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View Diary: Joseph Stiglitz' Latest Must-Read: "Inequality Is Holding Back The Recovery" (113 comments)

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  •  They protect the status quo from a better future (59+ / 0-)

    The billions of dollars poured into campaigns and lobbying are given to preserve existing government preferences for favored large corporations and industries. For example, the Republicans work overtime to prevent green energy from replacing fossil fuels. Democrats are somewhat better, but they too serve the status quo (e.g. SOPA).

    look for my eSci diary series Thursday evening.

    by FishOutofWater on Sat Jan 19, 2013 at 06:07:28 PM PST

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    •  Dems are far too friendly to FIRE (19+ / 0-)

      The FIRE friendliness of far too many key executive branch positions has been a major disappointment.  

      Some men see things as they are and ask why. I dream of things that never were and ask why not?

      by RFK Lives on Sat Jan 19, 2013 at 09:10:13 PM PST

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    •  Plutocrats protecting the plutocracy. (9+ / 0-)

      As a poor person now that I'm old, after being solidly middle class (income of family in 90k range in early '90's), I truly resent the inattention to poverty, where one of five children in America live in poverty!

      I further resent the attitude of many such as economics professor who told me recently that poor people in America were not really poor. Just because we are not suffering as the poorest of the poor are in other countries. As if there is some kind of absolute definition of "poor" that means American poor are not suffering. Such people are using semantics to pretend, to continue the long tradition of overlooking the poverty here because they dislike, no, hate, their tax dollars going to aid the poor. This prof, when I asked him about poor old people who would die if SS was cut the 20% he recommends, said, "What can I say, I'm Draconian," with a shrug. Yes, to me who he knew was poor, he shrugged.

      Plutocrats want poverty out of sight so it can stay out of mind, and they don't care if the entire "middle class" decends into poverty, as long as they can make sure they have enough things so they don't become unruly.

      "extreme concentration of income is incompatible with real democracy.... the truth is that the whole nature of our society is at stake." Paul Krugman

      by Gorette on Sun Jan 20, 2013 at 08:14:19 AM PST

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    •  The answers are really quite simple to conceive, (3+ / 0-)

      but not so easy to implement because of the corrupting influence of those doing the bidding of the 1%.

      The government takes a certain percentage of money from those making the most in the economic environment the country 'in whole' has created. Then the government redistributes the money in the form of direct salaries to employees, and via government contracts. Contacts that serve as investment in programs to better the society and maintain and expand on the infrastructure to support it.

      That keeps the economic engine stoked. If it's a higher percentage, then the engine runs full steam. If it's a lower percentage then it meanders and stumbles along. If it's too low, the engine struggles to go move at all.

      Making it seem more complex is just a way to make it seem complicated to the average person, thus protecting whatever rigging of the system the 1% has managed to instill.

      I've always maintained that a well funded government is the foundation of a strong democracy. And when people, especially those in the first class seats of the economic train ride, refuse to help fund it, the country -- in this case, our country -- suffers. At which point the patriotism of the wealthiest among us has to be brought into question.

      And to put it bluntly; bad economies are no time for bad patriots.

      Physics is bulls**t. Don't let them fool you. Fire IS magic.

      by Pescadero Bill on Sun Jan 20, 2013 at 12:13:10 PM PST

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      •  I think it's the other way around re: funding. (1+ / 0-)
        Recommended by:

        The gov funds the private sector, and in return the private sector, through bribes, insures this remain so.

        The US uses a fiat currency, money created out of thin air.

        I'm not sure how the government stores up infinity.

        That vault would be really, really big.  If we built it, it would probably solve the unemployment problem.

        The money flow begins with  the government being the issuer of our national currency.  So, for instance, when the gov announces that it's going to institute policies to send some of our national currency overseas to buy labor and resources, it's creating a money flow to the private actors who can benefit.

        And, when it then claims that exchanging accounting entries for foreign labor and resources does NOT create more public wealth through savings in labor and resources, then it's socializing private expenses and privatizing private gains.

        Then there's the Fed issuing unlimited amounts of free reserves to the banks, then paying them interest on those reserves - .25%.

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