Great op-ed by James Carville explaining how the government would respond if the top 1% of wealthiest Americans lost 40% of their wealth. Unfortunately – this is what is true of the middle class … and yet – you hear crickets when it comes to passing legislation that are really focused on protecting the middle class. Unfortunately – government now protects it’s donors … and that more often than not is people with lots of money. As the expression goes – “Dance with the one who brung ya.”
James Carville explains what would happen if the 1% lost 40% of it’s wealth HERE:
The elite would call for the suspension of habeas corpus, the government would call out the National Guard, invade Honduras and the Supreme Court would announce that it is in session 24/7 to take any action deemed necessary to help their friends.
The Wall Street Journal would have a black border on the newspaper. The Financial Times would go from pink to gray. CNBC would play funeral music for nine months. Steve Schwarzman would compare it to the H-word. Cable networks would roadblock all coverage.
Minimum wage laws would be suspended, the 40-hour work week would be thrown out, perhaps they would even do away with child labor laws to get productivity up so profits could increase to make up for lost revenue.
Of course – the middle class did see a loss of 40% in wealth from the early 90′s to 2010. We shared the FED report HERE:
The Federal Reserve put out an 80 page report on wealth and income and the impact of the Bush economic crisis on Monday. In summary – everyone was affected in a negative way when you compare incomes and net worth in 2010 vs. 2001 except for the net worth of the top 10% of Americans. And … you can be sure the vast, vast majority of that wealth creation came among the 1% wealthiest households. After the Bush economic crisis hit – Americans wealth were back on par with where they were in 1992 … almost 2 decades behind. That’s pretty serious.
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