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  Old  October 13th, 2011, 5:56pm     #256
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Of course, life is great if you're in the top 1% of American wage earners. You're hauling in a bigger percentage of the country's total pre-tax income than you have at any time since the late 1920s. Your share of the national income, in fact, is almost 2X the long-term average!



And the top 0.1% in America are doing way better than the top 0.1% in other first-world countries.

In fact, income inequality has gotten so extreme here that the US now ranks 93rd in the world in "income equality." China's ahead of us. So is India. So is Iran.
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  Old  October 13th, 2011, 5:57pm     #257
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And, by the way, few people would have a problem with inequality if the American Dream were still fully intact—if it were easy to work your way into that top 1%. But, unfortunately, social mobility in this country is also near an all-time low.

So what does all this mean in terms of net worth? Well, for starters, it means that the top 1% of Americans own 42% of the financial wealth in this country. The top 5%, meanwhile, own nearly 70%.

That's about 60% of the net worth of the country held by the top 5% (left chart).
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  Old  October 13th, 2011, 5:59pm     #258
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And remember that huge debt problem we have—with hundreds of millions of Americans indebted up to their eyeballs? Well, the top 1% doesn't have that problem. They only own 5% of the country's debt.

And then there are taxes... It's a great time to make a boatload of money in America, because taxes on the nation's highest-earners are close to the lowest they've ever been

The aggregate tax rate for the top 1% is lower than for the next 9%—and not much higher than it is for pretty much everyone else.
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  Old  October 13th, 2011, 6:00pm     #259
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As the nation's richest people often point out, they do pay the lion's share of taxes in the country: The richest 20% pay 64% of the total taxes. (Lower bar). Of course, that's because they also make most of the money. (Top bar).

And now we come to the type of American corporation that gets—and deserves—a big share of the blame: The banks. Willie Sutton once explained that the reason he robbed banks was because "that's where the money is." The man knew what he was talking about.

Remember when we bailed out the banks? Yes, and remember the REASON we were told we had to bail out the banks? We had to bail out the banks, we were told, so that the banks could keep lending to American businesses. Without that lending, we were told, society would collapse...

So, did the banks keep lending? Um, no. Bank lending dropped sharply, and it has yet to recover.
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  Old  October 13th, 2011, 6:02pm     #260
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So, what have banks been doing since 2007 if not lending money to American companies? Lending money to America's government! By buying risk-free Treasury bonds and other government-guaranteed securities.


And, remarkably, they've also been collecting interest on money they are NOT lending—the "excess reserves" they have at the Fed. Back in the financial crisis, the Fed decided to help bail out the banks by paying them interest on this money that they're not lending. And they're happily still collecting it. (It's AWESOME to be a bank.)

Meanwhile, of course, the banks are able to borrow money FOR FREE. Because the Fed has slashed rates to basically zero. And the banks have slashed the rates they pay on deposits to basically zero. So they can have all the money they want—for nearly free!
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  Old  October 13th, 2011, 6:03pm     #261
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When you can borrow money for nothing, and lend it back to the government risk-free for a few percentage points, you can COIN MONEY. And the banks are doing that. According to IRA, the "net interest margin" made by US banks in the first six months of this year is $211 Billion. Nice!

And that has helped produce $58 billion of profit in the first six months of the year.

And it has helped generate near-record financial sector profits—while the rest of the country struggles with its 9% unemployment rate.
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  Old  October 13th, 2011, 6:05pm     #262
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And these profits are getting back toward a record as a percentage of all corporate profits.

And those profits, of course, are AFTER the banks have paid their bankers. And it's still great to be a banker. The average banker in New York City made $361,330 in 2010. Not bad!

This average Wall Street salary was 6X the average private-sector salary (which, in turn, is actually lower than the average government salary, but that's a different issue).
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  Old  October 13th, 2011, 6:07pm     #263
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So it REALLY doesn't suck to be a banker.

And so, in conclusion, we'll end with another look at the "money shot"—the one overarching reason the Wall Street protesters are so upset: Wages as a percent of the economy. Again, it's basically the lowest it has ever been

So now you know what the protesters are upset about!


http://www.businessinsider.com/what-...t-2011-10?op=1
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  Old  October 13th, 2011, 6:15pm     #264
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Three potential responses. Guess who is who.



1. so your saying socialism will change everything even these charts show that the rich pay the most taxes ?

2. So liberals complain about people posting duplicate threads, and yet here go the liberals posting chart, after chart, after chart, after chart, taking up all the space in THIS thread. Nothing like liberal hypocrisy.

3. Go ahead, Libs and Dems! Post charts! Maybe if you got a job, you wouldn't have time to post charts all day!
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  Old  October 13th, 2011, 6:18pm     #265
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Oh trivia! ok I'll play, lets see how many I get right

Quote:
Originally Posted by eskhaton View Post
Three potential responses. Guess who is who.



1. so your saying socialism will change everything even these charts show that the rich pay the most taxes ?
Ahedden
Quote:
Originally Posted by eskhaton View Post
2. So liberals complain about people posting duplicate threads, and yet here go the liberals posting chart, after chart, after chart, after chart, taking up all the space in THIS thread. Nothing like liberal hypocrisy.
Bruce
Quote:
Originally Posted by eskhaton View Post
3. Go ahead, Libs and Dems! Post charts! Maybe if you got a job, you wouldn't have time to post charts all day!
As/pork

How close was I?
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  Old  October 13th, 2011, 6:20pm     #266
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Damn. My quiz was too easy.
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  Old  October 13th, 2011, 6:21pm     #267
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While the Occupiers are being kicked out of Zuccotti Park

+ YouTube Video
ERROR: If you can see this, then YouTube is down or you don't have Flash installed.

+ YouTube Video
ERROR: If you can see this, then YouTube is down or you don't have Flash installed.


Quote:
Dr. Margaret Flowers and organizer of www.October2011.org and a congressional fellow for Physicians for National Health Program said "Wall Street has no place in health care. They are responsible for the deaths and suffering of tens of thousands by turning health care into a profit center rather than a system that provides for basic human needs." Dr. Flowers seeks to get inside their conference and let the investors know they should get out of health care and urge them to support a publicly funded health care -- expanded and improved Medicare for All.

The Occupy2011.org movement will be outside the event protesting urging "Human Needs Not Corporate Greed," "Wall Street Kills" and "Single Payer Now."

http://www.informationclearinghouse....ticle29384.htm
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  Old  October 13th, 2011, 6:22pm     #268
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Quote:
Originally Posted by eskhaton View Post
Damn. My quiz was too easy.
Woohoo! The first one did throw me off for a second, it was too well worded to be ahedden but "Socialism" cinched it for me.
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  Old  October 13th, 2011, 6:23pm     #269
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Quote:
Originally Posted by eskhaton View Post
Damn. My quiz was too easy.
Have you considered the potential danger of channeling those "personalities"? (I scored 100% too, so I guess I'm attuned to them as well. Eek!)

'Lord, when did we see You hungry, or thirsty, or a stranger, or naked, or sick, or in prison, and did not take care of You?' "Then He will answer them, 'Truly I say to you, to the extent that you did not do it to one of the least of these, you did not do it to Me.' Matthew 25:44-45
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  Old  October 13th, 2011, 6:27pm     #270
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Quote:
Originally Posted by ppammela View Post
I think that does a pretty good job of summing it up. Shame people like ahedden will never click on the link and look at the charts.
Thanks for posting those, Pam. That was a lot of work. I don't want to burst your bubble, but "clicking on the link" is just an excuse for some people - they're not going to look at the charts anyway. (And if they did, they wouldn't understand them.)

'Lord, when did we see You hungry, or thirsty, or a stranger, or naked, or sick, or in prison, and did not take care of You?' "Then He will answer them, 'Truly I say to you, to the extent that you did not do it to one of the least of these, you did not do it to Me.' Matthew 25:44-45
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