Sunday, October 19, 2008

Quote For The Week

And this one is a powerful one that I came upon and credit to Bill Maher for putting me up on game this past Friday on his weekly show 'Realtime With Bill Maher'. The panel were about taxes and the economy and the crisis that we're facing how we got in such a mess. The problem in all of this being the overarching wealth at the top and richest people in America vs. the poor and how wide that margin has become in recent times and how the George Bush tax cuts have helped coddled the inequality and how toxic that is becoming and bearing itself out in the turmoil we find ourselves. Maher then referenced Marriner S. Eccles, who served as Franklin D. Roosevelt's Chairman of the Federal Reserve from November 1934 to February 1948, detailed what he believed caused the Depression (one that many believe we're on the eve of right now):

"Instead of achieving that kind of distribution, a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. This served them as capital accumulations. But by taking purchasing power out of the hands of mass consumers, the savers denied to themselves the kind of effective demand for their products that would justify a reinvestment of their capital accumulations in new plants. In consequence, as in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped."

We really need to elect a person that understands this.

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