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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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Self worth gained by comparision is ego. And it is dangerous. Tread carefully for the sake of you own self and all of us as well. Namaste.
Are you suggesting that there is an investment opportunity in companies that make Zyklon B? It was a pesticide, if I recall.
to make it clear == this chart is nonsense as it does not show the people OWNING those companies in these sectors, whatevr the sector. Com'on pple! > who owns the Fed? who s sitting in the dark on every board of major MNCs? be they WS or Utilities or whatevr? SOROS is NOT to be compared w/ ROGERS, Rogers left the arena because he got his acts together and does not want to be a 'window display' LIKE SOROS IS == a hooker for the people ruling the Anglo-saxon money power centers.
If you thought it would be that easy to get the 1% it seems you dotn get the picture right and dont seem to realize what this OWS shit is all over = preplanned with sequels integrated in the final act of thsi gigantic scheme.
Another thing is : you dont value those 1% in BILLIONS of useless paper BUT mostly in Land/Gold/Properties/Power/Mancraft/Media/Military connection and possessions.
haha and those people dont pay tax Rothschilds Rockflr Oppenheimer Warburg Sasson Kuhl and so on are off the radar, to value their wealth would amount to an Earthian GDP in the lowest.
when the SHTF noone will know who pulled the trigger.
For me the question is not "who is the 1%?"
The question is who obtained their wealth through force or fraud? If you make a fortune trading expensive things in a fair and open market, good for you and good for me. If you make money through force (read war, extortion, taxes) or fraud (read crooked markets or goods) then I have a problem with that - big problem with that.
I have no problem with 1%ers if they offer honest goods in an open market. I would not mind being there myself.
What pisses me off is the cronyism, lying, cheating...
2 days until Black Monday II
What is this Black Monday thing?
http://en.wikipedia.org/wiki/Black_Monday_%281987%29
Monday, 10/17/2011 is close enough for me.
Sir: I have been appreciating your posts here on ZH.
BTW: History does not just repeat, it rhymes.
Keep up the cause. Because...the 1% are not the "earners". The .001% are the vampire squids.
From Mother Jones: "Even though the richest 1 percent of Americans don't all work on Wall Street, they do control a disproportionate amount of its wealth, including nearly half of all stocks and mutual funds and more than 60 percent of securities."
Right now inequity comes from Bernanke who think more important to bailout security holders than help people with lower gas and food prices. Putting bottom in housing has been failure, so why are food prices, and gasoline prices going up? Does it have something to do with 1% who demand bailouts?
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.
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.
you dont get the picture right! Securities are -0- valuation inside a higher ground consolidation, bear that in mind. Read my previous comments
You are watching too much cartoons. You think the evil .01% plan this to take power and all of us serfs again. Wrong. Jesus, paranoids come out. People who come here and imagine some grand wizard who controls world need to visit doctor. Or try yoga.
Central banks meddling in market to prop it up, trying to stop deflation. But right now some deflation in food and gas would help people live better. Also too big for Bernanke to control we need free market, and stop distortions that prevent honest people who save, lose money.
Like Ron Paul says, need to stop bubble/bubble burst economy.
I ask the author...What would you suppose the masses do that were bent over by the system? You want them to protest different? You want them to have a 'better name'? You want them to look different? You want the media to continue to ignore them just like they ignore Ron Paul even though he wins every election in this nation run by outlaws? You put this article up like you're some bastian of capitalism and free thought. Fuck You.
I think they are protesting against the 1% who hold something like 90% of the wealth and pay less in taxes through ltcg.
Yeah, it is kind of unfortunate that we've adopted the "We are the 99%" slogan, because the vast majority of the 1% are wonderful people who contribute huge amounts of positivity and activity to the economy. They are critically important and good for society. The leaching whores who are really the target here are such a small handful of sociopathic misfits and evil rapers of humanity that they represent no more than 1% of 1% of the 1%. 99% of the 1% are entirely beneficial to the economy and to the advancement of our own civilization... in a good way. But in the end, all of their great benefits and contributions are ultimately stripped away from not only 'the rest of us', but away from they themselves... the good and productive people who comprise the vast majority of "the 1%".
If the slogan was "We are the 99.999%", it would be far more accurate... as good as gold. Make that 99.9999% - Canadian gold. Really, it is only the 1% of 1% of 1% who already own half the planet's assets (including the people who are just that... assets. "Useless eaters" as they call us) and are raping the other half to death. The problem is that they want it all. And if they aren't stopped, they "will" get it all. So we simply have to burn their evil church of devil worship on Constitution Avenue (isn't that the funniest joke those whores have pulled off yet) to the ground and piss on their ashes for a hundred thousand years. A FED, if owned by the citizens of the USA instead of an offshore cabal of the most agregious and evil theives in the history of planet Earth, could work very, very well. I say that's what we replace it with... a Peoples' Bank of America. Does that sound like a communist model? Ok, then let's just stick with what we've got. Fuck that... what is needed is a new central bank owned by the people. Not owned by a central government of oligarchs, but by 'we the people' who would hire the managers to run that bank and sentence any manager to hang publicly for any crimes committed against the people. Period! Plain and simple. That's what will work to the benefit of all.
Jordan, such facts are vital to our understanding of what is broken (and, just as important, what isn't broken) in this and other countries.
But, more important than a breakdown of population would be the actual holdings and/or earnings in each of those categories, and how those have changed in the last 30-40 years, ever since Nixon put us on the fiat IV. i suspect you will see that the Financial Professions, Lawyers and such categories that generally detract from or at the least do not add to GDP have grown dramatically, while many of those which are additive to GDP have shrunk, some dramatically - with the one large exception being computers (although, since they lump that with engineering and technical, might be a smaller increase overall).
Mirroring this, the march on the Richie Rich mansions the other day by #OWS specifically targeted some very parasitic folks - Rupert "Gargamel" Murdoch, whose dirty laundry seems to be spewing out at an accelerating pace these days, and John "Goldman's #1 Client" Paulson, who has proven that without Goldman providing a steady supply of German morons to take the other side of his short mortgage trades and other such assistance, he is just another gambler who can get wiped out inside of a couple of quarters.
These are slogans, they have to be kept short and catchy. Demanding that the people claw back most of Warren "Welfare Queen" Buffet's profits because they would not have existed without significant corrupt government collusion as well as outright government bailouts and backstops is perfectly natural. i doubt they would say the same for, say, a Steve Jobs, who, as far as I know, made his fortune largely the old fashioned way: he earned it, if anything, despite the government, which allowed Microsoft (another big government parasite) to steal from Apple for decades (although, hey, if I'm wrong, kindly correct me).
A few comments have been close but fell wide of the mark. What you enumerate here is (I am guessing) the top 1% of wage income.
The real enemy, the Uber Rich, the string pullers... the real 1% (at least the 1% that I'd like to see brought to the gallows and held before the public to answer for their crimes of treason and against humantity) do not have any wage income.
To get at their income, you would have to unravel their complex scheme(s) including but not limited to deferred income, sheltered income, off-shore income, CAPITAL GAINS, and -- HERE IS THE BIGGIE, the non-profit NGOs and Institutes they hide behind.
Don't believe me? Look at the estimated wealth of the Rockefellers and the Rothschilds. NONE of them appear an any Forbes "x Wealthiest x's" Fill in the blanks... but you won't find a single name of significance on any of them. I could go on and list numerous examples of lesser known names but why bother? You have a little more work to do here in order to make any salient point.
Trust me, the rank and file wage earners in your top 1% have done nothing to fuck us over by comparison to the true 1%. They hide for good reason.
(IMHO)
Good post......I myself am just starting to learn about the "recycling of petrodollars".........it is a beast larger than the big money center and federal reserve banks (imo).........
would love to see this discussed more here on ZH.........
here is what i have so far, for those who wish to learn more about the "recycling of petrodollars" .........the process is extremely opaque
http://nakedempire2.blogspot.com/search/label/petro%24
btw, the anniversary of the arab oil embargo is this coming week........and the history of how "oil" came to be priced in dollars should be front and center news, but somehow i dont think it will be.......
I come to ZH to learn so, any comments are appreciated........
That graphic and the associated claims are very misleading. Finance professionals may only be 13.9% in the top 1%, but their influence on the whole economy is disproportaionally big (via leverage). The anger against the financiers is justified, IMO.
What the hell would Commie Mommie Jones know?
Light on real estate, oil & gas, farmers and ranchers due to the massive tax breaks in the system.
That sports and media number is a real hoot. They must have only counted the water boys.
Are we spliting hairs? The top 1% are the people not listed. They are the banking families and those WHO DON'T WORK EVERYDAY.
THIS ARTICLE SUCKS. More media type confusion about a population that's just sick and fucking tired of the game being played on them. You act as if you aren't part of it. Wake up.
Well said Carl. What about the cunts with a billion dollar divorce settlement? Self-righteous whoring is the number one money maker in America. Has been for a good two generations.
Sonya Morgan ??....She is already bankrupt
Theresa Heinz Kerry?
The problem is really with the top 1% of the top 1%, but that's too wordy for a slogan.
The problem is really with the top 1% of the top 1%, but that's too wordy for a slogan.
good read.
It should be noted that those in the non "financial professions" categories aren't capable of securitizing subprime mortgages, making loans to people who can't pay them back, and creating credit derivitives that trigger banking crises. Obviously wall street bankers can't create the destruction without a complicit US government, but they certainly have much of the responsibility for what we're seeing. My guess is that those in the OWS movement represent a variety of interests and positions. Many of them not well thought out.
great read. damn those dead people!
Medical, Financial Professions, Lawyers. These are people who chose their profession for love of money (in general).
Note that they also depend on suffering and distress to make money, in general.
claws , spoken like someone who does not have a fucking clue. usually someone who has no responsibility in their job or life
medics have x7 the rate of suicide and x7 the rate of marriage loss looking after ungrateful maggots like you....
Yeah, when you or a loved one is diagnosed with cancer or suffer an MI and are rushed to the hospital, I'm sure you'll be glad there's a 'greedy, money loving' oncologist or cardiologist available to save your sorry butt.
I mean, they only had to complete 4 years of high school, 4 years of undergraduate college, 4 years of medical school, and then between 3 and 7 years of internship/residency (working 18-hour long shifts) before they could begin their 'money-grubbing' career.
If you couldn't begin your professional career until age 33 and with $400,000.00 studen loan debt; you'd probably like to make a decent salary too. There are far easier ways to get 'rich' than working in the medical professions.
Maybe you'd be happier living in a third-world s***hole somewhere in the southern hemisphere where there are no greedy medical professionals.
Good luck with that...
Actually that's the public 1%, the "REAL" 1% don't appear in the public tax sheets. DUH!@
Oligarch's are invisible, except for those former ditch digger - finance one hit wonders who love being in the news like Paulson.
You don't see Soros/Rogers-types on this list. Notice that?
You are quite wrong, except in that many of the uber-wealthy have lots of their money offshore, that, I'll allow. There are, however, people with plenty of it onshore, billions.
You have certainly stirred the pot. I saw this graphic elsewhere and immediately rejected it.
Could you please provide total assets and annual income.
The real group the original A99 focused on was the top 1/10th of 1%. I believe that puts the numbers in the $60mm annual income range which excludes many of the CEO bankers we so admire for their Godless work.
Dude,
Your article is misleading.
The top 1% of "Wealth" does not belong to the people who report the top 1% of income to the IRS.
There isn't even a section on that chart for investment income or independent wealth. Are you really trying to tell us that the top 1% of wealth belongs to people that have to work for a living?
C'mon
See above. I'm with you brother. Totally out of context; worthless!
Fear and loathing. The sick part is so few people questioned this.
This should be wildly entertaining ;-)
I'm SO fucking pissed with the deceased!
best comment by far
WTF is this bullshit?
Davos
well said
Facts. Perhaps you're not familar with them.
I didn't know there were so many widows and idiot sons in executive management positions.
Apparently, neither are the SSA's. It would be a monstrous understatement to say after a review of posts by ZH'ers that they have successfully destroyed the merits of your article. Perhaps understanding your audience would be prudent going forward.
Facts my ass, the top 1% of earners in this and any country are not employees with " jobs". If you want to talk facts , you had better smarten up . Your list only includes employee's. The top earners in the world are the owners and those who provide financing. Take your Mother jones article and shove it, or better yet, go preach to the 99% of the population that cannot think their way out of a soggy wet paper bag.
OH? You're the author? Yea fucking stupid ass article. You waste you're time and ours MISSING THE POINT.
We're going to war with Iran over lies, just like Iraq. That 1% you numnuts.
stoner, with respect, your article/post/cut and paste or whatever it is, is so much BS
And what about it is BS, care to elaborate?
These are 9 to 5 workers. Sweet graphic but way off base.