“Two-thirds of the directors at the New York Fed are hand-picked by the same bankers that the Fed is in charge of regulating.
Today, the United States is No. 1 in corporate profits, No. 1 in CEO salaries, No. 1 in childhood poverty, and No. 1 in income and wealth inequality in the industrialized world.
Today, the top one-tenth of 1% owns nearly as much wealth as the bottom 90%. The economic game is rigged, and this level of inequality is unsustainable.
We need an economy that works for all, not just the powerful.
I think what the American people are saying is enough is enough. This country, this great country, belongs to all of us. It cannot continue to be controlled by a handful of billionaires who apparently want it all.”
Bernie Sanders
Nice quote Bernie….But you got snarled into the same web that you are talking about. Take big bucks out of politics ? Good luck on that one…The back doors are everywhere.
The problem is that we’ve quit creating new wealth, we shifted production of real goods -which is what wealth is, the natural resources of the earth with labor added to them- to foreign countries and quit producing it here.
Wealth always moves upwards, that’s been that way since the beginning of economies, but creating it (new wealth) at the lower economic strata enriches all people in every economic status as it moves upwards.
Quit creating new wealth and the natural upwards movement of wealth toward the top economic strata drains what is left from the bottom strata and impoverishes it giving the upper strata a far out of proportion percentage of what has been produced in the past.
The way to solve the wealth inequality is not redistribution of what already exists, it is to again produce more new wealth at the lower levels where all wealth originates.
Creation of new wealth is what enriches the common people, anything else slowly consumes and diminishes the total and eventually impoverishes them.
There is no “new wealth”. 250k extra new people (births-deaths) see the light each and every day, and that number keeps going up. The whole omnicidal self-polluting enterprise of humanity is running on fumes.
Al Bartlett, Professor Emeritus in Nuclear Physics at University of Colorado at Boulder: “The greatest shortcoming of the human race is our inability to understand the exponential function.”
There is all kinds of new wealth being created.
Just not in the United States.
Every real good produced is new wealth, and they are being produced mostly overseas now. The lower economic classes in China, India, Malaysia, and so on are actually (slowly) on the economic rise since they are producing new goods and new goods are new wealth. It is here that things are heading downward since we have shifted from a largely wealth producing manufacturing economy to a wealth consuming service based one.
Obviously, we cannot sustain this. Either we produce wealth here in USA or we will atrophy. We need to rethink our thinking or we will perish! Bring new wealth production back home. Come home, now, or else!
Bernie?
Fess’ up. 100% of the bankers/Fed officials are hand picked.
Yellen is the spokesperson. Fischer is head of the NY Fed.
I want to declare 9/11/16 a no BS day.