Tuesday, February 15, 2011
CNBC posed a Deeply stupid & naive question today in its article header:
Is the Wealth Gap Widening Under Obama, Bernanke?
The article presented no useful information and ended with this sentence.. "For the best market insight, catch 'Fast Money' each night at 5pm ET". Kinda tells you all you need to know.
Amazing that there's still people and news entities who treat this unquestionable Fact as something to academically debate. But rather than write endless paragraphs complete with a barrage of statistics, I will let other news headlines answer CNBC's question for me...
Wealth of black families has disappeared (MarketWatch) 2/9/11 - "The vast majority of wealth in this country is owned by a few people, mostly white. It’s estimated that about 80% of all wealth is owned by 20% of the people, while about a third is owned by the top 1%. About 40% have no wealth at all."
"In 2001, the median net worth of a white family stood at $124,600. For blacks, the median wealth was $12,500. For every dollar of wealth owned by the typical white family, the typical black family had 10 cents. These are figures for middle-class families. By 2007, the median wealth for white families hit $143,600, ( and blacks') net worth fell to $9,300. For every dollar of capital owned by middle-class whites, middle-class blacks had 6 cents. "
The Wealth Gap Around the World (US News & World Report) 2/8/11 - "Overall, (wealth) inequality in the United States is higher than the Nordic countries and even countries in Western Europe."
Wealth gap widens between super rich and rest (BBC) 2/2/11 - ""Our problem basically is that we have a very distorted economy, in the sense that there has been a significant recovery in our limited area of the economy amongst high-income individuals... Large banks, who are doing much better and large corporations... are in excellent shape. The rest of the economy, small business, small banks, and a very significant amount of the laborr force, which is in tragic unemployment, long-term unemployment - that is pulling the economy apart. The average of those two is what we are looking at - that they are fundamentally two separate types of economies*.""
* Alan Greenspan quoted in BBC article which is ironic considering his policies as Fed Chair before Ben Bernanke are a big reason for this disparity of wealth, the Crash of 2008 and current global depression.
~ I think that should answer CNBC's asinine question.
Posted by Susquehanna at Tuesday, February 15, 2011