Dragonlady
Designing Woman
The simple fact that concentrated wealth exists , and is doing so exponentially evidences the rest of us loosing it Blues.
That we also live in a cyclical boom/bust economy means winners and loosers are defined by their social status , by that i mean the 1% of the top 1% .
Now i could also prattle on anedotally about owning my own biz and farm w/o the aid of banksters , yet it's no more than d*ck waving among the self made men fallacy
Which should all have been clearly revealed via the '08 crash....
~S~
You are in no risk of losing what you own to someone who owns more
You are in no way prevented from increasing your net worth because someone else increased their net worth.
The 08 crash was the result of meddling in the markets and the fed was one of the most guilty culprits
Interest rates were held artificially low and not allowed to rise as they would have done naturally which would have slowed down the growth of the real estate bubble and would have resulted in a leveling off of the spike in real estate values
And let's not forget the law that Clinton signed that repealed the laws that kept Banks, Investment firms and insurance companies sharply delineated from each other. It was deregulation that allowed too big to fail to happen.
The tax code is tilted that middle class tax dollars are being used to subsidize low wage workers. The working and middle class had savings and equity, until Reagan changed the tax code and the wealth of the nation started flowing unabated to the top 20%. The working class is now dependent on government handouts, and the middle class is shrinking.
The 08 crash happened for the same reason as the 1929 crash, and the 1986 - cheap interest rates, loose lending practices which gave mortgages to people who could not afford to repay them, tax cuts and deficit spending. Clinton signed the Bill deregulating the banks as a "lame duck". Republicans wrote and passed the legislation. Bill had no reason to veto it.
Deregulation is definitely a factor and Trump just deregulated Wall Steet, cut taxes and created the biggest deficits in history. How is this going to end differently than the last three times Republicans did this? The definition of insanity is doing the same thing over and over and expecting a different result.