| TigerSoft News Service 10/19/2009
Other Free Tiger Blogs - http://www.tigersoft.com/Tiger-Blogs/index.htm
THE MURDEROUS CONSEQUENCES
OF AMERICAN INEQUALITY
Prologue on Inequality and Crashes of 1873, 1893, 1907, 1929, 2008 and possibly 2012-3
- links collected...
"La majestueuse égalité des lois, qui
interdit au riche comme au pauvre de
coucher sous les ponts, de mendier dans les rues et de voler du pain."
"The Law, in its majestic equality, forbids the rich, as well as
the poor, to sleep
under the bridges, to beg in the streets, and to steal bread." (Le Lys Rouge)
Anatole France also wrote: "Of all sexual aberrations, chastity is the
"In our country ... one class of men makes war and leaves another to fight it.
General William Tecumseh Sherman, 1820-1891. Returning American
veterans are committing suicide at the rate of 120 a week. (CBS-11/17/2007)
""I had other priorities in the '60s than military service." VP Cheney, architect,
promoter and beneficary of the American War on Iraq.
Theres class warfare, all right, Mr. Buffett
said, but its my class, the rich class,
thats making war, and were winning.
"The rich are tolerable only so long as their
gains appear to bear some relation to
roughly what they have contributed to society." John
by William Schmidt, Ph.D.
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THE STARKLY BLEAK CONSEQUENCES OF
Wealth, Earnings, Education, Health, Housing and Opportunity
by William Schmidt, Ph.D.
For thirty years, a class war has been waged
in the US.
Now we see what happens when
one side barely fights back.
Real wages in the peaked in
1978. How would you like to
feel going 30 years without a
wage increase? And it was not
because workers did not get
better or more productive.
Productivity per worker more
than doubled since 1978.
The US has the bleak distinction of
being the 3rd most
unequal country in the world,
according to a new UN study.
The Grand Canyon sized gap
between the rich and the poor
is worse only in Hong Kong
and Singapore. Why do I say this
is so terrible? Please,
if you have to ask, you need to see how
the other 90% live and ask
basic questions about why we
pretend t be a Democracy.
Preponderant Inequality means
It means suffering, ill health, frustration,
anger, high crime, social
fear and early deaths. It means wasted,
lives. It means lazy, self-indulgent,
hedonism, where servility to the
rich are placed at a higher
value than hard work and creativity.
The "middle class" is
slipping, closer and closer to poverty.
A woman wrote me today about how
over-whelmed she feels.
She has $3000 in expenses and $600
in income. Her business
has evaporated. In
desperation, she is selling a multi-level|
marketing legal services plan to
other people, as desperate
as she is. When one worries
about money, every hour of the
day, it's not much of a life.
Anger and frustration grow. If
there is not a dramatic improvement
in incomes and jobs
very seen, the murder rate, the
divorce rate and the child abuse
rate will go up to levels that will
shock the compacent. Here is
a poster someone put up in London
recently. This is not
what Americans want. But
people can only be pushed so
far and so long.
One thousand individuals were worth
a BILLION Dollars.
Who needs a billion dollars?
Who needs a 10 million dollars?
What if all this private wealth was
taken away and used to create
universal health care and
education, a job guarantee for everyone,
and an immediate repairing of
America's exhausted infrastructure
of bridges, railroads, dams and
levees? The media does not
ask these questions?
Apparently, these people are too frightened
by their bosses and advertisers to
ask these questions. Because
no one asked these questions, the
rich have won the undeclared
class war... until now.
Harvard study says that 45,000 are killed each year by
the lack of health insurance.
This is more than drunk driving
and homicide combined. Adults
64 and younger who lack health
insurance have a 40% higher
rate of dying. A similar study in
1993 found a 25% high risk of
death. There are millions more
now who lack health insurance
and so wait until they are very
sick to get medical
attention. Sadly, the study did not show how
much at risk are those with
$5000 deductibles also of dying because
they also cannot afford to
see a doctor or get prevetative checkups.
This is murder! Shame
on those who tolerate this in the name
Capitalism should be liberating, not murderous.
My brother is in this
situation. But, at least, he can drive 500 miles
to a VA hospital in
Malnutition and Hunger
The US Agricultural
Dept. reports that last year one in seven American
not getting enough FOOD to live. Lack of jobs,
exhaustion of all
financial resources, onerous qualifying conditions
to get food
stamps, Food Stamps' inadquacy as food prices rise
and the lack of
homeless shelters and food banks are to blame.
children do not get enough food! (Source. )
Trillions for Wall Street Con-Men.
Disillusionment with Obama is
growing. Millions feel betrayed
by his subservience to Wall
Aides Reaped Millions Working for Banks, Hedge Funds Bloomberg
Goldman Sachs has
announced that it is more than double its bonus pool:
billion in 2007 to 23 billion in 2008.
Not surprisingly, the man who is now the Inspector General of the
TARP bailout billions loans for
banks admits that "the
in this regard have
contributed to damage the credibility of the
program and of the government
itself, and the anger, cynicism
and distrust created must be
chalked up as one of the substantial,
albeit unnecessary, costs of
TARP." Barofsky said public
was fed by the Bush and the
Obama Treasurys' decision not to
require banks to report how
they used their "rescue money" and
"less-than-accurate" statements describing the financial
condition of nine large banks
that benefited from large infusions of aid
( Source )
Conservatives, too often, see
a trade off between Equality
and Growth and Corporate
Profits. Personally, I think that
Wall Street capitalism has
failed and must be changed dramatically.
Wall Street execitives are
paid 100 to 1000 times their social
value. But leaving that
aside, it can readily be shown that
America simply cannot afford
to ignore the chasm between
the rich and poor if it still
wishes to compete internationally
and not waste limited public
resources on prisons, subsistence
tokens for millions and
crowded emmergency rooms serving
those who cannot afford basic
preventative care. The main
reason there is a financial
crisis now is because so many people
have so little money to buy
Imagine for a minute if we
had a truly democratic Government.
If the 3 trillion dollars
given so quickly to banks by the Government
had instead gone to the 300
million Americans, each of us would
have received a checl for
$10,000. The 95% that own only 5%
of the country's wealth would
almost certainly have spent every
penny of it on basics.
None of them would be speculating on
Gold. The Dollar would
be stronger. This spending of $2.8 trillion
dollars would have given the
economy a huge lift-off boost.
Lay-offs would have stopped.
The Federal Government would be
collecting taxes instead of
printing paper. And Wall Street prices
would still have risen
sharply, because corporate profits would
have quickly rebounded.
The only difference would be that we
would live in a world no
longer run by Goldman Sachs, Bank of
America or Citi Group.
They would be defunct. They would have
failed and local banks would
have been given a chance to take
Read the 1994
Childrens Defense Fund's (CDF)
Americas Future: The Childrens Defense Fund Report on the Costs of Child
Conservatively, they reckon that the yearly costs associated with future reduced
worker productivity and employment due to poverty among children may 2.5% of GDP.
That's $325 billion dollars in "lost economic activity". Sadly, this
effort to account for the losses stemming from the long-term health effects of poverty,
does it include the resulting much higher costs of crime or incarcerating 1% of the
entire population! Source.
AS CAUSE OF THE STOCK MARKET COLLAPSES 1873, 1884, 1893, 1907, 1929, 2008
and the (Coming Crash of 2012-3?)
1873 - Panic
of 1873 The
financial panic of 1873
York and the Panic of 1873 - NYTimes.com
comparison to crash of 1873 / The Paulson Plan
Reign of the One Percenters
deflation of 1873-1896 Marginal Revolution
Klein - Does income inequality cause financial crises?
theory that's made intuitive sense to me is that the problem is not just the demand for
credit but the accompanying supply of idle money. When someone making $25,000 a year gets
a raise, they spend it. When someone making $2,500,000 a year gets a raise, they invest
it. And the more money there is sitting around, the more demand there is for high-yield
investments, which means the more reward there is for people who can invent new investment
vehicles with high yields. Hence, you have explosive innovations in weird financial
instruments that look good for a while because the risk is underpriced but end up making
the system more fragile when their risks come clear and everyone flees. "
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Posted by: boing3887 | June 30, 2010 3:35 PM | Report
Posted by: boing3887 | June 30, 2010 3:38 PM |
Two economists of the 1920s, Waddill
Catchings and William Trufant Foster
economy produced more than it could consume. Underconsumption
by consumers not having enough income. .
put more buying power in the pockets of all consumers. Low income
would be the best consumers because their marginal spending (versus savings)
See also http://sciie.ucsc.edu/JIMF4/Revised_Bordo_Meissner.pdf
Very important see the writings of Jon D Wisman.
See writing of Jon Wisman http://www.a7merican.edu/uploads/docs/wismanCV.7
Insecurity and Stress in a Capitalist Society
Taxation for the United States
of Economic Downturn
Ignored Question of Workplace Democracy in ...
Inequality: Fooling Most of the People All of the Time ...
Economics of Inequality: The Value of Early Childhood