Saturday, November 26, 2011

The Top 0.1% Put the 1 Percent to Shame!

Top: The $65,000 all copper tub that's now a favorite buy of the top 0.1%. Below: their favorite dessert - a $25,000 apiece Frrrozen Haute Chocolate. How can they eat this thing every week without choking?

With the 'Occupy Wall Street' movement and the proper and overdue attention to the luxurious lives of the upper 1%, we have cast our eyes upon major defects in our alleged "free market" economic system that has allowed these rascals to profit at the expense of the rest of us. In an earlier blog,

I examined how these privileged scions of wealth live, most having obtained it via inheritance. I noted how they regularly can go on about their Tiffany's shopping sprees, and lengthy golf vacations to St. Kitts-Nevis, without being harassed by the "lesser" folks or made to feel some guilt for their excesses.

But what of the top 0.1 %? These are even greater reprobates of unearned and unmerited wealth and have no shame at all about flaunting it in the face of the rest of us, including the 14 million kids who lack enough food each day.

First, how have these rapscallions made out like such bandidos? Like all the greatest capitalist robber barons most have grabbed their vast wealth as a result of: 1) becoming expert speculators, either in the commodities futures markets, or via hedge funds, and 2) been blessed to have had to pay only 15% capital gains taxes on their killings, while Joe and Mary Schmoe of the middle class, must often pay at least that much PLUS a payroll tax in the vicinity of 6.2% (though it's been 4.2% the past year). Add in the effect of the Bush tax cuts, and the 0.1% garner an additional (estimated) $1 million a year free and clear- often ending up paying zero tax, effectively, according to tax expert David Cay Johnston (Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the super Rich and cheat Everyone Else).

This would be enough moola to instantly pay off the total college debts of five Harvard grads, and perhaps fifty grads hailing from public universities. But what do the upper 0.1% do with their money? Well, they do further speculation in their (rigged) markets, they donate huge campaign donations to their favorite Republican pols, candidates or they splurge on the latest hip luxury items, services. A rose wine wrap a day, anyone? Jetting to St. Kitts for 18 holes of golf? Easy as pie!

Pictured are two of the indulgences the wealthiest have been choosing lately, that is, buying $65,000 copper tubs to lounge in while they read their favorite Wall Street Journal columns on the op-ed pages, and enjoying a $25,000 "Frrrozen Haute Chocolate" from Manhattan's Serendipity 3. Now, think,.....THINK...of how many poor, underfed American kids the money from the purchase of that single confection could serve in a month!

But do these rich bastards who gorge on these things, often once per week, have any thought for their fellow malnourished Americans? Of course not! In fact, their giving - donation rate is below that of most Middle Class Americans (2% annually).

Second, what can we expect if the Bush tax cuts, for example, are extended even longer term to these parasites? Well, if the Republicans have their way, and they will if they're in control of the executive and legislative branches next year (if insufficient people vote Dem in Nov. 2012) we may expect an almost total consolidation of our political and economic system by these renegades. We aren't talking of a 90% control, but of 100%, a plutocracy!

In this case, we will expect to see at least 30 million unemployed and nearly half that many homeless, wandering the highways and biways, asking for any kind of handout ...for food, or work. Kids will leave college in droves without finishing, because even after two years they'll have compiled a half million or more in debts, due to variable interest rates approved by the polticos subservient to this criminal capital.

It's in our hands to put a crimp in their plans, but only if we vote next year and that means NO on any Repuke!

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