The Richest 10% of Households Now Represent Over 70% of All U.S. Wealth - marketwatch.com
Excerpt from this article:
"Deutsche Bank's Torsten Slok says that the distribution of household wealth in America has become even more disproportionate over the past decade, with the richest 10% of U.S. households representing 70% of all U.S. wealth in 2018, compared with 60% in 1989, according to a recent study by researcher at the Federal Reserve. The study finds that the share of wealth among the richest 1% increased to 32% from 23% over the same period."
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One of the reasons the rich are getting richer is they have learned to "Privatize gains and socialize losses." If you are not familiar with that phrase, check out the Big Short (See below)
Here are some quotes from this incredible book (and the movie is better than the book!):
"I saw how the sausage was made in the economy and it was freaky."
"...it was engaged in just blatant fraud. They should have taken the CEO out and hung him up by his *** testicles. Instead, they sold the company and the CEO made a hundred million dollars."
"Maybe the best definition of 'investing' is 'gambling with the odds in your favor.'...What's strange and complicated about it, however, is that pretty much all of the important people on both sides left the table rich. "
"The CEOs of almost every major Wall Street firm were also on the wrong end of the gamble. All of them, without exception, either ran their public corporations into bankruptcy or were saved from bankruptcy by the United States government. They all got rich, too."
"By late September 2008 the nation's highest financial official, U.S. Treasury Secretary Henry Paulson, persuaded the U.S. Congress that he needed $700 billion to buy subprime mortgage assets from banks...Once handed the money, Paulson abandoned his promised strategy and instead essentially began giving away billions of dollars to Citigroup, Morgan Stanley, Goldman Sachs, and a few others unnaturally selected for survival."
"By early 2009 the risks and losses associated with more than a trillion dollars worth of bad investments were transferred from big Wall Street firms to the U.S. taxpayer."
"The world's most powerful and most highly-paid financiers had been entirely discredited; without government intervention, every single one of them would have lost his job; yet those same financiers were using the government to enrich themselves. 'I can understand why Goldman Sachs would want to be included in the conversation about what to do about Wall Steet,' he said. 'What I can't understand is why anyone would want to listen to them."
The following quote is from the late Dr. Louis Smede (1921-2002):
"Maybe the prophets wanted the rich to invite the poor into their homes, maybe they wanted the poor to be befriended and supported by gentle arms of friends. Maybe friendliness. But at least justice, at least the rights of the poor respected."
The Bible says:
"Go to now, ye rich men, weep and howl, for the miseries that shall come upon you." - James 5:1
Excerpt from this article:
"Deutsche Bank's Torsten Slok says that the distribution of household wealth in America has become even more disproportionate over the past decade, with the richest 10% of U.S. households representing 70% of all U.S. wealth in 2018, compared with 60% in 1989, according to a recent study by researcher at the Federal Reserve. The study finds that the share of wealth among the richest 1% increased to 32% from 23% over the same period."
------------------------
One of the reasons the rich are getting richer is they have learned to "Privatize gains and socialize losses." If you are not familiar with that phrase, check out the Big Short (See below)
Here are some quotes from this incredible book (and the movie is better than the book!):
"I saw how the sausage was made in the economy and it was freaky."
"...it was engaged in just blatant fraud. They should have taken the CEO out and hung him up by his *** testicles. Instead, they sold the company and the CEO made a hundred million dollars."
"Maybe the best definition of 'investing' is 'gambling with the odds in your favor.'...What's strange and complicated about it, however, is that pretty much all of the important people on both sides left the table rich. "
"The CEOs of almost every major Wall Street firm were also on the wrong end of the gamble. All of them, without exception, either ran their public corporations into bankruptcy or were saved from bankruptcy by the United States government. They all got rich, too."
"By late September 2008 the nation's highest financial official, U.S. Treasury Secretary Henry Paulson, persuaded the U.S. Congress that he needed $700 billion to buy subprime mortgage assets from banks...Once handed the money, Paulson abandoned his promised strategy and instead essentially began giving away billions of dollars to Citigroup, Morgan Stanley, Goldman Sachs, and a few others unnaturally selected for survival."
"By early 2009 the risks and losses associated with more than a trillion dollars worth of bad investments were transferred from big Wall Street firms to the U.S. taxpayer."
"The world's most powerful and most highly-paid financiers had been entirely discredited; without government intervention, every single one of them would have lost his job; yet those same financiers were using the government to enrich themselves. 'I can understand why Goldman Sachs would want to be included in the conversation about what to do about Wall Steet,' he said. 'What I can't understand is why anyone would want to listen to them."
The following quote is from the late Dr. Louis Smede (1921-2002):
"Maybe the prophets wanted the rich to invite the poor into their homes, maybe they wanted the poor to be befriended and supported by gentle arms of friends. Maybe friendliness. But at least justice, at least the rights of the poor respected."
The Bible says:
"Go to now, ye rich men, weep and howl, for the miseries that shall come upon you." - James 5:1
