On Mon, 30 Nov 2009 13:29:05 -0600, "Pete C."
wrote:


Ignoramus10998 wrote:

On 2009-11-27, Hawke wrote:
Ignoramus11641 wrote:
On 2009-11-27, Hawke wrote:
The point is is that proliferation of easy credit created an illusion
of wealth, due to rising asset prices.
Everything else is not as unreasonable and usually leads to decent
allocation of resources.
Not according to statistics. As of now 1% of the public owns as much
as the other 95% do.
Can you substantiate this?
He's right Ig.
What's missing, of course, is the four percent that isn't included in his
statement.
They are a big chunk to.

Thanks for confirming what I was saying about the extreme
maldistribution of wealth in the country.

Just because someone confirms your erroneous number, does not make it
true. The actual number is that top 1% control as much wealth as the
bottom 90%, not 95%.

Even people like Iggy don't know this, and is why they find it had
to believe. People just have no idea what has happened since Ronald
Reagan got elected. The amount of wealth that has shifted from the
middle class to the fortunate few, whether it be 5% or 1%, is
staggering. The point is the country is doing something radically
wrong. So not only are the next generations going to be worse off
than their parents, but the majority of the country's wealth is
going into fewer and fewer hands.

This used to be somewhat corrected with progressive estate tax.

Unfortunately, thanks to very misguided legislation, estate tax was
repealed. This is a big mistake that will make inequality last for
many generations.


The whole idea of America was a place where the middle class was
dominant, most people did pretty well, and the very rich and very poor
were extremely small in numbers.

I do not believe that it ever was a case.

i



Were you living here in the 1950s?

I was born in 1971.

You're a toddler

1970 for me, rapidly approaching my geezer birthday *sigh*. Sucks to be
old...


****.....

Gunner, Nov 11, 1953.......


"Aren't cats Libertarian? They just want to be left alone.
I think our dog is a Democrat, as he is always looking for a handout"
Unknown Usnet Poster

Heh, heh, I'm pretty sure my dog is a liberal - he has no balls.
Keyton