Does anyone need any further PROOF that Wall Street does NOT = "The Economy"?

[bvar22]

As the Sequestration kicks in,
damaging many programs that the Working Class and the Poor DEPEND on,
pushing UP Unemployment,
putting even MORE Downward Pressure on Wages and Benefits for those Americans who have to Work for a Living,
Wall Street Rockets to Record High,
and the Ownership Class celebrates ever Higher Quarterly Profits.



\
In a shameful display of Bi-Partisanship seldom witnessed in Washington,
The Senate and the House with Democratic Majorities joined with the Republicans to
protect their Portfolios.
Less than a week after receiving a 3 page Extortion Note that threatened the profitability of their investments in Wall Street Banks, they handed a $TRILLION DOLLARS to Wall Street,
No questions asked,
No strings attached.

They claim to have "Saved the Economy".
That claim is questionable,
but they certainly saved THEIR economy.

The Wealth Disparity in America has widened for 30 years.
Good Jobs have left America.
Wages and Benefits continue to drop.
More Middle Class Americans are falling into crushing poverty every day as the Safety Nets are dismantled.

Sequestration, designed and implemented by BOTH Political Parties, delivered another crushing blow this week,
and our Leaders Point their Fingers, claim Plausible Deniability,
and go on vacation,
....but Wall Street hits a NEW RECORD HIGH,
and the Ownership Class Celebrates.






[font size=3]Hold on to your memories, SUCKERS!
Cause we're Taking Everything Else,
And ain't NOBODY gonna stop us!
Hahahahahahahahahaha[/font]

[Fire Walk With Me]

1. Citigroup pointed it out in 2006 in a leaked internal memo...

"The Plutonomy Symposium: Rising Tides Lifting Yachts":

https://www.box.com/shared/9if6v2hr9h


Bailout for the low-income does not help the economy, page 8 of the memo:
“...in the US, the top 20% of consumers might account for nearly 60% of income and spending. The bottom 20% account, on our data, for about 3% of income and spending.”
So don't expect the very rich to do anything for the bottom 20% of the nation.
“Plutomony would likely drive...companies selling to or servicing the rich.” (Porche stock was at $777 a share.)

Where is Plutonomy occurring? Page 8 of the memo:
“Figure 1 shows...the top 1% of the population of income has grown substantially in countries such as the US, UK, and Canada. The countries, which apparently tolerate income inequality, are what we call Plutonomy countries: economies powered by a relatively small number of rich people.”
So our economy is driven by rich people. No wonder Wall Street is unregulated, and there is zero intent to bail out the poor. (Page 11: “We should worry less about the average consumer...”)

The memo states "there is no 'the consumer'".

Scattered analysis:

http://occupyobservations.blogspot.com/2013/02/the-leaked-2006-citigroup-plutonomy-memo.html

[Egalitarian Thug]

3. K&R Thanks for bringing this back. It doesn't get enough attention. n/t

[HiPointDem]

2. kr

[ecstatic]

4. It peaked today, but that doesn't mean it won't collapse again (last time it was this high was 2007)

Sequestration just happened and I don't think we've experienced the fallout yet. The economy was getting better... but it may be taking a turn for the worse now that repubs are getting their way.

[Initech]

5. The rich are the real terrorists on this planet.