The best way to turn around the economy is not austerity

For the first time in U.S. history, more than 40 million Americans are on food stamps. The top 1% of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago. Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008. In 1950, the ratio of the average executive's paycheck to the average worker's paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one. 61% of Americans "always or usually" live paycheck to paycheck, up from 49% in 2008 and 43% in 2007.

Given these facts, showing wealth continues to get concentrated at the top, while the majority continues to slide down the economic scale, why would anyone want to vote for the party that consistently does the most to help the rich, while ignoring the needs of the majority?

Families earning more than $1 million a year saw their federal tax rates drop more sharply than any group in the country as a result of President Bush’s tax cuts.
-- New York Times, January 8, 2007

Republicans have been promising more of the same, should Americans give control of Congress back to them next election.

Of course, it's more than tax cuts that have created this super-rich class. It's all kinds of policies that affect all aspects of the economy. Laws that help corporations avoid responsibility, for example, save them money.

Starting unnecessary wars enrich the military industrial complex. So much money has been thrown at privatizing the national security state that "no one knows how much money it costs, how many people it employs, how many programs exist within it or exactly how many agencies do the same work," as the Washington Post reported recently in their Top Secret America exposé.

The list of ways our government helps the rich and hurts the rest of us goes on and on.

What we really need to do is encourage a fundamental change in direction. Many have called for an FDR-style work program on energy conservation, such as retrofitting buildings, and on building a vibrant alternative energy industry, such as solar, wind, geothermal and so on. Transportation, too, is an area we desperately need to put people to work on, building more light rail and speed rail lines. There is plenty that needs to be done in the area of rebuilding our infrastructure as well.

It would take another, very targeted, stimulus to accomplish these things. But by getting our economy moving again, really moving, by employing people rather than throwing money at banks, etc, we would increase the tax base and be able to pay down our national debt.

The austerity measures being touted now by conservatives and even some Democrats will not accomplish this. It will only increase the pain. And, of course, help the rich.

Incredibly important article – a MUST READ for all Americans!

How Stagnant Pools of Government Money Could Help Save the Economy

Right-wing slime machine working overtime

The right-wing media is doing all it can to vilify Obama, not waiting for the next election to ramp up their slime machine. That's all they ever do, it's all they know how to do, is bash liberals. You won't hear a word about any type of alternative policy proposals, or any real intellectual debate, just slime directed at the man who embarrassed them in November.

President Obama inherited a terrible situation, it's not going to be easy getting the economy back on track. I don't agree with everything he's doing, but no matter what course you pick in the face of such a confluence of disastrous events as we're experiencing now, you're going to have detractors. And you're not even going to be able to see if your plan is working for months or years.

His foreign policy makes a lot more sense than the political isolationism Bush brought (other than his military forays, of course, which were a disaster -- another thing Obama has to deal with).

Republicans, don't believe everything Fox News and the rest of the hate media have to say. As I recall, when Bush was in the White House, their mantra was, "If you didn't support the president, you are unpatriotic." Now they call the president a socialist, a fascist and every other damaging term they can conjure up, and it's supposed to be ok. Very hypocritical.

Their rants are getting so paranoid, people like Fox's Glenn Beck are calling for revolution. This is inspiring idiots like the guy who shot the cops the other day, because he was afraid Obama was going to take his guns away.

The Republicans are showing themselves as immature, terrible losers. Instead of fomenting fear and paranoia, they should be looking at themselves to figure out why the voting populace rejected them.

Homeless make a buck selling Humor Times

We've been working with an organization that helps out homeless people in San Francisco, giving them copies of the Humor Times to sell on the street. It gives them a way to make a few bucks, while spreading the title around and hopefully making a few new fans of the paper.

It's feels good to be able to help unfortunate folks help themselves. People walking on the street like to help out homeless people more when they see that they are being productive in some way. They might even discover they like political humor too!

Call it our little stimulus package -- stimulating the economy on the street, while stimulating your funny bone at the same time!

We hope to be able to duplicate the effort in other localities. Let us know if you have any good ideas for us. And if you see a homeless man or woman offering you the Humor Times one day, don't ignore them, help them out. Buy a copy, and then share it with a friend.

The good vibes will just keep spreading out that way! And Lord knows, we need more of that these days. Thanks.

Demonstrations at offices of major banks Thursday nationwide!

Tomorrow, Thursday, March 19, 2009, Americans in cities nationwide will hold demonstrations at the offices of major banks and other corporations to demand more responsible corporate behavior and call on Congress to enact the change that will make it happen. Employee free choice and health care reform will also be issues that are emphasized. Click here for info on some cities where demonstrations are planned.

A populist sentiment is rising once again in America, and that's a good thing. For various reasons, we've been far too complacent for far too long. Now's the time to take advantage of the popular anger over the economic shenanigans of corporate thieves on Wall Street and all over the world -- we need real, systemic changes, NOW -- and this is the best opportunity in years to make it happen.

Let's get out on the street for some good ol' fashioned protests. Get your poster boards, magic markers and paint out, meet your neighbors and raise some hell!

Earth: The Sequel – inspiring, well done

On Wednesday night, The Discovery Channel aired its one-hour documentary based on Fred Krupp's best-selling book Earth: The Sequel.

If you didn't catch it, they're repeating it again this Sunday. It goes through many of the latest innovations for producing alternative energy, and is quite inspiring. It really gives us -- excuse the overused term (in these days of Obama) -- "hope."

If these already proven technologies could be launched on a massive scale right away, we would not only stand a chance at avoiding the worst of global climate change (and yes, it is still real, despite right-wing nut jobs insisting it's already "over"), AND we could put people to work in good-paying, meaningful, long-lasting jobs and careers.

In fact, I think the entire stimulus should have gone to this effort. Screw the banks, let 'em fail. (Alright, some help should go directly to homeowners facing foreclosure and the unemployed to help them survive through the worst of this.) Let the failed, corrupt financial institutions go bankrupt, let the government restructure them, bring in new people, and start over. That way, CEOs will know there are consequences in the future, and will act accordingly.

Meanwhile, if Obama had launched what Al Gore suggested months ago, we could be on the way to a complete environmental and economic transformation.

It is continually being suggested that we'll need another stimulus package. This should be it.

He's B-A-A-A-C-K!

Yes, I'm back. And blogging once again. Sorry for the long absence... I get lazy sometimes, I admit it. If anyone is out there reading this, leave a comment now and then -- if I know you're out there, I'll be more inspired to write!

I am not an Oprah watcher, although I have nothing against her -- she's done some good things with her fame, so good on her. This clip from her show came to my attention recently, and I wanted to share it.

It's about the 'tent cities' springing up everywhere, this one is in Sacramento. I rode by it recently on my bike, it's MUCH bigger than these filming angles show. I saw what looked like hundreds of tents. A few months ago, there were only a handful.

Lisa Ling, a former Sacramentan, does this report, and her interviews are heartbreaking, but worth watching, as I think we tend to "other-ize" the homeless -- that is, think of them as a different sort of people. Most of those living in this growing tent city had lost jobs recently, and their homes. They're just like you and me.

http://www.oprah.com/media/20090218_tows_tent-city

Senate Repubs Try to Stick It to the Unions

This whole bailout mess is getting to look more and more like a Faustian bargain. Our legislators are willing to take what some say already actually totals over $2 trillion (that's right, with a 'T') dollars from us, the taxpayers, and hand it over to the bums on Wall Street without nary a string attached, but when it comes to saving middle-class workers, they just say, "fuggetaboutit!"

Instead, Senators, mostly of the Republican stripe, are demanding concessions from unions before they will consider voting to bail out Detroit. This, after years and years of concessions the auto industry unions have already caved in to.

Now, I'm not for a no-strings-attached bailout of the Big 3 automakers either. There should be conditions. Like, they must use the money to phase into making all-electric (preferably) and hybrid (if we must) vehicles. And only if the automakers withdraw their many lawsuits against state governments (in attempts to dodge environmental laws). They could insist on new management that actually understands that the same ol', same ol' won't work.

But, no. They make their only demand that the union workers be reduced to the swelling ranks of the working poor. And unfortunately, the media seems to be going along with the charade, talking as if it is the unions that are holding up a Detroit bailout.

This is a travesty. The American worker and homeowner is precisely who we should be bailing out, not the CEOs, bankers and Wall Street sleazebag.

We can only hope Mr. Obama truly understands this, and that we can make it through until he can implement some needed changes.

Changing attitudes toward Wall Street expressed graphically

Yeah, my sentiments exactly...

Same ol' "change"?

I gotta say, I'm very disappointed so far by Obama's transition team. "Change"? What change?

It's nothing but the same old crowd -- this team for "change."

Take Hillary Clinton, for example. It seems pretty obvious he wants to tap her for Secretary of State. But this is a perplexing choice for many reasons. Naturally, you wouldn't want her in charge of health care, because the bad taste from her first attempts at that -- way back in '92 as the first lady -- still lingers. But Secretary of State? Foreign affairs is the area where he most disagreed with her during the campaign! I understand the desire to emulate Lincoln with a "team of rivals," but does he have to pick people for posts where they are diametrically opposed to his views? You're just making it even harder on yourself, Obama -- as if it weren't going to be difficult enough!

Then there's his main economic advisers, Franklin Raines and Jim Johnson, both of whom are waist deep in the mortgage debacle. Both have served as CEO of Fannie Mae, with Raines taking over from Johnson. Why choose two of the architects of our financial implosion as your advisers? This makes me really nervous about who he'll pick for Treasury Secretary. We're looking for change, remember? That means something different. There are plenty of top economists who have some very good ideas and don't have their hands dirty. Let's give some new blood a try!

Then of course, there's his pick for chief of staff, Rahm Emanuel, an old center-right Clintonite, and the persistent talk of retaining Secretary of Defense Robert Gates. If the first few picks go this way, what does it say about all his promises of "change"? I just don't get it.

Not much is set in stone yet, however. Maybe I'll be pleasantly surprised. I certainly hope so.

Quiz: Who's Better for the Economy Historically - Republicans or Democrats?

Political economist and author Arthur Blaustein has created a quiz to help you decide whether Republicans or Democrats give you the most bang for your political buck.

POLITICS/ECONOMY QUIZ: Since World War II, which president, Democrat or Republican, was the best economic manager according to the following eight economic standards?

You can choose among six Republicans--(Eisenhower, Nixon, Ford, Reagan, and Poppa and Younger Bush)--and five Democrats--(Truman, Kennedy, Johnson, Carter, and Clinton).
Results below.

1. Greatest gross domestic product growth?
2. Biggest jobs increase?
3. Best after-tax personal disposable income rise?
4. Highest industrial production growth?
5. Biggest hourly wage jump?
6. The lowest Misery Index? (Lowest inflation + unemployment.)
7. The lowest inflation?
8. The largest federal budget deficit reduction?

Surprise! It's a Democratic sweep!

Answers: 1) (Truman), 2) (Carter), 3) (Johnson), 4) (Kennedy) 5) (Johnson), 6) (Truman), 7) (Truman), 8) (Clinton).

Confirmation of details can be found in the article,

"Republican Theories Don't Add Up" by Arthur I. Blaustein, excerpted with permission of Arthur Blaustein.

Arthur Blaustein is the former chair of President Jimmy Carter's National Advisory Council on Economic Opportunity, and teaches social and economic policy at UC Berkeley. The author of four books, his most recent book is: "Make a Difference: Your Guide to Volunteering and Community Service."

Links: Gross Domestic Product and Stock Market Gain Much More under Dems than Republicans:
http://pull.xmr3.com/p/990-B39F/42431503/clickto1_e.com-economy-other-demovsrep.html
http://pull.xmr3.com/p/990-7B91/42454988/clickto2_21-markets-election_demsvreps.html
http://pull.xmr3.com/p/990-7FE4/42418513/http-www.economagic.com-popular.html
http://pull.xmr3.com/p/990-EC10/42454992/http-www.bls.gov-.html

Other analysts:
Campaign for America's Future: Robert Borosage.
Economic Policy Inst.: Jared Bernstein, Larry Mischel.
Center on Budget & Policy Priorities: James R. Harney.

Dems disappoint in political use of bailout

I'm deeply disappointed in the Democrats for passing the bailout bill in the form that they did. Once again, the majority party in Congress makes an important decision -- actually a momentous and hugely consequential decision, in this case -- and resorts to the politically expedient path instead of the correct one.

They did this mainly, I believe, because the Republicans initially voted against it, and by taking the opposite side, the Democrats could leverage their already strong advantage in the economic arena, and hammer the opposition with the criticism that they are hurting Americans by delaying the "rescue."

But the plan is a faulty one. It is a little better than what Treasury Secretary Paulson first proposed, but so what? Of course the Bush administration is going to take an extreme position, so that in the inevitable "compromise" they'll get more of what they want. Republicans are very good at that game. They've been doing it forever. However, compromising with an extremely bad bill results in just a very bad bill.

The "safeguards" that this celebrated "compromise" resulted in are not in any way sufficient. They rely on an oversight board picked by the president, for one thing. Vermont Senator Bernie Sanders said it best, in his speech on the floor regarding the final draft of the bailout bill:

"In the midst of all of this, we have a bailout package which says to the middle class that you are being asked to place at risk $700 billion, which is $2,200 for every man, woman, and child in this country. You're being asked to do that in order to undo the damage caused by this excessive Wall Street greed. In other words, the “Masters of the Universe,” those brilliant Wall Street insiders who have made more money than the average American can even dream of, have brought our financial system to the brink of collapse. Now, as the American and world financial systems teeter on the edge of a meltdown, these multimillionaires are demanding that the middle class, which has already suffered under Bush's disastrous economic policies, pick up the pieces that they broke. That is wrong, and that is something that I will not support.

"If we are going to bail out Wall Street, it should be those people who have caused the problem, those people who have benefited from Bush's tax breaks for millionaires and billionaires, those people who have taken advantage of deregulation, those people are the people who should pick up the tab, and not ordinary working people. I introduced an amendment which gave the Senate a very clear choice. We can pay for this bailout of Wall Street by asking people all across this country, small businesses on Main Street, homeowners on Maple Street, elderly couples on Oak Street, college students on Campus Avenue, working families on Sunrise Lane, we can ask them to pay for this bailout. That is one way we can go. Or, we can ask the people who have gained the most from the spasm of greed, the people whose incomes have been soaring under president bush, to pick up the tab.

"I proposed to raise the tax rate on any individual earning $500,000 a year or more or any family earning $1 million a year or more by 10 percent. That increase in the tax rate, from 35 percent to 45 percent, would raise more than $300 billion in the next five years, almost half the cost of the bailout. If what all the supporters of this legislation say is correct, that the government will get back some of its money when the market calms down and the government sells some of the assets it has purchased, then $300 billion should be sufficient to make sure that 99.7 percent of taxpayers do not have to pay one nickel for this bailout."

The Ronald Reagan era is over, and if it's not, it's a shriveled up, slimy grotesque bottom-feeding swamp thing that deserves to be, to turn Grover Norquist's meaning around, "drowned in a bathtub." The only "trickling down" that's been happening is the rich pissing on the poor (and the middle class). What we need now is some "trickle UP" economics.

We need a new New Deal. That's "trickle-up" economics, and it has already proven itself. By creating programs to foster the type of economic growth we really need, we can at once solve many pressing problems AND put people to work. Right away, the economy would get back on its feet. For what IS the economy, if not fundamentally a function of how the population is doing in it's exchange of goods and labor?

Right away, people would have more to spend, as neighbors and relatives get work in the new green industries which would flourish with a little boost from the government. Right-wingers can no longer frighten people with the charge of "socialism" when it comes to these types of programs -- sorry, not after you cried so hard for $700 billion for your big-buck buddies. No, investing in our infrastructure will not "socialize" the country into a bunch of mindless commie reds -- it will simply be an investment -- remember that word? -- in ourselves, in our nation.

Now that the bill has passed, Congress must not allow our $700 billion to be squandered away by Paulson and his Wall Street money "experts." We must hold most of it back, until we get some sane leadership back in the White House, by electing Barack Obama. At that point, Obama must, I repeat, must, free himself from the old economic policies still held by his unfortunate pick of economic advisers, and, in his own words, "do the right thing" with our money.

Maybe then, we can finally, for real, "get the country back on track."

Palin for Queen

Palin just finished with the debate tonight, and let me just say, I'm a convert, she really sold me tonight. I think she's ready to be queen.

And queens don't need no stinkin' debate rules. You want to ask her this, she'll answer with that -- what America really needs to know -- about her, about McCain, and about the Republican commitment to families all across this great land, and we just need to reform the economy and get it back on track, and she'll do that, because she reformed Alaska, and Alaska has lots of resources there, you know, and it supplies energy for America, and it's close to Russia, so she knows about foreign policy there too.

She's a maverick's maverick, and when she's queen, she won't be just part of the executive, because there's flexibility there, and her administration would work with Congress and she'll make the most of that flexibility, you know, that was written in the constitution there. And gosh darn it, like the current maverick vice-president Cheney, she would be part of the legislative branch as well, and being the ever-confident reformer, she would likely find a way to be part of the judicial branch too, because America needs that kind of leadership. Heck, maybe she could sit in on the Supreme Court on important issues like abortion and freedom of the press, and what goes into our libraries.

The far left says she didn't even pay attention to the questions. But Palin didn't need to -- she answers to America. Because that's what the Straight Talk Express is all about. What with everything she said about this and about that, and freedom, tolerance, family and freedom and all those things, and that folksy charm, I just can't tell you. Yes, I think America saw our future matriarch tonight, and with the brood we saw on stage afterwards, her progeny could rule us for a long, long time. Long live the Queen!

She absorbed a lot of foreign policy experience from Kissinger, too, like passion. Oh, that Passion! That's what she brings, with a smile, and confidence, and ya know, along with John McCain, she'll bring pride back to America and a commitment to reform government, and get the government out of the way of the middle class, and help them purchase their own health care, not the feds health care, because we've seen what a mess the government makes of things -- mostly the fault of Democrats, dontcha know.

As far as an energy policy, that's her area of expertise. Her state provides 50% of the energy for the USA. We have to do all we can do to make this great land energy independent. Some in Congress don't want to tap into our own energy supplies, to feed these hungry markets. They should just get outa the way. And it's about a heckuva lot more, it's about America and our energy future.

And as the governor of Alaska, she feels global warming more than any state, because snow is melting there. Sure, other states are being hit by hurricanes, floods, droughts and killer tornadoes, but Alaska is close to the Arctic, and Russia too -- did I say that?

You want to talk economy? OK, she knows about that too. As governor, she is an executive and they are all about action, ya know. You see, the rescue plan has to reform Wall Street, and John McCain knows how to reform too, and they will stand up to the greed there. There have been more and more revelations made aware to Main Street, so we need to put politics aside -- even the campaign -- and we have to be more vigilant, so that the credit doesn't freeze up, for the middle class and Main Street, which she's from, cuz her and her mavericky secessionist husband have always been Main Streety and middle class and stuff.

And let's get back to the energy plan. Palin took on the oil companies, because of the greed of their CEOs, and they are not her biggest fans. She broke up those monopolies there, and that's her area of expertise -- energy. But don't worry, oil companies, she loves ya with that tough Alaskan-style love. And she has the energy, and will as Queen, to deal with the energy crisis and things there like that.

So, don't talk to me about specifics. Sure, Joe Biden knew about some things. I mean, you'd have to, hanging around the Senate all those years sucking up the taxpayer's money (after all those years collecting a government salary, maybe he's responsible for the huge debt). But this hockey mom brings energy and inspiration. Just look at how she smiles at the camera. Check out that cute wink and Alaskan accent. And the voice! Oh my, did you hear that voice?

Enough of this slow torture of the last two years of Democrat control! Republicans can veto and filibuster only so much. Stuff needs to get done. Palin is for a strong America, and is against the taxes Democrats would love to weaken the economy with. She is determined to change the tone in Washington, and wants to clean up Wall Street. Her and McCain know how to do it, and they will -- just trust them. It's time for reform, and what says reform more than a Queen Palin coronation? Just don't expect her to follow the rules.

They ruined our economy just to make a few people rich

So I guess we’re back to the old slogan, "It’s the economy, stupid!" used by Bill Clinton in his first run for the presidency. It may not work as well for Hillary though, as Barack Obama seems to be on his way to the nomination. Unless, of course, the rich white guys in the back rooms decide to put all their "super" delegates toward Clinton. They could risk alienating the base of their own party if they do that, however. And of course, she could still pull it out on her own. But Obama pulled off quite a "Super Surprise" on Super Tuesday, and as I write this he has just pulled off a "Sleepy Saturday" sweep of Washington, Louisiana and Nebraska. Either way, it’ll be an historic nomination and, all indications point to that translating into an historic presidency of either a black man or a woman in the oval office.

Meanwhile, everyone thought the Iraq war would be the big issue in the coming election, but the economy has come up front and center, as it teeters on the edge of recession, with many even fearing the "d" word, depression. And that’s pretty bad. How did we get here?

It didn’t happen overnight, but the "decider" certainly accelerated things, with the help of a fat, lazy congress and a sleepy, lap dog press. Still, it’s been decades of irresponsible policies that have caused the long slide of our once-mighty economy into the abyss. Sure, the lack of regulation of the banking industry exasperated things, leading to the subprime crisis. But our decades-long obsession with oil and the terrible policies surrounding it probably has even more to do with the underpinnings of our economy starting to crumble.

The oil industry, with its powerful lobbyists and its near-absolute control of Congress, has been coddled, subsidized and spoiled for so long, it’s just business as usual on Capitol Hill. We could even look as far back as the 1950's and the atomic energy subsidies, if we’re looking for the root causes of our dilemma. Solar power was just being born around that time as well, and if we had put the billions upon billions of dollars of subsidies that went to nuclear into solar instead, we could have a whole different ballgame right now. I’ve always felt such a policy would have resulted in an energy-independent America as early as the 70's or 80's. We could have had solar-powered homes, cars and businesses across the country by then.

Sure, big industry would still have had to use fossil fuels, with the huge amounts of energy they require, but we certainly would have been in much better shape. Even now, the best stimulus for the economy is not to give a few bucks to taxpayers who will spend it in one month, but to create a new "New Deal" program that will begin to build the alternative-energy infrastructure which is so badly needed. We should also include the repair of our existing infrastructures in that program as well. Imagine the economic boost we’d get by putting people to work in such a program, and the confidence it would inspire in our nation, replacing the present "we’re screwed" attitude with the good ol’ "can do" American spirit once again!

Unfortunately, John Edwards seemed to be the only candidate talking seriously about such a back-to-work program, and he has dropped out. (I also loved his tough talk about wresting control of the country back from the lobbyists and big corporations, which I think is essential.) Of course, other candidates are talking about alternative fuels, etc., but just tinkering with it isn’t going to be enough.

Another idea you don't hear much about that might actually do the economy some real good, as well as repair our ailing roads, bridges, railways, dams, sewer systems and electrical grid, is a bipartisan bill introduced last August by Senators Dodd and Hagel. It would create a national bank whose purpose is to gather funds to rebuild the nation's unsafe infrastructure. The bank would promote and finance large public works initiatives with the potential of creating thousands of jobs and investing in our country's future. With increasing unemployment and the country's current economic downturn, the bank could be part of a successful recovery plan. A companion bill was introduced in the House, but both bills have been virtually ignored by the media. Bob Herbert did write this article in the New York Times in January about it, however.

Yes, "it’s the economy, stupid" once again. Will our new president and congress have the cojones to take the drastic steps needed to really turn our country around? Or will we continue our "business as usual" slide into global irrelevance? One thing I know for sure: we need to help prod our representatives in the right direction.

The rich get richer, and you know the rest

As Holly Sklar notes in her recent article Billionaires up, America down on Daily Camera Online, America is producing a record number of billionaires, and a record amount of debt and record poverty. If you're one of the 482 billionaires, the news is good, if you're just about anyone else, things are getting worse.

A few gems from her article:

We have a record 482 billionaires — and record foreclosures, a record 47
million people without any health insurance and 5 million more people living
below the poverty line.

Between 1983 and 2004, the average wealth of the top 1 percent of
households grew by 78 percent, reports Edward Wolff, professor of economics at
New York University. The bottom 40 percent lost 59 percent.

The top 1 percent of households — average income $1.5 million — will
save a collective $79.5 billion on their 2008 taxes, reports Citizens for Tax
Justice. That's more than the combined budgets of the Transportation Department,
Small Business Administration, Environmental Protection Agency and Consumer
Product Safety Commission.

Tax cuts will save the top 1 percent a projected $715 billion between
2001 and 2010. And cost us $715 billion in mounting national debt plus
interest.

Many of the new billionaires made their fortunes on the backs of Americans' misery – namely, with hedge funds short-selling subprime credit this summer. As hard-working Americans who were just trying to get a slice of the "American Dream" fall by the wayside, losing their homes, the sleazeballs in the subprime hedge fund market, with their special tax breaks intact, rake in billions. What is wrong with this picture? Plenty.

It is eerily similar to the inequality and the stock market euphoria of the 1920's – and we all know where that led.