Professor Reich: i am so glad that you are reminding us that we are not alone, because i truly feel i AM alone, living in a country where i speak the language poorly, where i have no friends and, in fact, i know NO ONE, where my entire community is online. i've forgotten what it's like to sit with a friendly soul in real life and discuss politics over a beer or a coffee. i plan to sit up with you and heather on election night as the ballots are counted, since i will be awake all night anyway. i hope to The Great Spirit that kamala and tim win this thing so we all can get back to work and truly FIX AMERICA.
I am in an almost identical spot GrrlScientist. I hear you. I just returned from a very brief trip to the US for my sisters’s funeral. It was not the kind of visit that allowed me to get a sense of the vibe on the ground with respect to this election. I did have the catharsis of speaking the native tongue and interacting with strangers that I do miss here. I came back a week ago today and was first leveled by homesickness and jet lag and then Covid. Now as I feel slightly improved the following the election from afar is such a challenge and an obsession. This post by Robert Reich brought tears to my sleepless eyes.
KSC, I am sorry for the loss of your sister. My goodness! Homesickness, jet lag and COVID! That is the trifecta of bad stuff! Hope you are recovering. Even though the results may not be in on Tuesday night, we can all celebrate and congratulate each other on the hard work everyone put in to get Kamala elected!
Peggy, I appreciate your…and the others’ notes about my sister’s (sudden and way too early) passing. I sort of missed the aspect of my comment that might elicit these condolences when posting. Yah, of course, the lead blow was the grief of losing a sister who I had no where near enough contact with having moved overseas years ago. Always thought we would have a chance to bridge that gap. In my shocked, unhinged mind when I heard the news of her death, I am embarrassed to admit that I thought something along the lines of, I hope she had a chance to vote all while my body was convulsing with the emotional pain. She lived in SC as a Maine Blue liberal. Her loving husband ..originally from the south..voted for Trump the first time around. He just cast his vote to make sure her intended vote counted.
KSC, that is just a knee-jerk reaction to such devastating news. To be honest, I have not been so well the past few months and I kept thinking to myself, "If I'm meant to shuffle off this mortal coil, I hope I am able to vote before it happens!" Your brother-in-law is most definitely a loving husband to ensure her vote would be counted. Stay well and look to the future! Onward and blue!
Peggy you are kind. Knee jerk literally and figuratively as at the moment the news drop I was absorbed in the late September state-of-the- election coverage and the situation of my sister in a red state suburb with her right leaning husband was always in my peripheral consciousness when I was doing so. I am sorry to learn that you have been feeling poorly and wish you a fruitful second wind.
KSC, I think that this election stuff has caused my stress and that has caused me to not feel well. I thank you for your kind words. My second wind will come when Kamala is elected! Onward and blue!
Sad about your sister and your sickness. Praying for you to feel better and My sister and I have buried four relatives in three years and I tell her this same thing. No two people mourn in the same way so just do you. And I'm always here to listen. I'm eight years older than her I hope you have a someone who can maybe sit quietly by your side or just be an ear for you ❤️🤗
He has experienced deep loss and has been able to keep going. His faith that he will meet his loved ones after is lovely and touching. I love President Biden, and will miss him. Like Jimmy Carter, an incredibly compassionate, kind, genuine man, eaten alive by political lies. 💙
Hope you get back in your feet and are feeling better soon. And I hope, hope, hope the news from the election will be on the side of all that is good in this country. That will make us all feel better!! ♥️♥️
GrrlScientist, you are never alone. I am sorry you live in a foreign country and I hope things will get better for you. You will always have this substack and the people here are most excellent in ensuring you are valued and accepted! Here's to a great Tuesday night when we elect the first, in I hope to be many, woman president! Onward and blue!
Very comforting. They should play that for the MAGA supporters and Trump when he loses tomorrow.
I got skewered today by them when I posted Reich’s 101 Reasons not to vote for Trump. They didn’t even want to read it. They don’t care if he has murdered anyone just like he said. It’s sad.
I added that and told how my dad had surgery on his eyes so he could enlist and fight for our democracy and then lost partial hearing from the cannons.
They just don’t care. I reminded them how Trump falsified his medical records so he would not be drafted. Say, isn’t that a crime? Can’t Garland go after him for that?
GrrlScientist, hang in there. Situations in life can sometimes change so quickly. Stay open - that friend may only be a few steps away. Sending ♡ your way.
I share your feelings so know you are not alone. I don’t care if you don’t speak the language well at least you try and you will improve! I have few friends as I moved recently. Use the library, libraries usually have activities going on where you can meet like minded people. My worries are that I see too many parallels to Germany in the 1930’s with Trump and all his threats about how he’s going to get even with those who are against him and other very specific threats. Why do we have so many Americans delighted by the idea of Trump and our government going after our citizens and others because Trump doesn’t like them ? Trump is not well you don’t need to be a psychologist to see he’s not normal, he’s showing many signs of Dementia. Why are so many Americans full of hate for their fellow citizens and can’t wait for Trump to “ take care of them” this is very disturbing to say the least. We can’t have different opinions without hate?
It is not trump you need to fear, it is the manipulators pulling his strings, funding, influencing the simple-minded, the haters, the weird. He will be gone. Vance is smart. He is dangerous.
Suzy, I, too, am wondering about the level of hatred and willingness to go along with a proven bully, someone who was OK with separating children, even infants from their parents to use as a deterrent or whatever nonsense was playing out in his head at that time. He clearly didn't think about it since Steve Miller, someone not elected or approved by anyone but Baby Donnie organized the event. When Trump's mouth opens, it is certain some kind of hatred or racism or misogyny or xenophobia will pour out so the haters in his cult will know just who to blame for their dissatisfaction that they have not achieved all they could have hoped for in life. Something must be missing in our education system or in parenting that so many Americans cling to their resentments, petty fears, anger, and deep hatred for people they don't even know. We will need a way to reach out to them after the election because it is so unhealthy to be so hateful and so enthralled by a bully who cares nothing for them and even told them he only wants their vote. That is just so terribly sad! We are going to have to infuse some joy and care into our response so we can pull them to safety.
From this Australian living in the UK, you are not alone GrrlScientist, we see you every time you post, with thoughtful, considered positions. See you on the other side, the decent majority has this. Like you, i'll be sitting with my coffee & tuning into Heather & the Professor.
GrrlScientist, please take heart to know that your fellow readers are on your side and looking to the light to dispel the darkness. The education process in this country needs to be re-invigorated. We will get through this together, no matter how long it takes. We are with you 'in spirit' to fulfil your great wish.
You have US and we'd be happy to be here for you! Isolation is tough- and I'm fairly certain anyone on here would do a group Zoom with a Cup of Coffee or a Beer!!!
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
100% agree with you Sean. The billionaires and the Wall Street folks take full advantage of knowing how to manipulate the system and the rest of us always pay the price. I have a bumper sticker on my car; "If your job went to China, it was sent there by a Republican businessman." Currently about 70% of CEOs are Republican. (cepr.org) A few years ago I think it was closer to 80%. Your job wasn't sent to China by any union or working class person. Walking back to my car one day a woman, about 35, was reading the sticker. I asked her what she thought of it. She said,"I never thought of it that way". That's the problem. Most folks don't have the knowledge, the experience and time to figure out just what these greedy thieves are doing to them and our country in general. Thanks for your column. I will pass it along to my friends, especially the GOP variety! Vote Blue... and hope for the best. Cheers... GH
For months I had been approaching virtually all of progressive media trying to get them to publish
Exposing The Fascist Dementia Addled Supreme Narcissist As A Moron
A Comparison of President Biden's Mental Competency with Donald Trump's
Likewise here's the lead paragraph in
On Media Suppression Of Trump's Increasing Dementia
I first read the Daily Kos's lead article (2-26-24) titled The media will not report that Trump appears to have middle-stage dementia. A couple of days later Facebook suggested I look at a site dedicated to the politics and humor of Jon Stewart, which just 'happened' to have posted the original interview in Salon titled "Like someone pulled the metaphorical plug": Dr. John Gartner on Trump's "accelerating dementia". This whole interview was fixated on the dementia issue without mentioning that at least his father Fred had Alzheimer's/dementia, which I learned when I posted A Comparison of President Biden's Mental Competency to Donald Trump's to every response. After the idiot went into a long rant about choosing between being electrocuted by a battery on a sinking boat or eaten by a shark Robert Reich's newsletter (7-8-24, 8-8-24) posted Why isn’t the media reporting on Trump’s growing dementia?
The last sentence in both papers: Would you rather have a Fascist Dementia Addled Supreme Narcissistic Moron whose Father Also Had Dementia running this country or the Daughter of Two University Professors?
Did a mass mailing on 9-25 To the webmaster at the World Mental Health Coalition, Cc'd to all the progressive media and others. The WMHC had a press conference on 9-27 focusing on their president Dr. Bandy Lee's Prediction of Trump's Sociopathic Propensity to Make Violent Threats Against His Enemies outlined in her 2017 bestseller. Googled media reports of their Friday 9-27 conference and saw no new news about it. Which tells me that all Progressive Media Will Not Print The Above Sentence Because Of PREDICTABLE DEATH THREATS! Just look at the Threats to Bomb Schools and Hospitals in Springfield Ohio after Trump brought up Haitians Eating Pets during the Debate with Kamala no less.
At the end of September the latest poll had Harris leading in all the swing states except tied in Georgia by an average of about 3 points so I wasn't too concerned that progressive media wasn't comparing the demented fascist moron with the professors daughter. The latest poll now in mid October has swung Arizona, Georgia and North Carolina to Trump despite his incoherent ramblings and climate driven devastation in the latter two areas being helped by Biden's federal funds (with MAGA Thugs Attacking FEMA Workers!). People are just too stupid and easily manipulated against their own good.
2-27-24 by Thom Hartmann, who yesterday wrote a followup to his prediction here!
And the real punchline the atheist progressive press will regret not printing if Rev 11:7's "beast from the bottomless pit" steals or wins the electoral vote:
What's surprising on here is the unwillingness to address core economic issues - the root causes - without rhetoric - housing 2008. No, your house isn't "worth anything" until it's sold. Market value was used to create accounting control frauds in the 90s and one got away - Ameriquest. Whom by the way, got plum ambassadorship from Bush II.
If you are so concerned with democracy - then care about the middle aged people and court their votes today. That's how to fix America.
The Best Way to Rob A Bank is to OWN ONE - William Bill Black, Phd, Lawyer , former bank regulator. Found on TED talks, Bill Moyer, Harvard, but only a smallest of mentions on NPR...
Disinformation. The "economy" is a pretext to undermine opposition to a psychotic criminal con man who left us with the worst deficit in history. He tried to commit a coup in Jan, 2021 and deserves to be punished.
THAT's disinformation back at you Daniel. For someone so intelligent - you haven't bothered to watch the truth of it - have you ?? - nor do you listen to anyone. Yes, Trump deserves to be in jail but is a symptom of long standing issues.
For anyone reading this - go and read from Dr. William Bill Black, PhD, lawyer, and former bank regulator. TheCon.tv
The economy isn't great - haven't YOU watched Dr. Reich's vides?
Btw) If you are not a psychology major, please refrain from posting misinformation about those studies too.
Jamie Dimon deserves jail just as much if not more than trump.
Those who have supported Trump cannot be brought back “into the fold” until FOX news does not blast into their homes 24/7, and until FOX news is not the channel provided at U.S. military bases here and around the world.
If they cannot prove that what they report is based on fact, the title "news" must be replaced with "entertainment." The FCC needs enforceable rules about that.
It will never happen, Gloria. When 50% of the population believe that what Fox reports is real news, it's the reality. If the FCC had enforceable rules, you'd have an uprising saying that the government is trying to censor and subdue the truth in place of lies from the democrats.
I think there is a way to avoid censorship. The FCC can require that you have to be 85% factual. It is about the facts. The corporate conference, that nobody wants to go to, pulls up a subject and then says “discuss”.
It is MORE than Fox News. There's NewsMax and other right wing cable channels. There are hundreds of right wing talk radio stations and social media sites spewing garbage 24/7. We have our work cut out for us trying to bring people who listen and watch this stuff back to reality!
Thousands of local newspapers have ceased publishing. Local AM radio stations, as noted in a comment above, are MAGA talk. Should it be a both-and as people like us support good journalism both in red states (donations and subscriptions?) and at national level. We all know the Washington Post, despite great journalists, may more and more reflect Jeff Bezos’s fear and agenda. Thanks.
The biggest threat to right wing AM talk radio are EVs! The electrical circuits in the cars interfere with the AM signal. Carmakers want to stop putting AM in autos rather than spend money to correct. Since most AM listening is when people are riding in a car, the AM stations are scared silly. They have a bill in Congress to FORCE automakers to have AM radios in cars.
There is legislation in Congress that is designed to help local journalism. That's about all I recall without looking it up right now. Of course as reich repeatedly points out, the problem is concentration in so many sectors of the economy.
Completely agree. They are just brainwashed damaged souls who are filled with rage, hate and basically a complete lack of humanity. I live alone with my dog and basically detest walking out my door due to the huge cluster of these Magas here. Who knew I would sink my savings into a neighborhood run by the Catholic Church! I go out once a day to walk my dog and get my mail. Distressed
My husband had an interesting experience this week. He happened to attend Catholic mass at 2 different churches. One priest was referring the faithful to a voting guide written 20 years ago which basically says the only issue you are obligated to vote on is “anti-abortion”. The 2nd priest urged us to vote as the shema instructs us to live, love of God and neighbor. If you look at the 2024 Catholic voting guide there are 7 principles to consider , not just abortion. Hopefully people are educating themselves. As for my husband and I , we have voted for love. So, there is some hope in us Catholics.
I was born and raised Catholic but have always believed in the Separation of Church and State. I am no longer a practicing Catholic. Too much guilt and fear to keep you adherent.
Yes, guilt and fear and also shame. I don't know if I will ever be completely free of the shame instilled by the church and my Italian relatives who followed the teachings.
Hello Ann, Kevin, Chuck, Wayne and Barbara.... some of the happiest people I know are ex-Catholics and other religions in general. The guilt trip put on folks by religion is a crime in my mind. I was not brought up in a religious home but, was taught to always be skeptical of any religion and be understanding and kind to other people who chose religion over common sense. Cheers... GH
According to the Bible and the Quran the greatest sin is ingratitude, taking things for granted. Trumpsters are taking the Constitution for granted. If they win that would be the beginning of their punishment.
As a former Catholic I'm happy to see the Catholics are finally getting around to seeing and believing in the common good not just the misogynist treatment of women as a national sport.
Even Church "fathers" stated that the soul doesn't enter the mother's womb until the moment of "quickening" when us mothers feel that first "kick" when the fetus is saying,
I'M HERE NOW! And that's about when the 2nd trimester begins....
According to Peter the Holy Spirit descended on Jesus at the time of his baptism by John. Peter claimed to have witnessed it. Has anyone ever witnessed the entrance of the soul into the fetus, or is this just fantasy?
Hi Victor... I think the whole religion thing is BS. So far we still live in free country and one is free to believe any doctrine they want. My problem is with the evangelical nature of, particularly the fundamentalist christian groups, who have become religious nationalists (fascists) and are working to change our laws so ONLY their brand of faith and religion is what we all have to follow. They should mind their own business and it is time to pass some laws to keep them in their churches and out of the lives of us don't care to participate in their brand of brain washing. Cheers... GH
Not all religious people are fundamentalists, and not all religious nationalists are fascists. In Spain, Hungary, Russia it is hard to have a purely secular identity. Italy has a very conflicting historical relationship with the Church, hence Mussolini was a state supremacist, so was Hitler. Trump and the Christian nationalists will part ways.
Ah, but the "Holy Spirit" (the third person of the Trinity) and the individual soul are two different things. The Holy Spirit, in the form of a dove, appeared to the apostles gathered after Jesus' death and were given the gift of Languages so that they could go out and preach the gospel. The soul enters a fetus when its brain can feel it, hence the little "kick" all of us mothers feel (I bore four children and can attest to that). The four apostles wrote the gospels about 50 years after the death of Jesus. Could you recall a conversation you had when you were 30?
Jesus was pretty special! I can imagine that the Holy Spirit in the form of a lovely white dove would hover over that baptism just because it was SO SPECIAL. (John was his first cousin, and he was pretty special, too!) Fantasy, no--Reality!
Thank you for enlightening me. It must be really exciting to feel that first kick, no? I think that Rembrandt's famous painting of a couple with the man placing his hand over her is just about this experience.
Esoteric Christian teaching records that time of entry of the soul into the embryo varies greatly, and is determined by the incoming individual's own karma, which also influences in advance its choice of parents.
Those with trained and awakened spiritual faculties see the entrance of the soul as a cloud of stars around the mother.
All attempts to prescribe and standardise this holy process must be seen as proceeding from a need to control women, and society more generally.
Karma is the soul's link from lifetime to lifetime. It's what the soul brings in with it by way of tasks for the current life. Think of it if you like as justice, balancing out, but spread over continuing lifetimes, not restricted to this life only. But it's not just about justice. It can also be understood as the soul's personal development programme for the current life. Thus it opens out opportunity as well as accountability.
It's the role of the soul's personal Guardian Angel to oversee and protect the soul from one lifetime to the next.
Probably the main point of contention between Eastern and Western spiritual traditions, at least superficially, is the West's emphasis on the importance of this life, brought into new prominence by the incarnation of Christ for the first time in a physical body (Jesus) in this physical world.
In Christian tradition it is understood that now the soul's self-development work has to be done while in physical incarnation here on earth.
By contrast, Eastern tradition retains the old understanding which was enabled by higher consciousness, which sees the reincarnation process with spiritual eyes. This knowledge in no way precludes an emphasis on the importance of this life in the physical world. However, portions of many Eastern populations still tend to retain a focus on otherworldly considerations to the detriment of building good physical infrastructure, schools, modern health systems, etc. The West tends to criticise them for this.
On the Western side, attempts over the past 2000 years to suppress knowledge of reincarnation can be understood as an eagerness by Church authorities to impress the new first-order importance of this physical-world life on their congregations. For their part, Easterners have tended to look down on this as an expression of the West's crass materialism and spiritual ineptitude.
Janice Laz-Romo, I'm just like you. I feel the same way. My whole town turned "red" somehow, it's frightening. They also say terrible things about those who vote blue 💙 and actually have said that senior citizens should move out of town because "we don't want you here" .....wtf ??? How do people get like that?? 😞
Paula Mandell, I live in Massachusetts, it's a blue state but, sadly, there are "pockets" of red folks, like in every State. It's very nice here, I love my home and generally I'm ok here. While my town turned red, there are some decent people still here. I hope things might change in the future. Massachusetts is very expensive to live in, but there's help for those (and seniors) who are struggling financially etc. The snow can be a pain when it's deep, but lately, it's been decent in the winter here where I am. About 20 miles outside of Boston. It's really nice in the western part of the state, but it can be remote if you need different services etc. Generally, I'd say it's a very nice State to live in, despite what happened to my town. My aunt lives in AZ and it's a nice State, I visited for a while and everyone I met was very nice there. But it was a brief stay, not years etc. If you've got the money, Hawaii is a very nice State too, just very very expensive. My friends loved living there.
Just take your time, never rush into anything..... things can change quickly sometimes. Plus, moving is SO stressful. Maybe look for a more amenable home within FL, an area that's more tranquil....it might be possible. Good luck 🙏
I have friends living in Florida, from what they tell me, it's living in dwellings that have Home Owners Associations that can be pure hell. Some of the stuff that goes on with HOA's is appalling from what I was told. Like everything, there are good aspects and not so good aspects. That said, depending on one's situation in life, I think having a Governor like DeSantis could be very upsetting and disconcerting. I love books and the freedom to read as much as I can get my hands on....I don't take kindly to some bureaucratic, ignoramus pinhead like DeSantis telling me or anyone else what we can read.
Don't even get me started on women's rights in Florida. 😉
Thanks, Diane. At one point I thought perhaps western Mass might be a possibility. I am considering New Mexico - an old high school friend lives there and says the quality of life is “amazing.” I agree about the stress of moving. Whenever I go, I believe this will be my last.
Yes! My wife worries about me being a home body. I feel the same way as you. I don't like going out for errands because of the nasty human atmosphere we have now. I am perfectly fine and comfortable staying home, pursuing my hobbies, which have grown in number during the MAGA apocalypse.
I was reading posts on "X" this morning and the rage and hate against Harris boggled my mind. I couldn't believe what I was seeing. I've rarely, if ever, used X (Twitter) prior to a few months ago when I started to post for Field Team 6 to help register people to vote, and then started reposting other pro-Harris comments. I will probably not go back to it after the election, lol.
I left the US for an extended period. It wouldn’t be safe returning to the US. I have several disabilities which caused every agency to dismiss all my pleas for help from serious domestic abuse. Within 2 years I got so ill and was misdiagnosed twice by so many doctors I went to. I went to a lot of doctors and was in the ER regularly. When I have legal issues I have to constantly have to repeat I’m disabled and all these attorneys get annoyed and my case is ruined and a lot of obvious huge mistakes are made. When my life was in danger and my money was withheld in court I was told by a person at the US Embassy that they don’t get involved. I told her I would become homeless. I wouldn’t have been able to get drugs that keep me alive. Her response of maybe I could find a shelter. I heard the same thing from a judge. Everytime I think of returning to the US I have a panic attack and get physically ill. I consider returning to the US as a threat to my life. I will never feel safe there. I qualify as a refugee. I would qualify as a refugee in the US. People never helped me. They couldn’t be bothered. I got so many eye rolling, snears when I ask for accommodations. I fear crying or being upset in public because it isn’t that hard to be involuntarily committed. I live in fear every day I was in the US. I have felt safe outside the US. I want to do more than survive anymore. I’m older than 55. I want to live and find some peace. That would never happen if I returned to the US. What I want so much, an apology. If someone would just apologize it would be so nice. People in the US can’t ever take responsibility and apologize.
I'm so sorry to hear of your difficulties. The US culture has gotten more insensitive with each passing year. For any entity to apologize is (for them) tantamount to an admission of guilt. They'll never admit their wrongdoing if they can get away with it. I wish you peace, comfort and security. May it come immediately and be lasting. Hang in there, goods things will come to you. Peace & love 🙏🕊💕
Yes, the fact that about half of those voting will vote for Trump is less shocking when you consider the vast amount of propaganda that "floods the zone" from both domestic and foreign bad actors like Putin. Propaganda works and the scale and reach of Russian propaganda are vast, making it a formidable challenge to counteract.
We must not allow foreign and domestic enemies of our open society to take advantage of our free speech laws to undermine a society of laws that enable free speech in the first place.
Freedom of expression is always in tension with enjoyment of other freedoms and here as in every area a balance must be struck.
This is a hard task given one political party relies on a polluted media ecosystem but we must do a better job as some European countries have.
WE might start with fact checking. The old Fairness Doctrine was about "truth in advertising" and "All the news that is fit to print". Voters need information, and that is what the Fourth Estate should be doing, providing news and other information that is helpfully informative, not lies and misinformation. not fear mongering. Racism ,sexism, and intolerance, along with hateful propaganda are not good. They do not contribute to the Common Good.
The Digital Republic by Susskind is a thoughful exploration of the issues. Much has to do with the scale/scope of information being promulgated.
This will take new legislation. Maybe the use of big data and AI will allow identification of info pollutants similar to the use of science to identify the harm of pollutants in our physical environment. I can understand how some may winch at the crude phrase "info pollutants" but I don't see a way to better manage the problem. I'm not discounting individual agency/responsibility, but emphasis on that hasn't solved the gun violence problem has it ?
Exactly correct Steve. That's why I have been asking to have the Murdoch's, Musk and Thiel deported ASAP. Their fascists ideas and unlimited money are truly a "clear and present danger" to our country. Their home countries probably won't take them back, and why would they. Then they should be detained at GITMO along with the other foreign anti-American terrorists who have been there for 20+ years awaiting trial. Joe needs to grow a pair and get this done before he leaves office. Now is the time. The recent SC ruling says he can do most anything as long as it is part of his duty as President... with no repercussions to him. Protecting our country from this group of fascists seems to me a patriotic thing to do. Cheers... GH
The fact that it's the staple on military bases is such a nightmare. The people who have volunteered to serve should not be fed such disinformation. Having spent time in the military ( most of it overseas), I can tell you that a large percentage of enlisted personnel are young, poorly educated and naive. By poorly educated, I mean that they are the products of a system that (public or private) no longer teaches critical thinking, so they are easily manipulated. Having Faux Newz blasting over every TV on base should be illegal.
I see no reason for sedition TV to be readily accessible in public areas of military installations.Hell, you might as well provide a live feed of Russia Today.
I agree Teddy. When I was in the Navy ('67-'71) it was a conservative organization for sure but most of the guys were not political at all. In the 'rec room, the night shift guys spent their days playing pool, shuffle board, reading books or watching the daily "soaps". In the evenings and weekends it was comedy, variety shows and sports. Most didn't even want to bother with the evening news. While I am a supporter of our folks who volunteer to serve I do think we should go back to some kind of universal service so a bigger variety of people and voices can be heard. The Gung-Ho, Rambo attitude is needed to a certain extent but I fear in many ways our military is drifting to cult status. Hopefully, if DT gets in and tries to turn the military on American civilians cooler heads will prevail at the general staff level and stop him in his tracks. NO ONE should ever make our young, patriotic service members have to make the choice to not follow orders to shoot their fellow Americans in the street. That though alone is enough, in my opinion, to put DT in GITMO, and soon, for the rest of his life. Cheers... GH
Lucia, I could not agree more with you. Fox news is the most watched news channel and their lies and misinformation has become a reality of the situation for 50% of this country.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
@PowerCorrupts, While I, too, vacillate between a deep-seated pessimism and hope that, for me, has nothing to do with optimism, I also increasingly sense that the lessons of this era may prove of indispensable value to us all.
Exactly, Barbara Jo! My feeling is that we have been given a fierce wake-up call. Until tRump arrived on the political scene, most of us had stopped paying close attention. We took Democracy for granted, and assumed that so many failsafes had been built into government, we didn't need to worry. Voter participation was so low, it looked like no one cared much WHO was running things. While we were busy living our lives and watching Game of Thrones, the real players in power were quietly stacking the courts and rewriting the rules, getting ready to take over - with dragons!
We're paying attention now. And fortunately, their dragon is dying.
I believe the only benefit of trump has been more people engaged in the political process and more interest in the workings of our government. Admittedly, the newly engaged and interested aren’t all supporting democracy, freedom and the common weal, but I am hopeful that enough are that trump will be defeated this time. Defeating the Faux-Christian White Nationalist movement will take a long-term commitment by the many who support the Constitution, rule of law and a diverse society. I believe this is my work for the duration of my life, however long that may be.
Paula Dean ; I agree ; we were all so used to having this safe, mostly lawful country. There were guardrails to keep it that way. But incrementally, there was a looking away at fraud, and cheating by our leaders, breaking of the rules ; like separation of church and state. Women and girls are being killed now, by rules that were made initially to stop abortion. by those who don't understand miscarriage, and the need for emergency care to prevent sepsis, and so many other things that can go wrong with a pregnancy. Some women have fallopian tubes that an embryo can implant in. ectopic pregnancy is life threatening, and need emergency treatment. IVF can allow a work around, to allow implantation where it belongs. It can allow people to be parents, who really want their children. The self determination of women and girls is a threat to the control freaks who would rather kill than really protect life.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Most people with pride truly care about what their historical remembrance will be. And they care about how they will be remembered by their families and friends and whether or not they were on the side of right vs wrong.
John Sidney McCain III (August 29, 1936 – August 25, 2018) will be remembered as an Proud American Hero.
On the other hand, Donald John Trump (born June 14, 1946) who said about John McCain, “He’s not a war hero. He’s a war hero because he was captured. I like people that weren’t captured."
In my book, should I ever write one, Trump will be remembered as an American Zero!
Tuesday our country will be voting for “The Road to a More Perfect Union” by electing Vice President Harris or The Road to Ruin with Donald Trump and his band of criminals.
Your choices in the election Tomorrow are between an American patriot who will represent all Americans. She will support and defend and most importantly protect all of us and our Constitution of the United States.
Or a weird tyrannical x president who wants to have total control over our Women!
I was really worried about the election until I watched SNL News and saw Trump blow it (the microphone) on stage in Detroit. His whole manly man image went out the window. His handlers must be worried about him going down with the polls.
The news segment was so weird and funny that I thought it was the work of AI or clever editing, so I did a search with "Trump blows microphone," and (B)low and behold, there were several stories about Trump going down on the mic. My favorite said Trump "went full Linda Lovelace" on the microphone. I really can't make this up! Don't believe me... Search for yourself!
Hats off to the audio guy who Trump wanted to punch backstage for not setting the microphone at the right height. Trump sure knows how to blow off some steam. I never thought Trump displayed good oral skills. I definitely don't condone his plan to deal with Putin. I don't think Trump has a good plan to deal inflation either. I just want to know what Stormy Daniels has to say about his Motor(mouth) City performance.
Just goes to prove what we all really believe about DT. He is truly "fucked in the head". I didn't want to be offensive but thought this really need to be spelled out!
Yes Keith, but should we not think about politics next year?
Or, will the Republican Party have freed itself from unmature politicians, weirdo's and fruitcakes? One party rule is not good, so discussion with different opinions is necessary. But not with fruitcakes or fascists...
Good thoughts Keith. I am reminded of the old Union song "Which Side are You On?" Written in 1931 by Florence Reece. Most famously sung by the late, great Pete Seeger. Cheers... GH
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Many thanks for your inspiring words, which I read around 4 a.m. I remind myself of the hundreds, maybe thousands, of students who have attended your Berkeley lectures which you shared before your retired with your readers. Every American should have that experience. I voted a couple of weeks ago by mail in Utah, knowing full well that I would not be in the majority but feeling that it was important to cast my ballot. The ACLU there did a major push to make sure that Native peoples had access to the ballot, and I'm proud to have supported that. We need many voices, and yours is an important and energiziig one.
Thank you for your support out there in Utah. You are not alone. My granddaughter, her spouse, and family are there in SLC area helping get out the Dem vote for Harris and the Common Good. Others of our family here in PA are doing the same. Godspeed, Utah progwoman.
Oh Steve, did you see Trump's plan to deal with Putin? All I can say is... I think the Trump Team playing the Village People's "YMCA" to get the crowd warmed up is a good choice.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
If the U.S. is fortunate enough to overcome its current challenges and elect Vice President Harris, we should be mindful of how isolated she might feel as President. The stark divisions and widespread erosion of ethical behavior in our elected and unelected leaders could severely impact her ability to lead effectively. No matter what the real work begins on Wednesday.
Look at what Biden has had to deal with the last four years and just how effective he's been as a leader. Stark divisions haven't stopped him from getting the job done. There's no reason to think Harris will be any less effective. If MAGA takes a beating on Tuesday (and there are signs that they very well may), Harris will be working with a far larger, more energetic, and more diverse group of allies. She's gonna kick butt.
And it will be a beautiful thing to see, Harris kicking butt❣️ It is high time the people of this country have leaders working for all of us and not just Wall Street, large corporations, politically connected lobbyists, i.e. the oligarchy.
Those aren't liabilities. Those are two reasons to believe she will be *more* effective, plus she's been a VP, senator, attorney general, and prosecutor, so there are 4 more reasons to think she will roll up her sleeves, build consensus, and accomplish even more.
Right you are Kathy. We have a choice between a malignant sexual pervert convicted of raping a woman.... or... a woman who, for 30 years, put guys like him in prison. I would like to be in the room when these MAGA folks have to explain to their soon to be teenage daughters why they voted for the convicted rapist for President and not the prosecutor. Cheers... GH
For months I had been approaching virtually all of progressive media trying to get them to publish
Exposing The Fascist Dementia Addled Supreme Narcissist As A Moron
A Comparison of President Biden's Mental Competency with Donald Trump's
Likewise here's the lead paragraph in
On Media Suppression Of Trump's Increasing Dementia
I first read the Daily Kos's lead article (2-26-24) titled The media will not report that Trump appears to have middle-stage dementia. A couple of days later Facebook suggested I look at a site dedicated to the politics and humor of Jon Stewart, which just 'happened' to have posted the original interview in Salon titled "Like someone pulled the metaphorical plug": Dr. John Gartner on Trump's "accelerating dementia". This whole interview was fixated on the dementia issue without mentioning that at least his father Fred had Alzheimer's/dementia, which I learned when I posted A Comparison of President Biden's Mental Competency to Donald Trump's to every response. After the idiot went into a long rant about choosing between being electrocuted by a battery on a sinking boat or eaten by a shark Robert Reich's newsletter (7-8-24, 8-8-24) posted Why isn’t the media reporting on Trump’s growing dementia?
The last sentence in both papers: Would you rather have a Fascist Dementia Addled Supreme Narcissistic Moron whose Father Also Had Dementia running this country or the Daughter of Two University Professors?
Did a mass mailing on 9-25 To the webmaster at the World Mental Health Coalition, Cc'd to all the progressive media and others. The WMHC had a press conference on 9-27 focusing on their president Dr. Bandy Lee's Prediction of Trump's Sociopathic Propensity to Make Violent Threats Against His Enemies outlined in her 2017 bestseller. Googled media reports of their Friday 9-27 conference and saw no new news about it. Which tells me that all Progressive Media Will Not Print The Above Sentence Because Of PREDICTABLE DEATH THREATS! Just look at the Threats to Bomb Schools and Hospitals in Springfield Ohio after Trump brought up Haitians Eating Pets during the Debate with Kamala no less.
At the end of September the latest poll had Harris leading in all the swing states except tied in Georgia by an average of about 3 points so I wasn't too concerned that progressive media wasn't comparing the demented fascist moron with the professors daughter. The latest poll now in mid October has swung Arizona, Georgia and North Carolina to Trump despite his incoherent ramblings and climate driven devastation in the latter two areas being helped by Biden's federal funds (with MAGA Thugs Attacking FEMA Workers!). People are just too stupid and easily manipulated against their own good.
2-27-24 by Thom Hartmann, who yesterday wrote a followup to his prediction here!
And the real punchline the atheist progressive press will regret not printing if Rev 11:7's "beast from the bottomless pit" steals or wins the electoral vote:
And she will work harder to prove the doubters wrong. Kamala will need your support, as there are many who simply believe those two attributes are disqualifiers.
Electing Kamala is just the beginning. As others have said in these comments, we have taken our democracy for granted. Right-wing radio has taken over markets over the country. Social media silos spew disinformation to the disaffected. I think fascism has already taken hold as there is no line between truth and fiction. And we the people have been sold to the likes of Musk and Bezos. As Kamala says, we’ll need to roll up our sleeves and work hard.
Joe, as a seasoned prosecutor, I think Kamala Harris has a few friends that she can get support from. As President she will have a cabinet that she can choose. I'm sure that she did not have anyone holding her hand as she prosecuted scary thugs in Court, and Corporate Monsters , along with smugglers of arms, drugs and humans. The big banks, too. she is no wilting wallflower.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
For months I had been approaching virtually all of progressive media trying to get them to publish
Exposing The Fascist Dementia Addled Supreme Narcissist As A Moron
A Comparison of President Biden's Mental Competency with Donald Trump's
Likewise here's the lead paragraph in
On Media Suppression Of Trump's Increasing Dementia
I first read the Daily Kos's lead article (2-26-24) titled The media will not report that Trump appears to have middle-stage dementia. A couple of days later Facebook suggested I look at a site dedicated to the politics and humor of Jon Stewart, which just 'happened' to have posted the original interview in Salon titled "Like someone pulled the metaphorical plug": Dr. John Gartner on Trump's "accelerating dementia". This whole interview was fixated on the dementia issue without mentioning that at least his father Fred had Alzheimer's/dementia, which I learned when I posted A Comparison of President Biden's Mental Competency to Donald Trump's to every response. After the idiot went into a long rant about choosing between being electrocuted by a battery on a sinking boat or eaten by a shark Robert Reich's newsletter (7-8-24, 8-8-24) posted Why isn’t the media reporting on Trump’s growing dementia?
The last sentence in both papers: Would you rather have a Fascist Dementia Addled Supreme Narcissistic Moron whose Father Also Had Dementia running this country or the Daughter of Two University Professors?
Did a mass mailing on 9-25 To the webmaster at the World Mental Health Coalition, Cc'd to all the progressive media and others. The WMHC had a press conference on 9-27 focusing on their president Dr. Bandy Lee's Prediction of Trump's Sociopathic Propensity to Make Violent Threats Against His Enemies outlined in her 2017 bestseller. Googled media reports of their Friday 9-27 conference and saw no new news about it. Which tells me that all Progressive Media Will Not Print The Above Sentence Because Of PREDICTABLE DEATH THREATS! Just look at the Threats to Bomb Schools and Hospitals in Springfield Ohio after Trump brought up Haitians Eating Pets during the Debate with Kamala no less.
At the end of September the latest poll had Harris leading in all the swing states except tied in Georgia by an average of about 3 points so I wasn't too concerned that progressive media wasn't comparing the demented fascist moron with the professors daughter. The latest poll now in mid October has swung Arizona, Georgia and North Carolina to Trump despite his incoherent ramblings and climate driven devastation in the latter two areas being helped by Biden's federal funds (with MAGA Thugs Attacking FEMA Workers!). People are just too stupid and easily manipulated against their own good.
2-27-24 by Thom Hartmann, who yesterday wrote a followup to his prediction here!
And the real punchline the atheist progressive press will regret not printing if Rev 11:7's "beast from the bottomless pit" steals or wins the electoral vote:
I’m of course concerned about the election results, but what I worry about more are the things Trump and his allies will try to do to overturn the will of the people.
Hoping the military stays true to the constitution! Too many have been brainwashed into becoming unthinking MAGA while listening to FOX on the base. I hope Merrick Garland finds his energy…
It will, as long as leadership isn't turned over to MAGAs in the future. If it is turned over I don't know what will happen but tradtionally and culturally and legally the militarty just takes its orders from whatever civilian leadership is put in charge. The rub is when it is asked to do things that are unlawful. But this can be a gray area.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Thanks so much. I have worked myself into a physical illness that I have not experienced in years. Most likely it is the sheer audacity of Trump, the Republicans, the rich evil monsters that only care about more money and the complete sadness I have for our country. I have been around a long time and this is beyond comparison. Just hoping for a win tomorrow for Harris/Walz💙
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
The worship of wealth as an end in itself has created a cult composed of Democrats and Republicans alike. Billionaires only get rich because we buy their stuff! Who thinks about consciously avoiding Amazon and going the extra mile to support a local business? Who thinks of asking their portfolio manager to avoid firms owned by culprits like Musk?
We have willingly aided these billionaires through our everyday financial choices, to save some time, save a few bucks, and to be sure to have the latest gadgets to impress our friends. Meanwhile , we ignore the rights of the people who work gruelling hours to produce all this wealth - union membership in the US is abysmally low compared to Belgium for instance, where it’s around 60%. There has to be a change in consciousness so that our values systems support what is actually beneficial to the greater good.
Judy, you said, "Billionaires only get rich because we buy their stuff!"
Boycotting products has become a daunting task in today's world. With the majority of goods coming from a few monopolies, it's nearly impossible to determine the true source. There's a documentary that sheds light on this uphill battle.
Wealth worship is a societal ill that reduces people to mere means to an end-wealth, rather than recognizing their intrinsic value as individuals.
Yes AND those who don't have enough to live a decent life, secure that they won't go hungry, have every reason to dream of wealth. The illness you refer to is, in my opinion, lived by people who greedily insist on more more more!
Yes, I responded to Jeff Bezos’s grotesque cowardice by closing my Amazon account. I don’t go to Whole Foods anymore either. It has made surprisingly little difference!
Oh that sounds unintentionally funny—of course my actions didn’t cause Bezos to rethink his own! I meant it hasn’t been inconvenient to order things online (or buy them in stores) without Amazon, or to find other sources for organic produce than Whole Foods. Surprising and encouraging. We need a strong, independent press more than I need overnight delivery of holiday decorations.
If Trump has done anything, it has been revealing areas in need of major corrections in our values and pursuit of happiness. How did Trump get where he is? Adolation of a TV reality show personality. If that isn’t a metaphor that sums up our current state of abyss. . .
I’m one of those people that asked a portfolio manager not to invest in any of the ‘fat cats’ as I referred to them. No Amazon or Facebook or defense contractors or big oil. He paused and told me how difficult that would be and explained that these companies can diversify in ways that you may not know you are supporting them. We talked awhile and I realized by investing this way he would not profit much by it either and I asked him, ‘why are you willing to do this when it won’t net you as much income?’ He was quiet a moment and said that he expected there will be other clients like me that will care about these things and he hopes that to be true, and that by learning with me it will be a skill he can offer to others. I was encouraged. And I have also started to look for Amazon alternatives. If we voted with our pocket books we could change the face of our situation in a matter of months. It might sting a little but I agree that we brought much of this on ourselves for placing the value of money and power above almost everything else and now we suffer the consequences.
I go the extra mile. I hate Amazon. But most people don't.
Change how our economic system functions, that will change consciousness and values. In that I am much the dialetical materialist I suppose. But how do we change the economic system if its dictating our values? Which came first. our values or the economic system? That seems similar to the question about which came first the chicken or the egg, where the answer is an earlier kind of chicken(or earlier kind of egg). Its an evolutionary process.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
I have to believe we’ve got this. We are strong and resilient. I have to believe that there is more of us than them. What I can’t believe is I just referred to people in America as “them.”
Thank you for your article. It gave me some peace..
Us vs Them is how fascism, nazism, dictatorships, authoritarianism thrives and succeeds. We've watched it unfold before our very eyes, mostly in disbelief that it is happening and feeling helpless to stop it. It's not your fault that you felt this, had to say this. The one and only thing that Trump has succeeded at is to divide Americans into camps of us and them, is to foster and grow anger, hatred, revenge and violence among his supporters, all for his own purposes. That's why you can even think of your fellow citizens in terms of 'us and them' in a country named the United States of America. Trump will be defeated. The self serving millionaire and billionaire class and cowardly corporate appeasers supporting Trump will be disgraced in the eyes of the people as will noted politicians who refused to take a stand for decency, truth, democracy and for you. Shame will be their lot in history. Well earned, may I say. America will heal. America will be united again. America will get back to 'we the people'.
Thank you for giving me some grace. To be honest I don’t hate “them.” I can’t explain where I’ve categorized “them.” I suppose I feel a bit bad for “them.” They feel he’s their only answer, that’s bothersome. My hope is we come out bluer than blue and in time they will feel what we feel. Peace and joy..
Heather Cox Richardson, in her "letter" this morning, reminded us that we experienced a similar time in the 1860s and came through it, but several hundred soldiers were killed in that war. We're not out of the woods yet.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Thank you for laying out so clearly how the very rich can manipulate and control the economy to enrich themselves at the expense of those who have no wealth, those who live from paycheque to paycheque, those who might have been able to cobble together a small nest egg only to have it gobbled up. I cannot emphasize strongly enough how important it is that the public education system ensures that future generations are taught basic knowledge about economics, starting with K-12/13 and through to at least one required semester at colleges and universities. Americans cannot afford to be left ignorant about how an economy affects their financial security, and hence, their well being.
That was Thom Hartmann's. So true how the education system has degenerated since my old psych prof told me after I graduated from UCSD in 1971 how he missed my succinct questioning as his new class all wanted to be doctors. My third book titled The Unified 11 Dimensional Explanation Of Everything as Princeton Press last and this year wouldn't publish because PROOF OF GOD 3 GEOMETRICALLY & MATHEMATICALLY MAPS CREATION/INFLATION!
For months I had been approaching virtually all of progressive media trying to get them to publish
Exposing The Fascist Dementia Addled Supreme Narcissist As A Moron
A Comparison of President Biden's Mental Competency with Donald Trump's
Likewise here's the lead paragraph in
On Media Suppression Of Trump's Increasing Dementia
I first read the Daily Kos's lead article (2-26-24) titled The media will not report that Trump appears to have middle-stage dementia. A couple of days later Facebook suggested I look at a site dedicated to the politics and humor of Jon Stewart, which just 'happened' to have posted the original interview in Salon titled "Like someone pulled the metaphorical plug": Dr. John Gartner on Trump's "accelerating dementia". This whole interview was fixated on the dementia issue without mentioning that at least his father Fred had Alzheimer's/dementia, which I learned when I posted A Comparison of President Biden's Mental Competency to Donald Trump's to every response. After the idiot went into a long rant about choosing between being electrocuted by a battery on a sinking boat or eaten by a shark Robert Reich's newsletter (7-8-24, 8-8-24) posted Why isn’t the media reporting on Trump’s growing dementia?
The last sentence in both papers: Would you rather have a Fascist Dementia Addled Supreme Narcissistic Moron whose Father Also Had Dementia running this country or the Daughter of Two University Professors?
Did a mass mailing on 9-25 To the webmaster at the World Mental Health Coalition, Cc'd to all the progressive media and others. The WMHC had a press conference on 9-27 focusing on their president Dr. Bandy Lee's Prediction of Trump's Sociopathic Propensity to Make Violent Threats Against His Enemies outlined in her 2017 bestseller. Googled media reports of their Friday 9-27 conference and saw no new news about it. Which tells me that all Progressive Media Will Not Print The Above Sentence Because Of PREDICTABLE DEATH THREATS! Just look at the Threats to Bomb Schools and Hospitals in Springfield Ohio after Trump brought up Haitians Eating Pets during the Debate with Kamala no less.
At the end of September the latest poll had Harris leading in all the swing states except tied in Georgia by an average of about 3 points so I wasn't too concerned that progressive media wasn't comparing the demented fascist moron with the professors daughter. The latest poll now in mid October has swung Arizona, Georgia and North Carolina to Trump despite his incoherent ramblings and climate driven devastation in the latter two areas being helped by Biden's federal funds (with MAGA Thugs Attacking FEMA Workers!). People are just too stupid and easily manipulated against their own good.
2-27-24 by Thom Hartmann, who yesterday wrote a followup to his prediction here!
And the real punchline the atheist progressive press will regret not printing if Rev 11:7's "beast from the bottomless pit" steals or wins the electoral vote:
As a bemused Brit, observing from afar, I thank you and your team, Professor, for your emails, videos and podcasts that have kept us all in the loop on this sorry saga. You could not have done more to help the anti-Trump cause. However, it should never have come to this! The admirable, but, sadly, out-of-date US Constitution should have contained restrictions on presidential candidacies - max age 75, no felons, no mental illnesses. Those provisions alone would have stopped two old fools from being nominated in the first place. I am 80, so I know all about being an old fool. Kamala Harris is a breath of fresh air, and she has the potential to implement positive change like FDR did in 1933. PS: amend that Constitution - 2nd amendment needs attention as well. Good luck tomorrow, Americans!
Your suggestion for revising the qualifications for president that mentions mental health is problematic: Who will be the one to judge? We all know that doctors can be bought off to say that a person’s health is just fine when it’s obviously not—and on the other side of that coin, one can be manipulated to say a person is mentally unfit when they are fine.
As well, Biden isn’t an old fool. He may be physically limited by his age, but he is still sharp as a tack and able to make decisions based on his incredible level of experiential knowledge informed by an ideology that puts people first. He has always had a stutter they takes an immense amount of mental energy to control when speaking. I don’t fault him for the few verbal gaffes he has made this year when they are seen in the context of his disability. The man is a brilliant statesman who, even on his worst day, is far more competent than the bill of what passes for elected government officials these days. (MTG, I’m looking at you.)
Well said! I admire President Biden immensely, for everything he has done in his one term under the very worst circumstances, for doing the utterly admirable act of placing country over self---and for not getting the utmost respect, but instead being belittled and now ignored. History will treat him much better, I'm sure....if we still have a democracy!(As Ben Franklin memorably noted "We have a republic....if you can keep it.")
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
RR has written: "Fourth, and hardest of all: We must ensure that Americans who have voted for Trump — whether out of anger, despair, bigotry, or delusion — are brought back into the realm of rationality and included in the nation’s future prosperity."
This topic needs to be examined in depth. FDR and Regan sent fraudsters to jail. Did Obama? How many of Ameriquest's executives went to prison? How did Countrywide Financial and Angelo Mozilo fare? On his $4.1 billion gain on the sale of Countrywide he paid $67 million in fines. Sounds like a cost of doing business, nothing more. How many Lehman executives served prison sentences? Did the Wall Street companies rating the CDOs get fined and closed? Are Fitch and Moody's still in business? Millions of Americans were beggared. Many lost their entire life savings. Many retired auto workers lost their healthcare. Until justice is done the alienation of these many millions will continue.
Thank you for that reminder, Dave. Makes me feel like a dog with fleas. I can't get rid of the fleas on my body because they're in the rug I'm laying on.
The hard part of your screed to deal with is that the working class conflates the insults you mention with elitism. There is a hint of that, but I can think of o other reasons: We are part of a system where those who see the need to punish a person or entity in measure are constrained by those who don't as much. RR knows this all too well.
You are specifically referring to White collar crime. In our capitalist system, it's punished by power vs. power, as opposed to blue collar crime, which pits power v. no power. Power v. power results in moderated or sometimes even no punishment for the powerful. Those without power or money are not so lucky. I don't see a fix for that as long as a good lawyer costs good money. But I am open!
Note to RR: mentioning trans people in a political context is not helpful. A) They are an exceedingly small minority, and B) mention of it flies in the face of the old saw about picking your battles, because conservatives cannot handle the concept. It sets them off down a road that does not help us with greater (in a pure numbers way) issues. It's a dog whistle for Trumpers, and you know that.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
I feel completely alone and I was born in this country - it’s not a problem of language, but of heart. I’ve been isolating for months. Friends and family who’ve been dear to me over many years consider me a socialist or communist for loving what Kamala, Tim and Joe Biden stand for. I’ve brought up facts about DJT and others of his type to explain, and I’m shouted down. They’re not interested in facts. (Couldn’t care less about January 6th ir the devastating handling of COVID or the overturning of Roe v. Wade.) A happy surprise did occur the other day - I had lunch with a neighbor, someone with whom I’ve only had minimal contact. She was SO relieved and filled with joy to hear I’m a Democrat - just about all we talked about for two hours is how incredulous we are that otherwise intelligent people are completely bamboozled by an orange felonious con man. I seriously don’t know how we all will recover from this. Don’t get me wrong, I’d love to be able to kiss and make up with everyone, but they’re so damn violent about their views I would need one of those special lights the Men In Black use to erase their minds of all of this horror so we can start again. My heart is broken and I feel like I have PTSD from all of it.
It is important to choose who you live amongst. We are not obliged to like or parents, school or childhood friends, siblings, or even the people our children choose to partner with, or later become. We do not have to be trapped by them and forced to live by their opinions or their rules.
There is a huge awakening, a joy, in moving to a place where you 'fit', where your conversations are with like-minded people, where you can quickly trust and say exactly how you feel because you know your thoughts and opinions will be treated with respect and consideration.
May I respectfully suggest you consider a new place to call home. Because where you seem to be right now can never be home, from the way you describe it.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Hang in there, do some chanting - Krishna das is great - powerful & calming! Things are only going to get worse! Learn to rely on your own inner true self.
I am not in the USA, and can't vote in this election, but I thank you, Heather, and the team at Inequality Media for rallying the spirits of progressive America. Normally, elections are contests for 'the centre' but this election seems to be a contest for the centre for the Dems and the extreme right for the Republicans. This last 10 year period will provide fodder for many a PhD thesis to come in economics, politics and public policy, worldwide. I invite the Inequality Media team to visit Australia - maybe on a lecture tour. You would be warmly welcomed.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
The 'common good' is an important phrase that speaks to how people, no matter their country, seek to set values and principles for their society and how they organize themselves around those values and principles. This approach guides and determines how people behave and live their lives. The idea of the common good must determine whom the public elects to govern them. Another way to express this was by the Honourable Tommy Douglas, Canadian politician, Father of Universal Medicare, and yes, grandfather of actor Keifer Sutherland. Douglas expressed the common good this way. "What we wish for ourselves, we wish for us all." Words to live by. Words to build strong, caring communities. Words that represent democracy at its best.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Professor Reich: i am so glad that you are reminding us that we are not alone, because i truly feel i AM alone, living in a country where i speak the language poorly, where i have no friends and, in fact, i know NO ONE, where my entire community is online. i've forgotten what it's like to sit with a friendly soul in real life and discuss politics over a beer or a coffee. i plan to sit up with you and heather on election night as the ballots are counted, since i will be awake all night anyway. i hope to The Great Spirit that kamala and tim win this thing so we all can get back to work and truly FIX AMERICA.
I am in an almost identical spot GrrlScientist. I hear you. I just returned from a very brief trip to the US for my sisters’s funeral. It was not the kind of visit that allowed me to get a sense of the vibe on the ground with respect to this election. I did have the catharsis of speaking the native tongue and interacting with strangers that I do miss here. I came back a week ago today and was first leveled by homesickness and jet lag and then Covid. Now as I feel slightly improved the following the election from afar is such a challenge and an obsession. This post by Robert Reich brought tears to my sleepless eyes.
KSC, I am sorry for the loss of your sister. My goodness! Homesickness, jet lag and COVID! That is the trifecta of bad stuff! Hope you are recovering. Even though the results may not be in on Tuesday night, we can all celebrate and congratulate each other on the hard work everyone put in to get Kamala elected!
Peggy, I appreciate your…and the others’ notes about my sister’s (sudden and way too early) passing. I sort of missed the aspect of my comment that might elicit these condolences when posting. Yah, of course, the lead blow was the grief of losing a sister who I had no where near enough contact with having moved overseas years ago. Always thought we would have a chance to bridge that gap. In my shocked, unhinged mind when I heard the news of her death, I am embarrassed to admit that I thought something along the lines of, I hope she had a chance to vote all while my body was convulsing with the emotional pain. She lived in SC as a Maine Blue liberal. Her loving husband ..originally from the south..voted for Trump the first time around. He just cast his vote to make sure her intended vote counted.
KSC, that is just a knee-jerk reaction to such devastating news. To be honest, I have not been so well the past few months and I kept thinking to myself, "If I'm meant to shuffle off this mortal coil, I hope I am able to vote before it happens!" Your brother-in-law is most definitely a loving husband to ensure her vote would be counted. Stay well and look to the future! Onward and blue!
Peggy you are kind. Knee jerk literally and figuratively as at the moment the news drop I was absorbed in the late September state-of-the- election coverage and the situation of my sister in a red state suburb with her right leaning husband was always in my peripheral consciousness when I was doing so. I am sorry to learn that you have been feeling poorly and wish you a fruitful second wind.
KSC, I think that this election stuff has caused my stress and that has caused me to not feel well. I thank you for your kind words. My second wind will come when Kamala is elected! Onward and blue!
jeebuz, grrl! you hit the trifecta of shittiness! and STILL YOU PERSIST. my hat is off to you.
GS..draw strength from KSG and know that I always look for your comments here.
You have a friend and probably more than you know. I hope this brings a smile to you.
Sad about your sister and your sickness. Praying for you to feel better and My sister and I have buried four relatives in three years and I tell her this same thing. No two people mourn in the same way so just do you. And I'm always here to listen. I'm eight years older than her I hope you have a someone who can maybe sit quietly by your side or just be an ear for you ❤️🤗
Sorry for your loss 💔
Sorry for the loss of your sister 😢 I recently lost my brother.💔
I hold the words of President Joe Biden close to my heart. He said that in time a smile will come to your face before a tear comes to your eye.
He has experienced deep loss and has been able to keep going. His faith that he will meet his loved ones after is lovely and touching. I love President Biden, and will miss him. Like Jimmy Carter, an incredibly compassionate, kind, genuine man, eaten alive by political lies. 💙
KSC, sorry for the passing of your sister. ♡
Condolences for the lost of a sister.
Be gentle with yourself .
Heal well.
Rest deeply.
Maybe not today, but one day the sun will lighten the sky and your love of your sister safe in your heart .
Love and peace on you.
Hope you get back in your feet and are feeling better soon. And I hope, hope, hope the news from the election will be on the side of all that is good in this country. That will make us all feel better!! ♥️♥️
The Whole world needs it.
I am so sorry for your loss. Hoping this online community will give you some peace, knowing we care.
Dear KSC,
My heart hurts for the loss of your sister.
So very sorry for the loss of your sister .... it is reassuring to know there are many like-minded among us!
GrrlScientist, you are never alone. I am sorry you live in a foreign country and I hope things will get better for you. You will always have this substack and the people here are most excellent in ensuring you are valued and accepted! Here's to a great Tuesday night when we elect the first, in I hope to be many, woman president! Onward and blue!
https://www.youtube.com/watch?v=LhmPV8yYBEo
Very comforting. They should play that for the MAGA supporters and Trump when he loses tomorrow.
I got skewered today by them when I posted Reich’s 101 Reasons not to vote for Trump. They didn’t even want to read it. They don’t care if he has murdered anyone just like he said. It’s sad.
Not suckers or losers works.
I added that and told how my dad had surgery on his eyes so he could enlist and fight for our democracy and then lost partial hearing from the cannons.
They just don’t care. I reminded them how Trump falsified his medical records so he would not be drafted. Say, isn’t that a crime? Can’t Garland go after him for that?
It's the repetition.
Yes Daniel, that must have been the "Mother of all Angels" assuring us that "you are never 'gone' until the last person says your name"!
Gosh Daniel, I just clicked on this link! Wonderful response, thanks
That was lovely, Daniel
You will be in company with people round the world who care deeply. I shall be joining you from the UK. 💙
GrrlScientist, hang in there. Situations in life can sometimes change so quickly. Stay open - that friend may only be a few steps away. Sending ♡ your way.
I share your feelings so know you are not alone. I don’t care if you don’t speak the language well at least you try and you will improve! I have few friends as I moved recently. Use the library, libraries usually have activities going on where you can meet like minded people. My worries are that I see too many parallels to Germany in the 1930’s with Trump and all his threats about how he’s going to get even with those who are against him and other very specific threats. Why do we have so many Americans delighted by the idea of Trump and our government going after our citizens and others because Trump doesn’t like them ? Trump is not well you don’t need to be a psychologist to see he’s not normal, he’s showing many signs of Dementia. Why are so many Americans full of hate for their fellow citizens and can’t wait for Trump to “ take care of them” this is very disturbing to say the least. We can’t have different opinions without hate?
It is not trump you need to fear, it is the manipulators pulling his strings, funding, influencing the simple-minded, the haters, the weird. He will be gone. Vance is smart. He is dangerous.
Yes and YES
Suzy, I, too, am wondering about the level of hatred and willingness to go along with a proven bully, someone who was OK with separating children, even infants from their parents to use as a deterrent or whatever nonsense was playing out in his head at that time. He clearly didn't think about it since Steve Miller, someone not elected or approved by anyone but Baby Donnie organized the event. When Trump's mouth opens, it is certain some kind of hatred or racism or misogyny or xenophobia will pour out so the haters in his cult will know just who to blame for their dissatisfaction that they have not achieved all they could have hoped for in life. Something must be missing in our education system or in parenting that so many Americans cling to their resentments, petty fears, anger, and deep hatred for people they don't even know. We will need a way to reach out to them after the election because it is so unhealthy to be so hateful and so enthralled by a bully who cares nothing for them and even told them he only wants their vote. That is just so terribly sad! We are going to have to infuse some joy and care into our response so we can pull them to safety.
Hate is the psychotic child of fear and resentment. Trump has tapped into both.
It's not NEARLY the same, but know that WE, your Substack pals, all love and respect you! (Traitorous trolls not included naturally.)
GrrlScientist, you are not alone. We are your community. Thank you for sharing your personal journey.
From this Australian living in the UK, you are not alone GrrlScientist, we see you every time you post, with thoughtful, considered positions. See you on the other side, the decent majority has this. Like you, i'll be sitting with my coffee & tuning into Heather & the Professor.
GrrlScientist, please take heart to know that your fellow readers are on your side and looking to the light to dispel the darkness. The education process in this country needs to be re-invigorated. We will get through this together, no matter how long it takes. We are with you 'in spirit' to fulfil your great wish.
For what it's worth, I just joined your online community! Your work looks fascinating!!! We are all in this together!
You have friends here. 💙
You have US and we'd be happy to be here for you! Isolation is tough- and I'm fairly certain anyone on here would do a group Zoom with a Cup of Coffee or a Beer!!!
Get The Vote Out NOW: Congratulate Yourselves after the Election. !!!
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
100% agree with you Sean. The billionaires and the Wall Street folks take full advantage of knowing how to manipulate the system and the rest of us always pay the price. I have a bumper sticker on my car; "If your job went to China, it was sent there by a Republican businessman." Currently about 70% of CEOs are Republican. (cepr.org) A few years ago I think it was closer to 80%. Your job wasn't sent to China by any union or working class person. Walking back to my car one day a woman, about 35, was reading the sticker. I asked her what she thought of it. She said,"I never thought of it that way". That's the problem. Most folks don't have the knowledge, the experience and time to figure out just what these greedy thieves are doing to them and our country in general. Thanks for your column. I will pass it along to my friends, especially the GOP variety! Vote Blue... and hope for the best. Cheers... GH
For months I had been approaching virtually all of progressive media trying to get them to publish
Exposing The Fascist Dementia Addled Supreme Narcissist As A Moron
A Comparison of President Biden's Mental Competency with Donald Trump's
Likewise here's the lead paragraph in
On Media Suppression Of Trump's Increasing Dementia
I first read the Daily Kos's lead article (2-26-24) titled The media will not report that Trump appears to have middle-stage dementia. A couple of days later Facebook suggested I look at a site dedicated to the politics and humor of Jon Stewart, which just 'happened' to have posted the original interview in Salon titled "Like someone pulled the metaphorical plug": Dr. John Gartner on Trump's "accelerating dementia". This whole interview was fixated on the dementia issue without mentioning that at least his father Fred had Alzheimer's/dementia, which I learned when I posted A Comparison of President Biden's Mental Competency to Donald Trump's to every response. After the idiot went into a long rant about choosing between being electrocuted by a battery on a sinking boat or eaten by a shark Robert Reich's newsletter (7-8-24, 8-8-24) posted Why isn’t the media reporting on Trump’s growing dementia?
The last sentence in both papers: Would you rather have a Fascist Dementia Addled Supreme Narcissistic Moron whose Father Also Had Dementia running this country or the Daughter of Two University Professors?
Did a mass mailing on 9-25 To the webmaster at the World Mental Health Coalition, Cc'd to all the progressive media and others. The WMHC had a press conference on 9-27 focusing on their president Dr. Bandy Lee's Prediction of Trump's Sociopathic Propensity to Make Violent Threats Against His Enemies outlined in her 2017 bestseller. Googled media reports of their Friday 9-27 conference and saw no new news about it. Which tells me that all Progressive Media Will Not Print The Above Sentence Because Of PREDICTABLE DEATH THREATS! Just look at the Threats to Bomb Schools and Hospitals in Springfield Ohio after Trump brought up Haitians Eating Pets during the Debate with Kamala no less.
At the end of September the latest poll had Harris leading in all the swing states except tied in Georgia by an average of about 3 points so I wasn't too concerned that progressive media wasn't comparing the demented fascist moron with the professors daughter. The latest poll now in mid October has swung Arizona, Georgia and North Carolina to Trump despite his incoherent ramblings and climate driven devastation in the latter two areas being helped by Biden's federal funds (with MAGA Thugs Attacking FEMA Workers!). People are just too stupid and easily manipulated against their own good.
https://www.dailykos.com/stories/2024/2/26/2225913/-The-New-Over-the-Top-Secret-Plan-on-How-Fascists-Could-Win-in-2024?detail=emaildkre&pm_source=DKRE&pm_medium=email
2-27-24 by Thom Hartmann, who yesterday wrote a followup to his prediction here!
And the real punchline the atheist progressive press will regret not printing if Rev 11:7's "beast from the bottomless pit" steals or wins the electoral vote:
https://www.benjaminlcorey.com/could-american-evangelicals-spot-the-antichrist-heres-the-biblical-predictions/
You might be able to find some people to socialize with through this organization.
https://www.meetup.com/
What's surprising on here is the unwillingness to address core economic issues - the root causes - without rhetoric - housing 2008. No, your house isn't "worth anything" until it's sold. Market value was used to create accounting control frauds in the 90s and one got away - Ameriquest. Whom by the way, got plum ambassadorship from Bush II.
If you are so concerned with democracy - then care about the middle aged people and court their votes today. That's how to fix America.
The Best Way to Rob A Bank is to OWN ONE - William Bill Black, Phd, Lawyer , former bank regulator. Found on TED talks, Bill Moyer, Harvard, but only a smallest of mentions on NPR...
TheCon.tv
Yes, I want Kamala to win but she needs to do better than that - for all 50 states.
Best of luck to all of us.
Disinformation. The "economy" is a pretext to undermine opposition to a psychotic criminal con man who left us with the worst deficit in history. He tried to commit a coup in Jan, 2021 and deserves to be punished.
THAT's disinformation back at you Daniel. For someone so intelligent - you haven't bothered to watch the truth of it - have you ?? - nor do you listen to anyone. Yes, Trump deserves to be in jail but is a symptom of long standing issues.
For anyone reading this - go and read from Dr. William Bill Black, PhD, lawyer, and former bank regulator. TheCon.tv
The economy isn't great - haven't YOU watched Dr. Reich's vides?
Btw) If you are not a psychology major, please refrain from posting misinformation about those studies too.
Jamie Dimon deserves jail just as much if not more than trump.
Janet, the Tea Party is over. You are getting old.
In a circular firing squad everyone can get shot.
BTW as I pointed out a dozen times, Harris as CA AG took on the big banks, and unlike all other candidates has "unclean hands."
Those who have supported Trump cannot be brought back “into the fold” until FOX news does not blast into their homes 24/7, and until FOX news is not the channel provided at U.S. military bases here and around the world.
If they cannot prove that what they report is based on fact, the title "news" must be replaced with "entertainment." The FCC needs enforceable rules about that.
It will never happen, Gloria. When 50% of the population believe that what Fox reports is real news, it's the reality. If the FCC had enforceable rules, you'd have an uprising saying that the government is trying to censor and subdue the truth in place of lies from the democrats.
When you believe a lie,the consequence becomes reality. But the content of tje lie remains a lie.
I think there is a way to avoid censorship. The FCC can require that you have to be 85% factual. It is about the facts. The corporate conference, that nobody wants to go to, pulls up a subject and then says “discuss”.
Faux news? You don't really expect them to change their pitch, just because it's the right thing to do, or because of toothless regulations.
Do you realize David that no one can press “like” and agree with you?
No need to agree: these are just personal observations of human nature.
I call the fox propaganda.
The rule would make Trump very silent...
Get The Vote Out NOW: Congratulate Yourselves after the Election. !!!
It is MORE than Fox News. There's NewsMax and other right wing cable channels. There are hundreds of right wing talk radio stations and social media sites spewing garbage 24/7. We have our work cut out for us trying to bring people who listen and watch this stuff back to reality!
You have to change the media environment. Changing that is the best way to bring people in closer alignment with reality.
Thousands of local newspapers have ceased publishing. Local AM radio stations, as noted in a comment above, are MAGA talk. Should it be a both-and as people like us support good journalism both in red states (donations and subscriptions?) and at national level. We all know the Washington Post, despite great journalists, may more and more reflect Jeff Bezos’s fear and agenda. Thanks.
The biggest threat to right wing AM talk radio are EVs! The electrical circuits in the cars interfere with the AM signal. Carmakers want to stop putting AM in autos rather than spend money to correct. Since most AM listening is when people are riding in a car, the AM stations are scared silly. They have a bill in Congress to FORCE automakers to have AM radios in cars.
Thanks for the info. Had no clue in this.
Really ? I never heard that before. Interesting.
Project 2025 intends to destroy EVs.
There is legislation in Congress that is designed to help local journalism. That's about all I recall without looking it up right now. Of course as reich repeatedly points out, the problem is concentration in so many sectors of the economy.
If the fascists have their way we will have no independent news media and no independent educational institutions.
Ralph Nader publishes a national paper about once every two months. $5 donation and they mail it to you anywhere. Capitolhillcitizen.com I love it
Keep Ralph Nader's name out your mouth especially this time of the election cycle. And the same for James Comey. Have you no memory man?
Absolutely!
Am radio is chock full of nuts.
Completely agree. They are just brainwashed damaged souls who are filled with rage, hate and basically a complete lack of humanity. I live alone with my dog and basically detest walking out my door due to the huge cluster of these Magas here. Who knew I would sink my savings into a neighborhood run by the Catholic Church! I go out once a day to walk my dog and get my mail. Distressed
My husband had an interesting experience this week. He happened to attend Catholic mass at 2 different churches. One priest was referring the faithful to a voting guide written 20 years ago which basically says the only issue you are obligated to vote on is “anti-abortion”. The 2nd priest urged us to vote as the shema instructs us to live, love of God and neighbor. If you look at the 2024 Catholic voting guide there are 7 principles to consider , not just abortion. Hopefully people are educating themselves. As for my husband and I , we have voted for love. So, there is some hope in us Catholics.
I was born and raised Catholic but have always believed in the Separation of Church and State. I am no longer a practicing Catholic. Too much guilt and fear to keep you adherent.
Yes, guilt and fear and also shame. I don't know if I will ever be completely free of the shame instilled by the church and my Italian relatives who followed the teachings.
Wayne Sibilia: I walked away from all organized religion especially Christian, when Christians put Trump in the White House. I won't be walking back.
Hello Ann, Kevin, Chuck, Wayne and Barbara.... some of the happiest people I know are ex-Catholics and other religions in general. The guilt trip put on folks by religion is a crime in my mind. I was not brought up in a religious home but, was taught to always be skeptical of any religion and be understanding and kind to other people who chose religion over common sense. Cheers... GH
According to the Bible and the Quran the greatest sin is ingratitude, taking things for granted. Trumpsters are taking the Constitution for granted. If they win that would be the beginning of their punishment.
Ditto!
Call out the Trump priest....
My husband did write to the bishop….
Good for you.
As a former Catholic I'm happy to see the Catholics are finally getting around to seeing and believing in the common good not just the misogynist treatment of women as a national sport.
thank you for sharing your positive stance and balance on choosing the true road of love. the mantra: “only love prevails” keeps me sane.
Get The Vote Out NOW: Congratulate Yourselves after the Election. !!!
!!!
info@catholicsforchoice.org
Even Church "fathers" stated that the soul doesn't enter the mother's womb until the moment of "quickening" when us mothers feel that first "kick" when the fetus is saying,
I'M HERE NOW! And that's about when the 2nd trimester begins....
According to Peter the Holy Spirit descended on Jesus at the time of his baptism by John. Peter claimed to have witnessed it. Has anyone ever witnessed the entrance of the soul into the fetus, or is this just fantasy?
Hi Victor... I think the whole religion thing is BS. So far we still live in free country and one is free to believe any doctrine they want. My problem is with the evangelical nature of, particularly the fundamentalist christian groups, who have become religious nationalists (fascists) and are working to change our laws so ONLY their brand of faith and religion is what we all have to follow. They should mind their own business and it is time to pass some laws to keep them in their churches and out of the lives of us don't care to participate in their brand of brain washing. Cheers... GH
Not all religious people are fundamentalists, and not all religious nationalists are fascists. In Spain, Hungary, Russia it is hard to have a purely secular identity. Italy has a very conflicting historical relationship with the Church, hence Mussolini was a state supremacist, so was Hitler. Trump and the Christian nationalists will part ways.
Ah, but the "Holy Spirit" (the third person of the Trinity) and the individual soul are two different things. The Holy Spirit, in the form of a dove, appeared to the apostles gathered after Jesus' death and were given the gift of Languages so that they could go out and preach the gospel. The soul enters a fetus when its brain can feel it, hence the little "kick" all of us mothers feel (I bore four children and can attest to that). The four apostles wrote the gospels about 50 years after the death of Jesus. Could you recall a conversation you had when you were 30?
Jesus was pretty special! I can imagine that the Holy Spirit in the form of a lovely white dove would hover over that baptism just because it was SO SPECIAL. (John was his first cousin, and he was pretty special, too!) Fantasy, no--Reality!
Thank you for enlightening me. It must be really exciting to feel that first kick, no? I think that Rembrandt's famous painting of a couple with the man placing his hand over her is just about this experience.
Catherine—
Esoteric Christian teaching records that time of entry of the soul into the embryo varies greatly, and is determined by the incoming individual's own karma, which also influences in advance its choice of parents.
Those with trained and awakened spiritual faculties see the entrance of the soul as a cloud of stars around the mother.
All attempts to prescribe and standardise this holy process must be seen as proceeding from a need to control women, and society more generally.
Karma means inequality forever.
Where on earth did you get that idea?
Karma is the soul's link from lifetime to lifetime. It's what the soul brings in with it by way of tasks for the current life. Think of it if you like as justice, balancing out, but spread over continuing lifetimes, not restricted to this life only. But it's not just about justice. It can also be understood as the soul's personal development programme for the current life. Thus it opens out opportunity as well as accountability.
It's the role of the soul's personal Guardian Angel to oversee and protect the soul from one lifetime to the next.
Probably the main point of contention between Eastern and Western spiritual traditions, at least superficially, is the West's emphasis on the importance of this life, brought into new prominence by the incarnation of Christ for the first time in a physical body (Jesus) in this physical world.
In Christian tradition it is understood that now the soul's self-development work has to be done while in physical incarnation here on earth.
By contrast, Eastern tradition retains the old understanding which was enabled by higher consciousness, which sees the reincarnation process with spiritual eyes. This knowledge in no way precludes an emphasis on the importance of this life in the physical world. However, portions of many Eastern populations still tend to retain a focus on otherworldly considerations to the detriment of building good physical infrastructure, schools, modern health systems, etc. The West tends to criticise them for this.
On the Western side, attempts over the past 2000 years to suppress knowledge of reincarnation can be understood as an eagerness by Church authorities to impress the new first-order importance of this physical-world life on their congregations. For their part, Easterners have tended to look down on this as an expression of the West's crass materialism and spiritual ineptitude.
Hope this helps…
Good for you!
Janice Laz-Romo, I'm just like you. I feel the same way. My whole town turned "red" somehow, it's frightening. They also say terrible things about those who vote blue 💙 and actually have said that senior citizens should move out of town because "we don't want you here" .....wtf ??? How do people get like that?? 😞
So, hang in there, you are supported here. *Hugs*
💙🇺🇸💙
Would you say where you live? I am looking to relocate out of Florida and I don’t want to leave one hellhole only to move into another.
Paula Mandell, I live in Massachusetts, it's a blue state but, sadly, there are "pockets" of red folks, like in every State. It's very nice here, I love my home and generally I'm ok here. While my town turned red, there are some decent people still here. I hope things might change in the future. Massachusetts is very expensive to live in, but there's help for those (and seniors) who are struggling financially etc. The snow can be a pain when it's deep, but lately, it's been decent in the winter here where I am. About 20 miles outside of Boston. It's really nice in the western part of the state, but it can be remote if you need different services etc. Generally, I'd say it's a very nice State to live in, despite what happened to my town. My aunt lives in AZ and it's a nice State, I visited for a while and everyone I met was very nice there. But it was a brief stay, not years etc. If you've got the money, Hawaii is a very nice State too, just very very expensive. My friends loved living there.
Just take your time, never rush into anything..... things can change quickly sometimes. Plus, moving is SO stressful. Maybe look for a more amenable home within FL, an area that's more tranquil....it might be possible. Good luck 🙏
Good advice, Diane! It is impossible for me to imagine Florida as a hellhole."
Thanks Victor 🙏
I have friends living in Florida, from what they tell me, it's living in dwellings that have Home Owners Associations that can be pure hell. Some of the stuff that goes on with HOA's is appalling from what I was told. Like everything, there are good aspects and not so good aspects. That said, depending on one's situation in life, I think having a Governor like DeSantis could be very upsetting and disconcerting. I love books and the freedom to read as much as I can get my hands on....I don't take kindly to some bureaucratic, ignoramus pinhead like DeSantis telling me or anyone else what we can read.
Don't even get me started on women's rights in Florida. 😉
Thanks, Diane. At one point I thought perhaps western Mass might be a possibility. I am considering New Mexico - an old high school friend lives there and says the quality of life is “amazing.” I agree about the stress of moving. Whenever I go, I believe this will be my last.
I've heard NM was very nice too. I wish the very best for you, try to relax, breathe.....you've got this....peace & love 🙏🕊💕
Thanks! Much appreciated
Yes! My wife worries about me being a home body. I feel the same way as you. I don't like going out for errands because of the nasty human atmosphere we have now. I am perfectly fine and comfortable staying home, pursuing my hobbies, which have grown in number during the MAGA apocalypse.
First time I heard that phrase. Love it -MAGA apocalypse.
MAGA apocalypse, perfect!! Love it. Definitely describes the situation. 🎯💯
I was reading posts on "X" this morning and the rage and hate against Harris boggled my mind. I couldn't believe what I was seeing. I've rarely, if ever, used X (Twitter) prior to a few months ago when I started to post for Field Team 6 to help register people to vote, and then started reposting other pro-Harris comments. I will probably not go back to it after the election, lol.
I left the US for an extended period. It wouldn’t be safe returning to the US. I have several disabilities which caused every agency to dismiss all my pleas for help from serious domestic abuse. Within 2 years I got so ill and was misdiagnosed twice by so many doctors I went to. I went to a lot of doctors and was in the ER regularly. When I have legal issues I have to constantly have to repeat I’m disabled and all these attorneys get annoyed and my case is ruined and a lot of obvious huge mistakes are made. When my life was in danger and my money was withheld in court I was told by a person at the US Embassy that they don’t get involved. I told her I would become homeless. I wouldn’t have been able to get drugs that keep me alive. Her response of maybe I could find a shelter. I heard the same thing from a judge. Everytime I think of returning to the US I have a panic attack and get physically ill. I consider returning to the US as a threat to my life. I will never feel safe there. I qualify as a refugee. I would qualify as a refugee in the US. People never helped me. They couldn’t be bothered. I got so many eye rolling, snears when I ask for accommodations. I fear crying or being upset in public because it isn’t that hard to be involuntarily committed. I live in fear every day I was in the US. I have felt safe outside the US. I want to do more than survive anymore. I’m older than 55. I want to live and find some peace. That would never happen if I returned to the US. What I want so much, an apology. If someone would just apologize it would be so nice. People in the US can’t ever take responsibility and apologize.
So very sorry. A hard story.
I'm so sorry to hear of your difficulties. The US culture has gotten more insensitive with each passing year. For any entity to apologize is (for them) tantamount to an admission of guilt. They'll never admit their wrongdoing if they can get away with it. I wish you peace, comfort and security. May it come immediately and be lasting. Hang in there, goods things will come to you. Peace & love 🙏🕊💕
But were there any Americans posting that hate against Harris? I'm sure there were but there can also be others who are not. Just sayin, reminding,
I agree tRump is fully rage controlled. His hate is beyond scary 😨
Summon some courage and talk to the priest. My guess is that he too is afraid and distressed, but who knows?
Lucia, yikes on base. It's like heresy.
Yes, the fact that about half of those voting will vote for Trump is less shocking when you consider the vast amount of propaganda that "floods the zone" from both domestic and foreign bad actors like Putin. Propaganda works and the scale and reach of Russian propaganda are vast, making it a formidable challenge to counteract.
We must not allow foreign and domestic enemies of our open society to take advantage of our free speech laws to undermine a society of laws that enable free speech in the first place.
Freedom of expression is always in tension with enjoyment of other freedoms and here as in every area a balance must be struck.
This is a hard task given one political party relies on a polluted media ecosystem but we must do a better job as some European countries have.
How do we as a culture filter the toxins from free speech and dissent?
WE might start with fact checking. The old Fairness Doctrine was about "truth in advertising" and "All the news that is fit to print". Voters need information, and that is what the Fourth Estate should be doing, providing news and other information that is helpfully informative, not lies and misinformation. not fear mongering. Racism ,sexism, and intolerance, along with hateful propaganda are not good. They do not contribute to the Common Good.
Some still report some of the news, and that has value.
https://www.amazon.com/Social-Freedom-Speech-Future-Democracy/dp/0197621090
The Digital Republic by Susskind is a thoughful exploration of the issues. Much has to do with the scale/scope of information being promulgated.
This will take new legislation. Maybe the use of big data and AI will allow identification of info pollutants similar to the use of science to identify the harm of pollutants in our physical environment. I can understand how some may winch at the crude phrase "info pollutants" but I don't see a way to better manage the problem. I'm not discounting individual agency/responsibility, but emphasis on that hasn't solved the gun violence problem has it ?
Exactly correct Steve. That's why I have been asking to have the Murdoch's, Musk and Thiel deported ASAP. Their fascists ideas and unlimited money are truly a "clear and present danger" to our country. Their home countries probably won't take them back, and why would they. Then they should be detained at GITMO along with the other foreign anti-American terrorists who have been there for 20+ years awaiting trial. Joe needs to grow a pair and get this done before he leaves office. Now is the time. The recent SC ruling says he can do most anything as long as it is part of his duty as President... with no repercussions to him. Protecting our country from this group of fascists seems to me a patriotic thing to do. Cheers... GH
The fact that it's the staple on military bases is such a nightmare. The people who have volunteered to serve should not be fed such disinformation. Having spent time in the military ( most of it overseas), I can tell you that a large percentage of enlisted personnel are young, poorly educated and naive. By poorly educated, I mean that they are the products of a system that (public or private) no longer teaches critical thinking, so they are easily manipulated. Having Faux Newz blasting over every TV on base should be illegal.
I see no reason for sedition TV to be readily accessible in public areas of military installations.Hell, you might as well provide a live feed of Russia Today.
I agree Teddy. When I was in the Navy ('67-'71) it was a conservative organization for sure but most of the guys were not political at all. In the 'rec room, the night shift guys spent their days playing pool, shuffle board, reading books or watching the daily "soaps". In the evenings and weekends it was comedy, variety shows and sports. Most didn't even want to bother with the evening news. While I am a supporter of our folks who volunteer to serve I do think we should go back to some kind of universal service so a bigger variety of people and voices can be heard. The Gung-Ho, Rambo attitude is needed to a certain extent but I fear in many ways our military is drifting to cult status. Hopefully, if DT gets in and tries to turn the military on American civilians cooler heads will prevail at the general staff level and stop him in his tracks. NO ONE should ever make our young, patriotic service members have to make the choice to not follow orders to shoot their fellow Americans in the street. That though alone is enough, in my opinion, to put DT in GITMO, and soon, for the rest of his life. Cheers... GH
Get The Vote Out NOW: Congratulate Yourselves after the Election. !!!
Exactly!
Lucia, I could not agree more with you. Fox news is the most watched news channel and their lies and misinformation has become a reality of the situation for 50% of this country.
Absolutely, positively, 100% correct!
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Tim Snyder says lesson number one in his book “On Tyranny” is not to obey in advance.
Reich:"I vacillate between optimism and fear..."
Me:"I vacillate between opium and beer..."
Reich:"I vacillate between... hope and dread."
Me:"I vacillate between... dope and bed."
@PowerCorrupts, While I, too, vacillate between a deep-seated pessimism and hope that, for me, has nothing to do with optimism, I also increasingly sense that the lessons of this era may prove of indispensable value to us all.
Exactly, Barbara Jo! My feeling is that we have been given a fierce wake-up call. Until tRump arrived on the political scene, most of us had stopped paying close attention. We took Democracy for granted, and assumed that so many failsafes had been built into government, we didn't need to worry. Voter participation was so low, it looked like no one cared much WHO was running things. While we were busy living our lives and watching Game of Thrones, the real players in power were quietly stacking the courts and rewriting the rules, getting ready to take over - with dragons!
We're paying attention now. And fortunately, their dragon is dying.
I believe the only benefit of trump has been more people engaged in the political process and more interest in the workings of our government. Admittedly, the newly engaged and interested aren’t all supporting democracy, freedom and the common weal, but I am hopeful that enough are that trump will be defeated this time. Defeating the Faux-Christian White Nationalist movement will take a long-term commitment by the many who support the Constitution, rule of law and a diverse society. I believe this is my work for the duration of my life, however long that may be.
Paula Dean ; I agree ; we were all so used to having this safe, mostly lawful country. There were guardrails to keep it that way. But incrementally, there was a looking away at fraud, and cheating by our leaders, breaking of the rules ; like separation of church and state. Women and girls are being killed now, by rules that were made initially to stop abortion. by those who don't understand miscarriage, and the need for emergency care to prevent sepsis, and so many other things that can go wrong with a pregnancy. Some women have fallopian tubes that an embryo can implant in. ectopic pregnancy is life threatening, and need emergency treatment. IVF can allow a work around, to allow implantation where it belongs. It can allow people to be parents, who really want their children. The self determination of women and girls is a threat to the control freaks who would rather kill than really protect life.
PowerCorrupts, thanks, you made me burst out laughing! I really needed that tension relief today.
Except THIS IS SERIOUS,
Daniel Soloman, yes, of course, but sometimes we also need to laugh to keep from crying to help release the stress of our fears and anger.
I need a writing coach
Drugs and beer will not help. For long.
Uncle Sam needs you! https://www.mobilize.us/events/phone-bank-volunteer-opportunities/
By not obeying in advance, voting blue becomes an act of civil disobedience—en masse.
💙💙💙💙💙💙💯👏👏👏👏👏👏👏
Well said!!!
Donnie listens to everything I my DATA say. … SO all WE gotta do is lemme put a second stint in the Snitch’s heart 💙
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Most people with pride truly care about what their historical remembrance will be. And they care about how they will be remembered by their families and friends and whether or not they were on the side of right vs wrong.
John Sidney McCain III (August 29, 1936 – August 25, 2018) will be remembered as an Proud American Hero.
On the other hand, Donald John Trump (born June 14, 1946) who said about John McCain, “He’s not a war hero. He’s a war hero because he was captured. I like people that weren’t captured."
In my book, should I ever write one, Trump will be remembered as an American Zero!
Tuesday our country will be voting for “The Road to a More Perfect Union” by electing Vice President Harris or The Road to Ruin with Donald Trump and his band of criminals.
Your choices in the election Tomorrow are between an American patriot who will represent all Americans. She will support and defend and most importantly protect all of us and our Constitution of the United States.
Or a weird tyrannical x president who wants to have total control over our Women!
Why should anyone care what Donald J Trump likes, or dislikes? Especially when he is talking about human beings about whom he could not care less.
I was really worried about the election until I watched SNL News and saw Trump blow it (the microphone) on stage in Detroit. His whole manly man image went out the window. His handlers must be worried about him going down with the polls.
The news segment was so weird and funny that I thought it was the work of AI or clever editing, so I did a search with "Trump blows microphone," and (B)low and behold, there were several stories about Trump going down on the mic. My favorite said Trump "went full Linda Lovelace" on the microphone. I really can't make this up! Don't believe me... Search for yourself!
Hats off to the audio guy who Trump wanted to punch backstage for not setting the microphone at the right height. Trump sure knows how to blow off some steam. I never thought Trump displayed good oral skills. I definitely don't condone his plan to deal with Putin. I don't think Trump has a good plan to deal inflation either. I just want to know what Stormy Daniels has to say about his Motor(mouth) City performance.
Just goes to prove what we all really believe about DT. He is truly "fucked in the head". I didn't want to be offensive but thought this really need to be spelled out!
Cheers... GH
Can you imagine when his team told him about the viral memes? "Well Mr. President, it looked like..." LMAO.
Well he did have sex with Stormy Daniels. It looks like she taught him a few things
The meme should be the Sunday caption contest... He really blew it.
It was his closing argument for being the best jobs President. The crowd went wild.
Yes Keith, but should we not think about politics next year?
Or, will the Republican Party have freed itself from unmature politicians, weirdo's and fruitcakes? One party rule is not good, so discussion with different opinions is necessary. But not with fruitcakes or fascists...
Good thoughts Keith. I am reminded of the old Union song "Which Side are You On?" Written in 1931 by Florence Reece. Most famously sung by the late, great Pete Seeger. Cheers... GH
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Many thanks for your inspiring words, which I read around 4 a.m. I remind myself of the hundreds, maybe thousands, of students who have attended your Berkeley lectures which you shared before your retired with your readers. Every American should have that experience. I voted a couple of weeks ago by mail in Utah, knowing full well that I would not be in the majority but feeling that it was important to cast my ballot. The ACLU there did a major push to make sure that Native peoples had access to the ballot, and I'm proud to have supported that. We need many voices, and yours is an important and energiziig one.
Thank you for your support out there in Utah. You are not alone. My granddaughter, her spouse, and family are there in SLC area helping get out the Dem vote for Harris and the Common Good. Others of our family here in PA are doing the same. Godspeed, Utah progwoman.
thank you for supporting that Native people access to the budget
Oh Steve, did you see Trump's plan to deal with Putin? All I can say is... I think the Trump Team playing the Village People's "YMCA" to get the crowd warmed up is a good choice.
The Village People filed an adjunction with the Court to get Trump from playing their song. They don’t want to be associated with him.
They can tell the Court he's just giving them lip service and still playing it.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
“Some of you may feel quite alone right now.”
If the U.S. is fortunate enough to overcome its current challenges and elect Vice President Harris, we should be mindful of how isolated she might feel as President. The stark divisions and widespread erosion of ethical behavior in our elected and unelected leaders could severely impact her ability to lead effectively. No matter what the real work begins on Wednesday.
Look at what Biden has had to deal with the last four years and just how effective he's been as a leader. Stark divisions haven't stopped him from getting the job done. There's no reason to think Harris will be any less effective. If MAGA takes a beating on Tuesday (and there are signs that they very well may), Harris will be working with a far larger, more energetic, and more diverse group of allies. She's gonna kick butt.
John S, thanks for the shout out of passionate optimism! I needed that today.
And it will be a beautiful thing to see, Harris kicking butt❣️ It is high time the people of this country have leaders working for all of us and not just Wall Street, large corporations, politically connected lobbyists, i.e. the oligarchy.
She's a woman of color. There are 2 reasons to think she might be less effective.
Those aren't liabilities. Those are two reasons to believe she will be *more* effective, plus she's been a VP, senator, attorney general, and prosecutor, so there are 4 more reasons to think she will roll up her sleeves, build consensus, and accomplish even more.
Right you are Kathy. We have a choice between a malignant sexual pervert convicted of raping a woman.... or... a woman who, for 30 years, put guys like him in prison. I would like to be in the room when these MAGA folks have to explain to their soon to be teenage daughters why they voted for the convicted rapist for President and not the prosecutor. Cheers... GH
I only mean to say that the misogeny and racism she will face as President will likely make it more difficult than otherwise.
Gotcha. Yes, she will face those prejudices, but she has done so successfully her entire career and knows how to make progress anyway.
For months I had been approaching virtually all of progressive media trying to get them to publish
Exposing The Fascist Dementia Addled Supreme Narcissist As A Moron
A Comparison of President Biden's Mental Competency with Donald Trump's
Likewise here's the lead paragraph in
On Media Suppression Of Trump's Increasing Dementia
I first read the Daily Kos's lead article (2-26-24) titled The media will not report that Trump appears to have middle-stage dementia. A couple of days later Facebook suggested I look at a site dedicated to the politics and humor of Jon Stewart, which just 'happened' to have posted the original interview in Salon titled "Like someone pulled the metaphorical plug": Dr. John Gartner on Trump's "accelerating dementia". This whole interview was fixated on the dementia issue without mentioning that at least his father Fred had Alzheimer's/dementia, which I learned when I posted A Comparison of President Biden's Mental Competency to Donald Trump's to every response. After the idiot went into a long rant about choosing between being electrocuted by a battery on a sinking boat or eaten by a shark Robert Reich's newsletter (7-8-24, 8-8-24) posted Why isn’t the media reporting on Trump’s growing dementia?
The last sentence in both papers: Would you rather have a Fascist Dementia Addled Supreme Narcissistic Moron whose Father Also Had Dementia running this country or the Daughter of Two University Professors?
Did a mass mailing on 9-25 To the webmaster at the World Mental Health Coalition, Cc'd to all the progressive media and others. The WMHC had a press conference on 9-27 focusing on their president Dr. Bandy Lee's Prediction of Trump's Sociopathic Propensity to Make Violent Threats Against His Enemies outlined in her 2017 bestseller. Googled media reports of their Friday 9-27 conference and saw no new news about it. Which tells me that all Progressive Media Will Not Print The Above Sentence Because Of PREDICTABLE DEATH THREATS! Just look at the Threats to Bomb Schools and Hospitals in Springfield Ohio after Trump brought up Haitians Eating Pets during the Debate with Kamala no less.
At the end of September the latest poll had Harris leading in all the swing states except tied in Georgia by an average of about 3 points so I wasn't too concerned that progressive media wasn't comparing the demented fascist moron with the professors daughter. The latest poll now in mid October has swung Arizona, Georgia and North Carolina to Trump despite his incoherent ramblings and climate driven devastation in the latter two areas being helped by Biden's federal funds (with MAGA Thugs Attacking FEMA Workers!). People are just too stupid and easily manipulated against their own good.
https://www.dailykos.com/stories/2024/2/26/2225913/-The-New-Over-the-Top-Secret-Plan-on-How-Fascists-Could-Win-in-2024?detail=emaildkre&pm_source=DKRE&pm_medium=email
2-27-24 by Thom Hartmann, who yesterday wrote a followup to his prediction here!
And the real punchline the atheist progressive press will regret not printing if Rev 11:7's "beast from the bottomless pit" steals or wins the electoral vote:
https://www.benjaminlcorey.com/could-american-evangelicals-spot-the-antichrist-heres-the-biblical-predictions/
Right on, Kathie Flood!
And she will work harder to prove the doubters wrong. Kamala will need your support, as there are many who simply believe those two attributes are disqualifiers.
Yes, but if she wins that will be huge!
And what are those "reasons", steve? Racism and sexism are not new here. They are being voted against as we type here. Look out for the Pink Wave!
Electing Kamala is just the beginning. As others have said in these comments, we have taken our democracy for granted. Right-wing radio has taken over markets over the country. Social media silos spew disinformation to the disaffected. I think fascism has already taken hold as there is no line between truth and fiction. And we the people have been sold to the likes of Musk and Bezos. As Kamala says, we’ll need to roll up our sleeves and work hard.
Joe, as a seasoned prosecutor, I think Kamala Harris has a few friends that she can get support from. As President she will have a cabinet that she can choose. I'm sure that she did not have anyone holding her hand as she prosecuted scary thugs in Court, and Corporate Monsters , along with smugglers of arms, drugs and humans. The big banks, too. she is no wilting wallflower.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
So...we just have to work our hardest to ensure a Harris victory!
For months I had been approaching virtually all of progressive media trying to get them to publish
Exposing The Fascist Dementia Addled Supreme Narcissist As A Moron
A Comparison of President Biden's Mental Competency with Donald Trump's
Likewise here's the lead paragraph in
On Media Suppression Of Trump's Increasing Dementia
I first read the Daily Kos's lead article (2-26-24) titled The media will not report that Trump appears to have middle-stage dementia. A couple of days later Facebook suggested I look at a site dedicated to the politics and humor of Jon Stewart, which just 'happened' to have posted the original interview in Salon titled "Like someone pulled the metaphorical plug": Dr. John Gartner on Trump's "accelerating dementia". This whole interview was fixated on the dementia issue without mentioning that at least his father Fred had Alzheimer's/dementia, which I learned when I posted A Comparison of President Biden's Mental Competency to Donald Trump's to every response. After the idiot went into a long rant about choosing between being electrocuted by a battery on a sinking boat or eaten by a shark Robert Reich's newsletter (7-8-24, 8-8-24) posted Why isn’t the media reporting on Trump’s growing dementia?
The last sentence in both papers: Would you rather have a Fascist Dementia Addled Supreme Narcissistic Moron whose Father Also Had Dementia running this country or the Daughter of Two University Professors?
Did a mass mailing on 9-25 To the webmaster at the World Mental Health Coalition, Cc'd to all the progressive media and others. The WMHC had a press conference on 9-27 focusing on their president Dr. Bandy Lee's Prediction of Trump's Sociopathic Propensity to Make Violent Threats Against His Enemies outlined in her 2017 bestseller. Googled media reports of their Friday 9-27 conference and saw no new news about it. Which tells me that all Progressive Media Will Not Print The Above Sentence Because Of PREDICTABLE DEATH THREATS! Just look at the Threats to Bomb Schools and Hospitals in Springfield Ohio after Trump brought up Haitians Eating Pets during the Debate with Kamala no less.
At the end of September the latest poll had Harris leading in all the swing states except tied in Georgia by an average of about 3 points so I wasn't too concerned that progressive media wasn't comparing the demented fascist moron with the professors daughter. The latest poll now in mid October has swung Arizona, Georgia and North Carolina to Trump despite his incoherent ramblings and climate driven devastation in the latter two areas being helped by Biden's federal funds (with MAGA Thugs Attacking FEMA Workers!). People are just too stupid and easily manipulated against their own good.
https://www.dailykos.com/stories/2024/2/26/2225913/-The-New-Over-the-Top-Secret-Plan-on-How-Fascists-Could-Win-in-2024?detail=emaildkre&pm_source=DKRE&pm_medium=email
2-27-24 by Thom Hartmann, who yesterday wrote a followup to his prediction here!
And the real punchline the atheist progressive press will regret not printing if Rev 11:7's "beast from the bottomless pit" steals or wins the electoral vote:
https://www.benjaminlcorey.com/could-american-evangelicals-spot-the-antichrist-heres-the-biblical-predictions/
I’m of course concerned about the election results, but what I worry about more are the things Trump and his allies will try to do to overturn the will of the people.
The good news this time is that the Democrats control the executive branch, Justice, FBI, DHS, National Guard and Military if necessary!
Hoping the military stays true to the constitution! Too many have been brainwashed into becoming unthinking MAGA while listening to FOX on the base. I hope Merrick Garland finds his energy…
We have been flipping many Trump x 2 vets and military -- so many that Republicans have attacked military absentee ballots in at least 3 states.
Trump underperformed in 19 of 20 state primaries. If only 3% of his 2020 voters flip in blue wall and swing states, we will have a tsunami.
That's why you should be on FB repeating "not suckers or losers" as your mantra.
https://rvat.org/
It will, as long as leadership isn't turned over to MAGAs in the future. If it is turned over I don't know what will happen but tradtionally and culturally and legally the militarty just takes its orders from whatever civilian leadership is put in charge. The rub is when it is asked to do things that are unlawful. But this can be a gray area.
And Gawd let's hope Dem leaders don't shy away from using military power it if necessary.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Me,too.
A powerful, inspiring post - thank you.
Thanks so much. I have worked myself into a physical illness that I have not experienced in years. Most likely it is the sheer audacity of Trump, the Republicans, the rich evil monsters that only care about more money and the complete sadness I have for our country. I have been around a long time and this is beyond comparison. Just hoping for a win tomorrow for Harris/Walz💙
I hope you feel better with a Harris-Walz win. At the very least they are the antidote to the horrors of trump and his cult.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
May there be enough of US!!!!!!!!!!!!!!!!
Naomi Blum
The worship of wealth as an end in itself has created a cult composed of Democrats and Republicans alike. Billionaires only get rich because we buy their stuff! Who thinks about consciously avoiding Amazon and going the extra mile to support a local business? Who thinks of asking their portfolio manager to avoid firms owned by culprits like Musk?
We have willingly aided these billionaires through our everyday financial choices, to save some time, save a few bucks, and to be sure to have the latest gadgets to impress our friends. Meanwhile , we ignore the rights of the people who work gruelling hours to produce all this wealth - union membership in the US is abysmally low compared to Belgium for instance, where it’s around 60%. There has to be a change in consciousness so that our values systems support what is actually beneficial to the greater good.
Judy, you said, "Billionaires only get rich because we buy their stuff!"
Boycotting products has become a daunting task in today's world. With the majority of goods coming from a few monopolies, it's nearly impossible to determine the true source. There's a documentary that sheds light on this uphill battle.
Wealth worship is a societal ill that reduces people to mere means to an end-wealth, rather than recognizing their intrinsic value as individuals.
"wealth worship is a societal ill."
Yes AND those who don't have enough to live a decent life, secure that they won't go hungry, have every reason to dream of wealth. The illness you refer to is, in my opinion, lived by people who greedily insist on more more more!
Wealth is power, and humans have worshiped power since time immemorial.
Yes, I responded to Jeff Bezos’s grotesque cowardice by closing my Amazon account. I don’t go to Whole Foods anymore either. It has made surprisingly little difference!
Oh that sounds unintentionally funny—of course my actions didn’t cause Bezos to rethink his own! I meant it hasn’t been inconvenient to order things online (or buy them in stores) without Amazon, or to find other sources for organic produce than Whole Foods. Surprising and encouraging. We need a strong, independent press more than I need overnight delivery of holiday decorations.
Of course the real answer lies in government policy though individual choices do matter.
If Trump has done anything, it has been revealing areas in need of major corrections in our values and pursuit of happiness. How did Trump get where he is? Adolation of a TV reality show personality. If that isn’t a metaphor that sums up our current state of abyss. . .
I’m one of those people that asked a portfolio manager not to invest in any of the ‘fat cats’ as I referred to them. No Amazon or Facebook or defense contractors or big oil. He paused and told me how difficult that would be and explained that these companies can diversify in ways that you may not know you are supporting them. We talked awhile and I realized by investing this way he would not profit much by it either and I asked him, ‘why are you willing to do this when it won’t net you as much income?’ He was quiet a moment and said that he expected there will be other clients like me that will care about these things and he hopes that to be true, and that by learning with me it will be a skill he can offer to others. I was encouraged. And I have also started to look for Amazon alternatives. If we voted with our pocket books we could change the face of our situation in a matter of months. It might sting a little but I agree that we brought much of this on ourselves for placing the value of money and power above almost everything else and now we suffer the consequences.
I go the extra mile. I hate Amazon. But most people don't.
Change how our economic system functions, that will change consciousness and values. In that I am much the dialetical materialist I suppose. But how do we change the economic system if its dictating our values? Which came first. our values or the economic system? That seems similar to the question about which came first the chicken or the egg, where the answer is an earlier kind of chicken(or earlier kind of egg). Its an evolutionary process.
Yes, it is a stage of evolution to realise we have free will and don’t have to accept the values systems imposed upon us.
Technology plays a huge role in this evolutionary process.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
I support your capitalist vision!
I have to believe we’ve got this. We are strong and resilient. I have to believe that there is more of us than them. What I can’t believe is I just referred to people in America as “them.”
Thank you for your article. It gave me some peace..
Us vs Them is how fascism, nazism, dictatorships, authoritarianism thrives and succeeds. We've watched it unfold before our very eyes, mostly in disbelief that it is happening and feeling helpless to stop it. It's not your fault that you felt this, had to say this. The one and only thing that Trump has succeeded at is to divide Americans into camps of us and them, is to foster and grow anger, hatred, revenge and violence among his supporters, all for his own purposes. That's why you can even think of your fellow citizens in terms of 'us and them' in a country named the United States of America. Trump will be defeated. The self serving millionaire and billionaire class and cowardly corporate appeasers supporting Trump will be disgraced in the eyes of the people as will noted politicians who refused to take a stand for decency, truth, democracy and for you. Shame will be their lot in history. Well earned, may I say. America will heal. America will be united again. America will get back to 'we the people'.
Thank you for giving me some grace. To be honest I don’t hate “them.” I can’t explain where I’ve categorized “them.” I suppose I feel a bit bad for “them.” They feel he’s their only answer, that’s bothersome. My hope is we come out bluer than blue and in time they will feel what we feel. Peace and joy..
History teaches us that appeasement can led to a world war.
Like the appeasers of old, the appeasers of today hope that Trump will go after "the Left," and will bypass them. Magical thinking.
Heather Cox Richardson, in her "letter" this morning, reminded us that we experienced a similar time in the 1860s and came through it, but several hundred soldiers were killed in that war. We're not out of the woods yet.
Not several hundred, 600,000. More than the dead of all other American wars put together.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Thank you for laying out so clearly how the very rich can manipulate and control the economy to enrich themselves at the expense of those who have no wealth, those who live from paycheque to paycheque, those who might have been able to cobble together a small nest egg only to have it gobbled up. I cannot emphasize strongly enough how important it is that the public education system ensures that future generations are taught basic knowledge about economics, starting with K-12/13 and through to at least one required semester at colleges and universities. Americans cannot afford to be left ignorant about how an economy affects their financial security, and hence, their well being.
That was Thom Hartmann's. So true how the education system has degenerated since my old psych prof told me after I graduated from UCSD in 1971 how he missed my succinct questioning as his new class all wanted to be doctors. My third book titled The Unified 11 Dimensional Explanation Of Everything as Princeton Press last and this year wouldn't publish because PROOF OF GOD 3 GEOMETRICALLY & MATHEMATICALLY MAPS CREATION/INFLATION!
For months I had been approaching virtually all of progressive media trying to get them to publish
Exposing The Fascist Dementia Addled Supreme Narcissist As A Moron
A Comparison of President Biden's Mental Competency with Donald Trump's
Likewise here's the lead paragraph in
On Media Suppression Of Trump's Increasing Dementia
I first read the Daily Kos's lead article (2-26-24) titled The media will not report that Trump appears to have middle-stage dementia. A couple of days later Facebook suggested I look at a site dedicated to the politics and humor of Jon Stewart, which just 'happened' to have posted the original interview in Salon titled "Like someone pulled the metaphorical plug": Dr. John Gartner on Trump's "accelerating dementia". This whole interview was fixated on the dementia issue without mentioning that at least his father Fred had Alzheimer's/dementia, which I learned when I posted A Comparison of President Biden's Mental Competency to Donald Trump's to every response. After the idiot went into a long rant about choosing between being electrocuted by a battery on a sinking boat or eaten by a shark Robert Reich's newsletter (7-8-24, 8-8-24) posted Why isn’t the media reporting on Trump’s growing dementia?
The last sentence in both papers: Would you rather have a Fascist Dementia Addled Supreme Narcissistic Moron whose Father Also Had Dementia running this country or the Daughter of Two University Professors?
Did a mass mailing on 9-25 To the webmaster at the World Mental Health Coalition, Cc'd to all the progressive media and others. The WMHC had a press conference on 9-27 focusing on their president Dr. Bandy Lee's Prediction of Trump's Sociopathic Propensity to Make Violent Threats Against His Enemies outlined in her 2017 bestseller. Googled media reports of their Friday 9-27 conference and saw no new news about it. Which tells me that all Progressive Media Will Not Print The Above Sentence Because Of PREDICTABLE DEATH THREATS! Just look at the Threats to Bomb Schools and Hospitals in Springfield Ohio after Trump brought up Haitians Eating Pets during the Debate with Kamala no less.
At the end of September the latest poll had Harris leading in all the swing states except tied in Georgia by an average of about 3 points so I wasn't too concerned that progressive media wasn't comparing the demented fascist moron with the professors daughter. The latest poll now in mid October has swung Arizona, Georgia and North Carolina to Trump despite his incoherent ramblings and climate driven devastation in the latter two areas being helped by Biden's federal funds (with MAGA Thugs Attacking FEMA Workers!). People are just too stupid and easily manipulated against their own good.
https://www.dailykos.com/stories/2024/2/26/2225913/-The-New-Over-the-Top-Secret-Plan-on-How-Fascists-Could-Win-in-2024?detail=emaildkre&pm_source=DKRE&pm_medium=email
2-27-24 by Thom Hartmann, who yesterday wrote a followup to his prediction here!
And the real punchline the atheist progressive press will regret not printing if Rev 11:7's "beast from the bottomless pit" steals or wins the electoral vote:
https://www.benjaminlcorey.com/could-american-evangelicals-spot-the-antichrist-heres-the-biblical-predictions/
As a bemused Brit, observing from afar, I thank you and your team, Professor, for your emails, videos and podcasts that have kept us all in the loop on this sorry saga. You could not have done more to help the anti-Trump cause. However, it should never have come to this! The admirable, but, sadly, out-of-date US Constitution should have contained restrictions on presidential candidacies - max age 75, no felons, no mental illnesses. Those provisions alone would have stopped two old fools from being nominated in the first place. I am 80, so I know all about being an old fool. Kamala Harris is a breath of fresh air, and she has the potential to implement positive change like FDR did in 1933. PS: amend that Constitution - 2nd amendment needs attention as well. Good luck tomorrow, Americans!
Your suggestion for revising the qualifications for president that mentions mental health is problematic: Who will be the one to judge? We all know that doctors can be bought off to say that a person’s health is just fine when it’s obviously not—and on the other side of that coin, one can be manipulated to say a person is mentally unfit when they are fine.
As well, Biden isn’t an old fool. He may be physically limited by his age, but he is still sharp as a tack and able to make decisions based on his incredible level of experiential knowledge informed by an ideology that puts people first. He has always had a stutter they takes an immense amount of mental energy to control when speaking. I don’t fault him for the few verbal gaffes he has made this year when they are seen in the context of his disability. The man is a brilliant statesman who, even on his worst day, is far more competent than the bill of what passes for elected government officials these days. (MTG, I’m looking at you.)
Well said! I admire President Biden immensely, for everything he has done in his one term under the very worst circumstances, for doing the utterly admirable act of placing country over self---and for not getting the utmost respect, but instead being belittled and now ignored. History will treat him much better, I'm sure....if we still have a democracy!(As Ben Franklin memorably noted "We have a republic....if you can keep it.")
My grandfather, a dairy farmer, didn't vote for Reagan because, among other reasons, he thought he was too old.
Thank you, Colin!
Thanks! I always appreciate comments from across the pond.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
RR has written: "Fourth, and hardest of all: We must ensure that Americans who have voted for Trump — whether out of anger, despair, bigotry, or delusion — are brought back into the realm of rationality and included in the nation’s future prosperity."
This topic needs to be examined in depth. FDR and Regan sent fraudsters to jail. Did Obama? How many of Ameriquest's executives went to prison? How did Countrywide Financial and Angelo Mozilo fare? On his $4.1 billion gain on the sale of Countrywide he paid $67 million in fines. Sounds like a cost of doing business, nothing more. How many Lehman executives served prison sentences? Did the Wall Street companies rating the CDOs get fined and closed? Are Fitch and Moody's still in business? Millions of Americans were beggared. Many lost their entire life savings. Many retired auto workers lost their healthcare. Until justice is done the alienation of these many millions will continue.
Thank you for that reminder, Dave. Makes me feel like a dog with fleas. I can't get rid of the fleas on my body because they're in the rug I'm laying on.
The hard part of your screed to deal with is that the working class conflates the insults you mention with elitism. There is a hint of that, but I can think of o other reasons: We are part of a system where those who see the need to punish a person or entity in measure are constrained by those who don't as much. RR knows this all too well.
You are specifically referring to White collar crime. In our capitalist system, it's punished by power vs. power, as opposed to blue collar crime, which pits power v. no power. Power v. power results in moderated or sometimes even no punishment for the powerful. Those without power or money are not so lucky. I don't see a fix for that as long as a good lawyer costs good money. But I am open!
Note to RR: mentioning trans people in a political context is not helpful. A) They are an exceedingly small minority, and B) mention of it flies in the face of the old saw about picking your battles, because conservatives cannot handle the concept. It sets them off down a road that does not help us with greater (in a pure numbers way) issues. It's a dog whistle for Trumpers, and you know that.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
I believe living well is the best revenge. Help the millions who have gotten screwed over.
I feel completely alone and I was born in this country - it’s not a problem of language, but of heart. I’ve been isolating for months. Friends and family who’ve been dear to me over many years consider me a socialist or communist for loving what Kamala, Tim and Joe Biden stand for. I’ve brought up facts about DJT and others of his type to explain, and I’m shouted down. They’re not interested in facts. (Couldn’t care less about January 6th ir the devastating handling of COVID or the overturning of Roe v. Wade.) A happy surprise did occur the other day - I had lunch with a neighbor, someone with whom I’ve only had minimal contact. She was SO relieved and filled with joy to hear I’m a Democrat - just about all we talked about for two hours is how incredulous we are that otherwise intelligent people are completely bamboozled by an orange felonious con man. I seriously don’t know how we all will recover from this. Don’t get me wrong, I’d love to be able to kiss and make up with everyone, but they’re so damn violent about their views I would need one of those special lights the Men In Black use to erase their minds of all of this horror so we can start again. My heart is broken and I feel like I have PTSD from all of it.
It is important to choose who you live amongst. We are not obliged to like or parents, school or childhood friends, siblings, or even the people our children choose to partner with, or later become. We do not have to be trapped by them and forced to live by their opinions or their rules.
There is a huge awakening, a joy, in moving to a place where you 'fit', where your conversations are with like-minded people, where you can quickly trust and say exactly how you feel because you know your thoughts and opinions will be treated with respect and consideration.
May I respectfully suggest you consider a new place to call home. Because where you seem to be right now can never be home, from the way you describe it.
They are angry because they are fearful that they are becoming an ethnic minority and may lose their country and culture. Fox News did a great job.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
Hang in there, do some chanting - Krishna das is great - powerful & calming! Things are only going to get worse! Learn to rely on your own inner true self.
I am not in the USA, and can't vote in this election, but I thank you, Heather, and the team at Inequality Media for rallying the spirits of progressive America. Normally, elections are contests for 'the centre' but this election seems to be a contest for the centre for the Dems and the extreme right for the Republicans. This last 10 year period will provide fodder for many a PhD thesis to come in economics, politics and public policy, worldwide. I invite the Inequality Media team to visit Australia - maybe on a lecture tour. You would be warmly welcomed.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.
The 'common good' is an important phrase that speaks to how people, no matter their country, seek to set values and principles for their society and how they organize themselves around those values and principles. This approach guides and determines how people behave and live their lives. The idea of the common good must determine whom the public elects to govern them. Another way to express this was by the Honourable Tommy Douglas, Canadian politician, Father of Universal Medicare, and yes, grandfather of actor Keifer Sutherland. Douglas expressed the common good this way. "What we wish for ourselves, we wish for us all." Words to live by. Words to build strong, caring communities. Words that represent democracy at its best.
The Recession Racket: Musk, Trump and the Billionaires' Blueprint for Profit
Thom Hartmann 11-1-24
America’s billionaires would love to have a recession, particularly a really severe one.
In a recent “town hall,” billionaire Elon Musk acknowledged what 23 Nobel Prize-winning economists across the country have predicted: If Trump is elected and he and Elon undertake their project to gut government spending, it will provoke a severe recession.
“We have to reduce spending to live within our means,” Musk said. “And, you know, that necessarily involves some temporary hardship, but it will ensure long-term prosperity.”
Most Republican voters aren’t taking his embrace of a recession or a short-term depression like George W. Bush brought us seriously.
“Why would the Republicans,” they’re asking, “who generally represent the interests of corporations and the rich above all else, risk crashing the stock market and economy where those very same wealthy people have their money invested?”
The question itself reveals a misunderstanding of how things work for the morbidly rich.
They are, uniquely, in a position to profit from the same economic downturns that wipe out average working people or those who’ve put their money into 401Ks invested in the market or certain stocks.
This is a story as old as capitalism. During the Republican Great Depression of the 1930s, for example, some of America’s greatest fortunes were made or massively expanded.
My (late) friend Gloria Swanson once told me over dinner in her apartment how her former manager and lover Joe Kennedy, who’d made a pile of money manipulating the stock market, bailed out as the market began its slide and even shorted the market, increasing his wealth. But once it had crashed, when everybody was broke, she said, he bought stock with a vengeance.
“Cash is king” was the phrase of the day, and Kennedy was well stocked in cash (he even bought a movie studio). By the end of the Depression, he was one of the richest men in the nation.
J. Paul Getty’s favorite phrase was, “Buy when everyone else is selling, and hold on until everyone else is buying.” It’s something you can only do at scale if you’re fabulously rich to begin with.
The afternoon of the Great Crash — October’s Black Tuesday under Republican President Hoover in 1929 — Getty skipped his parents’ golden wedding anniversary to head to Wall Street where he began buying stocks, particularly in small oil companies that were in trouble.
“It is the opportunity of a lifetime to get oil companies for practically nothing,” Getty later wrote. Out of that, he became one of the richest men in the world.
Flash forward to the modern era.
When Wall Street banks — exploiting Republican-demanded deregulation of banking and investment rules — crashed the American economy in 2007, home prices (and, thus, homeowner equity) collapsed by 21%. Over 10 million Americans lost their homes to banking predators like “Foreclosure King” Steve Mnuchin, and tens of millions of others were underwater.
The stock market plummeted by over 50% in the last year of Bush’s presidency. On October 9, 2007 the Dow was at its all-time peak of 14,164 but by March 5, 2009 it had collapsed to 6,594.
While over 8 million Americans lost their jobs and were wiped out as the Bush Crash started today’s homelessness crises, the top 1 percent saw it as a buying opportunity.
Working-class people were desperately unloading stocks in their 401Ks at a loss just to pay the bills, as wages plummeted in the face of a loose labor market.
But the morbidly rich were doing great.
Between 2009 — the bottom of the Bush Crash — and 2012 when the recovery really began, the top 1 percent of Americans saw their income grow by over 31 percent. Fully 95 percent of all the income increases in the country were seized by the top 1 percent of Americans during that period.
As the economy recovered, rich people who’d used their increased income to buy stocks at the market bottom rode the S&P 500 up by 462 percent to 2020. A billion dollars invested in 2009 became $4.62 billion in just 11 years, a period during which the combined wealth of American billionaires went up by over 80 percent.
Then they did it again 10 years later!
The Trump/Covid Crash of 2020, for example, presented America’s morbidly rich with another brand new and huge opportunity to get richer on top of a crisis brutalizing the rest of America.
Once again the market collapsed, this time under Republican Trump, and working people, now out of work, were selling their stocks at a loss just to pay the mortgage and buy food.
But for the wealthy, it was a gift from God.
March 16, 2020 — just after Trump declared a pandemic and lockdown — the Dow sustained the largest single-day crash in its entire history. For the investor class, Trump and his billionaire buddies, this was an even better opportunity than the Bush crash of 2007!
Fewer than three months later, on June 4th, we learned that the seven richest people in America had seen their fortunes increase by fully 50 percent.
And with Trump’s massive tax cut for his fellow billionaires, they could keep most all of it: by that time the average American billionaire was paying less than 3 percent in income taxes (a situation that persists to this day).
Just during that one single terrible pandemic year of 2020, the Institute for Policy Studies documents, the world's 2,365 billionaires saw their wealth increase by a full 54%, as U.S. billionaires saw their net worth surge 62 percent by $1.8 trillion. Average billionaire wealth worldwide increased 27% in that one year alone.
Billionaires’ real taxes have fallen by a full 79 percent since Reagan’s election in 1980, and a 2012 analysis found that as much as $32 trillion was safely squirreled away in tax-fraud offshore shelters.
And, apparently, they’re happily anticipating the next crash that their boys Musk and Trump, along with their bought-off Republicans in Congress, are working hard to bring to pass with threats of massive federal spending cuts.
— Economic downturns not only cut wages and present buying opportunities for the wealthy and corporate America, they also give massive companies far more leverage when negotiating with vendors, which are typically desperate smaller businesses.
— Billionaires and massive companies retain access to credit so they can leverage their buying opportunities in ways smaller companies and working class individuals can’t.
— And corporate power to fight unionization increases exponentially as workers scramble and compete for jobs that have become vanishingly rare.
But the average American can be forgiven for thinking that Republicans would be reluctant to crash the economy. Their lived experience is very different from that of Elon Musk (532% increase in wealth during the single year of 2020), Mark Zuckerberg (86% increase), or Jeff Bezos (65% increase).
During the Bush Crash, average income for the poorest 10% of Americans fell by a full 23%, making business (and billionaires) much more profitable while working people were skipping meals, selling their houses for a song, and cutting pills in half.
Thirteen years later, the Trump Crash threw 8,500,000 Americans out of work: According to the World Economic Forum, the adjusted unemployment rate hit 22.7 percent in 2020, higher than even during the Bush Crash, and it’s taken almost four years for working people to get back on track.
Small business revenue collapsed by more than a fifth under Trump, new business formation cratered, and by July 2020 one-in-five American families were behind on their rent. The rate of hunger in America doubled at the same time the GOP sought to cut food stamps (SNAP) and Medicaid benefits.
The Bush and Trump crashes, in other words, did the work the morbidly rich have been demanding for years. Wages fell, unions struggled, corporate profits hit highs literally never before seen in America, and hedge funds bought up millions of distressed single-family homes to flip into high-priced rentals.
The stock market became absurdly cheap with both crashes, providing both the multimillionaire members of Congress and their billionaire backers with what used to be once-in-a-lifetime buying opportunities.
Now, they want to do it again. And Musk is gleefully proclaiming his willingness to pull it off.
So don’t be so sure Republicans in the House and Senate won’t celebrate billionaires Trump and Musk dragging America into a second Republican Great Depression if they have a chance.
They and their billionaire buddies have almost nothing to lose and a new and even larger fortune to gain.