Thursday, November 25, 2010
This is a summary of our economic state from the NY Review of Books that reports the strange convergence of billions in bonuses to the financial sector while the rest of the our country continues to suffer (the real unemployment rate is now 17% and this includes those have stopped looking for work). The very people that brought forth this crisis and then gained political protection through a government bailout are engaging in the same activity that led to our current crisis.
The Economy: Why They Failed by John Cassidy | The New York Review of Books
In another note, our large financial industries no longer think that the US is a democracy, we have evolved into something they call a "plutonomy"; this means rule by the super wealthy. Please read this leaked Citigroup report to investors. Ironically, our economy seems to be set up so that the earnings on this investment is controlled by the few wealthy elite, but the risk is passed off to the American public. Those who gain nothing from the investment are forced to pay when it fails. Perhaps this Citigroup report is correct... It is something that requires serious thought.