This is what The Mother of All Bailouts and favorable legislation can do when markets fail or are rigged ...
The Guardian has a story that makes it clear since the height of the 2008 bubble-crash - which was caused by Wall Street's financial stupidity - the richest 1% of the world have seen their wealth increase from 42.5% of the world's wealth to more than 50% today.
The Guardian has a story that makes it clear since the height of the 2008 bubble-crash - which was caused by Wall Street's financial stupidity - the richest 1% of the world have seen their wealth increase from 42.5% of the world's wealth to more than 50% today.
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Our on-going post-2008 bailout, coupled with America's tax cuts for the super rich legislation (which is sitting on Donald Trump's desk), means America's wealthiest class is only going to get richer.
The hard part to swallow here is that these guys aren't working any harder, or even that much smarter. Buying bailouts and legislative gifts that benefits primarily one group isn't smart. It's corruption. Increased wealth concentration is happening for no other reason than the U.S. Congress thinks transferring money through bailouts, tax cuts for the rich, and other legislative gifts are what makes America great.
This isn't American capitalism. That system is a myth.
What we have now is Crony Capitalism in America.
Think about this the next time someone tells you that you just need to work harder to get ahead.
You can read about the world's richest getting richer by clicking here.
- Mark
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