Thursday, November 04, 2010
Commence the Economic Recovery
The one bit of good news that can be taken from this week is that I think the economy is now likely to begin picking up. The overwhelming majority of the money in America is now on Wall Street and in the highest income levels, and after they caused the financial crisis I think there was a genuine fear that the general public was going to institute "wealth spreading programs" aimed squarely at creating more economic balance. Similar to what happened after the Great Depression. Business, and banks, have been raking in profits for the last year, but they've been holding out on the fear that the freshly impoverished American citizen was coming after their money, with various taxes on the rich that would provide people with free healthcare, pay for some of these wars, etc...Obama had the unique ability to do what FDR did the last time wealth concentration brought the system down, but alas he didn't. And now more importantly, given the make up of congress he can't. The money will begin to trickle down to the rest of us again, now that we can all be sure the bulk of it is safely secure at the top. The healthcare debate taught the American public a valuable lesson. Concentrated corporate wealth will determine what and how much the general public deserves, not the other way around. If we even debate tinkering with that system, 1/5 of us will be unemployed while the wealth concentration at the top financially rewards itself at record levels. But that threat is over with so the economy will now begin to recover, from the top down of course. The larger point: we're all poor now so we'd all be wise to start acting like it. There is no middle class pathway to the top anymore, just get there however you can. I don't know what you're doing, but my album will be dropping next month.
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