Michael Moore says that America is not broke but, rather, that 400 individuals have managed to loot half the wealth of the nation and are holding us hostage. Is he right? Well, let's look at a couple of nice pictures. Here is the situation in 2007, before the massive bailouts transferred even more wealth to the top 1% (click the images to make them bigger): So in 2007, the top 1% had 43% of the wealth. It's well within the realm of possibility that after the hundreds of billions of dollars of bailouts, the top 1% could have more than 50% of the wealth. So whether Michael Moore is 100% correct or not, he's right that the top 1% owns an obscene amount of America.
So what are the repercussions of allowing the top 1% to hold this gun to our head and say "your money or we crash your economy"? Well, EBM points us to this nice little picture showing the consequences of tax breaks for the rich and what they say about the priorities of our so-called leaders:
As Jazzbumpa is fond of saying: WASF.
- Badtux the Waddling Penguin