MSNBC: Luxury spending makes a comeback

Run time: 02:56 https://www.youtube.com/watch?v=NBnALFOzl-Y   Posted on YouTube: February 23, 2011 By YouTube Member: StartLoving4 Views on YouTube: 15   Posted on DU: February 23, 2011 By DU Member: LongTomH Views on DU: 994

 
Sure you're struggling to keep a roof over your families heads, wondering if you can afford to see the doctor or pay for prescriptions. But, you can take comfort in the fact that spending by the very rich is coming back!

The MSNBC commentators in this video never mention the word 'plutonomy;' but, that's what they're discussing here. A plutonomy is: 1) an economy where most of the wealth is concentrated among the very rich (upper 1% of the population), the extremely rich (upper 0.1%) and the mega-rich (upper 0.01%) and 2) the economic theory that an economy can be run by meeting the needs of the very rich, extremely rich and mega-rich. Note the comments made that spending by the rich amounts to at least 50% of consumer spending.

The word 'plutonomy' comes from a 2005 paper by Ajay Kapur, an analyst for Citigroup. His thesis is that, 'advanced economies' like the US and UK (where inequality has reached record proportions) have become plutonomies, driven by the needs of the very rich and spending by the middle classes no longer matters.

This economic theory explains the behavior of Republican lawmakers in Wisconsin, Ohio, Indiana, Tennessee, and other states, as well as at the national level. It's not that they don't care about 'consumers;' they just don't care about middle class consumers.

Fuck you, rich people.

The Forbes 400 richest Americans control the same amount of wealth as the bottom 50% of the country.

Do you think these people have the power to influence government? Do you think they use that influence to protect and accrue their wealth?

Does a bear poop in the woods?

Damned free-loading bears, anyway. Treating the woods as if they were some kind of entitlement.

I think their economics are a little screwy.

The economy is failing if it's a plutonomy.

That whole thing is disgusting.

...or get a job at the Maybach factory.
http://www.maybachusa.com/index.php

:eyes:
And oh yeah...fuck you rich people!