wake up call...No bailout, no EFFING WAY
"Im sick and tired of hearing things
From uptight, short-sighted, narrow-minded hypocritics All I want is the truth
Just gimme some truth
Ive had enough of reading things
By neurotic, psychotic, pig-headed politicians
All I want is the truth
Just gimme some truth....
-John Lennon
The government is advancing a scheme of massive new borrowing to prop up asset prices....who owns the large majority of the assets to be propped up?
The results of the 2007 triennial Fed SCF - Study of Consumer Finances, will be kept from public view until after the election. This is from the 2004 Fed SCF:
http://www.federalreserve.gov/...
Currents and Undercurrents: Changes in the Distribution of Wealth, 1989–2004
January 30, 2006
Abstract
This paper considers changes in the distribution of the wealth of U.S. families over the 1989–2004 period using data from the Survey of Consumer Finances (SCF)....
...Real net worth grew broadly over this period. At the same time, there are indications that wealth became more concentrated, but the result does not hold unambiguously across a set of plausible measures. For example, the Gini coefficient shows significant increases in the concentration of wealth from 1989 to 2004, but the wealth share of the wealthiest one percent of families did not change significantly. Graphical analysis suggests that there was a shift in favor of the top of the distribution, while for the broad middle of the distribution increases were about in proportion to earlier wealth.
Within this period, there are other interesting patterns. For example, from 1992 to 2004 the wealth share of the least wealthy half of the population fell significantly to 2.5 percent of total wealth....
page 27
...Ownership shares. For some assets, the distributions of the amounts held are far more disproportionate than the differences in ownership rates. MOST STRIKING is the 62.3 percent share of business assets OWNED BY THE WEALTHIEST 1 percent of the wealth distribution in 2004 (table 11a); the NEXT-WEALTHIEST 4 percent OWNED ANOTHER 22.4 percent of the total.
Other key items subject to capital gains also show strong disproportions: THE WEALTHIEST 5 PERCENT OF FAMILIES OWNED 61.9 percent of residential real estate other than principal residences, 71.7 percent of nonresidential real estate, and 65.9 PERCENT OF DIRECTLY- AND INDIRECTLY HELD STOCKS. For bonds, 93.7 PERCENT OF THE TOTAL WERE HELD BY THIS GROUP.
page 28
The LOWEST 50 PERCENT of the wealth distribution, which HELD ONLY 2.5 PERCENT OF TOTAL NET WORTH IN 2004, came close to its population SHARE ONLY IN ITS HOLDINGS OF INSTALLMENT DEBT (46.2 percent of the total) AND CREDIT CARD DEBT (45.7 percent of total outstanding balances). Although the 50th-to-90th percentile group held only 27.9 percent of total net worth, they came closer to holding their population share than any of the other wealth groups. In the case of principal residences and associated debts, vehicles, and credit card balances, they exceeded their population share; note that their income share was equal to their population share in 2004.
Relative to the balance sheet for the wealth percentile groups in 1989 (table 11b), there were substantial changes in amounts by 2004—for example total net worth rose 94.4 percent over the period. At the same time, there was remarkably little change in ownership shares that was statistically consistent. However, for principal residences and other residential real estate, the data do show a significant increase in the share of the wealthiest 1 percent, which was mainly offset by declines for the 50th-to-90th percentile group.
YOU WANT US TO BAILOUT THE ELITE...THE TOP 5 PERCENT....NO EFFING WAY....NEVER !
The elite are accustomed to moving about in public without protection from elaborate security and armoured vehicles....they need to be impressed with a concern, that....if they pull of this wealth transfer that they have labeled a "bailout", the consequences could be less freedom of movement. Their heads are held onto their necks by the same stuff that affixed the heads of the French elite to their torsos, if I recall.... How much is too much?