Tax the Super Rich now or face a revolution

[Obama 2012 1,714]

http://www.marketwatch.com/story/tax-the-super-rich-now-or-face-a-revolution-2011-03-29?pagenumber=1

SAN LUIS OBISPO, Calif. (MarketWatch) Yes, tax the Super Rich. Tax them now. Before the other 99% rise up, trigger a new American Revolution, a meltdown and the Great Depression 2.

Revolutions build over long periods to critical mass, a flash point. Then they ignite suddenly, unpredictably. Like Egypt, started on a young Google executives Facebook page. Then it goes viral, raging uncontrollably. Cant be stopped. Here in America the set-up is our nations pervasive Super-Rich Delusion.

We know the Super Rich dont care. Not about you. Nor the American public. They cant see. Cant hear. Stay trapped in their Forbes-400 bubble. An echo chamber that isolates them. They see the public as faceless workers, customers, taxpayers. See GOP power on the ascent. Reaganomics is back. Unions on the run. Clueless masses are easily manipulated.

Even Obama is secretly working with the GOP, will never touch his Super Rich donors. Yes, the Super-Rich Delusion is that powerful, infecting all America.

Heres how one savvy insider who knows described this Super-Rich Delusion: The top 1% live privileged lives, arent worried about much. Families vacation at the best resorts. Their big concerns are finding the best Pilates teacher, best masseuse, best surgeons, best private schools. They arent concerned with the underlying deterioration of America or the world, except in the abstract, because they arent directly affected by it. Thats not to say they arent sympathetic, aware, or dont talk about the issues you bring up. They are largely concerned with protecting and enhancing their socio-economic positions, ensuring their families live well. And nothing you write about will change things.

Warning, in 2011 that attitude is delusional, deadly, yet pervasive in America.

Super Rich replaying Great Gatsby age, wont learn till its too late

Our top 1% honestly believe theyre immune, protected from the unintended consequences of beating down average Americans for three decades with the free-market, trickle-down Reaganomics doctrines that made them Super Rich.

They honestly believe those same doctrines will protect them in the next depression. Why? Because they have megabucks stashed away. Provisions for the long haul. Live in gated compounds with mercenaries guarding them.

They believe theyll continue living just fine in a depression. But you wont. Nor will your retirement. Neither will the rest of America. And still the Super Rich dont care, except in the abstract, because they arent directly affected.

Warning: The Super-Rich Delusion has pushed us to the edge of a great precipice: Remember the Roaring Twenties? The Crash of 1929? Great Depression? Just days before the crash one leading economist, Irving Fisher, predicted that stocks had reached what looks like a permanently high plateau.

Yes, he was trapped in the Great Gatsby Syndrome, an earlier version of todays Super-Rich Delusion. It was so blinding in 1929 that the president, Wall Street, all America were sucked in … until the critical mass hit a mysterious flash point, triggering the crash.

Yes, were reliving that past never learn, cant hear. And oddly its not just the GOPs overreach, the endlessly compromising Obama, too-greedy-to-fail Wall Street banksters, U.S. Chamber of Commerce billionaires and arrogant Forbes 400. Americas entire political, financial and economic psyche is infected, as if our DNA has been rewired.

The Collective American Brain is trapped in this Super-Rich Delusion, replaying the run-up to the 29 Crash.

Nobody predicted 2011 revolutions in the oil-rich Arab world either

Warning: Mubarak, Gaddafi, Ali, Assad, even the Saudis also lived in the Super-Rich Delusion. Have for a long time. Were vulnerable. Ripe for a revolution. They, too, honestly believed they were divinely protected, chosen for great earthly wealth, enjoyed great armies.

Then, suddenly, out of the blue, a new educated, unemployed and frustrated generation turned on them, is now rebelling, demanding their share of economic benefits, opportunities, triggering revolutions, seeking retribution.

Still, you dont believe theres a depression ahead here in America? The third great market crash of the 21st century? A new economic revolution about to blow up in our faces? No, you dont believe, cant believe … you, me, we are all infected by the Super-Rich Delusion, just as Americans were in the Roaring Twenties.

Check the stats folks: The last time Americas wealth gap between the Super Rich and the other 99% was this big was just before the 1929 Crash and the Great Depression.

You cant remember? Or you wont? America is trapped in terminal denial, a setup for failure. Too many still live in the false hope of this Super-Rich Delusion. Do you believe government stats hyping a recovery? Believe Wall Streets nonsense about a new bull market ahead? Believe Exxon-Mobiles misleading ads about energy stocks. Believe Bill Gross when he says dump Treasurys, and buy his emerging country bonds? Dream on.

Start preparing for the third meltdown of the 21st Century, and depression

Denial and lies. Remember, 93% of what you hear about markets, finance and the economy are guesses, wishful thinking and lies intended to manipulate you into making decisions that suck money from your pockets into Wall Street. They get rich telling lies about securities. They hate any SEC fiduciary rules forcing them to tell the truth.

But the fact is, on an inflation-adjusted basis, Wall Street lost 20% of your retirement money in the decade from 2000 to 2010, over $10 trillion. And Irrational Exuberances Robert Shiller warns of a third meltdown coming. You better start preparing now.

Before you start betting any more at Wall Streets rigged casinos, think long and hard about these six megatoxins lurking in Americas Super-Rich Delusion, a mind-altering pandemic infecting our nations leadership in Washington, Corporate America and Wall Street … but also trickling down, infecting many Americans. Listen:

1. Warning: Super Rich want tax cuts, creating youth unemployment

Bloomberg warns: The Kids Are Not Alright. Worldwide, youth unemployment is fueling the revolution. In a New York Times column, Matthew Klein, a 24-year-old Council on Foreign Relations researcher, draws a parallel between the 25% unemployment among Egypts young revolutionaries and the 21% for young American workers: The young will bear the brunt of the pain as governments rebalance budgets. Taxes on workers will be raised and spending on education will be cut while mortgage subsidies and entitlements for the elderly are untouchable, as will tax cuts for the rich. Opportunities lost. How much longer until the rest of the rich world explodes like Egypt?

2. Warning: rich get richer on commodity prices, poor get angrier

USA Todays John Waggoner warns: Soaring food prices send millions into poverty, hunger: Corn up 52% in 12 months. Sugar 60%. Soybeans 41%. Wheat 24%. For 44 million the rise in food prices means a descent into extreme poverty and hunger, warns the World Bank. Many causes: Speculators. Soaring oil prices. Trade policies. Population explosion. But altogether they expose the underlying inequalities and issues related to the standard of living that boil beneath the surface, says a Pimco manager.

3. Warning: Global poor ticking time bomb targeting Super Rich

A Time special report, Poor vs. Rich: A New Global Conflict warned that a conflict between two worlds one rich, one poor is developing, and the battlefield is the globe itself. Just 25 developed nations of 750 million citizens consume most of the worlds resources, produce most of its manufactured goods and enjoy historys highest standard of living. But theyre now facing 100 underdeveloped poor nations with 2 billion people with hundreds of millions living in poverty all demanding an ever larger share of that wealth. Think Egypt. British leader calls this a time bomb for the human race.

4. Warning: Next revolution coming across Third World America

We are ripe for one: In Third World America Arianna Huffington warns: Washington rushed to the rescue of Wall Street but forgot about Main Street … One in five Americans unemployed or underemployed. One in nine families unable to make the minimum payment on their credit cards. One in eight mortgages in default or foreclosure. One in eight Americans on food stamps. Upward mobility has always been at the center of the American Dream … that promise has been broken… The American Dream is becoming a nightmare. Soon it will implode. a meltdown, revolution, depression.

5. Warning: Super Rich must be detoxed of their greed addiction

In Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (And Stick You With the Bill), David Cay Johnston, warns that the rich are like addicts, and to the addicted, money is like cocaine, too much is never enough. A few years ago an elite 300,000 Americans in the top tenth of 1% of income had nearly as much income as all 150 million Americans who make up the economic lower half of our population. The Super Rich Delusion is an addiction that requires a painful detox.

6. Warning: Politicians infected by Super-Rich Delusion, revolution

In Washingtons Suicide Pact, Newsweeks Ezra Klein warns: Congress is careening toward the worst of all worlds: massive job losses and an exploding deficit. How bad? As many as 700,000 more jobs lost, says Moodys chief economist, Mark Zandi. What a twist: Remember vice president ####### Cheney said deficits dont matter. Today the GOP is so blinded by its obsession to destroy Obamas presidency, deficits are now the only thing they say matters.

Wake up folks. The Super-Rich Delusion is destroying the American Dream for the rest of us. The Super Rich dont care about you. Theyre already stockpiling for the economic time bomb dead ahead. Dont say you werent warned. Time for you to plan ahead for the coming revolution, for another depression.

Edited April 2, 2011 by Paul and Vanessa

[Usui Takumi 1,562]

[I AM NOT THAT GUY 5,715]

When the rich start shopping at Walmart, then there will finally be justice in this country.

[Peikko 1,575]

Does this type of hack 'journalism' get your juices flowing Paul? I haven't checked the source, but there are these morons that stand outside supermarkets around here with Hitler mustaches painted on whichever president is currently in office and they go on about English Imperialism and Jewish bankers. It's bonkers and this piece reminds me of those nutters. The funniest thing is, they don't seem to do anything apart from try to persuade shoppers that everything apart from them is evil and dangerous. I say, time for them to get a proper job.

[Obama 2012 1,714]

Does this type of hack 'journalism' get your juices flowing Paul? I haven't checked the source, but there are these morons that stand outside supermarkets around here with Hitler mustaches painted on whichever president is currently in office and they go on about English Imperialism and Jewish bankers. It's bonkers and this piece reminds me of those nutters. The funniest thing is, they don't seem to do anything apart from try to persuade shoppers that everything apart from them is evil and dangerous. I say, time for them to get a proper job.

the article makes valid points in the paragraph i enlarged.

You want to know who the real criminals are in this world though, it is the bankers at the end of the day.

[Usui Takumi 1,562]

When the rich start shopping at Walmart, then there will finally be justice in this country.

Haha does that mean everyone else will be shopping at their nearest rubbish bin?

[Peikko 1,575]

the article makes valid points in the paragraph i enlarged.

You want to know who the real criminals are in this world though, it is the bankers at the end of the day.

That isn't a point, that's just a bunch of rhetoric.

Demonizing any one group as though by targeting and eliminating them all problems will be solved is particularly childlish. Banking is a huge industry and not all banking is is either a problem or criminal.

[I AM NOT THAT GUY 5,715]

Haha does that mean everyone else will be shopping at their nearest rubbish bin?

Reduce, reuse, recycle. It's the green thing to do.

[luckytxn 2,265]

Lets just tax them 100% and since it is majority rule we can get away with it. After we have all their money then the Utopia can be a reality.

[justashooter 430]

America is not egypt.