Friday, November 05, 2010

Long Read

Bill Moyers eulogy for Howard Zinn is posted at Alternet It is rather long, but well worth the time to not just read it, study it. A few good quotes:
In polite circles, among our political and financial classes, this is known as "the free market at work." No, it's "wage repression," and it's been happening in our country since around 1980. I must invoke some statistics here, ... recent analysis of tax data by the economists Thomas Piketty and Emmanuel Saez. They found that from 1950 through 1980, the share of all income in America going to everyone but the rich increased from 64 percent to 65 percent. Because the nation's economy was growing handsomely, the average income for 9 out of l0 Americans was growing, too - from $17,719 to $30,941. That's a 75 percent increase in income in constant 2008 dollars.

But then it stopped. Since 1980 the economy has also continued to grow handsomely, but only a fraction at the top have benefited. The line flattens for the bottom 90% of Americans. Average income went from that $30,941 in 1980 to $31,244 in 2008. Think about that: the average income of Americans increased just $303 dollars in 28 years.

If this were a functioning democracy, our financial institutions would be helping everyday Americans and businesses get the mortgages and loans - the capital - they need to keep going; they're not, even as the financiers are reaping robust awards.

Yes, Virginia, there is a Santa Claus. But he's run off with all the toys.

When Howard came down to New York last December for what would be my last interview with him, I showed him this document published in the spring of 2005 by the Wall Street giant Citigroup, setting forth an "Equity Strategy" under the title (I'm not making this up) "Revisiting Plutonomy: The Rich Getting Richer (pdf)."

The legendary correspondent Edward R. Murrow told his generation of journalists that bias is okay as long as you don't try to hide it. Here is mine: Plutocracy and democracy don't mix. Plutocracy too long tolerated leaves democracy on the auction block, subject to the highest bidder.

You will hear it said, "Come on, this is the way the world works." No, it's the way the world is made to work. This vast inequality is not the result of Adam Smith's invisible hand; it did not just happen; it was no accident.

Time to close the circle: Everyone knows millions of Americans are in trouble. As Robert Reich recently summed it the state of working people: They've lost their jobs, their homes, and their savings. Their grown children have moved back in with them. Their state and local taxes are rising. Teachers and firefighters are being laid off. The roads and bridges they count on are crumbling, pipelines are leaking, schools are dilapidated, and public libraries are being shut.

Why isn't government working for them? Because it's been bought off. It's as simple as that. And until we get clean money we're not going to get clean elections, and until we get clean elections, you can kiss goodbye government of, by, and for the people. Welcome to the plutocracy.

2 comments:

RealityZone said...

I agree.
The question that must now be asked is?
Is it too late?

TICK-TOCK-.
Ear marks will stay, no term limits, Corps are people, no transparency, no accountability, no rule of law, war is peace peace is war.
WHATS-THAT-SPELL?
F - A - S - C - I - S - M ! !

P M Prescott said...

That does seem to be the case.