{"id":4254,"date":"2010-07-13T20:26:22","date_gmt":"2010-07-14T01:26:22","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=4254"},"modified":"2010-07-13T20:33:04","modified_gmt":"2010-07-14T01:33:04","slug":"were-in-a-recession-because-the-rich-are-raking-in-an-absurd-portion-of-the-wealth","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2010\/07\/13\/were-in-a-recession-because-the-rich-are-raking-in-an-absurd-portion-of-the-wealth\/","title":{"rendered":"We&#8217;re in a Recession Because the Rich Are Raking in an Absurd Portion of the Wealth"},"content":{"rendered":"<p>In the article <a title=\"Robert Reich article\" href=\"http:\/\/www.alternet.org\/economy\/147469\/we%27re_in_a_recession_because_the_rich_are_raking_in_an_absurd_portion_of_the_wealth\/?page=1\" target=\"_blank\"><strong>We&#8217;re in a Recession Because the Rich Are Raking in an Absurd  Portion of the Wealth<\/strong><\/a><strong> <\/strong>Robert Reich explains why growing income inequality is the fundamental problem driving all of our other economic ills.<\/p>\n<blockquote><p>&#8230; when earnings accumulate at the top, people at the top invest their  wealth in whatever assets seem most likely to attract other big  investors. This causes the prices of certain assets\u2014commodities, stocks,  dot-coms or real estate\u2014to become wildly inflated. Such speculative  bubbles eventually burst, leaving behind mountains of near-worthless  collateral.<\/p><\/blockquote>\n<p>In other words, above a certain level of wealth, there is nothing useful left for the wealthy to invest in.<\/p>\n<p>This is another version of the story\u00a0 <a title=\"Previous Blog Post\" href=\"http:\/\/ssgreenberg.name\/PoliticsBlog\/2009\/09\/24\/emphasis-on-growth-is-called-misguided\/\" target=\"_blank\"><strong>Emphasis on Growth Is Called Misguided<\/strong><\/a>, which I posted on September 24, 2009. In that post, I mentioned that<\/p>\n<blockquote><p>This story resonates with what I recently read in the book <a title=\"Book review\" href=\"http:\/\/www.ssgreenberg.name\/Books.php#EconomicNaturalistsFieldGuide\" target=\"_blank\"><strong>The Economic Naturalist\u2019s Field Guide: Common Sense Principles for Troubled Times<\/strong><\/a> by Robert H. Frank.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>In the article We&#8217;re in a Recession Because the Rich Are Raking in an Absurd Portion of the Wealth Robert Reich explains why growing income inequality is the fundamental problem driving all of our other economic ills. &#8230; when earnings accumulate at the top, people at the top invest their wealth in whatever assets seem [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[166],"tags":[],"class_list":{"0":"post-4254","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-stevegsposts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/4254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=4254"}],"version-history":[{"count":3,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/4254\/revisions"}],"predecessor-version":[{"id":4256,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/4254\/revisions\/4256"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=4254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=4254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=4254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}