Presenting The Findings Of The Working Group On Extreme American Inequality Submitted by Tyler Durden on 08/29/2010 17:26 -0400 Ben Bernanke Chesapeake Energy Federal Deposit Insurance Corporation Federal Reserve Great Depression Gross Domestic Product Jim O'Neill Meltdown Real estate Recession Savings Rate Securities and Exchange Commission America has long had a working group on financial markets (whose sole purpose some suggest is to keep stocks from plunging in times of turbulence ), so why not have a working group on that other much more critical phenomenon of US society: a trend of unprecedented unequal wealth distribution, which can be summarized as simply as pointing out that 1% of US society holds more wealth (or 33.8% of total), than 90% of the remaining portion of America (26.0%), and also is in possession of more than half of all stocks, bonds and mutual fund holdings in the US . Well, there is, even if is not formally recognized, and made up of the same distinguished professionals as the PPT (Geithner, Bernanke, Gensler and Schapiro). Hereby we present some of the key findings of the Working Group on Extreme Inequality . Percentage of U.S. total income in 1976 that went to the top 1% of American households: 8.9. Percentage in 2007: 23.5. Only other year since 1913 that the top 1 percent’s share was that high: 1928. Combined net worth of the Forbes 400 wealthiest Americans in 2007: $1.5 trillion. Combined net worth of the poorest 50% of American households: $1.6 trillion. U.S. minimum wage, per hour: $7.25. Hourly pay of Chesapeake Energy CEO Aubrey McClendon, for an 80-hour week: $27,034.74. Average hourly wage in 1972, adjusted for inflation: $20.06 In 2008: $18.52. A look at income data: Median household income in 2008 was $50,303, according to Census data. Half of American households had income greater than this figure, half had less. Between the end of World War II and the late 1970s, incomes in the United States were becoming more equal. In other words, incomes at the bottom were rising faster than those at the top. Since the late 1970s, this trend has reversed. For example, data from tax returns show that the top 1% of households received 8.9% of all pre-tax income in 1976. In 2007, the top 1% share had more than doubled to 23.5%. There is reason to suspect that this level of income inequality is dangerous to our economy. The only other year since 1913 that the wealthy claimed such a large share of national income was 1928, when the top 1% share was 23.9%. The following year, the stock market crashed, which led to the Great Depression. After peaking again in 2007, the U.S. stock market crashed in 2008, leading to what some are now calling the “Great Recession.” Between 1979 and 2008, the top 5% of American families saw their real incomes increase 73%, according to Census data. Over the same period, the lowest-income fifth saw a decrease in real income of 4.1%. In 1980, the average income of the top 5% of families was 10.9 times as large as the average income of the bottom 20 percent, according to Census data. In 2008, the ratio was 20.6 times. The current recession has hit incomes hard across the board. Median household income declined 3.6% in 2008, the largest single-year decline on record . Adjusting for inflation, incomes reached their lowest point since 1997. (Center on Budget and Policy Priorities analysis of Census data). Wealth Facts Wealth is equivalent to “net worth,” which is equal to your assets minus your liabilities. Examples of assets include checking and savings accounts, vehicles, a home that you own, mutual funds, stocks and bonds, real estate, and retirement accounts. Examples of liabilities include a car loan, credit card balance, student loan, personal loan, mortgage, and other bills you still need to pay. Median net worth in 2007, the latest year for which figures are available, was $120,300. Half of American households had net worth greater than this figure, half had less. Net worth is even more unequal than income in the United States. In 2007, the latest year for which figures are available from the Federal Reserve Board, the richest 1% of U.S. households owned 33.8% of the nation’s private wealth. That’s more than the combined wealth of the bottom 90 percent. The top 1% also own 50.9% of all stocks, bonds, and mutual fund assets. Retirement accounts like 401(k)s are more equally distributed. The top 1% owns only 14.5% of all retirement account assets, while the bottom 90% owns 40.5%. The total inflation-adjusted net worth of the Forbes 400 rose from $502 billion in 1995 to $1.6 trillion in 2007 before dropping back to $1.3 trillion in 2009. Net Worth is highly unequal when it comes to race. In 2004, the latest year for which Federal Reserve figures are available, the typical white household had a net worth about seven times as large as the typical African American or Hispanic household. Since the 1980s, Americans have spent more and more of their income on expenses, leaving less for savings. The U.S. Personal Savings Rate declined from 10.9 percent in 1982 to 1.4 percent in 2005 before rising to 2.7 percent by 2008. Facts on CEO Pay: From 2006 through 2008, the top five executives at the 20 banks that have accepted the most federal bailout dollars since the meltdown averaged $32 million each in personal compensation. One hundred average U.S. workers would have to work over 1,000 years to make as much as these 100 executives made in three years. (Institute for Policy Studies, Executive Excess 2009) Since January 1, 2008, the top 20 financial industry recipients of bailout aid have together laid off more than 160,000 employees. In 2008, the 20 CEOs at these firms each averaged $13.8 million, for a collective total of over a quarter-billion dollars in compensation. (Institute for Policy Studies, Executive Excess 2009) These Top 20 Financial Bailout CEOs averaged 85 times more pay than the regulators who direct the Securities and Exchange Commission and the Federal Deposit Insurance Corporation. These two agencies, many analysts agree, have largely lacked the experienced and committed staff they need to protect average Americans from financial industry recklessness. (Institute for Policy Studies, Executive Excess 2009) And lastly, wage facts : Between 1972 and 1993, the average hourly wage dropped from $20.06 to $16.82 in 2008 dollars. Since 1993, the average hourly wage has regained only a part of the ground lost, rising to $18.52. Adjusted for inflation, the average wage in 2008 was still lower than it was in 1979. So now that we know that the US middle class is making less than it did in 1970 in real terms, that the uber-rich control the majority of America's wealth, and control more net income that 90% of society, the rich are getting richer, the poor are getting poorer (and in general all of society is starting to read like a skewed non-Gaussian distribution curve comparable to something one would find in a Taleb novel), it is more than clear that the US middle class is now on the endangered species list. And while the slow by sure decline of that social buffer that has kept the civil peace within American society for so many years is a fact, it is no surprise that pundits like Jim O'Neill is suggesting to forget the historical driver of 70% of US GDP (and 30% of the world's), and focus on those up and coming societies whose middle class still has at least a fighting chance. Full working group presentation
Americans Are Being Prepared For Full Spectrum Tyranny Totalitarian governments, like persistent forms of cancer, have latched onto the long history of man, falling and then reemerging from the deep recesses of our cultural biology to wreak havoc upon one unlucky generation to the next. The assumption by most is that these unfortunate empires are the product of bureaucracies gone awry; overtaken by the chaotic maddening hunger for wealth and power, and usually manipulated by the singular ambitions of a mesmerizing dictator. For those of us in the Liberty Movement who are actually educated on the less acknowledged details of history, oligarchy and globalized centralism is much less random than this, and a far more deliberate and devious process than the general unaware public is willing consider. Unfortunately, the final truth is very complex, even for us… One cannot place the blame of despotism entirely on the shoulders of globalists. Sadly, the crimes of elites are only possible with a certain amount of complicity from subsections of the populace. Without our penchant for apathy and fear, there can be no control. That is to say, there is no power over us but that which we give away. We pave the road to our own catastrophes. In the end, a tyrant’s primary job is not to crush the masses and rule out of malevolence, but to obtain the voluntary consent of the citizenry, usually through trickery and deceit. Without the permission of the people, subconscious or otherwise, no tyranny can survive. As with the oppressive regimes of the past, America has undergone a dramatic transformation, heavy with fear and ignorance. Our tradition of elections has been corrupted and negated by the false left/right paradigm, and the leaderships of both defunct parties now seek only to elevate a select minority of men bent on globalization. Our Constitutional liberties have been dismantled by legal chicanery. Our principles have been diluted by intellectual games of rationalism and moral relativism. Our country is ripe for conquest. Americans battle over whose side is most to blame; Democrat or Republican, while ironically being disenchanted with both entities. For some people, the thought of holding each party equally accountable, or accepting that they are essentially the same animal, never crosses their minds. While this irrelevant farce of a debate rages on, the true culprits plotting the demise of our Republic gain momentum, and implement policy initiatives that the public should and must take note of. In the past year alone, many blatant steps towards the Orwellian gulag have been openly administered. A carnival of peddlers and freaks and greasy popcorn overwhelms our senses, but the stench of this cheap circus still tickles our noses, and if we use our eyes for even a moment, certain dangerous trends reveal themselves. Here are just a few recent events that bear a dire warning; the ultimate assault on freedom in this nation grows near… Acclimation To Subservience Every totalitarian state worth its salt has its own goon squad. The Nazi’s had the “Brownshirts”, the Soviets had the “Militsiya” and the “Voluntary People’s Brigade”, the Communist Chinese have the “Chengguan”, etc. In America, however, all tyrannical measures are given innocuous bureaucratic labels to mislead and distract the masses. In this country, we have the Transportation Security Administration… The TSA has become the most hated alphabet agency in the U.S. in perhaps the fastest time on record. It has violated the personal rights of more people on a daily basis in my view than the IRS, DEA, and the ATF combined. Clearly, this slobbering demon child of the Department of Homeland Security is being molded for something quite terrible and grand. When confronted by the public on the use of irradiating and intrusive naked body scanner technology, the agency responded by allowing their blue handed ghoul army with to molest our nether-regions. When confronted by state and local governments on their absurd tactics, the TSA threatened economic blockades and airport shutdowns. The organization then began expanding its jurisdiction to bus and train stations and even our highways when it introduced the VIPR program and implemented random roadside checkpoints in Tennessee last year. But, this behavior is nothing compared to what is next on the horizon: a compromise… Beware of government agencies bearing gifts. The TSA along with the International Air Transport Association has announced a new methodology of “less intrusive” passenger screening measures, in order to address the concerns of the public over pat downs and irradiating naked body scanners. This SOUNDS like a step in the right direction, and a proper response to the grievances of the citizenry. Instead, it turns out to be a refined example of totalitarianism in motion, and a perfect lesson in how the masses can be duped into handing over their inherent freedoms. Revamped security protocols call for biometric data collection, including fingerprint and retina scans, and a tunnel which combines multiple detection systems into one area (who knows how radioactive this will end up being): http://travel.usatoday.com/flights/story/2012-06-19/Faster-better-airport-security-checkpoints-not-that-far-off/55693916/1 The mainstream article above makes this development sound like a win/win scenario for everyone, painting biometric data collection as a matter of convenience, but it also reveals the true design of the system; to illicit voluntary subservience: “The key to speeding up checkpoints and making security less intrusive will be to identify and assess travelers according to the risks they pose to safety in the skies. The so-called riskiest or unknown passengers would face the toughest scrutiny, including questioning and more sensitive electronic screening. Those who voluntarily provide more information about themselves to the government would be rewarded with faster passage…” They enforce destructive anti-personal rights policies then pretend to acquiesce by replacing them with a technocratic nightmare grid which requires the cataloging of our very genetic essence in order to function. The only remaining injustice left would be to apply this grid to the rest of the country outside of the airports and train stations, which I assure you, they plan to do. Militarization Last week, I covered the disturbing use of armored vehicles (APC’s or urban tanks) in open training regiments on the streets of St. Louis by the U.S Army, despite the fact that all of their exercises could have easily been accomplished on any number of military bases across the country. The action is an obvious attempt to condition the American populace to the sight of military units operating in a policing capacity: http://www.alt-market.com/articles/866-military-tanks-on-st-louis-streetsbut-why I received multiple letters from current serving military who stated that in all their years in the armed forces they had never seen such a brash mishandling of public relations or an overstepping of bounds when it came to the restrictions of Posse Comitatus. It was encouraging to hear from military men and women who did not agree with or condone this kind of psyop activity on the part of our government. Though the St. Louis event is not isolated, I believe it does represent an escalation. Remember the controversy over the Mayor of Toledo and his refusal to allow 200 Marines to conduct urban combat drills on the public streets of his city in 2008? The media clamored to crucify this public official; one of the few who had any sense whatsoever in his head: http://voices.yahoo.com/toledo-mayor-faces-backlash-ousting-marines-896105.html Or the tactical exercises using helicopters and combat troops over LA and Chicago early this year? http://www.lapdonline.org/newsroom/news_view/50045 http://chicago.cbslocal.com/2012/04/17/city-black-hawk-helicopter-flights-were-just-a-training-exercise/ During each one of these events, city officials and local media attempted to inoculate the public with claims that they were “simply exercises”. This argument misses the point entirely. Whether or not these are “exercises” is not the issue. The issue is that this training could be done ON BASE. Using public streets and running drills within cities is absolutely unnecessary given the vast resources already available to the military, unless, of course, the goal is to BE SEEN by the public and to influence them to view the sight of armed troops around them as “normal”. Add to this the fact that many of these military training exercises are being conducted in tandem with local police department, and you have a recipe for the utter militarization of our society, turning peace officers into combat soldiers, and combat soldiers into law enforcement mechanisms; a juxtaposition that will soon lead to unmitigated disaster. Arms Race Against the People? When a country is quietly preparing for war, the first signs are usually revealed by a disclosure of armaments. If stockpiling is taking place without a warranted threat present from a legitimate enemy, there is a considerable likelihood of aggression on the part of that nation. America has gone well beyond the psychological process of militarization and has begun the extensive arming of particular agencies whose primary purpose revolves around the domestic. The DHS, for instance, placed an order for over 450 million rounds of hollowpoint .40 cal ammunition in April of this year: http://rt.com/usa/news/dhs-million-point-government-179/ And it placed an order for over 7000 new semi-automatic combat rifles chambered in .223 (5.56 by 45mm NATO) immediately after: https://www.fbo.gov/index?s=opportunitymode=formid=d791b6aa0fd9d3d8833b2efa08300033tab=coretabmode=list= While local police through federal programs (like the 1033 Program) are being given millions of dollars in free military equipment, including body armor, night vision equipment, APC's, aircraft, first aid supplies, weapons, surveillance equipment, Kevlar helmets, gas masks and filters, vehicles, etc.: http://www.ogs.state.sc.us/surplus/SP-1033-index.phtm http://www.wired.com/dangerroom/2012/06/cops-military-gear/all/ All of this equipment, though issued to state agencies, is still heavily tracked and regulated by the federal government, making it clear that these “gifts” come with strings attached: http://www.newsherald.com/articles/program-103291-state-law.html And finally, new FAA regulations will soon allow the dispersion of tens of thousands of predator drones with armament capability in the skies of the U.S. over the course of the next few years: http://www.washingtontimes.com/news/2012/feb/7/coming-to-a-sky-near-you/ http://articles.latimes.com/2011/dec/10/nation/la-na-drone-arrest-20111211 Now, anyone with any logic would ask who it is that the government is arming itself and local police to fight against? Al Qaeda? Let’s not be nave… The passage of the NDAA and its provisions for the indefinite detainment of ANY person, even an American citizen, under the laws of war has ended the debate over government intent in terms of domestic action. FBI Director Robert Mueller’s admission that he “did not know” if assassination programs would be used against American citizens also heaped evidence on the matter. The bottom line? Our government wishes to label and treat citizens as enemy combatants. Of course they would then organize armaments to follow through on their policy. Pulling The Trigger All despotic systems have another distinct similarity; they each began with a series of trigger events which opened the door to tighter controls over the population. The most immediate trigger event for the U.S. is the looming peril of a collapsing economy followed by inevitable civil unrest. With the EU currently in debt shambles, global markets are on the verge of a considerable breakdown. The Federal Reserve response will be predictable; QE3 and massive stimulus all around to mitigate the crisis. This time, though, the go-to Keynesian quick fix will not work in the slightest. In fact, it will make matters more untenable by placing the world reserve status of the dollar at risk. Everything that has happened so far in the markets this year has been easy to foresee. Alt-Market predicted the economic slowdown around the world and the collapse of overall demand using the Baltic Dry Index as a gauge back in January: http://www.alt-market.com/articles/540-baltic-dry-index-signals-renewed-market-collapse We also predicted the accelerated turmoil in the EU in light of the recent election results in France and Greece: http://www.alt-market.com/articles/765-economic-alert-if-youre-not-worried-yetyou-should-be If alternative economic analysts can predict these developments despite the manipulated statistics spewed out by the government every month, then I think the government and our central bank has a tremendously transparent view of what is coming down the road in terms of financial distress. I believe the establishment is very well aware of a potential crisis event, economic or otherwise, that is barreling down upon the U.S. I believe the evidence shows that they are preparing for this eventuality in a command and control fashion, without alerting the public to the coming implosion. I believe they will use the despair that flows forth from the fiscal wreckage as an excuse to institute martial law. Call it "crazy". Call it “conspiracy theory”. Call it “coincidence”. Call it "fear mongering". Whatever you like. I find it far more insane to shrug off the strange and twisted behavior of our power structure, and simply hope that it’s all irrelevant to the future. Whenever I run into starry eyed historical romanticists who look back in astonishment at the tyrannies of the past and wonder out loud, “How could those people have not known where their country was headed?!!”, I think of where we are today… Average: 4.866665 Your rating: None Average: 4.9 ( 60 votes) Tweet Login or register to post comments 19809 reads Printer-friendly version Send to friend Similar Articles You Might Enjoy: Is It That Time Again? Military Conducting Training Exercises In And Around Boston Congress to Vote Next Week on EXPLICITLY Creating a Police State Live Feed From Occupy Wall Street Libyan Oil Fully Liberated On News Gaddafi Dead Guest Post: NDAA Protests End In Ironic Swarm Of Arrests
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