but you can't ignore or attempt to destroy the middle class without the repercussions being felt in the upper class. It can't be done.
What a short memory you have. The same experiment was attempted in the 1920's. Didn't work then. Won't work now.
It seems you and the rest of the uber-riche are stuck with the rest of us until you can figure out a way to move to the Moon or Mars or something.
So, after Wall Street made all that lovely money by creating a whole new group of homeless people and the government did nothing to stop them, the trickle up effects begin and the Feds scramble all over themselves to fix the mess the super-rich made for themselves. Once again, they'll attempt to ignore the rest of us and only fix the top layer.
Just TRY building a pyramid without a base and see how far YOU get--
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That was me sorry about that! I agree with you of course but a new class has been created in this 2 economy society Bush has created. The Uppity class are super rich and none of this will affect them!
hi, Jim--
of course it won't affect them directly.
you have to pay taxes for it to affect you individually.
and they don't.
xxx
but, without a middle class [and the bail outs threaten the middle classes not only here but around the world] the corporations have no consumers to buy their goods.
and, now that simply trading paper back and forth is going to be regulated out the a$$, even the super-rich will have to produce some sort of product in order to survive.
and there will be no one to buy their products.
an upper class can't survive without a base of some sort. back in medieval times that base was the serfs.
maybe we'll return to that system -- but even if we can, it will take a long, long time to get there.
xxx
this whole mess was created, imnsho, by Reaganomics which ignored the fact that the middle class was supporting the uber-riche.
when it fostered greed and ignored the middle class, it sealed its own doom -- at least until India and China create middle classes of their own -- which they are doing.
the question is: are they moving fast enough to support the current status quo?
THAT is iffy.
This just proves what I've long known.
The popular mythology about wealth being connected to intelligence is unadulterated bullshit. Nothing could be further from the truth.
The elite are so greedy that they don't realize that the population has to have money in order for them to make money.
Bush and Cheney are just trying to put the final touches on what started in 1907 when John Rockefeller and, ironically, Jack Morgan started the rumors that Heinz Banking was in trouble which led to the first major bank panic.
These bankers knew for sure that the mortgages that they were passing out were not going to be paid. After they squeezed every last penny out of their victims, they began acting like victims, manipulating the stock market, and sacrificing some of their own to scare us into taking their bad debt off of their hands and having our grand kids pay for it.
These experienced bankers also know how to convert their bad debt into good debt by lowering interest rates and extending term, but it's much easier and more profitable to scare us into giving them $700 billion.
We don't have to do this.
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