Deconstructing the Great Recession’s Phony New ‘Silver Lining’

[marmar]

from Too Much: A Commentary on Excess and Inequality:



The Great Recession’s
Phony New ‘Silver Lining’
Hard times, a rash of new media reports now assures us, are significantly narrowing the gap between the rich and everybody else. So why are so many super rich still smiling?

September 21, 2009

By Sam Pizzigati


Job worries have you down? Bills piling up? Nothing left in your retirement stash? You need a reason to feel a bit better about the Great Recession, and major media outlets, over the last few weeks, have been energetically endeavoring to give one to you.

This new cascade of media retrospection began with a front-page Wall Street Journal article, picked up steam with a front-page Washington Post piece, and revved into worldwide overdrive this past week after a top wealth management consulting firm released a new report on the impact of the global economic crisis on the world’s rich.

The basic message that all this coverage is shouting: The Great Recession hasn’t been all bad. Inequality, the claim goes, is finally easing. The gap that divides the rich from the rest is shrinking — because the rich, amid the worst economic times since the 1930s, are losing significant money and power.

The wealthy are losing money, the claim continues, as asset bubbles pop and crash the value of their investments. And they’re losing power as angry lawmakers move to rein in rich people’s capacity to rebuild their grand fortunes.

Unequivocally worded headlines, the world over, are propagating this narrative of rapidly ebbing inequality: Recession hits super rich hard, Wealth inequality shrinks during financial crisis, study says, World's wealthy pay a price in crisis, Nations raise taxes, tighten regulations. The narrative, in fairly quick order, seems to be hardening into a global consensus. ...........(more)

The complete piece is at: http://www.toomuchonline.org/articlenew_2009/sept21a.html

[Greyhound]

1. How many sheeple will buy this?

:kick: & R

[Liberal_in_LA]

2. good article