Such a great graph — and a great h/t The Big Picture.
(Illustration found here).
I hope the graph is readable — if not, it originates from Spiegel Online at the link just above.
One can readily see George Jr. did more than his fair share, but to all those big-yapped GOPers, the real shit didn’t start until Saint Ronnie opened the floodgates — compared to the nowadays, the debt before Ronnie was pocket change.
Barry Ritholtz rightfully adds: Whatever your political or economic views are, it is not up to me to tell you what to believe. However, you need to be intellectually consistent and not merely grab whatever ideological bullet point that suits your purposes at the moment. If you do so, you best be prepared to be charged with being intellectually dishonest, and to be categorized as called a political hack. Or worse.
Maybe…you’d be a lying asshole.
And the mass-popular appeal of the Occupy Wall Street movement is reflected in all that debt that no one but the guys/gals marching in the streets will end up paying — US peoples live in a financial climate that’s worse than Ghana.
To make it worse, income in the last few years has become even more way-one-sided.
The bottom 99 percent income level registered a solid pace of 2.7 percent per year from 1993-2000, but then those incomes grew only 1.3 percent per year from 2002-2007.
However, in those same boom years, the top 1 percent captured two thirds of income growth.
Pissed off a lot of peoples, huh?
Not only that, the housing bubble bust struck the average American way-more than it did the wealthy: In 2007, the bottom 60 percent of Americans had 65 percent of their net worth tied up in their homes. The top 1 percent, in contrast, had just 10 percent.
And home ownership, the bedrock of the Great American Dream (Fantasy) is busted bad — home ownership rate fell to 65.1 percent last year, and measured by race, the homeownership gap between whites and blacks is now at its widest since 1960, wiping out more than 40 years of gains.
And this from War in Context and the last near-60 years:
Wall Street has cannibalized itself.
Still hungry, feeling the pangs of their greed, theyâ€™ve now come to the government for their daily meal.
And still, without a hint of irony, a spokesman for this ravenous tribe, mounts a soapbox and has the temerity to rail against the evils of socialism.
Turns out, the socialism is for them, the capitalism is for us.
Abbie Hoffman once baited these banksters by throwing cash onto the floor of the NYSE.
To no oneâ€™s astonishment, they demonstrated their insatiable greed.
The gluttons couldnâ€™t help themselves, they stopped trading and got on their knees and swept up the free loot.
Title of the post?
“The Dirty Fucking Hippies…Were Right!”