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Mon Feb 11, 2019, 09:13 PM

It's been almost 100 years since America's 1 percent had this much wealth

It’s not fashionable to wear flapper dresses and do the Charleston, but 1920s-style wealth inequality is definitely back in style.

New research says America’s ultra-rich haven’t held as much of the country’s wealth since the Jazz Age, those freewheeling times before the country’s finances shattered.

“U.S. wealth concentration seems to have returned to levels last seen during the Roaring Twenties,” wrote Gabriel Zucman, an economics professor at the University of California, Berkeley.

Zucman said all the research on the issue also points to large wealth concentrations in China and Russia in recent decades. The same thing is happening in France and the U.K., but at a “more moderate rise,” the paper said.

In 1929 — before Wall Street’s crash unleashed the Great Depression — the top 0.1% richest adults’ share of total household wealth was close to 25%, according to Zucman’s paper, which was distributed by the National Bureau of Economic Research.

Those rates plunged in the early 1930s and continued dropping to below 10% in the late 1970s, findings show. Rates have been on the rebound since the early 1980s, and are currently close to 20%.

It’s become especially hard to measure the full extent of riches these days. “Since the 1980s, a large offshore wealth management industry has developed which makes some forms wealth (namely, financial portfolios) harder to capture,” the paper added.

https://www.msn.com/en-us/money/markets/its-been-almost-100-years-since-americas-1-percent-had-this-much-wealth/ar-BBTsy5j?li=BBnbfcN

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Reply It's been almost 100 years since America's 1 percent had this much wealth (Original post)
Yo_Mama_Been_Loggin Feb 2019 OP
pecosbob Feb 2019 #1
magicarpet Feb 2019 #2
guillaumeb Feb 2019 #3
Varaddem Feb 2019 #4
roamer65 Feb 2019 #5

Response to Yo_Mama_Been_Loggin (Original post)

Mon Feb 11, 2019, 09:24 PM

1. Not to point fingers, but I'm going to point fingers...

Sad that many Dems enabled this sh*t in the 80s and 90s. Some still are...what did Papa call it? Voodoo economics? Wall Street is not your friend, America, it is a predator and it should be chained like the beast it is. It will not learn from it's mistakes as long as it is able to socialize it's losses.

My father went to prison when I was an adolescent and as a single parent household of marginal income my brothers and I qualified for 'free' lunch at school in the late sixties and I distinctly recall being disinvited from my customary peer group at school as a result. You don't forget this kind of sh*t.

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Response to Yo_Mama_Been_Loggin (Original post)

Mon Feb 11, 2019, 09:46 PM

2. Casino Capitalism,...

The rich rig the system and structure algorithms so when the markets go up they and they alone win,.. then when the markets crash they know the premeditated causations that caused the crash,.. pick up more assets at fire sale prices by paying 3¢ on the dollar on desperation sales.

It is a win win win situation. The market goes up the rich win. The market goes down the rich win. The market gyrates the rich win because they can exploit the little guy and capitalize on his weaknesses no matter which direction the market goes.

That is why the top 10% control 90% of total assets of any value. That is why wage increases go exclusively to the very rich. Also why the bottom 90% of the wage earners have seen their incomes frozen or lost ground since wages they received all the way back to the 1970s when you compare the buying power of today's dollar.

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Response to Yo_Mama_Been_Loggin (Original post)

Mon Feb 11, 2019, 10:05 PM

3. And too much is not enough for the 1% of sociopaths.

Recommended.

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Response to Yo_Mama_Been_Loggin (Original post)

Mon Feb 11, 2019, 10:09 PM

4. I think it was 1980

My father and I heard Ronald Reagan say he wanted to go back to the 20s. The guy who joined up the day after Pearl Harbor said That’s the scariest thing I’ve ever heard an American president say

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Response to Yo_Mama_Been_Loggin (Original post)

Mon Feb 11, 2019, 10:15 PM

5. The big crash is coming.

This one will make the 1929 crash and the Great Depression look like a birthday party.

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