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View Diary: They Are the 1% - A Really Scary Follow Up (95 comments)

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  •  Message to Wall Street-- (15+ / 0-)


    Wall Street is still pretending that we have to play by the same rules as when money was tied to a scarce metal.  It isn't, and we don't.  Today's money is a figment of the imagination, an icon, a sign, like the letters on this page.  It would make as much sense to restrict the use of the alphabet to people who have earned the privilege, as it does to restrict their access to money.  It's our money.


    by hannah on Sun Oct 09, 2011 at 02:13:12 PM PDT

    •  We don't have any money. (10+ / 0-)

      They've taken it all.

      The next collapse like the one before it will be caused by their recognition of the fact that the money they thought that they had is all a figment of their imaginations.

      They have "set values" on their "assets" which are fantastical and that's fine as long as they are all buying into the fantasy, but the minute some start to question the fiction, the whole thing unravels.

      Anyway, we don't have any money or assets anymore.  If we did, their fantasies would not create such harsh realities for the rest of us.

      •  Money is a figment of the imagination. (6+ / 0-)

        It is infinite, as infinite as our thoughts and ideas. Money incorporates our ideas much as the written word incorporates (gives it a body or material form) sound. The claim that there is a finite supply is a lie.  When we used gold and silver, there was a plausible basis.  But now that we use electronic blips, there is none.  It's a fiction, a convenient fiction to tell to inconvenient people.

        by hannah on Mon Oct 10, 2011 at 12:26:12 AM PDT

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      •  too many Americans (9+ / 0-)

        thought that all those bits of paper "reports" they received over the years showing how much "money" they had represented actual wealth. It did not and never has. It represented money held by the rich, to use at their whim and access to which -- for US --  was constrained by all sorts of tax penalties and early withdrawal penalties. Restrictions not faced by the banks who held the money, supposedly in trust, but which they squandered for their own profit and to slake their thirst for "risk."

        "Your" money was never yours and they never intended that it should be. All your "savings" were ALWAYS interest-free gifts to the plutocrats.

        In return you got nothing but a piece of paper with lots of zeroes on it, purporting to show how much money you had. This was ALWAYS a lie.

        You own NOTHING but what they allow you to "own." Everything is theirs to take and use at their whim.

        The fiduciary trust of the banks has been a lie for more than a generation.

        •  Bernie Madoff sent out reports with (5+ / 0-)

          unbelievable figures and people believed because they wanted to. He just took the system to its extreme. Of the stock market, Al Capone said, "It's a racket," and who would know better?

        •  Hoo-wee (3+ / 0-)

          I think you are even more cynical than I am.  That's saying a lot.

          How many wrongs does it take to make a right?

          by pdknz on Mon Oct 10, 2011 at 08:44:05 AM PDT

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          •  You Want Cynical? I'll Show You Cynical. (1+ / 0-)
            Recommended by:
            Forget the politicians. They are irrelevant. The politicians are put there to give you the idea that you have freedom of choice. You don't. You have no choice! You have OWNERS! They OWN YOU. They own everything. They own all the important land. They own and control the corporations. They’ve long since bought, and paid for the Senate, the Congress, the state houses, the city halls, they got the judges in their back pockets and they own all the big media companies, so they control just about all of the news and information you get to hear.


            They don’t want a population of citizens capable of critical thinking. They don’t want well informed, well educated people capable of critical thinking. They’re not interested in that. That doesn’t help them. That’s against their interests.


            You know what they want? They want obedient workers. Obedient workers, people who are just smart enough to run the machines and do the paperwork. And just dumb enough to passively accept all these increasingly shitty jobs with the lower pay, the longer hours, the reduced benefits, the end of overtime and vanishing pension that disappears the minute you go to collect it, and now they’re coming for your Social Security money. They want your retirement money. They want it back so they can give it to their criminal friends on Wall Street, and you know something? They’ll get it. They’ll get it all from you sooner or later cause they own this fucking place! It’s a big club, and you ain't in it!  You, and I, are not in the big club.

            -- George Carlin

            "Facts are meaningless. You could use facts to prove anything even remotely true." -- H. Simpson

            by midnight lurker on Mon Oct 10, 2011 at 01:54:25 PM PDT

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      •  Tulip bulbs. (0+ / 0-)

        The ultra wealthy have sucked all of the equity value out of everything that had been building up equity value since the end of WWII. Housing values continuted to rise because the market was very boring and stable. And it was tied in to rates that were controlled in the S&Ls. Without those controls, the stability ended, and the assumptions that housing would continue to appreciate in value disappeared, too.  Rapid turnover of real estate - expecting to buy a house and sell it three or four years later at a huge profit - was based on false assumptions.

        Now the ultra wealthy have accumulated that equity wealth.  But there is no more growth, and their assets are grossly overvalued because they assumed that the appreciation would continue. They'll figure it out when they try to cash in, and there is no one there to buy their tulip bulbs.

    •  How about "let my debt go"? (2+ / 0-)
      Recommended by:
      milton333, Killer of Sacred Cows

      Like many Americans, my liabilities out-weigh my assets, especially with my eviscerated 401K.

      Gentlemen, you can't fight in here! This is the War Room!

      by bigtimecynic on Mon Oct 10, 2011 at 11:47:15 AM PDT

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      •  I continue to think (6+ / 0-)

        That we need to cap credit card interest rates at something like 5%. We've seen proof that making minimum monthly payments on even a small amount of debt could leave you in debt for life.  We have to free people from debt servicing.  If you're paying 19% interest on that TV, you've paid for it several times over.  

        Maybe require that interest rates on consumer debt be "aged out."  Drop 3% per year for debt older than 3 years?  Be extinguished in 10 years?  Something's got to give.

        Thought is only a flash in the middle of a long night, but the flash that means everything - Henri Poincaré

        by milton333 on Mon Oct 10, 2011 at 11:51:02 AM PDT

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        •  Personally I think we're beyond that. (3+ / 0-)
          Recommended by:
          swellsman, cynndara, milton333

          We need across-the-board debt forgiveness. A Jubilee year, if you will. It's time to start over, erase all debt and move forward. Otherwise we'll all be in debt peonage for the rest of our lives.

          Calling it "Playing Devil's Advocate" still doesn't excuse defense of evil beliefs, opinions, and actions.

          by Killer of Sacred Cows on Mon Oct 10, 2011 at 01:25:54 PM PDT

          [ Parent ]

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