"The wealthy, not only by private fraud but also by common laws, do every day pluck and snatch away from the people some part of their daily living. Therefore, when I consider and weigh in my mind these commonwealths which nowadays do flourish, I perceive nothing but a certain conspiracy of rich men in procuring their own commodities under the name and authority of the commonwealth.

They invent and devise all means and crafts, first how to keep safely without fear of losing that which they have unjustly gathered together, and next how to hire and abuse the work and labor of the people for as little money and effort as possible."

Thomas More, Utopia

Monday, May 21, 2012

The American Class System Revisited

Here Richard Wolff uses the mortgage crisis and the explosion in personal indebtedness here in the US as the vehicle by which a discussion on class may be explored...
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5 comments:

Anonymous said...

Alas, Coldie, my dear comrade, Mr. Wolff's final comment American workers will discover "with vengance" class is wrong as wrong can be.

The American working class has been duped soooo long by this crooked American "free market" system I think there is no turning back.

Look at our fellow officers. They would sooner cut off their left nut than to even agree with half of this presentation. They blame the poor and not the bankers.

We can only try to enlighten them Coldie. They'll never listen though. They will call Obama a Socialist, when we know he is only a tool for the rich.

"leftisthebest"

8:43 AM
Coldtype said...

You speak the truth Lefty but we have no choice but to keep plugging away.

9:00 AM
Anonymous said...

The Banking industry as a whole ingnored long held loan issuing guidelines.Why,I really dont know,but they did give out these "toxic" loans to folks who should not have received them.

5:29 AM
Coldtype said...

There were perverse incentives that fueled the issuance of those reckless loans. Banks and mortgage companies had no intention of holding those risky mortgages on their books for the 15 to 30 year duration of the term but instead sold the loads to the Wall Street firms that bundled them into mortgage backed securities (MBS) and sold them around the world with the implicit guarantee that the government would provide a taxpayer backstop when these inevitably blew up. As we all know now that implicit guarantee turned explicit when the Wall Street hustlers came crawling to Congress in 2008.

3:08 PM
Anonymous said...

Can't wait for the conventions, Coldie, how about you?

Just kidding. More political nonsense from the super rich in massive brainwashing of blind followers of both parties.

"leftisthebest"

7:13 PM

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