bailout of the 1%

Antifa, an astute commenter at The Moon of Alabama has all the bailouts in acute perspective:

Dubya Bush once appeared before a congress of ultra wealthy supporters and addressed them as the Haves and the Have Mores. He called them “my base.”

It’s a lopsided land we live in. Fully 33% of the cash and assets of this nation belong to 1% of the population, to a single percentile of we, the people. This 1% represents a bit less than 3 million Americans, each of whom enjoys an annual income of about $264 million, and pays an average 17% in taxes on it. This 1% commands more treasure annually than the GDP of Canada.

Expand this headcount to the richest 10%, which is about 30 million Americans, and this one-tenth of we, the people owns roughly 85% of property and cash and valuables of all kinds in this nation. There’s not much left to speak of after that.

The inequality of wealth distribution goes on like that, until you get to the bottom 50% of our population. This bottom half of the population owns roughly 10% of the property and assets of this nation. The average balance sheet of these 150 million people is negative. No savings, no property, just debts. The average time they can go without a regular paycheck is some fraction of a week.

If proof of property were a poll test, this group would never vote.

Now, whom do you suppose the government bailout is going to be directed to? The people who own, operate, and manage this nation, or the common folk who don’t even understand why their job went away or why they can’t seem to get ahead?

The bailouts — past, current and future — are to put back the wealth that the misguided and fraudulent policies of the Bush Administration destroyed. It belonged to the wealthiest Americans, and they want it put back.

Sure, much of it was “hallucinated wealth” as we all well know now, but the Owners of America want it put back even if it bankrupts the working people for seven generations to come.

The reason the big banks are handing out huge bonuses is to keep the rank and file bankers, the people who know how to fleece the public, in place and fleecing right on schedule. These investment bankers, brokers, fund managers and traders know that their huge bonuses and earnings are just pennies on the dollar compared to what the truly wealthy make off the efforts of these Wall Street grunts. If these bankers don’t get these big bonuses, why would they put up with the hard work, the 18 hour days, the burnout?

The monies lost came from the wealthiest of Americans. They want it all put back, and then you and I will get to lick the forks left over after the feast.

It is literally their property, this country. It is their country. You just get to live here.

Posted by: Antifa | Jan 31, 2009 12:32:04 AM |

I think it’s impossible to think about the current economic circumstances without looking at the prescriptions through this lens.

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