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View Diary: Reverse mortgages: The final blow killing middle class wealth (276 comments)

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  •  Over 1,000 Years Ago. (7+ / 0-)

    Western history since the end of the Dark Ages has been in the Free Lunch Economy of new worlds and improved exploitation of old worlds. These gave (long-term) steady increases in the flow of cheap surplus resources, waste capacity and living space into the most advanced level of civilization.

    All our concepts of freedoms, rights, responsibilities, economies and economic theories evolved and matured for a millennium under the expectation that the bounties were perpetually growing such that sharing and obligation to community should be minimized to maximize individual gains which would accelerate the inflow of bounties.

    The elites have something no elite ever had before, machines that can do labor as well as machines that can do problem solving.

    They're not at risk of the kind of fall they've always been susceptible to before.

    We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

    by Gooserock on Sun Aug 18, 2013 at 07:17:17 PM PDT

    [ Parent ]

    •  Elite machines (0+ / 0-)

      "The elites have something no elite ever had before, machines that can do labor as well as machines that can do problem solving."

      You mean vacuum cleaners, dishwashers and iPads? Those machines of the elite?

      •  production (3+ / 0-)
        Recommended by:
        PSzymeczek, psjr, JerryNA

        no, the robots etc. that have replaced so much human labor in any production industry left here. Though there is still a pretty big risk for those "elites"- "Hanauer's pitchforks", and before that, the collapse of markets when nobody but the top dogs have means to buy anything.

    •  With great power comes great, er, opportunity? (0+ / 0-)

      It still requires using the tools intelligently.  Plenty of day traders apparently lose their shirts trying to beat the big Wall Street Banks that not only have the computer programs to automagically trade at the right moment but they also have the ability to know before the rest of the public just which way the stocks are going to go, giving them advantages that put them ahead of the capabilities of the "little people" like the day traders in their basements next to the bags of cheetos.  Oh, and all the gold hoarders who are down 30% from the high of the market.

      The "smart" people are an increasingly smaller and smaller number who are on top of that wealth pyramid.  They're calculating that they'll die before they ever have to pay a price for the damage they're doing for the world and I'll have to say the current generation of them are probably right in that calculation.

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