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.
Senators are paid well, but they have significant expenses too. How Harry Reid has become such a rich man while in the Senate is a question worth exploring. The Washington Times is poking around..
There is some serious simple wisdom in the attached article.
Good report. Our system of crony capitalism has cut many people out of upward mobility, or at least made it much harder to get ahead. In our current system the established players compound their wealth with the help of the state.
The only people who have seen their real incomes increase under this president have been the top 5% of earners. Those with large investment portfolios have seen their assets grow – or perhaps more accurately, have watched them inflate – while most of America has seen its income reduced over the last 5 years. Adjusted for inflation the average household in America makes less than 2008. Quite a bit less.
My bet is that within 15 years the American car manufacturers will mess things up again, but for right now they are bailout plump. The city which grew up around the big 3 is in a nearly post-apocalyptic state however. Miles and miles and miles of rust spread out from the city center where GM and Chrysler executives look down from their offices.
That is when they aren’t touring the new manufacturing facilities in China.
In an earlier post we mentioned how Washington DC has thrown in with Wall Street. And why not? That’s where the money is, where it continues to flow, and through our current system of crony capitalism will continue to flow until people say “enough.”
Obama has expanded the crony capitalist state. Like his brother in cronyism George W. Bush, Obama has made every effort to help the connected get more connected and the wealthy wealthier. As the attached article explains, if one is heavily invested in the market, if one is a banker at one of the big banks, things are going pretty well. If one is not in that camp things are likely going significantly less well.