Wealth Disparities in U.S. Approaching 1920's Levels

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Offline Freebird100

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Wealth Disparities in U.S. Approaching 1920's Levels
« on: February 21, 2010, 09:42:16 AM »
http://seekingalpha.com/article/189649-wealth-disparities-in-u-s-approaching-1920-s-levels?source=email

This graph was an eye opener for me (not that I should be surprised):


My Take:

What a time to be an oligarch! All I wanted to do was vomit when I saw this.

Folks, there is no way we can have economic prosperity in this country when the top 1% has all of the money. The middle class is basically being destroyed right in front of our very eyes. Consumption economies die when the consumers have no money to consume!

I see growing signs of desperation and anger as the wealth of this nation continues to get transferred to the elite of this nation.

People are starting to "lose" it as a result. This past week's airplane event in Austin was a disturbing developement. I must admit that I really am not surprised. The government shouldn't be either.

Things are only going to get worse in the violence department as the taxpayers continue to get violated and more desperate as a result of this economic cataststrophe. The news media tried to downplay the actions in Austin.

I think Washington was both surprised and concerned about what took place in Texas.

I have to ask: Should the government really be surpised that an American flew a plane into an IRS building in a fit of rage as we all get repeatedly fleeced by the political and social elites of this country?

Let me preface all of this by saying violence is not the answer here. However, why shouldn't every American infuriated by what has ocurred since this crisis began?

All the government has done is bail out Wall St. continuosly since 2008. My guess is the disparity of wealth in this chart would look even worse if it included 2009. The rest of America has basically been ignored minus a few housing programs to help lower mortgage payments.

That's what been so frustrating about this whole crisis and America is finally starting to get it. Just about ALL of the steps that have been taken by the government to help fix this crisis have involved throwing more and more money to the financial elites of this country. I mean, the examples are endless: TARP, AIG, Bank of America (BAC), Citi (C), Freddie (FRE), Fannie (FNM)....Need I say more?

The sheeple are finally realizing that the money is not trickling to them like Washington had promised when they threw billions to the banks. The people have only seen things get worse while Wall St. has prospered. They now want to know where their friggin bailout is!

They are also realizing that the goverment's actions since this all started in 2007 have done nothing but drop the yields on their CD's to 0%. Gee thanks!

Let's not forget that the sheeple/middle class were also victimized by Wall St. as they were gamed into buying homes they couldn't afford. When this fantasy came crashing down they were again violated as they saw their 401k's get cut in half.

The people of this country can only take so much before they start going postal!

In fact:

The Wall St Journal had an article out yesterday around the increasing threats of violence against the IRS:

    WASHINGTON—The federal agency charged with ensuring the safety of IRS employees said it has seen an uptick in the past several years in threats against agency personnel.

    In the past four years, there appears to have been a "steady, upward trend" in the number of threats against IRS employees, said an official with the Treasury Department's Inspector General for Tax Administration. That assessment, offered in response to an inquiry from Dow Jones Newswires, is based on preliminary data, the official cautioned.

The middle class in starting to feel like that pledge in the movie Animal House who says "thank you sir may I have another" after getting repeatedly paddled by his brothers.

Here is the reality that America has realized: If you are not part of the 1% club in this country you are nothing but a victimized pawn as the elite continue to line their pockets with our nations income.

The middle class now finds themselves struggling to survive as the economy continues to plunge. Nothing has gotten any better despite what the media pundits tell you. Jobs continue to evaporate and foreclosures continue to soar as the the middle class in this country continue to get pummeled.

Meanwhile, Wall St. is busy counting their year end bonuses after making billions gambling the taxpayers money in 2009 as the sheeple find themselves on the brink of collapse.

The citizens of this country are slowly reaching their breaking point. When Ted Kennedy's Senate seat goes to a Republican you know the people have had it. The poor fellow is now probably rolling over in his grave after seeing a guy from the right take over his office.

The Bottom Line

We are now three years into this crisis and nothing the government has tried has worked. The market may have recovered (for now) but THE PEOPLE haven't . How much pain do these people in Washington think we can take before we start rising up and begin hanging bankers from the lamp posts?

They need to remember that EVERYONE has a maximum threshold of pain. If there was no such thing then you wouldn't see a MMA fighter "tap out" in the UFC. This country is just about there.

The plane crash in Texas should be taken as a shot across the bow in Washington. I am getting really concerned that we are going to see severe social issues in this nation if we continue down the same path in the very near future.

I would hate to see this because violence is not the answer folks. We need solutions and fast. I don't have all the answers but I know where we can start.

We can start by putting an end to the bailouts of the financial elite. Washington needs to start listening to Main St. instead of top 1%'ers on Wall St. If this creates an economic crisis so be it. At least it will keep this country solvent.

The government needs to realize that SELLING $118 BILLION IN T-BILLS NEXT WEEK IS NOT THE ANSWER! This simply cannot be maintained over a long period of time. Ponzi schemes never work and they don't solve financial crisis. They end in tears.

Washington needs to wake up because we are headed straight off a cliff. Take one more look at the chart above and look what happened the last time the disparity in wealth in this country got this high.

Can you say Great Depression? Remember, the only way an economy can thrive is when the majority of people involved in it are prospering. We are about to drive off the same cliff that we did in the 1920's as the middle class is turned into a group of SERFS. Be prepared.

I need to end it here because I feel my blood pressure rising.

Author??
"The two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first."

Thomas Jefferson

Offline Monkeypox

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #1 on: February 21, 2010, 08:28:19 PM »
Unbelievable.

Can't they be happy with their wealth and just let the little guys have a few crumbs?  They don't even want us to have that anymore.

I don't want to be rich.  I don't care if I can't live in a mansion, own a yacht, or have a fleet of luxury cars.

I just want to have a decent job where I'm not a slave, where I can earn a decent salary and have a modest pension waiting when I retire.

Is that too much to ask?
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


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chirhonius

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #2 on: February 22, 2010, 07:08:10 AM »


Quote
People are starting to "lose" it as a result. This past week's airplane event in Austin was a disturbing developement. I must admit that I really am not surprised. The government shouldn't be either.


When people get pushed to the wall some interesting things start to happen. Some overeat- some get depressed - some plain flip out. If the economy continues to implode expect more and more such events will happen.

Gerald Celente was predicting much of this stuff 6 months ago. Tax revolts was one he called.
http://www.trendsresearch.com/

Quote
Celente says that by 2012 America will become an undeveloped nation, that there will be a revolution marked by food riots, squatter rebellions, tax revolts and job marches, and that holidays will be more about obtaining food, not gifts.


From another article:
Commentators on blogs spanning the political spectrum highlighted the fact that Stack's grievances resonated for a number of Americans, and terrorism expert Shlok Vaidya went as far as to call Stack's attack "the canary in the coal mine."

Read more: http://www.calgaryherald.com/news/dark+message+Austin/2595149/story.html

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #3 on: February 28, 2010, 01:36:07 AM »
Discriminating Income vs Wealth (and power)

A really good article - a must read with a shot of whiskey:

http://sociology.ucsc.edu/whorulesamerica/power/wealth.html

The Wealth Distribution
In the United States, wealth is highly concentrated in a relatively few hands. As of 2007, the top 1% of households (the upper class) owned 34.6% of all privately held wealth, and the next 19% (the managerial, professional, and small business stratum) had 50.5%, which means that just 20% of the people owned a remarkable 85%,

leaving only 15% of the wealth for the bottom 80% (wage and salary workers).

In terms of financial wealth (total net worth minus the value of one's home), the top 1% of households had an even greater share: 42.7%. Table 1 and Figure 1 present further details drawn from the careful work of economist Edward N. Wolff at New York University (2009).



In terms of types of financial wealth, the top one percent of households have 38.3% of all privately held stock, 60.6% of financial securities, and 62.4% of business equity. The top 10% have 80% to 90% of stocks, bonds, trust funds, and business equity, and over 75% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.
...
Figures on inheritance tell much the same story. According to a study published by the Federal Reserve Bank of Cleveland, only 1.6% of Americans receive $100,000 or more in inheritance. Another 1.1% receive $50,000 to $100,000.

On the other hand, 91.9% receive nothing  [inheritance] (Kotlikoff & Gokhale, 2000).
...
Historical context
Numerous studies show that the wealth distribution has been extremely concentrated throughout American history, with the top 1% already owning 40-50% in large port cities like Boston, New York, and Charleston in the 19th century (Keister, 2005)., It was very stable over the course of the 20th century, although there were small declines in the aftermath of the New Deal and World II, when most people were working and could save a little money. There were progressive income tax rates, too, which took some money from the rich to help with government services.

Then there was a further decline, or flattening, in the 1970s, but this time in good part due to a fall in stock prices, meaning that the rich lost some of the value in their stocks. By the late 1980s, however, the wealth distribution was almost as concentrated as it had been in 1929, when the top 1% had 44.2% of all wealth. It has continued to edge up since that time, with a slight decline from 1998 to 2001, before the economy crashed in the late 2000s and little people got pushed down again. Table 3 and Figure 4 present the details from 1922 through 2007.



CEO's - Income earners (not the wealth owners) - Wardens of the income prison


This is a model of Corporate De-Capitalization. These large compensation packages are a kick-back scheme. These Billions would have been larger PROFITS to the shareholders OR higher pay for the workers OR lower costs to the consumers OR higher prices to the suppliers.

This is a Sophisticated form of stealing....


http://papers.ssrn.com/sol3/papers.cfm?abstract_id=752021
The Growth of Executive Pay

Lucian A. Bebchuk  Harvard University - Harvard Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)
Yaniv Grinstein  Cornell University - Samuel Curtis Johnson Graduate School of Management
June 2005

Abstract:      
This paper examines both empirically and theoretically the growth of U.S. executive pay during the period 1993-2003. During this period, pay has grown much beyond the increase that could be explained by changes in firm size, performance and industry classification. Had the relationship of compensation to size, performance and industry classification remained the same in 2003 as it was in 1993, mean compensation in 2003 would have been only about half of its actual size. During the 1993-2003 period, equity-based compensation has increased considerably in both new economy and old economy firms, but this growth has not been accompanied by a substitution effect, i.e., a reduction in non-equity compensation.

The aggregate compensation paid by public companies to their top-five executives during the considered period added up to about $350 billion, and the ratio of this aggregate top-five compensation to the aggregate earnings of these firms increased from 5% in 1993-1995 to about 10% in 2001-2003.

After presenting evidence about the growth of pay, we discuss alternative explanations for it. We examine how this growth could be explained under either the arm's length bargaining model of executive compensation or the managerial power model. Among other things, we discuss the relevance of the parallel rise in market capitalizations and in the use of equity-based compensation.



Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #4 on: March 01, 2010, 03:17:43 PM »
http://hbswk.hbs.edu/archive/4526.html

Executive Comp: Pay Without Performance
12/6/2004

Out-of-control executive compensation schemes are "widespread, persistent, and systemic," and new reforms won't clean up the mess, argue law professors Lucian Bebchuk and Jesse Fried. Q&A and book excerpt.


During the five-year period 1998-2002, the compensation paid to the top five executives at each company in the widely-used ExecuComp database, aggregated over the 1500 companies in the database, totaled about $100 billion (in 2002 dollars).


by Mallory Stark

In the new book Pay Without Performance: The Unfulfilled Promise of Executive Compensation, Lucian Bebchuk and Jesse Fried make the case that the executive compensation system in the U.S. is fundamentally broken. We like to think that executive pay is the product of arm's-length negotiation, that the executive bargains in his or her own best interest, while the board of directors bargains for the best interests of the shareholders. Bebchuk and Fried argue that, in fact, soaring executive pay is the result of management power.

"Compensation arrangements have often deviated from arm's-length contracting because directors have been influenced by management, sympathetic to executives, insufficiently motivated to bargain over compensation, or simply ineffectual in overseeing compensation," the authors write. "Executives' influence over directors has enabled them to obtain "rents"—benefits greater than those obtainable under true arm's-length bargaining."

The book opens with a quote from Harvard Business School Dean Kim Clark asking the fundamental question about executive scandals: "Is it a problem of bad apples, or is it the barrel?" For Bebchuk and Fried, the problem is in the barrel, and to an extent, well underplayed.

In this interview, Bebchuk and Fried discuss their book and their ideas for how executive pay and corporate governance could improve.

Bebchuk is Friedman Professor of Law, Economics, and Finance and Director of the Program on Corporate Governance at Harvard Law School. Fried is professor of law at the University of California at Berkeley.

Mallory Stark: Why did you write Pay Without Performance?

Lucian Bebchuk: Although there is now widespread recognition that many boards approved executive pay packages that did not serve shareholder interests, there is still insufficient understanding of the scope, source, and severity of the problems. We wanted to provide a full account of the widespread flaws in compensation arrangements and the resulting costs to shareholders. Studying pay arrangements also enabled us to identify some more basic problems with our system of corporate governance. Finally, we wanted not only to improve recognition of existing problems, but also to contribute to solving them. The book puts forward proposals for improving both executive compensation and corporate governance more generally.

Q: How important are executive pay problems in the grand scheme of things?

Bebchuk: The problems of executive pay are of real practical significance for investors and the economy. The amounts paid to executives are significant even relative to the large market capitalization of public firms.

 In a recent study with Yaniv Grinstein, we find that the aggregate compensation paid by public firms to their top-five executives during 1993-2002 was about $250 billion. Aggregate top-five compensation was equal to 10 percent of aggregate corporate earnings in 1998-2002, up from 6 percent of aggregate corporate earnings during 1993-1997.


Thus, if compensation could be cut without weakening managerial incentives, which we show it could, the direct gains to investors would have real practical significance.

Moreover, the excess pay obtained by executives is not the only, and probably not even the primary, cost of flawed pay arrangements. Executives' influence has produced pay arrangements that provide diluted and sometimes perverse incentives. These distortions might well have been the biggest costs arising from executives' influence on their own pay; eliminating them could produce substantial benefits.

Q: In what ways have the problems of executive pay been under-appreciated?

Jesse Fried: There are many who believe that concerns about executive pay have been exaggerated. Some hold the "rotten apples" view that flawed compensation arrangements have been limited to a small number of firms. In contrast, we conclude that problems have been widespread, persistent, and systemic.

We conclude that problems have been widespread, persistent, and systemic.  — Jesse Fried 

There are also those who accept that flaws in compensation arrangements have been common but maintain that these flaws have resulted from honest mistakes and misperceptions on the part of loyal boards that can be expected to fix the problems on their own. But the problems we identify have stemmed not from transient lapses that boards can be expected to self-correct; rather, they have stemmed from basic defects in the underlying governance structures that enable executives to exert considerable influence over their own pay.

...
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #5 on: March 01, 2010, 04:27:04 PM »
http://www.rollingstone.com/politics/story/12699486/paul_krugman_on_the_great_wealth_transfer/print
The Great Wealth Transfer
It's the biggest untold economic story of our time: more of the nation's bounty held in fewer and fewer hands. And Bush's tax cuts are only making the problem worse
PAUL KRUGMAN
Posted Nov 30, 2006 1:59 PM
From Issue 1015 — December 14, 2006
The reason most Americans think the economy is fair to poor is simple: For most Americans, it really is fair to poor. Wages have failed to keep up with rising prices. Even in 2005, a year in which the economy grew quite fast, the income of most non-elderly families lagged behind inflation. The number of Americans in poverty has risen even in the face of an official economic recovery, as has the number of Americans without health insurance. Most Americans are little, if any, better off than they were last year and definitely worse off than they were in 2000.

But how is this possible? The economic pie is getting bigger — how can it be true that most Americans are getting smaller slices? The answer, of course, is that a few people are getting much, much bigger slices. Although wages have stagnated since Bush took office, corporate profits have doubled. The gap between the nation's CEOs and average workers is now ten times greater than it was a generation ago. And while Bush's tax cuts shaved only a few hundred dollars off the tax bills of most Americans, they saved the richest one percent more than $44,000 on average. In fact, once all of Bush's tax cuts take effect, it is estimated that those with incomes of more than $200,000 a year — the richest five percent of the population — will pocket almost half of the money. Those who make less than $75,000 a year — eighty percent of America — will receive barely a quarter of the cuts. In the Bush era, economic inequality is on the rise.

Rising inequality isn't new. The gap between rich and poor started growing before Ronald Reagan took office, and it continued to widen through the Clinton years. But what is happening under Bush is something entirely unprecedented: For the first time in our history, so much growth is being siphoned off to a small, wealthy minority that most Americans are failing to gain ground even during a time of economic growth — and they know it.

America has never been an egalitarian society, but during the New Deal and the Second World War, government policies and organized labor combined to create a broad and solid middle class. The economic historians Claudia Goldin and Robert Margo call what happened between 1933 and 1945 the Great Compression: The rich got dramatically poorer while workers got considerably richer. Americans found themselves sharing broadly similar lifestyles in a way not seen since before the Civil War.

But in the 1970s, inequality began increasing again — slowly at first, then more and more rapidly. You can see how much things have changed by comparing the state of affairs at America's largest employer, then and now. In 1969, General Motors was the country's largest corporation aside from AT&T, which enjoyed a government-guaranteed monopoly on phone service. GM paid its chief executive, James M. Roche, a salary of $795,000 — the equivalent of $4.2 million today, adjusting for inflation. At the time, that was considered very high. But nobody denied that ordinary GM workers were paid pretty well. The average paycheck for production workers in the auto industry was almost $8,000 — more than $45,000 today. GM workers, who also received excellent health and retirement benefits, were considered solidly in the middle class.

Today, Wal-Mart is America's largest corporation, with 1.3 million employees. H. Lee Scott, its chairman, is paid almost $23 million — more than five times Roche's inflation-adjusted salary. Yet Scott's compensation excites relatively little comment, since it's not exceptional for the CEO of a large corporation these days. The wages paid to Wal-Mart's workers, on the other hand, do attract attention, because they are low even by current standards. On average, Wal-Mart's non-supervisory employees are paid $18,000 a year, far less than half what GM workers were paid thirty-five years ago, adjusted for inflation. And Wal-Mart is notorious both for how few of its workers receive health benefits and for the stinginess of those scarce benefits.

The broader picture is equally dismal. According to the federal Bureau of Labor Statistics, the hourly wage of the average American non-supervisory worker is actually lower, adjusted for inflation, than it was in 1970. Meanwhile, CEO pay has soared — from less than thirty times the average wage to almost 300 times the typical worker's pay.


The widening gulf between workers and executives is part of a stunning increase in inequality throughout the U.S. economy during the past thirty years. To get a sense of just how dramatic that shift has been, imagine a line of 1,000 people who represent the entire population of America. They are standing in ascending order of income, with the poorest person on the left and the richest person on the right. And their height is proportional to their income — the richer they are, the taller they are.

Start with 1973. If you assume that a height of six feet represents the average income in that year, the person on the far left side of the line — representing those Americans living in extreme poverty — is only sixteen inches tall. By the time you get to the guy at the extreme right, he towers over the line at more than 113 feet.

Now take 2005. The average height has grown from six feet to eight feet, reflecting the modest growth in average incomes over the past generation. And the poorest people on the left side of the line have grown at about the same rate as those near the middle — the gap between the middle class and the poor, in other words, hasn't changed. But people to the right must have been taking some kind of extreme steroids: The guy at the end of the line is now 560 feet tall, almost five times taller than his 1973 counterpart.


What's useful about this image is that it explodes several comforting myths we like to tell ourselves about what is happening to our society.

MYTH #1: INEQUALITY IS MAINLY A PROBLEM OF POVERTY.
According to this view, most Americans are sharing in the economy's growth, with only a small minority at the bottom left behind. That places the onus for change on middle-class Americans who — so the story goes — will have to sacrifice some of their prosperity if they want to see poverty alleviated.

But as our line illustrates, that's just plain wrong. It's not only the poor who have fallen behind — the normal-size people in the middle of the line haven't grown much, either. The real divergence in fortunes is between the great majority of Americans and a very small, extremely wealthy minority at the far right of the line.

MYTH #2: INEQUALITY IS MAINLY A PROBLEM OF EDUCATION.
This view — which I think of as the eighty-twenty fallacy — is expressed by none other than Alan Greenspan, former chairman of the Federal Reserve. Last year, Greenspan testified that wage gains were going primarily to skilled professionals with college educations — "essentially," he said, "the top twenty percent." The other eighty percent — those with less education — are stuck in routine jobs being replaced by computers or lost to imports. Inequality, Greenspan concluded, is ultimately "an education problem."

It's a good story with a comforting conclusion: Education is the answer. But it's all wrong. A closer look at our line of Americans reveals why. The richest twenty percent are those standing between 800 and 1,000. But even those standing between 800 and 950 — Americans who earn between $80,000 and $120,000 a year — have done only slightly better than everyone to their left. Almost all of the gains over the past thirty years have gone to the fifty people at the very end of the line. Being highly educated won't make you into a winner in today's U.S. economy. At best, it makes you somewhat less of a loser.

MYTH #3: INEQUALITY DOESN'T REALLY MATTER.
In this view, America is the land of opportunity, where a poor young man or woman can vault into the upper class. In fact, while modest moves up and down the economic ladder are common, true Horatio Alger stories are very rare. America actually has less social mobility than other advanced countries: These days, Horatio Alger has moved to Canada or Finland. It's easier for a poor child to make it into the upper-middle class in just about every other advanced country — including famously class-conscious Britain — than it is in the United States.

Not only can few Americans hope to join the ranks of the rich, no matter how well educated or hardworking they may be — their opportunities to do so are actually shrinking. As best we can tell, pretax incomes are now as unequally distributed as they were in the 1920s — wiping out virtually all of the gains made by the middle class during the Great Compression.

There's a famous scene in the 1987 movie Wall Street in which Gordon Gekko, the corporate predator played by Michael Douglas, tells a meeting of stunned shareholders that greed is good, that the unbridled pursuit of individual wealth serves the interests of the company and the nation. In the movie, Gekko gets his comeuppance; in real life, the Gordon Gekkos took over both corporate America and, eventually, our political system.

Oliver Stone didn't conjure Gekko's "greed" line out of thin air. It was based on a real speech given by corporate raider Ivan Boesky — and it reflected what many corporate executives, conservative intellectuals and right-wing politicians were saying at the time.

...

Today, we're completely out of line with other advanced countries. The share of income received by the top 0.1 percent of Americans is twice the share received by the corresponding group in Britain, and three times the share in France. These days, to find societies as unequal as the United States you have to look beyond the advanced world, to Latin America. And if that comparison doesn't frighten you, it should.
...

In addition, the statistical evidence shows, unequal societies tend to be corrupt societies. When there are huge disparities in wealth, the rich have both the motive and the means to corrupt the system on their behalf. In The New Industrial State, published in 1967, John Kenneth Galbraith dismissed any concern that corporate executives might exploit their position for personal gain, insisting that group decision-making would enforce "a high standard of personal honesty."

But in recent years, the sheer amount of money paid to executives who are perceived as successful has overridden the restraints that Galbraith believed would control executive greed. Today, a top executive who pumps up his company's stock price by faking high profits can walk away with vast wealth even if the company later collapses, and the small chance he faces of going to jail isn't an effective deterrent. What's more, the group decision-making that Galbraith thought would prevent personal corruption doesn't work if everyone in the group can be bought off with a piece of the spoils — which is more or less what happened at Enron. It is also what happens in Congress, when corporations share the spoils with our elected representatives in the form of generous campaign contributions and lucrative lobbying jobs.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #6 on: March 01, 2010, 04:45:00 PM »
When wealth becomes concentrated, economies collapse into feudal systems of economy.

When the average masses of people have extra money in their pockets, they buy a better car, buy a better house, buy better food, etc... This creates a tremendous growth in the economy.

The "few" tremendously rich CAN ONLY SPEND SO MUCH.  

As an example of how concentrated wealth was a hundred years ago: The Richest newlyweds in america 1907:


Marcellus Hartley Dodge, Sr (There is no freak'ing  picture of this guy~~!!!)
Marcellus Hartley Dodge, Jr - died in car accident in the 1930's


http://en.wikipedia.org/wiki/Geraldine_Rockefeller_Dodge


Ethel Geraldine Rockefeller Dodge (April 3, 1882 – August 13, 1973) was the youngest child and only daughter of Almira Geraldine Goodsell Rockefeller and William Avery Rockefeller, Jr., the Standard Oil tycoon.
..
She married Marcellus Hartley Dodge, Sr., president of The Remington Arms Company and, she brought into the marriage an estimated personal fortune of $101 million. They were married on April 18, 1907 in Manhattan, where both resided, in a quiet ceremony at the residence of the bride's family, following the contemporary customs dictated by a mourning period after the death of the groom's father in February.[2]

Dodge, an heir to the Hartley and Phelps Dodge fortunes, had a fortune estimated at $60 million.

At the time of their marriage they were described in social circles as the wealthiest newly-weds in America.

At 100 to 1 inflation, this couple represented 1.6 BILLION dollars of combined wealth.

1000 percent sound too much to you? it's more like ~2000 percent - (so more like 3.2 BILLION)

and in reality it's more like 10000 percent today - more like 300 BILLION Dollars...

http://www.inflationdata.com/Inflation/Inflation_Rate/Long_Term_Inflation.asp
Updated July 2006
1,929% Inflation!
The Chart to the right shows the Annual Inflation Rates for each decade. Each bar represents the average Annual Inflation for the decade (not the total cumulative inflation for that 10 year period ).

As you can see from the cumulative Inflation chart since 1913 we have seen 1929% inflation.

Yes, that is right One Thousand Nine Hundred Twenty Nine percent inflation.
It is difficult to wrap your mind around 1900% inflation. But that means that prices increased by 1900%  or they cost 20 times more



So since we brought up the Dodges and Remington how about Pinchot, Minturn and probably one of the richest men in the world at the time - Isaac Newton Phelps Stokes - Phelps, Dodge & Company his net wealth: 5.4 Billion?

The Sequoia Seminars
...
The Minturn's were an interesting family with connections to the Opium trade....
http://en.wikipedia.org/wiki/Robert_Bowne_Minturn,_Jr.

Robert B. Minturn, Jr. (born New York, 21 February 1836, died 15 December 1889), was an American shipping magnate of the mid- to late 19th century.

Robert was the son of Robert Bowne Minturn (Sr.) and Anna Mary Wendell, in New York City. He graduated from Columbia University in 1856, and joined his father’s shipping firm, Grinnell, Minturn & Co., which is best known as being the owners of the clipper ship Flying Cloud. He is the author of New York to Delhi: by way of Rio de Janeiro, Australia and China (New York, 1858), an account of his voyage in connection with his work.
As Vice President of the railroad that founded the town of Minturn, Colorado , he gave his name to that town.

He married Sarah Susannah Shaw (born Massachusetts, 1839, died 1926), the sister of Robert Gould Shaw . They had a number of children:

Robert Shaw Minturn  (born New York, August 1863)
Sarah May Minturn (born Staten Island, N.Y., 3 September 1865); she married Henry Dwight Sedgwick III
Edith Minturn (born New York, ca. 1868)
Gertrude Minturn (born New York, June 1872)
Mildred Minturn (born New York, November 1875)
Hugh Minturn (born New York, September 1882)
 
The Minturn sisters. Edith Minturn Phelps Stokes - Mr. and Mrs. Isaac Newton Phelps Stokes - John Singer Sargent  - 1897

(  Isaac's dad (Anson Phelps Stokes) personal wealth was estimated at USD$250,000,000 at the time of his death, or about USD$5.515E+9 in today's dollars. (about 5.38 Billion) [6] )

Quote
Anson Phelps Stokes
As a boy he started his career working in the family business, Phelps, Dodge & Company, a mercantile establishment founded by his grandfather Phelps[1] and his uncle, William Earle Dodge, in the 1830s.[2] The company eventually became a mining business.

Anson Phelps Stokes (February 22, 1838–June 28, 1913) was a merchant, banker, publicist, philanthropist, and became a multimillionaire. Born in New York City, he was the son of John Boulter and Caroline (Phelps) Stokes; brother of William Earl Dodge Stokes and Olivia Eggleston Phelps Stokes. One of his grandfathers was London merchant Thomas Stokes, one of the 13 founders of the London Missionary Society, and Anson Stokes later actively supported the American Bible Society, the American Tract Society and the American Peace Society. His other grandfather, Anson Greene Phelps, was a New York merchant, born in Connecticut and descended from an old Massachusetts family.[1]

Anson Stokes was survived by nine children: four sons and five daughters. One of his sons was also named Anson Phelps Stokes (1874-1958), an educator and clergyman.[1] Another was Isaac Newton Phelps Stokes. His personal wealth was estimated at USD$250,000,000 at the time of his death, or about USD$5.385E+9 in today's dollars.[6]  5.38 Billion

http://query.nytimes.com/gst/abstract.html?res=9A04E1DE143FE433A25756C1A9679D946197D6CF

THE WEDDINGS OF A DAY; Marriage of Miss Gertrude Minturn to Mr. Pinchot.
The Ceremony at St. George's Church -- Many Guests Invited -- The Bride's Costume
November 15, 1900, Wednesday
Page 7, 2225 words

The wedding of Amos R. Eno Pinchot and Miss Gertrude Minturn  was celebrated at noon yesterday in St. George's Church, Stuyvesant Square, by the Rev. Dr. Rainsford, rector of the church. The bride, who entered the church on the arm of her brother, Robert Shaw Minturn, who afterward gave her away, wore a gown of cream-white satin, severely plain in style and trimmed only with drapery of point lace on the bodice.... Mr Pinchot's best man was his brother Gifford Pinchot ...
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

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Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #8 on: March 02, 2010, 07:03:34 PM »
Reference:

Dynastic America, and those who own it ([c1921]) Author: Klein, Henry H., 1879-1955
...
Rockefeller is the Colossus that bestrides the world. The Rothschilds in Europe, whose wealth is estimated at Two Billion Dollars, and the Guggenheims, DuPonts, Vanderbilts and Astors, whose family possessions approximate half a billion dollars each, are subordinate to Rockefeller.

In a single lifetime, John D. Rockefeller has amassed a fortune greater than that of any other individual or family. His wealth is estimated at TWO BILLION, FOUR HUNDRED MILLION DOLLARS, including the holdings in the Foundations.

[ This is equivilant to approx. : 48 BILLION today. And I really think this adjusted value ( and all the other inflation adjusted values) are much TOO LOW.

The federal budget up until 1918 was below 2.5 Billion Dollars
See: http://www.usgovernmentspending.com/year1917_0.html#usgs302  2.3 Billion in 1917
Who do you know today that could finance the U.S. Federal Government for a Year?

So in reality his money was really equal to say the 2000 Federal budget of 1.7 TRILLION  ]


Mr. Rockefeller is worth one billion dollars in oil alone. His railroad holdings are estimated at $400,000,000. His holdings in industrial corporations outside of Standard Oil, are appraised at $400,000,000, and his interest in gas, electric light and traction, is fixed at several hundred millions more. He has several hundred million dollars in bonds of the United States and other countries and in the bonds of cities and states. He owns many millions in real estate and mortgages. Part of this vast wealth is held in the Foundations.

When Mr. Rockefeller dies, his estate will show far less than he owns, because a large share of his fortune has already been transferred to his children.

The Walsh United States Industrial Commission investigated incomes and excessive private fortunes and reported in 1916 (pp. 32 and 33), that the wealth of the nation "has become concentrated to a degree which is difficult to grasp."

Quoting Prof. William I. King, it says: "the 'rich' 2% of the people own 60% of the wealth; the 'middle class" 33% of the people, own 35% of the wealth; the poor 65% of the people own 5% of the wealth."

The report continues :
"The actual concentration has, however, been carried much further than these figures indicate. The largest private fortune in the United States, estimated at $1,000,000,000, is equivalent to the aggregate wealth of 2,500,000 of those who are classed as 'poor' who own on an average about $400 each.

An analysis of 50 of the largest American fortunes shows that nearly one-half have already passed to the control of heirs or to trustees (their vice regents) and that the remainder will pass to the control of heirs within 20 years, upon the death of the 'founders.' Already these founders have almost without exception, retired from active service, leaving the management ostensibly, to their heirs but actually to executive officials upon salary."

As illustrating wealth concentration, Basil M. Manley, who was director of Research and Investigation for the Walsh Commission writes :
"I examined in the course of my investigation every stockholder's list made public in the last three years, about 300 all told, and found that taking them all together big companies and little companies, banks, railroads and industrials less than 2 per cent of the stockholders, owning 1,000 shares and over, hold more than 50 per cent of the stock.

Lincoln, in the midst of civil war, saw the menace of private monopoly when he wrote :
"As a result of war, corporations have been enthroned, and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands, and the republic is destroyed. I feel at this moment more anxiety for the safety of my country than ever before, even in the midst of war. God grant that my suspicions may prove groundless."

A Classification of American Wealth - History and genealogy of the wealthy families of America
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #9 on: March 05, 2010, 01:11:41 PM »
From the horses mouth, the CBO of the federal government:

"Since the 1960s the percentage of tax revenue at the federal level that comes from corporations has declined from around 30 percent to around 8 percent.

Corporations pay 1 percent of GDP (plus 1 percent excise taxes?) (plus half SocSec =  3 percent?) .
Individuals pay 6.5 percent plus half SocSec 3 percent = 10 pecent of GDP...


http://www.cbo.gov/ftpdocs/108xx/doc10871/Chapter4.shtml

The Congressional Budget Office projects that total federal revenues will be about $2.2 trillion in 2010, a 3.3 percent increase from 2009, under the assumption that current laws and policies will remain in effect. As a share of gross domestic product, revenues will edge up slightly, from a nearly 60-year low of 14.8 percent in 2009 to 14.9 percent in 2010 (see Figure 4-1).
...
Receipts from corporate income taxes averaged slightly more than 2 percent of GDP from 1995 to 2000, but then fell to 1.2 percent of GDP in 2003.

Corporate income tax receipts rose sharply after 2003, reaching 2.7 percent of GDP in 2006 and 2007 and accounting for more than half of the increase in total receipts relative to GDP between 2003 and 2007.

Just two years later, in 2009, corporate tax receipts dropped to 1.0 percent of GDP, the lowest percentage since the 1930s.

That variability over the past decade and the 55 percent decline in corporate receipts in 2009 have several sources: changes in corporate profits from current production relative to GDP; fluctuations in the effective tax rate on profits arising from changes in capital gains realizations, deductions for bad debts, the mix of profitable and unprofitable firms, and other factors; and changes in tax law, particularly the rules for depreciation of equipment that businesses purchase.

Receipts from social insurance taxes (the second-largest source of federal revenue) have been more stable relative to the size of the economy than have receipts from income taxes, fluctuating between 6.2 percent and 6.8 percent of GDP since the mid-1980s. During the preceding quarter century, social insurance taxes had claimed a steadily growing share of GDP, largely because of legislated increases in tax rates and bases. Revenues from the remaining sources (other taxes, duties, remittances, fees, and fines) have declined relative to GDP during the past 40 years, primarily because of the steady decline in excise taxes relative to GDP. Revenue from those sources totaled 1.1 percent of GDP in 2009.

Revenues, by Source, 1970 to 2020
(Percentage of gross domestic product)


The Congressional Budget Office projects that total federal revenues will be about $2.2 trillion in 2010, a 3.3 percent increase from 2009, under the assumption that current laws and policies will remain in effect. As a share of gross domestic product, revenues will edge up slightly, from a nearly 60-year low of 14.8 percent in 2009 to 14.9 percent in 2010 (see Figure 4-1).

CBO expects that about 60 percent of the increase in federal revenues will come from increased remittances from the Federal Reserve System to the Treasury; those payments will rise markedly because of the Federal Reserve’s recent actions to stabilize financial markets to support the economy. According to CBO’s projections, revenues other than those remittances will increase by only 1.3 percent in 2010, about a percentage point less than the anticipated increase in GDP.

Total Revenues, 1970 to 2020


Current Projections

CBO projects that total federal revenues will rebound sharply from the current historically low amounts relative to GDP starting in 2011.

Much of that increase stems from individual income tax revenues, which—in CBO’s projections under current law—will remain low relative to GDP at 6.5 percent this year but climb sharply to reach 9.1 percent of GDP in 2012 and 10.9 percent of GDP by 2020 (see Table 4-1).

Social insurance receipts are projected to edge down in 2010 relative to GDP but to rebound in 2011 to average 6.3 percent of GDP through 2020, the same share seen during the past five years.

Corporate income tax receipts also are projected to remain low relative to GDP in 2010, at 1.0 percent, but then to rise to 2.2 percent of GDP in 2014 before declining to 1.8 percent of GDP in 2020.

Revenues from the remaining sources are projected to measure 1.4 percent of GDP in 2010, because of temporary increases in Federal Reserve remittances, and to slip to 1.3 percent of GDP from 2013 to 2020.



http://taxes.about.com/od/payroll/qt/payroll_basics.htm

FICA Taxes
FICA stands for the Federal Insurance Contributions Act. The FICA tax consists of both Social Security and Medicare taxes. Social Security and Medicare taxes are paid both by the employees and the employer. Both parties pay half of these taxes. Employees pay half, and employers pay the other half. Together both halves of the FICA taxes add up to 15.3%. The 15.3% FICA tax is broken down as follows:
Social Security (Employee pays 6.2%)
Social Security (Employer pays 6.2%)
Medicare (Employee pays 1.45%)
Medicare (Employer pays 1.45%)

Siemens Hit With $1.6 Billion Fine In Bribery Case  


"Since the 1960s the percentage of tax revenue at the federal level that comes from corporations has declined from around 30 percent to around 8 percent.


http://www.corpwatch.org/article.php?id=14392
US: Corporate Profits Take an Offshore Vacation
by Lucy Komisar, Inter Press Service February 23rd, 2007

Last week, Merck, the pharmaceutical multinational, announced that it will pay 2.3 billion dollars in back taxes, interest and penalties in one of the largest settlements for tax evasion the U.S. Internal Revenue Service (IRS) has ever imposed.

Merck had cooked its tax books by moving ownership of its drug patents to its own Bermuda shell company -- an entity that has no real employees and does no real work -- and then deducting from U.S. taxes the huge royalties it paid itself. While setting up a shell company is not inherently illegal, it is if tax authorities determine that its only purpose is to evade taxes. Bermuda is a tax haven that has no levy on royalties.

Merck also faces legal action in Canada for 1.8 billion dollars in back taxes and interest
...
Prime technology companies playing the offshore game are Microsoft and Google.

Microsoft gets about 75 percent of its 40 billion dollars in revenue from licensing fees. A few years ago, it set up an Irish subsidiary called Round Island One Ltd. to own its 16 billion dollars worth of copyrights on software developed in the U.S.

In 2004, it shifted nine billion dollars in profits to Ireland and thereby avoided paying some 500 million dollars in U.S. taxes. Using the Irish company, Microsoft also avoids taxes elsewhere in Europe, the Middle East and Africa. The maneuver helped Microsoft drop its worldwide tax rate from 33 percent to 26 percent.

Google similarly set up an Irish subsidiary, Google Ireland Holdings Ltd, which in 2004, its first year, helped the company avoid paying about 131 million dollars in U.S. taxes. Google noted in its annual report that year that it expected its effective tax rate to drop even more significantly. It explained, "This is primarily because proportionately more of earnings in 2005 compared to 2004 are expected to be recognised by our Irish subsidiary, and such earnings are taxed at a lower statutory tax rate (12.5 percent) than in the U.S. (35 percent)."

Both companies may have some minimal operations in Ireland, but the issue is how much value they allot to that jurisdiction for tax purposes.
...
Jack Blum, an expert on tax evasion and former counsel for the Senate Foreign Relations Committee, said, "Since the 1960s the percentage of tax revenue at the federal level that comes from corporations has declined from around 30 percent to around 8 percent.

A substantial portion of this decline is the consequence of the ability of companies with global operations to shift income to jurisdictions where tax collectors cannot find it."
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline Volitzar

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #10 on: March 05, 2010, 04:35:42 PM »
It's Da fractional-reserve-banking stupid !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


Learn the system,  END the FED !!!!!!!!!!!!!!!!!!!!!!


The Money Masters.

http://video.google.com/videoplay?docid=-515319560256183936&q=The+money+changers&ei=Zd4QSMjvB47YqAKQtJmzBA

Debt free money the Guernse-nomic way.  ( French island nation of Guernsey economic system )

Offline rawiron1

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #11 on: March 05, 2010, 04:44:48 PM »
I'm in the top 20%.  And I ain't rich!

Jason
Jason the Fed

Offline larsonstdoc

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #12 on: March 05, 2010, 04:56:34 PM »
Unbelievable.

Can't they be happy with their wealth and just let the little guys have a few crumbs?  They don't even want us to have that anymore.

I don't want to be rich.  I don't care if I can't live in a mansion, own a yacht, or have a fleet of luxury cars.

I just want to have a decent job where I'm not a slave, where I can earn a decent salary and have a modest pension waiting when I retire.

Is that too much to ask?





It is now.  Many people who think they have it made are in for a rude awakening.  The government wants to take your pensions and give you an annuity in place of it.  Good luck in getting anything in the long run.  Most people will have to live month to month until they die.  BYE BYE THE AMERICA OF YESTERDAY.
I'M A DEPLORABLE KNUCKLEHEAD THAT SUPPORTS PRESIDENT TRUMP.  MAY GOD BLESS HIM AND KEEP HIM SAFE.

Offline Monkeypox

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #13 on: March 05, 2010, 05:50:10 PM »

It is now.  Many people who think they have it made are in for a rude awakening.  The government wants to take your pensions and give you an annuity in place of it.  Good luck in getting anything in the long run.  Most people will have to live month to month until they die.  BYE BYE THE AMERICA OF YESTERDAY.

The people who retired in the last 30 or 40 years really had it made.  They had Social Security, pensions, Medicare.  That won't be the case any more.
War Is Peace - Freedom Is Slavery - Ignorance Is Strength


"Educate and inform the whole mass of the people... They are the only sure reliance for the preservation of our liberty."

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Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #14 on: March 05, 2010, 07:36:33 PM »
It's Da fractional-reserve-banking stupid !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Learn the system,  END the FED !!!!!!!!!!!!!!!!!!!!!!...

One bit I'd like to get into is the WWI war loans made by the U.S. Treasury.

These were made possible by the FIAT federal reserve system which had just been started in 1913. Without it the loans could not have been made. Rockefeller and Rothschild could loan via the Fed (which they owned) on MARGIN. Then they bought up the Treasury bonds and were paid 5 percent .

The loans were never paid back, but Rockefeller/Rothschild/Morgan got paid principal and 5 percent, and the Fed made a percentage too.  

Reproduced below is the speech recorded by the industrialist and philanthropist John D. Rockefeller, Jr. in 1917 entitled Fundraising. -  one of America's most vilified business figures for a period in the early years of the 20th century - threw his weight behind government efforts to fund America's military participation in World War One.  To this end Rockefeller spoke in favour of the United War Work campaign  

Quote
Do you want to see the flower of the manhood of this country, which has brought everlasting glory to our nation, neglected in the hour of its greatest need, and afraid to face temptation?  Then withhold your contribution to this fund.

Or do you want to see a chapter of moral victory and prowess as superb and as glorious as that of the victories of arms which have already been achieved, added to the annals of the history of this country, and high standards of morality maintained and perpetuated by our sons and brothers in the days to come?


Doesn't this sound familiar to our current situation? Fed printing money while the banker's are made whole with interest?

One could say that the WWI U.S. Loans Default, in-directly led to the Great Depression in 1929....

The Federal Reserve Act of 1913

http://www.encyclopedia.com/doc/1G2-3401804606.html

WORLD WAR I WAR DEBTS. During and immediately after World War I, America's cobelligerents borrowed some $10.350 billion ($184.334 billion in 2002 dollars) from the U.S. Treasury.

These funds were used mainly to finance payments due the United States for munitions, foodstuffs, cotton, other war-related purchases, and stabilization of exchange. Of that sum, $7.077 billion represented cash loans extended prior to the armistice; $2.533 billion was advanced to finance reconstruction after the armistice; and postarmistice relief supplies and liquidated war stocks amounted to an additional $740 million. Total foreign indebtedness—including interest due before funding of the original demand obligations but excluding loans to Czarist Russia, for which no hope of collection remained—came to $11.577 billion ($206.186 billion in 2002 dollars).

In turn, the U.S. government borrowed from its own citizens, mostly through Liberty Bonds paying 5 percent interest.

During the period of economic disorganization in Europe following the termination of hostilities, the administration of Woodrow Wilson agreed to grant the debtor nations a three-year postponement of interest payments. But it indicated that eventually the debtors would be required to repay the loans.

In February 1922 Congress created the World War Foreign Debt Commission, on which representatives of the House and Senate flanked the secretaries of state, commerce, and the Treasury. Congress directed the debt commission to seek funding arrangements providing for amortization of principal within twenty-five years and an interest rate of not less than 4.25 percent.

Disregarding this limitation on its mandate, the commission managed to reach agreement with thirteen European debtor nations before its five-year term expired. The settlements all provided for repayment of principal over sixty-two years. Assuming that the debtors would continue to pay for sixty-two years, the settlements as a whole were equivalent to cancellation of 51.3 percent of what could have been required on a 5-percent basis. Actually, those who drafted the agreements did not expect them to continue in force much beyond a generation, so that the true percentage of the debt forgiven was appreciably larger.

Nevertheless, the governments of the four principal debtor nations—Great Britain, France, Italy, and Belgium—believed that the debts should have been canceled altogether as the American contribution to a common struggle. They settled most unwillingly—Great Britain, to avoid losing its own standing as a creditor nation and banking center, and the Continental countries, to avoid being barred from access to American capital markets.

In 1931 the Hoover Moratorium provided for temporary cessation of all intergovernmental transfers to cope with the international banking crisis that accompanied the Great Depression. After the moratorium expired, the debtors found various excuses not to resume regular payments. By 1934 every European nation except Finland had defaulted. Congress expressed its displeasure in April 1934 by passing the Johnson Debt Default Act, effectively prohibiting defaulting governments from further borrowing in American markets for several crucial years.

American policy planners later drew an opposite lesson. During World War II and its aftermath, they extended credits under Lend-Lease and the Marshall Plan without expecting integral reimbursement.

http://wwi.lib.byu.edu/index.php/U.S._Policy_on_War_Loans_to_Belligerents
Washington, August 10, 1914

My Dear Mr. President:

I beg to communicate to you an important matter which has come before the Department. Morgan Company of New York have asked whether there would be any objection to their making a loan to the French Government and also the Rothschilds -- I suppose that is intended for the French Government. I have conferred with Mr. Lansing and he knows of no legal objection to financing this loan, but I have suggested to him the advisability of presenting to you an aspect of the case which is not legal but I believe to be consistent with our attitude in international matters. It is whether it would be advisable for this Government to take the position that it will not approve of any loan to a belligerent nation. ...
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #15 on: March 09, 2010, 06:50:59 PM »
Reference: Dynastic America, and those who own it ([c1921]) Author: Klein, Henry H., 1879-1955
...
Rockefeller is the Colossus that bestrides the world. The Rothschilds in Europe, whose wealth is estimated at Two Billion Dollars, and the Guggenheims, DuPonts, Vanderbilts and Astors, whose family possessions approximate half a billion dollars each, are subordinate to Rockefeller.

In a single lifetime, John D. Rockefeller has amassed a fortune greater than that of any other individual or family. His wealth is estimated at TWO BILLION, FOUR HUNDRED MILLION DOLLARS, including the holdings in the Foundations.

[ This is equivilant to approx. : 48 BILLION today. And I really think this adjusted value ( and all the other inflation adjusted values) are much TOO LOW.

The federal budget up until 1918 was below 2.5 Billion Dollars
See: http://www.usgovernmentspending.com/year1917_0.html#usgs302  2.3 Billion in 1917
Who do you know today that could finance the U.S. Federal Government for a Year?

So in reality his money was really equal to say the 2000 Federal budget of 1.7 TRILLION  ]
...

I just put his 2.4 Billion in 1920 dollars through a compound interest calculator for 80 years at 5 Percent  (80 years ~ 1920 + 80 = year 2000)

Compound Interest Calculator

118,947,458,560 Billion  Now if that keeps up with inflation as it compounds , which only a Rockefeller could do (est. 1500 percent):

1,784,211,878,406.    = 1.7 Trillion which is close to what the Federal budget was in 2000

So in my mind, his buying power has not been reduced....
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #16 on: April 15, 2010, 04:12:12 PM »
Rockefeller's Exxon PAYS NO TAXES (in the U.S.)

http://motherjones.com/mojo/2010/04/exxon-mobil-paid-zero-income-tax-offshore%20shelter-wal-mart-general-electric-forbes

Exxon's Income Tax: $0 - UPDATED

UPDATE: ExxonMobil's spokesman contacted Mother Jones to dispute this story, offering additional information concerning its US income tax liabilities for 2009. That information had been added to the end of this post.]

So, good news and bad news. The good news is, oil megacorporation ExxonMobil had such a profitable year in 2009, it contributed $15 billion to the world's tax coffers.

The bad news: Not a cent of that went to the IRS.

ExxonMobil, the world's second-largest company, says it actually paid out 47 percent of its profits in taxes, but not to the good ol' capitalist US of A. Says Forbes in a report on all the taxes of the US's top 25 firms (with added emphasis):

Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.

By contrast, the nation's largest corporation, Wal-Mart, paid $7.1 billion globally in taxes, and the lion's share of it—$5.9 billion, or 83 percent—went to the US government.

The most hilarious part is ExxonMobil still finds a way to bitch about its lot in life. The corporation's website includes an issues page on "industry taxes," which threatens that energy innovation is already on the ropes because of excessive taxes, and it will be forever consigned to the dustbin by any new taxes on windfall profits (or, we'd assume, plans like President Obama's to close the offshore earnings loopholes that saved ExxonMobil from the IRS this year). "While our worldwide profits have grown, our worldwide income taxes have grown even more. From 2004 to 2008 our earnings grew by 79 percent, but our income taxes grew by 130 percent," ExxonMobil's flacks wrote, presumably while playing the world's smallest—and most expensive—violin.

Not that this should shock anybody. In 2008, the New York Times discovered that one in four of the US's largest corporations regularly pay no income tax to the IRS, and billions are lost. Exxon's not alone: The Forbes article points out that General Electric avoided paying any income tax last year on profits of $10.3 billion. In addition to offshore tax shelters, GE had another ace in the hole: It submitted a record-breaking 24,000-page tax return. God bless the IRS's auditors; I'd have paid billions not to have to read that thing.

[Update: Alan Jeffers, ExxonMobil's media relations manager, contacted Mother Jones to respond to this story, confirming that he had submitted a signed comment on this Web page (see way below). He first sent us an email, which states:

It is incorrect to say that ExxonMobil did not pay any U.S. income tax in 2009. In fact, we expect a significant U.S. federal income tax liability for 2009, although our tax return will not be filed until later this year. Our tax installments overpaid our 2008 U.S. federal income taxes and we used that excess in part to pay our 2009 estimated taxes. The amount stated in our 10-K filing with the SEC, which Chris [Christopher Helman, who originally reported on this story for Forbes] told me he based his story on, includes expenses or credits recorded during 2009, and can represent items from previous years or expectations for subsequent years. It is not our actual tax bill.

In a subsequent phone conversation, Jeffers told Mother Jones he "really had to dig in with our tax guys just to really explain what was going on here." He stressed that "the activity in that report"—referring to the 10-K, an annual summary of company activity that must be submitted to the Securities and Exchange Commission—"does not represent our tax bill," which has not been settled, since the company has not yet filed its 2009 IRS return. He added that, just as an individual might see a refund or not have to pay additional income taxes when they file, the firm could conceivably show a surplus or a zero on the "total income tax" line. When an individual gets a refund from the IRS, that doesn't mean she got off scot-free: It means she overpaid her taxes throughout the year. Jeffers said the same principle operates for ExxonMobil.

Jeffers, however, declined to discuss what ExxonMobil's actual US income tax liabilities might be—in 2009, or in any year—except to say that it wasn't zero. "We don't disclose our tax bill; we're not required to," he said. "Just like most corporations and individuals, we disclose what we're required to."

Which leaves the figures in ExxonMobil's 10-K largely unexplained: Even if the firm overpaid taxes and earned a refund, it still wouldn't show up as a zero or a positive revenue in cashflow—unless the paid tax liabilities are concealed elsewhere in the report. And it doesn't explain why ExxonMobil's figures are so out of wack with its peer corporations, like Wal-Mart, cited in the original story above, or Chevron, which listed $200 million in US income tax on the same line in its 10-K, Forbes reported.

In any case, the original story is wrong in this respect: According to the 10-K, a screenshot of which is provided below, ExxonMobil didn't have a zero-tax liability in 2009; it was actually owed $46 million by the IRS, against $15.1 billion in foreign taxes owed. As Jeffers says, that may not be the case; but it's what ExxonMobil told the SEC, its shareholders, and the world. And since the firm refuses to share its actual tax numbers with the public, it's all we have to go by.]

It is a Share Cropper's Economy:
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #17 on: August 16, 2010, 02:20:56 PM »
Related links - Obama is looking more and more like Hoover then FDR ....

Food Stamp use hit record 40.8m in May 2010----We are in Recovery?

Obama will create or save 3.5 million jobs in two years- 30 Million Unemployed



DOW -247

http://www.commodityonline.com/news/US-Feds-Mild-Quantitative-Easing-Move-Supports-Gold-30852-3-1.html
US Fed's Mild Quantitative Easing Move Supports Gold
Published on: August 11, 2010 at 11:10
...
Fed officials indicated they would leave interest rates low for an extended time, as widely expected. This in itself is supportive for gold, said George Gero, vice president with RBC Capital Markets Global Futures.

Furthermore, officials said they would reinvest principal payments from mortgage-backed securities in longer-term Treasury securities and also continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.

This is referred to as quantitative easing and a way for policy-makers to boost to the economy further when the target for the federal funds rate is about as low as it can go--zero to one-quarter percent.  

http://philsbackupsite.wordpress.com/2010/08/10/max-keiser-%E2%80%98bankers-should-be-tried-in-front-of-a-human-rights-court-and-all-hung%E2%80%99/
MAX KEISER: ‘BANKERS SHOULD BE TRIED IN FRONT OF A HUMAN RIGHTS COURT AND ALL HUNG’

...

Press TV: If the US uses the quantitative easing of printing money, do you think they want to get out of this economic downfall or do they want to continue to print the money to basically put the country more into this economic slump to benefit a few? Is that correct?

Keiser: Yes, it’s a domestic terrorist attack on a sub-group; in this case the middle class. If they wanted to bring about a solution, the solution is very easy: Ring a fence around all the corrupt banks, put all of that bad debt behind a firewall like they did during the savings and loans crises of the 1980s.

The Resolution Trust Corruption ring fenced all the debt and they restarted the economy by creating some new banks. And these new banks were able to get loans and they could create inflation, which would have the effect of stimulating the economy. That is clearly the way the solution could be offered.

But this is not what’s happening. So clearly we must conclude that the bankers on Wall Street our not doing the obvious solution but the complete opposite of what should be done. They are increasing the debt load by flooding the market destroying houses, jobs, wages and pensions.

http://www.presstv.ir/detail.aspx?id=137973
'US financial elite destroy the dollar'

The value of the US dollar is crashing drastically as the Federal Reserve has been printing money without tangible reserves for several decades.  President Barack Obama has helped the bankers to come out ahead in every possible situation while pushing the middle class into poverty.  The following is a transcription of an interview with economy specialist Max Keiser who talks about the US economy's downfall.
...
Press TV: Now Max, you're saying that it's by design for the benefit of the rich to destroy the middle class. Wouldn't that in effect destroy the economy as a whole?

Keiser: No, because if you're a Goldman Sachs banker, you are completely protected from this phenomenon. Plus you're buying gold, you're buying silver and you're buying tangible assets. So you are not taking any risks. It's okay to simply wipe out the middle class. It's a holocaust. Just like the holocaust we saw in WWII. In America we are seeing the holocaust of the middle class by a few extraordinary, greedy, corrupt bankers on Wall Street; principally Goldman Sachs, J.P Morgan and the gang.

http://www.marketoracle.co.uk/Article21874.html
Max Keiser Report: Future Crimes, Rackets and Fraud in the Financial Sector

This week Max Keiser and co-host Stacy Herbert look at Tier Terra and future crimes. In the second half of the show, Max talks to former banking regulator William K. Black about rackets and fraud in the financial sector
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #18 on: July 15, 2011, 01:48:21 PM »
Bump for Worldwide Suicide Increase and it's connection to the economy...

Suicide Rate is up World Wide
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #19 on: August 07, 2011, 02:06:01 PM »
http://www.commondreams.org/view/2011/08/04-2
Published on Thursday, August 4, 2011 by CommonDreams.org
The Beast Is Starved: Welcome to the Next Great Depression by John Atcheson

Since Reagan, Republicans have been on a “starve the beast” campaign – by which they mean eviscerate the government by taking away as much revenue as they can.

Starving the beast has been the biggest bait and switch con game that has ever been perpetrated on the American people.  And the most tragic


"Well, if past is prologue, welcome to the next Great Depression." (photo of mother and children during the Great Depression in Elm Grove, California by Dorothea Lange)

As Paul Krugman pointed out, Republicans offered popular tax cuts so that they could later cut popular government programs “as a necessity.”  Oh, we’d love to continue providing low cost, effective medical care under Medicare, but you see, the country just can’t afford it … Of course we can’t.  Billionaire hedge fund managers and Wall Street traders pay less in taxes than their secretaries.  And most corporations pay little or no taxes.

Starve the Beast was coupled with a clever campaign to make government appear to be a collection of bumbling bureaucrats who wasted tax money for pure pleasure.  Long after it became politically impossible to stereotype racial and ethnic groups (with the possible exceptions of Muslims) it was – and is – quite acceptable to characterize government workers as shiftless, lazy and incompetent.
...
Along comes the Bush recession, and the debt accelerates, and the Republicans declare the debt to be an “emergency” and right on schedule immediately attack popular programs like Medicare, Medicaid, Social Security, Student loans –and virtually anything that doesn’t help the uber rich or the corporations suddenly must be cut if we are to stay solvent.

Never mind that cutting Social Security to balance the budget is like attacking the mailman because your car doesn’t work.  It has nothing to do with the budget – but again, that’s a mere fact.  When you’re drowning the beast, facts don’t matter.

So OK.  The beast is drowned. Keynes is dead.  Now what?

Well, if past is prologue, welcome to the next Great Depression.

See, the dirty little secret is that we never had a debt “crisis.”  We had a jobs crisis.

While Republicans were arguing about the faux “crisis” and the press and Obama joined them, we got a series of disturbing economic signals. Consumer confidence was down, manufacturing was off, May and June’s job numbers were pathetic. In fact, if not for a hiring binge by McDonald’s there would have been a net job loss in May. That’s something to hang your hat on: McDonalds accounted for what little job growth there was.  What’s next, America gets saved by an uptick in Wall Mart greeters?

Look. This whole drown the beast strategy has been nothing more than a stealth tactic for instituting an extremist version of a laissez faire, market uber-alles policy designed by and for the Plutocracy.

And to be sure, it’s worked great for them. Today, the richest 1% owns 40% of the nation's wealth, and the top 10% owns nearly 75% of it.
The rest of us?  Not so much.

Income and wealth inequality in the US has been increasing rapidly since Reagan,  (with a slight break under Clinton). In terms of income inequality, the US now ranks about the same as Ivory Coast, Uganda and Cameroon – countries not exactly noted for being prosperous, equitable and just societies.
...

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #20 on: August 07, 2011, 06:23:56 PM »
http://www.businesspundit.com/the-visa-black-card-a-smart-strategy-in-trying-times/



The VISA Black card, a carbon graphite edifice of spending power, was recently released to butt gold-plated heads with the Centurion. The annual fee is a piddling $495, meaning that the card may attract more lowbrow aspects of the 1% of the US population that is its market

...
According to AdSavvy, the card’s real perk lies in its concierge service:

For the ultra-rich, buying whatever you want can get boring; they need the ability to actually do something that other people can’t. A good concierge can do that. You need 12 Arabian horses for your daughters wedding? Call up the concierge, he’ll have them flown in from Dubai…The ability to get difficult things done is what sets these cards apart from just a card with a very high limit. Just the knowledge that cardholders have that ability, 24-hours a day, keeps them happy.
...
you need to spend $250,000 in a rolling 12 month period to qualify, not the $150,000 you mention (this is a pre 2006 requirement), see http://www.the-blackcard.com/how-to-guide/

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline kerrymti

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #21 on: August 07, 2011, 09:39:54 PM »

When people get pushed to the wall some interesting things start to happen. Some overeat- some get depressed - some plain flip out. If the economy continues to implode expect more and more such events will happen.

All you have to do is look at Drudgereport.com to see numerous articles about people stealing air conditioners, wiring, statues, anything they can get their hands on.  It is getting desperate.  We will be seeing riots soon if this doesn't end...they know this.  I am really beginning to believe a FF will happen soon, they have no other way to keep the economy afloat, or take it down in one fell swoop...whichever.

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #22 on: August 18, 2011, 01:16:11 PM »


Obama VACATION TIME: JOBLESS CLAIMS UP

http://www.usatoday.com/news/washington/2011-08-10-obama-vacation-marthas-vineyard-economy_n.htm
WASHINGTON — Fourteen million people are out of work. Millions more are losing fortunes in the stock market. America's AAA bond rating has slipped.
So should President Obama be vacationing next week in Martha's Vineyard, off the coast of Massachusetts
, where the average home costs $650,000? Yes, says White House press secretary Jay Carney. Obama, like most Americans, needs down time to recharge his batteries for the battles ahead. And besides, he says, "The presidency travels with you."
...

http://www.bloomberg.com/news/2011-08-18/first-time-unemployment-claims-in-u-s-rise-more-than-estimated-to-408-000.html
Jobless Claims in U.S. Top Forecast
Shobhana Chandra - Aug 18, 2011 5:43 AM MT

More Americans than forecast filed applications for unemployment benefits last week, signaling the labor market is struggling two years into the economic recovery.

Jobless claims climbed by 9,000 to 408,000 in the week ended Aug. 13, the highest in a month, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected a rise in claims to 400,000, according to the median forecast. The number of people on unemployment benefit rolls rose, while those receiving extended payments fell
...
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #23 on: August 18, 2011, 03:30:48 PM »
http://www.dailymail.co.uk/news/article-2027013/Child-poverty-1-5-American-children-living-poverty.html
One in five American children now living in poverty according to new report
14.7million children in families with income less than $21,756 a year

Child poverty increased in 38 states from 2000 to 2009

Mississippi is state with highest level - 31 per cent
New Hampshire is state with smallest level - 11 per cent
By Daily Mail Reporter




But don't worry - There's SNAP -

http://www.dss.state.la.us/index.cfm?md=pagebuilder&tmp=home&pid=93
Supplemental Nutrition Assistance Program
(Food Stamp Program)

The Supplemental Nutrition Assistance Program (SNAP) provides monthly benefits that help eligible low-income households buy the food they need for good health.  For most households, SNAP funds account for only a portion of their food budgets; they must also use their own funds to buy enough food to last throughout the month. Eligible households can receive food assistance through regular SNAP or through the Louisiana Combined Application Project (LaCAP).

For more information on SNAP and other services available through the Office of Family Support, call 1-888-LAHELPU (1-888-524-3578
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline chris jones

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #24 on: August 18, 2011, 03:43:26 PM »
 The Roman Empire fell when the middle class was hit on, history repeats.

Offline Geolibertarian

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #25 on: August 18, 2011, 03:55:53 PM »
Quote
Wealth Disparities in U.S. Approaching 1920's Levels

And here's why:

       http://forum.prisonplanet.com/index.php?topic=160459.0
"Abolish all taxation save that upon land values." -- Henry George

"If our nation can issue a dollar bond, it can issue a dollar bill." -- Thomas Edison

http://schalkenbach.org
http://www.monetary.org
http://forum.prisonplanet.com/index.php?topic=203330.0

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #26 on: August 18, 2011, 04:07:03 PM »
And here's why:        http://forum.prisonplanet.com/index.php?topic=160459.0

a must read..

Quote
...Our money system and tax system, are undoubtedly the two primary reasons for the alarming wealth and income disparities in this country (not to mention other countries) -- disparities that are so large and so destructive to the very fabric of society, they have us on the verge of a hellish new Dark Ages.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #27 on: September 14, 2011, 05:46:39 PM »
The Pew Trust (Pew Family - Sunoco Oil) is tracking the "new" and "novel" NWO planned downward mobilty of the middle-class :

related: In 1969, Rockefeller Official Said US Would Be De-industrialized  

http://www.pewtrusts.org/uploadedFiles/wwwpewtrustsorg/Reports/Economic_Mobility/Pew_PollProject_Final_SP.pdf
Economic Mobility Project

Downward Mobility from the Middle Class: Waking Up from the American Dream
By Gregory Acs
SEPTEMBER 2011

Executive Summary

The idea that children will grow up to be better off than their parents is a central component of the American Dream, and sustains American optimism. However, Downward Mobility from the Middle Class: Waking up from the American Dream finds that a middle-class upbringing does not guarantee the same status over the course of a lifetime.1

A third of Americans raised in the middle class—defined here as those between the 30th and 70th percentiles of the income distribution—fall out of the middle as adults. The data also show differences in rates of downward mobility from the middle based on both family background and personal characteristics.
...
In January 2009, the Economic Mobility Project (EMP) commissioned a public opinion poll to assess Americans’ perceptions of their own economic mobility and opportunity and the mobility prospects of future generations. When asked to define the American Dream, one of the more popular options chosen was “your children being financially better off than you.”2 Indeed, the promise of each generation doing better than the one that came before it is a founding principle of our country and sustains American optimism.
...

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #28 on: September 21, 2011, 08:42:42 PM »
http://www.thedailybeast.com/newsweek/2011/04/17/dead-suit-walking.html
Dead Suit Walking
Apr 17, 2011 10:00 AM EDT
If this isn't the Great Depression, it is the Great Humbling. Can manhood survive the lost decade?

Brian Goodell, of Mission Viejo, Calif., won two gold medals in the 1976 Olympics. An all-American, God-fearing golden boy, he segued into a comfortable career in commercial real estate. Until 2008, when he was laid off. As a 17-year-old swimmer, he set two world records. As a 52-year-old job hunter, he’s drowning.

Brock Johnson, of Philadelphia, was groomed at Harvard Business School and McKinsey & Co., and was so sure of his marketability that he resigned in 2009 as CEO of a Fortune 500 company without a new job in hand. Johnson, who asked that his real name not be used, was certain his BlackBerry would be buzzing off its holster with better offers. At 48, he’s still unemployed.

Two coasts. Two men who can’t find jobs. And one defining moment for the men in the gray flannel suits who used to run this country. Or at least manage it.

Capitalism has always been cruel to its castoffs, but those blessed with a college degree and blue-chip résumé have traditionally escaped the worst of it. In recessions past, they’ve kept their jobs or found new ones as easily as they might hail a cab or board the 5:15 to White Plains. But not this time.



The suits are “doing worse than they have at any time since the Great Depression,”
says Heidi Shierholz, a labor economist at the Economic Policy Institute. And while economists don’t have fine-grain data on the number of these men who are jobless—many, being men, would rather not admit to it—by all indications this hitherto privileged demo isn’t just on its knees, it’s flat on its face. Maybe permanently.

Once college-educated workers hit 45, notes a post on the professional-finance blog Calculated Risk, “if they lose their job, they are toast.”
...
Through the first quarter of 2011, nearly 600,000 college-educated white men ages 35 to 64 were unemployed, according to previously unpublished Labor Department stats.

That’s more than 5 percent jobless—double the group’s pre-recession rate. That might not sound bad compared with the plight of younger, less-educated workers and minorities, but it’s a historic change from the last recession, when about half as many lost their oxford shirts. The number of college-educated men unemployed for at least a year is five times higher today than after the dotcom bubble. In New York City, men in the 35-to-54 kill zone have lost jobs faster than any other group, including teenage girls, according to new data from the Fiscal Policy Institute.
...
There’s been little research on the psychic toll of the Mancession. But this month NEWSWEEK conducted an exclusive poll of 250 unemployed (and underemployed) men ages 41 to 59. Most of them are married, white, middle-class, and looking for work.
...

From the financial meltdown in late 2007 that led to the recession up to now, the rolls of all unemployed white professional men have more than doubled, to a million (not including sales jobs, which add another 300,000). Wall Street and the broader world of business culled the most, laying off more than 300,000 from their trading desks and cubicle farms. Firms that draw on computer skills also thinned about 50,000 men from their ranks. Architects and engineers, the hardest hit by the housing crash, saw almost 90,000 casualties. In each category, the unemployment rate doubled—and then some.

In some ways, it was inevitable. Automation isn’t just a blue-collar problem anymore.

Powerful software programs replaced armies of financial officers, accountants, computer-chip designers, even lawyers, who now feed millions of documents into “e-discovery” programs.

Job growth in management, technology, and other white-collar professions slowed to nearly zero. The media business has been perhaps hardest hit by technological change. Last year ABC News pink-slipped nearly 400 people—25 percent of its workforce.
...
When downward mobility is being disguised, it’s often by the wife. UCLA sociologist Jennie Brand studies the life trajectories of “socioeconomically disadvantaged populations,” which now includes white males.
...
A 2008 Labor Department study found that the largest government retraining program offered “small or nonexistent” benefits. One unspoken reason: age.

Texas A&M economist Joanna Lahey found that 50-year-old white men are less likely to land jobs in states that enforce age-discrimination laws. Why? Firms, it seems, don’t want to get involved with members of a contentious group.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #29 on: October 30, 2011, 05:17:45 PM »
Not U.S. but the world - Globalism... Welcome to the Neo Feudalism

http://www.businessinsider.com/worlds-biggest-landowners-2011-3?op=1
The World's 15 Biggest Landowners
Thornton McEnery|Mar. 18, 2011, 11:27

The world's total land mass consists of 36.8 billion acres of inhabitable land.

An incredible 21 percent of this land is owned by a short list of landowners, according to The New Statesman.
 
Of course that includes the Queen of England, who nominally owns places like Canada and Australia. The list also includes American billionaires like Ted Turner #15 and the Irving family.


#1 Queen Elizabeth II

Land: 6.6 billion acres of land worldwide including Great Britain, Northern Ireland, Canada, Australia and a few other spots here and there. Also, the all-important Falkland Islands.

Background: England's third (and most likely soon to be second) longest serving monarch, Elizabeth II retains royal title over The British Commonwealth and as such manages to keep her face on money throughout the globe.
 
With her 6.6 billion acres, Elizabeth II is far and away the world's largest landowner, with the closest runner-up (King Abdullah) holding control over a mere 547 million, or about 12% of the lands owned by Her Majesty, The Queen.

#2 King Abdullah of Saudi Arabia

Land: Absolute royal control over the oil-rich 830,000 square miles of The Kingdom of Saudi Arabia and a total GDP that was estimated at roughly $618 billion for last year.

Background: The heir to the throne of his father, King Fahd, Abdullah has continued his father's dance of diplomacy with the U.S. over rights to Saudi oil. His recent dealings with a popular uprising at home have thrown oil prices into turmoil.


#3 Pope Benedict

Land: The 110 acres of The Holy See that constitute Vatican City. Also, roughly 177 million more acreage of various lands owned by the Catholic Church throughout the globe, including the hundreds of Vatican embassies that are legally titled to The Holy See as an independent nation.
 

Background: He's The Pope...


# 4 King Mohammed VI of Morocco
 
Land: The 175.6 million acres of Morocco, the historically key point of trading between Europe and Africa, which has retained a rather healthy economy throughout the turbulent 20th and early 21st Centuries.
 
Background: Mohammed is the first major proponent of democracy in the the history of a monarchy that dates back to the year 1036. His ownership of Morocco's lands and his inherited fortune have led to estimates of his entire wealth being estimated at around $2 billion.


#5 King Bhumibhol of Thailand
 
Land: All, approximately, 128 million acres of Thailand including its tourist-friendly coast line and economically strong cities.

Background: Bhumibhol has been King since 1950, 11 years after the country changed its name from Siam to Thailand.
 
He is the longest serving monarch in Asia and so popular is he in Thailand that a rumor of decline to his health caused a shock to the nation's financial markets in 2009.


#6 Sultan Qaboos of Oman
 
Land: The mostly desert nation of Oman, which also includes the ports along the Coast of Sur, a major point of entry for trade in the region. Also, that awesome chair.

Background: Qaboos is the ruler of Oman and the head of its military. He is a fairly Westernized leader in the context of his neighbors, even allowing women to serve in his cabinet, referred to as the "Diwan."

#7 King Gyanendra of Nepal

Land: The 57,000 miles that make up Nepal, meaning that he also, technically owns Mount Everest.
 
Bckground: Despite the country's move to a Maoist Republic political structure in the 1990's, the royal family retains nominal ownership of all Nepal. Gyandera is a titular head of state but antithetically friendly with the socialist government.

#8 King Abdullah II of Jordan
 
Land: All 35,637 square miles of The Hashemite Kingdom of Jordan, one of the very few members of both The Arab League and The World Trade Organization.

Background: The heir to his father, the wildly popular King Hussein, and onetime extra on Star Trek: The Next Generation, is one of The United States' most loyal allies in the region and is currently facing his own realities of the upheavals throughout the Middle East.


#9 King Jigme Khesar Namgyel Wangchuck of Bhutan
 
Land: All 15,000 agriculturally lush and unique square miles of his Kingdom of Bhutan.

Background: The former student of Philips Andover Academy was coronated in 2008 and has been the force behind Bhutan nascent democratization

#10 King Letsie 111 of Lesotho
Land: All 11,718 square miles of Lesotho, including the country's diamond mines.

Background: King Letsie is his second stint as Lesotho's monarch after being replaced by his exiled father and then being deposed upon his return, then taking the throne again after his old man's death less than a year later. And while the monarchy in Lesotho is mostly ceremonial, Letsie retains legal title over the nation's lands.


#11 Emir of Kuwait
Land: 4.4 million of the roughly 7 million of acres that make up the nation of Kuwait.

Background: The Emir is an inheritor to the throne of Kuwait and has managed to hold onto the country, and his own land with periodic help from U.S. intervention. Part of the land that the Emir does not control is American military property that serves as the largest American base in the region.


#12 King Mswati of Swaziland
 
Land: All 6,704 square miles of Swaziland.
 
Background: One of the last "Absolute Monarchs" in the world, King Mswati quite literally owns all of his Southern African nation. There are no land titles or deeds as the national law dictates that the throne is the sole landowner


#13 James, Arthur and John Irving
 
Land: The approximately 3.6 million acres of land held in Maine, New Brunswick and Nova Scotia make the Irvings the largest landowners in those states and provinces.

Background: As heirs to the J.D. Irving Group of Companies fortune, the three Canadian brothers also inherited thousands of square miles of forest land that the company uses as paper and pulp materials in one part of their very diversified business portfolio.


#14 Sheik Hamad Bin Khalifa of Qatar

Land: Basically... Qatar. The King owns the country and all 4,415 miles of it.

Background: Bin Khalifa has a been a modernizing voice and Western-friendly face in the Middle East since taking the throne in 1995.
 

#15 Ted Turner

Land: Acreage totaling over 2 million. In The United States, he owns thousands of square miles of hunting grounds in Georgia and Montana. He also has roughly 11,000 acres of land in the Patagonia region of Argentina.
 
Background:  Turner, an iconic America entrepreneur founded the Turner Broadcasting System that launched CNN and several others before being sold to Time Warner for yet another Turner fortune. The eccentric Turner is an avowed outdoorsman and has acquired land to use in his passion for fishing and hunting.

http://www.landreport.com/americas-100-largest-landowners/
No. 1 John Malone
 
2,200,000 acres
 
John Malone, the 70-year-old chairman of Liberty Media, is famously reticent when it comes to discussing his business life. There is, however, one subject that makes the Denver businessman open up: his personal land holdings.
 
Recently, he’s had a lot more to talk about. In 2011, Malone became the largest private landowner in the U.S., wresting the top spot on The Land Report 100 from his friend and longtime business partner, Ted Turner. His decades-long rise to the top dates back to the 1990s, when Malone began acquiring land in Colorado, New Mexico, and Wyoming. His land grab kicked into overdrive in the summer of 2010 when he purchased New Mexico’s historic 290,100-acre Bell Ranch. In early 2011, he snapped up an additional 1 million acres of timberland in Maine and New Hampshire to become America’s leading land baron. Malone says his lust for land harkens back to his Irish genes: “A certain land hunger comes from being denied property ownership for so many generations.”

http://www.newstatesman.com/blogs/the-staggers/2011/03/queen-state-territories


As this extract from the piece explains:

Today we have two kinds of feudal state: the inherited state, usually with a monarch at its head, such as the UK; and the state that claims ownership of all land and is feudal in its conception and often totalitarian, such as China.

But the core surviving feudal structure in the modern world is inherited, transnational and covers many countries. It has no formal name. It is, in fact, the British crown and its wearer, Elizabeth II. Her legal title runs thus: "by the Grace of God, of the United Kingdom of Great Britain and Northern Ireland and of Her other Realms and Territories Queen, Head of the Commonwealth, Defender of the Faith".

This constitutional statement includes some vast territories where the Queen is quite separately the sovereign head of state and legal owner. First among these is Australia, which, if its Antarctic territories are included, is the second-largest country on earth. And the Queen, in effect, owns it. She also owns the third-largest country, Canada.

When the Queen's territories are added together, the Russian Federation ceases to be the largest single political entity on earth. Like the Queen's realms, the Russian Federation is dramatically underpopulated and immensely rich in mineral wealth of all kinds.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #30 on: November 02, 2011, 04:04:48 PM »
In 1969, Rockefeller Official Said US Would Be De-industrialized
...
http://www.namebase.org/sources/GJ.html
[Bilderberg]/Trilateralist Federal Reserve Chairman
Paul Volcker put it more bluntly:
"The standard [of living] of the average American has to decline."

Volcker did to the U.S./World what he did to Japan!

Remember Bernanke went to Bilderberg in June 2008 - at that critical time (pre-TARP Sept 2008) for the election at Chantilly VA - Obama/Hillary: http://www.youtube.com/watch?v=LfgGm2QEzyQ

http://www.prisonplanet.com/articles/june2008/060608_b_list.htm
BILDERBERG MEETING "Chantilly, Virginia, USA"  5-8 June 2008
USA "Bernanke, Ben S." "Chairman, Board of Governors, Federal Reserve System"
DEU "Ackermann, Josef" "Chairman of the Management Board and the Group Executive Committee, Deutsche Bank AG"
USA "Kissinger, Henry A." "Chairman, Kissinger Associates, Inc."
USA "Paulson, Jr., Henry M." Secretary of the Treasury
USA "Rockefeller, David " "Former Chairman, Chase Manhattan Bank"
INT "Zoellick, Robert B. " "President, The World Bank Group"
USA "Rose, Charlie" "Producer, Rose Communications"  


http://troubled-asset-relief-program.net/
The TARP Troubled Asset Relief Program was first presented by then Treasury Secretary Henry Paulson back on Friday 19 September 2008.
...
On 3 October 2008 the troubled asset relief program bill was approved by the House, thus reversing its Sept. 29 rejection of the bailout.


http://fauxcapitalist.com/2011/11/01/former-fed-chairman-paul-volcker-laughs-at-the-great-increase-in-wealth-disparity-over-the-past-10-to-15-years-and-at-americans-for-not-speaking-out-more-forcibly-against-it/

Former Fed Chairman Paul Volcker laughs at the great increase in wealth disparity over the past 10 to 15 years, and at Americans for not speaking out more forcibly against it
November 1, 2011 by FauxCapitalist


In an October 24, 2011 interview with Charlie Rose, former Fed Chairman and fellow Bilderberger, Paul Volcker, laughed at the great increase in wealth disparity in the United States over the past 10 to 15 years, and at Americans for not speaking out more forcibly against it (starting at 18:27).

Charlie Rose - Paul Volcker (10/24/11)   

“But there is a feeling — which I’ve been a little surprised has not been expressed more forcibly before — the distribution of income, which has changed very radically in the last 10 or 15 years. And you have a situation in the United States where there’s been almost no growth in real income for the average family for 10 or 15 years, but way at the upper end of the income distribution, there’s been an enormous increase, of a kind that didn’t take place in my lifetime or even in your lifetime. (laughs)“

[ Only thing that came close to this is 1928 and 1929 ]

Rose responded with “it’s unbelievable!” — which is only genuine if he’s referring to Americans not speaking out more forcibly against it, and not the fact that it’s taken place, since he holds the Triple Crown for membership in globalist organizations where policies are discussed and made, and he regularly features fellow members on his program.

[Bilderberger] Rose posted a short 4-minute YouTube clip from the nearly half-hour interview, conveniently omitting reference to fellow Bilderberger Paul Volcker laughing at fellow Americans.

As to what the goal is of groups like the Bilderbergers, the CFR and the Trilateral Commission is — Bilderberg attendee, former CFR Director and Trilateral Commission founder David Rockefeller said it best in his own memoirs (emphasis mine):

“Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as ‘internationalists’ and of conspiring with others around the world to build a more integrated global political and economic structure — one world, if you will. If that is the charge, I stand guilty, and I am proud of it.“
...

see: http://www.charlierose.com/view/interview/11964

For more on Charlie Rose and his guests, see these articles:

1) Charlie Rose pulled the transcripts of his shows
2) Corporate welfare recipient Morgan Stanley Chairman working for China
3) IMF director says IMF “forces coordination” and “there’s no other solution” to Greek-style austerity
4) According to CharlieRose.com, the financial crisis ended on March 10, 2009
5) Former Fed Chairman Paul Volcker admits the Federal Reserve is private and he attended Bilderberg Group meetings

http://fauxcapitalist.com/2009/10/24/former-fed-chairman-paul-volcker-admits-the-federal-reserve-is-private-and-he-attended-bilderberg-group-meetings/

Former Fed Chairman Paul Volcker admits the Federal Reserve is private, and he attended Bilderberg Group meetings
October 24, 2009 by FauxCapitalist

On October 15, 2009, We Are Change Boston asked former Federal Reserve Chairman and current Chair of President Obama’s Economic Recovery Advisory Board, Paul Volcker, about the Bilderberg Group.

http://www.youtube.com/watch?v=wfBRTzzqfLM
This short video clip is highly significant for several reasons, including:

1) A former Fed Chairman, Volcker, acknowledges that the Bilderberg Group exists.
2) He acknowledges that he attended their meeting this year (2009), and two or three times previously.
3) He acknowledges the authority and consequences of the Logan Act, which prohibits unauthorized U.S. citizens from negotiating with foreign governments, punishable under federal law with imprisonment up to three years.
4) He indirectly admits that the Federal Reserve is a non-governmental private institution, by implying the Act didn’t apply to his attendance.
5) If he wasn’t given express authorization by President Obama to attend this year’s meeting, he’d be liable for punishment under the Logan Act. Testimony in Congress, under oath, should be sought to determine that.

For those few who are still living in denial about the existence of the Bilderberg Group, or if you’re curious, watch this clip of Ben Bernanke pulling into the 2008 Bilderberg Group meeting, and South Carolina Governor Mark Sanford reflecting upon his attendance at that same meeting.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline chris jones

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #31 on: November 02, 2011, 07:38:48 PM »
 Hi Free. Good post, I have only one item that hangs me up a tad. The GOV bailed out the banksters, covered up the fact this is a depression, different name same of dung.
 We are not tittering on the edge of the abys, we have fallen.

Offline Constitutionary

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #32 on: November 02, 2011, 08:00:41 PM »
That and the majority of Americans barely understand economics, much less fractional-reserve banking.

However things are turning around.

Banks Versus the American Dream
 
http://www.youtube.com/watch?v=atmVLBrON60


The Money Masters.

http://video.google.com/videoplay?docid=-515319560256183936&q=The+money+changers&ei=Zd4QSMjvB47YqAKQtJmzBA

Now thanks to the internet the tide can turn.

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #33 on: July 08, 2012, 03:22:35 PM »
bump
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline Geolibertarian

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #34 on: July 08, 2012, 04:53:23 PM »
If you want a vivid illustration of how economic right-wingers give Obama's corporate fascist policies "left cover," look no further than Peter Schiff:

       http://www.youtube.com/watch?v=l4ZS0oleO3U

With "opponents" like him, corporate-whore Democrats like Obama don't need any allies!
"Abolish all taxation save that upon land values." -- Henry George

"If our nation can issue a dollar bond, it can issue a dollar bill." -- Thomas Edison

http://schalkenbach.org
http://www.monetary.org
http://forum.prisonplanet.com/index.php?topic=203330.0

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #35 on: June 03, 2013, 02:32:34 PM »
http://www.bloomberg.com/news/2012-10-02/top-1-got-93-of-income-growth-as-rich-poor-gap-widened.html
Top 1% Got 93% of Income Growth as Rich-Poor Gap Widened
By Peter Robison - Oct 1, 2012 9:01 PM PT
...
While the U.S. economy was recovering from the Great Recession, Reyes, 52, a casino dealer from Minneapolis, was dining on $1.67 cans of soup and searching for a way to keep her house, which was foreclosed on last October
...
Stephen Hemsley’s salary has been frozen too. His income hasn’t.

The chief executive officer of Minnetonka, Minnesota-based health insurer UnitedHealth Group Inc. (UNH) earned $1.3 million in salary every year since 2007. Still, as the economic recovery took hold from 2009 to 2011, Hemsley, 60, exercised stock options worth more than $170 million and made at least $51 million from share sales, making him the object of an “Occupy Lake Minnetonka” protest on the ice outside his lakeside home each winter.

The divergent fortunes of Reyes and Hemsley show that the U.S. has gone through two recoveries. The 1.2 million households whose incomes put them in the top 1 percent of the U.S. saw their earnings increase 5.5 percent last year, according to estimates released last month by the U.S. Census Bureau. Earnings fell 1.7 percent for the 96 million households in the bottom 80 percent -- those that made less than $101,583.
...
Political Battleground

The earnings gap between rich and poor Americans was the widest in more than four decades in 2011, Census data show, surpassing income inequality previously reported in Uganda and Kazakhstan. The notion that each generation does better than the last -- one aspect of the American Dream -- has been challenged by evidence that average family incomes fell last decade for the first time since World War II.
...
CEO Blogger

“Income inequality of the scale we have today is destroying our democracy,” retired American Airlines CEO Bob Crandall said in an interview. Crandall, 76, says he became so frustrated at what he sees as selfishness among his peers that he started writing a blog on his Lenovo laptop. “Anyone else willing?” he titled his first entry in August 2011, which argued that people should pay higher taxes.
...
President Barack Obama’s administration has attributed the growth in inequality under his watch to “a deep recession and dramatic fluctuations in equity prices.” Obama advocates the “Buffett rule,” legislation named for billionaire investor Warren Buffett that would levy a minimum 30 percent income tax rate on anyone making $1 million or more a year.
...
“The best way to bring more prosperity to more Americans is through economic growth and job creation,” said Andrea Saul, a Romney spokeswoman.
...

http://www.forbes.com/sites/frederickallen/2012/10/02/how-income-inequality-is-damaging-the-u-s/
How Income Inequality Is Damaging the U.S
 10/02/2012

New research indicates that growing income inequality isn’t just unpleasant; it is seriously hurting the U.S. economy. And economists are figuring out just how the damage is done, according to a fascinating new article by the journalist Jonathan Rauch in National Journal. This challenges a long-standing consensus that, as Rauch puts it, “inequality is the price America pays for a dynamic, efficient economy. . . . As long as the bottom and the middle are moving up, there is no reason to mind if the top is moving up faster.”

He begins by pointing out that we have learned in recent years that a rising tide does not necessarily lift all ships. The Congressional Budget Office recently reported that between 1979 and 2007 the top 1% of households doubled their share of pretax income while the share of the bottom 80% fell. Then came the great recession. Economists including David Moss of the Harvard Business School noticed that “the last time inequality rose to its current heights was in the late 1920s, just before a financial meltdown. . . . In 2010, Moss plotted inequality and bank failures since 1864 on the same graph; he found an eerily close fit.”

...
Rauch concedes that there is much more research to be done, but he concludes that


The era when Washington economists and politicians could dismiss inequality as a second- or third-tier issue may be ending. And progressives, potentially, have a case against inequality that might put accusations of “class warfare” and “politics of envy” behind them
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline Geolibertarian

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #36 on: June 03, 2013, 02:39:58 PM »
“There’s class warfare, all right, but it's my class, the rich class, that’s making war, and we’re winning.”

-- Warren Buffet, New York Times, November 26, 2006








http://www.youtube.com/watch?v=QPKKQnijnsM (Wealth Inequality in America)

http://www.washingtonsblog.com/2013/04/poverty-spikes-in-america-while-the-government-throws-money-at-the-super-elite.html
"Abolish all taxation save that upon land values." -- Henry George

"If our nation can issue a dollar bond, it can issue a dollar bill." -- Thomas Edison

http://schalkenbach.org
http://www.monetary.org
http://forum.prisonplanet.com/index.php?topic=203330.0

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #37 on: June 25, 2013, 12:27:12 PM »
http://townhall.com/tipsheet/katiepavlich/2013/06/24/wow-nearly-all-americans-living-paychecktopaycheck-n1626180
Wow: Nearly All Americans Living Paycheck-to-Paycheck
Katie Pavlich | Jun 24, 2013

[ look below on this "townhall" page to some of the asinine comments - although some do seem to have a clue ]

http://money.cnn.com/2013/06/24/pf/emergency-savings/index.html
76% of Americans are living paycheck-to-paycheck
NEW YORK (CNNMoney)

Roughly three-quarters of Americans are living paycheck-to-paycheck, with little to no emergency savings, according to a survey released by Bankrate.com Monday.

Fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, enough to help cushion the blow of a job loss, medical emergency or some other unexpected event, according to the survey of 1,000 adults. Meanwhile, 50% of those surveyed have less than a three-month cushion and 27% had no savings at all.
...
Last week, online lender CashNetUSA said 22% of the 1,000 people it recently surveyed had less than $100 in savings to cover an emergency, while 46% had less than $800.

After paying debts and taking care of housing, car and child care-related expenses, the respondents said there just isn't enough money left over for saving more.

There really hasn't been much relief," said Megan Staton, director of marketing for CashNetUSA "The economy is stagnant, $100 is not enough to help you out in an emergency
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #38 on: October 22, 2013, 03:12:26 PM »
http://www.latimes.com/business/la-fi-hiltzik-20131020,0,770122.column
CEO-to-worker pay gap is obscene; want to know how obscene?
Corporate America is fighting a proposed SEC rule requiring companies to calculate the ratio of their CEO's pay to the median pay of all their employees.



At J.C. Penney, the CEO-to-average-worker pay ratio was 1,795 to 1 under Chief Executive Ron Johnson. Despite his enormous salary, he was terrible at Penney, and within 17 months he was gone. (Astrid Stawiarz / Getty Images / January 25, 2012)


http://www.theguardian.com/business/2013/oct/22/top-earning-ceos-100m-paychecks-record
US CEOs break pay record as top 10 earners take home at least $100m each

Pay gaps within companies widen as top two earners, led by Facebook's Mark Zuckerberg, earn billion-dollar paychecks


For the first time ever, the 10 highest-paid chief executives in the US all received more than $100m in compensation and two took home billion-dollar paychecks, according to a leading annual survey of executive pay.

Mark Zuckerberg, Facebook's co-founder, was the US's highest paid boss last year, according to GMI Ratings annual poll of executive compensation, released on Tuesday. Zuckerberg's total compensation topped $2.27bn – more than $6m a day. His base salary was $503,205 but the vast majority of his enormous payday came from exercising 60m Facebook share options when the company went public last year.

Richard Kinder, CEO and chairman of energy firm Kinder Morgan, had a base salary of just $1 in 2012 and received no other bonuses. But he made $1.1bn selling restricted stock. The payout follows a nearly $60m profit from stock in 2011.

All told, the top 10 CEOs in this year's poll took home over $4.7bn between them and for the first time ever none earned less than $100m.

"I have never seen anything like that," said Greg Ruel, GMI's senior research consultant and author of the report. "Usually we have a few CEOs at the $100m-plus level but never the entire top 10."

Overall, GMI's poll of pay and other forms of compensation for 2,259 US CEOs found an average rise of 8.47%, less than the double-digit growth they have enjoyed for the past two years.

But the average hides a more complex picture. This year's top earners far outstripped those below them by making huge fortunes cashing in share options as the stock markets bounced back.
...


The report further illustrates the widening gap between CEO pay and that of the average worker. According to the US census bureau, median household income, adjusted for inflation, was $51,017 in 2012, broadly unchanged from 2011.

Wages for the average household have fallen about 9% from an inflation-adjusted peak of $56,080 in 1999. The census figures show a sharp recovery for those at the top of the wage scale as those at the bottom continue to see falls.

...



http://www.theguardian.com/business/2013/oct/22/best-paid-chief-executives-america

The 10 best-paid CEOs in America

US's top-paid executives in 2012 represent technology, coffee, and sporting goods companies – and all are white and male

The United States's 10 highest paid chief executives took home a combined $4.7bn in compensation in 2012, and none earned less than $100m – a first for the annual poll by GMI Ratings, a corporate governance research group.

Two executives made over a billion dollars – another first. All told, US CEOs had a bumper year selling stock, making $3.3bn on stock option profits and the vesting of restricted stock.

...
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline Geniocrat

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Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #39 on: October 22, 2013, 03:26:12 PM »
Yeah but the assinine thing in America is that we voted it that way.....

Americans would rather stay in  DEPRESSION for what going on 13 years rather than vote for a 3rd party to fix it !!!!!!!!!!!

The original DEPRESSION was only 12 years and they had no internet or Money-Masters !!!!!!!!!!!!!!!

or

Constitution Party       ;D   www.constitutionparty.com    ;)

 >:(