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View Diary: Accountability for BP - And for Michele Bachmann (225 comments)

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  •  As if the original "distribution" was somehow (22+ / 0-)

    natural, deserving, pre-ordained by the invisible hand of the market or by God's reward to the faithful?

    Nah.  That's not what this oil spill is.

    (Frankly it's also not what the last 30 years of 'redistribution' upward culminating in the orgy of upward redistribution that occurred in the last 18 months, but that's a different discussion that I diaried on here:

    "Re-distribution" of wealth contains a predicate of an original normally occuring distribution that is now being distorted based on non-market factors.

    Taking back what is rightfully yours is not "redistribution" of wealth, it's called just compensation for loss.

    If you say "Let them eat cake", don't accuse the offended peasants of feeling "entitled". It makes them nostalgic for their knitting.

    by Into The Woods on Fri Jun 18, 2010 at 12:13:08 PM PDT

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    •  I agree. Just being (2+ / 0-)
      Recommended by:
      Into The Woods, LeftOverAmerica

      sorta snarky.

      God is good. If it isn't good. It isn't God.

      by publicv on Fri Jun 18, 2010 at 01:12:01 PM PDT

      [ Parent ]

    •  "An orgy of upward redistribution (0+ / 0-)

      that occurred in the last 18 months."

      Have you got data or pointers to info on that?

      I'm not sure I should be allowed to see it, but I'm certainly interested. Is this well known?

      •  "Orgy" Rated XXX only for violence (0+ / 0-)

        to the principles of a 'free market'and to our collective bank accounts.

        No specific stats other than generally available info.

        The orgy I'm referring to is the hundreds of billions (according to some calculations tens of trillions) of government dollars spent or obligated to bailout the big investment banks. (There might be an even more direct analysis of the comparative impact of this financial CF and related economic collapse that looks at whether it fell disproportionately hard on the lower brackets' net worth based on reduction of house value/401K/income loss, but I have not seen it.)

        Without TARP and the many other avenues of government spending that bailed out, propped up, or otherwise gave gifts away to these folks (such as our purchase of 'toxic assets' at higher than market value), the value of their stock prices and various OTC derivative contracts (which in value might exceed the first number) would have been radically lower in most instances than it is today.

        Even if we ignore the details of who will actually be asked to pay back the related debt or suffer the related losses, at the very least we have redistributed wealth from the future to those entities in the present.

        And given the general statistics on relative ownership interests in stocks and other securities held by low and middle income folk vs high income folk (which is even more lopsided when it comes to participation in OTC derivatives) that's a pretty big uphill flow of wealth towards the top of the pyramid in a very short time.


        If you say "Let them eat cake", don't accuse the offended peasants of feeling "entitled". It makes them nostalgic for their knitting.

        by Into The Woods on Wed Jun 23, 2010 at 02:15:46 PM PDT

        [ Parent ]

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