2016 Postmortem
Related: About this forumHillary Clinton Fundraiser Hosted by All-Star Cast of Financial Regulators Who Joined Wall Street
Shouldn't people go into politics to make life better for everybody -- not just the wealthy or one's friends?
Zaid Jilani
The Intercept, Apr. 6 2016
AS HILLARY CLINTON questions rival Bernie Sanders over the depth of his financial reform ideas this week, a group of former government officials once tasked with regulating Wall Street and now working in the financial industry or as Wall Street lobbyists are participating in a fundraiser for her in the nations capital.
The invitation for the April 6 fundraiser, obtained by Sunlight Foundations Political Party Time, describes a conversation with the Clinton campaigns chief financial officer, Gary Gensler, and Sens. Sherrod Brown, D-Ohio, and Carl Levin, D-Mich.
The host: Julie Chon, a former Senate Banking Committee staffer who today is a managing director at the New York hedge fund Perry Capital.
Finance chair Gensler is a former Goldman Sachs staffer who later joined the Obama administration as a financial regulator.
Several members of the organizing committee are now either advocating for corporate clients or advising them how to best work with and around the regulations they once enforced.
SNIP...
Organizer Dan M. Berkovitz was the general counsel of the Commodity Futures Trading Commission from 2009 to 2013. Today, he is a partner at WilmerHale LLP, which says his clients, both domestic and international, include entities in ongoing U.S. Commodity Futures Trading Commission (CFTC) investigations, multi-national swap dealers, managed funds, a major U.S. manufacturer, and industry trade and advocacy associations.
CONTINUED...
https://theintercept.com/2016/04/06/hillary-clinton-fundraiser-hosted-by-all-star-cast-of-financial-regulators-who-left-to-join-wall-street/
Scuba
(53,475 posts)Octafish
(55,745 posts)Do the poor have a lobbyist or agent I can invite?
reddread
(6,896 posts)I would start with him.
Octafish
(55,745 posts)This is from the guy who hosted the Democratic debate:
Billionaire businessman and casino owner Steve Wynn is under fire after telling a group of investors at his company's first ever investor day; "Nobody likes being around poor people."
"Rich people only like being around rich people," said Wynn, adding that even poor people do not even like being around other poor people.
Wynn, who is worth $2.8billion, made the comment at the very beginning of his speech to investors, where he also revealed details of the company's upcoming projects in Macau and Boston as well as a new lake resort casino he is set to begin work on in Las Vegas.
SOURCE: http://www.dailymail.co.uk/news/article-3530247/Nobody-likes-poor-people-Billionaire-casino-owner-Steve-Wynn-makes-controversial-remarks-company-s-investor-day.html
There are reports Mr. Wynn might support Ms. Clinton over the repuglian.
Dragonfli
(10,622 posts)We look after each other, because although we realize nobody has are best intentions in mind and works very hard among the elite to represent us and lobby for us, nobody is spread too thin and is to transparent to do us much good.
But Kudos for nobody, nobody tries, but being a non-existent entity he/she has little power to influence or bribe mortals on our behalf. We understand this and do not blame nobody for what is done to us, but there is a very long list of blame to go around and there are many that we do blame Including the Bush/Clinton crime families.
In shocking news, nobody finds a less corporeally challenged ally in the fight to help us, a Senator Sanders, unfortunately just like our friend and ally nobody, he has no power or influence among the Oligarchical masters of the universe that hold most of the power in industry banking and government, his only weapon appears to be the truth and us poor folk that, as we help our own neighbors we help him as well, because like our neighbors we and he have no power among the elite or those in control of parties and governments but we each help each other.
Welcome neighbor Sanders, we appreciate the help you offer when you can, just as we appreciate the help of Mr Johnson next door that just made a huge pot of Rice, beans, and chicken to share with the couple across the street that had no dinner yesterday to feed themselves and their children (true thing). We accept you into our humble collective as a true friend and neighbor.
reddread
(6,896 posts)ViseGrip
(3,133 posts)onecaliberal
(32,880 posts)Octafish
(55,745 posts)"Please clap."
onecaliberal
(32,880 posts)pangaia
(24,324 posts)But I now think she maybe just doesn't even know.
People in her 'world' really do live in a different world and to them it is their reality.. Something happens at a certain point and everything flips.. Like having a lobotomy.. You wake up and... or it's like you've just zoomed through a worm hole.
onecaliberal
(32,880 posts)People. When she traveled the country on her "listening" tour, did she really insulate herself from any poor people? Does she blame them for being poor like republicans do?
GeorgiaPeanuts
(2,353 posts)The very same bill Sanders has been attacked on even though Sanders had to vote for it since it was bundled into the budget bill.
http://prospect.org/article/whats-problem-gary-gensler
amborin
(16,631 posts)During his time at the Treasury, Gensler had pushed hard for Wall Street deregulation and even helped write the CFMA, something now-Senator Bernie Sanders found unacceptable. And so Bernie moved to block Gensler's nomination. Sanders explained his actions during an appearance on Democracy Now.
Although Sanders did succeed in blocking Gensler's nomination, the victory was short-lived: The hold was only temporary, and the Senate ended up approving Gensler as head of the CFTC on March 16, 2009. He held that post until 2014, when he was succeeded by Timothy Massad.
So what's Gary Gensler - the guy who promoted the CFMA - up to today? Oh, you know, nothing big. He's just the chief financial officer of the Hillary Clinton campaign.
Yep, that's right, the CFO of the Hillary Clinton Campaign!
http://www.truth-out.org/opinion/item/34497-the-most-disingenuous-attack-on-bernie-yet
Octafish
(55,745 posts)"I dunno about tech stuff." -- Guy in Terminator to Sarah Connor
Senate Banking Hearing: Mission Impossible to Regulate Wall Street
By Pam Martens
Wall Street on Parade: May 22, 2012
If bank depositors were not sufficiently frightened to learn that JPMorgan Chase, the largest U.S. bank by assets, was using customers insured deposits as collateral to sell credit default insurance to hedge funds the same dangerous derivatives maneuver that blew up AIG Financial Products and made the giant insurer a ward of the U.S. taxpayer todays U.S. Senate hearing added more reason for anxiety.
The hearing was convened from 10 a.m. to 12 noon by the U.S. Senates Committee on Banking, Housing and Urban Affairs to hear from Securities and Exchange Commission (SEC) Chair Mary Schapiro and Gary Gensler, Chair of the Commodity Futures Trading Commission (CFTC).
The two main regulators of the derivatives used by JPMorgan, that produced trading losses currently estimated by outside analysts at $3 billion to $5 billion, had to concede that they had no advance knowledge of the risky trades and learned about them from reading the newspaper.
The reason JPMorgan could operate in a black hole, is that the final rules governing derivative swaps have not been finalized by the regulators, thus Wall Street firms have not yet had to register as swap dealers. Only then can the SEC and CFTC carry out their oversight authority.
Making the black hole devoid of any regulatory sunshine, the trading took place in a unit of the bank not a unit of the broker-dealer or futures commission merchant currently overseen by the SEC and CFTC, respectively. The Office of the Comptroller of the Currency (OCC) oversees the banking operations of JPMorgan Chase and the Federal Reserve oversees its holding company.
In addition, the trading took place in a London office of JPMorgan Chase, far removed from the eyes of any U.S. regulator.
CONTINUED...
http://wallstreetonparade.com/2012/05/senate-banking-hearing-mission-impossible-to-regulate-wall-street/
Thanks for the heads up on Gary G and CFMA, GeorgiaPeaunuts. For all of us busting our chops to put food on our families, and the few who like to lord it over all, money really does make the world go 'round. Uh huh huh huh.
SHRED
(28,136 posts)Octafish
(55,745 posts)"One bastard goes in. Another one comes out." -- Tuco Benedicto Pacifico Juan Maria Rodriguez, alias "The Rat" in "The Good, the Bad and the Ugly."
Dragonfli
(10,622 posts)Octafish
(55,745 posts)William K. Black explains how mass media are working to shift the blame from their corrupt owners to the corrupt governments they also happen to own.
The WSJ and NYT Spin Elite Tax Fraud as Good News
William K. Black
TripleCrisis.com, April 7, 2016
A single Panamanian law firmone of many hundreds of such firms in the world that specialize in aiding tens of thousands of elites to evade taxeshas had over a million of its documents leaked to a consortium of investigative journalists. Neither the New York Times nor the Wall Street Journal are part of that consortium, and neither seems embarrassed about that failure. Instead, they have filled their pages with pieces about the Panama leaks that are spun so brazenly and bizarrely that as a reader even I was shocked at their audacity.
The New York Times was late to the story, but its April 5, 2016, analytical piece Peter Eavis that bore this astonishing title: In Panama Papers, Finding the Good News in Widespread Tax Cheating. The Wall Street Journal, despite its less bizarre titles managed to surpass the NYT with the volume and the blatancy of its spin. In an April 5, 2016, article entitled Panama Papers: Hiding Cash Has Become Crummy Business. The thrust of that story is that laundering money and tax evasion is a crummy business not because it is immoral and destructive, but because it is purportedly experiencing reduced profitability.
But the WSJs editorial pages always trounce the increasing lunacy of their news pages. News of endemic fraud by elites is simply an opportunity to attack the papers enemies. Bret Stephens op ed has a title that exemplifies this attack syndrome: C Is for Corruption: The Clintons are the Brazilianization of American politics. A reader might wonder what all of this had to do with the Panamanian leak.
This is Stephens explanation.
China: A leak of 11.5 million documents from Panama-based law firm Mossack Fonsecainstantly dubbed the Panama Papersimplicate relatives of President Xi Jinping along with other top officials of sheltering fortunes in offshore tax havens. Mr. Xi is supposed to be leading an anti-corruption campaign.
The Panama Papers have also exposed billions in assets belonging to close friends of Vladimir Putin
But nobody can be surprised by any of this. And nobody should look away from the central lesson of the scandal, though theyre trying. To wit, the story here isnt about tax evaders and offshore accounts, deplorable as they may be. Its about public policies and incentives that make a career in politics an expedient route to personal enrichment.
See, the story isnt really about corrupt private elitesits about corrupt government elites. Except that from Murdochs perspective this means a chance to take a shot at the likely Democratic presidential nominee.
CONTINUED w/links, sources...
http://triplecrisis.com/the-wsj-and-nyt-spin-elite-tax-fraud-as-good-news/
Dragonfli
(10,622 posts)wired a bit more differently than those that have developed filters, allowing them only to see the thin layer of paint covering a much broader reality and a less simplistic world than the Bumper sticker ideas and "news" both in print and media put out to "inform" them.
I don't know octafish, perhaps Pravda USA is much better at applying that thin veneer over the obviously larger machinations at play that I give them credit for.
I am however, as always, grateful that you continue showing (quite well I might add) a deeper and more thoughtful look at the big picture covered in translucent graffiti by the american Oligarchical Pravda network of news sources that do more to re-direct, and misdirect than they do to actually inform anyone about anything, they are the magicians of the thoughts of the masses, their slight of hand is practiced and an art in itself, but some DO see the cards in their sleeves and in the hand one is directed to look away from, you just happen to be better than most at revealing the magician's trade-craft.
pangaia
(24,324 posts)I wish I could think and write as well as you do.. and Octafish as well..
I am a musician, and not a very scholarly one, at that. My impressions come quick, by instinct, and I post that way. But I so admire the way you very carefully and precisely lay out your ideas.'
Please keep at it.
Maybe you could 'be a writer.'
Dragonfli
(10,622 posts)I never finished 10th Grade (although I was literally at the top of the list regarding grades) because I had to go to work early to support myself having to leave home short of my sixteenth birthday (long story).
The only education I posses comes from self education and an obsession with reading books recommended by those that do possess a good and full education, it's an ongoing process, I consider myself even now still in my own private personal education program.
I also have always just liked reading, that helps I think.
Unfortunately a GED and a less than 10th grade educational record would not sway any publisher to print my thoughts. They expect degrees and training.
pangaia
(24,324 posts)There is education, and then there is education.
And you have that 'other' education.
I also do not agree that publishers require a degree or GED.. They want good writing...
You CAN WRITE. and very, very well.
You've got it, my friend...
Octafish
(55,745 posts)by MICHAEL HUDSON CHRIS HEDGES
CounterPunch, April 1, 2016
EXCERPT...
HUDSON: Citibank, along with Countrywide Financial, was making junk mortgages. These were mortgages called NINJA. They were called liars loans, to people with no income, no jobs and no assets. You had this movie, The Big Short, as if some genius on Wall Street discovered that the mortgages were all going to go down. And you have the stories of Queen Elizabeth going to the economist
HEDGES: How come none of you knew?
HUDSON: Right. The fact is, if everybody on Wall Street called these mortgages liars loans, if they knew that theyre made for NINJAs, for people who cant pay, all of Wall Street knew that it was fraud.
The key is that if youre a really smart criminal, you have to plan to get caught. The plan is how to beat the rap. On Wall Street, if you buy garbage assets, how do you make the government bail you out? That was what the president of the United States is for, whether it was Obama or whether it would have been John McCain
HEDGES: Or Bush.
HUDSON: Or whether it would be Hillary today, or Trump. Their job is to bail out Wall Street and make the people pay, not Wall Street. Because Wall Street is the people who select the politicians who know where their money is coming from. If you have a campaign contributor, no matter whether its Wall Street, or locally if its a real estate developer, you all know who your backers are.
The talent you need to have as a politician is to make the voters think that youre going to be supporting their interests
HEDGES: And whats that great Groucho Marx quote?
HUDSON: The secret of success is sincerity. If you can fake that, youve got it made.
CONTINUED...
http://www.counterpunch.org/2016/04/01/the-lies-of-neoliberal-economics-or-how-america-became-a-nation-of-sharecroppers/
Peace Patriot
(24,010 posts)But not really funny. We could well end up with Wall Street directly in charge of the White House, by being directly in charge of the President.
Kiss Social Security goodbye.
Kiss everything else in the public interest goodbye.
Kiss the neutral internet goodbye.
Kiss American democracy goodbye.
Octafish
(55,745 posts)I hear ya, Peace Patriot. Did you see this?
The author was a Chicago Boy helping implement the privatization scam for Pinochet, ITT and the globalist crowd:
President Clinton and the Chilean Model.
By José Piñera
Midnight at the House of Good and Evil
"It is 12:30 at night, and Bill Clinton asks me and Dottie: 'What do you know about the Chilean social-security system?' recounted Richard Lamm, the three-term former governor of Colorado. It was March 1995, and Lamm and his wife were staying that weekend in the Lincoln Bedroom of the White House.
I read about this surprising midnight conversation in an article by Jonathan Alter (Newsweek, May 13, 1996), as I was waiting at Dulles International Airport for a flight to Europe. The article also said that early the next morning, before he left to go jogging, President Bill Clinton arranged for a special report about the Chilean reform produced by his staff to be slipped under Lamm's door.
That news piqued my interest, so as soon as I came back to the United States, I went to visit Richard Lamm. I wanted to know the exact circumstances in which the president of the worlds superpower engages a fellow former governor in a Saturday night exchange about the system I had implemented 15 years earlier.
Lamn and I shared a coffee on the terrace of his house in Denver. He not only was the most genial host to this curious Chilean, but he also proved to be deeply motivated by the issues surrounding aging and the future of America. So we had an engaging conversation. At the conclusion, I ventured to ask him for a copy of the report that Clinton had given him. He agreed to give it to me on the condition that I do not make it public while Clinton was president. He also gave me a copy of the handwritten note on White House stationery, dated 3-21-95, which accompanied the report slipped under his door. It read:
Dick,
Sorry I missed you this morning.
It was great to have you and Dottie here.
Here's the stuff on Chile I mentioned.
Best,
Bill.
Three months before that Clinton-Lamm conversation about the Chilean system, I had a long lunch in Santiago with journalist Joe Klein of Newsweek magazine. A few weeks afterwards, he wrote a compelling article entitled,[font color="green"] "If Chile can do it...couldn´t North America privatize its social-security system?" [/font color]He concluded by stating that "the Chilean system is perhaps the first significant social-policy idea to emanate from the Southern Hemisphere." (Newsweek, December 12, 1994).
I have reasons to think that probably this piece got Clintons attention and, given his passion for policy issues, he became a quasi expert on Chiles Social Security reform. Clinton was familiar with Klein, as the journalist covered the 1992 presidential race and went on anonymously to write the bestseller Primary Colors, a thinly-veiled account of Clintons campaign.
The mother of all reforms
While studying for a Masters and a Ph.D. in economics at Harvard University, I became enamored with Americas unique experiment in liberty and limited government. In 1835 Alexis de Tocqueville wrote the first volume of Democracy in America hoping that many of the salutary aspects of American society might be exported to his native France. I dreamed with exporting them to my native Chile.
So, upon finishing my Ph.D. in 1974 and while fully enjoying my position as a Teaching Fellow at Harvard University and a professor at Boston University, I took on the most difficult decision in my life: to go back to help my country rebuild its destroyed economy and democracy along the lines of the principles and institutions created in America by the Founding Fathers. Soon after I became Secretary of Labor and Social Security, and in 1980 I was able to create a fully funded system of personal retirement accounts. Historian Niall Ferguson has stated that this reform was the most profound challenge to the welfare state in a generation. Thatcher and Reagan came later. The backlash against welfare started in Chile.
But while de Tocquevilles 1835 treatment contained largely effusive praise of American government, the second volume of Democracy in America, published five years later, strikes a more cautionary tone. He warned that the American Republic will endure, until politicians realize they can bribe the people with their own money. In fact at some point during the 20th century, the culture of self reliance and individual responsibility that had made America a great and free nation was diluted by the creation of [font color="green"] an Entitlement State,[/font color] reminiscent of the increasingly failed European welfare state. What America needed was a return to basics, to the founding tenets of limited government and personal responsibility.
[font color="green"]In a way, the principles America helped export so successfully to Chile through a group of free market economists needed to be reaffirmed through an emblematic reform. I felt that the Chilean solution to the impending Social Security crisis could be applied in the USA.[/font color]
CONTINUED...
http://www.josepinera.org/articles/articles_clinton_chilean_model.htm
Democratic solutions work because they are Democratic, not capitalist.
Remember when money wasn't the guiding star?
pangaia
(24,324 posts)I know I probably know more than most Americans what is going on,. But I also know that I don't really know what is going on, but at least I KNOW that I don't know.
But then something like this shows up (THANK YOU) and I know that I don't REALLY know how much I don't know what I don't know what is going on.
The layers of the the onion are endless.
And Clinton is so obviously right in the middle of it.
This makes Bernie's fight even MORE ..what.... remarkable. To see little by little what he is really going up against.
And there is just no way to inform the 'average American" about the deep, deep deep, down truth.
I can imagine sometimes, Bernie, at one of his rallies, picking on one of these historical horrors and laying it out.... what in the world would be the outcome?
SalviaBlue
(2,917 posts)Octafish
(55,745 posts)"Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone." -- John Maynard Keynes
The British economist is the guy all the Trickle Down followers have worked night and day to make us forget.
TheDormouse
(1,168 posts)Octafish
(55,745 posts)I'd like to know. Here's a big reason why:
C-SPAN aired Secretary of State Hillary Clinton's remarks at the Peter G. Peterson Institute. Pete Peterson made billions as a private equity underwriter (PEU). He used $1 billion to establish his institute, focused on getting America's financial house of cards in order (without asking corporations or the rich to step up in any major way.)
America believes government cannot do anything competently, thus the private sector is the answer. That goes for international development.
Hillary started with a shout out to Rajiv Shah, Obama's Chief of USAID and former executive with the Bill & Melinda Gates Foundation. It's time for a "new mindset for a new century." She envisions rebuilding USAID into "the world's premier development agency."
That requires partners. Giants of philanthropy gathered in New York in 2009. This list included Bill Gates, Warren Buffet, Pete Peterson, George Soros, David Rockefeller, and Oprah Winfrey.
Big dollar philanthropists salivate over the possibility of federal government matching money for their pet projects. Change includes U.S. taxpayers establishing a $50 million endowment for Egyptian President Hosni Mubarek. Can taxpayers write that off?
Clinton stated in her talk:
Aid chases need, investment chases opportunity.
She mentioned the Clinton Foundation as a partner. President Bill Clinton privatized government functions during his two terms, benefiting multiple private equity underwriters.
CONTINUED...
http://stateofthedivision.blogspot.com/2010/01/hillary-clinton-speaks-from-peter-g.html
Which is what one would say if money trumps peace. Too, I mean. Gotta keep that plausible deniability going by breaking the chain of evidence.
BernieforPres2016
(3,017 posts)When are Sherrod Brown and Carl Levin going to cash in?
Octafish
(55,745 posts)He led the charge for transparency when he was a member of the US Senate:
STATEMENT OF SENATOR CARL LEVIN ON THE NEED TO END OFFSHORE SECRECY AND TAX ABUSE
Thursday, February 21, 2008
Recent events involving a bank in Liechtenstein once again demonstrate the problems presented by secrecy jurisdictions and tax havens that enable individuals to hide assets and evade taxes. Liechtensteins LGT Bank, which is owned by the Royal family, has apparently harbored numerous secret accounts which hid the taxable assets of thousands of citizens from around the world. It is my understanding that many U.S. citizens have also hidden assets at this bank, which is a real injustice to the millions of working families in this country who honestly pay their taxes every year. I intend to investigate this matter further, and urge the Senate to enact the Stop Tax Haven Abuse Act, which I introduced last year. This legislation contains innovative provisions to combat offshore secrecy and end the use of tax havens such as Liechtenstein by U.S. citizens who are dodging their tax obligations, and ripping off America and honest American taxpayers in the process. Offshore tax evasion produces an estimated $100 billion in unpaid taxes each year. Its long past time to collect these taxes and stop the tax dodgers from offloading their tax burden onto the backs of honest Americans.
SOURCE: https://www.hsgac.senate.gov/subcommittees/investigations/media/statement-of-senator-carl-levin-on-the-need-to-end-offshore-secrecy-and-tax-abuse
That was BEFORE the Bankster Crash of 2008.
Sherrod still is in government service. He seems to be one of the good guys.
BernieforPres2016
(3,017 posts)Yurovsky
(2,064 posts)you see, by taking all of their money and gaining their confidence, Sec Clinton is setting them up for the old double-cross/ switcheroo / reversal-of-fortune / tables-are-turned / pull-off-the-mask-it's Old Man Smithers, and he would have gotten away with it if it weren't for those meddling kids!!!
I guess that explains the Scooby Doo van (aka Mystery Machine)... 🚐
Octafish
(55,745 posts)What was Raymond doing with his hands?
How did the old ladies turn into Russians?
vintx
(1,748 posts)that Hillary's fans and those who would refer to third way Dems as 'fresh thinking' consider somehow defensible.
Blatant disregard for the country in pursuit of wealth for themselves and their cronies.
We don't need Bernie to make us mad as hell. We just need to know how to read, and actually use that skill on something other than corporate-approved neoliberal propaganda
Response to Octafish (Original post)
Vilis Veritas This message was self-deleted by its author.
Ferd Berfel
(3,687 posts)not one of their puppets
onecaliberal
(32,880 posts)On MSM in the last 20 years.
panader0
(25,816 posts)Avalon Sparks
(2,566 posts)They laugh all de way to de bank
Cheese Sandwich
(9,086 posts)bobthedrummer
(26,083 posts)BreakfastClub
(765 posts)Octafish
(55,745 posts)by Paul Buchheit
Published on Monday, December 01, 2014 by Common Dreams
Just 70 individuals now own as much wealth as half the world. In the U.S., the richest 40 individuals own as much as half the country, and the 16,000 American households in the top .01% have accumulated an average net worth of over a third of a billion dollars. As extreme wealth continues to grow out of control, inequality worsens for the rest of us, plaguing our country and our world, spreading like a terminal form of cancer. It should be a major news item in the mainstream media. But the well-positioned few are either oblivious to or uncaring about its effect on less fortunate people.
The data and charts (citations here) come from Forbes, Credit Suisse, and a recent study by Emmanuel Saez and Gabriel Zucman.
1. Just 70 Individuals Own As Much Wealth As Half the World
halftheworld.jpg
Less than a year ago, Oxfam reported that the richest 85 individuals owned as much wealth as half the world. But recently updated calculations reveal that the richest 70 individuals now own $1.842 trillion, more than the poorest half of the world.
We're drawing nearer to the fulfillment of Charles Koch's dream: "I want my fair share and that's all of it."
2. Just 40 Americans Own As Much Wealth As Half the United States
40americans.jpg
About a month ago it was 43, and a month before that it was 47. Now the richest 40 Americans (The Forbes 40) own a little over $1.092 trillion, about the same, according to calculations based on Credit Suisse data, as the poorest half of the country.
The national wealth that was created by all of us over many decades is quickly being redistributed to fewer and fewer incomprehensibly rich people.
One of the causes for this pathological transfer of wealth is revealed in the final image..
3. Stock/Equity Wealth of the Richest 12,000 Households Has Surpassed the Housing Wealth of 108,000,000 Households
stockequity.jpg
Just 35 years ago, the percentage of national wealth in middle-class housing (net of mortgages) was about seven times more than the percentage of national wealth in equities owned by the .01% (12,000 families). Now middle-class housing is only about half the value of those equities.
Saez and Zucman report that the total of corporate equities, bonds, and savings deposits owned by the .01% amounted to 2.2 percent of total U.S. household wealth in the mid-1980s, rising to 9.9 percent in 2012. Meanwhile, housing for the bottom 90% dropped from 15 percent of total household wealth to 5-6 percent. Since the bottom 50%, according to the authors, own almost zero wealth, the housing figures pertain to the 50-90% families, which can be described as "middle class."
Possible solutions are becoming clearer:
(1) A Financial Speculation Tax to slow down the flow of money to the takers
(2) Occupy Wall Street, Phase II
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.
SOURCE w/links to details: http://www.commondreams.org/views/2014/12/01/slap-face-wealth-gap-images
PS: These are the richest times in human history, BreakfastClub. Ask yourself why the Haves and Have-Mores are enjoying it while most of We the People have to settle for Austerity.
CharlotteVale
(2,717 posts)amborin
(16,631 posts)CorkySt.Clair
(1,507 posts)That can be used to beat Bernie, and later on, Republicans.