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Octafish

(55,745 posts)
Tue Dec 31, 2013, 07:20 PM Dec 2013

The Shocking Redistribution of Wealth in the Past Five Years



The Shocking Redistribution of Wealth in the Past Five Years

by Paul Buchheit
Published on Monday, December 30, 2013 by Common Dreams

Anyone reviewing the data is likely to conclude that there must be some mistake. It doesn't seem possible that one out of twenty American families could each have made a million dollars since Obama became President, while the average American family's net worth has barely recovered. But the evidence comes from numerous reputable sources.

Some conservatives continue to claim that President Obama is unfriendly to business, but the facts show that the richest Americans and the biggest businesses have been the main - perhaps only - beneficiaries of the massive wealth gain over the past five years.

1. $5 Million to Each of the 1%, and $1 Million to Each of the Next 4%

From the end of 2008 to the middle of 2013 total U.S. wealth increased from $47 trillion to $72 trillion. About $16 trillion of that is financial gain (stocks and other financial instruments).

The richest 1% own about 38 percent of stocks, and half of non-stock financial assets. So they've gained at least $6.1 trillion (38 percent of $16 trillion). That's over $5 million for each of 1.2 million households.

The next richest 4%, based on similar calculations, gained about $5.1 trillion. That's over a million dollars for each of their 4.8 million households.

The least wealthy 90% in our country own only 11 percent of all stocks excluding pensions (which are fast disappearing). The frantic recent surge in the stock market has largely bypassed these families.

2. Evidence of Our Growing Wealth Inequality

This first fact is nearly ungraspable: In 2009 the average wealth for almost half of American families was ZERO (their debt exceeded their assets).

In 1983 the families in America's poorer half owned an average of about $15,000. But from 1983 to 1989 median wealth fell from over $70,000 to about $60,000. From 1998 to 2009, fully 80% of American families LOST wealth. They had to borrow to stay afloat.

It seems the disparity couldn't get much worse, but after the recession it did. According to a Pew Research Center study, in the first two years of recovery the mean net worth of households in the upper 7% of the wealth distribution rose by an estimated 28%, while the mean net worth of households in the lower 93% dropped by 4%. And then, from 2011 to 2013, the stock market grew by almost 50 percent, with again the great majority of that gain going to the richest 5%.

Today our wealth gap is worse than that of the third world. Out of all developed and undeveloped countries with at least a quarter-million adults, the U.S. has the 4th-highest degree of wealth inequality in the world, trailing only Russia, Ukraine, and Lebanon.

3. Congress' Solution: Take from the Poor

Congress has responded by cutting unemployment benefits and food stamps, along with other 'sequester' targets like Meals on Wheels for seniors and Head Start for preschoolers. The more the super-rich make, the more they seem to believe in the cruel fantasy that the poor are to blame for their own struggles.

President Obama recently proclaimed that inequality "drives everything I do in this office." Indeed it may, but in the wrong direction.

FORUM HOSTS, PLEASE NOTE: This work is licensed under a Creative Commons Attribution-Share Alike 3.0 License.

Paul Buchheit is a college teacher, an active member of US Uncut Chicago, founder and developer of social justice and educational websites (UsAgainstGreed.org, PayUpNow.org, RappingHistory.org), and the editor and main author of "American Wars: Illusions and Realities" (Clarity Press). He can be reached at paul@UsAgainstGreed.org.

Original Article: http://www.commondreams.org/view/2013/12/30-0

88 replies = new reply since forum marked as read
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The Shocking Redistribution of Wealth in the Past Five Years (Original Post) Octafish Dec 2013 OP
Under a Democratic president. nt LWolf Dec 2013 #1
During a recession caused by Wall Street jsr Dec 2013 #3
and what repercussions have they faced? frylock Dec 2013 #18
None--they are Swilling at the trough warrant46 Dec 2013 #31
I voted for Obama because he said he would send the banksters to jail. Octafish Dec 2013 #7
+1 a whole bunch.......nt Enthusiast Jan 2014 #56
The President said, "Corporate taxes are too high." Enthusiast Jan 2014 #55
That's what Reagan and two Bushes said, too. Octafish Jan 2014 #58
Grover Norquist has little Reagan statues on an altar in his mother's basement. Enthusiast Jan 2014 #66
The good news is this is unsustainable 1000words Dec 2013 #2
NOTHING they do is sustainable G_j Dec 2013 #5
Historically, yes. That doesn't mean it will hold in the future. Octafish Dec 2013 #8
They are fearless MattBaggins Jan 2014 #47
Sociopaths don't think that way. zeemike Dec 2013 #15
They only have cornered wealth because Americans allow them to get away with it. Hopefully, RKP5637 Dec 2013 #27
Capitalism, by its nature is unsustainable. RoccoR5955 Jan 2014 #45
But in the meantime. civillawyer Jan 2014 #67
And how many of rrneck Dec 2013 #4
That's what all the police are for. Octafish Dec 2013 #9
Yep. Twenty first century Pinkertons. nt rrneck Dec 2013 #14
Portrait of a police state! n/t RKP5637 Dec 2013 #28
What so amazing is that so many here --- want to disarm the Proletariat warrant46 Dec 2013 #33
If you think that its guns that made people powerful... daleanime Jan 2014 #43
Nice try warrant46 Jan 2014 #44
And you think the second amendment has something to do with this? DireStrike Jan 2014 #46
Obviously not.... daleanime Jan 2014 #52
Yes, it's something asserted be people who are completely clueless about seizing & holding power... Lizzie Poppet Jan 2014 #68
........ daleanime Jan 2014 #69
Nah. Obama's 30,000 Drones are for the 99%. blkmusclmachine Jan 2014 #36
The plutocracy chugs on, despite who is in office Rex Dec 2013 #6
We the People now are -- officially -- on the hook for the Wall Street casino, Rex... Octafish Dec 2013 #11
As long as there are no rules to stop them, they will keep on keeping on. Rex Dec 2013 #22
Sad sigh. And a sadder K&R. Thanks Octafish... I think... riderinthestorm Dec 2013 #10
Sorry, riderinthestorm. The truth is depressing. Octafish Dec 2013 #12
some brainiac thought sticking in FATCA in the jobs bill would catch these Americans Abroad tax riverbendviewgal Jan 2014 #50
Dems will spend ALL of their political capital begging for a 3% change.... Spitfire of ATJ Dec 2013 #13
Time for New Deal 2.0 Octafish Dec 2013 #19
Don't you have anything good besides hate for Obama!? Phlem Dec 2013 #16
Really, I do think the world of the President. Octafish Dec 2013 #20
As I. Phlem Jan 2014 #34
Recommend: And a Happy New Year to You "Octafish" KoKo Dec 2013 #17
Thank you, KoKo! Here are all my JFK Conference threads... Octafish Dec 2013 #23
Thank You...Have Bookmarked! KoKo Dec 2013 #25
Excellent post, again. Thanks. Scuba Dec 2013 #21
The word 'Austerity' missing from US news coverage. Octafish Jan 2014 #51
We need long term solutions...... Cryptoad Dec 2013 #24
The New Deal created the Middle Class... Octafish Jan 2014 #57
So when does the trickle down happen again? n/t ybbor Dec 2013 #26
Silly you. MattBaggins Jan 2014 #49
Never. Octafish Jan 2014 #61
that's kinda hard to believe hfojvt Dec 2013 #29
Happy for you! Octafish Jan 2014 #62
it happens to be the only example I have detailed knowledge of hfojvt Jan 2014 #74
Thanks Octafish, for the on-going education. May you have a safe and peaceful New Year! Mnemosyne Dec 2013 #30
Happy New Year to You and Yours, Mnemosyne! Octafish Jan 2014 #63
No problem.. SoCalDem Dec 2013 #32
Remember when citizens could deduct credit card interest payments from federal taxes? Octafish Jan 2014 #64
I sure do.. there used to even be a reliable renter's tax credit too SoCalDem Jan 2014 #65
Change! The kind that rattles around in your pockets. blkmusclmachine Jan 2014 #35
And now, we get to hope to get some of it. n/t Egalitarian Thug Jan 2014 #59
du rec. xchrom Jan 2014 #37
Paul Buchheit Octafish Jan 2014 #70
President Obama ProSense Jan 2014 #38
All that is well and good, but it's Year Six and there's still no New Deal for the 21st century. Octafish Jan 2014 #71
Given that's a ProSense Jan 2014 #80
The wealthy are wondering durablend Jan 2014 #39
K&R. The shocking work of this administration on behalf of the One Percent woo me with science Jan 2014 #40
You make Obama sound like an intern at the world's largest corporate law firm. Coyotl Jan 2014 #41
"Lest we forget:" ProSense Jan 2014 #42
Yep. There it is again. lonestarnot Jan 2014 #48
Entering Year 33 of Trickle Down... Octafish Jan 2014 #76
It has taken its toll and everything else down to the last crumb. lonestarnot Jan 2014 #81
EVERYTHING POSSIBLE has been done to bolster the wealthiest of the wealthy democratisphere Jan 2014 #53
Austerity is working. Octafish Jan 2014 #75
we need to start stamping that on all the 1's and 5's! CarrieLynne Jan 2014 #54
kick. rec. save. n/t BlancheSplanchnik Jan 2014 #60
K&R - I was doing somewhat okay until I got sick... Jasana Jan 2014 #72
Thank you for sharing, Jasana. You have expressed what the vast majority of this nation now face... Octafish Jan 2014 #87
R#135 & K for, thanks for arming me with this to slap the "REDISTRIBUTION OF WEALTH" wingnuts UTUSN Jan 2014 #73
Forbes summed, heh, it up well... Octafish Jan 2014 #84
"Today our wealth gap is worse than that of the third world" snagglepuss Jan 2014 #77
Tee vee seldom, if ever, mentions that important news. Octafish Jan 2014 #85
In 1988 after first reading about the fabulous wealth in Dubai, snagglepuss Jan 2014 #78
Petromonarchs and their Toadies Live and Fly Large Octafish Jan 2014 #79
"petromonarchs" What an apt term snagglepuss Jan 2014 #88
kick woo me with science Jan 2014 #82
kick woo me with science Jan 2014 #83
The President is getting his FAST TRACK OF THE TPP! woo me with science Jan 2014 #86

Octafish

(55,745 posts)
7. I voted for Obama because he said he would send the banksters to jail.
Tue Dec 31, 2013, 08:01 PM
Dec 2013

Yet, the banksters got away.



The Two Documents Everyone Should Read to Better Understand the Crisis

by William K. Black
Assoc. Professor, Univ. of Missouri, Kansas City;
Sr. regulator during S&L debacle
February 25, 2009 10:31 AM

As a white-collar criminologist and former financial regulator much of my research studies what causes financial markets to become profoundly dysfunctional. The FBI has been warning of an "epidemic" of mortgage fraud since September 2004. It also reports that lenders initiated 80% of these frauds.1 When the person that controls a seemingly legitimate business or government agency uses it as a "weapon" to defraud we categorize it as a "control fraud" ("The Organization as 'Weapon' in White Collar Crime." Wheeler & Rothman 1982; The Best Way to Rob a Bank is to Own One. Black 2005). Financial control frauds' "weapon of choice" is accounting. Control frauds cause greater financial losses than all other forms of property crime -- combined. Control fraud epidemics can arise when financial deregulation and desupervision and perverse compensation systems create a "criminogenic environment" (Big Money Crime. Calavita, Pontell & Tillman 1997.)

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence. To understand the crisis we have to focus on how the mortgage fraud epidemic produced widespread accounting fraud.

CONTINUED...

http://www.huffingtonpost.com/william-k-black/the-two-documents-everyon_b_169813.html



When Joseph Stieglitz, James Galbraith, and the original corps of economic advisors got let go after the election; and banksters were appointed to oversee banksters, it should have been clear to all. No wonder Cass Sunstein wants to "cognitively infiltrate" organizations and shut down talk "conspiracy theories" when the Team is stuffed with the Larry Summers and Jacob Lew and Penny Pritzker.

Octafish

(55,745 posts)
58. That's what Reagan and two Bushes said, too.
Wed Jan 1, 2014, 03:42 PM
Jan 2014

Weird how they keep saying it, even when corporate taxes are at the lowest level since forever and there's still no trickle down. It's like voodoo.

 

1000words

(7,051 posts)
2. The good news is this is unsustainable
Tue Dec 31, 2013, 07:24 PM
Dec 2013

Sooner or later, this ends poorly for the wealthy minority. History proves it again and again.

Octafish

(55,745 posts)
8. Historically, yes. That doesn't mean it will hold in the future.
Tue Dec 31, 2013, 08:08 PM
Dec 2013

Case in point, the rich are planning life without steerage after the collapse...



The Really Creepy People Behind the Libertarian-Inspired Billionaire Sea Castles

The stinking rich are planning billion-dollar luxury liners that keep the land-based Americans they've plundered at a safe distance.

AlterNet / By Mark Ames
June 1, 2010

What happens when Americans plunder America and leave it broken, destitute and seething mad? Where do these fabulously wealthy Americans go with their loot, if America isn't a safe, secure, or even desirable place to spend their riches? What if they lose faith in their gated communities, because those plush gated communities are surrounded by millions of pissed-off Americans stripped of their entitlements, and who now want in?

The first such floating castle has been christened the " Utopia"--the South Korean firm Samsung has been contracted to build the $1.1 billion ship, due to be launched in 2013. Already orders are coming in to buy one of the Utopia's 200 or so mansions for sale- -which range in price from about $4 million for the smallest condos to over $26 million for 6,600 square-foot "estates." The largest mansion is a whopping 40,000 square feet, and sells for $160 million.

SNIP...

Both Thiel and Milton Friedman's grandson see democracy as the enemy--last year, Thiel wrote "I no longer believe that freedom and democracy are compatible" at about the same time that Milton Friedman's grandson proclaimed, "Democracy is not the answer." Both published their anti-democracy proclamations in the same billionaire-Koch-family-funded outlet, Cato Unbound, one of the oldest billionaire-fed libertarian welfare dispensaries. Friedman's answer for Thiel's democracy problem is to build offshore libertarian pod-fortresses where the libertarian way rules. It's probably better for everyone if Milton Friedman's grandson and Peter Thiel leave us forever for their libertarian ocean lair--Thiel believes that America went down the tubes ever since it gave women the right to vote, and he was outed as the sponsor of accused felon James O'Keefe's smear videos that brought ACORN to ruin.

SNIP...

While neither Bush nor the Bin Ladens are principals in the Frontier Group, its founding director, Frank Carlucci, is a name they know well, and you should too. Carlucci ran the Carlyle Group as its chairman from 1989 through 2005, right around the time that the wars started going undeniably bad, and floating castles started to look like a viable plan. But Carlucci's past is much weirder and scarier than most of us care to know: whether it's his strangely timed appearances in some of the ugliest assassinations and coups in modern history, or serving as Carter's number two man in the CIA, and Ronald Reagan's Secretary of Defense, if Frank Carlucci (nicknamed "Creepy Carlucci" and "Spooky Frank&quot is the founding director of a firm that's building floating castles, it's a bad sign for those of us left behind.

I'll get into Carlucci's partners in the Frontier Group in a moment, but first, let's reacquaint ourselves with Frank Carlucci. From an early age, Carlucci learned the importance of getting to know the right people in the right places. He studied at Princeton in the mid-1950s, where as luck should have it, Carlucci roomed with Donald Rumsfeld. Both Carlucci and Rumsfeld shared a passion for Greco-Roman wrestling at Princeton, and both went on to serve in the Navy after Princeton. Their paths would split and merge several times over the next few decades, even as they remained close personal friends throughout their lives. In the late 1950s, Carlucci briefly served as an executive at a lingerie manufacturer, Jantzen (the Victoria's Secret of its day), but quickly left to join the State Department.

CONTINUED...

http://www.alternet.org/story/147058/the_really_creepy_people_behind_the_libertarian-inspired_billionaire_sea_castles



The Hon. Frank Carlucci was our man in Congo (by "our" I mean Allen Dulles' man in Congo).

MattBaggins

(7,904 posts)
47. They are fearless
Wed Jan 1, 2014, 12:03 PM
Jan 2014

They know that even if they leave, not one politician left in America would have the balls to do the obvious solution; that is seize the bastard's assets.

zeemike

(18,998 posts)
15. Sociopaths don't think that way.
Tue Dec 31, 2013, 08:50 PM
Dec 2013

They think that this time they will win and now they have enough power to keep what they have stolen from the rest of us.
And Karl Rove expressed it.

“We’re an empire now, and when we act, we create our own reality. And while you’re studying that reality — judiciously, as you will — we’ll act again, creating other new realities, which you can study too, and that’s how things will sort out. We’re history’s actors . . . and you, all of you, will be left to just study what we do.”

RKP5637

(67,108 posts)
27. They only have cornered wealth because Americans allow them to get away with it. Hopefully,
Tue Dec 31, 2013, 10:16 PM
Dec 2013

one day, the majority will realize this.

 

RoccoR5955

(12,471 posts)
45. Capitalism, by its nature is unsustainable.
Wed Jan 1, 2014, 11:30 AM
Jan 2014

When any system does not account for finite resources, there comes a point where it peaks, then tumbles to the ground.
Capitalism is no different, by its inference of infinite profits from infinite resources. It is on its way down, and those of us who know that there is an alternative, where we share resources, where workers are owners, will have to pick up capitalism from its ashes if civilization is to survive.

Octafish

(55,745 posts)
9. That's what all the police are for.
Tue Dec 31, 2013, 08:11 PM
Dec 2013


No Mr. President, Larry Summers Did Not Resolve the Financial Crisis for a Pittance. He Just Papered Over the Problem.

by William K. Black
Oct. 28, 2010

I passed up the obvious title: "Heckuva Job Larry!" That was the moment of President Obama's appearance on The Daily Show with Jon Stewart that set all Americans cringing. Yes, he really said that Summers "did a heckuva job." The candidate that was gifted the opportunity to run against the legacy of one of the worst presidents in U.S. history has, as president, used Bush as his role model to continue many disastrous policies. It was strangely fitting that he would channel Bush's infamous praise ("Heckuva job Brownie&quot for the FEMA chief who failed New Orleans so badly in the hurricane.

President Obama understandably wishes to focus attention on the economic disaster he inherited from President Bush. But Jon Stewart's question to him, which led to the president's gaffe, correctly asked about the message that Summers' appointment sent about the administration's commitment to fundamental change.

Summers had financial red ink on his hands at the time he was appointed. He was Rubin's chief minion in the successful effort to defeat effective financial regulation and supervision. (Yes, the effort was bipartisan and the Republican leadership shares in the guilt.) Summers was not simply wrong, but also arrogant and brutal, in blocking effective regulation at the SEC and the Commodity Futures Trading Commission. Summers was made rich by Wall Street in one of those sordid consulting arrangements designed to buy influence and reward past and future favors.

President Obama's appointment of Summers as his chief economic advisor made the administration's overall response to the crisis predictable. (Robert Kuttner gives a detailed explanation of the policies that Rubin's protégés championed in his new book, A Presidency in Peril.) The response would follow the disastrous Japanese model that has harmed their economy and damaged their integrity. The dominant characteristics can be summarized quickly: (1) the government would act for the benefit of the largest financial firms and their CEOs, even when they directed massive frauds, by (2) engineering a cover up of the banks' losses and the CEO's misconduct; (3) the administration would use the fictional reports generated to conduct the cover up to declare victory (due to their brilliance); and (4) the same strategy would impair the recovery. (For more on the cover up, see here and here.)

CONTINUED w/links...

http://www.huffingtonpost.com/william-k-black/no-mr-president-larry-sum_b_775307.html

William K. Black is a forensic economist who, as a government investigator, helped send many white collar criminals to jail during the S&L crisis.

warrant46

(2,205 posts)
44. Nice try
Wed Jan 1, 2014, 10:44 AM
Jan 2014

Experience in the class struggle in the era of imperialism teaches us that it is only by the power of the gun that the working class and the laboring masses can defeat the armed bourgeoisie; in this sense we may say that only with guns can the whole world be transformed.

DireStrike

(6,452 posts)
46. And you think the second amendment has something to do with this?
Wed Jan 1, 2014, 11:32 AM
Jan 2014

You really think a popular revolution would occur and it would not be possible to arm the populace, legal or illegal? There's so much wrong with your viewpoint that I don't know where to start. Absolutely ridiculous.

daleanime

(17,796 posts)
52. Obviously not....
Wed Jan 1, 2014, 01:43 PM
Jan 2014

so I won't brother you with reason and stuff like that. Just state my dissension for the record and wish you a good new year.

 

Lizzie Poppet

(10,164 posts)
68. Yes, it's something asserted be people who are completely clueless about seizing & holding power...
Wed Jan 1, 2014, 11:46 PM
Jan 2014

...like Mao Tse-Tung.

Oh, wait...

 

Rex

(65,616 posts)
6. The plutocracy chugs on, despite who is in office
Tue Dec 31, 2013, 07:34 PM
Dec 2013

or which branch we talk about. Nobody is going to stop it and by now we poor working slaves just need to 'get use to it' is the message Corporate America wants us to swallow down.

Can you believe this shit Octa?

2014 and Disaster Capitalism reigns supreme...the 1% HATE the idea of competition! How many companies own every product we use now? 12?

The only thing that is NOT too big to fail is US the American people. Evidently we are expected now to pay for the plutocracies fuckups. IE the shutdown.

Octafish

(55,745 posts)
11. We the People now are -- officially -- on the hook for the Wall Street casino, Rex...
Tue Dec 31, 2013, 08:18 PM
Dec 2013

They have "socialized" the risk part, meaning that they can count on the taxpayers to bail them out AND make sure they get their million dollar end-of-year bonuses.



13 Bankers: The American Oligarchs And The Systemically Dangerous Institutions (SDIs) They Rule

William K. Black
Assoc. Professor, Univ. of Missouri, Kansas City; Sr. regulator during S&L debacle
Posted: April 27, 2010 01:00 PM

We know that Simon Johnson and James Kwak have hit a nerve because Larry Summers, the administration's principal economic adviser and the man that carries water for what the authors rightly call the financial "oligarchs" -- has been forced into an open defense of the oligarchs' rule. Summers has kept a low profile and protected the oligarchs from substantive reform by using his power as gatekeeper to minimize the presentation of views by those that support effective financial regulation. Summers' ability to marginalize Paul Volcker demonstrates his power and success -- and the harm he causes the nation.

The issue that has caused Summers to publicly carry water for the oligarchs is the inherent insanity of allowing systemically dangerous institutions (SDIs) to continue. The oligarchs are all SDIs. Under the administration's own logic, if any SDI fails it creates a serious potential of causing a global financial crisis.

The administration (implicitly) asserts that the power to resolve failed SDIs removes this systemic risk. Treasury Secretary Geithner's prepared testimony before the House on April 20, 2010 argued:

No regulatory regime will be able to prevent major financial firms from reaching the point of insolvency. But a well-designed regulatory framework must put in place shock absorbers to contain the damage caused by a major firm's default (p.1).
The first sentence is a devastating admission that the administration's embrace of the oligarchs will, as the authors have warned, produce recurrent global financial crises. We know that "private market discipline" is an oxymoron -- the lenders and investors that are supposed to "discipline" fraudulent enterprises actually fund their growth. That means we have to rely on regulators to prevent future epidemics of "control fraud" (frauds in which those that control seemingly legitimate entities use them as "weapons" to defraud). But Geithner admits that "no regulatory regime" can be counted on to prevent the failure of an SDI -- which they claim exposes us to a global crisis.

Note the extreme vagueness of Geithner's solution to the future failures, which he concedes are inevitable, of the DSIs. What "shock absorbers" does he plan to put in place to prevent the failure of an SDI from causing the global crisis that he says their failure would normally cause?
Consider the not-so-hypothetical failure of Citicorp. It is the counterparty to tens of thousands of transactions. If it fails due to accounting control fraud -- and that is the most common reason an SDI fails -- then its capital requirement will be meaningless even if its increased. Accounting control fraud produces guaranteed, record (albeit fictional) "income" which can flow through to "capital" and meet any capital requirement under consideration. Alternatively, a bank can follow the Iceland strategy and lend the funds to those that will purchase its stock. This creates whatever level of fictional capital is required. Capital is an accounting concept. If you game the accounting the capital can be fictional. Capital requirements cannot stop accounting control frauds -- the principal cause of major bank failures. Note that Geithner implicitly admits this, because he admits that no regulatory regime can guarantee closure prior to insolvency -- even though the regulators are required by the Prompt Corrective Action Act to do so.

We demonstrated during the reregulatory phase of the S&L debacle that regulators that understand accounting control fraud can identify and close the frauds before they cause catastrophic failures, but Geithner and Summers cannot even bring themselves to use the "f word" -- fraud -- much less identify, constrain, and prosecute it.

Absent effective anti-fraud regulators, there is only one "shock absorber" that can be used once the looters have caused the catastrophic failure of an SDI. If Citicorp is insolvent by $400 billion there is only one "shock absorber" that can reduce (1) cascade failures among the counterparties and (2) sending a shock throughout the financial system as investors and creditors realize that there is an enormous bubble (whatever bubble comes next), that asset values are grossly inflated, and that there is widespread fraud covering up losses at many banks. That shock absorber is money -- massive amounts of money. The reality, which politicians like to assume away, is that most of this money will come from public funds. As long as banks are allowed to be so large that their failure can cause a crisis they will be bailed out. If, like Lehman, they are not bailed out their failure will cause so much damage that the subsequent SDI failures will be bailed out.

CONTINUED...

http://www.huffingtonpost.com/william-k-black/13-bankers-the-american-o_b_553702.html



Rest assured, they are not commies, Rex. The banksters and friends in Washington have "privatized" the profits part by law.
 

Rex

(65,616 posts)
22. As long as there are no rules to stop them, they will keep on keeping on.
Tue Dec 31, 2013, 09:24 PM
Dec 2013

Since the 80's just chugging along with 'mass wealth/resources upward' (as opposed to trickle down) to a handful with no apparent end in site. Banksters privatized the government more or less. Wall Street owns their votes.

Octafish

(55,745 posts)
12. Sorry, riderinthestorm. The truth is depressing.
Tue Dec 31, 2013, 08:30 PM
Dec 2013

The Truth wouldn't be sad if there were Justice: Legal, Economic and Political -- which, as you know, is the point for even bothering.



[font size="1"]The Taming of Evil, painting by Renata Palubinskas.[/font size]

THIS is where a lot of the money "lost" in the great Bankster Bailout has gone:



Check Out Who's Hiding $32 Trillion in Offshore Tax Haven Accounts

EXCERPT...

Some $32 trillion has been hidden in small island banking hubs which host a bevy of trust funds, shell corporations and other tax havens, the Tax Justice Network estimates.

SNIP...

The information is still being sifted through, even as it's being released to the public, but here's some of what's been found so far:

■American Denise Rich, ex-wife of pardoned tax cheat Marc Rich, has been uncovered as the settlor and beneficiary of two large trusts based in the tiny Cook Islands. The ICIJ found that Denise Rich gave up her American citizenship in 2012. Her citizenship was convenient enough when President Clinton had the authority to pardon her ex-husband.
■French President Francois Hollande, ardent socialist and tireless champion of the 75% marginal tax rate, appears in these documents, mostly by association. His campaign co-treasurer, Jean-Jacques Augier, has been forced to reveal the name of his Chinese business partner in a Caymans-based distribution company. Augier says he used his offshore company to make a large investment in China.
■Australian actor Paul Hogan, of "Crocodile Dundee" fame, has lost about $35.3 million from an account that he used to offshore his "bonza" film royalties. His once-trusted tax adviser Philip Egglishaw ran off with Hogan's sizeable hidden offshore stash.
■French banking scion Elie de Rothschild, of the famous banking family, has been named in the leaks. He was instrumental in setting up some 20 trusts and 10 holding companies in the Cook Islands, all extremely opaque in nature. His heirs have, not surprisingly, refused comment.
■Brigitte Bardot's third ex-husband, Gunter Sachs, a millionaire industrialist, has been revealed as the owner of a huge, obscure wealth-masking machine: trust upon shell company upon holding company, almost ad infinitum, mostly based in the Cook Islands. The ICIJ has constructed an interactive map of Sachs' extensive offshore holdings and business networks. The network is fairly representative of the steps that many on this list have taken to hide their wealth away. You can marvel at its imponderable complexity here.


And these names are barely the tip of the iceberg. The shockwaves have already begun to spread through the corridors of wealth and power all over the world.

How Much is $32 Trillion?

It bears repeating: $32 trillion has been stashed away, off the books, by corporations and wealthy individuals.

CONTINUED...

http://www.marketoracle.co.uk/Article40250.html



Offshore loot also represents money made from trafficking in drugs, guns and people. So...what can we do about it?



On My Mind

Tax Offshore Wealth Sitting In First World Banks

James S. Henry
07.01.10, 09:00 AM EDT
Forbes Magazine dated July 19, 2010

Let's tax offshore private wealth.

How can we get the world's wealthiest scoundrels--arms dealers, dictators, drug barons, tax evaders--to help us pay for the soaring costs of deficits, disaster relief, climate change and development? Simple: Levy a modest withholding tax on untaxed private offshore loot.

Many aboveground economies around the world are struggling, but the economic underground is booming. By my estimate, there is $15 trillion to $20 trillion in private wealth sitting offshore in bank accounts, brokerage accounts and hedge fund portfolios, completely untaxed.

SNIP...

This wealth is concentrated. Nearly half of it is owned by 91,000 people--[font color="green"]0.001% of the world's population[/font color]. Ninety-five percent is owned by the planet's wealthiest 10 million people.

SNIP...

Is it feasible? Yes. The majority of offshore wealth is managed by 50 banks. As of September 2009 these banks accounted for $10.8 trillion of offshore assets--72% of the industry's total. The busiest 10 of them manage 40%.

CONTINUED....

http://www.forbes.com/forbes/2010/0719/opinions-taxation-tax-havens-banking-on-my-mind.html



Not only would that money balance the budget, erase the debt and fix the nation and world's problems from hunger and homeless to energy and education; it would free humanity to do better things than make war all the time. ALL it takes is for We the People of the United States to exert our political will and demand Justice.

Happy New Year to You and Yours, my Friend!

riverbendviewgal

(4,252 posts)
50. some brainiac thought sticking in FATCA in the jobs bill would catch these Americans Abroad tax
Wed Jan 1, 2014, 12:20 PM
Jan 2014

Evaders. What a joke. The rich guys are laughing and the middle class Americans Abroad are renouncing in droves their American citizenships. They can't afford the specialized tax accountants. They can not file online themselves nor be able to use HR Block. Errors are penalized , 10 k per year. Some are shelling out thousands and now are renouncing. They are not Americans coming back to live in the USA. They are dual citizens and their local banks where they live are considered foreign by the IRS. Most owe nothing to the IRS. Yet the USA has its own tax havens such as Delaware, Nevada, Florida and North Dakota. FATCA is extortion on the rest of the world's
banking systems.

See my journals to get more understanding.
Most DuRs don't give a hoot.

 

Spitfire of ATJ

(32,723 posts)
13. Dems will spend ALL of their political capital begging for a 3% change....
Tue Dec 31, 2013, 08:36 PM
Dec 2013

MOST of that time is spent explaining to their own base that it's unrealistic.

Octafish

(55,745 posts)
19. Time for New Deal 2.0
Tue Dec 31, 2013, 09:07 PM
Dec 2013

From the Roosevelt Institute:

Four Freedoms Center

All it takes to transform the nation -- and the planet -- is the political will. We the People deserve it. It should be the Democratic leadership who DEMAND it.

Octafish

(55,745 posts)
20. Really, I do think the world of the President.
Tue Dec 31, 2013, 09:11 PM
Dec 2013

However, I'd like to see him do much more for Main Street than Wall Street.



The rich already have many champions.



Neil Barofsky Gave Us The Best Explanation For Washington's Dysfunction We've Ever Heard

Linette Lopez
Business Insider, Aug. 1, 2012, 2:57 PM

Neil Barofsky was the Inspector General for TARP, and just wrote a book about his time in D.C. called Bailout: An Insider Account of How Washington Abandoned Main Street While Rescuing Wall Street.

SNIP...

Bottom line: Barofsky said the incentive structure in our nation's capitol is all wrong. There's a revolving door between bureaucrats in Washington and Wall Street banks, and politicians just want to keep their jobs.

For regulators it's something like this:

"You can play ball and good things can happen to you get a big pot of gold at the end of the Wall Street rainbow or you can do your job be aggressive and face personal ruin...We really need to rethink how we govern and how regulate," Barofsky said.


CONTINUED... http://www.businessinsider.com/neil-barofsky-2012-8



"Integrity is for paupers." -- the late Tim Russert (attributed)

Phlem

(6,323 posts)
34. As I.
Wed Jan 1, 2014, 02:32 AM
Jan 2014

Main street had needed help since Raygun and nothing has happened, yes we have health "Insurance" reform but those bills still need to get paid. In a situation where the USA is desperate for jobs he tries to fast track another TA. The TPP non the less. WTF!? The relationship between this administration and Wall Street is very public and appalling.

Why am I such an Obama hater!? God I can't stand that shit anymore.

I'm looking out for my brothers and sisters at this point.



-p

KoKo

(84,711 posts)
17. Recommend: And a Happy New Year to You "Octafish"
Tue Dec 31, 2013, 08:58 PM
Dec 2013

Thanks for all your reporting on the JFK Assassination Conference and all of your other informative articles speaking Truth and Investigation to Power....

Octafish

(55,745 posts)
23. Thank you, KoKo! Here are all my JFK Conference threads...
Tue Dec 31, 2013, 09:38 PM
Dec 2013

That JFK assassination conference was a life-changing experience. For those interested, here are the OPs I have started on the sad anniversary and on the Duquesne Conference over the last few weeks:

JFK Conference: Amazing Day of Information and Connecting with Good People

After JFK Conference, when I got home, I felt like RFK.

JFK Conference: Bill Kelly introduced new evidence - adding Air Force One tape recordings

JFK Conference: Rex Bradford detailed the historic importance of the Church Committee

JFK Conference: Lisa Pease Discussed the Real Harm of Corrupt Soft Power

JFK Conference: James DiEugenio made clear how Foreign Policy changed after November 22, 1963

JFK Conference: Mark Lane Addressed the Secret Government’s Role in the Assassination

JFK Conference: David Talbot named Allen Dulles as 'the Chairman of the Board of the Assassination'

JFK Conference: Dan Hardway Detailed how CIA Obstructed HSCA Investigation

Noah's Ark - Nov. 22, 1963

JFK Remembered: Dan Rather and James Swanson talk at The Henry Ford

Seven Days in May -- tonight on TCM

Machine Gun Mouth

Octafish to attend JFK assassination conference. Do you think JFK still matters?

Thanks for the kind words about them, KoKo. You and DU mean the world to me. For good DUers, this place is a Truth Machine.

I almost didn't report on the conference. One DUer wondered if I had gotten any funding from DUers to go. I couldn't ask when so many are in real need. I scrapped what little credit I have remaining and made the run to Pittsburgh.

There, I was immediately reminded why it's important to be there and share what I learned -- especially with DUers, Democrats everywhere, and ALL Americans who care about justice -- for JFK and for the nation. For instance: Here's an FBI document from Deke DeLoach to Clyde Tolson that, for some reason, never got brought to the country's attention by the national press corps in all its recent reporting on the recent 50th anniversary of the assassination.

The memo is from 1967, the time Jim Garrison -- the only government official to prosecute anyone in connection with the assassination of President John F. Kennedy -- was trying to make his case without all the new information that's been learned since then. The document was classified until released in the 1990s. In it, President Lyndon B Johnson was reported to have said he agreed with Garrison that there was a conspiracy and that the CIA had something to do with it (note last paragraph):



http://www.maryferrell.org/mffweb/archive/viewer/showDoc.do?docId=57085&relPageId=112

I would think this, too, would be on the front page and leading the newscasts every day until the surviving traitors, warmongers and banksters who've benefited were imprisoned. However, we are told to "Move on" and it's business as usual, meaning the rich get richer, our rights continue to vanish, and democracy falls victim to wars without end. But, if enough people realize What's What, Who's Who and What's at Stake for their futures, we've got a real chance for change.

From what I know and have learned: The best is yet to come, KoKo. Happy, Peaceful and Prosperous New Year to You and Yours!

Octafish

(55,745 posts)
51. The word 'Austerity' missing from US news coverage.
Wed Jan 1, 2014, 12:43 PM
Jan 2014

Yet, as you have so ably documented on DU, Scuba, Austerity has become a major part of American life.



Happy New Year to You and Yours!


Cryptoad

(8,254 posts)
24. We need long term solutions......
Tue Dec 31, 2013, 10:00 PM
Dec 2013

we need policies that will rebuild the Middle Class. We need Government Policy that rewards companies for a structured business models which pays their employees a fair living wage in correlation to the Company's total outlays , profit and executive salaries! All the while, penalizing by denying them their tax loopholes and low tax rates the companies that continue to rape the Middle Class and working poor !

Octafish

(55,745 posts)
57. The New Deal created the Middle Class...
Wed Jan 1, 2014, 03:38 PM
Jan 2014

...which is why the GOP hates Keynesian economics (and another reason why I vote Democratic).

http://www.laprogressive.com/guess-what-the-new-deal-worked/

JFK and LBJ knew it. That's why thry wanted the civilian space program to succeed: in addition to advancing technology, it created a new economy with great jobs and an unlimited future.

Nixon and theBig Money GOP hated the civilian space program.

MattBaggins

(7,904 posts)
49. Silly you.
Wed Jan 1, 2014, 12:10 PM
Jan 2014

When they said trickle down they didn't really mean money, it was a metaphor the pissing on us we would endure.

Octafish

(55,745 posts)
61. Never.
Wed Jan 1, 2014, 06:51 PM
Jan 2014

The theory "underlying" trickle down was just to get Congress to go along.

Even David Stockman is pissed about the way the greatest concentration of wealth in human history is being squandered. Pruneface's budget guru added up all the GDP and estimated the stuff from the middle ages to the presrnt day. Whatever. His real point is that most of THAT has ended up in the pockets of the greedhead plutocrats' pockets.



http://www.cbsnews.com/video/watch/?id=7009217n&tag=related;photovideo

"In 1985, the top five percent of the households, wealthiest five percent, had net worth of $8 trillion, which is a lot. Today, after serial bubble after serial bubble, the top five percent have net worth of $40 trillion," he explained. "The top five percent have gained more wealth than the whole human race had created prior to 1980." -- David Stockman

SOURCE: http://www.cbsnews.com/stories/2010/10/28/60minutes/main6999906_page4.shtml

And to think there are kids in America who would go to bed hungry every night if they had one.


hfojvt

(37,573 posts)
29. that's kinda hard to believe
Tue Dec 31, 2013, 10:51 PM
Dec 2013

my own wealth has been steadily growing.

Especially since I started working full time in October 2011. Since then, I have put $18,000 in my IRA.

In 1983, my net worth was probably only about $5,000. I was a junior in college.

The OP says "From 1998 to 2009, fully 80% of American families LOST wealth. They had to borrow to stay afloat."

Again, hard to believe. That would put me in an elite 20%. 1998 happens to be the year I sold my bookstore. I worked about three years, most of the time as a factory temp. Then got a job at a major corporation in August 2001 from which I was fired in March 2002 and was unemployed until August 2002 when I got a part-time janitor job.

This, after I bought a house in November 2001.

And the laundromat/apartments I bought in 1998 for $35,000 I sold in 2003 for about $9,000.

Ouch. Ouch. Ouch.

And still, I gained wealth over the period from 1998 to 2009. Got a full time job, finally, in May 2004, paid off my house by October 2005.

Still, in spite of a $27,000 loss in real estate, I still gained wealth over the period. The house I put $8,000 down on in 2001 was paid for by 2006. That's the $27,000 back.

It just does NOT make sense that a part-time janitor can gain wealth while 80% of the country loses it.

I think that statistic is mis-leading. That 80% who lost wealth is probably some sort of net. Meaning that within that group, 30% of households lost wealth while 50% of them gained wealth. But if you combine the two, the losses of the losing group cancel out the losses of the gaining group.

I bet the same thing is true of this

"This first fact is nearly ungraspable: In 2009 the average wealth for almost half of American families was ZERO (their debt exceeded their assets)."

Because the 2011 census of wealth showed only 18.1% of households with less than zero net worth.

However, the negative net worth of that 18.1% is more than enough to cancel out the net worth of the next two groups. The 9.1% which had positive net worth less than $5,000 and those with less than $10,000 and more than $5,000, which were 4.8%. So, it is possible that the lowest 38% of households in 2011 had a combined net worth of zero.

BUT

within that group, there is
A - 2.4% - $5,000 to $7,113
B - 2.4% - $7,113 to $9,999

and with 118.7 million households, that means
the net worth of Group A is AT LEAST $14 billion
the net worth of Group B is AT LEAST $20.3 billion

there's even group (A-) - 4.55% - $1,679 to $4,999
which has AT LEAST $9 billion in net worth

Granted $50 billion in net worth is a long way from a trillion, but it is also a long way from zero.


hfojvt

(37,573 posts)
74. it happens to be the only example I have detailed knowledge of
Thu Jan 2, 2014, 01:06 PM
Jan 2014

But if a part-time janitor CAN gain wealth over that period, then how is it possible that so much of the rest of the country, many of whom have working spouses and full time jobs. How can they have lost wealth?

Simply compare my income to the upper limit of the bottom 20%

1999 - $14,520 vs. 17,123
2000 - $16,153 vs. 17,911
2001 - $17,464 vs. 17,970
2002 - $15,617 vs. 17,914
2003 - $13,891 vs. 17,981
2004 - $19,704 vs. 18,478
2005 - $24,120 vs. 19,178

For much of the period in question, I made less than 80% of households, often much less. Heck, even in 2005 when I finally got out of the bottom quintile, even then 40% of US households made more than $57,660.

If I CAN save money even at my low income, then how is it that all those higher income households can NOT?

Well, first I don't believe that they are not. I think the author here is being dishonest in combining statistics, as I mentioned.

Second, some on the left are against the CONSUMER lifestyle, but others do not seem to be. Do Americans NOT have enough money, or do they fritter away lots of the money that have on consumer items? Do they willingly buy McMansions and expensive new cars and such?

Granted, people have the choice to do what they want with their own money. What they should not do, or what the author here should not do, is let them complain "I don't have enough money" after they have whizzed away so much of the money they DO have.

I know that the top 10% is taking too much of the pie, but I don't believe that 80% of the country is poor or barely scraping by.

SoCalDem

(103,856 posts)
32. No problem..
Tue Dec 31, 2013, 11:15 PM
Dec 2013

as long as there is American Idol, Walmart, HoneyBooBoo, Duck Dynasty, Nascar, Beer, and all the other distractions...

just in case...------> for those who do not understand the doctrine of Bread & Circuses

Octafish

(55,745 posts)
64. Remember when citizens could deduct credit card interest payments from federal taxes?
Wed Jan 1, 2014, 07:34 PM
Jan 2014

Pruneface Reagan and a bipartisan Congress closed that loophole, for some reason. OK, not the end of the world, but still crummy when contrasted with all the breaks big money gets. Then Smirko Bush and a bipartisan Congess - Hi, Hillary! - made personal bankruptcy a life destroyer for middle class and poor families. That change helped big money, too, though. What a coincidence.

Most importantly: Happy New Year to You and Yours, SoCalDem!


SoCalDem

(103,856 posts)
65. I sure do.. there used to even be a reliable renter's tax credit too
Wed Jan 1, 2014, 07:47 PM
Jan 2014

Having interest deductible made car-buying easier for families too. and you did not have to itemize to get the credit ..now everything has to fit with itemization, and the poorer you are, the less likely you are to be able to do it..

HNY to you too

ProSense

(116,464 posts)
38. President Obama
Wed Jan 1, 2014, 08:57 AM
Jan 2014

"President Obama recently proclaimed that inequality 'drives everything I do in this office.' Indeed it may, but in the wrong direction."

...actually did something to address the inequality, raising taxes on the top one percent (higher than the Clinton rate with the health care tax included) and increasing capital gains to its highest level since the mid 90s. The total effect is significant.

<...>

Perhaps the best prism through which to see the Democrats’ gains is inequality. In the 2008 campaign, Mr. Obama said that his top priority as president would be to “create bottom-up economic growth” and reduce inequality...In the 2009 stimulus, he insisted on making tax credits “fully refundable,” so that even people who did not make enough to pay much federal tax would benefit. The 2010 health care law overhaul was probably the biggest attack on inequality since it began rising in the 1970s, increasing taxes on businesses and the rich to pay for health insurance largely for the middle class.

http://www.nytimes.com/2013/01/03/us/politics/for-obama-fiscal-deal-is-a-victory-that-also-holds-risks.html


The biggest progressive gripe about the legislation is that Mr. Obama extracted less revenue from the affluent than expected — about $600 billion versus $800 billion over the next decade. In perspective, however, this isn’t that big a deal. Put it this way: A reasonable estimate is that gross domestic product over the next 10 years will be around $200 trillion. So if the revenue take had matched expectations, it would still have amounted to only 0.4 percent of G.D.P.; as it turned out, this was reduced to 0.3 percent. Either way, it wouldn’t make much difference in the fights over revenue versus spending still to come.

http://www.nytimes.com/2013/01/04/opinion/kurgman-battles-of-the-budget.html

The thing is that such changes take time to kick in and become noticeable. For example, there is a new tax on high-income earners and the wealthy to help pay for the law.

Reported when the law passed in 2010:

A big chunk of the money to pay for the bill comes from lifting payroll taxes on households making more than $250,000. On average, the annual tax bill for households making more than $1 million a year will rise by $46,000 in 2013, according to the Tax Policy Center, a Washington research group. Another major piece of financing would cut Medicare subsidies for private insurers, ultimately affecting their executives and shareholders.

http://www.nytimes.com/2010/03/24/business/24leonhardt.html


It's the law, and takes effect for the 2013 tax year:

Net Investment Income Tax

A new Net Investment Income Tax goes into effect starting in 2013. The 3.8 percent Net Investment Income Tax applies to individuals, estates and trusts that have certain investment income above certain threshold amounts. The IRS and the Treasury Department have issued proposed regulations on the Net Investment Income Tax. Comments may be submitted electronically, by mail or hand delivered to the IRS. For additional information on the Net Investment Income Tax, see our questions and answers.

Additional Medicare Tax

A new Additional Medicare Tax goes into effect starting in 2013. The 0.9 percent Additional Medicare Tax applies to an individual’s wages, Railroad Retirement Tax Act compensation, and self-employment income that exceeds a threshold amount based on the individual’s filing status. The threshold amounts are $250,000 for married taxpayers who file jointly, $125,000 for married taxpayers who file separately, and $200,000 for all other taxpayers. An employer is responsible for withholding the Additional Medicare Tax from wages or compensation it pays to an employee in excess of $200,000 in a calendar year. The IRS and the Department of the Treasury have issued proposed regulations on the Additional Medicare Tax. Comments may be submitted electronically, by mail or hand delivered to the IRS. For additional information on the Additional Medicare Tax, see our questions and answers.

http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions

Obama's inequality speech: telling the progressive story of American history
http://www.democraticunderground.com/10024138675

Octafish

(55,745 posts)
71. All that is well and good, but it's Year Six and there's still no New Deal for the 21st century.
Thu Jan 2, 2014, 11:56 AM
Jan 2014

You may remember: create a new national economy, including an "Apollo Program" for Energy, rebuild schools and infrastructure, improve quality of life for all Americans, etc.

http://www.politico.com/news/stories/1208/16258.html

What happened? The President had a historic mandate and majorities in both houses of Congress.

ProSense

(116,464 posts)
80. Given that's a
Thu Jan 2, 2014, 02:26 PM
Jan 2014

"You may remember: create a new national economy, including an "Apollo Program" for Energy, rebuild schools and infrastructure, improve quality of life for all Americans, etc."

...2008 article at the link, it sounds like the stimulus.

http://en.wikipedia.org/wiki/American_Recovery_and_Reinvestment_Act_of_2009

"What happened? The President had a historic mandate and majorities in both houses of Congress. "

Well, this (http://www.democraticunderground.com/10024259698#post10) and this (http://www.democraticunderground.com/10024257660#post42) happened.

Also, this:

In September 2011, Republicans blocked the American Jobs Act and up to 2 million jobs
http://www.democraticunderground.com/10021294027

Krugman: Obstruct and Exploit
http://www.democraticunderground.com/10021310637

The Jobs Program That Wasn’t

Macroeconomic Advisers on the American Jobs Act, proposed a year ago:

We estimate that the American Jobs Act (AJA), if enacted, would give a significant boost to GDP and employment over the near-term.

-The various tax cuts aimed at raising workers’ after-tax income and encouraging hiring and investing, combined with the spending increases aimed at maintaining state & local employment and funding infrastructure modernization, would:
-Boost the level of GDP by 1.3% by the end of 2012, and by 0.2% by the end of 2013.
-Raise nonfarm establishment employment by 1.3 million by the end of 2012 and 0.8 million by the end of 2013, relative to the baseline

Of course, it that had happened, Obama would be more or less a lock for reelection. Instead, having blocked the president’s economic plans, Republicans can point to weak job growth and claim that the president’s policies have failed.

http://krugman.blogs.nytimes.com/2012/09/08/the-jobs-program-that-wasnt/


We built it together

by Elizabeth Warren

New Jersey Governor Chris Christie gave a speech last night at the Republican National Convention about the Greatest Generation.

Let's talk about what really made the Greatest Generation so great.

Coming out of the Great Depression, America was at a crossroads. The future of our economy - and our democracy - was at stake.

We made a decision together as a country: To invest in ourselves, in our kids, and in our future. For nearly half a century, that's just what we did.

And it worked. For nearly 50 years, as our country got richer, our families got richer - and as our families got richer, our country got richer.

And then about 30 years ago, our country moved in a different direction. New leadership attacked wages. They attacked pensions. They attacked health care. They attacked unions. And now we find ourselves in a very different world from the one our parents and grandparents built. We are now in a world in which the rich skim more off the top in taxes and special deals, and they leave less and less for our schools, for roads and bridges, for medical and scientific research - less to build a future.

Last night, Chris Christie and the Republicans told the American people that we're to blame for our broken economy. He told families to tighten their belts. He told seniors to live on less. He told teachers to stop fighting for fair pay.

He never, ever mentioned how much more the richest have taken, and he had no mention that those who broke our economy still haven't been held accountable.

The Republicans believe in an America that is rigged for the big guys - giant corporations that can hire an army of lobbyists, ship jobs overseas, and take their profits to the Cayman Islands.

That's not who we are as a people - and that's not the kind of country we want to be.

We built America together, and that's what makes America great.

http://www.dailykos.com/story/2012/08/29/1125449/-We-built-it-together


They Blocked that!

by jamess

When it comes to the GOP -- they didn't Build that.

Most times They Blocked that ...







- more -

http://www.dailykos.com/story/2012/08/30/1126128/-They-Blocked-that





durablend

(7,460 posts)
39. The wealthy are wondering
Wed Jan 1, 2014, 09:18 AM
Jan 2014

"Why is that 'everyone else' share so big and what can we do to change that?"

woo me with science

(32,139 posts)
40. K&R. The shocking work of this administration on behalf of the One Percent
Wed Jan 1, 2014, 09:42 AM
Jan 2014

Lest we forget:

The record shows aggressive, proactive pursuit of a corporate agenda...
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=3152360


...in every policy area important to the One Percent.

This list does not show the President trying to enact a more liberal agenda and being obstructed. It shows him working aggressively and proactively, over and over again, to install corporatists into his administration and to enact a corporate agenda.

Corporate and bank-cozy appointments, over and over again, including major appointments like:
A serial defender of corrupt bankers for the SEC; the architect of "Kill Lists" and supporter of torture, drone wars, and telecom immunity for the CIA; and a Monsanto VP who has lied and been involved in extremely disturbing claims regarding food safety for the FDA. An Attorney General who has not prosecuted a single large bank but wages war against medical marijuana users and *for* strip searches and warrantless surveillance of Americans. Tim Geithner. And now Penny Pritzker.
Bailouts and settlements for corrupt banks (with personal pressure from Obama to attorneys general to approve them),
Refusal by Obama's DOJ to prosecute even huge, egregious examples of bank fraud (i.e, HSBC)
signing NDAA to allow indefinite detention,
"Kill lists" and claiming of the right to assassinate even American citizens without trial
Expansion of wars into several new countries
A renewed public advocacy for the concept of preemptive war
Drone campaigns in multiple countries with whom we are not at war
Proliferation of military drones in our skies
Federal targeting of Occupy for surveillance and militarized response to peaceful protesters
Fighting all the way to the Supreme Court for warrantless surveillance
Fighting all the way to the Supreme Court for strip searches for any arrestee
Supporting and signing Internet-censoring and privacy-violating measures like ACTA
Support for corporate groping and naked scanning of Americans seeking to travel
A new, massive spy center for warrantless access to Americans' phone calls, emails, and internet use
Support of legal immunity for telecoms/warrantless wiretapping
Support of legislation to legalize massive surveillance of Americans
Militarized police departments, through federal grants
Marijuana users and medical marijuana clinics under assault,
Skyrocketing of the budget for prisons.
Failing to veto a bipartisan vote in Congress to gut more financial regulations.
Passionate speeches and press conferences promoting austerity for Americans
Bush tax cuts extended for billionaires, them much of it made permanent
Support for the payroll tax holiday, tying SS to the general fund
Support for the vicious chained CPI cut in Social Security and benefits for the disabled
Social security, Medicare, and Medicaid offered up as bargaining chips in budget negotiations, with No mention of cutting corporate welfare or the military budget
Advocacy of multiple new free trade agreements, including The Trans-Pacific, otherwise known as "NAFTA on steroids."
Support of drilling, pipelines, and selling off portions of the Gulf of Mexico
Corporate education policy including high stakes corporate testing and closures of public schools
Entrenchment of exorbitant for-profit health insurance companies into healthcare, through mandate
Legal assault on union rights of hundreds of thousands of federal workers
New policies of targeting children and first responders in drone campaigns,
New policies of awarding medals for remote drone attacks,
Appointment of private prison executive to head the US Marshal's office
Massive escalation of federal contracts for private prisons under US Marshall's Office



Chilling Legal Memo From Obama DOJ Justifies Assassination of US Citizens
http://www.democraticunderground.com/101654954

Study: "Trade" Deal Would Mean a Pay Cut for 90% of U.S. Workers
http://www.democraticunderground.com/10023661805

Obama Appoints Bain Capital Consultant Jeff Ziets to Top Post
http://www.democraticunderground.com/10023662209

Obama selects former Monsanto lobbyist to be his TPP chief agriculture negotiator
http://www.democraticunderground.com/10023662210

White House: No Subsidies for Union Health Plans
http://www.democraticunderground.com/1014594512

Wall Street Deregulation Garners Bipartisan Support Despite Devastating JPMorgan Report
http://www.huffingtonpost.com/2013/03/19/wall-street-deregulation-_n_2910168.html

The USDA’s Reckless Plan to Decrease Food Safety
http://www.democraticunderground.com/10023670859

This is a complete list of Wall Street CEOs prosecuted for their role in the financial crisis
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=3653154

Wall Street will get away with massive wave of criminality of 2008 - Statute of Limitations
http://www.democraticunderground.com/10022516719Obama seeks longer PATRIOT Act extension than Republicans (December 2013)
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x380450

When it comes to civil liberties, apparently Democrats are just as bad as Republicans.
http://www.democraticunderground.com/10022101960

NSA's Massive New Spy Center to Track Your Emails, Internet Activity, and Phone Calls
http://www.democraticunderground.com/101620852

Obama Quietly Signs Abusive Spy Bill He Once Vowed to Eliminate
http://www.democraticunderground.com/10022104861

Obama repeals Magna Carta, asserting powers our forefathers denied to Kings
http://www.democraticunderground.com/101655620

Obama's Memo on Killing Americans Twists 'Imminent Threat' Like Bush
http://www.democraticunderground.com/101654919

Obama no better than Bush when it comes to security vs. civil liberties.
http://www.democraticunderground.com/10022355307

Obama Admin Seeks Permission TO LIE In Response To FOI Requests - Even To The COURTS
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x2185303

NDAA on trial: Obama Administration fights ban on indefinite detention of Americans
http://www.democraticunderground.com/101748688

Obama administration complicit with private prison industry: President Obama's IncarcerNation
http://www.nationofchange.org/president-obama-s-incarcernation-1335274655

Obama, Democrats Push to Make Bush Spying Laws Permanent
http://www.democraticunderground.com/10022084702

NDAA, signed by Obama, is a direct attack against legitimate protest and dissent
http://www.democraticunderground.com/10022064803

NSA Whistleblower: All Americans under constant surveillance, all info. stored, no matter the post
http://www.democraticunderground.com/1002193487; http://www.democraticunderground.com/10021935289

Bipartisan Congress Disgracefully Approves the FISA Warrantless Spying Bill for Five More Years
http://www.democraticunderground.com/10022087323

While Public & Media Focused on 2nd Amendment, 5th Amendment Quietly Dismantled
http://www.democraticunderground.com/10022390581

How the Obama administration justifies extrajudicial killing of Americans,
http://www.democraticunderground.com/10022318187

Judge Says Under Law Executive Branch Can Commit Acts That Sure Do Seem Unconstitutional
http://www.democraticunderground.com/10022122464

Obama Justice Dept. says wiretap lawsuit should not proceed
http://www.democraticunderground.com/1014337039

NDAA Lawsuit- Hedges v. Obama, The Last Thin Line of Defense
http://www.democraticunderground.com/10022357078

Federal authorities step up efforts to license surveillance drones for law enforcement
http://www.democraticunderground.com/10022383596

Big Banks and FBI worked together vs Occupy
http://www.democraticunderground.com/10022095056]

FBI Investigated 'Occupy' As Possible 'Domestic Terrorism' Threat, Internal Documents Show
http://www.democraticunderground.com/10022061578

FBI Documents Reveal Secret Nationwide Occupy Monitoring (Updated the OP)
http://www.democraticunderground.com/10022057064

Public Buses Across Country Quietly Adding Microphones to Record Passenger Conversations
http://www.democraticunderground.com/10021965291

Street artist behind satirical NYPD 'Drone' posters arrested
http://www.democraticunderground.com/10021920967

The Obama DOJ urged the Supreme Court's endorsement of strip searches.
http://www.democraticunderground.com/1002521527

Obama Administration Fights to Allow Warrantless GPS Tracking
http://sync.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x1074474

Anonymous to FBI: hey, dudes, maybe you could take a break from...investigating activists....
http://www.democraticunderground.com/10022145621

Half a billion dollars for drones to spy on Americans
http://www.democraticunderground.com/10021876414

From Bradley Manning to Aaron Swartz -- The Government's Inhumane Persecution of Brave Truth Tellers
http://www.democraticunderground.com/10022276941

The sight of Army helicopters and the sound of gunfire...on Houston's south side
http://www.democraticunderground.com/10022276742

Kiriakou and Stuxnet: the danger of the still-escalating Obama whistleblower war
http://www.democraticunderground.com/10022275570

Can the DEA Hide a Surveillance Camera on Your Property?
http://www.democraticunderground.com/10022237059

Social Media and the Stasi
http://www.democraticunderground.com/10021888029

Homeland Security Wants to More Than Double Its Predator Drone Fleet Inside the US, Despite Safety/Privacy Invasions
http://www.democraticunderground.com/1014312823

CIA Behind Bizarre Censorship Incident At Alleged 9/11 Plotters’ Gitmo Trial
http://www.democraticunderground.com/10022280285

“I Am Wearing My Conviction As A Badge Of Honor.”
http://www.democraticunderground.com/10022275128

Meet the Contractors Turning America's Police Into a Paramilitary Force
http://www.democraticunderground.com/12525281

How Secrecy Corrodes Democracy
http://election.democraticunderground.com/101655009

Obama Quietly Issues Ruling Saying It's Legal For The FBI To Break The Law
http://election.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7545687

US Pulls Plug on Iran Cable News (Press TV)
http://www.democraticunderground.com/1014394770

DHS Watchdog OKs 'Suspicionless' Seizure of Electronic Devices Along Border
http://www.democraticunderground.com/10022339091

The Untouchables: How the Obama administration protected Wall Street from prosecutions
http://www.democraticunderground.com/10022246632

Obama Orders Pay Raise For Congress
http://www.democraticunderground.com/10022095402

Why is Social Security Under Attack from Obama, when it ADDS NOTHING to the deficit???
http://www.democraticunderground.com/10022065493

The Untouchables: How the Obama administration protected Wall Street from prosecutions
http://www.democraticunderground.com/10022246632

Guess what? Chained CPI is the bright idea of Third Way, the (Corporate) Dem "policy shop."
http://www.democraticunderground.com/10022021626

...Obama explicitly campaigned on opposing Social Security cuts -- and he just endorsed them (AGAIN)
http://www.democraticunderground.com/10022019860

Obama's Promises on Social Security: His OWN WORDS
http://www.democraticunderground.com/10022031544

Bernie Sanders: Chained CPI: An Economic and Moral Disaster
http://www.democraticunderground.com/10022381690

wall street pulls the strings: social security under attack in february
http://www.democraticunderground.com/10022155427

Obama signs bill cutting 2.2 billion from food stamps
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x309

Obama's New Treasury Secretary Pushes Austerity That Spreads Global Misery
http://www.democraticunderground.com/10022652850

Obama appointed Alan Simpson & Erskine Bowles to his goddamned catfood commission...
http://www.democraticunderground.com/10022633714

Why does President Obama keep Appointing Monsanto Shills to Key Gov. Positions?
http://www.democraticunderground.com/10022592785

Penny Pritzker..The Subprime Queen...Obama's Pick for Dept. of Commerce
http://www.democraticunderground.com/101665148

Obama's Betrayal of Public Education, Arne Duncan and the Corporate Model of Schooling
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x366410

How can we NOT feel betrayed? These are just ONE day's headlines:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x366410

Obama Approves New Cross-Border Pipeline Benefiting Canadian Oil Sand Producers
http://www.democraticunderground.com/112758698

Pres. Obama: Why are you pushing the Koch Supported Trans-Pacific Partnership (TPP)?
http://www.democraticunderground.com/10023563816

The Trans-Pacific Partnership: A Global Attack by the One Percent
http://www.democraticunderground.com/101634573

TPP: A pact designed to increase the wealth and power of crony capitalists
http://www.democraticunderground.com/10023936342

The Obama administration's legal battle against whistleblowers, federal unions.
http://www.democraticunderground.com/10022672473

Obama’s Escalating War on Freedom of the Press
http://www.democraticunderground.com/10023312251

Why Is President Obama Keeping a Journalist in Prison in Yemen?
http://www.democraticunderground.com/10023300531

Former Top NSA Official: “We Are Now In A Police State”
http://www.democraticunderground.com/10024197266

Obama administration asserts that NSA spying cannot be challenged in court
http://www.democraticunderground.com/10023296209

The Obama administration is aggressively growing private prisons
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=2670142

When you hear "Third Way", think INVESTMENT BANKERS
http://www.democraticunderground.com/10024127432

The Rightwing Koch Brothers fund the DLC -- article from '06
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x498414

You do know how the DLC/Third Way was formed? (corporate money, corporate infiltration)
http://www.democraticunderground.com/10024150961

Third Way VP indicates they fear Elizabeth Warren's influence on the party.
http://www.democraticunderground.com/10024168867

Majority of Third Way support from Wall Street
http://www.democraticunderground.com/10024164622

The Democratic Party's deceitful game
http://www.democraticunderground.com/?com=view_post&forum=1002&pid=3928692

ProSense

(116,464 posts)
42. "Lest we forget:"
Wed Jan 1, 2014, 10:00 AM
Jan 2014
<...>

What follows is a PARTIAL list of Obama’s accomplishments so far. Unlike many such lists, there is a link to a citation supporting every single one.

<...>

Wall Street Reforms and Consumer Protection

Ordered 65 executives who took bailout money to cut their own pay until they paid back all bailout money. http://huff.to/eAi9Qq

He pushed through and got passed Dodd-Frank, one of the largest and most comprehensive Wall Street reforms since the Great Depression. http://bit.ly/hWCPg0 http://bit.ly/geHpcD

Dodd-Frank also included the creation of the Consumer Financial Protection Bureau http://1.usa.gov/j5onG

He made it so that banks could no longer use YOUR money to invest in high-risk financial instruments that work against their own customers’ interests. http://bit.ly/fnTayj

He supported the concept of allowing stockholders to vote on executive compensation. http://bit.ly/fnTayj

He wholly endorsed and supported the Foreign Account Tax Compliance Act of 2009 that would close offshore tax avoidance loopholes. http://bit.ly/esOdfB http://bit.ly/eG4DPM

He made a deal with Swiss banks that permits the US government to gain access to the records of criminals and tax evaders. http://bit.ly/htfDgw

He established a Consumer Protection Financial Bureau designed to protect consumers from financial sector excesses. http://bit.ly/fnTayj

He oversaw and then signed the most sweeping food safety legislation since the Great Depression. http://thedc.com/gxkCtP
- more -

http://www.addictinginfo.org/2013/02/15/a-long-list-of-president-obamas-accomplishments-with-citations/


Ally Bank To Pay $98 Million For Charging Higher Interest To Non-White Borrowers
http://www.democraticunderground.com/10024208931

U.S. orders mortgage servicer Ocwen to help borrowers with $2 billion

By Emily Stephenson

(Reuters) - U.S. officials on Thursday ordered the largest nonbank mortgage servicer to provide $2 billion in help to underwater borrowers to resolve allegations of misconduct that led to thousands of people losing their homes.

Ocwen Financial Corp must reduce loan balances for struggling homeowners and refund $125 million to foreclosed borrowers under an agreement with the U.S. Consumer Financial Protection Bureau and officials from 49 states and the District of Columbia.

Ocwen failed to account for borrowers' payments, gave false reasons for denying loan modifications and robo-signed legal documents, the consumer bureau said.

In many cases, after Ocwen began servicing loans, it did not respect trial modifications that had already been agreed to by the lenders, consumer bureau Director Richard Cordray said.

- more -

http://www.reuters.com/article/2013/12/19/us-financial-regulation-ocwen-idUSBRE9BI0ZT20131219


Elizabeth Warren:

<...>

When I worked to set up the Consumer Financial Protection Bureau, I pushed hard for steps that would increase transparency in the marketplace. The crisis began one lousy mortgage at a time, and there is a lot we must do to make sure there are never again so many lousy mortgages .

CFPB made some important steps in the right direction, and I think we’re a lot safer than we were .

There is no question that Dodd-Frank was a strong bill—the strongest in three generations. I didn’t have a chance to vote for it because I wasn’t yet in the Senate, but if I could have, I would have voted for it twice.

Even so, the law is not perfect. And so it’s important to ask: Where are we now, five years after the crisis hit and three years after Dodd-Frank?

<...>

Powerful interests will fight to hang on to every benefit and subsidy they now enjoy. Even after exploiting consumers, larding their books with excessive risk, and making bad bets that brought down the economy and forced taxpayer bailouts, the big Wall Street banks are not chastened .

They have fought to delay and hamstring the implementation of financial reform, and they will continue to fight every inch of the way .

That’s the battlefield. That’s what we’re up against. But David beat Goliath with the establishment of CFPB and, just a few months ago, with the confirmation of Rich Cordray .

David beat Goliath with the passage of Dodd-Frank. We did that together – Americans for Financial Reform, the Roosevelt Institute, and so many of you in this room. I am confident David can beat Goliath on Too Big to Fail. We just have to pick up the slingshot again .

Thank you .

http://www.warren.senate.gov/files/documents/AFR%20Roosevelt%20Institute%20Speech%202013-11-12.pdf


Elizabeth Warren: Cordray Vote ‘A Historic Day For Working Families’

Sen. Elizabeth Warren (D-MA) took to Twitter on Tuesday in praise of the Senate's vote to advance Richard Cordray's nomination to the Consumer Financial Protection Bureau, calling it a "historic day for working families."

Elizabeth Warren ✔ @elizabethforma

I couldn't be more pleased that Rich Cordray will finally get the vote that he deserves. This is a historic day for working families!
1:11 PM - 16 Jul 2013

47 Retweets 26 favorites

http://livewire.talkingpointsmemo.com/entry/elizabeth-warren-cordray-vote-historic-day-for-working

The Consumer Financial Protection Bureau gets busy
http://www.democraticunderground.com/10023372682

SEC Will Require Companies To Report CEO-To-Worker Pay Ratios
http://www.democraticunderground.com/10023694931

Regulators Finalize Stricter Volcker Rule - Reuters/HuffPo
http://www.democraticunderground.com/10024158305

NLRB to Prosecute Wal-Mart For Violating Workers’ Rights (updated)
http://www.democraticunderground.com/10024053560

Octafish

(55,745 posts)
76. Entering Year 33 of Trickle Down...
Thu Jan 2, 2014, 01:31 PM
Jan 2014

...and it's all still at the top. "Mission Accomplished" for the anti-FDR set.



Baron de Rothschild and Prescott Bush, share a moment and some information, back in the day.

democratisphere

(17,235 posts)
53. EVERYTHING POSSIBLE has been done to bolster the wealthiest of the wealthy
Wed Jan 1, 2014, 02:11 PM
Jan 2014

while cuts in social programs necessary for plain old everyday survival are cut.

Octafish

(55,745 posts)
75. Austerity is working.
Thu Jan 2, 2014, 01:21 PM
Jan 2014

The rich are getting richer by impoverishing the middle class. Smirko McCokespoon put it well:

"What an impressive crowd: the haves, and the have-mores. Some people call you the elite, I call you my base."

Here's a big part of how they accomplish that:

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

Jasana

(490 posts)
72. K&R - I was doing somewhat okay until I got sick...
Thu Jan 2, 2014, 12:46 PM
Jan 2014

Believe me, if anything has gone financially wrong for you this last decade, you are screwed. In my case, I was the first in my family to crawl from working class to lower middle class then... BOOM!

Now I'm on disability. My food stamps just got cut by $60.00 and my doctor just put me on a med with a $250.00 co-pay. Chained CPI my ass. They can't even calculate CPI properly for middle class people let alone the disabled.

What else? Oh yeah... I'm also trying to take care of an 88 year old grandmother that the government expects to live on $400.00 a month. Seriously, that's what she gets for being a dedicated wife and mother. Stay at home parents... that is your future.

Octafish

(55,745 posts)
87. Thank you for sharing, Jasana. You have expressed what the vast majority of this nation now face...
Fri Jan 10, 2014, 03:02 PM
Jan 2014

Unfortunately, similar times and conditions have existed in the nation's past, the Great Depression being one example. Then, the Republicans as a party wanted to do nothing, expecting things would take their natural course and the economically weak would fall by the wayside. Led by Franklin D. Roosevelt, the Democrats took the opposite approach, using the powers of government to build a better economy that better served all Americans.

In my time, I saw how John F. Kennedy continued the New Deal as the New Frontier. The peaceful exploration of space was the best thing to happen to jobs in history. At its peak 400,000 Americans were employed in the Apollo Project.



Imagine if President Kennedy had lived, where the nation would be today? I believe, if we could figure out how to the moon and back, we could face any problem on earth and solve it -- from ending hunger, poverty and ignorance to creating a lasting peace.

Problems today's GOP considers intractable (see Poppy Bush inaugural "More will than Wallet" inaugural speech) such as joblessness, poverty, crime, would be tackled, instead of ignored, like they've done with public education. And the treasures accumulated since would be used to make life better for everybody on earth instead of sitting in a secret Swiss bank account.

But, no. The conservatives killed the New Deal after LBJ and the Great Society. For the space program, it started with Nixon. Instead, they gave the store away to War Inc, who sank the national treasure into the "Money trumps peace" crowd.

Today, we know what needs to be done: Jobs. Housing. Health Care. Education. Infrastructure. Research. And all the rest that helps build a stronger nation.

What we lack are leaders -- D, R, I, none, etc. -- with the courage to do what it takes, part of which is taxing those who've most benefited from the greatest wealth in human history and the trickle-down, low tax economics that help them accumulate more at the expense of the great majority of Americans.

UTUSN

(70,696 posts)
73. R#135 & K for, thanks for arming me with this to slap the "REDISTRIBUTION OF WEALTH" wingnuts
Thu Jan 2, 2014, 01:00 PM
Jan 2014

In my skirmishes with parrot-headed Wingnuts, the Faux Propaganda Network’s talking point that “OBAMA is for REDISTRIBUTION OF WEALTH” has been the one I’ve been flat-footed to parry. With all the news junkie access I have every day I had often heard that the gap between the top and bottom income levels is humongous and growing and all in favor of the TOP, but it had not occurred to me to confront the “REDISTRIBUTION OF WEALTH” wingnuts with, “Yeah, the wealth is being redistributed all right!”

Octafish

(55,745 posts)
84. Forbes summed, heh, it up well...
Fri Jan 10, 2014, 09:52 AM
Jan 2014

Happy Days are here again for the 400 wealthiest:



Inside The 2013 Forbes 400: Facts And Figures On America's Richest

pub. 9/16/2013

Bill Gates Bill Gates is the richest American for the 20th year in a row and has reclaimed the title of world’s richest person from Mexico’s Carlos Slim with a net worth of $72 billion. Warren Buffett, again number two, was the year’s biggest dollar gainer, having added $12.5 billion to his fortune. Facebook’s hot stock pumped up Mark Zuckerberg’s fortune by $9.6 billion and put him back into the top 20 after missing the top cut last year; Carl Icahn lost his battle to stop Dell from going private but he had a great year and moves back in the top 20 for the first time since 2008. The biggest percentage gainer was Workday’s David Duffield, whose fortune more than tripled to $6.4 billion, and just behind him in terms of percentage jumps was the entrepreneur Elon Musk, now worth $6.7 billion and ranked 61st.

Five years after the financial crisis sent the fortunes of many in the U.S. and around the world tumbling, the wealthiest as a group have finally gained back all that they lost. The 400 wealthiest Americans are worth just over $2 trillion, roughly equivalent to the GDP of Russia. That is a gain of $300 billion from a year ago, and more than double a decade ago. The average net worth of list members is a staggering $5 billion, $800 million more than a year ago and also a record. The minimum net worth needed to make the 400 list was $1.3 billion. The last time it was that high was in 2007 and 2008, before property and stock market values began sliding. Because the bar is so high, 61 American billionaires didn’t make the cut.

SOURCE: http://www.forbes.com/sites/luisakroll/2013/09/16/inside-the-2013-forbes-400-facts-and-figures-on-americas-richest/



You are most welcome, UTUSN. One thing: the idea of you ever being caught flat-footed is one I'd never imagine. I do see you grabbing 'em by thr nose and kicking' em in the pants pretty clearly.

Octafish

(55,745 posts)
85. Tee vee seldom, if ever, mentions that important news.
Fri Jan 10, 2014, 10:11 AM
Jan 2014

Here's a UCSC prof who's studied the issue:



Wealth, Income, and Power

by G. William Domhoff

EXCERPT...

This document focuses on the "Top 1%" as a whole because that's been the traditional cut-off point for "the top" in academic studies, and because it's easy for us to keep in mind that we are talking about one in a hundred. But it is also important to realize that the lower half of that top 1% has far less than those in the top half; in fact, both wealth and income are super-concentrated in the top 0.1%, which is just one in a thousand. (To get an idea of the differences, take a look at an insider account by a long-time investment manager who works for the well-to-do and very rich. It nicely explains what the different levels have -- and how they got it. Also, David Cay Johnston (2011) has written a column about the differences among the top 1%, based on 2009 IRS information.)

SNIP...



CONTINUED w LINKS:

http://www2.ucsc.edu/whorulesamerica/power/wealth.html



I'm so old, I remember when goverment would level the playing field, making the economic system serve everybody.

For some reason, Washington today likes to hold the door open for these high net-worth individuals only.


snagglepuss

(12,704 posts)
78. In 1988 after first reading about the fabulous wealth in Dubai,
Thu Jan 2, 2014, 01:54 PM
Jan 2014

I mentioned this to my Sales Manager who replied in an offhand way that the rest of the world don't have to follow the rules businesses in the West follow. I remember wondering how much longer those rules would be in place once the movers and shakers realize that their lifestyle paled in comparison to images coming out of the mideast.

Octafish

(55,745 posts)
79. Petromonarchs and their Toadies Live and Fly Large
Thu Jan 2, 2014, 02:25 PM
Jan 2014

BFEE gets bankrolled, in big part, by such.

PLUSH: THE DINING FACILITIES ON BOARD SAUDI PRINCE AL-WALEED BIN TALAL’S PRIVATE BOEING 747



The Prince: Meet the Man Who Co-Opted Democracy in the Middle East

by Robert Scheer
Published on Tuesday, August 27, 2013 by TruthDig.com

Now that the Arab Spring has been turned into a totally owned subsidiary of the Saudi royal family, it is time to honor Prince Bandar bin Sultan as the most effective Machiavellian politician of the modern era. How slick for this head of the Saudi Intelligence Agency to finance the Egyptian military’s crushing of that nation’s first-ever democratic election while being the main source of arms for pro-al-Qaida insurgents in Syria.

Just consider that a mere 12 years ago, this same Bandar was a beleaguered Saudi ambassador in Washington, a post he held from 1983 to 2005, attempting to explain his nation’s connection to 15 Saudi nationals who had somehow secured legal documents to enter the U.S. and succeeded in hijacking planes that blew up the World Trade Center and the Pentagon and crashed into a field in Pennsylvania. How awkward given that the Saudi ambassador had been advocating that U.S. officials go easy on the Taliban government in Afghanistan, where those attacks incubated.

The ties between Saudi Arabia and the alleged al-Qaida terrorist attacks were manifest. The terrorists were followers of the Saudi-financed branch of Wahhabi Islam and their top leader, Osama bin Laden, was a scion of one of the most powerful families in the Saudi kingdom, which, along with the United Arab Emirates and Pakistan, had been the only three nations in the world to recognize the legitimacy of the Taliban government in Afghanistan that provided sanctuary to al-Qaida. Yet Bandar had no difficulty arranging safe passage out of Washington for many Saudis, including members of the bin Laden family that U.S. intelligence agents might have wanted to interrogate instead of escorting them to safety back in the kingdom.

But the U.S. war on terror quickly took a marvelous turn from the point of view of the Saudi monarchy. Instead of focusing on those who attacked us and their religious and financial ties to the Saudi royal family, the U.S. began a mad hunt to destroy those who had absolutely nothing to do with the assaults of 9/11.

CONTINUED...

http://www.commondreams.org/view/2013/08/27



It's not like the PetroMonarchs don't share the loot. Remember how BFEE top turds got a lot of medals, gold necklaces, swords, all matter of bling and stuff after both Gulf Wars?

Latest Discussions»General Discussion»The Shocking Redistributi...