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rdean
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The 400 wealthiest Americans have a greater combined net worth than the bottom 150 million Americans.
The top 1 percent of Americans possess more wealth than the entire bottom 90 percent.
In the Bush expansion from 2002 to 2007, 65 percent of economic gains went to the richest 1 percent.
More broadly, theres a growing sense that lopsided outcomes are a result of tycoons manipulating the system, lobbying for loopholes and getting away with murder. Of the 100 highest-paid chief executives in the United States in 2010, 25 took home more pay than their company paid in federal corporate income taxes, according to the Institute for Policy Studies.
Living under Communism in China made me a fervent enthusiast of capitalism. I believe that over the last couple of centuries banks have enormously raised living standards in the West by allocating capital to more efficient uses. But anyone who believes in markets should be outraged that banks rig the system so that they enjoy profits in good years and bailouts in bad years.
The banks have gotten away with privatizing profits and socializing risks, and thats just another form of bank robbery.
http://www.nytimes.com/2011/10/16/opinion/sunday/kristof-americas-primal-scream.html
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He goes on to cite studies that show "income inequality" keeps the economy from growing. Well, these are simply common sense. Democrats on this board, including me, have been pointing this out for the last few months. The Republicans here keep saying, "Oh, it's because you're lazy and don't know how to work". What a bunch of fools.
With huge income inequality, you have a lack of demand. That means "no jobs". And look at the AVERAGE Wall Street Job. Well over $300,000.00 a year for producing NOTHING. Just moving money around. Could you imagine if we followed Republicans idea of throwing our money into the stock market? Of all the crazy, insane schemes.
How many USMB Republicans are sleeping in a bag in the living room of mom's double wide, out of work, who are calling the left, "Lazy, no good communist bums?"
With this type of income inequality, there is no "Hard work and you can succeed". Because there are no jobs. No way to pay off those loans. Income inequality sucks the life out of the economy. How many of those guys did it, NOT with hard work, but with bought politicians?
The top 1 percent of Americans possess more wealth than the entire bottom 90 percent.
In the Bush expansion from 2002 to 2007, 65 percent of economic gains went to the richest 1 percent.
More broadly, theres a growing sense that lopsided outcomes are a result of tycoons manipulating the system, lobbying for loopholes and getting away with murder. Of the 100 highest-paid chief executives in the United States in 2010, 25 took home more pay than their company paid in federal corporate income taxes, according to the Institute for Policy Studies.
Living under Communism in China made me a fervent enthusiast of capitalism. I believe that over the last couple of centuries banks have enormously raised living standards in the West by allocating capital to more efficient uses. But anyone who believes in markets should be outraged that banks rig the system so that they enjoy profits in good years and bailouts in bad years.
The banks have gotten away with privatizing profits and socializing risks, and thats just another form of bank robbery.
http://www.nytimes.com/2011/10/16/opinion/sunday/kristof-americas-primal-scream.html
----------------
He goes on to cite studies that show "income inequality" keeps the economy from growing. Well, these are simply common sense. Democrats on this board, including me, have been pointing this out for the last few months. The Republicans here keep saying, "Oh, it's because you're lazy and don't know how to work". What a bunch of fools.
With huge income inequality, you have a lack of demand. That means "no jobs". And look at the AVERAGE Wall Street Job. Well over $300,000.00 a year for producing NOTHING. Just moving money around. Could you imagine if we followed Republicans idea of throwing our money into the stock market? Of all the crazy, insane schemes.
How many USMB Republicans are sleeping in a bag in the living room of mom's double wide, out of work, who are calling the left, "Lazy, no good communist bums?"
With this type of income inequality, there is no "Hard work and you can succeed". Because there are no jobs. No way to pay off those loans. Income inequality sucks the life out of the economy. How many of those guys did it, NOT with hard work, but with bought politicians?
@rdweeb
