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Guest Post: American Dream Now Fantasized In Mandarin

Tyler Durden's picture




 

Submitted by Ben Tanosborn

American Dream Now Fantasized in Mandarin

Oh, irony of ironies!  We have been accusing the Chinese Mainlanders for years of stealing Americans’ intellectual property with predictably inscrutable results.  Now that they have come into possession of the American Dream – some might say, lock, stock and barrel—will our embassy in Beijing present the latest rulers of the Mao Zedong dynasty – Mao Tse-tung to those of us who still romanize Beijing as Peking – with a formal complaint… asking perhaps, to have our Dream back or, at the very least, have them forgive most of the 1.2 trillion dollars which the United States owes them?
A cool trillion for a concept which is not now, nor has it ever been, patentable would be quite a windfall, but it would not save America, a society in economic-inequality free-fall.  And until we pinpoint to the reasons why we are in free-fall, we won’t be able to find the ring of logic that will allow the opening of our parachute and a safe landing.

For years some of us have been preaching that the so-called American Dream, if it once existed, was then appearing as nothing more than a myth.  Ronald Reagan, touted as the great communicator, articulated this myth quite well making most everyone feel hopeful and proud, while at the same time spreading the most perverse moral disease that can confront any modern day society: the cult of inequality – an inevitable result from the infamous trickle-down economics and the homage to greed.  And, for three decades, that’s what we have been living in the United States: a morbid growth in inequality either sponsored or condoned by the leadership in the White House, all following in Reagan’s footsteps: the two Bushes, father and son; Bill Clinton; and now, our fizzle-savior, Barack Obama.  The truth is that Americans have been fed by both parties the Great American Lie, while at the same time being humored with the placebo of the American Dream.

Needless-to-say, those of us who have expressed criticism of both the Democratic and Republican establishments, were being referred to as prophets of doom.  It made very little difference that the signs of that ever-growing separation between the haves and have-nots were being manifested in everyday life.  We were critics in a society sedated and brainwashed by predatory capitalism, which put us in either ridicule or linked us to unpatriotic behavior or even treason.  But, finally, a professor from Columbia University and Nobel laureate, Joseph Stiglitz, has come out with a book, The Price of Inequality: How Today’s Divided Society Endangers Our Future, which statistically, and deductively, confirms what was obvious to us all along… without any powers of clairvoyance.

Recent census data and statistical bits from news reports are constantly underlining for us the state of our economy and more importantly the status of our society.  And the numbers are grim: half of the nation is in poverty or near-poverty, and the distance between haves and have-nots has widened to an abyss.  It isn’t just income inequality that has created this abyss, but opportunity inequality as well.  Upward mobility, once the cornerstone of an American cohesive society, is almost non-existent today, due mostly to inequality of access to education and a tax system which obscenely favors the holders of capital over those who produce the goods and services in the nation.

What I find remarkable in Stiglitz’s book is the assertion that the highest level of inequality among the advanced industrial countries is right here, our own proud and lied-to United States: in access to education or class mobility.  According to Stiglitz we have become the rear, where once we proudly stood in front.  That’s definitely not what Americans want to hear or read, but the professor’s conclusions, well supported by statistical data, are less intended for economic or political rapprochement, targeted instead to addressing the inequality problem that could take the US to a two-class society, a true third world economy.  Nothing unpatriotic about warning us!

America once stood as the first land of opportunity and diversity in the largest economic market – that allowed large numbers of individuals to attain success and gain upward class mobility.  Unfortunately, in a global economy that’s no longer the case, but there are several emerging economies, nations rich in natural and/or human resources, where many individuals can experience economic success and upward mobility… what we might call their “American Dream.”  We should be honored to have the American Dream become the generic term for Brazilians, Chinese, Indians, Russians and others.

By all means, let those people in China who make a great many of the products we consume, fantasize achieving “their American Dream”… they are more prone to attain it than we, in the United States of America, are.

 

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Mon, 06/11/2012 - 14:58 | 2515613 Silver Bug
Silver Bug's picture

Sadly the american dream has suffered a major setback, due to the corrupt banksters and their greed. America will rise again. That is for sure.

 

http://jamesturkblog.blogspot.ca/

Mon, 06/11/2012 - 15:09 | 2515661 BKbroiler
BKbroiler's picture

WOW, DOES IT SAY SO ON YOUR BLOG?  SHOULD I READ IT?

www.bkbroilerisfedupwithyoupussiespimpinyourblogonzh.com

Mon, 06/11/2012 - 15:14 | 2515676 mtomato2
mtomato2's picture

Bad link

 

/sarc

Mon, 06/11/2012 - 15:45 | 2515786 dlmaniac
dlmaniac's picture

Everything has a limit, including people's expectation and living standard. When you go over the edge you meet mother nature (or perhaps bitch nature) and fall. 

It's just a matter of American dream running into a wall of Darwinism.

Tue, 06/12/2012 - 02:05 | 2517125 hbjork1
hbjork1's picture

A few decades ago, in my laboratory days, when an  experiment would fail, one of the guys would repeat that old saw; "Mother Nature is a bitch".

My response to that was always that "Mother Nature is not a bitch but she is a jealous mistress".  "If you would seek her favors, you must pay absolute attention to her."

So what is mother nature telling us?  Every individual is obvously going to have there own opinion on what is pathalogical and what isn't.  ABut nd we are all prone to base our fundamental views, either positive or negatively, on very early life experiences.  it's increasingly obvious that the people at the highest levels are "overdriving their headlights".   Or put another way, not able to get their minds around the risk that their actions are engendering.  There is no fix for the difference in climatic and geographic differences,  We are all, to a greater of lesser extent, shaped by our early years.  We do get programmed early to approach many of life's needs and problems in different ways.The parents value system (and IMO climate) have significant influence on the way that people think.   We can see, rignt now, the differences between the conservative financial approach of the Northern Europeans and the deLiberal" financial approach of the Southern Europeans.  And that involves only money.  They are free to pursue their separate legal systems. e today in the US is not hard.  Our national problem is obesity, not starvation.  There is usable housing but it must be maintained.  TB,  Polio and Malaria as threatening diseases have been virtually eliminated here.  I had a high school English teacher that was a Polio survivor who went about with braces on her legs  (Try negoating on crutches  sometime with one leg tied up.)  And, in the case of FDR, there are actually people dumb enough to be concerned about the sex life of a man who couldn't get out of a wheel chair unassisted and could not walk on his own. 

Back in the real world, it is fashonable to blame the "Baby Boomers".  But, IMO the pevious generations had faults as well.  Greenspan was not a baby boomer.  Merton was not a baby boomer and Madoff (the extreme risktaker) was not a baby boomer.   Some people, perhaps overusing drugs and overdriving their headlights, seriously diminished their own later life but that is their personal problem.   

The only thing that can change that is to get a national attitude adjustment, and it appears that one of those is on the way as Uncle Sugar chokes on unsupported financial obligations. When belt tightening measures become the fashion, we will know that it is time start selling gold.  

Scretary Chu sounds excited about about current project discoveries and news of things that are going to made in the "world of the very small".  He is probably right about some of the work going on.  Thw work being reported in places like "Science" is verrrrry interesting.

Mon, 06/11/2012 - 17:37 | 2516094 Ying-Yang
Ying-Yang's picture

Or you could enter Dinner with Obama and discuss it with him!

Official Rules: http://www.barackobama.com/dinner-with-barack-june/rules 

/sarc

Mon, 06/11/2012 - 15:31 | 2515735 Al Huxley
Al Huxley's picture

Good one...

Mon, 06/11/2012 - 15:16 | 2515680 resurger
resurger's picture

yeah,

The American Dream is that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. It is a difficult dream for the European upper classes to interpret adequately, and too many of us ourselves have grown weary and mistrustful of it. It is not a dream of motor cars and high wages merely, but a dream of social order in which each man and each woman shall be able to attain to the fullest stature of which they are innately capable, and be recognized by others for what they are, regardless of the fortuitous circumstances of birth or position." -

-Historian and writer James Truslow Adams in his 1931 book Epic of America.

Alas, now if you have the $$$ then you are worth something...

sigh.

Mon, 06/11/2012 - 23:19 | 2516895 Harlequin001
Harlequin001's picture

was it ever any different?

Mon, 06/11/2012 - 23:34 | 2516942 BooMushroom
BooMushroom's picture

I am so fucking tired of people bitching and moaning about money inequality! We're not going to be equal. Ever. Most of the people here are going to have a shit-ton more money than I do, AND THAT'S OKAY!!!

The point of the American Dream is supposed to be equality BEFORE THE LAW, such that if Jenna Bush breaks the law, she should get the same punishment as my redneck neighbor. Within that framework, people can succeed based on effort, thrift, and foresight.

We fail to obtain the American Dream in the same measure that we fail to treat everyone as equal under the law.

Corzine, bitches!

Mon, 06/11/2012 - 15:18 | 2515691 battle axe
battle axe's picture

So what else is new?

Mon, 06/11/2012 - 15:37 | 2515755 Freddie
Freddie's picture

Ivy League Gangsters - Yale/Harvard - Bush 1,2, Clinton, and the Islamic.

Hope and Chains.

Mon, 06/11/2012 - 15:39 | 2515763 Disenchanted
Disenchanted's picture

 

 

 

 

 

This silly bitch must be an Islamic too, eh Freddie?

 

http://www.youtube.com/watch?v=ypdF5Q73Nbo

Mon, 06/11/2012 - 16:39 | 2515948 Ricky Bobby
Ricky Bobby's picture

Short the Skank!

Mon, 06/11/2012 - 17:26 | 2516082 Jumbotron
Jumbotron's picture

"America will rise again. That is for sure."

History exists if only to prove that statement a lie.  Every culture, civilization and empire has failed...some to absolute exinction.....others to a fragment of their former glory.

The one thing everyone can be sure of is that America will not buck the historical trend.

Mon, 06/11/2012 - 15:02 | 2515627 slaughterer
slaughterer's picture

"Fizzle-saviour":  he did his best fizzling in the Choomwagon.  

Mon, 06/11/2012 - 15:04 | 2515640 Blkhat117
Blkhat117's picture

"thats why they call it the american dream cause you have to be asleep to beleve it"

George Carlin.

Mon, 06/11/2012 - 15:05 | 2515642 mrktwtch2
mrktwtch2's picture

tell us something we dont already know..

Mon, 06/11/2012 - 15:05 | 2515643 Maos Dog
Maos Dog's picture

Starting with Regan, really? 

Not with Nixon closing the gold window? (That's where inequality really got hot and heavy! Look at adjusted wages since then!)

Not with LBJ's "Gun's and Butter"?

Not with FDR's Welfare State?

Not with the Start of the Fed and Income Tax?

Effin moron I gave you a 1

Mon, 06/11/2012 - 15:22 | 2515707 BKbroiler
BKbroiler's picture

yes, really.  

Until Reagan, government spending was under control.  He wrecked shop.  I mean, it's super cute how you list all the democratic presidents who did things you don't like and blame it on them, but reality's a bitch.  

Mon, 06/11/2012 - 15:39 | 2515756 Maos Dog
Maos Dog's picture

Are you stupid or just can't read?

Nixon, who gets most of the blame imho, was a REPUBLICAN

READ THE EFFIN CHARTS if you don't think the worst started with Nixon.

I recommend a wage growth chart adjusted for inflation since 1970, GIYS

Mon, 06/11/2012 - 15:42 | 2515774 Dr. Engali
Dr. Engali's picture

 

"Are you stuipd or just can't read?"

 

The democrat good republican bad and republican good democrat bad crowd only understand one thing....it's the other guys fault.

Mon, 06/11/2012 - 15:56 | 2515831 BKbroiler
BKbroiler's picture

Regarding Nixon, I fucked up, you are correct.  People defending Reagan gets me all wound up.

I blame Reagan and Clinton for advancing globalization at America's expense, which to my mind is the true reason we are in such bad shape.   What is frustrating is this idea here on ZH than any president who did anything for the public at large is a demonic socialist.  

Mon, 06/11/2012 - 18:48 | 2516271 SeattleBruce
SeattleBruce's picture

"the true reason we are in such bad shape."

--Banksta/crony corporate systemic greed working its will through politicos for generations.

--Public ignorance - dumbing down of America (see any TV Guide)

--Public apathy - victim mentality

Hard to say when the last fairly independent POTUS was, but at this point, they're just a figurehead for the failed status quo illusion duping the US citizenry.  I do think there are lots of good Americans (name your country) still out there (must be among 313 million people), but it's pretty tough for us to make changes with the casino markets/political games completely rigged against us.  Best thing to do is stack gold and silver, garden, farm, and engage in real economic activity (produce something, add value to a process.)

Ron Paul may have represented a good shift back toward some kind of sound money - and maybe still will (2016?)

Mon, 06/11/2012 - 20:34 | 2516483 victor82
victor82's picture

Possibly Theodore Roosevelt, who got the Sherman Act passed. You notice the Federal Reserve Act only passed once he AND Taft were safely out of power and Wilson, the nation's first truly state capitalist President, was in power.

Woodrow Wilson, aside from being a virulent racist, did everything he possibly could to transfer power from the states to the Federal Government. What Wilson did to dissenters and to War opponents (such as Norman Thomas, for example) made Richard Nixon look like a choirboy.

Mon, 06/11/2012 - 18:55 | 2516281 Offthebeach
Offthebeach's picture

How do you think the then Dutch Pilgrims got financing, for Plymouth Colony? Or our timber, minerals, cattle of the west or JP Morgan finance American railroads and locomotives to China? Globalization has been around ten thousand years before Christ. LBJ trashed the dollar and the US couldn't meet gold debts to governments ( FDR had previously told us Muppets to stuff it) Anyway, Nixon basically did to nations what FSR did to us serfs.

Mon, 06/11/2012 - 19:49 | 2516384 11b40
11b40's picture

Nixon sent Kissinger to suck up to China, ended the gold standard, and also gave us wage & price controls

Reagan ushered in Greed is Good and started making it popular to goof on the poor welfare queens, while the Savings & Loan hucksters started looting the Treasury.

The water has been circling the bowl for a long time, but we are getting nearer the the bottom.

Mon, 06/11/2012 - 19:56 | 2516405 HungrySeagull
HungrySeagull's picture

That is called the event horizon.

And a simple phrase...

"So solly, no monee."

Mon, 06/11/2012 - 20:41 | 2516493 victor82
victor82's picture

To Reagan's great credit, the S&L banksters were prosecuted by his attorney general and regulators like Bill Black.

There have been no prosecutions of banksters under Obama because at this point, the banksters own both parties.

The dry rot started with Nixon closing the Gold Window, however. That much is clear.

Mon, 06/11/2012 - 15:57 | 2515832 jonan
jonan's picture

who do the "moderates" blame? themselves? haha

Mon, 06/11/2012 - 15:28 | 2515725 t0mmyBerg
t0mmyBerg's picture

Agree.  I also gave it a 1.  There IS a problem with growing inequality, though I would suggest that there is less a cult of inequality than a benign tolerance of it in a liberal society, such as the US perhaps once was.  But the underlying and usually unstated premise that we therefore need the government to step in to make it right, is total nonsense and the opposite of what is needed.  Reagan also said that when you hear the words "We are from the government and we are here to help" you should run away as fast as your legs will carry you (or something like that). 

The one (OK there were probably several but I will mention 1) thing Reagan did that continues to reverberate negatively is jump on the Deficit spending bandwagon.  He did it for an ostensibly good purpose, to defeat the worldwide spread of Communism by spending it to death.  And as a result of that, Dick Cheney came to actually believe that "deficits don't matter".  And as he was the Shadow President, in the 2000's we took a step function up in deficit spending.  The problem is that Dick Cheney was right.  "Deficits don't matter" - until they do.  Oops.

Mon, 06/11/2012 - 15:41 | 2515770 Raymond K Hessel
Raymond K Hessel's picture

There's a growing inequality in the US because Americans take their kids to six different travel little leagues and forgive them if they can't get an A on their math exams.  Meanwhile, all of the engineers are being raised in Asia.  

Good luck with that.  

How the hell are we supposed to be the leader of innovation when everyone in this country is majoring in communications, psych, or anthropology?

Survey says, "We're not".  Thank you Mr Dawson.

Mon, 06/11/2012 - 16:41 | 2515963 Panafrican Funk...
Panafrican Funktron Robot's picture

Financial engineering is the only thing that matters, and that has no nationality.  It's the money masters, not the "I'm really fucking awesome at building cool robots or bridges" masters.  Who do you think has benefited from the "rise of Asia", Mr. Gupta or Mr. Cho the brilliant motherfuckers making $18K a year (in USD) despite his masters in electrical engineering?  We can shake our "math 'n science education!" fists all we want, but the actual solution is a drastic reduction in quality of life, until such a point that $18K a year in USD is actually considered "good money" in this country.  Why the fuck would a global conglomerate hire an engineer in the US, given what they have to pay?  

It is a given that globalisation is here, will expand, and we humans in the US will accept beans 'n rice lifestyles.  There is no fix to education that is going to cure the fundamental problem that US citizens are just too damn expensive.

Mon, 06/11/2012 - 19:40 | 2516367 Socratic Dog
Socratic Dog's picture

Agree.  $18k will buy about 75,000 pounds of corn at retail prices for chicken food.  That's about 200 man-years of survival calories.  I year's labor buys 200 years of food.  If that isn't enough to live on, and live well, then something is wayyyyy out of kilter.

Seems to me the thing that allows the distortion is modern finance.  Take that away, and all the bullshit is stripped off.  A man on $18k would be a wealthy man.

Mon, 06/11/2012 - 21:10 | 2516572 CPL
CPL's picture

He would have been once 70 years ago.

Mon, 06/11/2012 - 21:10 | 2516573 CPL
CPL's picture

He would have been once 70 years ago.

Mon, 06/11/2012 - 23:55 | 2516989 BooMushroom
BooMushroom's picture

At Walton Feed, $18k buys 13 years of food(deluxe) or twice that for the basics. You can't survive too long on JUST corn. But that's an interesting thought - work for 1 year per decade for food...

Mon, 06/11/2012 - 16:41 | 2515965 t0mmyBerg
t0mmyBerg's picture

AH, an issue near and dear to my heart.  You are right.  I once heard Mark Hurd (somewhat disgraced former head of HP) speak at the Economic Club of Chicago on this topic.  I then wrote a piece on my blog about it, oh wait I cannot mention my blog here - right.  Anyway, the idea I expressed in that largely aphoristic piece was that we have a dearth of people being guided ino the sciences for 2 reasons mainly.  The first is that the incentive structure in America has developed in a warped way.  The second is that culturally, with the development of technology that appeals mainly to our sense of sight (TV, other visual media), we have been drawn into a sort of cult of personality where the things people see that are cool and to which they aspire are things that are flashy like sports and acting.  Problem is not too many people can compete in those arenas.

If you are mathematically gifted, with the financialization of our economy, you are more likely to achieve a lifestyle that mimics sports stars and movie actors if you take the job at Goldman than if you take the job at Sandia or Raytheon or HP.  I have a cousin who works at Livermore (Physics PhD from IAS at Princeton) and has eschewed the Wall Street thing, not for lack of offers.  He has a strong will.  He does not live a rock start lifestyle though he could have.  For the rest of us, maybe the teachers you had sucked or maybe you somehow came to believe you could hit .400 or you had ripped abs and liked the look of your own picture.  Anyway, there is no easy solution in the media age.  Kids in asia will probably suffer the same fate as and if media comes to play a large role in their lives.  Bottom line is I blame it all on the invention of TV.

Mon, 06/11/2012 - 18:55 | 2516280 SeattleBruce
SeattleBruce's picture

"Dick Cheney came to actually believe that "deficits don't matter"."

Along with all other establishment political wonks, at least over the past 41 years.  As you say, they don't matter til they do - and that would be right about now.  Starting in Europe, Japan, and spreading soon to the good 'ol US of A.

Mon, 06/11/2012 - 15:39 | 2515764 gaf12
gaf12's picture

Maos Dog:
Agreed.  The "dream" has been under attack since the very first progressives first defined what it's supposed to be, and then began chipping away at its real meaning over 100 years ago.  For those who think Progressivism is a Democrat problem - many would point to Teddy Roosevelt as one of the earliest of them (McCain's favorite politician... ugh).  Progressives are on both sides - Lindsey Graham, Newt Gingrich, etc. 

And can we shut up about income inequality already?  At least call it what you mean = class warfare, and admit that your solution is marxism. 

Half of the nation is in poverty or near-poverty?  Americans don't know poverty.  I'll caveat that with the word "yet".  Oh, it's coming, but for now, our poor have multiple televisions, cell phones and vehicles.  Contrast our poverty with South America, Africa, and/or Asia.  Or more specifically, Brazil, China, India, and Russia (from the article above).  They know poverty. 

And the American Dream isn't "economic success and upward mobility" - that's a fabrication.  The American Dream is the ability to pursue happiness.  When the government gets in the way, the American Dream dies.  When they cozy up with corporations, it becomes more difficult be become an entrepreneur.  The dream isn't about upward mobility - that's exactly what a progressive or fascist want you to think = "stay in your job, play nice, and wait for your position upgrade."  The capitalist and freedom seeker says, "find your passion and make your own way.  You don't need the government to realize your dream".

Mon, 06/11/2012 - 17:42 | 2516105 GCT
GCT's picture

Spot on Gaf. More class warfare coming our way and it is fucking getting old.  I was a dirt poor mfer and I dug myself out of it a long time ago.  I am an old fart now and the true pursiut is happiness and doing something you have a passion for.  To be honest the nanny government is what is destroying the country.  I think it goes back alot further with Woodrow Wilson and the fed myself.  We can lay blame on whoever we like but in the end look in the fucking mirror.  The government will give you a carrot and then take it all away just as fast and they gave it.  Coming to the USA after this Euro shit settles.

I am sick of all the class warfare myself. All all they mean to say is we want to get the rich fuckers first, so we can come after the normal folks after we justify the ends.  The next bunch of crap coming is we taxed the rich, now it is your turn.  Trust me they want it all!

 

Mon, 06/11/2012 - 18:11 | 2516187 Moe Howard
Moe Howard's picture

Stop confusing the Utopians with logic and reality. They have their dreams, too, and you shatter them.

Mon, 06/11/2012 - 19:05 | 2516302 SeattleBruce
SeattleBruce's picture

"Contrast our (US) poverty with South America, Africa, and/or Asia.  Or more specifically, Brazil, China, India, and Russia (from the article above).  They know poverty. "

Approximately 13 million people die of hunger and hunger related diseases annually.  Many of these are children.  That's abject poverty and the US doesn't know about it.  There are hungry people in the US, and there is relative poverty, and there is certainly a poverty mindset (victim mentality, et al).   But I totally agree that Americans don't know real poverty (yet.)

Mon, 06/11/2012 - 16:38 | 2515944 ZackAttack
ZackAttack's picture

Every bit of this was inevitable once Nixon closed the gold window.

Mon, 06/11/2012 - 19:58 | 2516407 HungrySeagull
HungrySeagull's picture

Just squat on the gutter curbing in the district where gold and silver/Diamonds are traded.

You might find good living on a few scraps.

Mon, 06/11/2012 - 15:05 | 2515645 WALLST8MY8BALL
WALLST8MY8BALL's picture

If you look closely at the bottom of the American Dream you will see a sticker that says "Made In China"

Mon, 06/11/2012 - 16:01 | 2515847 JR
JR's picture

And if you look closely and investigate you will find that those manufacturing advances and innovations and patents in China could best be described as Made in the USA.

Mon, 06/11/2012 - 19:33 | 2516351 High_Pockets
High_Pockets's picture

...made out of HFCS from the U.S. shipped on a Danish owned Korean made vessel powered by an engine made in Finland that runs on oil....

Mon, 06/11/2012 - 15:06 | 2515650 Cognitive Dissonance
Cognitive Dissonance's picture

Freedom is another American dream that has been dashed on the rocky shore of Fascism.

Good thing we really don't want actual freedom, just freedom of choice between several consumer goods.

Mon, 06/11/2012 - 15:06 | 2515652 americanspirit
americanspirit's picture

Fizzle is what happens when a fire goes out. Dud is what happens when it never gets started. (Although - great new phrase!!)

Mon, 06/11/2012 - 15:10 | 2515665 F. Bastiat
F. Bastiat's picture

A pretty ignorant article.  The author should spend some time outside of the Anglosphere before puking out such twaddle.

Mon, 06/11/2012 - 22:34 | 2516671 Questan1913
Questan1913's picture

 

"A pretty ignorant article. The author should spend some time outside of the Anglosphere before puking out such twaddle."

Really?  Let's talk about ignorance, yours for example.  I have never seen an ignorant keyboard an ignorant pen or an ignorant article, but apparently you do see such things.  Your comment demonstrates hopeless ignorance of the correct use of the English language and an inablilty to comprehend what you had just read.   You evidence the maleducation of government schooling of past 50 years and the damaging effect of the inculcation of hyper-self esteem at the end of the process, to lock in your ignorance.  The author did not state that the US is the poorest nation on the face of the earth, fool.  He talked about wealth disparity, but because you are ignorant you missed the whole point of the article.  Amazingly 15 others as ignorant as you gave you big thumbs up.

From yesterdays news, paraphrasing:

The net worth of the six Walton (Walmart) heirs is equal to the total net worth of the lower third of of all Americans, which is 90 million people.

You won't understand what that sentence actually means; I'm just including it for others who might come along.

 

Tue, 06/12/2012 - 00:09 | 2517006 BooMushroom
BooMushroom's picture

If Trayvon could afford (assuming he didn't blow all his money on Nikes and Skittles) everything he needs, does it matter how much money some insanely smart guy in flyover country has?

Seriously! If the 99% are getting along, who cares how many gold-plated Ferraris are garaged in the Hamptons?

If there is theft, fight theft. If there is corruption, fight corruption. If there is fraud, fight fraud, if there is a preadatory, monopoly, break it up. Income disparity is a squirrel.

Squirrel!

Mon, 06/11/2012 - 15:10 | 2515667 azzhatter
azzhatter's picture

The american dream will become possible when Jamie Dimon and the bankster gang is hanging from lamp posts- not before

Mon, 06/11/2012 - 15:14 | 2515675 i_call_you_my_base
i_call_you_my_base's picture

"The American Dream" is a marketing campaign. Mobility has always been an illusion.

Mon, 06/11/2012 - 15:16 | 2515681 kekekekekekeke
kekekekekekeke's picture

wo bu ming bai ni shuo shen me

Mon, 06/11/2012 - 15:31 | 2515738 Liquid Courage
Liquid Courage's picture

I dont understand what you're saying ... either.

Mon, 06/11/2012 - 16:28 | 2515915 narapoiddyslexia
narapoiddyslexia's picture

Laughed out loud. After I looked it up. . .

Mon, 06/11/2012 - 15:17 | 2515683 kito
kito's picture

americas problems:

increasing populace more helpless, without employment skills, reliant on government assistance, which the government glady encourages so as to pump more money into gdp....

increasing debt, which the government gladly encourages, so as to pump more money into gdp

increasing invasive federal government, which of course, it gladly encourages, so as to minimize the fallout out from the previous two problems....................

Mon, 06/11/2012 - 15:17 | 2515686 RoadKill
RoadKill's picture

Oh cut it out you commie whiner!

If there is no such thing as the American Dream why is it that the middle class in the US has it so much better then in Europe?  Not to mention almost every part of Asia, LatAm and Africa.

http://en.wikipedia.org/wiki/Median_household_income

Median household income (at PPP) / Median House Price

US - $31,111 / $221,800

Australia - $26,915 / $521,238

Canada - $25,363 / $348,000

UK - $25,168 / $351,675

Germany - $21,241 / $298,105

France - $19,615 / $328 per sq ft

Japan - $19,432 / $159,100

Spain - $18,391 / $182 per sq ft

Italy - $16,866

Greece - $15,758

I take this personally.  I consider myself an example of the American Dream.  I gre up in a lower middle class household, living in a small townhome, buying clothes at Target and eating out at places like DQ.  I paid my own way through University of Texas and Harvard Business School.  I spent 6 years in I banking, 6 years at a hedge fund and am now worth mid-7 figures.  The American Dream is not a PROMISE of OUTCOME.  It is a promise of OPPORTUNITY.  Study hard, work hard, save money - you can rise from the bottom quartile to the middle, middle top top quartile, etc...  No one promised I could be born to a lower income household, party my way through school, get the government to pay for everything and end up like Bill Gates.

 

Jackass.

Mon, 06/11/2012 - 15:25 | 2515712 robertocarlos
robertocarlos's picture

The American dream was a housing crash? The American dream is now the Canadian dream.

Mon, 06/11/2012 - 15:30 | 2515717 F. Bastiat
F. Bastiat's picture

Spot on.

The imbecilic, juvenile, entitlement mentality of people like Ben Tanosborn, Joseph Stiglitz, and the Hawaiian Allende is the real problem facing this country.

Each and every one of us should take their whiny attacks upon civilization in general, and American in particular, personally.

Mon, 06/11/2012 - 15:34 | 2515745 Disenchanted
Disenchanted's picture

 

 

"and am now worth mid-7 figures."

 

so your stack of Monopoly money(Fed Reserve Notes*) is higher than mine...

 

woohoo, the dream lives on!

 

* note - an instrument of debt

Mon, 06/11/2012 - 16:15 | 2515888 RoadKill
RoadKill's picture

My stack of monopoly money went up buy 100 ounces of gold today.

How much did your pile of gold increase by?

Mon, 06/11/2012 - 17:43 | 2516115 Ghordius
Ghordius's picture

Is this done like a dick comparison contest?
Would someone explain the rules?

Mon, 06/11/2012 - 18:16 | 2516198 Moe Howard
Moe Howard's picture

If you hold it physically, it counts toward length.

If you attempt to count ETF gold, IRA [not held by you physically] gold, or remote storage gold in somebody else's storage and safekeeping, well, that's a foul, like trying to start measuring from your asshole.

Mon, 06/11/2012 - 18:13 | 2516190 Vlad Tepid
Vlad Tepid's picture

How fortuitous that you were able to drop $160K on gold on exactly the same day that someone called you on your unsolicited trumpeting of your own superiority.  I would call bullshit on your whole fantasy but I just don't have the time.  Have fun at your hedge fund with your mid seven figures and your Harvard Business degree.  *mock salute*

Mon, 06/11/2012 - 18:18 | 2516203 Moe Howard
Moe Howard's picture

Can we have a drink on him? Make mine a boilermaker.

Mon, 06/11/2012 - 21:16 | 2516589 RoadKill
RoadKill's picture

Im glad to buy a ZHer a drink when/if I meet one.

Too bad so many other ZHers are so full of rage and hatred they'd hang me as a "bankster" for having met a Rothschild.

But whatever. Apparantly everyone that ever worked at an Ibank (I did M&A at a botique advisory firm. Nothing bailouty) or HF (long/short equity, down only 15% in 2008, also no bailouts), made all their money by ripping off the hippy OWS crowd.

Mon, 06/11/2012 - 21:10 | 2516574 RoadKill
RoadKill's picture

I dont own an ounce of gold. My point was if you own gold you will only have what you have. When I buy your gold for under $1,000 an ounce with my monopoly money that will have doubled in value, well Ill have a lot more of it then if I had bought every ounce I could at $200 and sat on it.

Mon, 06/11/2012 - 15:39 | 2515758 CIABS
CIABS's picture

RoadKill:  sarcasm?

Mon, 06/11/2012 - 16:06 | 2515860 resurger
resurger's picture

blah blah blah ... Harvard Business School."

So tell me, how is it difficult to do the following:

1- Take peoples money

2- Get some insiders Information or

Assymetric Service Initative

3- Leverage X50000000000 0(Ask ZH Vyeron on for more on that)

4- Make Money

okay, thats fine, BUT:

when the shit gets dipped in the sweet & sour sauce, you (Banka and Investment Banks) who call the governmet to bail you out for Trillions and Trillions of $$$. Chose your words carefully next time you dickweeded egotistic fuck.

 

 

Mon, 06/11/2012 - 16:30 | 2515918 kekekekekekeke
kekekekekekeke's picture

where is vyeron I want to as him

Mon, 06/11/2012 - 16:18 | 2515897 i_call_you_my_base
i_call_you_my_base's picture

Grow up with a single parent living in a slum and come out of it like you did and I might agree with you. People like you who claim hardship coming from a middle class family with a support structure and food on the table every night make me laugh. Boo hoo, you had to eat at Dairy Queen. Wow, what hardship you've endured.

Mon, 06/11/2012 - 16:31 | 2515920 kekekekekekeke
kekekekekekeke's picture

seriously!

Mon, 06/11/2012 - 17:04 | 2516035 Panafrican Funk...
Panafrican Funktron Robot's picture

"Hard times in the city.  We had to shop at fucking TARGET.  Streetz made a nigga* hard, yo!"

*white dude that grew up in a "small" townhouse in Schaumburg

"Yo, check this, we had to live in a townhouse!  That motherfucker was SEMI-DETACHED!  Only a one car garage, mang!"

Mon, 06/11/2012 - 18:20 | 2516207 Moe Howard
Moe Howard's picture

Did I mention I used to shit in Schaumburg when it was a corn field?

Mon, 06/11/2012 - 21:24 | 2516608 RoadKill
RoadKill's picture

Even if I was born in a ghetto to a single mom, I wouldnt be an orphan with aids in Nigeria. Im not saying I had it the hardest of anyone growing up, or am the most successful person here. I know im neither, nor even the best example of the two put togeather.

But somebody has to stand up to this hippy OWS bullshit. The American dream is alive. And if its not WELL its because of Commrade O enslaving the masses by promising to take care of them in return for votes, rather then making it possible for them to take care of themselves by getting out of the way.

You can accuse me of being an "egotictical fuktard" or whatever you want, but I standup for what I believe in and Im one of the few people that post ideas on here to help the hippy OWS crowd join the 1% instead of hating on them.

Mon, 06/11/2012 - 18:19 | 2516205 Moe Howard
Moe Howard's picture

Target is where the rich kids shopped where I am from. DQ was for vacations only, one every four years.

Mon, 06/11/2012 - 21:59 | 2516664 The Age of Usef...
The Age of Useful Idiots's picture

In a corporate plutocracy upward mobility declines steadily until it stops. Which is basically his argument, backed by facts. You don't want to listen because he is a progressive. It doesn't matter if he is right. The only thing that matters is that YOU made it. Not if young people around you will still have a shot the way things are going.

As far as those numbers go, why would a genius like you not look at the historical data and the trend? You look at graphs that identify trends all day. Because you don't want to see the decline. Because it would destroy your bubble.

Fact is, inequality levels have gone back to the level of the 20's. That's a FACT. That's right, 90 years back. In a few years, we will go back to the 19th century. Forget ideology, this is simply not good for the nation. If you still care (about anyone or anything other than you, you, you) that is.

Mon, 06/11/2012 - 15:18 | 2515694 robertocarlos
robertocarlos's picture

PM Harper is speaking now on the state of the global economy. He has that Obama touch.

Mon, 06/11/2012 - 15:19 | 2515695 marcusfenix
marcusfenix's picture

this is why they never tagged it "the American reality"

"Dream" was always far more appropriate, though illusion would have probably been more accurate.

Mon, 06/11/2012 - 15:19 | 2515697 Robert Neville
Robert Neville's picture

When I read the name Stigliz I stopped reading. He outed himself as a progressive hack.

Mon, 06/11/2012 - 15:27 | 2515703 Dr. Engali
Dr. Engali's picture

So what is the author arguing for? Communism? There will always be inequality in any system. The free enterprise system gives people the best opportunity to advance. The problem is not capitalism, the problem is that it has been perverted into corporatism. In order for capitalism to thrive institutions must be allowed to fail as well as succeed. If you remove the backstop of the state then these outsized "bets" will never be made. Allow one of these basturds to fail and watch the risk get reigned in quicker than beer can turn into piss. 

Mon, 06/11/2012 - 15:23 | 2515708 crshinn
crshinn's picture

What a crock of sh!t.  Stiglitz is also the same economist whose theorem "establishes that an ideal government could do better running an enterprise itself than it could through privatization."  Really?  I want nothing to do with anyone that thinks that way.

Just go ask any factory worker in China if they would rather live there or here and then you'll see whose living the American Dream.

Moron.

Mon, 06/11/2012 - 15:25 | 2515713 Texas Ginslinger
Texas Ginslinger's picture

writer several times referres to 'access to education' as a problem for the less advantaged.

bullshit.

the only thing holding anyone back from a decent education is a poor work ethic and a lack of a desire to get ahead.

 

 

Mon, 06/11/2012 - 18:17 | 2516199 Vlad Tepid
Vlad Tepid's picture

That's true.  An education comes from reading - which is as close and as free as an internet connection or a public library.  If someone confuses a college degree with an education they are seriously deluded.

Mon, 06/11/2012 - 21:43 | 2516647 CloseToTheEdge
CloseToTheEdge's picture

It doesn't take a work ethic nor a desire to get ahead to exercise curiosity.


I keep six honest serving-men,
They taught me all I knew;
Their names are What and Why and When
And How and Where and Who.
 Kipling

Mon, 06/11/2012 - 15:37 | 2515728 Sophist Economicus
Sophist Economicus's picture

Tanosborn, you're part of the problem, as is that Keynesian idiot Stieglitz.

Who comprises most of the 50%? Why it is uneducated single moms, Young males without high school degrees, inner city and local-yocal welfare recipients - many of them multigenerational.

Who encourage this? Why idiots like you that have chipped away at idea that person is in charge of their own life and is NOT entitled to have a dime from anyone else.

But charity means grovelling for our over educated sociologists, psychologists, lawyers, etc that eat from the smelly trough of government forced taxation.

Much better to work for NGOs, non-profits and government agencies where money magically appears from the pockets of citizens. No messy phone calls pleading for charity and also guaranteed 'living wages' of $75k to $250k for our Harvard liberal arts majors

And, oh yea, the slime on the dole gets to 'live in dignity' by getting their check from uncle Sam .vs. standing in line at a soup kitchen. Lots of dignity knowing that someone else's pocket was picked so that your EBT card could be replenished

LOL

Mon, 06/11/2012 - 15:32 | 2515742 JR
JR's picture

The words of Joseph Stiglitz, on which 100 percent of this misdirected piece is based, would identify the American social and economic crisis as inequality. This is the raw voice of Marx; only a leveling of incomes and wealth can fix America’s crisis. But ignored by Stiglitz is that America does not suffer from inequality; it suffers from tyranny.

The banking cartel that controls America’s currency and its politicians has no resemblance whatsoever to capitalism, the free market, or the American Dream that Ronald Reagan, the last honest president, was talking about.

When the role of the tyrants, the international bankers who own the Federal Reserve Bank, is identified and they are brought to justice, then, and only then, will it be appropriate to discuss inequality.

Stiglitz has frightening credentials as a socialist. Not only did he chair the Socialist International’s Commission on Global Financial Issues, but he chaired Miguel D'Escoto’s UN Commission of Experts on Reforms of the International Monetary and Financial System in 2009 while the former Sandinista junta member sat as president of the UN General Assembly.

 “Stiglitz's 2003 book The Roaring Nineties was described by Bloomberg New as "a cornerstone of President Barack Obama's blueprint to reshape the U.S. economy.”

Mon, 06/11/2012 - 16:48 | 2515995 Ricky Bobby
Ricky Bobby's picture

JR - Hit it out of the Park.

"America does not suffer from inequality; it suffers from tyranny."

Mon, 06/11/2012 - 15:32 | 2515743 robertocarlos
robertocarlos's picture

Oil is getting monkeyhammered. Again. That is the American dream.

Mon, 06/11/2012 - 15:36 | 2515751 CABill
CABill's picture

Regan was the greatest President in recent history.  The cold war ended while he was in office, had it not the world today may not exist.  And no president ever gave better, more uplifting speeches.  He may have even over-heated the economy and Bush Sr., and Clinton reaped the benefits.  

 

Others, we argue, are not even qualified for the job.

Mon, 06/11/2012 - 22:14 | 2516603 The Age of Usef...
The Age of Useful Idiots's picture

Reagan tripled the national debt. He also raised taxes in 7 out of his 8 years (but when he cut, he cut them good for the rich). He also caved in to the terrists when he withdrew from Lebanon after the Beirut barracks bombing! Imagine that!

He was nothing like people today imagine him to be, and he was a total moron. He was the perfect president for TPTB. A clueless guy totally dependent on his advisers, delivering 'uplifting' speeches with his toothpaste-commercial smile to the cattle. The next best thing after having John Wayne on his white horse for president, who was sadly not available. That was when 'operation screw the middle class' started, with incomes stagnating so the debt bubbles could happen, making Americans a nation of debt peons.

But never mind. Carry on.

Mon, 06/11/2012 - 15:37 | 2515757 Shameful
Shameful's picture

As bad as things are in the US, it is still a place where a person can make some money.  Sure maybe not everyone can, but if you're smart can even start off at the bottom and do just fine.  I've looked, in the majority of the "civilized" world that is so often pointed, at taxes on labor is even hirer then here.  All kinds of social mobility when you hand the bulk of your earnings to a spendthrift government that views you only as an income stream.

Mon, 06/11/2012 - 15:53 | 2515819 Raging Debate
Raging Debate's picture

I agree Shameful, one can still make money but be prepared to hire employees as temps or subcontractors and less than 32 hours a week. Taxes on labor may be lower overseas, I wouldn't know. But as an employer what I do know is having your employees attempt to outright steal their own purchasing power back directly or through lawsuits has quelled my desire to hire full-time again.

Government favors big business. One either plays the same rules (though I find some of them distasteful) or lose. America needs an effective protectionist trade policy going forward and the cycle of political corruption has to subside for that. Trust-busting wouldn't hurt either. I think it will be several more years before we see daylight.  

Mon, 06/11/2012 - 18:35 | 2516244 sethstorm
sethstorm's picture

That makes you part of the problem - since you're using organized labor of the employer variety.  If there are any groups that should be covered by the Right to Work law, it should be subcontractors, temporary workers, part-time workers and the like - as well as labor unions - to give choice while removing the opportunity to dodge the laws.  Otherwise you will be wondering why you're being continually backstabbed by people who see you as distrustful.

Either directly hire, get out of the way for businesses that will for the same level of qualifications, or don't be surprised if businesses are required to do that and a lot more.

 

Mon, 06/11/2012 - 20:54 | 2516527 Raging Debate
Raging Debate's picture

Sounds great in theory Seth but it doesn't put food on the table in practice. I explained trust was already broken because those full-time employees used the laws against me. As a small business owner am I alone here? I doubt it.

As for your prediction, it would be more likely we become like France then moving toward labor unions for subcontractors. I'll support full-time employees when we have returned to a free market again, how's that for compromise buddy?

Mon, 06/11/2012 - 16:05 | 2515861 JohnFrodo
JohnFrodo's picture

Social mobility is less in the US than the EURO zone or Canada. The Haratio Alger myth is just that based upon a handful of outliers like Gates, Jobs etc every decade.

Mon, 06/11/2012 - 16:21 | 2515905 Shameful
Shameful's picture

I'm speaking from personal experience.  Blue collar family, worked my way through school.  While I'm still young and not exactly overburdened with money I have a pretty good income, and looking around I would be hard pressed to match it worldwide, I've looked.  To me the new American dream is to bust ass, make some money, and then go somewhere else for better quality of life.

Mon, 06/11/2012 - 21:30 | 2516617 RoadKill
RoadKill's picture

You are an egotistical fuktard. You have created nothing. You steal everything from others you enslave. Blah blah blah

Just kidding. But thats what you should expect from the hippy OWS crowd around here.

Mon, 06/11/2012 - 15:42 | 2515773 Bartanist
Bartanist's picture

In China, wasn't the dream to have:

Chinese Food

Japanese Wife

American Money (but now I think they would want Singaporean money)

In Europe you would change it to at least include French or Italian food ... and maybe more.

Mon, 06/11/2012 - 15:58 | 2515796 anonnn
anonnn's picture

Remember American Black slavery?

Now we all can taste  the overwhelming loss of liberty that was imposed on those unlucky millions. Totally and without doubt against the will of those victims, each heard the door slam shut on any hope to breathe free again.

We have been bamboozled by sociohopathic clever-strokes for a lnog time.

The fraud-masters grow ever more powerful as fairness, AKA justice, is neglected.

Mon, 06/11/2012 - 16:35 | 2515937 JR
JR's picture

It was the American system that enabled a black man to be President; how many European and Asian countries can make that statement?

It was the American system that gave American Indians enough privileges that they are a political force in elections becoming the second top contributor to political election issues in California.

It was the American system that opened the doors to immigration so wide that the force of Mexican nationals that entered America now equals about half the population of their native Mexico.

And who was it who allowed the Jewish people to attain the top positions in the government, ownership of the major media corporations, and enabled them to become the major beneficiaries of hostile mergers and acquisitions of giant corporations within America’s leading industries?

Who made this possible? Hint: The white race.

And who, now, is the victim of legal restrictions and scurrilous attacks on character, motives and culture; including your scurrilous attack?  Answer: The white American male

Mon, 06/11/2012 - 19:48 | 2516383 mjk0259
mjk0259's picture

Wasn't it the joos that did all that?

Mon, 06/11/2012 - 15:51 | 2515815 michigan independant
michigan independant's picture

All animals are not equall on the farm.  PhD recipients receiving entitlements has tripled to 33,655 and the number of master’s degree holders on food stamps and other forms of welfare nearly tripled during that same time period to 293,029, according to an Urban Institute study cited by the Chronicle of Higher Education. I did not double verify the numbers so be civilized. I convey this since Younger and older I know todate are educuated and the abusive credit market some years back now have sure did not help. I noted in the mid to late seventy's when we got a grant from Carter for CNC machines back then cutting edge technology we got taken out from the fast money since we had the means of production to compete. The moral of the story then was update to be taken out and looted from above from those who do not pocess knowledge in the first place. The so called smart money can organize but over the decades they are overpaid indeed since they did not even start any Business in the first place.

 

Mon, 06/11/2012 - 16:00 | 2515841 dontgoforit
dontgoforit's picture

"fizzled savior"?  R U kidding, Tyler.  I expected better word choices on ZH than that.  There's only one Savior and it sure ain't the POTUS, past, present or future - get ur head out ur ass, man.

 

Mon, 06/11/2012 - 23:16 | 2516884 old naughty
old naughty's picture

savior...

who is he (she) saving?

All HU-men?  Hummmmmmmm.

Mon, 06/11/2012 - 16:02 | 2515852 JohnFrodo
JohnFrodo's picture

The biggest problem America faces is not understanding what made the nation great in the first place. After WW1 the Narrative was stolen by wall street.

http://www.youtube.com/watch?feature=player_embedded&v=2hImYfdl5pE

And for dessert, consider what it would mean if Bob Woodward was CIA.

http://whowhatwhy.com/2012/06/08/words-the-government-uses-to-spy-on-you/#disqus_thread

Mon, 06/11/2012 - 16:09 | 2515879 bankruptcylawyer
bankruptcylawyer's picture

maybe the american dream has been fullfilled, and it is the sheeple who are getting what they deserve?

all the cable tv, fast food, big sports, gaz guzzling cars, extreme religious zealotry and biggotedness, and general brainless and bodylessness that they've cultivated since the 60s. 

 

 

Mon, 06/11/2012 - 16:11 | 2515883 mikesswimn
mikesswimn's picture

"'the cult of inequality – an inevitable result from the infamous trickle-down economics' (Keynesian)" + "The Price of Inequality: How Today’s Divided Society Endangers Our Future, by Joseph Stiglitz (Keynesian)" = Irony

Mon, 06/11/2012 - 20:51 | 2516518 The Age of Usef...
The Age of Useful Idiots's picture

trickle-down economics' (Keynesian) ?????

We are doomed. Too many people think in TeVeee soundbite language. No books. No critical thinking. Not even a 10" freakin' google search. Thought as fast-food. Any garbage will do.

A nation full of obese braindead-yet-opinionated zombies deserves to be enslaved. The bankers are right. We are not humans like them. We are indeed cattle. Cattle with big Teveees.

 

Mon, 06/11/2012 - 16:37 | 2515941 AchtungAffen
AchtungAffen's picture

I love it how when someone posts an article about inequality and how it sucks, ZHedgers don't care about that shit. Probably they're thinking its a "comrade" behind a keyboard... And while they're distracted by several boogiemen (Commies, Terrorists, Islamists, etc...), they're getting fucked lubeless...

Mon, 06/11/2012 - 16:38 | 2515946 sethstorm
sethstorm's picture

By all means, let those people in China who make a great many of the products we consume, fantasize achieving “their American Dream”… they are more prone to attain it than we, in the United States of America, are.

No, keep it a fantasy for them, and do whatever it takes in Congress and the DoD to maintain it in the US.  The American way of life is not negotiable.  Darwinism belongs to non-human animals, not humans or economic systems.

 

 

 

Mon, 06/11/2012 - 16:58 | 2516016 Apostate2
Apostate2's picture

It's Tuesday morning not Friday humour dump. I must be dreaming. Stiglitz? Really? I'm havin' a laugh--he gets to wear the pointy hat and stand in the corner until he learns to behave.Dunce.

Mon, 06/11/2012 - 17:49 | 2516131 shovelhead
Mon, 06/11/2012 - 18:24 | 2516217 CoMooter
CoMooter's picture

I enjoyed this drivel so much I took the opportunity to visit Mr. Tanosborn's site and discover some of this luminary's other posted wisdom...my personal favorite was:

http://www.tanosborn.com/columns/2012/cuba-needs-advocates-she-can-trust

While the current American system of capitalism (or more specifically the lack thereof) can certainly be criticized from multiple perspectives, when this criticism is emanating from those who at the same time are also dreamily waxing for the Cuban 'miracle' it is also highly suspect. 

Nothing to see here comrade...move along.

Mon, 06/11/2012 - 18:27 | 2516226 Moe Howard
Moe Howard's picture

Please Tyler, all the good shit out there and we get this? Really? Where is that fucking robotrader or that motherfucker picking silver up off the ground for nothing?

Mon, 06/11/2012 - 18:47 | 2516267 Oldrepublic
Oldrepublic's picture

1 in 2 Americans live in poverty or near poverty.

contrast to Brazil where 26 million people have left poverty between 2004 -2009 or China where 500 million people have left poverty between 1981 and 2004.

Read the book Factory Girls about life in a sweatshop in southern China for 16-17 year old girls.

compare that to girls the same age in the US!

Mon, 06/11/2012 - 19:50 | 2516392 mjk0259
mjk0259's picture

True but clearly the percentage of people in poverty is going down in China and Brazil.

And increasing in US.

 

We will catch down soon enough.

 

Mon, 06/11/2012 - 19:54 | 2516401 mjk0259
mjk0259's picture

China is 20% of worldwide luxury good market. Not all the girls are working in factories.

Mon, 06/11/2012 - 21:08 | 2516567 sethstorm
sethstorm's picture

Which also means the extraordinary rendition market is growing to handle the problem those people present.

Mon, 06/11/2012 - 23:22 | 2516903 old naughty
old naughty's picture

this is your idea of saving the world economy? What exactly is the number?

If liquidity dried up, would China still grow 5/6..8/9%?

 

Mon, 06/11/2012 - 18:59 | 2516295 earleflorida
earleflorida's picture

Excerpt "The Rebellion of Ronald Reagan" by James Mann c.2009

"The policy of detente seemed to incorporate several intellectual trends of the 60's and early 70's [LBJ/ Nixon/ Ford]. Some American scholars had been arguing that the political systems of the United States and the Soviet Union were gradually converging and that both countries might evolve toward some kind of democratic socialism. Others asserted that the Soviet system no longer fit the totalitarian model, that it had become more pluralistic since Stalin's death, that the Soviet leadership now enjoyed greater popular support and legitimacy than in the past."

Reagan detested, and literally hated 'Soviet Communism', and was fixated on destroying it both politically and economically -- whatever it takes? He used up immeasurable public funds to achieve his goals. One, was the military industrial complex [MIC] policies 'money-maker extraordinaire' -- the 'Strategic Defense Initiative [STI]' and the other was the ultra covert directive known as 'NSDD-75.

He did however bankrupt the USSR through these measures using Pakistan to defeat the Russians in Afghanistan, literally destroying the empire [Leon Trotsky famous quote in 1917 via the Bolshevik Revolution, to a "ash heap of history"].

History tells us today, that Reagan's rational of cuddling up to China [Kissinger/ Nixon?] and defeating the "Evil [USSR] Empire" at all cost was nothing more than a "Pyrrhic Victory"? 

Today as I pen this comment, Russia is partnering up with China, what seems to be a very lucrative mutual endeavor. jmo

excellent read, thanks  

Mon, 06/11/2012 - 19:11 | 2516308 CloseToTheEdge
CloseToTheEdge's picture

If wealth was the inevitable result of hard work and enterprise, every woman in Africa would be a millionaire.

G. Monbiot

 

Every now and then when your life gets complicated and the weasels start closing in, the only cure is to load up on heinous chemicals and then drive like a bastard from Hollywood to Las Vegas ... with the music at top volume and at least a pint of ether.

Hunter S. Thompson!

Mon, 06/11/2012 - 19:26 | 2516334 deflator
deflator's picture

 The unintended consequence of, "a President doing something good for the public at large" usually results in the enabling of government growth that otherwise would not have been possible. The trajectory of government growth is now only stoppable by an all out collapse.

Mon, 06/11/2012 - 20:38 | 2516488 ozzzo
ozzzo's picture

The Roman Empire will rise again!

Mon, 06/11/2012 - 21:24 | 2516606 earleflorida
earleflorida's picture

addendum:

Nixon and Kissinger *[Cheney]were always meddling in Reagan's policies. In fact Nixon was in Russia negotiating with their leaders as was Kissinger in communist China. [never could figure out how Mao Zedong was ever able to slaughtered 50 million of his people and is still considered their hero today -- the following holds true for Linen and Stalin].

Ps. Why did Gerald Ford choose Nelson Rockefeller as his V.P.?

Ref:  http://www.reagansheritage.org/reagan/html/reagan_panel_pipes.shtml

http://en.wikipedia.org/wiki/October_Revolution     http://en.wikipedia.org/wiki/Soviet_war_in_Afghanistan          **{Mujahideen now a terrorist organization?}

Mon, 06/11/2012 - 21:40 | 2516642 GernB
GernB's picture

The conclusion that disparity between the rich and poor is due to trickle down economics is simply a fantasy and not supported by the facts. We have had three years of massive stimulous spending, the opposite of supply side economics, and where is the disparity between rich and poor today. It is still widening at an allarming rate.

There are other plausibl explanations for the growing disparity:

1. Inflation and money printing tend to favor lenders over borrowers. The carry trade is an example, not many poor people engage in it, but when the Fed is pegging interest rates banks and their owners can get rich by borrowing at a lower rate and lnding at a higher one. Who wins. Not the poor.

2. Generous entitelment programs reduce the incentive to work and save. After a point it is possible for someone to live on next to nothings as long as they have food stamps, state health benefits, housing assistance, etc. Any behavior that is rewarded tends to increase so if you reward less work you get less work and a growing poor class.

3. Minimum wage laws price some people out of the labor market while sending the same jobs overseas where people will work for lower wages. Those low end jobs expand the workforce and help drive wages up at the higher ends.

4. An expanding government sector places a drag on the pivate sector forcing them to send wages to Washington in the form of taxes. When government taxes businesses the money can only come from three places: customers (which drives up costs), employees (which drives down wages), or investors. Many compnies don't even give dividends so that only leaves customers and employees as sources of the tax revenue.

5. Unions can drive up the price of labor, again pricing some people out of the labor market, so that the same wages just go to fewer people. They also drive up the cost of goods for all customers. This hurts competitiveness, drives business to cheaper labor markets, encourages automating people out of jobs where possible, and lower overall prosperity which is correlated to productivity,

The real trick here is to insitute policies that harm the poor, but do so in their name so that they think you are the good guys. When they hurt enough they are primed for revolution, then you can get them to give up all their liberty in the name of equality. Because after all thge biggest contributor to income disparity is freedom. Free people make different choices which leads to different outcomes and disparity. Eliminate freedom and you can eliminate disparity. Sadly that sems to be the direction so many people want to go in.

Tue, 06/12/2012 - 02:50 | 2517159 q99x2
q99x2's picture

Robert Allen's "Nothing Down" real estate investment strategy where leverage and tax deductions will make the working man a millionaire.

Ron Paul exposes the Trilateral commission the FED and the Council on Foreign Relations.

This one's for the Gipper.

And then there was globalism, the breaking up of the Air Traffic Controllers Union and the emptying out of the mental hospitals and onto the streets of the poor and disabled.

NAFTA and GATT

And then the Gipper got alzheimer's and the globalists became the facist NWO elites and tried to take over the world but instead killed billions including themselves. And, there was terror and horror and flees and famine the world over before the nukes went off. And well thank God that didn't happen yet.

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