Saturday, April 16, 2011

Wealth Transfer

Here is a "quote of the day" from Barry Ritholtz's blog The Big Picture:
“Middle-class America experienced a lost decade in their retirement accounts, whereas executives enjoyed record compensation packages through the subterfuge of stock option programs. There has been a massive wealth transfer from middle-class America’s retirement accounts to the bank accounts of the privileged few. The social consequences of this wealth transfer bear scrutiny.”

-Albert Meyer, Bastiat Capital
What I find funny is that the populist Tea Party movement isn't upset about this. What disturbs them is whether Barack Obama has an American birth certificate and demands that their legislators cut social programs so that the rich can get more tax cuts. This isn't lambs walking to the slaughter, this is the lambs holding protests and demanding that they be herded faster to the slaughterhouse and be killed more brutally. It makes no sense. But that is American "populism"!

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