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Who Are The 1%?
It seems a significant pillar of the Occupy Wall Street (and offshoot) movements seems to be based on the fact, er "fact" that the "top 1%" (of earners) are running the world for their benefit only, necessarily to the detriment of the "99%." Many of these 99%'ers seem to think the majority of the 1% are Financiers of one stripe or another, as that is where much of their anger is focused. I think the below chart from Mother Jones (along with source data) would surprise almost everyone, whether in the 99% or 1%:
Mother Jones has a variety of other charts compiled from University studies that I think, were they to be widely read by many protesters, would force them to re-evaluate some of their most closely-held beliefs. Unfortunately, thus far all of my efforts to educate and inform those supporting OWS have largely fallen on deaf ears; not just deaf ears, but ears covered by a $450 Dre Beats headphones, unwilling to be taken off.
*This is not to ignore the fact that those at the very top of the Finance game are making more money now than ever before, and have been increasingly so over the past ~25 years. That is a topic to be addressed, in depth, another time.
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Better to have a list of Names, individuals and corporates, rather than a purely rhetoric percentage. Percentages only promote false and useless analysis.
Gotta name names. Remember GWB sales pitch on tax cuts? All %'s. The only measure of income that matters is AFTER TAX DOLLARS.
"This is an impressive crowd, the haves and the have mores. Some call you the elite, I call you my base" hahahahahahahahaha
http://www.youtube.com/watch?v=mn4daYJzyls
The joke was always on the 99%s and it was in their face but some couldn't see it.
I call BULLSHIT.!
I second the call of "Bullshit"
Where are professional sport players and entertainers listed? Where is legacy wealth listed (such as Kings and Queens etc)?
Am I supposed to conclude from this article that Michael Jackson's ex-doctor (Murray) made more money than Michael Jordan - or Michael Jackson?
Regardless, none of these three is/was worth more than Jamie Dimon.
Is this list, on the other hand, simply a list of professions whose members are so fucking stupind that they actually pay taxes while GE and Warren Buffet pay nothing? Yeah, I do think that is the case indeed.
most pro atheletes only have the chance to earn during very short amount of time. They have to take that millions and then invest in a business after their career ends in 2.5 years on average to live. Entertainers also must become business owners if they make a lot of money, otherwise they are just another wage slave.
BTW, your beloved professional sport players have union representation while most private workers working for corporations do not. private workers are getting screwed the most. Most educated, most hard working per hour since salaried, pays largest percentage of taxes, but don't benefit from any welfare and yet will never reach the elite upper class as long as they get 49% and elites get 51%.
This is the typical tripe I've come to expect from Stoned Street Advisors. The main point of the article seems to be, "we're not so bad, and those protesters are just a bunch of spoiled, confused hippies."
The author, feeling defensive and butthurt, has resorted to true facts®. Has he succeeded? Let's take a look.
The chart in the article lists occupations of those in the top 1% of income, but neither the article above nor the referenced Mother Jones article indicates how income was defined in the construction of the chart. I actually downloaded and read the study on which the chart was based, and can tell you the following.
First of all the study itself uses information from a sample of tax returns from 1987-2005, and looks at comparisons of gross income. Gross income is defined in a variety of ways and, depending on what is being focused upon, may or may not include capital gains and interest/dividend income. The chart above is based on gross income excluding capital gains.
Secondly, from its sample of tax returns, the study dropped returns for which the sum of salary income and business income was less than $10,000. Anyone who didn't need to work because they made enough money from interest income, dividend income, and/or capital gains was dropped from the sample.
Lastly, the study just addressed percentages, based on occupation, of who made up the top of the heap. It didn't look at which occupations within the top one percent made the most money. Even among the top one percent, there is a huge variation in income. For 2005 (the most recent year included in the study), the minimum income required to be a one-percenter was $295,000 (measured in constant year 2007 dollars). Of these one-percenters, the mean income is $834,490 ($1.5 million if you include capital gains). Consequently, a sample containing 31% non-financial executives making between $500,000 and $1,000,000, 15% doctors making between $300,000 and $400,000, and 14% "financial professionals" making between $2.5 million and $5 million could result in the very same chart as above.
Oh boo hoo! Perhaps those ears are only deaf to drama queens with a penchant for twisting statistics.
More drama here, combined with the logical fallacy of Hasty Generalization, indicates the degree of butthurt experienced by the article's author. This tells me that the OWS movement is working.
The four stooge... A well chosen handle.
Street Stoned Advisor is a US citizen. As such, he is a propagandist and looks at bending facts to serve his ways.
It is how the US citizen eternal nature orders US citizens to behave.
Now the connection: it is a hoseer hosed situation. Burlesque times.
The Four Stooge is a US citizen who looks as he believes Street Stoned Advisor, another US citizen, dealt with facts to adjust to reality.
But Street Stoned Advisor is a US citizen and his only way to look at facts is as material for propaganda. By their eternal nature, they can not report accurately facts.
Looking at the report was useless: hoser hosed.
You articulate forced mushroom beatings about the head and face quite well sir!!! Indeed
Most ZH readers noticed this immediately, but in our minds we have internal debates where we have to defend our opinions. So, thanks for adding the facts that confirm what appeared to be obvious.
+1
At this rate just about every wage-earner can be 1% if the rest 99% would rather sit on their butt collecting unemployment benefit, free health care, Obama-Money and so on.
stoner, this headline just posted on Bloomberg captures the essence of the 1% or better stated the 0.1% (as opposed to a bunch of silly stats cobbled together from a left wing rag)
(Goldman Sachs Alumnus), Carney Said to Be Lead Candidate for FSB Role as Decision Loomshttp://www.bloomberg.com/news/2011-10-15/carney-said-to-be-lead-candidat...
The determination of the top 1% is not by income but by total assets which also create income.
If you look at Buffet his income does not make him the top 1% but his return on his assets does. Buffet only take 1% of the value of Berkshire as his income each year. About $120,000. a year. Yet, he owns Berkshire and his asset value of that Company far surpasses his income.
Or Donald Trump, his income does not make him the top 1% but the income from his Real Estate and the value of the Real Estate does.
The one percent is not determined by income alone as many Billionares do not work, they just collect income or appreciation on their assets.
An Pham Jr., a 31-year-old banker, recently laid down about $7,000 at the Beverly Nightclub for a roomy booth by the DJ, Champagne and a lot of Grey Goose.
"I don't wait in line here!" Pham screamed over the music. He was entertaining a dozen or so friends and business clients,"Demolition Man," sat two booths away as a pretty blond refilled his drink. Pham, a New Jersey native who now lives in Marina Del Rey, depends on the Beverly for this kind of A-list service, especially when he has clients in town.
"Any time I party, I don't pay for drinks — I pay for real estate at the club," Pham said. "It takes half an hour to buy drinks at the bar.
Blatant waste, such as spraying outrageously expensive bottles of Champagne onto the dance floor, is almost a badge of honor on the bottle service scene also "making it rain," where patrons tossed bags of loose cash into the air over the dance floor.
"http://www.latimes.com/entertainment/news/la-et-bottle-service-20111015,...
And we laugh at the old Romans!
typical elite wannbe bankster trainee.
real elites don't go clubbing for chicks...they fly the hos international to his estate. ie. Saudi princes...
when Bush and Obama go to this punk's kingdom and kiss his hand to beg, then we have something to talk about.
Buffet reported 39 million as income this year, and paid 7 million in taxes.
What about the current fight he is having with the IRS over back taxes? Does that figure into your numbers?
This is exactly the kind of post you would expect from a member of the parasite financial industry.
Enough said.
forget numbers with buffett.
you are talking about someone who gets insider trading deals on goldman sachs before the government does and decides to bailout bank of america from his shower.
When you have so much money that you pay someone to manage it, then you are upper class.
Executives (like Leo Apotheker @11million golden parachute, and Fiorina before him, whsoe avg. salry grew from 40x to 400x avg salary over last 30 years)
+ Medical (thanks to overpriced cost of medical care, such as $296k avg annual salary for orthodontists for 5.5 hour avg work day, thanks to $4k avg for set of braces which cost $500 in 19 other "developed countries)
+ Financial professional ( 'nuff said - Blakfein, John Thanin and $30k commode, Angelo Mozillo, 15% carried interest, etc)
+ Lawyers ( worthless vampires)
_ government
-----------------------------------------
70%
vs 2.3% enterpreneurs ??? Yes, thanks for making my point! The 99% OWS folks are 100% correct.
So true. It's not the 1% it's the top 0.1%. This is a typical billionaire propaganda piece.
Only the social services and teacher part of the 1% surprises me.
Who are the "1%"?
The "1%" that OWS is protesting against and the same crowd that is causing the financial and economic collapse of the Western society, including population culling through GMO and manufactured diseases, are probably no more than 6,000 persons who control, run, and own all the major corporations of the world, and, of course, the Western governments. They are the ones who attend the Bohemian Grove, Biderberger, CFR, TC, etc. meetings each year. They are the Buffets, Gates, Rockefellers, Rothchilds, etc., etc., etc.
So, that "1%" is really 0.00008%.
BTW, income is not their game. Ownership and/or control is.
"income is not their game"
Exactly.
This is something that bothers me no end.
The 'people' in this graph are not the 1%. What is that a graph of? Annual reported income? PLEASE! The 1% DO NOT REPORT INCOME, ANNUAL OR ANY OTHER KIND TO ANYONE!
Sorry, like I said, this subject really gets my goat.
To get an somewhat accurate picture of the 1% you need to look at ASSETS, not annual income. But the 1% have all the assets hidden in corporations, shell and other.
But corporations are people, right?
So, what is needed is a list of who controls what corporations, then add all their other assets, even the hidden ones. Everything, their warehouses of classic cars, hangers full of gulfstreams, mansions , 5 per continent, etc. Then you will have a graph worth looking at!
Annual income! HA!
Actually it is all said right in the title:
Occupations of TAXPAYERS in top 1% of income
The uber-wealthy in the 1% don't pay tax - that is left for the plebs to do.
Cherry picking which statistic you use is also known as - Damn lies.
this farticle is a non-sequiter....the anger of ows as i understand is directed correctly to wall street....
g edward griffiths in his 2d edition of the creature from jekyll island documents the financial terrorism the banksters foist upon us....the others in graph are innocent bystanders, enablers, or stooges in the game but they generally support the bankster establishment...
michael hudson gives more intellectual elegance to the complaints but the bankster class must be crushed...they have enslaved us and the yokes of bondage must be thrown off....
no2foreclosures and tony bonn have a good uderstanding. The top 1% is an overly expansive target environment. In fact the begining of OWS started with A99 and it identified to top 1/10th of 1%.
THE ROOT OF OUR SOCIAL, ECONOMIC, MILITARISTIC WOW'S IS AN EVIL MONETARY SYSTEM. EVERYTHING ELSE IS A SYMPTOM OR AN ACTION THAT SUPPORTS IT. AT THE HEART OF THIS SYSTEM ARE THE CENTRAL BANKS (THE FED), THEIR DISHONEST MONETARY POLICIES AND THOSE WHO CONTROL IT. SUCH POLICIES, LAWS AND THE CAPTURE OF REGULATORS ARE FOR THEIR BENEFIT. AN ACCOUNT OF THE PEOPLE HAS NO PLACE IN IT.
INDEED, IF THE PEOPLE WERE ITS PRIMARY CONCERN, THE WORLD WOULD BE MORE FREE, LESS VIOLENT AND MORE PROSPEROUS; PROVIDING INDISPUTABLE PROOF OF MAN'S EVOLUTION BEYOND THAT OF TECHNICAL INNOVATION AND EMPTY SOPHISTICATION .
Please see: Anonymous Shines A Light On The Hypocracy Of Our Leaders - The OccupyWallStreet, the movement and its original message.
"Above all, we aim to break up the global banking cartel centered at the Federal Reserve, International Monetary Fund, Bank of International Settlements and World Bank."
OccupyWallStreet: The Kids Are Alright!
"The root of the problem is this failed/flawed system and the Central Banks that orchestrate it. However, this is not listed as a grievance nor is an action to End The Fed. Failure to eliminate the root of the problem and implement a sovereign, honest monetary system may temporarily alleviate the pain but the disease will persist. This is step one in a total reaffirmation of the Constitution; taking power away from the 1% and a returning it to the 99%. Step two: One Human, one vote." - Inflection Point
See:- OccupyWallStreet: The Kids Are Alright!
"When plunder becomes a way of life for a group of men living in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." ~ Frederic Bastiat
Also see: Obama's Problem With Solyndra: It's A Warm Up For SunPower
If you missed the first intrview series with Ms Cathrine Austin Fitts and are interested in the depth of the Rabbit Hole and the psychopaths within, see the "Dillon Reed and Company: And the Aristocracy of Stock Profits" link at the bottom of:
The Looting of America: Happy Labor Day
See how money, created out of thin air has exploded the worlds financaial sector and, it can disappear as if it never existed:
Evaporation of Wealth on a Vast Scale: How $Millions - Trillions Can Disappear
Inflection Point
why are food prices, and gasoline prices going up- the Furures exchanges are governed/regulated, mostley by the CFTC. D Frank Bill was, by context-line by line.. 60% about Futures, trading futures and limitations on who could or not have how much of the Futues contracts on which commodities. As it was first intended, the gist of the bill was much simpler than it is now. As it was developed, many, many parties asked for exceptions, definitions and exclusions. Some say at the heart of the issue is the fact that the Excanges are effectivley owned and thus controlled by Investment Bank-Money Center Banks. As these "Futures Contracts" are bought, Future prices are also controled by a supply and demand for the Dirivitive(Contracts). One of the largest purveyors is none other than Goldman Sachs,, also JPM and Morgan S.. By controlling the future productions by the future contract ownership, a drying up of supply happens without ever considering delivery of the commodity. This is reffered to as speculation, of speculative buying. The problem, as I see it, is if one buys a contract, if the price dos not go up, you lose. This may seem rehtorical till one understands how one Investment Firm can controlla larger than any other party to contracts amount of the commodity, simply for Spec. Those that need a "Hedge" on Fuel(Airline) must pay a higher price than if the speculator wasn't involved"consuming future supplies without ever intending to take delivery" of the actual product. What would Goldman Sachs do with 50 million barrels of oil?
Janurary this year, Goldman Sachs recieved their "exception", to limitations on Contracts. The reasoning was "they are hedging..in the market.. as a buisness just as a Airline does". Well no DUH! One might ask, why does simply saying "Buisness" "Hedge" Like "others", negate the purpose of the original Bill?
Well... it doesn't, but Goldman had to say something. What obviousy could only be applicable in a chain of events culminating in going around the provisions of the D. Frank Bill during the continual exclamations of how unfair it was that the Investment Banks would be limited from possibly creating bubbles which were artificial from what actual delivery demands in the Markets consited of,, is just this the CFTC is run by the same people that were in control before the crash. I recommend looking at Shapiro withe SEC and her past, including the CFTC.
So if you want to know why prices are up, with a nmarket in recession, look to the very same group that profited from the runup 2006-2008.. It's simply being done again, where those that will never take delivery, never see a barrel of oil,or a pallet of flour ect ect.. What those people will see is the American Consumer, again, have to but froom them, ultimately, a loaf of bread.
Some say that keeping prices up, makes sure the actual producers have a chance to make money. How do you feel about Oil Companies Profits last year?.. or for that matter, do you think, with a substantial amount of Futures trading clearing off shore(tax free-or nearly) and Oil Company profits offshored greatly(tax-free- or nearly) or the Country burning up fuel to the tune of an extra 100 billion in cost as the Futures are <>40% higher than nessesary?(without speculation).
When Goldman got their "exception" was there a lotta news? Did Fox/The New York Propaganda news service bear down on this? Were people availed the knowledge of how Oil prices would have yet one more Firm inbetween your Gas Tank and the Drill Rig?
The wealthy avail themselves in the Futures Markets, they go to Goldman (and Associates), Goldman needs to deliver a product(Contract that will go up in price because the commodity goes up in price). Where does Goldman have the most influence... outside the Traders? The White House. The Federal Reserve, the CFTC, the SEC... and ultimately every Drill Rig, every Gas Tank... so they can make a small markup on each Contract.
There is a saying, "the last 5% of a commodity available, sets the price.. work it bacwards, if Gas cost is 4.00 controlling the las t 20 cents worth will make you "contract money". Want prices down? Talk to your President, ask why his buddys that helped him get elected and he will need to get elected again, were allowed their exceptions,, to once again, what they were doing when everything became to expensive.. before the crash.
Blah, blah, blah. No disrespect intended! You lost me somewhere around paragraph 5-6.
The simple fact is the criminal monetary system.
"When plunder becomes a way of life for a group of men living in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it." ~ Frederic Bastiat
Interest rates are being held low (zero) and if you are a money centered bank you also have the assurance if your reckless speculations go against you, you will be bailed out. There are no losses among this criminal class so you are free to bid prices up until such a time that you can not.
When the government and it's regulatory bodies are complicit in this charade (a total abdication of the rule of law) why would any intelligent person call for more regulation? Such actions are exactly what those who want to control you, want. The policy making apparatus is bought and paid for and any changes are more likely to increase their control and reduce any legitimate sanctions.
THE ROOT OF OUR SOCIAL, ECONOMIC, MILITARISTIC WOW'S IS AN EVIL MONETARY SYSTEM. EVERYTHING ELSE IS A SYMPTOM OR AN ACTION THAT SUPPORTS IT. AT THE HEART OF THIS SYSTEM ARE THE CENTRAL BANKS (THE FED), THEIR DISHONEST MONETARY POLICIES AND THOSE WHO CONTROL IT. SUCH POLICIES, LAWS AND THE CAPTURE OF REGULATORS ARE FOR THEIR BENEFIT. AN ACCOUNT OF THE PEOPLE HAS NO PLACE IN IT.
The system can not be tweaked. The rule of law and free market capitalism (you know, with real competition) must be reinstated. Corporate money and lobby power must be eliminated from the election process (one human, one vote). Fair Taxation laws must be enacted. And the criminal monetary system must be crushed and replaced with a sovereign, honest monetary system. Anything less may temporarily alleviate the pain but the disease will persist.
Please see: Anonymous Shines A Light On The Hypocracy Of Our Leaders - The OccupyWallStreet, the movement and its original message.
"Above all, we aim to break up the global banking cartel centered at the Federal Reserve, International Monetary Fund, Bank of International Settlements and World Bank."
Not talking about earnings. Talking about wealth. The top 1% wealthiest are different than the top 1% earners. Duh.
In 2009, if you were to add up the total fortune of America's richest 400 people, that amount—$1.27 trillion—would be more than the holdings of the bottom 50 percent of Americans, less than $1.22 trillion. Thats the top .0000035 % have more wealth than the bottom 50%.
http://www.forbes.com/forbes-400/#p_1_s_arank_All%20industries_All%20states_All%20categories_
Exactly....parasitic oppressive corporate/personal wealth, not earners.
Don't forget,corporations are people too!
And the Koch brothers are both!
The NOT WORKNG and the DEAD?.
Ok, I get it.................you SAVING PIGS,your Prudent Squirrels, you people who wait a lifetime and save for then, and not have the MATERIALISTIC whims placted NOW................you sorry sumsabiatches...................JU Mus Die!!!!!!!!!!!!.
Like I said in an earlier post, there are, (may still be ) more millionaires in the USA than in our history.
If you count the typical blue collar/white collar, saver, that owns their homes,are debt free, and have saved their entire working lives............
YOU have a HUGE BULLSEYE on your backs.
You workaholic PIGS......................you would be better off as a Crack HO, w/8 kids,on WELFARE.
Their KILLIN ME.
Also, another attack on the BOR's..........................courtesy of the House...............
http://www.infowars.com/house-bill-would-criminalize-satire-of-tsa/
Contact your reps over this shit.
http://www.infowars.com/house-bill-would-criminalize-satire-of-tsa/
If this is indeed the case, then the TPTB are reading from the Islamic playbook. Good grief, this shizott is just not going to end and is going to get beyond ugly. All pretenses of elected officials being public servants have seemingly been vanquished...
Actually, the top line of the chart doesn't surprise me at all. Corporate managers and executives, as a group, have got to be the most ridiculously overpaid people on the planet. Most of them are completely expendable in that they know almost nothing about what their subordinates do, and if they were to drop dead tomorrow the operations of their departments would actually IMPROVE due to relief from their red tape and arbitrary directives. They are nothing but politicians and power-trippers, but with the much higher pay of the so-called "private" sector.
These are the top incomes based on US ncome tax returns. The wealthiest pay very different taxes. This story is bull.
Income doesn't mean salary. These are the top 1% of WAGE SLAVES. This article is smoke, mirrors and misdirection. The fact that you would post such drivel says a lot about you. Jerk.
thank god, one guy sees the light at least ;)
What percentage of these 1% derive their money from corporations?
none, most of them are honest peasants w/ cows and chicken, some even do honey w/ local bees! WTF! wake up
How do you have to earn/year to be classified as top 1% anyway?
damn that was smart comment "how much do u hv to earn to be top 1%" haha WTF! you guys are really out of the PIC!
com on twitter to get educated
its all about DEBT......and DEBT = SLAVERY
SO......They shouldn't have borrowed!
I am so tired of whining from the people who got the money (then blew it on extra flat screen TVs or overpriced houses or their degrees that didn't qualify them to do anything serious) and now don't want to pay it back.
Who really are the villians here?
SO......They shouldn't have borrowed!
I am so tired of whining from the people who got the money (then blew it on extra flat screen TVs or overpriced houses or their degrees that didn't qualify them to do anything serious) and now don't want to pay it back.
Who really are the villians here?
debt is the weapon they chose to crush the current system (why do you think Gold is manipulated and displayed as controllable ETFs crap??), the Debt being unredeemeable = the game is OVER, then what? > expect social unrest as consequence and societies asking for max security
Finally THEIR aim is not to obtain WEALTH but to CONSOLIDATE final POWER level - once again if you value wealth in US$ or EURO crap you are missing the big picture -
this is why the Consolidation is all about crashing this current system w/ as much mayhem as possible so people trigger their own demise and ask for security (like a global patriot act on higher scale) ; the so called cronyism and their wall street minions will get sacrificed for the REAL 0.001% == the scheme is much more refined than what it seems.
I repeat this >> the 1% OWNS or will OWN NOTHING once the system is crushed, you need to think abt this, frame it and nail it on your wall == this is extreme Consolidation that is or will occur in the coming years.
Engineer. But I hope one day to supervise operation of the gas chambers when we finally grow a pair and round up the disgusting 99% moocher class.