Tuesday, August 27, 2013
When I learned that the most profitable year in the history of 'Duesenberg Automobile & Motors Company, Inc' was in 1931 I thought: "THAT was during the Great Depression following the crash of 1929." Well, economic 'down turns' only effect the very little people (to paraphrase Leona Helmsley). John Kenneth Galbraith wrote The Great Crash 1929, an economic history focused in part on the men of the market who brought on the crash, in graceful prose. In his last chapter, he tells us of five major weaknesses in the real economy that made it possible for the disaster to destroy a generation. At the top of his list is the badly unequal distribution of wealth. this article. banking structure. Galbraith doesn’t think bankers were any worse or better in the 20s than the 50s, but the structure of banks made runs on banks easier and more likely. the money party (e.g. the top 0.1%), the Blue Dogs and the rump of the Republican party. John Kenneth Galbraith would recognize these people too. after an article published HERE In today's 'world economy,' the top 5% of the population earn about 93% of all personal income! 95% of the population grovels over 5% of the wealth - the trickle down crumbs. To be fair, within the U.S.A., 5% earn 47% of all personal income! And that excludes many of the entitlement crowd* who live on investments alone (and your money specifically). There are solid economic arguments for the bad consequences of unequal distribution of the wealth (which the USA has been consistently moving toward since Reagan). *the entitlement crowd* consists of the ultra rich who find ways - like the story of home ownership in America - to make the poorer classes subsidize their vast wealth.
Posted by Mysterion