My Take:
Its official. We are all nothing but a large group of serfs now after being robbed by the oligarchy in this country. As you can see above, the disparity in income distribution has now officially passed the heydays seen in the roaring '20's.
Half of the wealth in this country is now owned by the top 10% of income earners. This is quite remarkable considering the economic plunge that we experienced last year.
Isn't it interesting that the criminals that caused this nightmare are wealthier than ever before?
Meanwhile, as the oligarchs thrive after pillaging the taxpayer, the average serf in America is left with a 50% loss in their retirement portfolio, massive debts, and no job. Why doesn't anyone seem to care? I just don't get it.
History has shown us that if you let bankers run wild without regulation, they will eventually empty the wallets of everyone around them. When its all said and done, whats happened here in the US will be known as the greatest heist in the history of the world.
To this day I will never understand how Congress allowed this to happen. What's even worse is the fact that they are now allowing the American public to be raped once again by forcing the taxpayer to replace the consumer in the form of the Fed.
The Federal Reserve has become nothing but a giant wallet for Wall St. It's clearly evident that this recent move in the markets was generated almost exclusively using their balance sheet along with smoke and mirror accounting that allowed the oligarchs to hide their losses and "look" profitable once again.
What disgusts me most here is the fact that Wall St will once again be able to lavish themselves with huge bonuses based on the illusion that they are profitable. Everyone knows this is a lie. Almost all of these banks are insolvent. Congress knows it too and its a damn shame that they refuse to do anything about it.
The consumer sentiment number was horrible today because 90% of America is suffering as a result of a crashing economy. The only people getting richer at this point are the people that don't need the money.
ITS TIME TO RISE UP AND STOP ALL OF THIS NONSENSE!
This is an absolute outrage!
TURN OFF AMERICAN IDOL AND GET INVOLVED PEOPLE! WRITE YOUR CONGRESSMAN!
TELL THEM THE BAILOUTS STOP NOW OR YOU WILL BE VOTED OUT OF OFFICE!
I am so tired of watching all of this stupidity. I think I will call it a day. Sorry for the rant. When I see this stuff I just want to vomit.
22 comments:
"To this day I will never understand how Congress allowed this to happen."
Jeff, Congress/politicians are all in the pocket of Wall Street crooks. They have to be rich and have rich friends in order to run for an election. Otherwise, how can these WS crooks destroyed the economy through their unethical actions (ie subprime mortgage lending) and get away with murder while getting bailout money?
I have been telling people for years. If you are not rich, you are just another f*cking blue/white-collar slave for the rich.
Let us face the reality. All decent hard working American are so f*cked and raped because of the corrupted government.
Bend over American! Bend over for more raping!
Jeff,
That chart is ugly. I think being "middle class" just means you try 3X harder than anyone just to get by while those on the top end do not try and have it easy and those on the lower don't try at all and have nothing. Not much wiggle room.
Almost vacation time, I will have a post up, but bsically all fun stuff, it's almost crack a beer time!
Get,
Agree 100%. Lower/poor class can just suck off the welfare tits. Upper/rich class are making big money while doing so little work. OTOH, the middle class (white collar workers) just get raped even though they contribute the most to the society.
The class warfare began a long time ago when the upper classes declared unrestricted class warfare on the middle class.
Jeff,
Nothing happens because the banksters pay our politicians well to ensure that nothing will ever happen.
All the while the politicians lit to us and tell us all of the noble things that they will do when they are elected, none of which they ever do.
I'd rather be a pimp than a politician. It's a much more honorable profession.
All the while the middle class gets squeezed by both the rich and the poor.
The rich have their accountants who are up to date on how to rig the tax codes so they never have to pay for anything, if anything, they recieve hefty rebates.
The poor has money thrown at them from all directions via entitlement programs, free health care, section eight housing...and they don't have to pay taxes either.
The middle class pays for it all.
Anon,
I thought unrestricted warfare was against international law, but that may only apply to submarines! Little joke. Very little.
I agree though, the middle gets preyed upon by the top to support their needs, and the middle gets ripped off by the government to support the lower end needs. Its like we are getting attacked on 2 fronts.
C-T, I think we posted almost at the exact same time, and with the same sentiments. Weird!
Guys and gals
The raping continues! I realize the politicians are bought and paid for. I still need to vent at times. I felt better after that ran.
The middle class is getting screwed. Time for some cocktails. On my way now. Have a great night all.
Jeff-
I have heard from some folks that are in the old money scene here the FDIC and maybe the FBI will be taking First Mariner into receivership soon and Ed McHale may be in some deep doo doo for big piles of money that can't be accounted for...you heard anything?
The anger is coming slowly but surely. A guy I work with who is a contractor, very fiscally responsible, and earns about 175k after taxes can't get a car loan. He carries no debt, and didn't want to spend the cash and was pissed off.
I see thingas like this creeping in the periphery. When you least expect it, it will explode.
Who wouldve thunk this time last year how soon our financial system was going to hit the skids?
Tip a few back, on me, jeff.
All my best with everything going on.
Income is a lot different than wealth.
I think I remember Bill Gates never having an income greater than $500k.
"We are all nothing but a large group of serfs now after being robbed by the oligarchy in this country."
Jeff, Here in the DC area making just over $109k year doesn't exactly make you wealthy. It does put you into the top 10% though. I know GS-13 paralegals with just high school educations that make close to that amount (the value of gov. paying such high salaries for such little education an entirely different discussion). My point is that I imagine many of us posting here fall into the top 10% when factoring in investment income, salary, etc.
Here are some more stats for you...
* The ratio of CEOs compensation relative to the average worker has increased from 45x in 1970 to 1723x in 2006.
* The wealthiest 400 Americans' increased their net worth of $600mm each in 1982 to $3.9 billion today.
* In 2008, the top 25 hedge managers received $500mm in salaries *each*.
* In 2008, banks increased their lobbying and campaign contributions to a record $111mm, while getting taxpayer bailout money at the same time.
Democracy and capitalism may just come crashing to an end..
"Jeff, Here in the DC area making just over $109k year doesn't exactly make you wealthy. It does put you into the top 10% though."
Agree - I never understood why the tax code wasnt indexed for cost of living. A guy making 109K in Wichita Ks, is "rich" but a guy making 109K in NY, DC, etc certainly is not.
Yet they pay the same tax???
Good points all on the tax code
YOu are practically living in poverty if you make 100k in New York.
Everything is relative and its not fair that the tax code doesn't take this into consideration
Minton
"* In 2008, banks increased their lobbying and campaign contributions to a record $111mm, while getting taxpayer bailout money at the same time."
Thats an absolutely disgusting statistic.
The lobbying should go by the wayside. How in the hell did this country get so f-cked up?
MAkes me want to vomit!
FLip
Didn't hear anything about 1st Mariner.
Let me know if you hear more details.
That would be a bigtime blow. I thought we might see this rally get up into the 10,300 area.
I am not so sure that we get there now.
Things appear to be really deteriorating out there. If we get into the upper 9's I may scale into some shorts.
This class warfare issue is no different than the Republican/Democrat BS. It's all about the elites trying to keep us fighting amongst ourselves.
There are no rich people in this country anymore, just poor and elites. The left wing continues trying to portray the rich as this vast number of people with butlers and drivers. That is a lie. The only people who fall into that class are the elites, who include the politicians who are trying to get us to hate this mythical "rich."
The reason that the top 10% make so much money is not because there are a bunch of people making $1 mil a year, it is the top .1% making $100mil a year. The real separation in incomes has not come between the middle class and rich but rather between the rich and the elites. Becoming rich in this country is close to impossible now. Either you invent Google and make ten billion or you work free half the year for the government.
It is absolutely pitiful watching Nancy Pelosi try to get the country to hate the rich that she describes as private jet flying people who piss on the rest of us. The truth is that the only people like that are her and her friends. Those are the top one tenth of one percent of this country, and those are the only ones that will be protected by her vision of this country. The real rich are those she intends to destroy, those who make a few hundred grand a year and save over time to be worth a few million by the time they hit their fifties.
I am starting to hope that health care gets passes so that the revolution starts sooner. Listening to these progressive freaks talk about middle America is sickening. No one in middle America supports these people and the politicians don't give one crap about them.
You know, Peter, I just put a post on my blog up on that touches on parts of your post.
My post was inspired by the song, "Stuck in the Middle With You", by Stealers Wheel.
I am tired of consistently going to vote, and again and again having to choose between the lesser of two evils. This has been an ongoing problem for years.
I don't know what we have to do to get truly viable candidates in politics, but I do know I won't be wasting my vote on any undeserving ones. I'll write in "Daffy Duck" before I'll endorse some political hack.
I'm really pissed off over this.
Daffy Duck For President!
I like it!
CT, I voted for Barr last election and did not vote for one Dem/Rep on the entire ticket. Did not want to go to my death bed having voted for a loser like McCain.
Jeff, interesting video by Celente the other day where he talks about your question the other day on whether people are upset about health care or just government in general. It's part 2 of a 4 part interview. The entire thing is great though.
watch here
Pete
Thanks
I love Celente.
He is a smart guy. I will be watching the sentiment of Americans very closely.
I am beginning to believe that people are starting to lose confidence in the economy.
I wouldn't be surprised if the market rolled over here and correct.
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