DOW Jones Rises, America Loses
The DOW Jones recently reached a new high. A reason to celebrate in the streets and hail the strength of the American economy, new highs in the stock market are always good news, right? Granted, I’m not an economist, but I beg to differ. Back in the twenties about 90% of stocks were owned by the American public, the rest were owned by corporations themselves. Today that proportion is reversed, the public only owns about 10% of the stock in America, the rest is held by corporations. Or to put this in easier to understand terms, 10% of Americans own 90% of the stock in America.
In other words, when the stock market goes up…the rich are getting richer. Not only is America rapidly transforming into one giant company town where everyone is in debt and really owns nothing, we have been so bamboozled that we think the rich getting richer is good news! The stock market going up just means that the money is being vacuumed out of the typical citizen’s pocket even faster! The stock market going up just means the day is drawing ever closer where the last dollar in America will be in an offshore account in the Caribbean.
America’s wealth has been spiralling upwards steadily since the eighties, and if anything the situation is accelerating as Bush strips money from domestic spending to give to the least productive industry on the planet, the armaments industry. An economy based on military spending is a recipe for disaster. The country’s infrastructure is falling apart as Bush plays Cowboys and Indians with our grandchildren’s money. And like a broken record, Bush’s only plan is to pour even more money into the bloody maelstrom he created in the Middle East.
I don’t know when the economy is going to tank, but like the war with Iran and global warming, it sure seems inevitable to me. Soon I’ll blog about how things like ever more Walmarts and Casinos aren’t helping. Fun for all!
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
1 Timothy 6:10
(The above image is claimed as Fair Use under US copyright law, it is not being used for profit, it is central to illustrating the post, and it is an historically important image.)