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    Systematically Impoverished: How Wall St. and Washington Hurt the Middle Class
    Systematically Impoverished: How Wall St. and Washington Hurt the Middle Class
    Systematically Impoverished: How Wall St. and Washington Hurt the Middle Class
    Ebook126 pages1 hour

    Systematically Impoverished: How Wall St. and Washington Hurt the Middle Class

    By Brent Waterbury

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    About this ebook

    Gradually rising corporate prices the last 20 years together with shareholders and Washington DC's compliance have systematically impoverished the Middle Class who are the ones now 'left behind'. We live in a society where the Top 20% own over 80% of all wealth. Gas prices, rents, cars, food,cell phones, cable tv, go up every year while American wages have been literally flat since 1970. People forget that our government is a business too.

    LanguageEnglish
    PublisherBrent Waterbury
    Release dateMay 25, 2013
    ISBN9781301706037
    Systematically Impoverished: How Wall St. and Washington Hurt the Middle Class
    Author

    Brent Waterbury

    I've lived in 6 states but mainly grew up in Midwest, moved to California in 70's, studied psychology and music at 3 different colleges/university. Initially I wrote movie scripts for professional attention and only years later thinking in a more historical and non-fiction way.

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      Book preview

      Systematically Impoverished - Brent Waterbury

      Systematically Impoverished: How Weak Politicians in Washington and Wall Street have Bankrupted the Middle Class

      Brent Waterbury

      Published by Brent Waterbury at Smashwords

      Copyright 2013

      Intro

      One doesn't need a telescope on the top of Mt. Palomar to see the issues that confront us every day--corporate greed, Washington's lack of oversight and workers working 40-50 hours a week just to stay afloat in addition to massive unemployment and debt among Generation Y. What is more astounding is this disparity is not that old--just a crummy 30 years. How can a formally very sound economy from the Clinton era literally tank to the one we all live in today?? There are several big reasons but the most prominent is Wall St. with its over-emphasis on profits and its shareholder mentality.

      When I was back in college I worked for 100's of different corporations both large and small as an office temp. Often it was grueling work but I knew I was in the 'belly of the beast' as I got to be on all floors of corporations, always talked to the higher ups and got a distinct feel of 'corporate speak' which was like a new language. What that taught me was how much I didn't want to work for a corporation! Too stodgy and they always seemed to be crunching #'s rather than dealing with people personally. But at least it did begin an interest in economics which has stayed with me the last 20 years or so.

      Unfortunately now all we get from the press, economists and politicians is the stupid GNP, the idiotic Dow Jones or the overall employment rate whether up or down as if those superficial indicators are the 'pulse of America'. What I never hear is how people are coping in a strained economy with lowered pay and higher costs while American companies and its shareholders make bank! Where is our government and Obama in all this chaos?? As you will see they are basically AWOL despite their rhetoric to the contrary...

      Economists are not scientists

      We economists don't know much. Nobel prize winner Milton Friedman

      In my research I've found economists are as varied in their outlooks as there are people riding a bus. There is absolutely nothing they agree on. Therefore we must conclude that economics isn't a science but more like a philosophy. So in this reform-minded ebook I've tried to offer alternative views and let you the reader do your own analysis. Also you will see that I'm more of a moderator of economic facts than a Left or Right wing preacher.

      A pseudo-democracy

      Without trying to sound like a hysterical Right-winger, our democracy--where supposedly every person has an equal voice--has been a myth. All popular politicians endorse democracy as an ideology but since when has democracy healed anything at all?? Democracy is not salvation and in fact the last 250 years the 'will of the people' has diminished every year. Ever watch Jack Nicholson in the '80's movie One Flew Over the Cuckoo's Nest? Well in that popular Oscar-winning movie the inmates are running the insane asylum. Just like now in Washington and Wall Street where Congress's overall popularity is around 10%. Now we have a disproportionate pseudo-democracy that mostly caters to the wealthy and our politicians have their ear no matter who they are even Obama. What this has done is create a cynicism about the government where most Americans don't want to get involved anymore. Listen to talk radio and their attitude is 'what's the use' and who can blame them:

      A majority of Americans realize that equality [sharing] is a myth and that there has been an enormous erosion of trust in government. (Pew Research, 2012)

      1960's

      In the past there wasn't always this polarization and discrepancy. People weren't canned 1000's at a time because of corporate profits or 'being competitive in the marketplace'. People were valued more and were viewed as an important part of American society and the company. Then there was a loyalty between the employee and the company. Not anymore. And while I'm not trying to teary-eyed over it I still believe our better past can be a guide to our future:

      Our problems are man-made. Therefore they may be solved by man. JFK

      Our problems have been gradual

      The first thing you need to know about our current economy is our problems didn't start yesterday--they are systematic. Again, I'm not a Left or Right-wing nutcase and I don't believe in conspiracy theories like a lot of people (most notably the Right) do but I do believe there is both a corporate and government overemphasis on $$$ which the 'little guy' has no voice whatsoever. If you disagree then talk to a former Occupy Wall Streeter or try to make an appointment with your local Congressmen sometime. I once read a newspaper article that a Congressman wants $5,000 up front for their PAC and then asks 'who do you represent?' To the both hire-ups in government and on boards of corporations $$$ is somehow the key that unlocks all the doors. If you have it, you're empowered. If you don't then you're not and that just makes small people feel even smaller...

      Overall, I'm pretty confident that I have a good data that shows how American workers have lost wages and why they are not grateful in the least for their stupid, dumb low-paying job to nowhere while corporations and shareholders are basically enriched.

      As a very important prerequisite I begin some economic history of how we all got to this point of impoverishment.

      Contents--

      1). Early Corporations--the beginnings of monopolies.

      2. The Great Depression 1929-33

      3). Post World War Two economy 1945-1973

      4) Reaganomics

      5). Clinton Era

      6). Bush Era

      7). Obama Era

      8) Big government, Wall Street, Occupy Party, Tea Party,

      Taxes, American worker, Big Oil, Corporate profits,

      Share holders, Health care, Unions, Generation

      Y, Wal Mart, China, Globalization, Voices around the USA,

      Empowering people

      Early corporations

      Give me control of a nation's money and I don't care who makes the laws. Baron de Rothschild 1836

      Early corporations began during the Industrial Revolution in the late 19th century and this is where we got the J.P. Morgan's, Vanderbilt's, Carnegie's, Mellon's and Rockefellers who consolidated industries where all interests ran through them. Back then there were no controls of any sort, very little government to speak of, no taxes and legislators were bought through lobbyists representing the barons interests. A Republican's Dream house...These were the first monopolies and what is very frightening is how this same system has come back to haunt us 100 years later:

      1880--1900

      In the 1890's the average income was $440 year and inflation has multiplied about 40-50 times since:

      Carnegie sold his steel company to J.P. Morgan for $500 million which Morgan then formed U.S. Steel. By closing off competition Morgan kept 200K men working but for wages that barely kept them alive. In industry after industry, shrewd, efficient businessmen built untaxed empires, choking out competition, maintaining high prices, keeping wages low and used government subsidies... Later, Morgan linked his railroads to one another, then all of them to banks and banks to insurance companies. 1

      Sound familiar? Although they were filthy rich they weren't always popular with people as John D. had a reputation of the biggest criminal of all time:

      Standard Oil Company was the holding company and Rockefeller's fortune was estimated at $200 million [$8 billion in today's dollars]. By 1890 Standard Oil controlled 70% of the world market and before long he would move into iron, copper, coal, shipping

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