The Bailout and class conflict

Examine the Wealth distribution in the U.S.   A UCSC Professor, G. William Domhoff, writes extensively on the topic.   Read this 2006 article on wealth distribution.  There are a number of other authors who document similar data.

The Bush regime’s bailout program is welfare for the rich.  The ultra-rich elite prefer a system that privatizes profits, but socializes risks.  The most wealthy 1% of the U.S. owns almost 40% of the wealth (2001 data).  It is this group that now expects public help .

We might consider tackling the financial crisis by working from the bottom up, by subsidizing those who are in danger of mortgage default.  That’s the root cause of the crisis, right?  These institutions were not careful enough when financing property.  We might consider implementing the rescue from the bottom up.  Help those in trouble, which will help the loaning institution.  Why isn’t this part of the dialog and part of the plan?

Don’t cringe at the word “socialism“.  There is plenty of it in the U.S.  Social Security, and insurance are two very prominent forms of socialism.  You buy insurance, right?  You hope for retirement benefits, right?