euphoria. The results are consistent across income groups, gender, and political affiliation. There are small differences, but they are swamped by the basic results.

"This is one of the themes brought up in Winner-Take-All Politics by Jacob Hacker and Paul Pierson. Americans really think that society should be considerably more equal than it is, and that attitude has not shifted appreciably during the past thirty years.

"Yet our political system produces policies that make America more and more unequal, predominantly by cutting taxes for the very rich.

"Hacker and Pierson’s point is that there has not been an ideological shift toward conservative positions in the country at large (at least not on this issue).

'Instead, it’s the game of politics that has changed, so policy has become more disassociated from the preferences of the people.

 

[Big Fitz]

I agree with you here. The SEC was asleep at the switch or watching porn, literally. Moodys and Dun & Bradstreet, Fitch have never been called to account for the ratings they employed ala MBS's etc.

Ding! Yep.

The AG needs to seriously investigate this. The bad news is it won't happen because the corruption will quickly cause a flash fire which will probably consume LOTS of politicians and bureaucrats for collusion and involvement if not outright conspiracy and racketeering.

Holder will never ever ever touch it.

Same with the Department of Mines Minerals and Energy, that helped get us to the BP disaster, there is no accountability anymore it appears.

Absolutely! That's why penalties for violating this public trust must be severe. Reminds me of the suggestion some caller had for companies hiring illegals. Criminal penalties of like 3 months PER Illegal hired for the hiring manager and 1 million dollars in fines per illegal employee.

Something similar needs to be adopted for regulators that fry both sides of the conspiracy. Fewer regulations but more stringently enforced and scary.

WTF is a Reagan/JFK democrat? Reagan left the Democratic party in 1962 and supported Richard Nixon in 1960.

Fucking clueless. Learn history sometime.

"Washington couldn't tell a lie, Nixon couldn't tell the truth, and Reagan couldn't tell the difference."
Mort Sahl

"A slavish dependence on quotes by alleged intellectuals prove you aren't capable of original thought. " me.

 

[georgephillip]

Then criminal investigations and prosecutions should begin and leave no stone unturned regardless of office or wealth. I am for everyone living under the same laws. I don't do special rights.



Punishment for corrupt watchdogs should be more severe than that of the criminals. You cannot afford permissiveness in this.



No. The DNC has been taken over by the revolutionaries who are trying to rob wall street. It's possible this could end that party in the next 3 elections if they can't succeed in creating a fascist state by then enslaving wall street. But if they fail it, the dems are done for, because wall street will never trust them again.

But that aside, that's why you want 100% transparent money reporting for all politics.

Why haven't the revolutionaries in the DNC turned Eliot Spitzger loose on Wall Street? About 1500 bankers went to prison after the Savings and Loan scandal -- so far not a single banker has even been charged with securities fraud from our latest Wall Street crime wave.

I agree with you here. The SEC was asleep at the switch or watching porn, literally. Moodys and Dun & Bradstreet, Fitch have never been called to account for the ratings they employed ala MBS's etc.

Same with the Department of Mines Minerals and Energy, that helped get us to the BP disaster, there is no accountability anymore it appears.

Quis custodiet ipsos custodes? We can't, its just to big...............

"It makes no sense to talk about this country’s political economic system (as conservatives do) as if there’s a sovereign 'government' on one side of the equation, and victimized 'business' on the other.

"Washington is increasingly controlled by the very same people who own Wall Street, so any attempts to separate the two are impossible, undesirable, and manipulative.

"Some examples of public-private incest further drive this point home:

"Many of the most prominent individuals in the Obama administration who are responsible for regulating Wall Street are former investment and banking executives themselves (see my previous piece: 'Larry Summers and the Jobless Recovery').

"To talk of the Obama administration as a group of raving 'Marxists' (as Glenn Beck and other statist reactionaries do) only makes sense if we recognize them as corporate socialists, committed to the redistribution of taxpayer dollars from the masses to the wealthy, privileged few.

"This basic point is lost in propaganda disseminated on right-wing radio and Fox News, and beyond the comprehension of those attacking Obama for 'taking over' the private sector."

Since the late 1970s Republicans AND Democrats have taken turns inflicting Wall Street's corporate will on America's taxpayers:

"Increasingly, members of Congress, along with most presidential candidates, are part of the corporate class.

"Most all the candidates running for president in 2008 were millionaires.

"Nearly half of the members of Congress are in the millionaires club, and many more will join their ranks when they retire from office. It makes little sense, then, to speak of 'government imposition' on business when the very officials running government are part of the same clique controlling the private economy."

If something is too big to fail, maybe it's too big to live?

"The bureaucratic-regulatory community is also increasingly subject to 'capture' by the private economy. A 'revolving door' between public and private institutions has long existed, and it is getting worse.

"A recent study by CBS News finds that nearly fifty former employees of Goldman Sachs alone have held major positions in the federal government as members of Congress, Congressional committee members and staffers, state and national Treasury Department officials, heads of non-profit government corporations, members of state and national Federal Reserves, as Presidential advisers, and as members of the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Department of Commerce."

Possibly white collar criminals could become subject to a variation on the Three Strikes Law.

If the first conviction for stock or control fraud resulted in serving a 25 year sentence BEFORE the first parole hearing, many in our corporate class might live better lives.

Twisted Minds

 

[nraforlife]

Folks this is kinda Old News, the figures given are for 1997................during the late Klintoon years.

Income Inequality - Narrative (Middle Class) - U.S. Census Bureau

 

[nraforlife]

http://www.census.gov/prod/2010pubs/p60-238.pdf

Gloom & doom is hardly warranted

 

[Big Fitz]

If something is too big to fail, maybe it's too big to live?

This is what I thought of SECOND after reading this line. Too funny.

 

[Bern80]

We are talking about redistributing the tax burden.

Yes from unfair to even more unfair. You need to ask yourself if the foal of your system is to be fair or just generate as much money as government can get its grubby hands on. Otherwise tell me why is inherently fair about people who don't have much money not having to pay taxes and what is inherently fair in people with lots of money having to pay more of their income in taxes.

For example, would you be in favor of eliminating ALL federal taxes on incomes below $20,000 a year by shifting that tax burden to those making more than a million/year?

The tax burden is a;ready shifted. Those making less than 20k barely pay taxes at all. And you want to make it even more unfair?

How about a Financial Transaction Tax whose proceeds paid for higher education for all qualified US citizens?

Hiow about the fed keeps its nose out of education, seeing as though it doesn't have any constitutional authority over it in the first place.

Time for you lefties to put up or shut up. Is a fair system really what you want or not?

 

[Bern80]

But to use this to explain the widening gap, you would need an explanation of why that ideal was a rare breed among the middle class for 40 years and quite abruptly turned around in the late 1970's and early 1980s.

I guess the opposite question would be what was the great impedance to wealth accumulation at this time? I don't know if it happened within that span of a few years, but one thing that has happened is ever increasing government regulation on all facets of all business. I think we would both agree that competition is good for everyone. It makes businesses stronger and usually yields lower prices for consumers. Since competition keeps things affordable for consumers it would seem the smart thing to do would for their to be polices in place that make it easier for new competition to enter the market place. Except government makes it harder and harder all the time for new businesses to enter the market place. Seriously, how much of your business expenses are being eaten up by government red tape?

The second part I still believe is the result of conditioning over several generations. You can't deny the the relative explosion of conveniences in our lives now that weren't there even a decade ago. Things that simply make life easier. Don't you think over time that has an effect on people's expectations about how hard any given task should or shouldn't be? I believe what I believe because it's observable every day. I told you me and my co-workers don't make much, but it isn't impossible for any of us to be making more. Sure everyone has different barriers. They have a family, they're getting on in years, etc. But excuses are barriers in of themselves and those are self created.

 

[georgephillip]

If something is too big to fail, maybe it's too big to live?

This is what I thought of SECOND after reading this line. Too funny.

The Cat That Ate Wall Street!