For some Americans capitalism is at its best when the top 1% gains 23% of America’s income. Look again at the below graph:
The peak years, shown on the graph, helps to define both of America’s tragic economy crashes and helps to explain why the crashes may be cyclic in nature. If everybody lost during economy crashes – economy crashes would become a thing of the past.
The reality of the economy crashes and the news media’s perception of the economy crashes may be at odds. But if one looks at the above graph and notes the dot marked years a mental activity show follow.
In 1928 the share of the top 1% of America’s income reached 23.9%. And America had its Great Depression. Afterwards the line descends until the year 1980. During this period of descending – the top 1% received less and less while the rest of America received more and more. During the year 1980 the top 1% descended to 10% and America’s economy was doing fine.
But the bewitching year of 1980 produced a grave turn-around in the take of the top 1%. The take of the top 1% went back up. When it reached 23.5% – America had its Great Recession.
We, of course, don’t know what to make of this raw data. And the press, with its analyst capability don’t seem to be anxious to analyze. Lets look further. Lets factor in two achievements of America’s Congress. Let’s factor in the Glass-Steagall Act and the Gramm-Leach-Bliley-Act – being aware that apparently some or at least one saw no relation between what happened in 2007 and what happened in 1933.
The Glass-Steagall Act reined from 1933 to 1999. Lets do the math: 1999 – 1933 = 66 years. For 66 years America’s economy was ok. America’s economy DID NOT crash while Glass-Steagall Act was alive. Now lets do the Gramm-Leach-Bliley math. The Gramm-Leach-Bliley-Act reined from 1999 until today. Lets do the Great Recession math: 2007 – 1999 = 8 years. Why is nobody asking “what happened?” Don’t you smell a rat? It ought to be that somebody might.
While there don’t seem to be many takers of this tantalizing raw data, it – seems to be begging for a transformation into information.
Europe seems to see things(economy crashes) in a different light. Europe is focused on banks while America’s neocons are ignoring banks. And while an earlier BBC post blamed the individual Eurozone countries for their own recessions, that independent thinking seems to have vanished. Some in the West don’t like the Eurozone’s handling of its own – independent – recessions. It’s almost like there is, after all, a significant relationship among those capitalist countries.
And so the BBC tells us:
EU leaders frame Eurozone crisis rules
Tough rules for the Eurozone, aimed at averting another financial crisis, have been agreed at an EU leaders’ summit.
While Europe often speaks of averting another economic crisis, the neocons’ lips are sealed. When the top 1%(neocons’ political base) gains 23% of America’s income the neocons are happy. Look at the graph. That was no accident. Cyclic greed failures helps define the neocons.