Tag: Plutonomy

Sen. Sanders tells the ugly truth “We’re an Oligarchy and I think it’s getting worse”

THE Question – Is America a Democracy or an Oligarchy?

Sen. Sanders:    “Right now, what ends up happening, is Big Money interests, whether in fact it is in oil and energy, whether it’s in prescription drugs . . .”

Dylan Ratigan:     “BP”

Sen. Sanders:    “Whether it is in banking, these guys have huge amounts of money, and the situation gets worse with the recent Citizens United Supreme Court decision, and anyone who stands up to the big money interests can expect a huge amount of 30 second ads against them. That’s the reality. Are we a Democracy, or are we an Oligarchy where the very powerful special interests exert enormous influence over our Government?

Ratigan:     “What’s your answer to that question?”

Sen. Sanders:     “I think we’re an Oligarchy and I think it’s getting worse.”

   Much more, plus video and transcript below the fold.

Derivatives: An Investment on Nothing!

Warren Buffet gave a prophetic pronouncement back in 2003 about the Derivatives market, seeing the exponential dangers of this “paper-thin” type of investment.

Buffet did not mince words. He called them “financial weapons of mass destruction“:

Buffett warns on investment ‘time bomb’

BBC – 4 March, 2003

The derivatives market has exploded in recent years, with investment banks selling billions of dollars worth of these investments to clients as a way to off-load or manage market risk.

But Mr Buffett argues that such highly complex financial instruments are time bombs and “financial weapons of mass destruction” that could harm not only their buyers and sellers, but the whole economic system.


Some derivatives contracts, Mr Buffett says, appear to have been devised by “madmen”.  […]


Would YOU work for $3000 a year?

Apparently many workers in China would — for how much longer though is not entirely clear.  You see the Chinese, want to make more, improve the Standard of Living for their families — just like Americans and Europeans do.


8-12% Raises in Minimum Wages across China, in 2005!?

Apparently, Workers around the World, AREN’T Working just for the Fun of it!

This new trend toward leveling the the Global playing field, doesn’t bode well for the Wal-Marts of the world, who rely on such “captured cheap labor markets” —

to remain quiet, dutiful, and

happy with a pittance.

Afterall Billions of Dollars (and Euros) are at stake — those Foreign Workers must not upset that Apple cart.

They should just be happy they have a Job!

Shouldn’t they?

Ratigan reviews Frontline’s Warning, labels Wall Street as Legalized Gambling

If you missed Dylan Ratigan’s interview today with Senator Maria Cantwell (D-WA) — well you missed a lot!

They spell out in stark relief the very REAL need for serious Wall Street Regulation — NOW!   (and still!)

Or we risk a repeat of the same Bubble-driven collapse of Trillion Dollar Derivative Bets, that occur in the dark, beyond the reach — or even the Watch — of any Govt Regulator, or even the Public scrutinity.

Nothing has changed, they can STILL Gamble Trillions in Derivatives, and let US the Taxpayers pick up the Tab, whenever their Bets GO Bad!

Link to MSNBC Clip to the Ratigan Cantwell Interview

Definitely a “Must See”, in my opinion.

So much so, I transcribed much of it, to help peak your interest …  

When Robber Barons meet Muckrakers …

There is a clash of titan forces taking place in the American Economy right now. It’s a tale as old as Greed itself.  

It is the tale of the “Powers that Be” running into the watchful eyes of the “World that Should Be”.

The story involves how corporate Robber Barons avoid the watchful glare of the citizen Muckrakers.  

It is the tale of Deception and Greed vs Honesty and Fairness …

The Great Reagan Robbery

A number of economic commentators have begun to agree that an enormous, generational shift of wealth in America has occurred. This vast operation, which I shall call The Great Reagan Robbery, was nothing less that a program to cap the standard of living of the majority of Americans at mid 1970s levels and transfer all future increases in national wealth to the top 1% of the population. Here is how it was executed.

1. A telegenic pitchman for corporate America, Ronald Reagan, was elected to undermine the legitimacy of government, glorify the private sector, and demonize the poor.

2. Labor union power was crippled by direct strike breaking actions (Reagan’s firing of the Air Traffic Controllers) and anti-union propaganda campaigns.

3. Taxation was made more regressive, effecting a huge transfer of wealth from the working class to high-earning professionals and investors.

4. Speculative bubbles and financial scams, like the S&L debacle, enriched well-connected investors at the expense of the taxpayers.

5. A successful class war against the poor was launched, resulting in cuts to welfare and other programs that reduced income inequality.

6. Rapid inflation in the price of amenities Americans had once taken for granted, such as safe neighborhoods, good education, and adequate health care, enriched affluent providers of housing, education, and medicine, as these became costly “luxuries” for the general population.

7. Americans who were losing economic ground were encouraged to load up on debt, further enriching the lenders and holders of capital.

8. A blanket of ideological propaganda concealed the problem of growing inequality by fostering a culture of worshiping the rich and maintaining the myth of universal access to riches.

The bottom line on The Great Reagan Robbery is that it accomplished the most massive transfer of wealth within American society in our entire history without arousing any politically significant resistance. It was a brilliantly executed class war, in which the rich decisively defeated the rest of us.

The problem the rich now face is that they succeeded too well. The momentum of the stealthy, unstoppable, robbing machine they created is continuing to push the majority of Americans into third-world debt slavery and subsistence existence, and this sharp decline will undermine the entire economy, including the fortunes of the rich.

The Plutonomy — aka. that Top One Percent

I’m just back from seeing Michael Moore’s new movie, “Capitalism – A Love Story”.

It was moving, funny, and educational, all rolled into one. It made me feel both, proud and sad, to be an American. … but it’s recommended viewing if you still want to take OUR Country back, from the Powers that Be.

There are many lessons to be learned from the film — But the one that struck me, the one I’m motivated to write about now —

Is the Lesson of Plutonomy …