Guest Post: Who Destroyed The Middle Class - Part 2

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Submitted by Jim Quinn from The Burning Platform

Who Destroyed The Middle Class - Part 2

In Part 1 of this three part series I addressed where and how the net worth of the middle class was stolen. In Part 2, I will tackle who stole your net worth and in Part 3, why they stole your net worth. Now let’s zero in on the culprits of this crime.

Dude, Who Stole My Net Worth?

“Thus far, both political parties have been remarkably clever and effective in concealing this new reality. In fact, the two parties have formed an innovative kind of cartel—an arrangement I have termed America’s political duopoly. Both parties lie about the fact that they have each sold out to the financial sector and the wealthy. So far both have largely gotten away with the lie, helped in part by the enormous amount of money now spent on deceptive, manipulative political advertising.” Charles FergusonPredator Nation

When you dig into the charts and data supplied by the Federal Reserve generated report, the data which goes back to 2001 tells a story not addressed by the deceptive, manipulative, political propaganda that passes for investigative reporting by the captured mainstream media. The chart below compares the median versus mean income growth from the last three Fed consumer surveys. Overall, it reveals a lost decade of negative income growth for the average middle class family. In the early part of the decade the average middle class family made some progress as jobs were relatively plentiful and the internet crash mostly impacted the rich, who own most of the stocks in the country. This is why the median income rose while the average income fell. The wealthy have a large impact on the average because they own the vast majority of assets in this country. The stock market debacle was unacceptable to the oligarchs and their money printing puppet Greenspan.   

 

Both the liberal and conservative wings of the ruling oligarchy were in complete agreement. A new bubble needed to be blown in order to refill the coffers of the ruling class. Paul Krugman spoke for the liberal wing:

“To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.”

Greenspan and his handpicked successor Bernanke represented the conservative wing by reducing interest rates to ridiculously low levels, failing to carry out their regulatory obligations, encouraging recklessness, and purposefully failing to acknowledge and deflate the greatest housing bubble in world history:

“American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.” Alan Greenspan – February 2004

“House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.” – Ben Bernanke – October 2005

“With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.” – Ben Bernanke – November 2005

The master plan worked like a charm from 2004 through 2007 as you can see by the tremendous surge in average income. The stock market rocketed by 75% between 2003 and 2007 and national home prices shot up by 50%. Wall Street creatively invented no doc, negative amortization, interest only, subprime mortgages and generated a frenzy of demand from anyone that could scratch an X on a loan document, just as Greenspan had demanded. Being “sophisticated” financial institutions, they were able to assemble thousands of shit loans that were certain to default into one big derivative package of shit and their captured lackeys at the “sophisticated” rating agencies stamped a AAA rating on the smelly pile of feces. Always looking out for the best interests of their clients (aka muppets), the upstanding Wall Street firms sold the derivative piles of shit to them as can’t miss investments. Wall Street profits went off the charts. Billions in bonuses flowed to the rich and powerful Wall Street titans. Mega-corporations generated record profits as consumers utilized the Fed induced tsunami of easy debt to buy BMWs, 72 inch HDTVs, home theaters, stainless steel appliances, granite counter-tops, Caribbean cruises, Jimmy Choo shoes, and Rolex watches in a mad frenzy of consumer delusion.

What you might also notice in the chart above is that median household income somehow declined during this decadent orgy of corporate fascist pleasure. How could this be? Table 2 from the Fed report makes it clear. The vast majority of households in this country generate 75% to 81% of their income from wages. Virtually none of the income generated in 85 million households (the bottom 75%) comes from interest, dividends or capital gains. You need money to make money. The top 10% only generated 46% of their income from wages. The report does not provide details on the top 1%, but wages most certainly account for less than 20% of their income. Interest, dividends and capital gains represented 22.2% of the income for the top 10%, while it represented less than 1% of income for the bottom 75%. This data is the smoking gun that proves that Federal Reserve policy and control fraud on a grand scale by the titans of Wall Street was designed and executed to benefit only the wealthy elite billionaire class and their co-conspirators. All the income gains during this time accrued to the psychopathic amoral financial oligarchy. The average family saw their real wages decline and anyone lured into the housing market during this time frame by the “sophisticated” financial experts at Citicorp, Bank of America, Wells Fargo, Merrill Lynch, Countrywide, Washington Mutual, Wachovia, Bear Stearns, Goldman Sachs, Lehman Brothers, and the other members of the Too Big To Fail criminal syndicate was set up for epic loses.       

Source of Household Income By Percentile of Net Worth  

As expected, the psychopathic banker class could not be satisfied with the results of their looting. Their gluttonous voracious greed culminated in a historic collapse of the worldwide financial system resulting in a housing implosion, stock market crash and 8 million middle class Americans losing their jobs.  The Fed report does show that average household income declined more than median household income after this historic financial oligarchy created collapse. One look at Table 6 from the Fed report will explain why. Only 15% of families own stocks and only 50% have retirement accounts. Approximately 50 million households in the country have virtually no stocks and less than 30% have retirement accounts. The top 10% wealthiest households, with a median household net worth of $1.2 million, proportionately own 3 times as much stock as the average family and 90% have retirement accounts. Therefore, the 57% crash in stocks impacted the top 10% to a greater extent, while the average family was most impacted by the 28% drop in home prices.      

 9 out of 10 Young People Don't Invest in Stocks

Despite the fact that the median net worth of the top 10% actual rose from $1.17 million in 2007 to $1.19 million in 2010 (while the bottom 80% saw their net worth decline by 36%) the losses in the stock market were intolerable to the banker predators and their captured government parasite politicians. All the “solutions” to the Wall Street induced financial debacle have been designed to benefit those who committed the crime and should have done the time. The singular design of those pulling the strings was to replenish the treasure chests on Wall Street, engineer a stock market rally to pump up the net worth and capital gain income for the 1%, and protect the vested interests of the financial elite. All the obscene criminally generated profits created during the boom were privatized into the grubby hands of the financial predators, while the subsequent gargantuan losses were socialized onto the backs of the American middle class taxpayers and future unborn generations. 

TARP was rammed through the captured Congress by the oligarchs despite a 300 to 1 opposition from the public in order to protect obscenely wealthy bankers, stockholders and bondholders. The $800 billion of debt financed political pork, disguised as stimulus, was doled out to corporate contributors, union thugs, and a myriad of other special interests. Zero interest rates are specifically geared to generate billions of risk free profits for Wall Street and to force retirees to gamble their dwindling retirement funds in the rigged stock market. Bernanke and Paulson threatened the limp wristed pocket protector CPAs at the FASB into allowing Wall Street banks to make up the value of their loan portfolios in order to mislead the public regarding their insolvency. The tripling of the Federal Reserve balance sheet from $950 billion in September 2008 to $2.9 trillion today was done to remove the toxic assets from the balance sheets of the Too Big To Fail Wall Street cabal at 100 cents on the dollar.  QE1, QE2, and Operation Twist have had the sole purpose of providing the “sophisticated” financial elite with the funds to pump into the stock market using their high frequency trading super computers.  

   

The subsequent Federal Reserve contrived 100% increase in the S&P 500 has repaired the damaged balance sheets of the moneyed interests, while the average middle class family has sunk further into debt and despair. The powerful entrenched sociopathic marauder class cares not for the average middle class American. They can barely conceal their contempt and disgust for the masses as they blatantly flaunt their hegemony and supremacy over our decrepit decaying corrupted economic system. M. Ramsey King described the disgusting display last week:

“Jamie Dimon’s appearance before the Senate Banking Committee was a sickening display that clearly demonstrated that Congress has been thoroughly corrupted by Wall Street. Instead of grilling Dimon, Senators acted like overly affectionate puppies fighting each other for an opening to smooch their master.”

The destruction of the middle class has been methodical and systematic. The top 10% of earners had a median net worth of $1.19 million, or 192 times as much as the median wealth of $6,200 of those in the bottom 20% in 2010. In 2007, the top 10% had 138 times as much wealth as the bottom 20%. In 2001, it was 106 times as much. With the continued rise in the stock market, declining real wages for the middle class, and further home price declines, the gap between the top 10% and the bottom 20% has continued to widen. The level of pain being experienced by the middle class has reached an unprecedented extreme. A few data points from David Rosenberg make that clear:

  • Forty-six million Americans (one in seven) are on food stamps.
  • One in seven is unemployed or underemployed.
  • The percentage of those out of work defined as long-term unemployed is the highest (42%) since the Great Depression.
  • 54% of college graduates younger than 25 are unemployed or underemployed.
  • 47% of Americans receive some form of government assistance.
  • Employment-to-population ratio for 25- to 54-year-olds is now 75.7%, lower than when the recession “ended” in June 2009.
  • There are 7.7 million fewer full-time workers now than before the recession, and 3.3 million more part-time workers.
  • Eight million people have left the labor force since the recession “ended” — adding those back in would put the unemployment rate at 12% instead of 8.2%.
  • The number of unemployed looking for work for at least 27 weeks jumped 310,000 in May, the sharpest increase in a year.

I would add a few more data points to David’s list of woe:

  • Over 7.5 million homes have been foreclosed upon by the Wall Street bankers since 2008.
  • The National Debt has increased by $5.7 trillion (57% increase) since September 2008, while real GDP has risen by $305 billion (2.3% increase) since the 3rd quarter of 2008.
  • Interest income paid to senior citizens and savers has declined by $400 billion (29% decline) since September of 2008 due to Ben Bernanke’s ZIRP.
  • Government transfer payments have risen by $500 billion (32% increase) since September 2008, while private industry wages have risen by $200 billion (4.7% increase).
  • The price of a gallon of gas has risen from $1.70 in December 2008 to $3.53 today.
  • Food prices have risen by 7% to 10% since late 2008, even using the falsified BLS data. A true assessment by anyone who actually goes to a grocery store (not Bernanke – his maid does the shopping) would be a 10% to 20% increase.   

The middle class has a gut feeling they are being screwed by somebody, they just can’t figure out who to blame. The ultra-wealthy elite keep up an endless cacophony of propaganda and misinformation designed to confuse an increasingly uneducated and willfully ignorant public while blurring the facts for those educated few capable of understanding the truth. They have been able to keep the masses dumbed down through government run education; distracted by sports, reality TV, Facebook, internet porn, and igadgets; lured by mass media messages of materialism; and shackled with the chains of debt used to acquire the goods sold by mega-corporations. We’ve become a society oppressed by a small faction of ultra-wealthy masters served by millions of impoverished, uneducated, sedated slaves. But the slaves are getting restless and angry. The illegally generated wealth disparity chasm is growing so large that even the ideologue talking head representatives of the elite are having difficulty spinning it. Even uneducated rubes understand when they are getting pissed on.

“Senator, don’t piss down my back and tell me it’s raining” – Fletcher – Outlaw Josey Wales

The situation is growing increasingly unstable and has left the country susceptible to an extreme outcome when this teetering tower of debt topples.             

The moneyed interests have brilliantly pitted the middle class against the lower classes through their control of the media, academia, and the political system. They have cleverly blamed the victims for their own plight. They have convinced the general public that millions have lost their homes to foreclosure because they were careless, greedy and stupid. They blame the Community Reinvestment Act. They blame others for taking on too much debt when they were the issuers of the debt. The Wall Street moneyed interests created the fraud inducing mortgage products, employed the thousands of sleazy mortgage brokers, bullied appraisers into fraudulent appraisals, paid off rating agencies, bribed the regulators, bet against the derivatives they had sold to their clients, threatened to burn down the financial system unless Congress handed them $700 billion, and paid themselves billions in bonuses for a job well done. But, according to these greedy immoral bastards, the real problem in this country is the lazy good for nothing parasites on food stamps and collecting unemployment, who need to stop complaining and pick themselves up by their bootstraps and get a damn job. It’s a storyline used against Occupy Wall Street and anyone who questions their right to plunder what is left on the carcass of America. The vilest fraud in the history of man was perpetrated by these evil men and not one executive of these firms has been prosecuted. Obama, the champion of the little people, has proven to be nothing but a figurehead for the powers that be. Proof that the Wall Street syndicate is winning the war couldn’t be any clearer than the fact that the top six criminal banks now have 40% more of the nation’s assets in their vaults than they did before they burned down the economy.

 

The demonization of the victims continues, while the perpetrators prosper. The sociopaths appear to be winning; just as they seemed to be winning in the later stages of the Roman Empire.

   

“And we often fall into this bias on the prompting of con men and sociopaths of the predator class who use it to justify their own criminal actions and personal injustice. They are not burdened with empathy for their victims, and even delight in their misfortune. But they must find ways to make their actions more acceptable to society as a whole that normally does have such concerns for equity and justice.”Jesse

 

“Are we like late Rome, infatuated with past glories, ruled by a complacent, greedy elite, and hopelessly powerless to respond to changing conditions?” –  Camille Paglia

I think you know the answer to this question.

If you missed the first part of this series, CLICK HERE to read it.

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Thu, 06/21/2012 - 09:24 | 2546688 SilverTree
SilverTree's picture

Fiat FRNs.

Thu, 06/21/2012 - 09:33 | 2546714 MillionDollarBonus_
MillionDollarBonus_'s picture

The sluggish pace of the economic recovery in America is absolutely unacceptable, and it's time to take action. Join the Occupy Wall Street movement by supporting the following policy initiatives: 

 

  1. Ban non-governmental credit ratings
  2. Tax the rich 90% to fund government programs to help the poor
  3. End wage-disparity by tripling the minimum wage
  4. Provide guaranteed government jobs for all unemployed Americans
  5. End "free trade" once and for all by making outsourcing illegal and banning imported goods

These are some simple, practical solutions to our problems, grounded in reason and evidence, which are GUARENTEED to lead to a fair, peaceful and prosperous future. The occupy wall street movement has done its research, and they are 100% confident that these solutions will produce the desired effect. There is simply no room for disagreement, so we will not be answering nit-picking questions from libertarians and other right-wing interests.

Thu, 06/21/2012 - 09:36 | 2546731 Cognitive Dissonance
Cognitive Dissonance's picture

Can't I just bribe my Congress Critter to get er done?

Thu, 06/21/2012 - 09:37 | 2546741 Badabing
Badabing's picture

Did we forget? I remember that it was a “bank” that was able to replace the gold and silver and make it law that we had to use FIAT  FRNs to pay our income tax.  And it’s a bank that wants us to pay the debt that was created out of thin air. And it’s a fucking bank that has bought up all the politicians and keep them in their pockets like so many nickels and dimes. And it’s a bank that’s responsible for inflation and stealing the working mans savings. And it’s a fucking bank that caused my mom to stop raising me and my siblings and go out and get a job to make ends meet. And its fucking bank that changed the constitution and is breaking the law as I type.

FUCKING BANK!!!!!!

Never forget!

Thu, 06/21/2012 - 09:51 | 2546792 LawsofPhysics
LawsofPhysics's picture

Exactly.  The guilotine does wonders for market confidence.

A monetary system will reamin stable only so long as there are real consequences for bad behavior at all levels.  Funny how none of our "representatives" address the issue of restoring the rule of laws and contracts.

The criminals are in charge, in order to fix the system, they would have to indict themselves.  Prepare, chance will favor the prepared mind, always has.

Thu, 06/21/2012 - 10:08 | 2546899 tocointhephrase
tocointhephrase's picture

MDB you are a fake, your twisted mind is poisen and your drivel should be spewed in the gutter!

Thu, 06/21/2012 - 11:44 | 2547414 I am more equal...
I am more equal than others's picture

The middle class is only a recent occurrence in history and started with the rise of the mercantile class.  Reversion to the mean is a bitch.  That rubber band has been stretched far and is about to break.  "Oh the humanity....." This zeppelin is lead and the crash will be spectacular.  Willingly accept your peasant status or die mother f*%@&r!

 

Thu, 06/21/2012 - 14:39 | 2548152 Iconoclast
Iconoclast's picture

Mean reversion for the muddled classes, that's gonna hurt..

Thu, 06/21/2012 - 10:17 | 2546960 CommunityStandard
CommunityStandard's picture

China executes their banksters.  Clearly we should be working to adopt the Chinese system.

Thu, 06/21/2012 - 11:04 | 2547216 WTFx10
WTFx10's picture

I would rather we took all of their assets and sent them out to work for 10 to 12 bucks an hour and to pay 30% of their healthcare for the rest of their fucking useless lives.  Let them live off those fucking slave wages. Death is too easy for these DOG COCKSUCKING shitbags of humanity.  Hard work will either kill them or drive them to despair, both scenarios I like.

Thu, 06/21/2012 - 19:20 | 2549127 Aloha
Aloha's picture

First time I've ever commented here. Best Fucking comment I've ever seen. Think I'm going to like it here.

Thu, 06/21/2012 - 12:20 | 2547482 DeadFinks
DeadFinks's picture

It couldn't have been done without the reins of political power firmly in its grasp.  It takes two to tango and the politicians are equally responsible.

Thu, 06/21/2012 - 12:01 | 2547512 arby63
arby63's picture

And yet we walk around with our "directly deposited" debit cards....allowing the banks complete control and never even realizing the theft taking place on a monthly basis...

Thu, 06/21/2012 - 09:49 | 2546781 Barking Spaniel
Barking Spaniel's picture

Yes, great ideas.  Unfortuntately,they're superficial and don't get to the real issues involved.

Thu, 06/21/2012 - 10:09 | 2546905 MillionDollarBonus_
MillionDollarBonus_'s picture

This is just an initial list. We have other ideas too.

  1. Eliminate college tuition fees, making a college education free for all Americans
  2. Increase the mandatory time required in school to 25 years, to improve the average level of education and help the economy
  3. Increase funding for education, and allow teachers' unions to have more control over how the money is spent
  4. Give unions the right to legally determine their own wages
  5. If you earn over $500,000, then the excess should be taxed at 95% to help the social good

The revolution is here, and nobody can stop us. We're smart, young and open-minded, and bursting with groundbreaking ideas that have never been tried before. If you can't feel the buzz in the air, then you must be dead. Get with the progressive revolution and get on the right side of history.

Thu, 06/21/2012 - 10:25 | 2547001 Barking Spaniel
Barking Spaniel's picture

Progressive? As in progressively eroding indivudual liberties?

Thu, 06/21/2012 - 10:27 | 2547016 Diplodicus Rex
Diplodicus Rex's picture

MDB, you are on fire. You even outdo yourself. Bravo !!

Thu, 06/21/2012 - 10:28 | 2547021 azzhatter
azzhatter's picture

Million Dollar Boner needs to work on his trolling skills

Thu, 06/21/2012 - 11:01 | 2547198 mtomato2
mtomato2's picture

...I think that The Boner is deliberately letting down a bit of his guard...  Perhaps he/she was afraid that he sounded TOO serious in his posting history, so he felt that maybe it was necessary to really pull out a BIG one to let his faithful minions know, conclusively, that he is not a troll, but an ultra-Libertarian using absurdity to show the absurd.

I think that's it.

 

 

Thu, 06/21/2012 - 11:10 | 2547243 Harbanger
Harbanger's picture

I think you're right.

Thu, 06/21/2012 - 11:12 | 2547256 Uncle Remus
Uncle Remus's picture

Go ahead, make my day.

Thu, 06/21/2012 - 09:59 | 2546846 falak pema
falak pema's picture

lol, FRançois Hollande would make you a "chevalier de la Legion d'honneur", instantly. At last, an american who understands "ze French cassoulet!" 

Thu, 06/21/2012 - 10:00 | 2546855 WTFx10
WTFx10's picture

Or just declare War on the Central Bankers? A surprise blitz attack on all Rothschild owned Banks, Surrender to face criminal charges or die. They control it all but where is their red shield military to protect it all? Fuck hundreds of thousands will die countries will be up ended or cease to exist but it will sure beat having a ww3 to keep the con going. Fuck man it is only money they created. Take back the assets they conned and stole the world out of and divvy it up among the Nations of the planet. All debt is gone POOF! Global commerce will not end just the illegal control of it. Why the fuck cant the Nations of the world wipe out this cancer and come up with something better. Usa, largest military on the planet and we take orders from a bunch of fuckin never worked a day in their life GANGSTERS because stupid fucks gave them the monopoly of money creation. Heres an idea TAKE IT BACK if the Rothchilds can defend what they have stolen then so be it but just handing it to them WTF?

 

Thu, 06/21/2012 - 10:08 | 2546893 Lee Bertin
Lee Bertin's picture

Your reservation at Fema camp No: 11325451 i booked.

Thu, 06/21/2012 - 10:41 | 2547079 WTFx10
WTFx10's picture

You read all these quotes from the past from US presidents and European politicians. They say the same thing secret moneyed powers control the planet and they know who those powers are.(Rothschild Banking) The POTUS is supposedly the commander and chief of our CIVILIAN ARMY. THE LARGEST fighting force on the planet. WHAT THE FUCK ARE THEY SCARED OF?  Bankers with paper money? We know what they keep telling us we should be scared of well fuck you. We can't change the system cause the world will end ,FUCK YOU your control of the world will end that's all.

Who is protecting this private corporation? Is the whole US government FBI,CIA,NSA been sold out to these gangsters? Is there no one left to challenge this coup? Took over the USA, deemed our most sacred documents obsolete and pass laws to supersede them while they steal more without a shot being fired.

It is quite a shock that after 54 yrs I find that the country I live in has been feeding me nothing but lies to keep the CON going. Every fucking thing from that stupid pledge of allegiance in grade school to all the other Bullshit they feed us will make me a proud American so I may lay down my life to protect her FUCK YOU. It is all BULLSHIT. This is not the land of the free home of the brave it is a fucking business run by terrorist bankers for their benefit. "We the people" are their commodity to use and abuse at their command. America is nothing but a 235 yr old  lie. We were a colony of England and now we are a colony of The House Rothschild. Disgusting.

Thu, 06/21/2012 - 11:49 | 2547452 WhiskeyTangoFoxtrot
WhiskeyTangoFoxtrot's picture

That's about it, brother. Soon, enough people will wake up and drastic action will be taken. In the meantime, stock up on the essential metals: brass, lead, steel, gold, and silver.

Thu, 06/21/2012 - 14:28 | 2548118 WTFx10
WTFx10's picture

Krugman was hoping for an Alien invasion so we can have this masseffect war because in their fucked up reality (which also happens to be ours) war is good. That way maybe the planet will get together and borrow monies from the owners so we can fight the Aliens together and Rothschild makes money on it. Looks better than us killing each other for their profit.

 So why don't they (they meaning anyone in our useless government that still cares what happens to humanity) pass an Act to declare the Bankers Aliens. Law doesn't have to make sense most laws do not case in point, Patriot Act: "the hate us for our freedoms" so we knowing whats best for us will take away your freedoms.

We would not have to borrow the money from them to destroy them it is just a matter of using what we have but it will take the element of surprise.  As I am still left to wondering where their army, navy, and air force is? Israel?  They would have to fight a lot of countries on their own. If they throw some nukes at us, we have more. Actually if they use nukes on other countries over the world joining together to breaking up their crime syndicate then they are fucking aliens.

Thu, 06/21/2012 - 13:10 | 2547767 Karl von Bahnhof
Karl von Bahnhof's picture

They didnt hijacked it. They founded it. So sad...

Thu, 06/21/2012 - 14:45 | 2548168 Iconoclast
Iconoclast's picture

That's a great fukcin post, issue for me with the USA is where is your version of Syriza , where is your version of the german's pirate party? Htf has the USA only got two parties? Fix that first and there's your velvet revolution..

Thu, 06/21/2012 - 15:10 | 2548278 WTFx10
WTFx10's picture

We are scared of the cops, we are scared of prison, this is a police state as we have the most incarcerated population on the planet. Money is our GOD and it is the only thing in this country that buys freedom and liberty. Whatever my federal government says about America is a Fuckin lie. There has not been liberty or freedom here since the first revolution. There probably won't be again until the second if it ever takes place?

Thu, 06/21/2012 - 12:40 | 2547641 IBelieveInMagic
IBelieveInMagic's picture

Mommy, he made me do it. Grow up man -- look inside yourself.

Thu, 06/21/2012 - 10:15 | 2546943 kralizec
kralizec's picture

Pure Obamunist insanity.

Thu, 06/21/2012 - 11:03 | 2547205 batterycharged
batterycharged's picture

The joke about the Liberterians is that they think letting the wealthy do whatever they want without regulation nor taxes will fix the current system....of letting the wealthy control the gov't, their taxes and regulations.

I call the current system the tyranny of two parties. And the reason it has succeeded is for one, they've given people the misguided notion that they are increasing their net worth. I mean, 90% of the people I know are underwater with their mortgage, some as much as 50%.  And yet they would tell you that they are doing well.

For two, the money in this country can control two parties while simultaneously giving the populus the boxed-in notion that they have no other options than the two parties. It's brilliant. All the things you hate about Obama are 10x reflected in Romney. We're supposedly in a democracy and yet people feel powerless.

Great job by the "investor class".

You mention Rome, and that is exactly what will turn things around; a total collapse. All the valued regulations and social policies we have now were borne out of the great depression. It will sadly take another depression to pry the grips of power away from the wealthy.

Thu, 06/21/2012 - 13:49 | 2547947 forexskin
forexskin's picture

you've got it 180 degrees wrong about Libertarians, brother.

not much to disagree with for the rest of what you say, except we hate obomney about equally.

Thu, 06/21/2012 - 14:04 | 2547212 F. Bastiat
F. Bastiat's picture

You need to do some lab work; recommend gathering up all "occupiers" and heading to Pyongyang to experiment with your ideas.  If you are successful, then you can return and brag about your successful utopia.

Thu, 06/21/2012 - 11:42 | 2547406 NewAmericaNow
NewAmericaNow's picture

Wow MDB you haven't got a clue what is needed in this country. What you are advocating is more government? Ban private citizens from determination of value? Advocating the use of force to steal from some for the benefit of others? Force free business owning people using governmnet authority to supersede two individuals to determine a services worth? You do realize the governmnet gets it's money from the people right? That's like an unemployed father of six employing everyone in his home and collecting taxes from them to pay for their salaries. How long do you think that's going to work? IT MAKES NO SENSE!!! What you don't seem to understand is this. - You are empowering governmnet to do a job that people should be doing for themselves. In order to get the job done you need to allow power over people..this is crucial. Governmnet runs on money and votes and power corrupts but absolute power corrupts absolutely. People with money always want to purchase control for advantage. Rich people pay money to the governmnet to allow special advantage over those governmnet controls. The envitable outcome is the rich get laws made to give them advatage and the poor lose while governmnet gains more money and control using the fallacy that governmnet is there to help. Now when you go to your Occupy Wall Street encampment to complain that governmnet that you continue to give control to uses that muscle to beat, peppers spray and taze you to go home and shut up and tells you to do as they say because they are the governmnet and know what is better for you than you do. DO YOU GET THE F"IN POINT SONNY. I think you know better what is right for you than the governmnet and so it should apply to all without force or coersion. If your going to protest get a clue.

Thu, 06/21/2012 - 11:53 | 2547483 WhiskeyTangoFoxtrot
WhiskeyTangoFoxtrot's picture

WHO doesn't get it? Almost two years on ZH and you're not wise to MDB? I won't spoil it for you. It will be much sweeter when you discover it on your own.

Thu, 06/21/2012 - 11:47 | 2547433 ATM
ATM's picture

Yes the cure for the centrally planned economy is more central planning. Thanks alot fuckhead.

Thu, 06/21/2012 - 12:43 | 2547537 ebworthen
ebworthen's picture

MillionDollarBonus,

 

Sarcasm rating:  5/10

Depth of thought:  4/10

Left/Right matters delusion rating:  10/10

Thu, 06/21/2012 - 12:17 | 2547563 bankruptcylawyer
bankruptcylawyer's picture

you see, you are as usual making fun of things, but this is not exactly something easily made fun of. 

you are pointing out the obvious as anyone with a brain sees the occupy movement for what it is in that sense. I've lived with occupiers for 3 months, and after having spent months visiting liberty square , living with them made their caricatured positions even clearer. 

It used to be a long time ago "youth' were the hope. I think this was always a lie. the 'youth' are never the hope for change. this was always bullshit. Free MEN who are able and willing to produce and also to fight were always the hope. but we live now in a post industrial society with lots of surveillance and weapons. THe hope for domestic insurrection is beyond likely. More likely we see world war III. 

 

The occupiers are not going to 'unite' with the 'libertarians' . They are most a newer dumber class of young people who are addicted to ideas of socialism and some of them, usually the poorer contingent, will spout on about 'anarchy'. 

the reality here is that occupy is over. the ones that 'remain' are the ones that are now pushing the democractic ticket. the ones who get money, are the ones who remain. they talk about getting money out of politics---and they are money in politics. the same basically goes for the 'tea party' . basically, any movement that was given press by the news became co-opted easily by offering money to the self righetous potentials who now can be considered 'leaders' in their respective movements but who more or less function like subsidiaries of republicrats. 

 

the real solution is poverty. americans need much much more poverty . this is what will be good for them. A LOT more poverty. The only thing that trumps fear is hunger. 

 

 

Thu, 06/21/2012 - 09:52 | 2546793 battle axe
battle axe's picture

Who destroyed the middle class? Apathy and sheep.

Thu, 06/21/2012 - 09:25 | 2546695 Badabing
Badabing's picture

the FED

Thu, 06/21/2012 - 09:26 | 2546697 HelluvaEngineer
HelluvaEngineer's picture

Looks like today might be the day I close out all my trading accounts.

Thu, 06/21/2012 - 12:03 | 2547515 Carl Spackler
Carl Spackler's picture

I would normally say that you "just showed us your cards" by indicating the desire to close your trading accounts as such information implies an inherently long bias.

However, in this day and age of the absence of market-driven economies and extreme central bank manipulation, I too may want to stop trading as extreme currency manipulation and government inervention can slaughter any directional bets (i.e., long or short) I may look to make.

Thu, 06/21/2012 - 09:29 | 2546707 F. Bastiat
F. Bastiat's picture

Big government, TV, and laziness are each partly to blame.

Thu, 06/21/2012 - 10:47 | 2547109 mayhem_korner
mayhem_korner's picture

 

 

The victims are largely to blame.  The so-called "elite" may be propping up bad choices, but those aren't the only choices that have been available. 

The "middle class" is a false construct, and those who perpetuate it use it as a buttress for casting blame. 

Thu, 06/21/2012 - 10:56 | 2547168 LawsofPhysics
LawsofPhysics's picture

And when the "good" choices are outlawed?  You ignore a system with laws that reward bad behavior and punish good behavior.

Thu, 06/21/2012 - 11:06 | 2547223 mayhem_korner
mayhem_korner's picture

 

 

Did you double up on your conspiracy pills, today, LOP?  There's no law that forced folks to buy things they couldn't afford.  There's no law that forced folks to sign up for credit cards they wouldn't pay off.  There's no law that forced people to invest in a $200,000 degree in basket-weaving.

Yes, there is a system that steers the sheep into the slaughter pens, and yes, there are unconscionable people in the world who maddeningly skim off the top.  Notwithstanding those things, the so-called "middle class" has been its own biggest enemy.

Thu, 06/21/2012 - 11:10 | 2547245 F. Bastiat
F. Bastiat's picture

Not true.  Here are some legal, lawful steps each of us can take:

1. Eliminate cable service, cut off TV
2. Ditch some dollars for a bit of gold and silver
3. Eliminate personal debt; use cash and barter only
4. Read "The Road to Serfdom"
5. Join your local Tea Party

Thu, 06/21/2012 - 15:58 | 2548504 waterhorse
waterhorse's picture

The first four choices are palatable. 

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