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Wrong. They INVEST it which stimulates economic growth and provides jobs.
Nope the bottom 99 percent is the biggest driver of the economy. The more money they have, the better the economy is.
Nick Hanauer explains all of this perfectly in his book and tons of talks that he has done.
A top 1 percenter isn't going to buy more than 3 cars on average. What you want is the bottom 99 percent to get to the point where they can buy a second or third car. The US is a consumer based economy the top 1 percenters can't consume enough to drive the economy.
If you give a top 1 percenter a 10k a year raise it doesn't effect the economy as much as giving someone in the middle class a 10k raise. The top 1 percenter already has everything need most likely. Whereas the middle class person getting that raise will put all of that money back into the economy through buying a new car or what not. Or maybe even make the jump from living in an apartment to buying a house.
Social safety net is a bail out; free public school is a bail out; welfare is a bail out; Medicaid is a bail out.
Each year, the government spent. 60% of federal budget or $2.2 trillion is for bail out. How much you said the Wall Street got? $2 trillion? Just once? The rest of us getting bail-out each year!
I will leave the double standard to simply stand on it's own.
Thank you, Many people have chosen to have amnesia regarding the Saving and Loan Fiasco... I appreciate your remembrance and connective understanding.
You are exactly correct when you speak of the continual chipping away. Glass-Stegall was not a whim and it came to be because of very serious matters that include the innate "greed" of mankind, it was and is today necessary. Unfortunate for American, we have a current Administration that wants "NO REGULATIONS', if it were left up to them, any dark money, illicit money would flow like Niagra Falls, and the result will take down the American Economic system and Crash the Value of the currency and ruin the Integrity of the nation.
But, GREED does not consider any of that. If we note, the current Administration,does not care how it gets money, it only cares that it "gets money". !!!! they are proud of any devastation they cause, as long as they gain a profit. This is the Age where Avarice is set to run even wilder. If anything, since American are so selectively blind, and chose to be prone to systemic infections of amnesia, then the more aware people, may well figure out, they need to 'reserve for them a means of exchange", because we are headed for the biggest crash the world has ever seen, and when we come out the other side, America will not be the leader of the World. Mix in the agenda of this Administration's White Nationalism, which equates to fictions of White Supremacy, it is quite likely after the wars they are setting up to create, the back side may well present the American white man as the pariah of the world. Bringing to him the opposite of what they thinks he will accomplish. The Era of White Male Dominance is gone, it will not return, the world has known too many tragedies and much death by the hands of white dominance. If anything we may be headed into a period of Chaos beyond what anyone even imagined in a Sci-Fi horror movie. It's either that, or White Man's Ideology learns to live in the accords of harmony with others ethnic groups of this world.
The History of the White Male Concept has been of destroy what he can't dominate, damage what he can't control and try and obliterate what he can't own. this has been an ongoing theme of which time has brought much havoc across the world by and through this aim and manner.
America has sit silent and let a run away nut job maintain and hold the highest office, and has found a level of low stature to accept it. That itself tells us, that the History of an empire comes to its time when it no longer remains being an Empire. Sadly, the Good Hearten and Good Nature and Humane Respecting Segment of White Society waited "too late" to come together and stand up.
Republican senators get on TV now and they get twisted up in their own lies, and try and weasle out with some appeasement comment that when closer investigated shows him to be as nutty as what he is trying to defend.
We have an Out.. but American won't choose it. That is for the People to Remove the craziness from the Administration, working on building Unity and Push for Financial Reforms. Re-establish Glass- Steigall, and go back and put control on the Stock Markets. We truly need to do a few things in the process, which is "remove residential home mortgage business from banking" , then there can be no more using people homes as packaged leverage for "gambling games". Establish that NO Company can have more than 49% of its value wrapped up in the Stock market. Fixed Caps on Financial Lending, and Out law, robbery programs like payday loans and such things. If they want to stay in business, give them a fixed rate cap, that is one dimensional. EVERY AMERICAN pays 5-7% more in Income Tax, and 10% of what ever is collected from sales tax, is money that goes directly into supporting National Health Care. Every Citizen has a $300-500 deductible and this includes a Maximum Cap on Families of $2000 a year. No Game, No Collusion and No Craziness. We then take the craziness of Insurance Companies Out of the Game. or if they stay in, they get no more than the government gives them, out of the collected tax monies. If they don't want that, then "Good Bye" to Private Insurance. The Money collected from the taxes, can be used only to back, Municipal Bonds and Pay Medical.
To Cut the cost of robbery by Professions, instead of a Hospital ripping people off, we establish fixed and fair and reasonable cost, No More $30-50 aspirins, and no more paying doctors 10's of thousands of dollars for an hours work in the surgery room. They are paid a fixed salary or they can choose a houry wage that has a cap. If they don't like it go choose another profession. Health Care was not designed to Enrich Doctors at the expense of the lives of people. It was a profession where a person took an oath because they want to help people, and no doctor will ever starve, but they are not a profession that needs to be set up on a 'get rich quick trajectory". We the people better re-think how we think about things.
We the people, need to get back to respect and demand for Ethics in all that we do.
University should be modified... all the Federal Money going to the TOP 12 Universities, could support Colleges Across this Entire Nation. It would not be unreasonable for people to Pay $5,000 a year for attendance, One thing for sure, it will stop University from pushing a criterion of Junk Curriculum
, for the sake of profit, and teach people what they came to learn about a specific field of study.
We have a way out of the current mess, and it starts with "Responsibility" because there is no Freedom without Responsibility, and there is no such thing as Freedom beyond what Responsibility Supports.
We have a way out - and we have to start with a respect for humanity, and a high regard for human life.
we can come to learn that God gave us variety in image, skin, hair texture and such things, but he gave us all the same blood, that no matter what external imagery one is, the blood can be used to save the lives of each other, the seeds of life can function across any external imagery of ethnicity image.
When we learn to respect these things, and come to realize over all the centuries of life, nothing has ever shown that being any particular color is going to give anyone extra time in the day, or an extra day of life when it is their time to die. and no one has ever, now will there ever be any person who takes from this earth any material things when they die.
God did not ask much of Man... Only that Man loves one another. !!!!! That's It !!!!! nothing more ..
But to do that, one has to appreciate, respect, consider, show and have compassion, and be of care and cautions in how we treat each other, and all the things that constitutes the acts involved in what is love.
But we find that too hard to do... but we want to claim we are God loving people.
Truth is, man in his present reality is a monster.. a greed monster, lost in vanity, gluttony, haughtiness, lost in the lust for many things, he is filled with Envy, driven by sloth, and quick to anger, and consumed with fools pride.
What it takes to be a God loving person is not something that many have the strength to be and do. they are too weak in the consumption of self.
As to the topic and substance of your question. The Financial Sector - It is that many can improve financial performance by cooperative teamwork.. but he criminals in the game have turned it into lure in and fleece, and devised every kind of ponzi that has a maze instead of the normal criminal framework, they have build a maze that is a Ponzi, and in doing so.... they have taken integrity out, and the value it claims to generate destroys more things than it creates.
The big question is... What can we do? WE CAN LEARN !!! AND WE CAN BECOME AND BE AWARE, AND WE CAN MAKE 'INFORMED" CHOICES, IN HOW AND WHO WE PICK AS OUR LEADERS. That means from the level of city councils to the highest office in the land.
We can hold them accountable, and we can lock them up when they choose to be subversive against the good of the people.
We have everything it takes to be a good people, and make an ongoing improvement in our democracy, and pave the pathway for all our people to feel empowered to bring froth their skills, their ideas and their works to build us the environments that serves us all ..... But we have to let go, of bigotry, racism, egotism and classism, and we cannot get lost in the fictions of religiosity, and deal with spiritual truths. That is a Choice We have.. or we can choose to continue the pathway that is headed for out destruction and that of the world.
All behind the Greed of Man....
You're right. & as the song says:
"I'll get down on my knees & pray
We don't get fooled (conned) again
Don't get fooled (conned) again, no no!"
In the article from the OP, the author asks,
Quote:
How did the plantation owners mislead so many?
They were, after all, the 1%ers of that time.
The author also noted the con job from back then, & funded by the ante-bellum 1%ers from back then,
continues in the present day, still the same con jobs in a similar form, & funded by the present day 1%ers ...
in other words ...
"Meet the new boss
Same as the old boss"
"Getting down on my knees now to pray
We won't get conned again
We won't get fooled again, NO NO NO!!!"
It's not a return on a investment. It's a return on a hand out.
Most of the "handout" benefitted the tens of thousands who got free homes when the statute of limitations expired on foreclosure after they failed to make mortgage payments for 5+ years, and the American workers and retirees who in aggregate have $27 Trillion worth of investment holdings in their pension/retirement acounts... including YOU.
First of all, this is not cheating. It's 100% legal. People should have the freedom to do whatever with their own money. If I have more money, I'd be doing the same thing. It is called Plan B. If America goes kaput, they would have some money saved else where.
Secondly, if the money just sit in the offshore account, inflation will eat it in a few years. They are not that stupid. The money is being invested.
I don't disagree that people have some cash in the bank - I do it myself, but the vast majority of our wealth is INVESTED in bonds, stocks, mutual funds, pensions, 401Ks, IRAs, companies, real estate, etc.
All those trickle down.
Except it hasn't. Ever since Reagan, how's that trickle down turning out?
Federal income taxes for the highest earners are at it's lowest in decades ever since Reagan cut taxes.
Capital gains taxes are at it's lowest.
If that was true, we should have a booming economy right now. Do we?
Most of the "handout" benefitted the tens of thousands who got free homes when the statute of limitations expired on foreclosure after they failed to make mortgage payments for 5+ years, and the American workers and retirees who in aggregate have $27 Trillion worth of investment holdings in their pension/retirement acounts... including YOU.
Reagan knew absolutely nothing about economics. As I said he was told what do by Wall Street and they were the ones that fooled him into thinking trickle down economics and tax cuts for the rich would help the middle class.
President Reagan was fooled. This is the thing though, after 40 years, what's our excuse?
And I'll add, the free market, aka capitalism is designed to push as many as possible to the bottom.
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