There’s a lovely quote in the WSJ that encapsulates everything wrong with America in the last 50 odd years:Many of the investors, bankers and corporate chieftains who took over the Waldorf and Beverly Hilton this week have become desensitised to President Donald Trump’s whims. The stock market hitting new records, even if investors are attempting to pull tens of billions of dollars from some private funds, has helped those spirits.Financiers largely brushed off concerns that have dominated conversations on Wall Street in recent months, including the ongoing war with Iran, which has driven up petrol prices across the US and is now dividing policymakers at the Federal Reserve over whether they can eventually cut interest rates.
“Does anyone really care if the Strait of Hormuz is open?” one high-powered banker posited.
Counterpoint:
Grocery prices are getting ridiculous. $2.49 a pound for potatoes. $5.99 a pound for tomatoes? $9.99 a pound for chuck roast, round steak, and ground beef.
A pot roast dinner for a family of 5 is going to cost $100.00. pic.twitter.com/sssvblAP79
— Hope Rising ✝️⛪📿💐🍔 (@Boomingbox) May 7, 2026
The second type is worse, in a sense. When Diamond wrote his book on why societies collapse he came to the conclusion that it occurred when elites weren’t experiencing the same things as the majority of the society–when they were isolated from the problems and challenges the society was facing.
For 30 years, ordinary Americans haven’t had a raise. And despite all the lies, Americans are beginning to get that.
But, for the people in charge, the last thirty years have been absolutely wonderful. Seriously, things haven’t been this good since the 1890’s and the 1920’s. Everyone they know–their families, their mistresses and toyboys, their friends–is doing well. Wall Street paid even larger bonuses for 2007, the year they ran the ship into the shore, than they did in 2006 when their bonuses equalled the raises of 80 million Americans. Multiple CEOs walked away from companies they had bankrupted with golden parachutes in excess of 50 million. And if you can find a senator who isn’t a millionaire, (except maybe Bernie Sanders) you let me know.
Life has been great. The fact that America is physically unhealthy, falling behind technologically, hemorrhaging good jobs, and that ordinary Americans are in debt up to their eyebrows, haven’t seen a raise in 30 years, and live in mortal fear of getting ill–because even if they have insurance, it doesn’t cover the necessary care–means nothing to the decision-making part of America because it hasn’t experienced it. America’s elites are doing fine, thanks. All they can taste or remember is the caviar and champagne they swill to celebrate how wonderful they are and how much they deserve all the money federal policy has given them.
This is the second insanity of the US: The decision making apparatus in the US is disconnected from the results of their decisions. They make sure they get paid, that they’re wealthy, and let the rest of society go to hell. In the end, of course, most of them will find that the money isn’t theirs, and that what they’ve stolen is worth very little if the US has a real financial crisis.
During the Covid pandemic, Western elites got richer. A lot richer. The worse everyone else does, the better they do.
This is the fundamental disconnect in the West: the people who are making the decisions do well no matter how much ordinary people are hurt; no matter how much they weaken their own countries. In fact, it’s worse than that: the worse their countries and citizens are doing, the better they do.
Every disaster is used to allow more looting. Are there oil shortages? Raise prices even more than costs? Food? Same thing. Are some companies going bankrupt? Buying opportunity! Are citizens desperate? Great, they’ll work for less.
Life is good for our elites and the more they destroy our countries, the better life is for them.
Of course they don’t care that Trump is driving America and the West into the dirt? Why should they? They don’t think it effects them. Of course, in time, it will, but they don’t see that or they don’t care: after all India’s richest people live great lives, who cares if India is a corrupt shithole?
So sorry about high gas prices, high food prices, high health care costs and no future for you or your children. None of that matters. Trump’s getting rich being President and so are American elites and in the eternal honest words of George W. Bush “who cares what you think?”
You don’t matter. It’s been 60 years since anyone in power in America cared about America or Americans. Europe’s leaders are about the same.
Suck it up buttercup. Life’s getting worse and no one with the power to change that cares, because they’re doing more than just fine—they’re the richest rich in the history of the world, and life is good.
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Feral Finster
“YBGIBG” as they say on Wall Street. You’ll Be Gone, I’ll Be Gone. Someone else will pick up the pieces.
Consequences are for the poors.
spud
immunity and limited liability creates elites that have nothing but contempt for the rest of us.
but deep down they know what they are and they fear us. that’s why all of the talk about killing us off has become public knowledge.
the banking leech knows full well the presidents working group on markets, will bail them out.
that was set up by another parasite, reagan. but it went away, only to be resurrected by none other than bill clinton, and its still operating today as far as i know.
its nickname is the plunge protection team.
but the dystopia of america today, and of course the creator of the downfall of america today, can almost all be linked to this guy.
Bill Clinton’s administration repealed the Glass-Steagall Act in 1999, which allowed commercial banks to engage in investment banking, contributing to the conditions that led to the 2008 financial crisis. The subsequent bailout of Wall Street, known as the Troubled Asset Relief Program (TARP), was enacted in response to the crisis, but Clinton’s policies are often criticized for enabling the deregulation that precipitated it.
Wikipedia wallstreetonparade.com
Bill Clinton and the Wall Street Bailout
Repeal of Glass-Steagall Act
Bill Clinton’s administration repealed the Glass-Steagall Act in 1999. This legislation had previously separated commercial banks from investment banks, a measure designed to reduce risk in the financial system. The repeal allowed commercial banks to engage in investment banking activities, which contributed to the conditions that led to the 2008 financial crisis.
The 2008 Financial Crisis and TARP
The financial crisis of 2008 prompted the U.S. government to implement the Troubled Asset Relief Program (TARP). This program was designed to stabilize the economy by purchasing distressed assets from failing financial institutions. TARP was enacted under President George W. Bush, but the deregulation policies initiated during Clinton’s presidency are often cited as factors that enabled the crisis.
Criticism of Clinton’s Policies
Clinton’s economic policies, particularly the repeal of Glass-Steagall, have faced significant criticism. Many argue that these policies set the stage for the reckless behavior of financial institutions, ultimately leading to the need for a massive taxpayer-funded bailout. The consequences of this deregulation were felt widely, as millions of Americans lost jobs, homes, and savings during the crisis.
In summary, while Clinton did not directly initiate the 2008 bailout, his administration’s deregulation efforts are seen as pivotal in creating the environment that necessitated such drastic measures.
Wikipedia
Explore More
The Troubled Asset Relief Program (TARP) was a U.S. government initiative created to stabilize the financial system during the 2008 financial crisis. It included several key components, such as the Capital Purchase Program, which provided capital to banks to stabilize the financial sector, and programs to support the automotive industry and restart credit markets. TARP also aimed to prevent foreclosures and improve financial market stability.
ebsco.com home.treasury.gov
More Search Results
The repeal of the Glass-Steagall Act is often cited as a factor that contributed to the 2008 financial crisis by allowing commercial banks to engage in riskier investment activities, which increased systemic risk in the financial system. Critics argue that this deregulation facilitated the merging of banking and securities activities, leading to institutions that were “too big to fail.”
Wikipedia demos.org
————
i think the era of they no longer fear the bullets is upon us. its in its early stages, but everything that comes out of government now, regardless if its at the federal level right down to the local level, will bring on scenario quicker.
spud
a prime example of elites in action.
https://www.youtube.com/post/UgkxgwA8nrSrHkBRhGSwVCqbI1UzX3cpPhz-
LackLuster
LackLuster
3 hours ago
The complaint:
Sheriff Mike Chitwood
Volusia County Sheriff’s Office
123 West Indiana Avenue
DeLand, FL 32720
Subject: Formal Complaint Regarding Excessive Force and Unprofessional Conduct by Deputy Stefan Ortiz.
Incident on March 8, 2025 (Bodycam Video)
Dear Sheriff Chitwood,
I am writing to formally complain about the conduct of Deputy Stefan Ortiz during a traffic stop on or about March 8, 2025, in Volusia County. Bodycam footage of this incident, which has been widely circulated online, shows what I consider to be abhorrent, unnecessary escalation, and excessive force against a cooperative citizen who had already surrendered his license, registration, and proof of insurance as requested.
According to the available video, the stop was initiated for a tag light violation—a minor equipment issue. The driver, an older man, remained calm, kept his hands visible for officer safety, and promptly provided all documents requested that pertained to the traffic stop. He exercised his constitutional right to remain silent regarding casual investigative questions (such as “Where are you coming from?”) that went beyond the scope of the stop. Rather than respecting this right, Deputy Ortiz became visibly agitated, referred to the driver as engaging in “roadside lawyer” behavior and “playing these games” or a “constitutional rights game,” and escalated the situation unnecessarily.
When the driver did not exit the vehicle as quickly as demanded, Deputy Ortiz physically and violently pulled him from the car, despite the man stating he was complying (“I’m coming out”). This use of force appears disproportionate and unjustified for a non-violent, non-resisting individual during a routine traffic stop. The driver posed no apparent threat to officer safety.
This behavior is deeply concerning for several reasons:
• It violates the public’s trust in law enforcement and the principles of the U.S. Constitution, including the right to remain silent and to be free from unreasonable seizures.
• The deputy’s remarks on bodycam demonstrate clear contempt and retaliation for the citizen exercising protected rights.
• As a recipient of “Officer of the Year” recognition, Deputy Ortiz should exemplify professionalism, de-escalation, and respect for citizens’ rights—not ego-driven escalation.
I respectfully request that the Volusia County Sheriff’s Office:
1. Conduct a thorough internal investigation into this incident, including a full review of the bodycam footage and any other available evidence.
2. Determine whether Deputy Ortiz’s actions constituted excessive force, unprofessional conduct, or a violation of department policy or the law.
3. Impose appropriate disciplinary measures if violations are found.
4. Provide me with a written response detailing the findings of the investigation and any actions taken.
I believe strongly in supporting law enforcement officers who perform their duties with integrity and restraint. However, incidents like this erode public confidence and demand accountability. I urge you to address this matter seriously to uphold the high standards expected of the Volusia County Sheriff’s Office.
Thank you for your attention. I look forward to your prompt response.
The Response:
Sorry. You cannot file a complaint. You’re not a victim just some asshole with too much time on your hands.
Here’s some advice, step away from the Idiot box, go outside, breathe in some fresh air and let your toes touch the grass.
Lastly, I really don’t give a shit what you think.
Sheriff Chitwood
———-
read the comments, we are sick of all of this. its the early stages of no longer fearing the bullets.
Carborundum
I guess folks don’t realize what happens when drought hits and ranchers have to shrink their herds. The consequences last for years and years. Current herd size is about at 1960s levels, with a population nearly double.
Feral Finster
Dubya still walks around free as a bird.
Cheney went from Team D Folk Devil Number One to an Elder Statesman And Bona Fide Hero Of Muh Republic- even before he died.
For his part, the antiwar movement was poleaxed, once the wars became St. Obama’s wars, which meant that criticizing implied criticism of St. Obama.
spud
Hedges i spot on.
https://chrishedges.substack.com/p/americas-suicide-pact?utm_source=post-email-title&publication_id=778851&post_id=196897883&utm_campaign=email-post-title&isFreemail=false&r=g761&triedRedirect=true&utm_medium=email
America’s Suicide Pact
America’s suicidal march began long before Donald Trump. Trump and the buffoons around him are the inevitable final chapter of the decaying empire.
Chris Hedges
May 08, 2026
“Our suicidal march began long before Donald Trump and his bizarre court of buffoons, sycophants, grifters and Christian fascists took power. It began when the ruling class, especially under the Reagan and Clinton administrations, set out to harvest the country and empire for personal profit.
There is a word for these people. Traitors.
These traitors, ensconced in the leadership of the two ruling parties, stripped us of assets and power slowly. They used subterfuge, lies and legalized bribery. They pretended to honor electoral politics, checks and balances, a free press and the rule of law while subverting all of these democratic pillars. That old system, however flawed, was hollowed out. It was turned over to the amoral and the idiotic — look at the Supreme Court or Congress — those willing to do the bidding of the billionaire class.
Armed with billions by the mortal enemy of the demos — the oligarchs and corporations — the political elites, Republicans and Democrats, destroyed the careers of those politicians who resisted.
They crushed labor unions. They blacklisted honest journalists and consolidated the press into the hands of a handful of corporations and oligarchs. They slashed regulations that constrained unfettered greed and protected the population from predatory corporations and environmental toxins.
They passed legislation that created a de facto tax boycott for the rich — Trump famously paid no federal income taxes in 10 of the 15 years prior to his presidency — while stripping the country of its industry and throwing some 30 million people out of work. Wealth is no longer created by producing or manufacturing. It is created by manipulating the prices of stocks and commodities and imposing a crippling debt peonage on the public.
These parasites cut or abolished social programs, militarized the police, built the largest prison system in the world and pumped funds into a bloated and out-of-control war industry. German socialist and politician Karl Liebknecht, on the eve of the suicidal folly of World War I, called German imperialists “the enemy at home.” Our rulers, our enemies at home, mounted a series of futile wars that degraded the empire’s global hegemony and poured trillions of dollars of taxpayer money into their bank accounts. Iran is the most recent example.”
DMC
The Epstein class; the immunity is baked in, unless you become a liability to Mossad.
spud
Carborundum:
the reduced herds are the inevitable results of bill clintons disastrous policies.
Bill Clinton’s trade policies and actions, particularly during his presidency, have been criticized for negatively impacting various agricultural sectors, including beef ranchers. His administration’s decisions, such as promoting imports of subsidized U.S. rice, have been linked to broader issues affecting farmers and ranchers in the U.S.
Democracy Now! Yahoo
Impact of Bill Clinton’s Policies on Beef Ranchers
Bill Clinton’s presidency is often scrutinized for its trade policies, which had significant repercussions for various agricultural sectors, including beef ranching.
Trade Policies and Their Effects
Promotion of Imports: Clinton’s administration encouraged the importation of subsidized agricultural products, which affected domestic prices and competition.
Subsidized Rice Imports: One of the most notable policies was the promotion of U.S. rice imports to Haiti, which, while not directly related to beef, reflects a broader trend of prioritizing imports over domestic agricultural support. This approach has been criticized for undermining local farmers’ ability to compete.
Consequences for Beef Ranchers
Market Competition: The influx of imported beef products, often at lower prices due to subsidies, created a challenging environment for U.S. beef ranchers. This competition can lead to reduced profit margins and financial instability for local ranchers.
Long-term Effects: The policies implemented during Clinton’s presidency contributed to a shift in the agricultural landscape, making it harder for domestic producers to thrive amidst global competition.
Summary of Criticism
Critics argue that Clinton’s trade policies favored large agricultural producers and importers, often at the expense of smaller, local ranchers. This has led to ongoing discussions about the need for policies that better support domestic agriculture and ensure fair competition in the market.
Democracy Now! Wikipedia
Bill Clinton’s trade policies, particularly the repeal of the Glass-Steagall Act and the deregulation of derivatives, had significant impacts on various sectors, including beef ranchers. These policies contributed to the consolidation of the beef industry, making it harder for small ranchers to compete. Additionally, the North American Free Trade Agreement (NAFTA), which Clinton supported, led to increased competition from imported beef, further challenging domestic ranchers.
Bill Clinton’s trade policies focused on expanding market access and enforcing agreements, but alternatives like stronger domestic support programs, targeted subsidies, or more stringent trade protections could have better supported beef ranchers by stabilizing prices and reducing reliance on volatile international markets.
National Archives sierraclub.org
Mark Level
I just read a short Thomas Frank piece in this month’s Harper’s on some idiots in the neighborhood of Pacific Heights, aka “Specific Whites” in San Francisco, to express their support and love for Billionaires!! They are awesome ‘coz they “provide wealth to all” with their “innovations”, one moron woman lauded their creations of soul-crushing Tech Platforms, self-driving cars (do drive down wages), etc.
Naturally these self-hating, slave morality clowns drew hecklers and naysayers. When they’d chant Grow! The! Pie! the riposte was Pay! To! Poop!! The “March For Billionaires” opponents had signs like “Trillionaires for Trump” & “Tip Your Landlord!”
The moron woman, Flo, had a T-Shirt reading SMASH COMMUNISM. Might as well have worn something saying “Delete yourselves, Slave Class.”
Frank interviewed the organizer, not himself a Billionaire, & he was supposedly “nuanced”, didn’t support “Land Speculators” like Trump, or monopolies, etc. He denied any interest in the Ayn Rand Cult as well. The main positive take that Frank took away was that even these wanna-be Serfs and Bootlickers don’t know about or have any interest in Rand’s “Objectivism” Cult, and in closing he notes that US economy now entirely built on various multi-level Frauds and Scams. No doubt.
If you live somewhere with newsstands (? I used to, there’s one where I now live but it’s not very great, not like anything I had access to in the Rockridge neighborhood of Oakland), the issue’s still on the stands, you could even read the short piece without buying it.
mago
Sheriff Chitwood says eat shit and die dickhead, echoing a common sneering disdain for those considered lesser losers.
In other news, drought dries land, kills crops and animals with long term consequences.
Tell it to the wind, not my problem say the overlords. How much money did I make off death and destruction today?
Roll out the tumbrils, it’s past time for heads to roll. Cue The Rolling Stones . . .
Joel Jones
Honestly, if the situation has been the same since 2007–and I agree it has been–what hope is there that the tumbril are really coming out?
Have any of you read Crane Brinton’s Anatomy of Revolution? I recommend it. It analyzes the English Civil Wars, American Revolution, French Revolution, and Russian Revolution for common patterns, and that model predicts successful revolutions happen when the government is incompetent (check) but also when a group of the elite that have been improving their lot suddenly face setbacks.
Is there any portion of the current elite who are going to be kicked off the gravy train any time soon? I doubt it.
GlassHammer
That disconnect, removal, separate world, whatever you want to call it was built by the elites to keep themselves content and the funny thing is many don’t even have the source of their money inside that little world. They honest to God do not understand their own money.
But… they do understand networking and how to use lawyers. Which works up until elite infighting occurs. And that infighting is what actually scares them.
spud
words of wisdom.
Listen to this man.
https://www.youtube.com/shorts/85smvbxVzyw
Mark Level
I love this site because, with a few exceptions, the other commenters have so much great material to share.
1st, I thank spud for the Hedges share. Every word precise, correct, and needed. While I greatly admire Hedges, he’s nearly as great as Max Blumenthal in my opinion, there are things about his personal affect that put me off.
He is an Ur-Wasp, which is what both of my Silent Generation parents aspired to be, but couldn’t. (Mom was a very swarthy Spaniard-French mix, dad came from a poor Irish Catholic family, did at least have a Saxon last name.) I didn’t like WASPs growing up, all the ones I knew seemed super-uptight, uber-materialist, seemed to be walking around with a giant stick in their asses, humorless drones. Hedges is a true man of the left, I’ll give him that, BUT–
He also has some very bad takes viz social “morality.” He is a sex shamer to those who don’t presumably share his missionary-position only, stiff upper lip anti-sensuality. Some years back he paid to attend some conference at Porn Hub or some place like that. Now, I don’t think highly of Porn Hub, it is overpriced, commercialized tawdry junk, it does push violence, mainly against women but not exclusively, the few products it offers that I’ve looked at were just gross and did nothing for me.
I did some goggling and see that he is a Virgo, born Sept. 18th, poor guy, makes sense. The fussbudgets of the Zodiac. He is also a “Presbyterian Minister.” Ho hum, “no sex please, we’re British!” He is that waxy pink pale color that many bloodless entities from the far North display. He reminds me a bit of HP Lovecraft, whose lurid Horror story-telling I enjoy, but HPL harped on endlessly about how white and purely Anglo-Saxon all his bloodline was (competitive with the Zionists & Deutsche as to who is the actual “Master Race”), hated “niggers and Jews” though he had a Jewish wife for a time . . . Oh, both Lovecraft’s parents died insane, his father at a young age, as I recall, his mother somewhat older, & he himself to complete the trend. Too much incestuous inbreeding generally ends badly.
So to summarize, Hedges is politically brilliant and insightful, worth consulting on most subjects, but as a human being, he is kind of a smug, miserable Purity Pony Performer, & nothing he says regarding “deviant” sexual behavior should be taken seriously. I suspect he has never experienced even one moment of what the French call jouissance. Harper’s “Findings” column noted men in consensual BDSM relationships are generally happier than ones trapped in a vanilla world, surveys show. I don’t know if that’s true of women also, but 50 Shades of Gray was a massive Sensation with women, so I will guess it’s likely.
He’s an amazing scold when he’s directing his ire the right way. When not, he’s just a miserable Puritan, as Mencken said “The haunting fear that someone, somewhere, may be happy.” I’d love to spend an hour face to face with Max Blumenthal, even Jimmy Dore. I wouldn’t want to spend 10 minutes with the joyless Hedges, up in his Empyrean Heights of Smug Superiority.
Oh, and thanks to Joel Jones, I consider myself well-read in history, read the Wiki piece on Brinton’s Anatomy of a Revolution. Plan to look into it.
StewartM
To see what Ian is talking about, writ small in one state in Appalachia:
https://www.youtube.com/watch?v=NKDagFciBJc
StewartM
Mark Level
So to summarize, Hedges is politically brilliant and insightful, worth consulting on most subjects, but as a human being, he is kind of a smug, miserable Purity Pony Performer, & nothing he says regarding “deviant” sexual behavior should be taken seriously.
He’s got a fair amount of company in the supposed “Left” on that. We badly need an Alfred Kinsley again to remind people what is supposedly “deviant” is actually statistically normal. It’s nothing less than a war on human nature.
My biggest problem with Hedges is that his whole bent is to argue for INACTION. He’s the type that, pre-WWII, would say “The Nazis, Fascists and Japanese militarists are awful, but the British empire has killed 150 million (true), the US also has blood on its hands to the tune of millions on the genocide of Native Americans and of African slavery, and the USSR has the purges and the Gulag—better to stay ‘pure’ and contemplate your navel. Whatever you do, DON’T VOTE.” It’s nothing more than a replay of the supposedly ‘revolutionary’ counterculture of the late 1960s and 70s subverted the political activism of the early 1960s.
There is never going to be a perfect solution, realistically. Life is all about choosing the lesser evil. That’s true in our personal lives as well as our public.
Spud keeps going on and on about Clinton as if he was the greatest evil of the Age, and I consider Clinton to possibly be the second best president of my adult life. Biden is the best, then Clinton, then maybe Carter, then Obama, then Bush 41, then Bush 43, then Reagan/Trump at the bottom. I realize that this is damning with faint praise, as ALL these men did horrible things, but at least Clinton raised taxes on the rich, and even THAT modest increase would have resulted in a US with no debt at all in 2011 (yeah, I know the MMT theories, but let set that aside for the moment). Obama managed to avoid raising taxes on the EVEN WHEN ALL HE HAD TO DO WAS NOTHING to see them go back up. Apparently “doing nothing” was too high a bar; and to balance the deficit debt crises Obama repeatedly kept trying to breathe life into the Catfood Commission.
Most of the Clinton evils that Spud cites were:
1) Already initiated by Reagan/Bush (no, Clinton didn’t foist “free trade” on the US, NAFTA was negotiated by Reagan/Bush and trade status with China had been effectively normalized since 1981.)
2) Broadly the consensus in the 1990s (Glass-Steagal, Crime Bill, etc, Telecommunications Act, etc.). Yeah, Clinton should have fought them, but he was no ideological lefty; in fact, he was elected precisely because he wasn’t largely by working-class votes. They could have voted for a more progressive candidate, but didn’t.
If you want to condemn Clinton, I’d say the replacement of AFDC by TANF (totally politically unnecessary, and counterproductive), his backtracking on ‘gays in the military’ and Hatian refugees (campaign promises that he didn’t need to backtrack on, and encouraged his opposition), and on “The Pact” secretly made with Newt Gringrich to privatize SS, where SS was saved by a very unlikely savior, Monica Lewinsky:
https://www.amazon.com/Pact-Clinton-Gingrich-Rivalry-Generation/dp/0195322789
Lastly, Clinton was more interested in his personal political ambition than that of his party. In the 1996 election, with it seeming that the Rs might lose Congress, he negotiated the sell-out of TANF for AFDC, largely to appeal to white working-class voters (cue in most any country music song here). Not only was it politically unnecessary, as Clinton was already leading Dole in the presidential race by a wide margin, it helped give the Rs something to run on in 1996, meaning that they kept Congress, whereupon they did impeached his ass over the Lewinsky affair. This was all so Clinton could win in a double-digit landslide, which didn’t, because such actions depressed Democratic vote.
Smart, Bill.
So–yeah he did a lot of bad things. But he wasn’t the worst evil in my adult lifetime, not close to it. The worst evil is a tie between Reagan and Trump.
Carborundum
I’m sure globalization plays a role, but I don’t think it’s the driver of the acute increases we’ve seen of late. My recollection is that the bulk of US imports go into ground beef, not case meats and that beef herd size has been reasonably constant from the early oughts, except for drought years.
My view, this acute phase is largely driven by a combination of the 2021 – 2023 drought (even since that peak it hasn’t been awesome in the beef producing heartland) and, no doubt, profit taking at the retail level. When you see herd size declining while the fraction of the slaughter made up of cows and particularly heifers increases – as we’ve seen for the past several years – it tells you that ranchers are having difficulty feeding their herds economically.
It’s now gotten to the point that calf production is at an historic low. Even if we get some wet years in a row, ranchers are going to want to keep cull numbers lower to rebuild herd size. To add to the joy, this may be further complicated by increased competition for groundwater (e.g., ethanol production, people, data centres, oil production, etc.). Whee.
Feral Finster
@Joel Jones: i have not read the book you reference (sounds intriguing!) but, romanticist fantasies and Les Miz aside, as long as they are united, the 1% have nothing to fear from the 99%, because the 1% have the levers of power and will do whatever it takes to keep power.
Revolutions happen when the 1% are disunited amd 1% factions start casting about for allies.
Mark+Oglesby
The elites are parasites feeding on a host, but in killing the host, they kill themselves. Indeed, they don’t see this, but they will. We, all of us, the weak, the meek, the slaves to their appetite, yes, every soul alive will meet this fate as it cannot be avoided. What to do? REVOLT! How? Eradicate the parasites amongst us, and yes, it can be done. How, simply refuse to cooperate. Simply say no and refuse to consume (with the exclusion of life’s necessities, pay debts, pay taxes, REFUSE TO WORK! Just Say No! No more and do this in the tens of millions and the Elite Class will wither away. It can and should be done as to do nothing will end us all! Remember: The parasites will kill the host as they cannot, will not stop. BUT, in killing the host, they kill themselves.
mago
Kind of off topic, but everyone has probably wandered off, so I’ll briefly address the muy estimado Mark Level regarding Chris Hedges to whose report I’m an unpaid subscriber.
I’ve been following Hedges for years, and while I agree with most of ML’s points, I respect CH as a former down on the ground journalist in various war zones. Also, despite his money and status, he taught in prisons and that’s a volunteer position that takes some cojones and compassion, not to mention fortitude to fulfill. For that alone I forgive whatever stuffy, prissy attitudes he has around sexual matters and whatever else. He’ll never go full radical, but the dude has insight and sensitivity, and he can write. Plus he knows how the game is played, and he works it. So overall two thumbs up for his professionalism.
spud
StewartM;
https://www.salon.com/2016/10/02/own-up-to-nafta-democrats-trump-is-right-that-the-terrible-trade-pact-was-bill-clintons-baby/
Own up to NAFTA, Democrats: Trump is right that the terrible trade pact was Bill Clinton’s baby
If the Democrats want to reclaim a progressive identity, they must own up to the dreadful mistakes of the past
By Paul Rosenberg
Contributing Writer
…
clinton raised taxes on the rich, ROTFLOL!!!! he gave them a huge tax cut. it was so huge, that it sent wealth inequality soaring in the U.S.A. and its accelerating.
see thomas pickettys graph, the year was 1993.
the rich earn little in taxable income. the rich earn capital and real estate gains. that’s how they do it. they don’t raise a finger, they engineer bubbles.
—
Bill Clinton’s administration reduced the top marginal long-term capital gains tax rate from 28% to 20% as part of the Taxpayer Relief Act of 1997, which aimed to provide tax relief and stimulate the economy. This change primarily benefited wealthier individuals who realized capital gains.
Wikipedia crfb.org
Capital Gains Tax Cut Under Bill Clinton
Overview of the Taxpayer Relief Act of 1997
The Taxpayer Relief Act of 1997, signed into law by President Bill Clinton, included significant changes to the capital gains tax structure. This legislation aimed to provide tax relief and stimulate economic growth.
Key Changes to Capital Gains Tax
Reduction in Tax Rate: The top marginal long-term capital gains tax rate was reduced from 28% to 20%.
Target Beneficiaries: This tax cut primarily benefited wealthier individuals who realized capital gains, as they are more likely to engage in investments that generate such income.
Implications of the Tax Cut
The reduction in the capital gains tax rate was part of a broader strategy to encourage investment and economic activity. By lowering the tax burden on capital gains, the administration aimed to stimulate growth in the economy, particularly benefiting those in higher income brackets who typically have more capital to invest.
This tax policy reflects a common debate regarding tax cuts for the wealthy and their impact on overall economic health, with proponents arguing that such cuts can lead to increased investment and job creation.
Wikipedia crfb.org
The 1997 capital gains tax cut, which lowered the tax rate on capital gains, initially led to increased revenue as investors rushed to sell assets before potential future tax increases. However, over the long term, it is believed to have contributed to economic distortions and did not significantly boost overall economic growth.
cbpp.org Brookings
Capital gains tax cuts have significantly increased income inequality in the U.S. by disproportionately benefiting the wealthiest households, as most capital gains are realized by the top 3% of earners. This concentration of gains at the top exacerbates wealth disparities, with the top 10% seeing their share of income rise, while lower-income groups experience slower economic growth.
equitablegrowth.org Brookings
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then of course through free trade and clintons corporate relief tax cut, we got this,
Corporate offshore tax relief encourages U.S. companies to shift profits and investments to low-tax jurisdictions, which can lead to job losses and reduced tax revenues in the U.S. This practice distorts market competition and undermines the domestic economy by incentivizing firms to prioritize offshore operations over local investments.
americanprogress.org piie.com
The estate tax cuts during Bill Clinton’s presidency primarily benefited the wealthiest individuals, particularly the top one-tenth of one percent of families, who received the largest tax cuts. In 2010, for example, about 54,000 estates, or roughly 2 percent of decedents, would have benefited from the repeal, with an average tax cut of $800,000 each.
National Archives cbpp.org
Beneficiaries of Bill Clinton’s Estate Tax Cuts
During Bill Clinton’s presidency, estate tax cuts were implemented that primarily favored the wealthiest individuals in the United States. The focus of these cuts was on high-income families, particularly those with substantial estates.
Key Beneficiaries
Top One-Tenth of One Percent This group received the largest tax cuts, averaging around $7 million each for the wealthiest families.
54,000 Estates in 2010 Approximately 2 percent of decedents benefited from the repeal, with an average tax cut of $800,000 each.
The estate tax cuts were criticized for being regressive, as they disproportionately benefited the wealthiest individuals while providing minimal relief to small businesses and family farms. The majority of the tax cuts went to a small fraction of the population, highlighting the inequitable nature of the tax policy during this period.
National Archives cbpp.org
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balanced budget, how andrew mellon of you.
Bill Clinton’s balanced budget policies contributed to the economic crisis by leading to a significant increase in household debt and a housing bubble, primarily through the actions of Fannie Mae and Freddie Mac. Critics argue that while the budget was balanced, it created conditions that ultimately harmed the economy.
Business Insider Wikipedia
Bill Clinton’s administration is often remembered for achieving balanced budgets and budget surpluses from 1998 to 2001, the first such surpluses in decades. His economic strategy, known as “Clintonomics,” included raising taxes on higher-income earners, cutting defense spending, and implementing welfare reforms. These measures contributed to strong economic growth and record job creation during his presidency.
Despite the initial success, Clinton’s balanced budget policies had significant long-term consequences:
Increased Household Debt: The focus on budget surpluses led to a reduction in government spending, which in turn caused households to increase their consumption and debt levels. This shift resulted in a collapse of the household savings rate during his presidency.
Housing Bubble: The actions of Fannie Mae and Freddie Mac during this period played a crucial role in inflating the housing market. They issued large amounts of mortgage-backed debt, which contributed to the housing bubble that eventually burst, leading to the financial crisis.
Critics argue that while the balanced budget was a significant achievement, it created conditions that ultimately harmed the economy. The reduction in government spending and the increase in household debt set the stage for economic instability. The reliance on private consumption to drive growth, coupled with the housing bubble, contributed to the economic crisis that followed.
In summary, Clinton’s balanced budget policies, while initially successful, are viewed by some as having sown the seeds for future economic troubles.
Wikipedia Business Insider
gee, this sounds just like bill clinton,
Andrew W. Mellon, as U.S. Secretary of the Treasury from 1921 to 1932, advocated for balancing the federal budget by cutting spending and reducing taxes, particularly on higher income earners. His policies aimed to stimulate economic growth during the 1920s, but his approach faced criticism during the Great Depression, as he opposed direct government intervention to address the economic crisis.
itrfoundation.org home.treasury.gov
Andrew Mellon’s Approach to Balancing Budgets
Tenure as Secretary of the Treasury
Andrew W. Mellon served as the U.S. Secretary of the Treasury from 1921 to 1932. His primary focus was on fiscal conservatism, which included:
Balancing the Federal Budget: Mellon believed in reducing government spending to achieve a balanced budget.
Tax Reductions: He advocated for lowering taxes, especially for higher income earners, under the belief that this would stimulate economic growth.
Economic Context
During the 1920s, Mellon’s policies contributed to what is often referred to as the “Roaring Twenties,” a period marked by significant economic growth. However, his approach faced severe challenges during the Great Depression, which began in 1929.
Criticism During the Great Depression
As the economy collapsed, Mellon’s steadfast commitment to budget balancing and opposition to direct government intervention drew criticism. Key points include:
Refusal of Relief Measures: Mellon opposed government relief for the unemployed, believing that the economy would self-correct without intervention.
Philosophy of Liquidation: He suggested that economic downturns were necessary to purge excesses from the system, a view that aligned with the Austrian economic perspective.
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if you love today’s america, i can understand your views on clinton and biden. but clinton made reagan look like a piker!
https://dissentmagazine.org/article/the-legacy-of-the-clinton-bubble/
The Legacy of the Clinton Bubble
Timothy A. Canova ▪ Summer 2008
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clinton never won a majority of voters, he was a two term electoral college winner. the majority of american voted for someone else.
Bill Clinton won the presidency in 1992 with only 43% of the popular vote, as he defeated incumbent George H. W. Bush and Independent candidate Ross Perot. He also won re-election in 1996 with 49.2% of the popular vote, again not surpassing the 50% mark.
UC Santa Barbara Wikipedia
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just one graph tells it all, 1993 was the year.
https://ceprdc.tumblr.com/post/87307310830/piketty-in-one-graph-this-graphic-summarizes-the
eg
@StewartM
For me, the evils of Bill Clinton are these:
First, he made the evils of Reagan permanent, much the same as Blair did Thatcher’s — which is unforgivable.
Second, he was the architect of the “corpo-Dem” structure (DNC) atop the Democratic Party which services the donor class at the expense of working people. This reduces the Democratic Party to a pawl in the Uniparty ratchet, ensuring that US policy can only ever move rightwards. It also vomits forth one betrayer-in-chief of working people after another as its presidential candidate.
The Clintonite wing of the party must be defenestrated with extreme prejudice.
spud
eg:
well said!
we see the inevitable results of clintonism, we got trump. we see the inevitable results of blairism, the reform election blowout in the U.K.