Top 1 Percent Control 42 Percent of Financial Wealth in the U.S.

Dec 1, 2009
128
0
Vancouver
#1
Many Americans are not buying the recent stock market rally. This is being reflected in multiple polls showing negative attitudes towards the economy and Wall Street. Wall Street is so disconnected from the average American that they fail to see the 27 million unemployed and underemployed Americans that now have a harder time believing the gospel of financial engineering prosperity. Americans have a reason to be dubious regarding the recovery because jobs are the main push for most Americans. A recent study shows that over 70 percent of Americans derive their monthly income from an actual W-2 job. In other words, working is the prime mover and source of their income. Yet the financial elite have very little understanding of this concept. Why? 42 percent of financial wealth is controlled by the top 1 percent. We would need to go back to the Great Depression to see such lopsided data.

Many Americans are still struggling at the depths of this recession. We have 37 million Americans on food stamps and many wait until midnight of the last day of the month so checks can clear to buy food at Wal-Mart. Do you think these people are starring at the stock market? The overall data is much worse:
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Welcome to the 2010 serfdom. Time to wake up and restructure the system. Many people are starting to wake up to this massive scam.
Lots more knowledge to be had at the link below!

http://www.mybudget360.com/top-1-pe...to-debt-servitude-by-promises-of-mega-wealth/
 

myp

Site Founder
Jan 14, 2009
5,841
50
#2
No full quotations- you've done it ArghMonkey :p (thanks for remembering)

As for the topic at hand, as J.S. Mill wrote- libertarianism may lead to drastic differences in wealth, the less wealthy will still be better off than in an egalitarian society (not an exact quotation, but he essentially said this.)

Unfortunately, this country is too entangled in corporate interests and hence we don't have that libertarian society which Mill would have wanted. I think the point here though is that instead of focusing on how rich the top are, we should be focusing on helping the poor and that would in my opinion be done by cutting taxes (I am for abolishing the income tax all together) as well as the welfare state (including the corporate welfare state.)
 

deanhills

Secretary of State
Mar 15, 2009
2,187
2
#3
AWESOME Quote! Exactly what has been going through my mind as well. I am almost convinced that ALL of the bail-out money that got bulldozed through in January went straight to the stock exchange - i.e. Wall Street, and you are so right, the BIG Banks, who got to be singled out for bail-outs are completely divorced from normal working people, and are completely invisible and unapproachable. For example, do any of us have an idea of how the bail out money was spent, and/or repaid? How transparent has that been? I am convinced if that bail out money had been used to set up building societies in local communities, that that would have been the kind of help that the economy desperately needed. The BIG Banks' time was up, and they should have been allowed to fold. Instead greed has been tanked up in January and they are on the roll again!
 

Dirk

Anarchist
Apr 27, 2009
1,943
5
Disunited Queendom
#4
42%... I'm not really surprised.

myp, might i recommend The Spirit Level by Richard Wilkinson and Kate Pickett?

It's really interesting.

I know, this should be in the books recommendation thread but it's relevant to this as well.
 

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