What to do when the law is lawless?
I did not grow up with money. But I did work in finance for years and I have known a number of people with significant wealth. I also live in an old money town, Charlottesville, Virginia.
There is an adage about significant wealth which I think holds generally true and that is that “old money” is smaller than “new money.”
Often with older money there is some patriarch a few generations ago who made a pile of cash in some endeavor, rubber, banking, textiles, whatever. And sure, properly taken care of this wealth should grow from generation to generation. And this sometimes happens.
But never underestimate the destructive ability of an idiot son or grandson or grandsons given too much responsibility and too much money. Over time fortunes very often erode. Not always, but often. And they are always split up through the generations.
Of course this assumes a capitalist, or close to capitalist system, not a crony capitalist one like we have now.
Governor O’Malley it should be noted wants to be the president of the United States of America. Though he has not officially announced he may challenge Hillary Clinton for the Democratic nomination.
Consider for a second how flatly ignorant this statement is;
“But it is not true that regulation holds poor people down or regulation keeps middle class from advancing. That’s kind of patently bullshit.”
One doesn’t need a poll to see this. During the Obama presidency the rich have done quite well. The so called “underclass” has been largely placated. (Obama got rid of Clinton era “workfare” for instance making welfare a “life choice” again.) But the middle class, the core of America, has been hurt. There is simply no denying it. (I mean one can, but one would be wrong.)
It’s not entirely Obama’s fault. He is only a part of the puzzle, if a big part.The Federal Reserve has fundamentally undermined the economy. It has rewarded those who already had assets before the 2008 Crash with an inflated stock market. Those without assets, or those whose only “asset” is their home? Well, too bad so sad.
It’s from 2012 but it’s very good, and interactive.
I am not the biggest fan of Condi Rice. Though a somewhat dissenting voice on Iraq she still was for the war which has proven to be a disaster. Saying that, on this issue she is absolutely correct. She gets a bit partisan and all pro-Republican at the end but what she says about poor black kids stuck in terrible schools is certainly how I feel.
The great disconnect continues. Those who are tapped into the (crony) financialized system have seen their stocks and bonds do well as the market has ridden a Federal Reserve created bubble. Those who do not have assets, or only real estate assets, (unless they have nice arable farmland) have fallen behind. It’s a case of the rich getting richer and the poor getting poorer, but the situation has been exacerbated by the central bank experiments of the last 6 years.
So not only is this guy a bumbling executive he might also be a jerk. (Not unusual for heads of state of course.) According to his ex wife (not always the most trustworthy source it must be noted) Hollande in private refers to the poor as the “toothless.”
Be sure they have to pay more and more for everything they buy.
Funny thing about those who rise on the shoulders of the proletariat. They always seem to enjoy being rich. Why is that?
People often think that property rights benefit those with the most property the most. This isn’t true however. It is actually the poor who in terms of quality of life, benefit most.
Old programs never die. Sadly they don’t fade away either. Sometimes they change their name though, and such is the case with the Federal education program which subsidizes broadband for schools, E-Rate. After a bunch of bad press and general mismanagement it changed its name to ConnectED. (Get it?)
It is interesting to hear (some) people praise Mr. Bernanke for having “saved” the United States and the world from Great Depression II. This praise is misplaced to say the least.