Posted on 10/23/2015 7:52:57 AM PDT by george76
If conventional labor and finance capital have lost their scarcity value, then the era in which financialization reaped big profits is ending.
Why is wealth/income inequality soaring? The easy answer is of course the infinite greed of Wall Street fat-cats and the politicos they buy/own.
But greed can't be the only factor, for greed is hardly unknown in the bottom 90%. The only difference between the guy who took out a liar loan to buy a house he couldn't afford so he could flip it for a fat profit and the mortgage broker who instructed him on how to scam the system and the crooked banker dumping toxic mortgage-backed securities on the Widows and Orphans Fund of Norway is the scale of the scam.
The difference isn't greed, it's the ability to avoid the consequences or have the taxpayers eat the losses, i.e. moral hazard
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The too-big-to-fail banks that bought political protection simply shifted the losses to taxpayers
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America's financialized cartel-state system institutionalizes moral hazard.
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Higher education is one example of the declining scarcity value of old models of labor and capital. When college degrees were scarce, college graduates commanded a high scarcity value. Now that tens of millions of people have degrees, the scarcity value is falling dramatically.
In response, people have worked their way up the academic food chain, earning masters degrees and PhDs. But now many of these advanced degrees are also over-abundant, and the scarcity value of MBAs, etc. is declining.
...
We can't wait around hoping the Power Elites relinquish their lock on monetary and political power: we have to individually seek out what's scarce in the emerging economy and learn the skills and make the connections to move up the value creation scale on our own power.
(Excerpt) Read more at oftwominds.com ...
And by destroying the white middle class, they destroy the republican voter base, insuring they stay in power without having to worry about those pesky elections.
It's a joint party effort effort - what has the GOP done for the white middle class?
“Because democrats are determined to destroy the white middle class.”
Boner, McConman and now Ryan concur.
Because the Michael Browns of this country will NEVER be employable.
Why? Because the RATs are destroying the middle class, leaving the only rich and the “poor”.
What the contemporary press chooses to call ‘greed’ used to be called ambition.
Lenin is smiling up from hell.
Because the Dems are in charge and are getting rich during the worst depression in US history.
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