by Jeff Koopersmith
“New York (apj .us) — At financial centers around the world bankers, brokers, and “the other rich” are getting ready to handle those people who might decide that enough is enough and attack them or their edifices. This is either a sign of good thinking on their part or overreacting to the realization that the “proles”, often throughout history, get pretty worked up when they find themselves without jobs, homeless, working for slave wages, or burying their kids. Alice Schroeder wrote a significant piece at Bloomberg on the number of gun permits being issued to high rolling investment bankers, et al this week and it piqued my interest to write a bit more on corresponding subjects.
“Thinking about the problem of Americans engaged in some form of fiscal civil war labeled “the haves against the have-nots” is not a painless task. I know many rich folks who would find it hard to take a shot at some dirt-poor homeless father and his teenage sons who are “borrowing” a couple of Picasso prints from the home theater on East 72nd Street. I know others who are better armed than the FBI or the NYPD and smacking their lips in anticipation of defeating anyone invading their usually un-earned fortunes.
“The myth that America is “givingest” nation on earth is simply that – a fairy story. America is the givingest nation because it so incredibly rich, rich beyond understanding. The GDP of the United States, even today, is breathtaking. All of that money ends up in private hands one way or another – and the bulk of it ends up in the wealthiest troves, not with the so-called and fast-disappearing middle class. There is no trickle down effect. Not even a real dribble.”