john lawyer wrote:
I read an interesting piece the other day about the lopsided distribution of wealth, which as you know has reached 1929 level highs and i think is probably headed towards 19th century (i.e., Vanderbilts to sweatshops).Oh, like when kids take out huge loans (and the only type of loan which is NOT discharged in a bankruptcy) in order to pay for the privilege of getting "educated" by spending 80 hours/week doing s**t work for companies? You do know that there is a huge market for college-loan backed securities?
No, no, that's not quite it. In a sweatshop, you pay the workers. Having the workers pay you is a different system. Sorry, my mistake. Yes, yes, I agree and hope that we quickly return to the sweatshop system. Improvement is always welcome.
It's a product of two key factors: the Fed has kept interest rates low, by historic standards, for the last 20 years, and capital gains are lightly taxed at 15%.And nothing to do with the natural tendency of power to seek out even more power, coupled with a total breakdown in accountability and rule of law for those at the top of the pyramid? And total disregard at the top of the pyramid for those underneath?
You do recall that at least some people were prosecuted during the savings and loan scandal. In our most recent financial scandal/collapse/whateveryoucallit, do you know how many prosecutions there have been? I think the number starts with "z", and is less than 1 zillion.
Oh, dear, am I slipping into "rant" mode?
It does help to be distanced from it all.
And in the historical perspective, a narrow-pyramid system does seem the norm. Most people live like rats, which a few sit at the top as kings. Maybe we are just reverting to the norm, and the 20th century was the exception. Fun while it lasted, as they say.
Cheers,
+glenn
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