Jon Stewart's guest last nite: Yet another reaon why we are in so much economic trouble

[truedelphi]

2. Jon's thesis at the beginning of his spiel on the Bain Corporation is that

What has happened in America is that starting in the eighties, our nation has collectively witnessed a group of people who had become multi-billionaires, and they then used their money and influence to purchase the right to entitle the elite to continue to rake in the profits. While excluding almost everyone else.

Stewart asked Mr Macey to explain to him how this was not so. Who better than a Law School Professor at Yale?

And Macey said he could do so, but in the end he only helped promote Stewart's contention that our economy is a rigged economy. Jon did not elaborate on this is how we are in the fix we are in - we no longer produce anything but transfers of corporations from one group of people to another. Right now, 47 to 48 cents of every dolalr made in America is made inside the Financial Sector. (Up from some 8 to 9 cents on the dollar in the early 1980's.)

This is a horrific sum of money. Half the money in our economy is now simply going back and forth from one rich group of people to another. And this doesn't even begin to get into the story of how when all these investors make bad bets, we in the lower 99.5 % of the economy are forced to bail them out!