Roger Ebert: The One-Percenters
Roger Ebert:
“The upper 1 percent of Americans are now taking in nearly a quarter of the nation’s income every year. In terms of wealth rather than income, the top 1 percent control 40 percent.
“Their lot in life has improved considerably. Twenty-five years ago, the corresponding figures were 12 percent and 33 percent.”
So I discover in a piece by Joseph E. Stiglitz in the new issue of Vanity Fair. These facts confirm my impression that greed is now seen as a virtue in America. I’m not surprised by the greed of the One-Percenters. I’m mystified by the lack of indignation from so many of the rest of us.
…..snip…..
I have no objection to financial success. I’ve had a lot of it myself. All of my income came from paychecks from jobs I held and books I published. I have the quaint idea that wealth should be obtained by legal and conventional means—by working, in other words—and not through the manipulation of financial scams. You’re familiar with the ways bad mortgages were urged upon people who couldn’t afford them, by banks who didn’t care that the loans were bad. The banks made the loans and turned a profit by selling them to investors while at the same time betting against them on their own account. While Wall Street was knowingly trading the worthless paper that led to the financial collapse of 2008, executives were being paid huge bonuses.
Wasn’t that fraud? Wasn’t it theft? The largest financial crime in American history took place and resulted in no criminal charges. Then the money industries and their lobbyists fought tooth and nail against financial regulation. The Republicans resisted it, but so did many Democrats. Partially because of the Supreme Court decision allowing secret campaign contributions, our political system is largely financed by vested interests.
We know that Bernie Madoff went to jail. Fine. No Wall Street or bank executive has been charged with anything. It will never happen. The financial industries are locked an unholy alliance with politicians and regulators, all choreographed by lobbyists. You know all that.
What puzzles me is why there isn’t more indignation. The Tea Party is the most indignant domestic political movement since Norman Thomas’s Socialist Party, but its wrath is turned in the wrong direction.