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marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-30-11 08:21 AM
Original message
When the Super-Rich Cry, "Class Warfare!"

Published on Friday, July 29, 2011 by CommonDreams.org
When the Super-Rich Cry, "Class Warfare!"

by Michael Winship


I ran into my friend Jeff Madrick a few weeks ago. Like a rabbit out of a hat, or so it seemed, he whipped from his coat a copy of his new book, Age of Greed.

He gave the book to me and I'm grateful. It's a compelling and worthy read. Jeff's an able journalist; an excellent and cogent storyteller in a field that often defies the straightforward plot or easy explanation -- economics.

The book's subtitle says it all: "The Triumph of Finance and the Decline of America, 1970 to the Present;" an ongoing saga of avarice told through profiles of the men who confidently strode forth and marched us smack into the middle of our current fiscal nightmare.

Milton Friedman, Richard Nixon, Ivan Boesky, Ronald Reagan, Michael Milken, Alan Greenspan, Ken Lay, Walter Wriston of Citicorp and Sandy Weill of Citigroup, Lehman Brothers' Richard Fuld -- they're all here and more, presidents and economists, CEO's and masters of the universe, a veritable Murderers' Row of the rich and frequently reckless. ............(more)

The complete piece is at: http://www.commondreams.org/view/2011/07/29-2



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Igel Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-30-11 12:09 PM
Response to Original message
1. Greed is pretty much a constant.
My mother made $80k (with lots of overtime) the last year she worked. She had a union job, non-management, at a steelmill.

She was bitter because, as she put it, the fatcats at the top were siphoning off all the money that should properly go to the working poor like herself. This was in 1982 or '83.

Her house was paid off, she'd just paid cash for a new car, bought new furniture for the house, replaced the major appliances and had a new roof put on. Her retirement + SS benefits were good. Her husband had received his pension distribution a couple of years before and had $200k in an IRA at 10% that he couldn't touch until he hit the right age, plus his SS.

Her complaint was that people didn't realize exactly how destitute she was. How could they live on $30k a year (in 1984), before IRA and investment income?

She sounds a lot like the faculty I know with two-income households, both making well over $100k/year. Why, like, they needed a *car* loan, and they could only afford a 2k sq ft house in a sort of average location in the really expensive part of town. Their computers are two years old and they can only afford to eat out twice a week--and one of those restaurants has to be too cheap to actually have a proper maitre d'.

And on a retreat among some fairly wealthy people (I was there as the token grad student, to whine and complain about how much the school appreciated so-and-so's last $20 million donation, but could he make the next one $30 million?) it was pretty much the same. They might lose a business location, interest rates were so high they'd only be able to open up 15 new sites next year, the stock market wiped out 10% of their assets, they're only worth $1.2 billion now and "what's this country coming to?"

Then I look at some of students whose family income is $20k in 2011, mostly government assistance. They're poor. Yet they *need* their Droid and service plans that have all kinds of whistles and bells, they *need* that visit to the nail salon, they *need* those $250 sneakers, even as they complain about how poor they are and that really, the government should make sure to provide them enough for better housing, better food, *and* a nice toy budget. Not everybody bought toys. But they all did nothing but complain that they *needed* more money, they *deserved* more money.

They all sounded the same, whether they made $200 million/year, $200k/year, or $20k/year. Some may have been needier, but all felt the same burning need for more when they had sufficient. They all found people wealthier than they were, or could imagine being wealthier, and felt they deserved being just a couple notches higher in the economic food chain. Greed was pretty much constant. It's just that we find excuses to make some people virtuous and others venal. Those like us are virtuous; the others are venal.

Among the few that weren't greedy were mostly people in churches that I belonged to. The woman who was grateful for her Section 8 housing and ebullient when the church all but forced her to accept a landline that she couldn't afford. The family of 4 happy to have an income of $28k--they may not be able to afford steak, but they have a roof over their heads and food in their stomachs. The parents who couldn't send their kid away to a good college, and had to scrimp to pay for community college, but were grateful that their kid could afford the local community college because at least it meant he'd have a better education--and they really didn't mind having him living at home while he went to school.

Then there was the non-church person who had been a taxi driver. She'd been assaulted, hurt, was in constant pain so that she had trouble walking; crutches on good days, wheelchair on average days, drugged on bad days. They never caught the guy. She lived on disability payments. Not exactly flush with cash. She decided that she had to give back--society was supporting her, to so speak. She contacted churches. Churches always had people claiming to be needy calling them for help; a lot of them were scammers. She sat between the needy and the churches: Churches referred people to her, she went and talked to their creditors. She'd buy them food and deliver it, then turn in the receipt to the church that authorized the payment; same for rent, phone/utility bills, whatever. She all but insisted that somebody go with her and check up on her--why trust her? And, if there wasn't enough money to cover a needy family's food purchase, she'd fill in the difference from her disability.
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zalinda Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-30-11 12:49 PM
Response to Reply #1
2. There are plenty of people like us out here.
I live on SSI, I fell a quarter short of qualifying for SSDI, which would have given me a larger check. Because my check is so small, my son has to live with me, so I can survive, which is not great for his love life. Still living with mom in your 30's, is a BIG no-no.

But, we do give back what we can. I make hats and mittens for charity (the yarn is donated, or I take a part sweaters that can't be mended). This year, I hope to make a lot more than last year. I figure since I can knit and sew, I SHOULD give something to the community. I also take the clothes from one (more upscale) charity clothes give away, and wash, mend or whatever needs to be done, and donate them to another charity for mostly African immigrants, which don't care if the clothes are 'in style', they only need to be warm.

If everyone did just something simple to help their community, life could get a little better for everyone.

zalinda
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bread_and_roses Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-30-11 02:44 PM
Response to Reply #1
5. Not quite sure of your point?
So "greed" is all over? So what? That's what progressive tax codes are for. Which of course, we don't have. And while your mother may not have been "working poor" by any definition, her complaint that "the fatcats at the top were siphoning off all the money that should properly go to the working poor like herself. This was in 1982 or '83," was true then - it's just even more true now. Just substitute "workers" for "working poor." Profit is theft.

And that begs the question of whether it is rational or sustainable to construct a society in which personal satisfaction is based on consumption? Because as long as we do, once basic needs are met we'll have a "happiness deficiency." A question we are still not asking, since it challenges the foundations of capitalism.

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-30-11 01:21 PM
Response to Original message
3. Shout Back: "That's Right!"
and we outnumber you by 1000:1
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Tansy_Gold Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-30-11 01:56 PM
Response to Reply #3
4. Or maybe 10,000:1, or maybe
1,000,000:1.


The sleeping dragon will waken.



TG
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snagglepuss Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jul-30-11 08:43 PM
Response to Original message
6. Bkmrkd. Sounds like an very interesting book. nt
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