Week 8:The Self-Destruction of the 1 Percent - 5 views
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Eli Melrod on 16 Oct 12I get so worked up when super-wealthy people act like they are somehow being persecuted when the Democrats asked them to "pay their fair share." I think this op-ed piece does a great job of explaining the frustration with the current socioeconomic divide. The author writes that "It is no accident that in America today the gap between the very rich and everyone else is wider than at any time since the Gilded Age." Although we can sit around and pretend that people "need to learn" from the rich. In reality, a of government policies are making it much harder to go from poor to rich, or even middle class. As the author describes the holes in the current American system, "Exhibit A is the bipartisan, $700 billion rescue of Wall Street in 2008. Exhibit B is the crony recovery. The economists Emmanuel Saez and Thomas Piketty found that 93 percent of the income gains from the 2009-10 recovery went to the top 1 percent of taxpayers. The top 0.01 percent captured 37 percent of these additional earnings, gaining an average of $4.2 million per household." This article doesn't blame Romney or Obama, it just explains why people are starting to have problems with the idea of the "1%." I personally don't think the outcry is against the actual members of the 1%, but rather agains the policies that it make socioeconomic inequality greater.
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cody s on 21 Oct 12I think that what Mr. Potepan said in the talk really applies here. The idea is that when money is mobile, the economy is flourishing, but once the money gets locked up in the super-rich's bank accounts it doesn't help anyone because it's not being invested. It's always interesting to see historical examples of theories like these, and the thing about Venice seems like it illustrates Mr. Potepan's point well.
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Anna Schutte on 25 Oct 12I agree with Cody that the point of the article is that successful states are those that give everyone access to economic opportunity and that inclusiveness as opposed to exclusiveness makes for a more prosperous country. The "book of gold" is a powerful image for the special access and privilege the elite had in Venice that continues today in access to better education tax breaks, etc. That access is something people don't want to give up. The African-American president at Brown who didn't want to give up legacy at admissions, since she had a granddaughter shows how once you have privilege, you don't want to let it go.