|These economic charts and graphs show BIG trouble ahead.
"Babylon" was a city of commerce & confusion.
Top 1% had an adjusted gross
income in excess of $313,000 in
2000; Top 5% = $129,000 AGI
The top 5 percent own more than half of all wealth. (Stocks, bonds etc.)
In 1998, they owned 59 percent of all wealth. Or to put it another way, the
top 5 percent had more wealth than the remaining 95 percent of the
The top 20 percent owns over 80 percent of all wealth.
Certainly Alan Greenspan knew about this!
Most astonishing thing I saw on "House of Cards" last night was Mr. Kyle Bass saying, "They expected the value
of housing to increase six or seven percent per year." Mr. Bass, was astonished, I was too!
How could Alan Greenspan ignore the $531-Trillion, yes, Trillion derivatives bubble and the fastly inflating
Hint: He knew about it but as a follower of Ayn Rand, he figured the market would correct itself.
Also, Google, "Bucket Shops," and, "Commodity Futures Modernization Act", which got this bubble blowing in
2000, another thing Mr. Greenspan certainly knew about.
Real question to ask: Follow the Trillions, where is it going, where did it come from?
SOURCE of Graph: New York Times, A History of Home Values, 26 Aug 06, by Bill Marsh.
(15 March 09): An updated version of this chart in the New York Times, today, shows "prices have fallen by
nearly a third from their peak in 2006, to $137,000 in 2008".
Yes, Trillion! Certainly, Alan Greenspan knew what "Bucket Shops" were. Greenspan worshiped Ayn Rand,
the ultra-Libertarian, who believed in no government oversite of the economy.
In the final days of the Clinton administration, corrupt legislators pushed through the "Commodity Futures
Modernization Act of 2000", which enabled Bucket Shops to open up on Wall Street.
A specific clause in The Act over-rides state laws against Bucket Shops. The Moneychangers on Wall Street
fooled school districts, banks and retirement & mutual funds to buy these deriviatives. Lyndon Larouche
warned about these criminally AAA-rated paper pigs almost as soon as the market took off, eight years ago.
IMO: the only solution is for Obama to recall and reissue currency (666-Dollars). This will force the crooks
who profit from drug deals and these Derivatives to prove how they obtained their $$$. And, we should force
those who invest or have $-Millions to justify their gains!
The "Commodity Futures Modernization Act of 2000" (H.R. 5660) was introduced in the House on
December 14, 2000 by Rep. Thomas W. Ewing (R-IL) and cosponsored by Rep. Thomas J. Bliley, Jr. (R-VA)
Rep. Larry Combest (R-TX) Rep. John J. LaFalce (D-NY) Rep. Jim Leach (R-IA) and never debated in the
The companion bill (S.3283) was introduced in the Senate on December 15, 2000 (The last day before
Christmas holiday) by Sen. Richard Lugar (R-IN) and cosponsored by Sen. Peter Fitzgerald (R-IL) Sen. Phil
Gramm (R-TX) Sen. Chuck Hagel (R-NE) Sen. Thomas Harkin (D-IA) Sen. Tim Johnson (D-SD) and never
debated in the Senate.
Must-see video on this subject: The Bet that Blew Up Wall Street, Steve Kroft, 60-Minutes.
My letter in New York Times columnist, Frank Rich's blog regarding this.
Source of Pic: New York Times, October 9, 2008.
Link to the New York Times article: "The Reckoning: Taking Hard New Look at a Greenspan Legacy",
October 9, 2008.