eagle1462010
Diamond Member
- May 17, 2013
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Oligarchs control the government today to the same extent they did in 1928."The richest one percent of Americans owned over a third of all American assets.
"Such wealth concentrated in the hands of a few limits economic growth.
"The wealthy tended to save money that might have been put back into the economy if it were spread among the middle and lower classes.
"Middle class Americans had already stretched their debt capacities by purchasing automobiles and household appliances on installment plans.
"The unprecedented prosperity of the 1920s was suddenly gone, the Great Depression was upon the nation, and breadlines became a common sight.
"There were fundamental structural weaknesses in the American economic system. Banks operated without guarantees to their customers, creating a climate of panic when times got tough.
"Few regulations were placed on banks and they lent money to those who speculated recklessly in stocks.
"Agricultural prices had already been low during the 1920s, leaving farmers unable to spark any sort of recovery. When the Depression spread across the Atlantic, Europeans bought fewer American products, worsening the slide."
The Great Depression [ushistory.org]
So what?
Do we tax the rich of drown government in the closest bathtub.
And you want the same ones to control everything.................
That's not the OP's original post or intent is it.
If you want to talk about the Oligarchs, that's a different subject.