WHO DESTROYED THE MIDDLE CLASS – PART 2

77 comments

Posted on 22nd June 2012 by Administrator in Economy

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In Part 1 of this three part series I addressed where and how the net worth of the middle class was stolen. In Part 2, I will tackle who stole your net worth and in Part 3, why they stole your net worth. Now let’s zero in on the culprits of this crime.

Dude, Who Stole My Net Worth?

“Thus far, both political parties have been remarkably clever and effective in concealing this new reality. In fact, the two parties have formed an innovative kind of cartel—an arrangement I have termed America’s political duopoly. Both parties lie about the fact that they have each sold out to the financial sector and the wealthy. So far both have largely gotten away with the lie, helped in part by the enormous amount of money now spent on deceptive, manipulative political advertising.” Charles FergusonPredator Nation

When you dig into the charts and data supplied by the Federal Reserve generated report, the data which goes back to 2001 tells a story not addressed by the deceptive, manipulative, political propaganda that passes for investigative reporting by the captured mainstream media. The chart below compares the median versus mean income growth from the last three Fed consumer surveys. Overall, it reveals a lost decade of negative income growth for the average middle class family. In the early part of the decade the average middle class family made some progress as jobs were relatively plentiful and the internet crash mostly impacted the rich, who own most of the stocks in the country. This is why the median income rose while the average income fell. The wealthy have a large impact on the average because they own the vast majority of assets in this country. The stock market debacle was unacceptable to the oligarchs and their money printing puppet Greenspan.

Both the liberal and conservative wings of the ruling oligarchy were in complete agreement. A new bubble needed to be blown in order to refill the coffers of the ruling class. Paul Krugman spoke for the liberal wing:

“To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.”

Greenspan and his handpicked successor Bernanke represented the conservative wing by reducing interest rates to ridiculously low levels, failing to carry out their regulatory obligations, encouraging recklessness, and purposefully failing to acknowledge and deflate the greatest housing bubble in world history:

“American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage.” Alan Greenspan – February 2004

“House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.” – Ben Bernanke – October 2005

“With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.” – Ben Bernanke – November 2005

The master plan worked like a charm from 2004 through 2007 as you can see by the tremendous surge in average income. The stock market rocketed by 75% between 2003 and 2007 and national home prices shot up by 50%. Wall Street creatively invented no doc, negative amortization, interest only, subprime mortgages and generated a frenzy of demand from anyone that could scratch an X on a loan document, just as Greenspan had demanded. Being “sophisticated” financial institutions, they were able to assemble thousands of shit loans that were certain to default into one big derivative package of shit and their captured lackeys at the “sophisticated” rating agencies stamped a AAA rating on the smelly pile of feces. Always looking out for the best interests of their clients (aka muppets), the upstanding Wall Street firms sold the derivative piles of shit to them as can’t miss investments. Wall Street profits went off the charts. Billions in bonuses flowed to the rich and powerful Wall Street titans. Mega-corporations generated record profits as consumers utilized the Fed induced tsunami of easy debt to buy BMWs, 72 inch HDTVs, home theaters, stainless steel appliances, granite counter-tops, Caribbean cruises, Jimmy Choo shoes, and Rolex watches in a mad frenzy of consumer delusion.

What you might also notice in the chart above is that median household income somehow declined during this decadent orgy of corporate fascist pleasure. How could this be? Table 2 from the Fed report makes it clear. The vast majority of households in this country generate 75% to 81% of their income from wages. Virtually none of the income generated in 85 million households (the bottom 75%) comes from interest, dividends or capital gains. You need money to make money. The top 10% only generated 46% of their income from wages. The report does not provide details on the top 1%, but wages most certainly account for less than 20% of their income. Interest, dividends and capital gains represented 22.2% of the income for the top 10%, while it represented less than 1% of income for the bottom 75%. This data is the smoking gun that proves that Federal Reserve policy and control fraud on a grand scale by the titans of Wall Street was designed and executed to benefit only the wealthy elite billionaire class and their co-conspirators. All the income gains during this time accrued to the psychopathic amoral financial oligarchy. The average family saw their real wages decline and anyone lured into the housing market during this time frame by the “sophisticated” financial experts at Citicorp, Bank of America, Wells Fargo, Merrill Lynch, Countrywide, Washington Mutual, Wachovia, Bear Stearns, Goldman Sachs, Lehman Brothers, and the other members of the Too Big To Fail criminal syndicate was set up for epic loses.

Source of Household Income By Percentile of Net Worth

As expected, the psychopathic banker class could not be satisfied with the results of their looting. Their gluttonous voracious greed culminated in a historic collapse of the worldwide financial system resulting in a housing implosion, stock market crash and 8 million middle class Americans losing their jobs.  The Fed report does show that average household income declined more than median household income after this historic financial oligarchy created collapse. One look at Table 6 from the Fed report will explain why. Only 15% of families own stocks and only 50% have retirement accounts. Approximately 50 million households in the country have virtually no stocks and less than 30% have retirement accounts. The top 10% wealthiest households, with a median household net worth of $1.2 million, proportionately own 3 times as much stock as the average family and 90% have retirement accounts. Therefore, the 57% crash in stocks impacted the top 10% to a greater extent, while the average family was most impacted by the 28% drop in home prices.

9 out of 10 Young People Don't Invest in Stocks

Despite the fact that the median net worth of the top 10% actual rose from $1.17 million in 2007 to $1.19 million in 2010 (while the bottom 80% saw their net worth decline by 36%) the losses in the stock market were intolerable to the banker predators and their captured government parasite politicians. All the “solutions” to the Wall Street induced financial debacle have been designed to benefit those who committed the crime and should have done the time. The singular design of those pulling the strings was to replenish the treasure chests on Wall Street, engineer a stock market rally to pump up the net worth and capital gain income for the 1%, and protect the vested interests of the financial elite. All the obscene criminally generated profits created during the boom were privatized into the grubby hands of the financial predators, while the subsequent gargantuan losses were socialized onto the backs of the American middle class taxpayers and future unborn generations.

TARP was rammed through the captured Congress by the oligarchs despite a 300 to 1 opposition from the public in order to protect obscenely wealthy bankers, stockholders and bondholders. The $800 billion of debt financed political pork, disguised as stimulus, was doled out to corporate contributors, union thugs, and a myriad of other special interests. Zero interest rates are specifically geared to generate billions of risk free profits for Wall Street and to force retirees to gamble their dwindling retirement funds in the rigged stock market. Bernanke and Paulson threatened the limp wristed pocket protector CPAs at the FASB into allowing Wall Street banks to make up the value of their loan portfolios in order to mislead the public regarding their insolvency. The tripling of the Federal Reserve balance sheet from $950 billion in September 2008 to $2.9 trillion today was done to remove the toxic assets from the balance sheets of the Too Big To Fail Wall Street cabal at 100 cents on the dollar.  QE1, QE2, and Operation Twist have had the sole purpose of providing the “sophisticated” financial elite with the funds to pump into the stock market using their high frequency trading super computers.

The subsequent Federal Reserve contrived 100% increase in the S&P 500 has repaired the damaged balance sheets of the moneyed interests, while the average middle class family has sunk further into debt and despair. The powerful entrenched sociopathic marauder class cares not for the average middle class American. They can barely conceal their contempt and disgust for the masses as they blatantly flaunt their hegemony and supremacy over our decrepit decaying corrupted economic system. M. Ramsey King described the disgusting display last week:

“Jamie Dimon’s appearance before the Senate Banking Committee was a sickening display that clearly demonstrated that Congress has been thoroughly corrupted by Wall Street. Instead of grilling Dimon, Senators acted like overly affectionate puppies fighting each other for an opening to smooch their master.”

The destruction of the middle class has been methodical and systematic. The top 10% of earners had a median net worth of $1.19 million, or 192 times as much as the median wealth of $6,200 of those in the bottom 20% in 2010. In 2007, the top 10% had 138 times as much wealth as the bottom 20%. In 2001, it was 106 times as much. With the continued rise in the stock market, declining real wages for the middle class, and further home price declines, the gap between the top 10% and the bottom 20% has continued to widen. The level of pain being experienced by the middle class has reached an unprecedented extreme. A few data points from David Rosenberg make that clear:

  • Forty-six million Americans (one in seven) are on food stamps.
  • One in seven is unemployed or underemployed.
  • The percentage of those out of work defined as long-term unemployed is the highest (42%) since the Great Depression.
  • 54% of college graduates younger than 25 are unemployed or underemployed.
  • 47% of Americans receive some form of government assistance.
  • Employment-to-population ratio for 25- to 54-year-olds is now 75.7%, lower than when the recession “ended” in June 2009.
  • There are 7.7 million fewer full-time workers now than before the recession, and 3.3 million more part-time workers.
  • Eight million people have left the labor force since the recession “ended” — adding those back in would put the unemployment rate at 12% instead of 8.2%.
  • The number of unemployed looking for work for at least 27 weeks jumped 310,000 in May, the sharpest increase in a year.

I would add a few more data points to David’s list of woe:

  • Over 7.5 million homes have been foreclosed upon by the Wall Street bankers since 2008.
  • The National Debt has increased by $5.7 trillion (57% increase) since September 2008, while real GDP has risen by $305 billion (2.3% increase) since the 3rd quarter of 2008.
  • Interest income paid to senior citizens and savers has declined by $400 billion (29% decline) since September of 2008 due to Ben Bernanke’s ZIRP.
  • Government transfer payments have risen by $500 billion (32% increase) since September 2008, while private industry wages have risen by $200 billion (4.7% increase).
  • The price of a gallon of gas has risen from $1.70 in December 2008 to $3.53 today.
  • Food prices have risen by 7% to 10% since late 2008, even using the falsified BLS data. A true assessment by anyone who actually goes to a grocery store (not Bernanke – his maid does the shopping) would be a 10% to 20% increase.

The middle class has a gut feeling they are being screwed by somebody, they just can’t figure out who to blame. The ultra-wealthy elite keep up an endless cacophony of propaganda and misinformation designed to confuse an increasingly uneducated and willfully ignorant public while blurring the facts for those educated few capable of understanding the truth. They have been able to keep the masses dumbed down through government run education; distracted by sports, reality TV, Facebook, internet porn, and igadgets; lured by mass media messages of materialism; and shackled with the chains of debt used to acquire the goods sold by mega-corporations. We’ve become a society oppressed by a small faction of ultra-wealthy masters served by millions of impoverished, uneducated, sedated slaves. But the slaves are getting restless and angry. The illegally generated wealth disparity chasm is growing so large that even the ideologue talking head representatives of the elite are having difficulty spinning it. Even uneducated rubes understand when they are getting pissed on.

“Senator, don’t piss down my back and tell me it’s raining” – Fletcher – Outlaw Josey Wales

The situation is growing increasingly unstable and has left the country susceptible to an extreme outcome when this teetering tower of debt topples.

The moneyed interests have brilliantly pitted the middle class against the lower classes through their control of the media, academia, and the political system. They have cleverly blamed the victims for their own plight. They have convinced the general public that millions have lost their homes to foreclosure because they were careless, greedy and stupid. They blame the Community Reinvestment Act. They blame others for taking on too much debt when they were the issuers of the debt. The Wall Street moneyed interests created the fraud inducing mortgage products, employed the thousands of sleazy mortgage brokers, bullied appraisers into fraudulent appraisals, paid off rating agencies, bribed the regulators, bet against the derivatives they had sold to their clients, threatened to burn down the financial system unless Congress handed them $700 billion, and paid themselves billions in bonuses for a job well done. But, according to these greedy immoral bastards, the real problem in this country is the lazy good for nothing parasites on food stamps and collecting unemployment, who need to stop complaining and pick themselves up by their bootstraps and get a damn job. It’s a storyline used against Occupy Wall Street and anyone who questions their right to plunder what is left on the carcass of America. The vilest fraud in the history of man was perpetrated by these evil men and not one executive of these firms has been prosecuted. Obama, the champion of the little people, has proven to be nothing but a figurehead for the powers that be. Proof that the Wall Street syndicate is winning the war couldn’t be any clearer than the fact that the top six criminal banks now have 40% more of the nation’s assets in their vaults than they did before they burned down the economy.

The demonization of the victims continues, while the perpetrators prosper. The sociopaths appear to be winning; just as they seemed to be winning in the later stages of the Roman Empire.

“And we often fall into this bias on the prompting of con men and sociopaths of the predator class who use it to justify their own criminal actions and personal injustice. They are not burdened with empathy for their victims, and even delight in their misfortune. But they must find ways to make their actions more acceptable to society as a whole that normally does have such concerns for equity and justice.”Jesse

 

“Are we like late Rome, infatuated with past glories, ruled by a complacent, greedy elite, and hopelessly powerless to respond to changing conditions?” –  Camille Paglia

I think you know the answer to this question.

If you missed the first part of this series, CLICK HERE to read it.

GoldMoney. The best way to buy gold & silver

77 Comments
  1. Who Destroyed The Middle Class – Part 2 « Financial Survival Network says:

    [...]   Who Destroyed The Middle Class – Part 2 by James Quinn The Burning Platform [...]

    20th June 2012 at 3:27 pm

  2. Yojimbo says:

    Brilliant analysis. Cogent writing. As usual.

    I can’t wait for Part 4.

    20th June 2012 at 4:19 pm

  3. Muck About says:

    More great analysis..

    What in hell do you tell Wharton when TPTB there want the straight scoop? Or are they part of the problem? After all, I suspect a lot of MBA’s from your school go on to financial institutions.

    No conflicts of interest? Maybe this be best discussed over a beer at the Beach rather than on here, huh?

    MA

    20th June 2012 at 4:49 pm

  4. Administrator says:

    Muck

    They don’t ask me. I’m responsible for budgets and strategic planning. The people here are decent folks trying to educate young people.

    20th June 2012 at 4:59 pm

  5. Wyoming Mike says:

    Ahhh, the false dichotomy. Was watching the farm bill bullshit on lunch today. R’s & D’s arguing over who gets the welfare they’re printing, borrowing, & stealing. Heard the word bipartisan 47 times. Assholes all. Welfare for the rich & 300 lb cell phone loving, SUV driving, video game playing, snap card red lobster eating poor. Screw the working man. Sigh.

    20th June 2012 at 6:39 pm

  6. Wyoming Mike says:

    P.S. Can’t wait for part 7.

    20th June 2012 at 6:39 pm

  7. DaveL says:

    “The stock market rocketed by 75% between 2003 and 2007 and national home prices shot up by 50%. Wall Street creatively invented no doc, negative amortization, interest only, subprime mortgages and generated a frenzy of demand from anyone that could scratch an X on a loan document, just as Greenspan had demanded. Being “sophisticated” financial institutions, they were able to assemble thousands of shit loans that were certain to default into one big derivative package of shit and their captured lackeys at the “sophisticated” rating agencies stamped a AAA rating on the smelly pile of feces.”

    Funny, that while the wave was high and the surfboard was gliding along, I don’t recall too many people wanting to jump off, but a lot more people were wanting to get on.The road to hell isn’t just paved with good intentions, it is heavily and ambitiously traveled by a vast majority of the people.

    20th June 2012 at 7:10 pm

  8. llpoh says:

    Admin – I have no doubt that the banksters are evil pieces of shit, aided and abetted by special interest groups of all types. However, I do not absolve the greedy live-above-our-means-get-heavily-indebted-and-rely-on-the-govenment-to-fix-things-when-I-fuck-up folks. The banksters can only survive by living off the stupid, and only then if the general population allows it (many of whom are the aforementioned stupid). That this shit continues without massive resistance by thge people is amazing. My proof of this – Obama still is looking like being re-elected, and if not him it will be the next stupidest an alive, Romney.

    If it wasn’t so sad it would be roll on the floor funny.

    20th June 2012 at 7:17 pm

  9. Administrator says:

    llpoh

    The average deadbeat could not live above their means without trillions in credit provided by the bankers and the entitlement system put in place by the politicians. They are doing as they are told, like good sheeple. The deadbeats did not create the system. They are too stupid to do so.

    20th June 2012 at 7:29 pm

  10. llpoh says:

    Admin – that was my point. Human nature for the smart to feed off the stupid. It is up to those in the middle to prevent the feeding frenzy. Unfortunately they have decided that fat and lazy suits them too.

    20th June 2012 at 7:45 pm

  11. Administrator says:

    llpoh

    It seems the middle will not hold. They have chosen debt enslavement and willfull ignorance. A goodly portion of the top 20% have done so too.

    20th June 2012 at 7:50 pm

  12. AWD says:

    The rich use fear, when it comes right down to it. Fear of not being able to pay their debt, fear of bankruptcy, losing the house, their job, wife and kids leaving. Fear of their credit rating. And, in the end, fear of going to jail. We have the largest prison population in the world, and also the most wealth inequality, both directly correlated:

    The Chart That Scares The “1%” The Most

    Capitalists have been gripped by ‘systemic fear’ making them worry not about the day-to-day movements of growth, employment, and profit, but about ‘losing their grip’. An interesting recent article by the Real-World Economics Review on the Asymptotes of Power focuses on the fact that the capitalists are forced to realize that their system may not be eternal, and that it may not survive in its current form

    The high level of force already being applied makes them increasingly fearful of the backlash they are about to receive (think Europe to a lesser extent) and nowhere is this relationship between the wealthy capitalists and social upheaval more evident than in the incredible correlation between the Top 10% share of wealth and the percent of the labor force in prison. In order to have reached the peak level of power it currently enjoys, the ruling class has had to inflict growing threats, sabotage and pain on the underlying population.

    20120620_JAILvsWEALTH_0.png

    20th June 2012 at 7:54 pm

  13. mary malone says:

    You’ re right on the money, Admin.

    The cronies won the con game.

    I just hope we can win the end game by restoring the rule of law before it’s too late.

    20th June 2012 at 9:33 pm

  14. AWD says:

    “I just hope we can win the end game by restoring the rule of law before it’s too late”

    No rule of law and the constitution are gone. Now we have “executive privilege”.

    It is too late. Corzine walks free. Eric Holder will walk free. Criminal banksters walk free. You only have to follow the law if you can’t buy the law.

    20th June 2012 at 9:40 pm

  15. mary malone says:

    @AWD Yes, I agree the US is no longer a Representative Republic, but a Bannana Republic.

    That’s why I used the word restore.

    Just because cronie criminals like Corzine are free today, it doesn’t mean he’ ll be free tomorrow.

    Millions of us are working to end the fraud and restore the Constitution.

    We’ re in the final stages before the collapse and with God’ s help we can get back on the right track.

    I’ m not going to give up. Never, ever give up.

    Keep the faith AWD.

    20th June 2012 at 10:08 pm

  16. Novista says:

    dimon213017116859245196820120621124253.png

    20th June 2012 at 10:45 pm

  17. Anonymous says:

    Operation twist has been extended thru 2012.

    Embrace the decimation

    21st June 2012 at 1:39 am

  18. Monty Pelerin's World » “A lost decade of negative income growth for the average middle class family” says:

    [...] a three-part series on Who Destroyed The Middle Class, James Quinn describes what has happened in the last ten years: When you dig into the charts and [...]

    21st June 2012 at 1:47 am

  19. Douglas Nusbaum says:

    enter the two words orwells boot into any search engine. The item(s) at the top, under the names factotum666 or dnusbaum.com is mine. You will find it an interesting read, as have so many others

    21st June 2012 at 9:01 am

  20. Guest Post: Who Destroyed The Middle Class - Part 2 - CurrencyCore.com says:

    [...] Submitted by Charles Hugh Smith from Of Two Minds [...]

    21st June 2012 at 10:01 am

  21. Guest Post: Who Destroyed The Middle Class – Part 2 » A Taoistmonk's Life says:

    [...] Submitted by Charles Hugh Smith from Of Two Minds [...]

    21st June 2012 at 10:28 am

  22. matt says:

    Another slap in the face by the big banks, we rescue them when they fuck up and then they ship more jobs out of the country to protect their huge profits. Disgusting!!

    http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/06/20/bloomberg_articlesM5XCZC0YHQ0X01-M5XF7.DTL

    21st June 2012 at 10:31 am

  23. Dave says:

    Would be interested to learn about statistics regarding perscription drug use… So many of the people I know are taking medication for anxiety, depression and an inability to sleep…. Correlation?

    21st June 2012 at 10:41 am

  24. Maddie's Mom says:

    Dave,

    Do they mostly sit on their ass all day?

    There’s a clue.

    (If they are active and hard-working, then my comment does not apply, obviously ;) )

    I know the days I’m more active and work harder, I sleep like a baby. On slower days, maybe not so much. It’s a no-brainer for me.

    I wonder if all the people on prescription drugs for anxiety, depression and insomnia looked for other solutions first (maybe get a puppy!!!) or did they just go straight to big pharma for help.

    21st June 2012 at 11:28 am

  25. Guest Post: Who Destroyed The Middle Class – Part 2 » A Taoistmonk's Life says:

    [...] Submitted by Jim Quinn from The Burning Platform [...]

    21st June 2012 at 11:36 am

  26. WHO DESTROYED THE MIDDLE CLASS – PART 2 | RevolutionRadio.org says:

    [...] The Rest…HERE [...]

    21st June 2012 at 12:13 pm

  27. GreasedUpWillie says:

    Outstanding article! One of your best yet. It is an especially astute argument that TPTB pit the lower class and middle class against each other. The analogy I use, is the country is a patient, the Free Shit Army is the gangrenous leg eating away at the patient, and the bankers and corporate welffare recipients are the heart attack the patient is suffering. Both will eventually kill the patient, and both need to be dealt with, but one needs to be the priority. And the bankers and pundits on the right like to point at the gangrenous leg, so we ignore the heart attack.

    21st June 2012 at 12:51 pm

  28. Jason says:

    My wife and I pull down 145K a year. Live in a 40 year old house valued at 200K. And drive 3 old cars. 2002 Gallant with 80k miles and rust spots. 2003 Neon R/T with 120k miles. 2006 xA with 105K miles. We have no debt other than a house payment (30yr fixed @ 3.875%). We have given up on trying to make a retirement here in Amerika. We are looking East, Far East. Most likely will be sending the rug rat to China for school.

    JJ The Fed

    21st June 2012 at 2:37 pm

  29. agneaux says:

    I think what you’re trying to say is that about 99% of the USA population is dumber than dirt, at least when it comes to saving and keeping their money. Thank you for educating those of us who go out of our way to read your posts – now if we can get the rest of the 99% to read it, we’ll all be better off, but I doubt they will. They’re too busy watching sports, Dancing with the Stars and The Bachelorette…

    21st June 2012 at 3:38 pm

  30. Purplefrog says:

    Like Camelot, we are a failed experiment. Our salvation will be our disintegration into smaller parts.

    21st June 2012 at 3:51 pm

  31. Thunderbird says:

    The middle class destroyed itself because in it”s greed to make money it let the government indoctrinate it’s kids so they could buy all types of toys. Now their kids are rebellious. Oh Well.

    21st June 2012 at 8:42 pm

  32. Tster says:

    It will not survive much longer, there is not enough left for them to take to maintain the beast they have created. Most corporations will soon figure out that they have been dupped by the financial elite as well. All of us little people will have to band together in the end to take back what should have been ours all along, by force if need be. Be prepared!

    22nd June 2012 at 2:26 am

  33. Gwyn says:

    The only thing the Banks/ super rich want is more money. And no matter how little you have left do not spend it on junk. Get your food and medication and stuff the rest in the penny jar. They want to know what it like when everyone is broke then show them, while you still have some money.

    Also how many more are taking early retirement because that all they have left.

    22nd June 2012 at 6:51 am

  34. Thunderbird says:

    It is a never ending story with the product baked in. The middle class is the food for the rich. Mother Nature adapts to the situation. More people will be born and the immigration flood gates will open legally or illegally to provide more food for the rich. The same goes on in Europe as here. Sheep and cows don’t rebel. They are easily led to the slaughter. All these austerity programs provide an endless supply of food for the rich. It will start to happen in the US very soon.

    Reality is very terrifying to look at for the ones being used for food. That is why they are comforted by a continuous supply of food and toys to keep them busy until the slaughter. Obesity is becoming an epidemic; is it not? Fatter sheep and cows for food. The corporate system of hypnotism and mesmerism to keep the victims feeding at the trough is working very efficiently.

    For those that can see reality and bear it; a thought adjustment is necessary. There is no evil going on, but just is. What makes man think he is any different than any other animal or insect in nature? Only when he wakes up does he see he is an automation of the great cycle of life (I eat and so I support myself) and so gains the ability to rise to a higher being of responsibility; if he works at it by developing a conscience. Until then he is food for the rich.

    Perhaps the title should read, “Who is destroying the middle class for food?” No amount of writing or complaining to the sheep and cows is going to change things; or them. The only way to wake up is to see & feel the terror and survive the shock of it! Then there is a chance for change.

    22nd June 2012 at 11:25 am

  35. Anonymous says:

    The middle class destroyed themselves by living way beyond their means, not saving, not turning the T.V. off, and forcing their leaders to do ponzi schemes to give them a “good economy.”

    22nd June 2012 at 12:53 pm

  36. Snowleopard says:

    .Still looking forward to ” Part 4 will require pitchforks, torches and a guillotine” as per description in part1. In part 2 only three parts are mentioned; perhaps that ends “the written”?

    Are you planning a “practical”? :)

    22nd June 2012 at 5:15 pm

  37. Charles Savoie says:

    “Oligarchs, bankers, Wall Street” lacks specificity. To obtain that, be advised that at 122 East 58th Street, NYC, is the US headquarters of “The Pilgrims Society” with the other branch in London. This is the central committee of the synthetic money creators who’ve attacked silver and gold (as a group) officially since 1902. The top financiers of the centuries old British Empire, starting with Cecil Rhodes in diamonds, and his financiers the Rothschilds AND the Royal family, the opium dealing Sassoons and many others, formed an alliance with USA “robber barons,” the Vanderbilts, Rockefellers, Astors, Harrimans, Du Ponts, Drexels, Livingstons, and many others. It was described in the Review of Reviews, May 1902, pp557-558 as “a secret society gradually absorbing the wealth of the world.” Bilderberg issues lists but NOT this group, whose members founded the B in 1954. The USA President is always an “honorary” member and the Secretary of State (the Society controls all our armed forces and all our foreign relations.) Paul Volcker, a Pilgrims VP, is Obama’s top financial adviser. He’s the one who took 59 million silver ounces from the nonmember Hunts by 1986! ALL of the risk within USA borders to PM ownership comes from this ONE organization! The free access documentary has been mentioned now by quite a few websites. Notably absent from the list is Gold Anti-Trust Action Committee. I’m one of only 2 long commentators on silver cited by the Silver Users Association, which still has never mentioned GATA. Would concerned investors please ask GATA why it’s deemed unimportant that the President, who can order metals nationalization, is a member of a British Crown sponsored group of financiers which very few Americans have heard of, and whose members have a long record of SEVERE attacks on silver AND Gold? Just read the documentary and please don’t whine “it’s too long,” you read textbooks in college that were longer. This is an image I fed into the web in a 2004 release, “Meet The World Money Power.” pilgrims_02.jpg

    23rd June 2012 at 12:28 am

  38. CEO says:

    LIke with all desicion in life one has a choice. No one forced people into buying houses they knew they couldnt afford, no one forced them to take trips, buy big cars or spend money they knew they couldnt afford. What is wrong here is that people have been taken but they had a choice. Free will, God nor the Devil can force you to do anything We all make our own choices out of free will. The problem is now that they have discovered that they have been screwed they look for blame. The answer of who is to be blamed is in everyones bathroom over your sink, go take a look This is not to say that our bankers and politions arent the culprates they are the Devils that gave us an offer that seemed to good to pass up. They didnt force us but they sure made it oh so tempting. To fix it dont look for blame, look for the solution, Vote them out of office!

    23rd June 2012 at 10:23 am

  39. Drowning in Parasitism says:

    Thanks, Admin, for accomodating my request.

    “The average family saw their real wages decline and anyone lured into the housing market during this time frame by the “sophisticated” financial experts at Citicorp, Bank of America, Wells Fargo, Merrill Lynch, Countrywide, Washington Mutual, Wachovia, Bear Stearns, Goldman Sachs, Lehman Brothers, and the other members of the Too Big To Fail criminal syndicate was set up for epic loses.” – Admin

    In Michael Hudson’s critically important book “”The Monster: How a Gang of Predatory Lenders and Wall Street Bankers Fleeced Americans, he detailed how the scumbag billionaire Roland Arnall, co-founder of the “Simon Wiesenthal Center” and owner of “ACC Capital Holdings” – parent of “Ameriquest” which funded 75 BILLION in sub-prime loans (and as you noted: later collateralized and sold to trusting investors world-wide) went to his death without ever being prosecuted for his ample role in the ensuing collapse and was in fact, rewarded by our Federal Leviathan with a plum ambassadorship to the Netherlands for his criminal deeds.

    Nauseating details are provided of how elderly and poor minorities (you know… those same alleged, discriminated-against “minorities” the weepy Boston Federal Reserve feigned such concern for?) in California and elsewhere were targeted over-and-over repeatedly because many were initially sitting on (blown) ballooning equities with affordable, safe, fixed-rate mortgages on their homes, but needing money nonetheless. Many were totally clueless about what they were signing, and how they were being endlessly bankrolled into ever higher, dangerous adjustable-rate mortgages with criminal fees attached that would have made the street-savvy loan sharks blush, and eventually causing them to default on their loans (which the banksters’ were then only too happy to repossess).

    Remember that the next time you hear his Cultural Marxist “progressive” brethren in the disinfo media decrying “rampant discrimination” by ” White racists.”

    23rd June 2012 at 12:56 pm

  40. Administrator says:

    “It should be no surprise that when rich men take control of the government, they pass laws that are favorable to themselves. The surprise is that those who are not rich vote for such people, even though they should know from bitter experience that the rich will continue to rip off the rest of us. Perhaps the reason is that rich men are very clever at covering up what they do.”

    Andrew Greeley

    23rd June 2012 at 4:05 pm

  41. Richard says:

    In 2005, Greenspan had tipped his hand (( the hand of Federal Reserve Board members )) to the secret purpose of his (( their ))flooding markets with increasingly worthless paper : to BUBBLE-collapse the world’s markets!, to eventuate a massive re-shuffle and the requisite GLOBAL (U.N.) government to effect it—had tipped his hand when he told reporters that prospective home buyers ought to use an ARM, as if giving such bad advice were not a severe violation of his chairmanship duty to KEEP HIS MOUTH SHUT on such matters. But he was feeling giddy about the collapse he knew was coming, and wished to get as many home buyers in a no-way-to-pay position as he could. The ROOT CAUSE of collapse, dear reader, rests in the Keynesian-built FR. The stepwise secret plan to collapse the West for a more equalitarian (socialist) world is decades-old (from about 1910 forward).

    23rd June 2012 at 5:24 pm

  42. Kill Bill says:

    LIke with all desicion in life one has a choice. No one forced people into buying houses they knew they couldnt afford, no one forced them to take trips, buy big cars or spend money they knew they couldnt afford. What is wrong here is that people have been taken but they had a choice. -CEO

    False. The FBI had warned of mortgage fraud in 2006. It was not those that borrowed the money that falsified the loan documents but the folks like Angelo Mozilo, who was charged for his actions.

    SEC accusation regarding insider sales

    Over many years, Mozilo sold hundreds of millions of dollars in stock personally,[10] even while publicly touting the stock and using shareholder funds to buy back stock to support the share price. On June 4, 2009, the U.S. Securities and Exchange Commission charged former CEO Angelo Mozilo with insider trading and securities fraud.[11][12]
    http://en.wikipedia.org/wiki/Angelo_Mozilo#SEC_accusation_regarding_insider_sales

    23rd June 2012 at 5:44 pm

  43. John says:

    ADMIN: I was curious about Roland Arnall who is mentioned in this article, so I Iooked up his bio at wikipedia. His bio reads like he was Mother Teresa or John Paul II.

    http://en.wikipedia.org/wiki/Roland_Arnall

    23rd June 2012 at 5:49 pm

  44. Kill Bill says:

    And people were told that “housing prices” would never drop.

    They didnt buy a house they couldnt afford they bought a house that was way overvalued by the creation of a housing bubble. They walked away from the underwater houses and the property reverted back to the holder of that mortgages. They paid a pretty penny for what they did not and do not own.

    23rd June 2012 at 5:49 pm

  45. Richard says:

    P.S.

    Regarding your use of the term, “psychopathic banker class,” read Dr. Barbara Oakley’s book:

    “Evil Genes__Why Rome Fell, Hitler Rose, Enron Failed, and My Sister Stole My Mother’s Boyfriend”

    23rd June 2012 at 6:01 pm

  46. SSS says:

    @ Coyote, who said, “Global pogrom now. Start at the top. The complete extermination of jews = jubilee for humanity! These are the very same alien ratz that tortured and murdered Jesus.”

    Thankfully, people like you who post that crap here on TBP are very few and very far between. I wouldn’t stick around if I were you.

    23rd June 2012 at 6:42 pm

  47. This explains the lack of outrage » Why Aren't You Outraged? says:

    [...] WHO DESTROYED THE MIDDLE CLASS – PART 2 « The Burning Platform In Part 1 of this three part series I addressed where and how the net worth of the middle class was stolen. In Part 2, I will tackle who stole your net worth and in Part 3, why they stole your net wor… [...]

    23rd June 2012 at 6:44 pm

  48. Administrator says:

    SSS

    Coyote is spam.

    23rd June 2012 at 7:07 pm

  49. Sociopath Test | Sociopath Definition Rate 0bama « CITIZEN.BLOGGER.1984+ GUNNY.G BLOG.EMAIL says:

    [...] Who Destroyed the Middle Class – Part 2 (theburningplatform.com) Share this:ShareEmailLike this:LikeOne blogger likes this. Tags: Disorders, Health, Mental health, Narcissistic, Personality, Personality disorder, Psychopathy, United State Comments (0) Trackbacks (0) Leave a comment Trackback [...]

    23rd June 2012 at 9:37 pm

  50. DaveL says:

    Admin: “Obama, the champion of the little people, has proven to be nothing but a figurehead for the powers that be.”

    Speaking in more than generalities, this is nothing more than proof that just about anybody can be corrupted by money, whether it be the top 10%, the bottom 10% or most anybody in between. Human nature. Trading Places isn’t just a movie.

    23rd June 2012 at 10:43 pm

  51. Administrator says:

    “The hyper-rich are facing something worse than death: becoming poor. Do you think they will go quietly? I think they will do whatever it takes and sell it to us in the name of ‘saving the system.'”

    David Malone, Debt Generation

    24th June 2012 at 6:24 pm

  52. TrenchPress » Blog Archive » 22 Statistics That Prove That The American Dream Is Being Systematically Destroyed says:

    [...] #5 Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    26th June 2012 at 12:02 am

  53. Before It's News says:

    [...] #5 Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    26th June 2012 at 12:07 am

  54. The following are 22 statistics that prove that the American Dream is being systematically destroyed…. « InvestmentWatch says:

    [...] #5 Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    26th June 2012 at 8:12 am

  55. 22 Statistics That Prove That The American Dream Is Being Systematically Destroyed says:

    [...] #5 Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    26th June 2012 at 9:26 am

  56. 22 Statistics That Prove That The American Dream Is Being Systematically Destroyed | Yolohub says:

    [...] #5 Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    26th June 2012 at 9:57 am

  57. 22 Statistics That Prove That The American Dream Is Being Systematically Destroyed | Free The Nation says:

    [...] #5 Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    26th June 2012 at 10:46 am

  58. Who Destroyed The Middle Class says:

    [...] Who Destroyed the Middle Class – Part 2  Who Stole Your Money [...]

    26th June 2012 at 1:16 pm

  59. 22 Statistics That Prove That The American Dream Is Being Systematically Destroyed | True Activist says:

    [...] #5 Eight million Americans have “left the labor force” since the recession supposedly ended. If those Americans were added back into the unemployment figures, the unemployment rate would besomewhere up around 12 percent. [...]

    26th June 2012 at 3:59 pm

  60. Guest Post: Who Destroyed The Middle Class – Part 3 » A Taoistmonk's Life says:

    [...] In Part 1 of this series I addressed where and how the net worth of the middle class was stolen. In Part 2, I focused on the culprits in this grand theft and in Part 3, I will try to figure out why they [...]

    26th June 2012 at 6:59 pm

  61. Multiculturalism:America’s Destruction III « Economic & Multicultural Terrorism says:

    [...] http://www.theburningplatform.com/?p=36196 [...]

    26th June 2012 at 7:39 pm

  62. The Gold Standard says:

    This is truly a sad state of affairs we are in. Warren Buffett has already said that there is definitely a class war taking place…”and we are winning!”.

    27th June 2012 at 9:57 am

  63. 22 STATISTICS THAT PROVE THAT THE AMERICAN DREAM IS BEING SYSTEMATICALLY DESTROYED « sreaves32 says:

    [...] #5 Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    27th June 2012 at 12:53 pm

  64. WHO DESTROYED THE MIDDLE CLASS – PART 2 « Aotearoa: A Wider Perspective says:

    [...] more Rate this:Share this:EmailPrintFacebookTwitterMoreDiggRedditStumbleUponLike this:LikeBe the first [...]

    27th June 2012 at 5:58 pm

  65. Who Destroyed The Middle Class says:

    [...] 1 of this series I addressed where and how the net worth of the middle class was stolen. In Part 2, I focused on the culprits in this grand theft and in Part 3, I will try to figure out why they [...]

    28th June 2012 at 1:33 am

  66. WHO DESTROYED THE MIDDLE CLASS – PART 3 « Aotearoa: A Wider Perspective says:

    [...] the middle class households experienced a brutal 8% to 9% decline in real income. Table 2 in Part 2 of this article reveals why the poorest 20% were able to increase their income. Transfer payments [...]

    28th June 2012 at 5:01 pm

  67. Washington’s Blog – Business, Investing, Economy, Politics, World News, Energy, Environment, Science, Technology « Ye Olde Soapbox says:

    [...] the middle class households experienced a brutal 8% to 9% decline in real income. Table 2 in Part 2 of this article reveals why the poorest 20% were able to increase their income. Transfer payments [...]

    29th June 2012 at 4:51 pm

  68. 22 Statistics That Prove That The American Dream Is Being Systematically Destroyed « PN says:

    [...] #4 The U.S. economy is not producing nearly enough jobs for all of us at this point. For example, it was reported that 20,000 people applied for just 877 jobs at a Hyundai plant in Montgomery, Alabama earlier this year. Sadly, the official U.S. unemployment rate has been above 8 percent for 40 months in a row, and this is supposed to be “the recovery”. #5 Eight million Americans have “left the labor force” since the recession supposedly ended. If those Americans were added back into the unemployment figures, the unemployment rate would besomewhere up around 12 percent.  [...]

    29th June 2012 at 6:40 pm

  69. theCL Report: Do Not Consent says:

    [...] Who Destroyed the Middle Class – Part 2 [...]

    29th June 2012 at 8:40 pm

  70. 65 SIGNS THAT THE ECONOMIC COLLAPSE IS ALREADY HAPPENING « sreaves32 says:

    [...] 29. Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    1st August 2012 at 10:38 am

  71. 65 Signs That The Economic Collapse Is Already Happening says:

    [...] 29. Eight million Americans have “left the labor force” since the recession supposedly ended. If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    1st August 2012 at 8:55 pm

  72. JungianINTP says:

    Search for T_H_E ROOT CAUSE of

    collapse by learning the ages-old

    psychology driving political affiliation–

    study my two posts at the bottom of

    this Andrew Gavin Marshall page

    (( copy and save for future reference )):

    http://andrewgavinmarshall/content/#comment-2690

    Study “Evil Genes,” by Barbara Oakley; and “Demonic,” by Anne Coulter–as both books reveal psychology-based insights about differences between leftists and rightists.

    7th August 2012 at 2:23 pm

  73. Deflationary Economic Collapse Is Here: 65 Examples | http://www.thedeflationtimes.com says:

    [...] 29. Eight million Americans have "left the labor force" since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    15th August 2012 at 10:08 am

  74. The Mississippi River Is Drying Up | tatoott1009.com says:

    [...] 29. Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    15th August 2012 at 1:35 pm

  75. Today’s Toons 8/16/12 « CITIZEN.BLOGGER.1984+ GUNNY.G BLOG.EMAIL says:

    [...] Who Destroyed the Middle Class – Part 2 (theburningplatform.com) [...]

    16th August 2012 at 7:57 am

  76. 2013 Great Depression Parallels the 1930′s by Worst Stock Market Crashes says:

    [...] 29. Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    4th September 2012 at 10:29 am

  77. 22 Statistics That Prove That The American Dream Is Being Systematically Destroyed | Independent News Hub says:

    [...] #5 Eight million Americans have “left the labor force” since the recession supposedly ended.  If those Americans were added back into the unemployment figures, the unemployment rate would be somewhere up around 12 percent. [...]

    30th January 2013 at 5:17 am

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