November 24, 2011

Some quotage

from Tom Dispatch:

The outrage that it has transformed into activity is over those who are still living high and profiting off that world’s demise -- the privateers, looters, subprime hucksters, corporate grifters, Wall Street gamblers, and all those willing to take a buck to shill for them, to make sure in every way that they thrive as other Americans crash and burn.

From Jeff Madrick in New York Review of Books:
...compensation tied to stock options along with unusually high profits by financial firms, much of which was passed on to their executives, seems to be the overriding factor. This is probably now the main driver of what we call income inequality in America and what we should more accurately call runaway incomes at the very top...

...This may seem counterintuitive at first. After all, analysts have long painted a picture of growing inequality over the past few decades in which the top quintile’s share of the national income has risen while the share of the other 80 percent has fallen. But almost all the gains for the top 20 percent was for the top 1 percent. And half of that is accounted for by a tiny group within the top percent—those earners in the top 0.1 percent. Meanwhile, for the four quintiles below the 80 percent level, the share of total income fell significantly. For those from the 80th to the 99th percentile, the share rose only slightly (a little more rapidly as you go higher up). In other words, Occupy Wall Street’s claim that “We are the 99 percent” is dead on right.

Posted by oook at November 24, 2011 11:45 AM
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