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View Diary: It's the class warfare, stupid! (139 comments)

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  •  The Error of the 1930's Great Depression (20+ / 0-)

    won't be replicated...well at least for the Wealthy Top.

    What should have caused, as in previous such crises, a re-balancing of incomes away from the rich (as, after all, they own most of the assets) via large scale bankruptcies and asset write downs turned into something else this time: the asset price collapse was deemed systemic and the cost of that was borne by governments instead of by the private owners of overvalued assets (except, well, individual owners of houses - they did not get protection from falling housing prices - only financial assets backed by failing mortgages got that protection). That amounted to a massive transfer of wealth from everybody to a small minority

    Somebody took care of Them.

    Notice: This Comment © 2011 ROGNM

    by ROGNM on Mon Jan 02, 2012 at 12:37:06 PM PST

    •  The architects of the 1930s depression (4+ / 0-)
      Recommended by:
      emal, ROGNM, Saint Jimmy, mikidee

      were far less sophisticated in their response to it. Witness the callous response by Andrew Mellon, Secretary of the Treasury during the 1920s Republican bubble that burst in 1929:

      liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate… it will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up from less competent people."

      There is a much more sophisticated corporate media machine and PR industry to ensure that such frank language would never be uttered by the oligarchs. Geithner and Hank Paulson, who arguably engineered an outcome nearly as bad, would never say that, nor be up for impeachment as Mellon was during the depths of the Depression.

      Trickle Down Economics 101: They get the golden parachute, we get the golden shower.

      by NoMoreLies on Mon Jan 02, 2012 at 08:43:02 PM PST

      [ Parent ]

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