Your Money Panel on Income Disparity: That’s Just the Way it Goes
Click here to view this media From CNN’s Your Money , apparently we’re all supposed to think that there’s nothing that can be done to get rid of the income inequality in the United States that we’re seeing now because… hey, the rich just always figure out how to game the system. That’s just the way it goes. Our political dialog in this country has moved so far to the right that it’s taboo to even suggest that the fat cats on Wall Street and the have-mores should do more than throw the rest of us some crumbs to fight over or that heaven forbid these markets should be regulated. The rich win! Get over it suckers! If what’s going on in Wisconsin and around the country is any indication, the peons look like they’re not ready to settle for serfdom quite yet. VELSHI: Over the last decade, the income of 90 percent of the American public has remained stagnant. Take a look at this. The story changes dramatically for the other 10 percent. That bottom red line is 90 percent. That yellow line is the wealthiest 10 percent. The folks, the super wealthy, they’ve gotten richer; a whole lot richer while everybody else has stayed the same. Those superrich, by the way, account for one-half of America’s wealth. Top 10 percent, half of the American wealth. This does not sound like the America we knew. Christine, how do the rich become the superrich? ROMANS: The rich always come out on top when there’s an economic debacle. We’ve had the biggest economic debacle since the great depression. I never count out the rich for being able to figure out how to become richer. I think you can talk about how business has done, technology has allowed out sourcing — VELSHI: And mostly, working stiffs, Richard depend on their paycheck. Other people, the rich make money in other ways. They can invest in the stock market, they can invest in property like we’re talking about, and they buy the services of other people. QUEST: Look, look, it’s fundamental. If you are one of those people who was making money when you are asleep because some business is making it on your behalf, or you are one of those people who makes money because their money makes money, you’re going to be all right. But if you’re like most of us, which literally, and I challenge you, Christina, and myself, how many paychecks would it take before you are in trouble if you suddenly started losing them? Then, inevitably, it’s going to be that way. The rich have always sailed majestically on the good ship dollar big bucks. ROMANS: And you know, the rich take risks. And not all of us are big risk takers. And this has been a good world to take risks in, big risks, because you get bailed out if you fail, and if you win you win big, right? VELSHI: That’s exactly right. All right, guys, we’ll leave it at that. Great to talk to you all. Richard a pleasure to see you as always, Christine Romans.
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Your Money Panel on Income Disparity: That’s Just the Way it Goes
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on February 27, 2011. Filed under