Wealth Disparities in U.S. Approaching 1920s Levels
Posted originally February 21, 2010 by Seeking Alpha
See here for original article
WHAT A TIME TO BE AN OLIGARCH! All I wanted to do was vomit when I saw this. Folks, there is no way we can have economic prosperity in this country when the top 1% has all of the money. The middle class is basically being destroyed right in front of our very eyes. Consumption economies die when the consumers have no money to consume! This graph was an eye opener for me (not that I should be surprised):
I see growing signs of desperation and anger as the wealth of this nation continues to get transferred to the elite of this nation. People are starting to “lose” it as a result. This past week’s airplane event in Austin was a disturbing development. [See story following this article below.] I must admit that I really am not surprised. The government shouldn’t be either. Things are only going to get worse in the violence department as the taxpayers continue to get violated and more desperate as a result of this economic cataststrophe. The news media tried to downplay the actions in Austin.
I think Washington was both surprised and concerned about what took place in Texas. I have to ask: Should the government really be surpised that an American flew a plane into an IRS building in a fit of rage as we all get repeatedly fleeced by the political and social elites of this country? Let me preface all of this by saying violence is not the answer here. However, why shouldn’t every American be infuriated by what has ocurred since this crisis began? All the government has done is bail out Wall Street continuously since 2008. My guess is the disparity of wealth in this chart would look even worse if it included 2009.
The rest of America has basically been ignored minus a few housing programs to help lower mortgage payments. That’s what’s been so frustrating about this whole crisis and America is finally starting to get it. Just about ALL of the steps that have been taken by the government to help fix this crisis have involved throwing more and more money to the financial elites of this country. I mean, the examples are endless: TARP, AIG, Bank of America, Citi, Freddie, Fannie… Need I say more?
The sheeple are finally realizing that the money is not trickling to them like Washington had promised when they threw billions to the banks. The people have only seen things get worse while Wall Street has prospered. They now want to know where their friggin’ bailout is! They are also realizing that the goverment’s actions since this all started in 2007 have done nothing but drop the yields on their CD’s to 0%. Gee thanks! Let’s not forget that the sheeple/middle class were also victimized by Wall Street as they were gamed into buying homes they couldn’t afford.
When this fantasy came crashing down they were again violated as they saw their 401k’s get cut in half. The people of this country can only take so much before they start going postal! In fact: The Wall St Journal had an article out yesterday around the increasing threats of violence against the IRS:
WASHINGTON—The federal agency charged with ensuring the safety of IRS employees said it has seen an uptick in the past several years in threats against agency personnel. In the past four years, there appears to have been a “steady, upward trend” in the number of threats against IRS employees, said an official with the Treasury Department’s Inspector General for Tax Administration. That assessment, offered in response to an inquiry from Dow Jones Newswires, is based on preliminary data, the official cautioned.
The middle class in starting to feel like that pledge in the movie Animal House who says “thank you sir, may I have another?” after getting repeatedly paddled by his brothers. Here is the reality that America has realized: If you are not part of the 1% club in this country you are nothing but a victimized pawn as the elite continue to line their pockets with our nation’s income. The middle class now finds themselves struggling to survive as the economy continues to plunge. Nothing has gotten any better despite what the media pundits tell you. Jobs continue to evaporate and foreclosures continue to soar as the middle class in this country continue to get pummeled.
Meanwhile, Wall Street is busy counting their year end bonuses after making billions gambling the taxpayers’ money in 2009 as the sheeple find themselves on the brink of collapse. The citizens of this country are slowly reaching their breaking point. When Ted Kennedy’s Senate seat goes to a Republican you know the people have had it. The poor fellow is now probably rolling over in his grave after seeing a guy from the right take over his office.
The Bottom Line: We are now three years into this crisis and nothing the government has tried has worked. The market may have recovered (for now) but THE PEOPLE haven’t. How much pain do these people in Washington think we can take before we start rising up and begin hanging bankers from the lamp posts? They need to remember that EVERYONE has a maximum threshold of pain. If there was no such thing then you wouldn’t see an MMA fighter “tap out” in the UFC. This country is just about there.
The plane crash in Texas should be taken as a shot across the bow in Washington. I am getting really concerned that we are going to see severe social issues in this nation if we continue down the same path in the very near future. I would hate to see this because violence is not the answer folks. We need solutions and fast. I don’t have all the answers but I know where we can start.
We can start by putting an end to the bailouts of the financial elite. Washington needs to start listening to Main Street instead of the top one-percenters on Wall Street. If this creates an economic crisis so be it. At least it will keep this country solvent. The government needs to realize that SELLING $118 BILLION IN T-BILLS NEXT WEEK IS NOT THE ANSWER! This simply cannot be maintained over a long period of time. Ponzi schemes never work and they don’t solve financial crises. They end in tears.
Washington needs to wake up because we are headed straight off a cliff. Take one more look at the chart above and look what happened the last time the disparity in wealth in this country got this high. Can you say Great Depression? Remember, the only way an economy can thrive is when the majority of people involved in it are prospering. We are about to drive off the same cliff that we did in the 1920s as the middle class is turned into a group of SERFS. Be prepared. I need to end it here because I feel my blood pressure rising.
Austin Plane Crash: Office Building Hit In Northwestern Austin, Texas
Huffington Post, Feb 18, 2010
AUSTIN, Texas – A software engineer furious with the Internal Revenue Service launched a suicide attack on the agency Thursday by crashing his small plane into an office building containing nearly 200 IRS employees, setting off a raging fire that sent workers fleeing for their lives. At least one person in the building was missing.
A federal law official identified the pilot as Joseph Stack and said investigators were looking at a long anti-government screed and farewell note that he apparently posted on the Web earlier in the day as an explanation for what he was about to do. In it, the author cited run-ins with the IRS and ranted about the tax agency, government bailouts and corporate America’s “thugs and plunderers.”
“I have had all I can stand,” he wrote in the note, dated Thursday, adding: “I choose not to keep looking over my shoulder at ‘big brother’ while he strips my carcass.” Stack, 53, also apparently set fire to his house about six miles from the crash site before embarking on the suicide flight, said two law enforcement officials, who like other authorities spoke on condition of anonymity because the investigation was still going on.
The pilot took off in a single-engine Piper Cherokee from an airport in Georgetown, about 30 miles from Austin, without filing a flight plan. He flew low over the Austin skyline before plowing into the side the hulking, seven-story, black-glass building just before 10 a.m. with a thunderous explosion that instantly stirred memories of Sept. 11. Flames shot from the building, windows exploded, a huge pillar of black smoke rose over the city and terrified workers scrambled to safety.
The Pentagon scrambled two F-16 fighter jets from Houston to patrol the skies over the burning building before it became clear that it was the act of a lone pilot, and President Barack Obama was briefed on the crash.
“It felt like a bomb blew off,” said Peggy Walker, an IRS revenue officer who was sitting at her desk. “The ceiling caved in and windows blew in. We got up and ran.” Stack was presumed dead. At least one person who worked in the building was unaccounted for and two people were hospitalized, fire officials said. About 190 IRS employees work in the building.
An alleged suicide note left by Stack has surfaced online. Press Secretary Robert Gibbs said that President Obama was briefed on the Austin plane crash this afternoon. Gibbs said that Homeland Security is investigating all angles but the incident does not appear to be terrorism.
A Federal Aviation Administration spokesman said it was “apparently a criminal act.” CNN reported that the man set his house on fire and crashed the plane intentionally, citing a federal official. Austin police say a small plane crashed into the seven-story building in the 9400 block of Research Boulevard, per the Austin Statesman. CBS Radio News tweeted that the FBI has an office nearby the site in the same office park. The building that was hit houses the IRS, according to reports. The Dallas Morning News reports that the building is located on a major highway in the city. Austin police said at least two people were hospitalized and one person was unaccounted for. Twitter updates around Austin are streaming in about the crash.