Plutocracy was no meritocracy

Michael Fellman at Canada’s Tyee:

Plutocracy, discussed at The TyeeThe rich who made this mess are too greedy to be grateful we’re saving their hides.

Once again, as during the New Deal, liberal Democrats will save the capitalist economy from the grips of the plutocracy, who are too stupefied with greed to understand that they will be the chief beneficiaries of the economic reconstruction.

During the previous 30 years, the political economy of the United States was rigged on their behalf and now they will be rescued from the consequences of that re-rigging on which they were choking themselves.

The massive Reagan/Bush tax cuts for the wealthy wildly enriched the top five per cent of the populace (most especially the top one per cent), while the other 95 per cent stagnated, and in the case of the poor, declined.

The tiny wealthy minority accumulated so much money so fast by the fleecing Republican tax policies enacted in their behalf that they did not know where to park their funds.

And now, Meltdown 101, Rescuing the Wealthy Idiots