A trillion here, a trillion there and pretty soon you’re talking about big money – big money like the half a quadrillion dollars Barclays Bank manipulated by illegally fixing interest rates effecting mortgages and loans around the globe. That makes Jamie Dimon’s JPMorgan losses – originally at $2 billion, now $9 billion and counting – look like some lost change from the shoebox at a lemonade stand.
Regardless of how the economy is doing it seems the super-rich come out ahead. The rest of the nation, not so much.
If you’re on the lowest economic rung you might as well just step off now, because your life is getting steadily worse – even if you’re only there “temporarily” while you’re laid off from a job that’s not coming back, waiting for the foreclosure notice, or for the repo-man to come for your car or first-born child – whichever fetches the most money. You folks living in homeless encampments have no worries at all, malnutrition and illness will kill you off soon enough. And hey – no death panels to worry about thanks to the reforms of the healthcare reforms!
You folks in the middle? Sure, you have to work two or three jobs but the foreclosure notice hasn’t arrived yet. You’ll squeeze another 50,000 miles out of your AMC Gremlin, while choosing which meal to forego to pay BP for $3.00 per gallon (and rising) gas. Yes, you’re worried about a leak in the roof, but you’ll cover it with a cheap tarp. Besides, if it causes damage it won’t be your problem when your friendly CitiBank “wealth manager” breaks drops in to get the key.
His house. His leak.
The Express Elevator to Fabulous Wealth
But those folks on the top? They’re not even on the ladder anymore. They’ve jumped in a plush, express elevator that goes so high it doesn’t even have up buttons. However, they keep the elevator operator because, well, why not? He tells good jokes and they can afford him.
Many people think this outsized upper-end income growth is just fantastic. It’s the American way they say. It’s what the free market dictates they explain. Besides, they can’t be expected to “compete” with Chinese prison labor without the “efficiencies” (layoffs and declining wages) for which they’ve so handsomely rewarded themselves. Oddly enough, this view happens to be most prevalent among those who are making the big bucks.
Who could’ve guessed?
But as the folks in the newly remodelled corner offices take off for their Aspen homes via private dirigible, the US wealth gap grows and their inflated sense of self-worth shines like a new Maserati.
The World According to Greenspan
You hear about the wealth gap sometimes, mostly from those “liberal” media outlets like the Wall St. Journal. But now even Ayn Rand‘s evil spawn, Alan Greenspan, is sensing a little irrational exuberance in the wage disparity.
He understands that when the proletariat complains about The Suits’® penchant for uber-high living and not having a clue about what the average American puts up with, it’s more than just a case of sour grapes. He can see that if we expect to put a chicken in every pot, we need someone to grow the grain to feed the chickens and make the pot in which to cook them. Today, many don’t even have the pot left to piss in and they get their chicken on KFC’s liver and gizzards night.
The thing is that Ayn Rand and hundreds of executives notwithstanding, we’re close to killing the chicken and that’s bad for 100% of workers. The market for chickens and pots is pretty small when it’s restricted to the Top 1 Percenters®. But, the other 99%? Now that’s a big market, but nobody’s going after it except the Top 1 Percenters® who are the only ones left with enough cash to make the weekly chicken and pot-buying trip to the Super Wal-Mart.
Dear rich and powerful persons, feast well because you’re steadily choking your own chicken.
- More on the Economy (omnipotentpoobah.com)
- Ayn Rand took government assistance while decrying others who did the same (boingboing.net)
- Ayn Rand .The Fountainhead (socyberty.com)
- Ayn Rand while commuting (whattheheckisart.blogspot.com)
- How fitting! The Right Wing’s Virgin of Guadalupe, Ayn Rand, turns out to be a hypocrite too. (iflizwerequeen.com)
- Hypocrisy, Ayn Rand and the Tea Party (themoderatevoice.com)
- The World’s Wealth Gap is Shrinking (creditloan.com)
- The Ayn Rand disciple leading the House Budget Committee (washingtonmonthly.com)
- Todd Hoff: Biggest wealth gap in U.S. since 1920s | Seer Press (seerpress.com)
- On the Wealth Gap and Entrepreneurship (blogs.forbes.com)
- Rep. Maxine Waters: Republicans Willing to Grow the Deficit and Wealth Gap to Help Nation’s Richest (huffingtonpost.com)
- Wealth gap becomes chasm at Christmas (msnbc.msn.com)
- Can Financial Reform Narrow the White-Black Wealth Gap? (theroot.com)