Monday, October 10, 2011

Today's Must Read-The Panic of the Plutocrats

Krugman won a Nobel Prize in Economics. So did Joseph Stiglitz. Why, instead, do Americans believe the stock speculator "experts" who dominate FoxNews and CNBC and CNN-Money? Krugman nails it again today. Now I know what the P stands for in GOP: Plutocrat.

What's alarming and disgusting is how much of our broadcast air is devoted to these Plutocrats, these puffed up aristos, many of whom have "earned" their fabulous lifestyles by speculating with mommy and daddy's money, playing with inherited wealth. America has changed in the past forty years from one that values and rewards work to one that worships and protects the few people with great wealth. Teddy Roosevelt called them "malefactors of great wealth". He was a Republican, but not today's kind of Republican.

The modern Republican Party caters to wealth. Working people don't have it. The financial system and the post-Reagan decline of the middle class has seen to that. The system has skewed so radically because of Reaganomics (the "trickle-down" fairy tale) to the point where owning is now more honored than working. Those who own stocks for a living pay a much lower tax rate than people who work. And anyone who doesn't like this is called a Marxist or a Hitler.


The Wall Street protesters are protesting unfairness and the kind of Old World aristocracy America was created to get away from. (Think Louis XIV) We 99% are angry about the restoration of the Old World model––except for those still hypnotized by the Murdoch media. If the Tea Partiers would think about it, they belong to the 99% too. We have common cause.

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