8 Comments

  1. I imagine that is preaching to the choir to most of your readers. I certainly would not have thought that it had gotten quite that far out of hand. My hope is that it is a pendulum that will swing back some day.

  2. Thank you VERY much for a most eye opening video. Wow. Amazing. I knew they declared class warfare in 1980 when they declared war on the unions but I had no idea that they were THIS successful. I hope everyone will forward this to everyone they know.

  3. I saw this on Mason’s blog and it didn’t surprise me one bit. Not only are the super rich getting richer but they can even make huge blunders and still walk away with millions.

    Case in point, Heinz CEO William Johnson is entitled to a $56 million golden parachute if he’s fired by the company’s new owners. The deal lets him walk away with $40 million at any time if he chooses. He would get another $16 million if the new owners were to let him go.

    In addition, Johnson is entitled to a payout of $99.7 million in vested stock and $57 million in deferred compensation benefits that he accrued over his 30-year career with Heinz. That means he could walk away with a total of $212.7 million.

  4. I think of economies as comparable to circulation systems. If this economy were a human what would be the health effects? What are we experiencing as a country then?

  5. Great video and I’m glad it’s gone viral. There is so much misinformation out there that this TRUTH needs to be shown.
    Also watched a story on NPR the other day about the China middle class and their views on capitalism that have changed in those exact decades where our middle class was lost. They have built virtual ghost towns in China waiting for the people to move into these cities. All that walmart shopping from Americans built those ghost towns. They will now have their real estate bubble.

  7. I guess John’s video is only more accurate if you perceive economics from the standpoint of the Austrian school–a small and extreme group– and you reject the careful analysis of Joseph Stiglitz and the overwhelming majority of economic opinion in the United States. Anyone who listens to John’s video and contrasts it to any book or well-documented article by Stiglitz or many others, will discover more data to support the problem of inequality in the U.S. The video mentioned in the original posting, by the way, is based on an article by Michael Horton (Harvard) and Dan Ariely (Duke), published in 2010. It only touches on the mess in our hourglass economy and demonstrates that the public misunderstands how concentrated wealth is in this country.

  8. Here is another example of Mrs. Kennedy’s post about economic illiteracy. Thanks for helping out with that, Stuart.

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