Wednesday, September 22, 2010

Class Warfare

A series of links and article excerpts below on why class warfare is REAL:

Start with the WSJ's excellent slide show on poverty in the US
http://s.wsj.net/public/resources/documents/US-Income-and-Poverty-in-2009.html

Then read Mybudget360s article about "recovery." Here is an excerpt:
http://www.mybudget360.com/the-big-banking-sham-and-how-the-recession-is-over-for-the-top-1-percent/
"The net worth of Americans is still over $12 trillion below the peak reached only a few years ago. Home values are still in the dumps. Why is the recession over? Because GDP has grown and other random indicators that really just pertain to the top 1 percent.... Big banks are pushing capital wherever it can go for cheap labor, less regulation, and frankly less law to game the system. Keep in mind the money they are using right now is backed by taxpayer dollars."

Majia here: About those taxpayer dollars, Dean Baker writes that "TARP was a $700 billion disaster for everyone but the banks"

http://www.alternet.org/world/148249/tarp_was_a_%24700_billion_disaster_for_everyone_but_the_banks/

Still not convinced that class warfare is being waged? Meander on over to Zerohedge and read the article about modern day bread lines at Walmart. Here is an excerpt:
http://www.zerohedge.com/article/wal-marts-ceo-provides-starkest-visual-modern-bread-line-yet

"CEO of Walmart on what modern day bread lines look like. To wit:

"Profits And Baby Formula – Our pal, Rich Yamarone, over at Bloomberg picked up an eye-opening statement made by the Wal-Mart CEO last week.

"I don't need to tell you that our customer remains challenged…You need not go farther than one of our stores on midnight at the end of the month. And it's real interesting to watch, about 11 p.m. customers start to come in and shop, fill their grocery basket with basic items – baby formula, milk, bread, eggs – and continue to shop and mill about the store until midnight when government electronic benefits cards get activated, and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher..."

And who has benefited from all those tax cuts that supposedly were going to lift all boats. Check out Phil's Favorites
http://ilene.typepad.com/ourfavorites/2010/09/monday-market-movement-mind-the-wealth-gap.html
Phil explains in great detail how big business payed "just $138Bn (6.3%) in total taxes in 2009 while earning 60% of all income"

Economic war is being waged against 90% of Americans by the other 10%. It is simply that the public is too numb to respond or too passive to react after 100 years of heavy dosing of corporate propaganda

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