The Occupy Wall Street movement is just one example of the sudden outbreak of tension between America's super-rich and the "other 99 percent." Experts now say the US has entered a second Gilded Age, but one in which hedge fund managers have replaced oil barons -- and are killing the American dream.

mk: Some highlights:

In fact, the 400 wealthiest Americans now own more than the "lower" 150 million Americans put together.

Indeed, if you look at the reports it compiles on every country in the world, even the CIA has concluded that wealth disparity is greater in the US than in Tunisia or Egypt.

-nice inference there.

Former Citigroup CEO Sanford Weill, for example, kept a framed pen in his office as a symbol of his influence. It was the pen President Bill Clinton -- at Weill's instigation -- used in 1999 to sign into law legislation repealing the provisions in the Glass-Steagall Act of 1933 that separated the transactions of investment and commercial banks.


In the 1970s, capital gains tax was 40 percent, and the highest income tax bracket paid a rate of 70 percent. Under George W. Bush, these rates dropped to 15 percent and 35 percent, respectively.

Interesting article. Do you remember Joe the Plumber? A friend of mine showed me that video before the media got to it. I watched it thought it was a rational argument for moving the tax code just a bit back towards where it had been for most of the last century. Obama was talking about going from a marginal rate of 36% to 39% for earnings beyond $250k. It's unfortunate that he used the phrase 'spread the wealth around', because although that is exactly what progressive tax rates do, it is socialism to FoxNews. But, here we are:


posted by NotPhil: 2640 days ago