 Welcome to Sensor. This reading is from Sensor number 128 and before I begin the article Let me take a few scriptures from the Bible and Place them in front of the conservative Republican religious zealots in our country. Prove all things and hold fast that which is good 1 Thessalonians 5 21 He that oppresses the poor to increase his riches and He that gives to the rich Shall surely come to want Proverbs 22 verse 16 He that makes haste to be rich shall not be innocent Proverbs 28 verse 20 as the nail sticks to the stone So sin sticks to buying and selling Ecclesiastes 27 verse 2 the title of the article is the plutocrats By William J. Eisenman PhD. Are you a plutocrat? Do you know a plutocrat? Plutocrats are super elites who attain their lofty positions Through political decisions that wrote we the people off in the 1970s The top 1% owned 10% of the national income While today it is a 33% This is approximately where it was during the gilded age Today the top 20% own 84% of the total wealth of America After the 2007-2008 recession financial meltdown There has been a recovery For only the 1% Even Alan Greenspan has now come to understand that our economy is distorted In 1814 Thomas Jefferson said That there were no poppers in America But today there are Republicans who have little understanding of relativity Say that all the poor in America are fat And have refrigerators Andrew Carnegie said What were the luxuries have become the necessaries of life times change in 1980 The average CEO made 42 times as much as the average worker While today it is climbed to 397 times in America There has always been a Friction between capital That is money and labor and Between the poor and the rich After 19 years of struggle by constitutional amendment in 1913 an Income tax was implemented to raise revenue. Let us be clear about something right from the start The income tax Was a tax on the plutocrats on those who had money It was meant to defang them in 1916 the rate was 65% and In 1918 it was 77% today The wealthy complain about a 35% rate They claim they're being punished The actual punishment has landed on the middle class and the poor who had to pick up the slack when the base was broadened and The rates were lowered to 28% during the Reagan administration a quick fix for those Who don't want to pay high taxes is simply to not make so much money It is not punishment To tax the rich fairly in 2009 The top 1% paid 23% of their income in taxes While the top is 0 1% paid about 21% The top 400 taxpayers paid less than 17% The tack the capital gains tax rate in 2012 was 15% in 2007 in America There there were 150,000 Americans who had incomes of four million dollars and above This is out of a population of 315 million people in 2007 There were 424 billionaires in America Angus Deaton said The richer one is the more covetous greedy one becomes between 1934 and 1938 CEO pay was 813 thousand dollars Which between 1974 and 1986 fell to 645 thousand dollars During these years it was social pressure that limited CEO salaries Social pressure meant we the people but in the 1990s CEO pay took off 10% a year and It was 2.3 million in 1992 and By 2001 it was 7.2 million dollars today It's 10.5 million dollars In the 1970s CEO pay was less than 30 times that of the average worker Yet by 2005 It was 10 110 times the average workers pay And all of this was by design a Siphoning upward of money was underway All economic benefits were now targeted to the haves CEOs now got paid for luck What is not realized by most of us is that there is not room for all of us at the top our Economy needs but does not recognize the need for worker bees there are 1266 billionaires in the world and 95 are in China This is out of seven billion people in the world We all can't be Excuse me We all can't be billionaires Upward mobility is limited Canada Needed no bailout during the 2007 and 2008 financial meltdown Canada requires its banks to keep more capital on hand and doesn't allow excess leverage Canada Practices good old-fashioned banking practices today finance provides workers with the highest of earnings Deregulation has played a big role in boosting finance to its lofty position The influence of Wall Street on Washington DC is such That the state Decides who gets rich from 1999 through 2006 finance and real estate spent two point two billion dollars to bribe politicians in Washington DC it is time to be honest with ourselves and call this what it is bribery This bribery has been made into legal corruption Plutocrats say they favor fiscal discipline small government and low taxes Small government is favored by plutocrats Because it's easier to control It's not powerful enough to keep them in line History has shown that plutocrats want low taxes on themselves and higher taxes on everyone else These are merely ideas But it seems on these issues the right wing sets the terms of economic debate as of 2010 250 members of Congress were millionaires whose median net worth was $913,000 10 legislators were worth over 100 million dollars What do we have in common with these people? Until recently many of our legislators were guilty of insider trading The problem with all this is explained by professor Dan our Ariely Ariely When you have a financial incentive to see reality in a certain way you will Today's plutocrats are modern-day robber barons What is good for them is not necessarily good for us Low taxes no regulation or token regulation weak or no unions Unlimited campaign donations do not help us Even during the 1890s. It was clear Too many that unregulated capitalism enriches a powerful minority and Subjects everyone else to the vagaries of a volatile economy in 1937 during the Great Depression Balanced budgets did not help Some of us today have learned that corruption is bad for growth In Exodus 23 verse 3 we are told not to take a bribe Many of us have also become aware of the fact that Many elites and their enablers May use religion to further their own delusional and corrupt ends We have also learned that Republican president Dwight D. Eisenhower was wrong when he said in 1954 that quote Should any political party attempt to abolish a social security unemployment insurance and Eliminate labor laws and farm programs you would not hear of that party again in our political history There is a tiny splinter group of course that believes you can do those things among them are HL hunt a few other Texas oil millionaires and On occasion a politician or businessman from other areas their number is negligible and They are stupid unquote unfortunately these stupid people infiltrated and Transformed Eisenhower's Republican Party in today today's I in Rand worshipping Republican Party Which does want to abolish social security and all programs that help the needy I in ran was a female Russian Objectivist who believed that the poor should rely on charity Which failed during the Great Depression She believed taxing one person to make welfare payments to another was not right She believed there should be no regulation of monopolies and She used the word altruist as a term of abuse She thought big business was a persecuted minority She hated democracy and the politics of consensus Freedom to her was the ability to do anything any time you wanted Much like a psych sociopath as president of the United States Jimmy Carter went deregulation wild Railways railroads were deregulated trucking communications and finance Debt became the key to the new economic order the Goldilocks Economy during the last three decades a change has occurred and the capital has gained and Capital has gained a bigger share of the proceeds of growth at the expense of labor today there exists a Washington consensus That believes in tax cuts for the rich deregulation interest rates set to suit Wall Street not Main Street privatization balanced budgets free trade and disdain for unions the Washington consensus is not interested in We the people in the days of Thomas Jefferson Nearly 80% of Americans were self-employed Enterprises But by 1940 the number was 20% Today, it's around 13% true security and freedom Can only be had when every one of us owns his own land In the millennium all shall have their own land Micah for verse four But in our world insecurity abounds Even with the ownership of land eminent domain Our land today can be taken away from us Not for some important common good, but to enrich some other private landowner To some plutocrats money is not security As it stands Americans can be neither free nor insecure Excuse me nor secure two-thirds of Our economic activity is as a result of consumer spending We are a consumer-driven society In 2007 the dollar fell and the Fed the Federal Reserve had the interest rate at 2% Our economy can't grow if two-thirds of our population do not have the money to spend Debt can boost growth artificially for a time But not forever our representatives in Washington, DC Have over the years made the financial sector of our economy more important than the real sector Income has been transferred from the real sector to the financial sector This has contributed to income inequality and wage stagnation From 1973 through the 2000s there was no evidence That trickled down economics had increased the economy's long-term growth rate In the last three decades our economy has seen a sharp upward Redistribution of income with a little obvious long-term growth dividend Growth in 2008 was 1.5% And in 2009 it was 2% While one month later it was 1.4% What has happened is that Wall Street has enriched itself at the expense of ordinary Americans The risk in retirement has been shifted from employers to employees 401ks and the like America's elites have managed to fashion a new consensus in which welfare queens were demonized But the corporate dependency culture was not During the GW Bush administration, the United States experienced an $850 billion trade deficit A tax code favoring the rich and a 70% rise in the budget deficit Teddy Roosevelt, a Republican said Quote The state and if necessary the nation has got to possess the right of supervision and control As regards the great corporations which are its creatures Quote We the people have a right to control the private sector And this cannot be accomplished if the government that is us Are small enough to be drowned in the bathtub The super rich and their political allies are destroying the middle class We need to downsize the financial sector We have let our liberties become restricted While the financial interests have been freed Barter came long before money For thousands of years before money came on the scene people traded with each other Early money consisted of calorie cells, metals and semi-precious stones Money must have a validity There must be existing bureaucratic structures such as banks All banks need not be private sector entities The first banks were in Mesopotamia and Egypt True coins appeared in 640 BC in Lydia in Asia Minor These coins were made of an alloy of gold and silver, electrum Paper money and bank notes appeared in AD 806 to 821 in China As an aside, the inflation rate in America between 1880 and 1914 was 0.1% Living on the land, hard currency was less of a problem than it would be in a more urban and industrialized society America's first currency was the Continental in 1775 And a dollar was adopted in 1785 In 1957, in God we trust was put on our money to show that we were not Godless like the Soviet Union This did not guarantee that we were honoring the true God, the Creator However, the economy is merely what we make and what we sell Today's plutocrats have us pleasing the economy instead of the other way around Our economies are myth-based Our economic setup is unfair, unethical and corrupt Many of us have come to realize that rules are arbitrary and biased The only people who get rich playing by the rules are the people who make the rules, said Kevin Carson The work hard and play by the rules rode to success does not work Meritocracy does not determine success in America Playing by the rules is a fantasy Americans have shorter vacations, less paid time off Work more hours than anyone else in the industrialized world Americans retire later than workers in other nations Americans are too productive The poor do not need to work harder America is not broke, it's broken Democrats want wealth less concentrated in too few hands They want affordable healthcare, living wages and a secure retirement A middle-class life for everyone Conservative Republicans believe the economy is something you improve by choking off funds to it Can we all say the Veterans Administration? They believe the economy is to reward the good and punish the bad Competition is good as it sends returns to the hardworking and it deprives the lazy The only valid measurement of success is economic growth All the rest only exists to serve the economy For the plutocrats the economy must get bigger and bigger And with super PACs and lobbyists the plutocrats buy political outcomes We need to understand that those who would cut necessary services and starve social programs Are deliberately trying to destroy America The economy is not a conservative Republican moral enforcer And the free market is not part of some religious doctrine Considered a prosperity gospel Nothing in the capitalist system is part of God's economics An economy must work for us, not just the plutocrats People in power caused the 2008 financial meltdown to happen Let's try to understand a simple truth If hard work truly paid off Sweatshop laborers and slaves would be the world's richest people The plutocrats and elites have been screwing the poor for a long time Mobility in America is a myth Inequality is a human creation Our problem is we have allowed the top 5% to define the terms of the debate And lay down the laws that favor them It's time for government to be made up of good people Again, the end Thank you for listening To learn more about censored please go to www.newslettercensored.com Hi, this is William H. 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