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Half Of American Households Hold 1 Percent Of Wealth


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2012 Jul 19, 8:19am   15,671 views  57 comments

by Vicente   ➕follow (1)   💰tip   ignore  

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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41   FortWayne   2012 Jul 20, 3:36am  

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.

42   freak80   2012 Jul 20, 3:41am  

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.

43   BobMSN   2012 Jul 20, 3:53am  

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.

44   BobMSN   2012 Jul 20, 4:00am  

In case anyone wondering the definition of Class Enemy:

http://liberapedia.wikia.com/wiki/Class_enemy

45   PockyClipsNow   2012 Jul 20, 4:24am  

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.

46   leo707   2012 Jul 20, 4:28am  

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.

47   zzyzzx   2012 Jul 20, 4:50am  

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.

48   BobMSN   2012 Jul 20, 4:59am  

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.

49   Patrick   2012 Jul 20, 5:08am  

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.

50   drew_eckhardt   2012 Jul 20, 5:26am  

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).

51   BobMSN   2012 Jul 20, 5:35am  

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?

52   freak80   2012 Jul 20, 5:42am  


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!

53   resistance   2012 Jul 20, 11:02am  

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.

54   PockyClipsNow   2012 Jul 20, 11:04am  

Endless end of world scares have and will continue.

Global Warming is one.

55   xrpb11a   2012 Jul 20, 12:44pm  

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

56   freak80   2012 Jul 21, 11:38am  


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.

57   freak80   2012 Jul 21, 11:40am  

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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