Top 1 Percent Control 42 Percent of Financial Wealth in the U.S.

[Octafish]

Ammo for the Class War:

Top 1 Percent Control 42 Percent of Financial Wealth in the U.S.

- How Average Americans are Lured into Debt Servitude by Promises of Mega Wealth.

Posted by mybudget360

Many Americans are not buying the recent stock market rally. This is being reflected in multiple polls showing negative attitudes towards the economy and Wall Street. Wall Street is so disconnected from the average American that they fail to see the 27 million unemployed and underemployed Americans that now have a harder time believing the gospel of financial engineering prosperity. Americans have a reason to be dubious regarding the recovery because jobs are the main push for most Americans. A recent study shows that over 70 percent of Americans derive their monthly income from an actual W-2 job. In other words, working is the prime mover and source of their income. Yet the financial elite have very little understanding of this concept. Why? 42 percent of financial wealth is controlled by the top 1 percent. We would need to go back to the Great Depression to see such lopsided data.

Many Americans are still struggling at the depths of this recession. We have 37 million Americans on food stamps and many wait until midnight of the last day of the month so checks can clear to buy food at Wal-Mart. Do you think these people are starring at the stock market? The overall data is much worse:



CONTINUED with Links:

http://www.mybudget360.com/top-1-percent-control-42-percent-of-financial-wealth-in-the-us-how-average-americans-are-lured-into-debt-servitude-by-promises-of-mega-wealth/

Gee. Wouldn't it be nice if the rich hadn't co-opted Robin Hood to run in reverse?

[TheKentuckian]

1. That is worse than what I thought and I thought it was pretty bad

People with any sense would have rioted, looted, and had a revolution years ago. We might be the stupidest and laziest society of people since the dark ages.

[Octafish]

6. 'Fat, drunk and stupid is no way to go through life, son.' -- Dean Wormer, Farber College

TV's done a heckuva job getting We the People to accept the status quo.

[Overseas]

64. While Ronnie was busting unions, we got to watch Lifestyles of the Rich & Famous !!

It's a wonderful (vicarious) life.

[alp227]

2. That's what happens after they keep whining about taxes that don't really hurt them

And they wonder why so many people are poor!

[RKP5637]

8. Yep, Americans are naive and very gullible. And many are quite ignorant even

when educated. We live in a capitalistic system that works well for the extremely wealthy. And compounded with this is many Americans are clueless when they vote and fall for the propaganda of their choice. It's a sad state of affairs. I hope for the best but I wonder where it's all headed. Americans expect prosperity, benefits and a high standard of living, but with no taxes. And as you say, the taxes do not even effect many Americans. It's a ridiculous state of affairs!

[Better Believe It]

73. Don't we all live in a classless society? That's what we've been taught. And here's the proof!

We all put our pants on one leg at a time!

I think that also applies to shoes and socks.

So take that comminists and pinkos!

[Octafish]

10. The banksters plot their next robbery

The storyline has gotten predictable...

The banksters plot their next robbery

Petrino DiLeo reports that executive bonuses on Wall Street are back to their pre-crisis levels--courtesy of the federal government.

SocialistWorker.org
November 4, 2009

"WE HAVE to tolerate the inequality as a way to achieve greater prosperity and opportunity for all." Those were the words of Lord Brian Griffiths, a former adviser to British Prime Minister Margaret Thatcher, at a recent panel discussion in London.

And why wouldn't Griffiths feel that way? After all, he's vice chairman of Goldman Sachs International, and therefore is about to personally experience much, much "greater prosperity"--thanks to record bonuses the banking giant is preparing to pay out at the end of the year.

Goldman--along with plenty of other financial institutions--is looking forward to a bonus orgy, with end-of-year payouts to financial executives worth billions of dollars--ostensibly for a job well done in 2009.

During the most recent three-month period, Goldman Sachs reported $3 billion in profits, JPMorgan Chase earned $757 million, and Wells Fargo raked in $3.2 billion in profits. As a result, Goldman Sachs is projected to have a record bonus pool of $20 billion to distribute among employees--an average of about $700,000 for each one, though the bonanza for top executives like Griffiths will skew that number.

Goldman isn't alone. Overall, Wall Street firms are on track to pay out $140 billion in bonuses this year, according to a Wall Street Journal survey of 23 banks, investment firms, hedge funds and other institutions. That's $10 billion more than in 2007, the year before the financial meltdown and the high point of Wall Street's boom.

CONTINUED...

http://socialistworker.org/2009/11/04/banksters-plot-next-robbery

I don't care if anyone calls me a socialist or a commie. The United States is in sore need of economic Justice.

[inna]

26. It most certainly is. (In sore need of economic Justice.)

"I don't care if anyone calls me a socialist or a commie."

PINKO!! WHY do you hate America??!!11!! :P





:hi: - I just added you to my "buddy list", just so you know. :)

[fascisthunter]

46. After all the Tax cuts from 1955, these parisites are still whining

time to show them the soles of or shoes/boots. Oh and our economy is shrinking... not growing at least not for the rest of us.

[ixion]

3. and that number is set to continue to grow

especially if the insurance mandate becomes law.

[Octafish]

18. It's a coincidence, in a goldeny way, how things always work out.

"One of the things that is interesting about reading conspiracy theory is that much of what folks think is conspiracy is really many people acting in concert to make or protect their money." - Catherine Austin Fitts



Mr. Blankfein and Mr. Buffett argue over a wallet they found.

[phasma ex machina]

44. Almost perfect. LOL. The only thing missing is the knife in Warren's right hand.

:rofl:

[laughingliberal]

4. K & R nt

[Octafish]

20. Obama pay czar OKs $4 million raise for AIG executive

Here's a nice thought to keep most anybody warm on a cold wintery night:

Obama pay czar OKs $4 million raise for AIG executive

By Barry Grey
WSWS.org
24 December 2009

As Wall Street prepares to announce some $30 billion in year-end bonuses—a near-record—it has been handed an additional bit of Christmas cheer from Kenneth Feinberg, the “special master for compensation” appointed by the Obama administration ostensibly to rein in bankers’ pay.

On Monday, Feinberg sent a letter to Robert Benmosche, the CEO of insurance giant American International Group (AIG), informing Benmosche that he had approved his request for a raise in compensation of more than $4 million for one of the firm’s top executives. Feinberg agreed that the executive should be given, over and above his base salary of $450,000, stock options with a current value of $3.26 million plus an additional annual incentive award of up to $1 million. In all, the executive will receive $4.71 million this year.

Feinberg, who last fall approved a $10.5 million compensation package for Benmosche, wrote that he had agreed to the 1,000 percent increase because the executive had reversed his earlier plans to leave the company. “In light of the fact that the specified employee will remain in the employ of AIG,” Feinberg said, “it is appropriate to provide… long-term incentives to ensure that the employee contributes to AIG’s long-term success and, ultimately, AIG’s ability to repay taxpayers.”

Feinberg added that the raise would make the executive’s compensation comparable to that already granted to AIG’s other top 25 executives.

CONTINUED...

http://www.wsws.org/articles/2009/dec2009/bonu-d24.shtml

Until AIG, most people I know thought socialism worked to help the many.

[laughingliberal]

22. "Until AIG, most people I know thought socialism worked to help the many."

Hey, this is America. We have free enterprise and personal responsibility for the masses.

[TheKentuckian]

23. That thar is corporate communism not socialism (nt)

[amborin]

36. disgusting!

[valerief]

5. Only 42%? Well, they'll fix that this decade for sure. It'll be 75% before you know it. nt

[OffWithTheirHeads]

9. Well the top 5% already own 70%

at least if this chart is correct. I wonder what % of tax revenue they pay for. I'd bet it ain't 70%.

[Greyhound]

17. A little less than 40% last time I saw it. n/t

[inthebrain]

7. Buh Bye Capitalism!!!!

I shit you not.

This is the end of it.

As this goes on with little next nothing of a response from the government, the people are not going to stand for it. Socialism as an idea is already growing.

[OffWithTheirHeads]

11. Hello Neo-feudalism

NOW can we chop their heads off?

[inna]

27. Speaking of which... Have you seen this thread?

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x7338574

[OffWithTheirHeads]

34. WOW! I missed that one but I can sure relate.

[RKP5637]

14. It's an insane economic model we are currently working under. Something has to change. Each

day the current situation grows worse. This country needs a major shift in the paradigm for the current economic model. How it will come about I have no idea... when most of the country turns into slums...

[Tierra_y_Libertad]

12. And, they're spending it wisely. Look at the nice government they bought.

Obedient, well dressed, and eager for more payoffs.

[whatchamacallit]

13. Commie!

Why do you hate America? ;)

[Leftist Agitator]

15. That was in 2007.

I guarantee that the disparity has worsened by now.

Taxing the wealthy at 90% or greater on their income beyond $1 million is the only solution.

That, or intern them in camps and take back what they have stolen from We the People by force.

[FLDCVADem]

29. And here we go...n/t

[Greyhound]

16. And that's a 2% rise from earlier in the decade of theft. n/t

[malaise]

19. Reaganomics - 30 years of stealing

from the poor and middle class - what a legacy.

[David Zephyr]

21. Truth to power.

K&R.

[inna]

24. and the worst thing is that the process of upward redistribution of wealth...

... is being accelerated at this point.


And people are noticing, too: http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=7338574&mesg_id=7343008


KR, this needs to be seen/read.

[amborin]

25. yes! and further solidification..with this year's estate tax skipping a year n/t

[proudohioan]

57. Thanks for sharing; it's a must read!!

I live in Cleveland, and Dennis Kucinich IS NOT KIDDING about his city.... it's just SAD!!!

[marmar]

28. Those secret Citi memos said it all.....Plutonomy.

nt

[inna]

30. what memos?

what did i miss??

[marmar]

33. It was featured in Michael Moore's "Capitalism: A Love Story"....Here's a link:

http://www.scribd.com/doc/6674229/Citigroup-Mar-5-2006-Plutonomy-Report-Part-2

[Flaneur]

31. My policy: Eat the Rich.

[OffWithTheirHeads]

35. A few months ago I posted something about eating the rich

Someone replied that his family was rich and they had no fear of the torches and pitchfork masses.

I invited him for dinner.

He declined.

[Initech]

32. Reagonomics fucked us all.

[NYC_SKP]

37. This means if we took their wealth it would practically double that of the other 99% n/t

[Jamastiene]

38. We need a modern day real Robin Hood to take it all back.

Geez, we earn it and our government takes it away from us and gives it right back to the rich.

When are we going to realize that having nothing means we have nothing to lose?

[laststeamtrain]

39. Why aren't there 'gated communities' under siege right now?

Maybe there are & it's just not covered on cable news?

[HughBeaumont]

40. K & R.

What One of the Most Prominent Members of the Ovarian Lottery Thinks of YOU.

A Plutonomy is Not a Future: It's a Death Sentence.

While THEIR Wealth has Increased (much in part thanks to us), Ours Has Been Destroyed.

The Middle/Working/Poor Classes are Methodically Being Priced OUT of the American SCHEME. Dreams and Hopes are Now and Forever Only Limited to Those Who Can Afford It. Sorry For Your Bad Luck, Dumberica!

They Saw It Coming. That's why They Looted Everything But The Kitchen Sink and Left Us Holding the Bag.

Being Rich Means NEVER Having To Say You're Sorry. It Also Means Never Having to Worry About Anything. It Means You Can Be a Criminal and Get Away With It Most of the Time. That Whole "Pull Yourself Up By Your Bootstraps" Thing is Only For the "Little People", Whom the Rich HATE.

[varelse]

41. That chart is just depressing (nt)

[maryf]

51. "Action is the antidote for despair"

So what do you wanna do about it??

[varelse]

53. Heh

Keep working so I don't slide right off the chart, most likely.

[maryf]

58. but will you slide off this chart?

Thanks to A.

[blindpig]

42. Consentration of wealth is a hallmark of capitalism.

No surprises there.

[bvar22]

43. AND, after this Health "Care" Bill passes.

THEY will have even MORE.

Second verse,
Same as the first.
Should be getting better,
but its still getting worse!



NOW we have Your Children’s Money too !!!
And there is not a fucking thing you can do about it!
Now THIS is “Bi-Partisanship” !
Better get used to it!!
Hahahahahahahahaha!

[fascisthunter]

45. "...they fail to see the 27 million unemployed and underemployed Americans..."

Wall Street didn't fail the Americans, they just don't give a damn, and we should not give a damn about them as well, let them whine.

[WT Fuheck]

47. Those who advocate for capitalism are accessories to crime.

[RUMMYisFROSTED]

48. This post should be pinned, permanently, to the top of the page.

It's impossible to fully understand politics without this information.


And another: We pay $383,000,000,000.00 a year on debt interest (to, you guessed it, the top 1% of many countries). The vast majority of the country is unaware of this figure.

[Hydra]

54. The Debt ceiling just got bumped up, too

How much of that will go to Main St, I wonder?

[Vidar]

49. K&R.

[Echo In Light]

50. Yes. And they really care about ....managing perceptions of how that fact pans out in social systems

[maryf]

52. About a quarter billion people (80%)

with 7% of the wealth, but a lot of voices...if we all started shouting something might break...K&R

[no limit]

55. Is that wealth individual income or does it include corporate/business profits?

[baldguy]

56. Yes, we are in a class war.

And we are losing.

Faux News and the MSM spends all day convincing the idiot teabaggers in the bottom 88% that they really need to support the transfer of wealth upward, for the sake of "freedom" and "liberty", which of course takes real freedom and real liberty away from them - along with that of the rest of us, unfortunately.

[CanonRay]

59. We have to start by reinging in corporations.

A constitutional amendment taking away their personhood would be a big start.

[leftstreet]

60. K&R

[Soylent Brice]

61. K&R

[The2ndWheel]

62. Why does everyone have to agree that what the top 1% have is wealth?

[leftstreet]

65. What do you mean by that?

[The2ndWheel]

76. We've become trapped in their game

Why? Why is it that we attempt to bring even more people into their game? Instead of building/creating/developing something else, letting others do the same, some other way of life, all we try for is equality within the system of the top 1%. Why? Their system is based on inequality. We end up happy if women and men, black and white, can all work for the same corporation, for the same pay. The pay isn't at that point yet, but that's the goal. Women at the head of corporations. A black President. All of that gives legitimacy to what the top 1% have built/created/developed. There is no alternative to what they've done, and it's made increasingly more difficult(legislation, momentum of history, whatever, etc), with the help of increasing numbers of people, to build/create/develop an alternative, much less multiple ones. So we end up having to accept what the top 1% have is wealth, because there is nothing outside of what the top 1% have.

Look at how many different opinions there are about so many different topics. Yet when we get to the topic of what the top 1% have in terms of wealth, how many different opinions are there? We're all pretty much agreed that what they have is wealth, and that we want some of it. Why is that? Why is there such a consensus on that topic? I'm not asking that as if I know the answer. My guess is as good as anybody's, but I'm really asking.

[leftstreet]

77. Thanks for the response

Very thoughtful

The Ruling Class invest massive energy into 'encouraging' us to identify with it.

It's creepy!

[Overseas]

63. K&R. Thank you. //nt

[Starry Messenger]

66. k & r

[on point]

67. Does Top 20% pay 93% of the Taxes?

This is a table that should be used to determine 'fair' taxation. Does the top 1% pay 42% of taxes, and on down the list?? I'll bet not. Anybody have the corresponding data to put these two together?

Most congress numbers are careful to keep these two bits of info separate.

[earth mom]

68. Let's face it. We're very close to losing the Class War.

The solution is to hit those bastards where it hurts-in the wallet! I really think people need to step back from the corporate news media and turn it off! And turn off those commercials too! Do NOT buy into what corporate america is selling!

I just posted in a thread about thrift stores and it occurred to me that I turned away from the commercialization and consumerism way back in the 80s. I could care less about name brands but I love good quality which is hard to find at a fair price except when you buy it used or at a discount at places like TJ Maxx. Back in the 80s, I loathed Reagan and I loathed the commercialization and consumerism I saw everywhere around me in Southern California. But I never looked back once I realized I could find things I loved cheaply at thrift shops, flea markets, garage sales, and discount stores.

I've seen this Class War coming for 20 to 25 years. Let's not let those bastards win! :grr:

[Dinger]

69. How Long Till we Have Debtor's Prisons?

Hmmm. Lovely

[grantcart]

70. kick for facts

[RedCloud]

71. That's it! Off with their heads!

Blood sucking leeches ruining almost everyone's dreams, never fighting in wars in which they profit. tricking most folks into thinking taxes, not real living wages, are the problems.

[moondust]

72. These imbalances should have been corrected decades ago.

But who is going to fix them if the government is co-opted?

[rateyes]

74. That's why the economy is tanking.

That's why we need to start seizing wealth. That's why we need a public option in healthcare.

[rateyes]

75. That's supply side Reaganomics for you.