On Sep 6, 2011, at 9:48 AM, Jim Hicks wrote:
> It is clear that the rich get richer and the poor get poorer but what isn't
> clear is the mechanism of that fact.
> I seems to me though, that the rich get richer *because *the poor (or middle
> class) get poorer.
Wages for the bottom 75-80% of the pop have been suppressed through union-busting, downsizings, outsourcing, and fear. Meanwhile, people at the top have been using their power to pay themselves very well. Wall Street has successfully pressured the managers of public companies to raise profits aggressively, which stokes the union-busting, downsizing, outsourcing, and fear agenda. The enormous growth of the financial sector has meant huge profits and bonuses for financiers, since they take a cut of everything that passes through their hands.
Doug