Rich lose 40% of their wealth

[BDBoop]

Carville: What if the rich lost 40% of their wealth? - CNN.com

"The recent economic crisis left the top 1% of Americans in 2010 with no more wealth than in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve {stated} Monday.

"A hypothetical family richer than the median net worth of the top 1% of the nation's families had a net worth of $77.3 million in 2010, compared with $126.4 million in 2007, the Fed said. The crash of the stock market, in addition to the collapse of housing prices in Greenwich, Connecticut, the Upper East Side of New York City, Beverly Hills, Highland Park in Dallas and the North Shore of Chicago, directly accounted for three-quarters of the loss."

What do you think the reaction would be to that?

The elite would call for the suspension of habeas corpus, the government would call out the National Guard, invade Honduras and the Supreme Court would announce that it is in session 24/7 to take any action deemed necessary to help their friends.

The Wall Street Journal would have a black border on the newspaper. The Financial Times would go from pink to gray. CNBC would play funeral music for nine months. Steve Schwarzman would compare it to the H-word. Cable networks would roadblock all coverage.

Minimum wage laws would be suspended, the 40-hour work week would be thrown out, perhaps they would even do away with child labor laws to get productivity up so profits could increase to make up for lost revenue.

But - it's only us, so no big.

 

[buckeye45_73]

You're insane, nobody would agree to child labor laws and changing the work week. IF they did, they would get their ass kicked in an election. I'm as right wing as you can get, and I wouldnt vote for that shit.

 

[BDBoop]

You're an idiot.

And you didn't read the article, did you.

 

[Mad Scientist]

Here's a comment from "jblast":

What was the cause of our current economic meltdown?
CNN Money article:
The panel heard from former Fannie chief executives Daniel Mudd and Franklin Raines; former Freddie Mac CEOs Richard Syron and Leland Brendsel; a former Fannie Mae chief credit officer.
Fannie and Freddie, publicly traded but federally backed companies, control or guarantee about $5 trillion in mortgage loans. They purchase large amounts of home loans, bundle them together and divide them into securities that can be sold to investors.
The companies, which were taken under federal control in September, have drawn criticism for taking on too much risk, exacerbating the credit crisis when the housing market declined.
The Democrats are up to their eyeballs in causing this crisis.
Obama in the Senate did Nothing…

 

[Katzndogz]

Successful people today laugh at the 40 hour work week. The 40 hour work week is for losers.

 

[BDBoop]

From the OP, and he has hit the nail on the head. And you all are attacking me rather than looking at the truth of the situation.

If it happened to the rich, all hell would break loose. But it happened to the middle class, and it barely made a ripple in the headlines. Can you admit that much? Or is even that beyond your abilities to stop being a motherfucking hyper-partisan hack.

To put it bluntly, the middle class in this country has been screwed, blued and tattooed.

 

[OohPooPahDoo]

"A hypothetical family richer than the median net worth of the top 1% of the nation's families had a net worth of $77.3 million in 2010, compared with $126.4 million in 2007, the Fed said.

 

[Mad Scientist]

From the OP, and he has hit the nail on the head. And you all are attacking me rather than looking at the truth of the situation.

If it happened to the rich, all hell would break loose. But it happened to the middle class, and it barely made a ripple in the headlines. Can you admit that much? Or is even that beyond your abilities to stop being a motherfucking hyper-partisan hack.

To put it bluntly, the middle class in this country has been screwed, blued and tattooed.

Carville, "The Ragin' Cajun", said after 2008 that Democrats would rule for the next 40 years. Now look at him with his pathetic Class Warfare arguments.

Why do you fall for that BDBoop?

 

[Truthmatters]

well the republicans keep cheating and lying

 

[Uncensored2008]

You're an idiot.

And you didn't read the article, did you.

Carville is just like you, in open panic over the fact that Obama is getting creamed, so he is piling on the bullshit in hopes of fostering class warfare.

 

[OohPooPahDoo]

From the OP, and he has hit the nail on the head. And you all are attacking me rather than looking at the truth of the situation.

If it happened to the rich, all hell would break loose. But it happened to the middle class, and it barely made a ripple in the headlines. Can you admit that much? Or is even that beyond your abilities to stop being a motherfucking hyper-partisan hack.

To put it bluntly, the middle class in this country has been screwed, blued and tattooed.

Carville, "The Ragin' Cajun", said after 2008 that Democrats would rule for the next 40 years. Now look at him with his pathetic Class Warfare arguments.

Why do you fall for that BDBoop?

The only people that bring up class warfare are the right wingers.

 

[EdwardBaiamonte]

The only people that bring up class warfare are the right wingers.

workers of the world unite[ into liberal unions] was from Marx.

If the right brings up class warfare why be so afraid to present your best example.

What does your fear tell us?

 

[Trajan]

You're an idiot.

And you didn't read the article, did you.

You're an idiot, you read the article and, posted it......I don't remember any of the uber hyperbole he declares would occur, occur after the market crashed in 29, I remember some of them throwing themselves from windows when the margin calls piled up.....or 87, or 08....there was tons of money lost.......oh wait, the over and under is 40% , I see....for god sakes.