I have long felt that Marie Antoinette's comment of "Let them eat cake" is applicable to the current situation in the United States as well as many other countries. The discrepancy in income between the top 1% and the rest of the people is scandalous. I wondered when people would take to the street. In a small way at this point it has started.
The recent disclosures regarding the disgraceful bonuses and basic pay for executives of Fannie and Freddie amounting to more than $100 million for a failed entity using bailout money for this obscenity. The banks they bailed out were anxious to pay back the government because they could then resume their enormous salaries and bonuses. The present situation is not only outrageous but has been getting worse as the discrepancy in incomes has gotten larger and larger every passing year. The problem is so severe that the comment "Let them eat cake" is no longer apropos because there isn't any cake to eat. The younger generation is largely unemployed and the unemployment in the black community is outrageous. Some politicians with bizarre attempts to make this discrepancy even larger by cutting spending and not increasing taxes cannot really be educated or must be paid off by campaign contributions. Keyensian economics has long recognize that you must spend your way out of a recession. Cutting jobs of teachers, policemen, and others do not obviously have the effect of creating jobs. How stupid or corrupt can the Tea Party be? Are they on the take? -- Yes. If you realize that they're beholden to the wealthy right wingers who get them elected in the first place.
This is a case where the rabid right could be "hoist by their own petard."
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