Stock Bubble, Housing Bubble and now ... We're Seeing a Growing Poverty Bubble

Washington Monthly, via AlterNet:




Stock Bubble, Housing Bubble and now ... We're Seeing a Growing Poverty Bubble


I look at the rich and the politicians they've managed to put in office, and my first thought is that they know exactly what they're doing -- business profits are up, taxes for corporations and the wealthy are being cut at the state level, a high level of unemployment seems to be the new normal -- but then I think: What do the economic elite do when something's working for them? Recent history tells us that they keep doing it until everything blows up, and then they get bailed out while we clean up the mess from the burst bubble.

So is that what this is? A class-warfare bubble? An economic-inequality bubble? But if so, what happens when this one blows up? And how will it blow up? And if the whole point of the bubble is to impoverish the middle class, how is the middle class going to clean it up after it bursts?

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We know that this is what right-wing politicians and the rich want, obviously. Today, Paul Krugman writes about Republican economic thinking:



So firing a bunch of people, while forcing down wages for those who remain employed, is good for the economy. Now, I don't understand how putting a lot less money in ordinary people's pockets is supposed to be good for an economy that's two-thirds consumer spending -- it's hard to sustain consumer spending when, as consumers, you have far less to spend -- but, hey, I'm not a Republican. .............(more)

The complete piece is at: http://www.alternet.org/newsandviews/article/546787/stock_bubble%2C_housing_bubble_and_now_..._we%27re_seeing_a_growing_poverty_bubble/

and the back door to hell.

Greetings from the fetid bowels at the other end of the "recovery".

How else does anyone think those sprawling Southern Plantations made money? Why the Massa could spend it on more worthy things like more land, more slaves and more luxury. And them slaves could have little slaves which, when he sold them could turn a nice little profit on the side.

is continuing with those of us who found out they do not have enough money for a bankruptcy and have just had to stop paying our credit cards so we can survive. Now we are at the point where going for assistance, especially food stamps and energy assistance is the only thing that keeps us from starvation or freezing to death. Yeah there is good news today and I am glad for those it has helped but it was not me.