Income Inequality and the Great Crash of 2008

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—By 

|| Wed Oct. 3, 2012 9:13 AM PDT ||

I’ve mentioned before my rough-and-ready theory of the 2008 financial crisis:

  • Income inequality goes up.
  • As a result, earnings of the middle class become sluggish….
  • And earnings of the rich skyrocket, a trend reinforced by lower tax rates on both labor and capital income.
  • Rich people eventually run out of sensible things to invest all [...]
  • Where do you stand? Is this system fair?

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    Check out more great info on inequality from inequality.org!

    Wealth Inequality

    Wealth inequality can be described as the unequal distribution of assets within a population. The United States exhibits wider disparities of wealth between rich and poor than any other major developed nation.

    Defining Wealth

    We equate wealth with “net worth,” the sum total of your assets minus your liabilities.

    Examples of assets: checking and savings accounts, vehicles, a home that [...]

    CLASS WARRIOR OF THE WEEK: Robert B. Reich

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    REICH has spent years fighting for the middle class. He as written many books, educates students about the issues, and produces a highly informative blog, RobertReich.org

    Don’t forget to check out his new book!!

    [...]

    Follow The Money: Behind Europe’s Debt Crisis Lurks Another Giant Bailout of Wall Street

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    By Robert Reich ||

    Today Ben Bernanke added his voice to those who are worried about Europe’s debt crisis.

    But why exactly should America be so concerned? Yes, we export to Europe – but those exports aren’t going to dry up. And in any event, they’re tiny compared to the size of the U.S. economy.

    If you want the real reason, follow the money. A Greek (or [...]

    An Open Letter to Wall Street

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    by: William Rivers Pitt, Truthout | Op-Ed ||

    Cancel my subscription To the resurrection Send my credentials to the House of detention I got some friends inside…

    - James Douglas Morrison

    Before anything else, I would like to apologize for the mess outside your office. It’s been three weeks since all those hippies and punk-rockers and students and union members and working mothers and single fathers and airline [...]

    A New American Revolution Class Warfare Accelerating, Democracy Losing Grip

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    By Paul B. Farrell ||

    October 04, 2011 “MarketWatch” – SAN LUIS OBISPO, Calif. — Memo to the Super Rich, your high-paid lobbyists and your no-compromise political puppets whose sole mission is destroying the presidency: Yes, you are succeeding. You’re also killing the economy.

    Thanks to your self-destructive ideology, America is [...]

    The Best Among Us

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    by: Chris Hedges, Truthdig | Op-Ed ||

    There are no excuses left. Either you join the revolt taking place on Wall Street and in the financial districts of other cities across the country or you stand on the wrong side of history. Either you obstruct, in the only form left to us, which is civil disobedience, the plundering by the criminal class on Wall Street and accelerated destruction of the [...]

    Michael Moore: Arrest Wall St. Bankers, Not Wall St. Protestors

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    Moore: The majority of Americans are really upset at Wall St. You’ve got an army just waiting for somebody to do something, and the something has started.

    In the following Democracy Now! broadcast, Amy Goodman and Michael Moore discuss the Occupy Wall St. protests, where Moore spoke Monday despite the fact that police have forbidden protestors from using a PA system.

    AMY GOODMAN: Today we spend [...]

    Why Don’t the Deficit Hawks Want to Tax Wall Street?

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    by: Dean Baker, Truthout | News Analysis |

    The intensity with which the country’s leading deficit hawks continue to ignore financial speculation taxes (FST) is getting ever more entertaining. While deficit hawks like Wall Street investment banker Peter Peterson, Morgan Stanley Director Erskine Bowles and The Washington Post never tire of preaching the virtues of shared sacrifice, somehow sacrifice for Wall Street never features as a part of [...]

    Occupy Wall Street Rediscovers the Radical Imagination

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    September 25, 2011 “The Guardian” | By David Graeber |             

    The young people protesting in Wall Street and beyond reject this vain economic order. They have come to reclaim the future.

    Why