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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJames Carville: What if the rich lost 40% of their wealth?
(CNN) -- Let's imagine that yesterday there was a front page story in The New York Times that read the following:"The recent economic crisis left the top 1% of Americans in 2010 with no more wealth than in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve Monday.
"A hypothetical family richer than the median net worth of the top 1% of the nation's families had a net worth of $77.3 million in 2010, compared with $126.4 million in 2007, the Fed said. The crash of the stock market, in addition to the collapse of housing prices in Greenwich, Connecticut, the Upper East Side of New York City, Beverly Hills, Highland Park in Dallas and the North Shore of Chicago, directly accounted for three-quarters of the loss."
<snip>
The elite would call for the suspension of habeas corpus, the government would call out the National Guard, invade Honduras and the Supreme Court would announce that it is in session 24/7 to take any action deemed necessary to help their friends.
The Wall Street Journal would have a black border on the newspaper. The Financial Times would go from pink to gray. CNBC would play funeral music for nine months. Steve Schwarzman would compare it to the H-word. Cable networks would roadblock all coverage.
The rest of James' compelling article can be found here.
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James Carville: What if the rich lost 40% of their wealth? (Original Post)
AJTheMan
Jun 2012
OP
They'd still be rich. Good piece even though I disagree with Carville on nearly everything. K&R
Egalitarian Thug
Jun 2012
#5
They would have when Wall St. crashed, but the Middle Class bailed them out.
JaneQPublic
Jun 2012
#6
Zalatix
(8,994 posts)1. The GOP will sound the alarm about Main Street losing 40% of its wealth
right when they're ready to blame Obama for it.
GObamaGO
(665 posts)2. I love the Ragin' Cajun!
He makes some very valid points.
AJTheMan
(288 posts)4. I'm from Louisiana as well and I think Mr.Carville is just great.
From one Louisiana Democrat to another, go James!
no_hypocrisy
(46,328 posts)3. They'd take the remaining 1% from the rest of us.
Egalitarian Thug
(12,448 posts)5. They'd still be rich. Good piece even though I disagree with Carville on nearly everything. K&R
JaneQPublic
(7,113 posts)6. They would have when Wall St. crashed, but the Middle Class bailed them out.
Remember the saying back in 2008? "It's Socialism for the rich (or corporations), but Capitalixm for everyone else."
Laelth
(32,017 posts)9. RFK deserves the credit for that one, I think. n/t
-Laelth
firehorse
(755 posts)7. Even if they lost 40% of their wealth.... they'd still be rich.
Last edited Thu Jun 14, 2012, 06:41 PM - Edit history (1)
Laelth
(32,017 posts)8. k&r for the truth, however depressing it may be. n/t
-Laelth
FiveGoodMen
(20,018 posts)10. Let's try it and find out!
I'm sure we can find good uses for that money.
LuckyLib
(6,823 posts)11. Best quote in the article:
In the words of Warren Buffett, "There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning."
Nye Bevan
(25,406 posts)12. In 2008-2009, many of them did.
The rich own the vast majority of stocks, and the market dropped by over 50% during this time.
nashville_brook
(20,958 posts)13. kicking this shit.
Tom Ripley
(4,945 posts)14. He should ask his wife that question
Marr
(20,317 posts)15. You can bet your ass that their unofficial political party would be shouting about it,
and doing everything in their power, legal and otherwise, to rectify the situation. The media would be bleating about it round the clock.