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Half Of American Households Hold 1 Percent Of Wealth

By Vicente   Follow   Thu, 19 Jul 2012, 3:19pm   3,703 views   57 comments
In Davis CA 95616   Watch (1)   Share   Quote   Permalink   Like (6)   Dislike  

That's the real MEAT of the situation. It's not about as Rick Santelli said, the neighbor next door who got "too much house" one they "didn't deserve" due to a liar loan. That is small change problem that a big shot like Rick shouldn't even stoop for.

In the end, the result of all this is STILL that Richie Rich gets richer, and the poor get poorer.

"The share of the nation's wealth held by the less affluent half of American households dropped precipitously after the financial crisis, to 1.1 percent, according to new calculations by Congress's nonpartisan research service.

By contrast, the share of total net worth held by the weathiest 1 percent of American households continued rising, hitting 34.5 percent in 2010. The top 10 percent's share was 74.5 percent."

http://www.huffingtonpost.com/2012/07/19/households-wealth-american-1-percent_n_1687015.html

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1. leo707 Follow Befriend (12) 10 threads 3,516 comments Oakland, CA leo707's website Premium

   18   4:27pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   Peter P says I do not dispute that. My point is that history finds its ways. Unfortunately history will probably find a way to get us back to the "norms". However, that is not a reason for us to give up and let it happen. People evolve, society evolves and values evolve. While going back to an aristocratic system might be likely, it does not have to be inevitable.

2. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

   19   4:35pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Protected   I doubt much can be done. It will be like trying to reverse global warming. In the end, we just have to live with it.

3. thomaswong.1986 Follow Befriend 14 threads 2,809 comments

   20   4:51pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike (2)   Peter P says I doubt much can be done. It will be like trying to reverse global warming. In the end, we just have to live with it. Anything is possible! it takes real knowhow and leadership to make it happen! It take in believing.. Obama isnt the one.. never could be.. his experience has never led him capable to understand or manage an economic system he never believed in . He spent his important years.. searching for marxist professors, feminist, and radicals... Not someone anyone can seriously hire as a leader.

4. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

   21   4:52pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Protected   Possible just highly unlikely. I have lost faith in humanity some years ago.

5. leo707 Follow Befriend (12) 10 threads 3,516 comments Oakland, CA leo707's website Premium

   22   4:55pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Peter P says We are still quite far from that. http://abcnews.go.com/Health/US/hunger-children-america-slow-steady-starvation/story?id=14328390#.UAiQuXjvZBk A little 2-year-old boy came to the hospital hungry, not just for dinner, but every day of his young life. He is smaller than he should be and his organs, including his brain, are not developing fully. And he lives in Boston, one of America's most prosperous cities. Doctors at Boston Medical Center's Grow Clinic, which provides assistance to children diagnosed with "failure to thrive," say they have seen a dramatic increase in the number of children they treat who are dangerously thin. * * * * * That is life for nearly 15 million children living in poverty in the U.S., according to the National Center for Children in Poverty. * * * * * The number of children living in poverty in the U.S. is up nearly 20 percent from 2000... * * * * * U.S. food banks say they face slow and steady starvation rather than sudden African famine.

6. leo707 Follow Befriend (12) 10 threads 3,516 comments Oakland, CA leo707's website Premium

   23   4:58pm Thu 19 Jul 2012   Share   Quote   Permalink   Like   Dislike (1)   Protected   Peter P says Possible just highly unlikely. I have lost faith in humanity some years ago. I think they are discussing your candidate in this thread here: http://patrick.net/forum/?p=1214423

7. errc Follow Befriend (7) 29 threads 1,203 comments 31 male Premium

   24   5:01pm Thu 19 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Vicente says PockyClipsNow says This type of attitude is held by at least half the population. It is.... because you say so? Thanks for clearing up that half of the population are just useless deadwood we can toss in an oven. We'll put you in charge of deciding which half then. “Eagles are dandified vultures” - Teddy Roosevelt I don't think thats what he was saying i took him to mean that most people don't care to work, they just want to survive, so if they can scrape by, they are fine with that i know more people like that then those of us that sweat out having money most all the time

8. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

   25   5:07pm Thu 19 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   It is just sad. People really need to think twice before having kids. It is a huge responsibility. More people need to know stories like this so that they can help by donation or volunteer work.

9. thomaswong.1986 Follow Befriend 14 threads 2,809 comments

   26   5:08pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   leoj707 says That is life for nearly 15 million children living in poverty in the U.S., according to the National Center for Children in Poverty. * * * * * The number of children living in poverty in the U.S. is up nearly 20 percent from 2000... * * * * * U.S. food banks say they face slow and steady starvation rather than sudden African famine. Maybe the rich entertainers in China and India can throw a huge 3 day Music Festival... and hopefully the millions of rich people in Asia will donate billions to our cause... What will they call it .... How about " LIVE US AID " catchy !!!

10. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

    27   5:20pm Thu 19 Jul 2012   Share   Quote   Permalink   Like   Dislike   errc says Vicente says PockyClipsNow says This type of attitude is held by at least half the population. It is.... because you say so? Thanks for clearing up that half of the population are just useless deadwood we can toss in an oven. We'll put you in charge of deciding which half then. “Eagles are dandified vultures” - Teddy Roosevelt I don't think thats what he was saying i took him to mean that most people don't care to work, they just want to survive, so if they can scrape by, they are fine with that i know more people like that then those of us that sweat out having money most all the time Yeah errc gets what im saying. Maybe these people who dont care to work unless 'they have to' or scrape by are right. Life is short. Why should we worry about their net worth if they dont? (liberals use any statistic they can to grow big gov bigger, im tired of it)

11. leo707 Follow Befriend (12) 10 threads 3,516 comments Oakland, CA leo707's website Premium

    28   5:25pm Thu 19 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   thomaswong.1986 says Maybe the rich entertainers in China and India can throw a huge 3 day Music Festival... and hopefully the millions of rich people in Asia will donate billions to our cause... One can hope. Apparently, the Africans are already being plugged to help the fat Americans:

12. Honest Abe Follow Befriend (41) 91 threads 1,806 comments

    29   7:29pm Thu 19 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike (3)   Vincente, its not the 1%'rs fault, "someone else made that happen".

13. TMAC54 Follow Befriend (9) 70 threads 930 comments San Leandro, CA

    30   8:07am Fri 20 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike (1)   Honest Abe says Vincente, its not the 1%'rs fault, "someone else made that happen". There would be MUCH less of an imbalance if OUR GUBMINT was not in conflict with the natural recourse of a free enterprise system. Do I understand this correctly ? Our tax's are now used by the FED to loan at ZERO interest to the lenders. GUBMINT is the cause of the disparity. ie; We the PEOPLE took risk buying high priced property. Banks accepted the same risk lending on that same high priced property. WHO HIRED DA GUBMINT TO BE SO ONE SIDED ?

14. AlexS Follow Befriend (1) 1 threads 284 comments

    31   8:19am Fri 20 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike (2)   Below One-percenters, there is a new middle class: http://www.fullertonsfuture.org/2012/a-close-look-at-total-compensation/ Look at the salaries for precious public "servants" in Fullerton, California. They seem to be doing fine. Total compensation for a fireman around $150K. $180K+ for the unionized goon in blue - or as they call themselves - police sergeant. If you are a lowly ranked police "officer" - you get to survive on $150K. That's for a hard work of bullying bystanders, robbing motorists, and seating in a donut shop. Compare that to the median income of tax victims supporting these cushy salaries and benefits and guaranteed pensions: $40K.

15. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    32   8:44am Fri 20 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike (2)   Protected   I much rather policemen be well-paid. One must be paid according to the power he has or it is a recipe for corruption. (Frankly, I am not willing to risk my life on the job for $150K-$180K.) Thus if we want the government to cost less we must also give it less power.

16. CaptainShuddup Follow Befriend (1) 246 threads 4,655 comments

    33   8:57am Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike (2)   Would that be the Republican half or the Democrat half?

17. Peter P Follow Befriend (4) 117 threads 17,655 comments Premium

    34   9:30am Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Huh?

18. Patrick Follow Befriend (54) 5,181 threads 6,152 comments 46 male Menlo Park, CA Premium

    35   9:42am Fri 20 Jul 2012   Share   Quote   Permalink   Like (5)   Dislike   Protected   TMAC54 says Do I understand this correctly ? Our tax's are now used by the FED to loan at ZERO interest to the lenders. GUBMINT is the cause of the disparity. ie; We the PEOPLE took risk buying high priced property. Banks accepted the same risk lending on that same high priced property. WHO HIRED DA GUBMINT TO BE SO ONE SIDED ? Actually the Federal Reserve just prints the money they loan to banks! They don't need our taxes for that, and we can't stop them. It is a kind of taxation without representation, taxation on everyone else's money by diluting it. The Federal Reserve is just a private banking cartel created to protect the biggest banks from having to take losses. They protect the banks the expense of everyone else. Privatized profits and socialized losses make banking a wonderful business if you're big enough to have the Fed on your side. But you're right, the government itself is obviously very one-sided about bailouts. If you're a big bank, the government will loan or give you $800 billion, then another $800 billion, "whatever you need dude, so sorry your bets all went bad, taxpayers will cover it as long as you donate to my re-election campaign..." while the little guys who bet on their own house get very little or nothing (as it should be).

19. Vicente Follow Befriend (8) 203 threads 4,403 comments Davis, CA

    36   9:52am Fri 20 Jul 2012   Share   Quote   Permalink   Like (3)   Dislike   Peter P says One must be paid according to the power he has or it is a recipe for corruption. Mexico is a good example of this. $350 a month is like paying waiters minimum wage, and tips will fill the gap right?

20. leo707 Follow Befriend (12) 10 threads 3,516 comments Oakland, CA leo707's website Premium

    37   9:54am Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Patrick says "whatever you need dude, so sorry your bets all went bad, taxpayers will cover it as long as you donate to my re-election campaign..." Reminds me of that old Eddie Murphy skit "White Like Me". The bank loan is at about 3:35... http://www.dailymotion.com/video/x7msba_saturday-night-live-white-like-me_fun

21. AlexS Follow Befriend (1) 1 threads 284 comments

    38   10:26am Fri 20 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Peter P says much rather policemen be well-paid. One must be paid according to the power he has or it is a recipe for corruption. (Frankly, I am not willing to risk my life on the job for $150K-$180K.) Well, if you don't want to risk your life - don't become a roofer, fisherman, forester, or a night club bouncer - you know the professions with actual risk. Note - Police is not even in top 10. Last time I checked - roofers don't make $150K, and fishermen don't make $180... Here is another note - no matter how much you pay the goons in blue, they still manage to engage in bullying, rape, gang-style killing, killing people in their custody, pimp and sell drugs on the side, and even stealing iPads in airports. And that just from the recent record of Fullerton PD, I won't even say what's going on in bigger metros like LA or Chicago. Pay is needed strictly to attract and keep good people. Pay never makes anyone a better employee. Paying $150K to unionized goons while tax victims are suffering is insanity.

22. Vicente Follow Befriend (8) 203 threads 4,403 comments Davis, CA

    39   10:30am Fri 20 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   AlexS says no matter how much you pay the goons in blue, they still manage to engage in bullying, rape, gang-style killing, killing people in their custody, A friend came to the US from Sri Lanka many years ago. He was so struck by the HONESTY and straightforward process in his dealings with police and courts for small matters like traffic stops etc. that he went into law enforcement. I think you have NO idea how honest our police are compared to what is normal around the world. I was in Cabo San Lucas a few years ago diving off a small boat. We had a dive flag up and jet-skis were clearly violating our space in dangerous ways. I asked the divemaster if he would call the police or coast guard or something and he said "no point, they will only come if they need money, and they are good for today".

23. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    40   10:32am Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike   Protected   Patrick says Privatized profits and socialized losses make banking a wonderful business if you're big enough to have the Fed on your side. Zombie Andrew Jackson for President!

24. FortWayne Follow Befriend (13) 102 threads 3,759 comments

    41   10:36am Fri 20 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Chasing equality is a pointless cause, you assume that people want to be equal, people want to accomplish... but not everyone wants the same life. All equality achieves is spread poverty and make everyone poor while destroying the economic progress.

25. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    42   10:41am Fri 20 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   FortWayne says Chasing equality is a pointless cause, you assume that people want to be equal, people want to accomplish... but not everyone wants the same life. All equality achieves is spread poverty and make everyone poor while destroying the economic progress. Wow did you come up with that yourself? Or did you hear that on AM radio? Nobody is trying to "make everyone equal." But some of us DO have a problem with privatized profits and socialized losses. Are you a fan of "corporate welfare"? Because that's what we have in the USA. $700 billion is a lot more than single black moms are getting.

26. BobMSN Follow Befriend 3 threads 98 comments

    43   10:53am Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike   PockyClipsNow says if you cut a check for 100k to these 50% of americans within one year (proably one month) they would be back in the same category. Half of them would quit working until the money ran out!!! Seriously people do some of you guys have any experience with how most humans live? A dog with full belly will not hunt - half the country with $ in the bank will not work. I know this for a fact from experience. Look at how many people took max HELOC withdrawal and had no income for years then sqaut - its totally normal, not an exception. Its ants vs grasshoppers. The reason we have this 50% is because we have a government big enough to back them up. Only decent way for them to make money is HELOC. Why work hard if you can live a life better than 80% of the world population without doing any real work. With Obama in the office, we can easily reach 60%, 70%, .... Then, in some point we can announce the birth of the People's Republic of America with a single party, called ACP, representing the 99% of Americans. We can claim the 1% as Class Enemy, and happily slave them forever.

27. BobMSN Follow Befriend 3 threads 98 comments

    44   11:00am Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike   In case anyone wondering the definition of Class Enemy: http://liberapedia.wikia.com/wiki/Class_enemy

28. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

    45   11:24am Fri 20 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   If the communists go to far the productive people leave and the country starves (like early days in russia, cuba had it bad for a long time). We are far from this. I dont see any exodus of hard workers - opposite still happens - brain drain from communist countries happens and smart people who get shit done come to the US.

29. leo707 Follow Befriend (12) 10 threads 3,516 comments Oakland, CA leo707's website Premium

    46   11:28am Fri 20 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Protected   PockyClipsNow says If the communists go to far the productive people leave Communism is not the only thing that causes this, any society where a bulk of the people lack opportunity will have this problem.

30. zzyzzx Follow Befriend (9) 410 threads 4,107 comments Baltimore, MD

    47   11:50am Fri 20 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike (3)   Half Of American Households Hold 1 Percent Of Wealth I doubt that this is a anything new, uniquely American, or anything that can be changed. The exceptionally lazy do make up a significant % of the population.

31. BobMSN Follow Befriend 3 threads 98 comments

    48   11:59am Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike   leoj707 says PockyClipsNow says If the communists go to far the productive people leave Communism is not the only thing that causes this, any society where a bulk of the people lack opportunity will have this problem. Yes. Lack of opportunity could also be a reason. But it is more of problem for the 3rd world country than US. We still have influx of immigrants. Why? Opportunity. By demanding more and produce less, we give up the opportunity to others. Why was the US Olympic Uniforms made in China? Because, we don't want the opportunity. "Outsourcing" gives up opportunities. But why? We can certainly blame the greedy capitalists. But if you can make the same thing much cheaper elsewhere and sell back to US consumers, why bother to do the opposite. A simple math for 4 year old, if you spend more than you can (or welling to) produce, you are going down hill. It's true for a nation, and also individuals.

32. Patrick Follow Befriend (54) 5,181 threads 6,152 comments 46 male Menlo Park, CA Premium

    49   12:08pm Fri 20 Jul 2012   Share   Quote   Permalink   Like (4)   Dislike   Protected   leoj707 says Reminds me of that old Eddie Murphy skit "White Like Me". The bank loan is at about 3:35... http://www.dailymotion.com/video/x7msba_saturday-night-live-white-like-me_fun Yes, it's exactly like that! Fed to banks (same as quote from banker to white-face Eddie Murphy): "Take whatever you want! Pay us back whenever you can, or don't. We don't care! Ha ha ha." The Fed really doesn't care. They just printed the money for friends. Ordinary people like us do not qualify for such benefits.

33. drew_eckhardt Follow Befriend (1) 2 threads 324 comments Sunnyvale, CA

    50   12:26pm Fri 20 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   The personal "savings" rate in America averaged about 3% in the decade leading into the recession although that number is deceptively high since the government considers "savings" to include debt repayment and is currently just 5%. Such average people aren't accumulating wealth when they eschew more savings in favor of buying or renting expensive crap like new cars, smart phones with data plans, and expensive homes (two people and a pet don't need more than one bedroom).

34. BobMSN Follow Befriend 3 threads 98 comments

    51   12:35pm Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike   leoj707 says The number of children living in poverty in the U.S. is up nearly 20 percent from 2000... Yes. If children is only a number to calculate the size of a welfare check for the irresponsible parents. What do you expect?

35. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    52   12:42pm Fri 20 Jul 2012   Share   Quote   Permalink   Like (4)   Dislike   Protected   Patrick says The Fed really doesn't care. They just printed the money for friends. Ordinary people like us do not qualify for such benefits. No, the reason that ordinary people don't qualify is because they're too lazy. It's their own fault. Now get back to work!

36. Patrick Follow Befriend (54) 5,181 threads 6,152 comments 46 male Menlo Park, CA Premium

    53   6:02pm Fri 20 Jul 2012   Share   Quote   Permalink   Like (3)   Dislike   Protected   If you ask the Fed, they will tell you that they absolutely must print up great gobs of cash for their friends or the world will end. So it was the only responsible thing to do... It's a Wonderful excuse, also used to drag us into Iraq when it was really a wacko Saudi who attacked America on 9/11. Why didn't we attack Saudi Arabia? Ah, look at Bush-Saudi connection and all becomes clear. It will be used many many times in the future. Remember the next time you hear it: "Do what I say, no questions, or world will end." At this very moment, the remaining Syrian elite are broadcasting that the world will end unless the rebellion is crushed.

37. PockyClipsNow Follow Befriend 19 threads 1,534 comments Los Angeles, CA

    54   6:04pm Fri 20 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike (1)   Endless end of world scares have and will continue. Global Warming is one.

38. xrpb11a Follow Befriend (4) 2 threads 787 comments

    55   7:44pm Fri 20 Jul 2012   Share   Quote   Permalink   Like   Dislike (2)   You really are clueless. I'm a job creator, and I pay more corporate and personal taxes in one year than you will in a lifetime... HRHMedia says APOCALYPSEFUCK is Shostakovich says Zero taxes for Job Creators ! They are the CHRIST in our midst ! taxes lol, they pay no taxes, Job Creators are being PAID TO CREATE JOBS they are not creating. Social Media Guru Since 1999

39. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    56   6:38pm Sat 21 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   Patrick says Why didn't we attack Saudi Arabia? Ah, look at Bush-Saudi connection and all becomes clear. Fair enough, but invading Saudi Arabia? Yikes! Imagine what the Muslim world would have thought. Saudi is home to the holiest sites in Islam.

40. freak80 Follow Befriend (4) 52 threads 4,416 comments Corning, NY Premium

    57   6:40pm Sat 21 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   Protected   PockyClipsNow says Endless end of world scares have and will continue. Global Warming is one. A good point, I think. Fear-mongering isn't just on the far-right. I'm convinced AGW is real. But using scare-tactics just ticks people off...especially when there's a big cold spell or snowstorm. ;-)

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