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FOCUS | And Now the Richest .01 Percent |
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Tuesday, 18 November 2014 11:15 |
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Reich writes: "The richest Americans hold more of the nation's wealth than they have in almost a century. What do they spend it on? As you might expect, personal jets, giant yachts, works of art, and luxury penthouses. And also on politics."
Economist, professor, author and political commentator Robert Reich. (photo: Richard Morgenstein)

And Now the Richest .01 Percent
By Robert Reich, Robert Reich's Blog
18 November 14
he richest Americans hold more of the nation’s wealth than they have in almost a century. What do they spend it on? As you might expect, personal jets, giant yachts, works of art, and luxury penthouses.
And also on politics. In fact, their political spending has been growing faster than their spending on anything else. It’s been growing even faster than their wealth.
According to new research by Emmanuel Saez of the University of California at Berkeley and Gabriel Zucman of the London School of Economics, the richest one-hundredth of one percent of Americans now hold over 11 percent of the nation’s total wealth. That’s a higher share than the top .01 percent held in 1929, before the Great Crash.
We’re talking about 16,000 people, each worth at least $110 million.
One way to get your mind around this is to compare their wealth to that of the average family. In 1978, the typical wealth holder in the top .01 percent was 220 times richer than the average American. By 2012, he or she was 1,120 times richer.
It’s hard to spend this kind of money.
The uber rich are lining up for the new Aerion AS2 private jet, priced at $100 million, that seats eleven and includes a deluxe dining room and shower facilities, and will be able to cross the Atlantic in just four hours.
And for duplexes high in the air. The one atop Manhattan’s newest “needle” tower, the 90-story One57, just went for $90 million.
Why should we care?
Because this explosion of wealth at the top has been accompanied by an erosion of the wealth of the middle class and the poor. In the mid-1980s, the bottom 90 percent of Americans together held 36 percent of the nation’s wealth. Now, they hold less than 23 percent.
Despite larger pensions and homes, the debts of the bottom 90 percent – mortgage, consumer credit, and student loan – have grown even faster.
Some might think the bottom 90 percent should pull in their belts and stop living beyond their means. After all, capitalism is a tough sport. If those at the top are winning big while the bottom 90 percent is losing, too bad. That’s the way the game is played.
But the top .01 percent have also been investing their money in politics. And these investments have been changing the game.
In the 2012 election cycle (the last for which we have good data) donations from the top .01 accounted for over 40 percent of all campaign contributions, according to a study by Professors Adam Bonica, Nolan McCarty, Keith Poole, and Howard Rosenthal.
This is a huge increase from 1980, when the top .01 accounted for ten percent of total campaign contributions.
In 2012, as you may recall, two largest donors were Sheldon and Miriam Adelson, who gave $56.8 million and $46.6 million, respectively.
But the Adelsons were only the tip of an iceberg of contributions from the uber wealthy. Of the other members of the Forbes list of 400 richest Americans, fully 388 made political contributions. They accounted for forty of the 155 contributions of $1 million or more.
Of the 4,493 board members and CEOs of Fortune 500 corporations, more than four out of five contributed (many of the non-contributors were foreign nationals who were prohibited from giving).
All this money has flowed to Democrats as well as Republicans.
In fact, Democrats have increasingly relied on it. In the 2012 election cycle, the top .01 percent’s donations to Democrats were more than four times larger than all labor union donations to Democrats put together.
The richest .01 percent haven’t been donating out of the goodness of their hearts. They’ve donated out of goodness to their wallets.
Their political investments have paid off in the form of lower taxes on themselves and their businesses, subsidies for their corporations, government bailouts, federal prosecutions that end in settlements where companies don’t affirm or deny the facts and where executives don’t go to jail, watered-down regulations, and non-enforcement of antitrust laws.
Since the top .01 began investing big time in politics, corporate profits and the stock market have risen to record levels. That’s enlarged the wealth of the richest .01 percent by an average of 7.8 percent a year since the mid-1980s.
But the bottom 90 percent don’t own many shares of stock. They rely on wages, which have been trending downward. And for some reason, politicians don’t seem particularly intent on reversing this trend.
If you want to know what’s happened to the American economy, follow the money. That will lead you to the richest .01 percent.
And if you want to know what’s happened to our democracy, follow the richest .01 percent. They’ll lead you to the politicians who have been selling our democracy.

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FOCUS | Missouri's Pre-Emptive State of Emergency Is Proof the Grand Jury Decision Was Rigged |
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Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=7118"><span class="small">Carl Gibson, Reader Supported News</span></a>
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Tuesday, 18 November 2014 09:30 |
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Gibson writes: "If Governor Jay Nixon didn't already know the outcome of the Ferguson grand decision, he wouldn't have needed to call a state of emergency to give police extra powers. This is proof that the grand jury has already made their decision, but it won't be made public until the state had adequately prepared for the suppression of mass dissent."
St. Louis County prosecuting attorney Robert P. McCulloch, a Missouri native whose police officer father was killed in the line of duty when McCulloch was 12. (photo: AP)

Missouri's Pre-Emptive State of Emergency Is Proof the Grand Jury Decision Was Rigged
By Carl Gibson, Reader Supported News
18 November 14
“Governor calls State Of Emergency. National Guard waiting. FBI giving warnings. KKK issuing threats. What 'effing year is this?”
– @ElonJames
“I couldn’t become a policeman, so being county prosecutor is the next best thing.”
– St. Louis County Prosecutor Robert McCulloch
f Governor Jay Nixon didn’t already know the outcome of the Ferguson grand decision, he wouldn’t have needed to call a state of emergency to give police extra powers. This is proof that the grand jury has already made their decision, but it won’t be made public until the state had adequately prepared for the suppression of mass dissent.
From the very beginning, the grand jury process was conducted to methodically protect Darren Wilson from any indictments. Robert McCulloch, the prosecutor for St. Louis County since 1991 (who was recently re-elected with no opposition), has a long history of shielding police officers who kill citizens from indictments, as he did in 2001, even referring to the two black men killed by the acquitted officers as “bums.” McCulloch’s brother was a sergeant in St. Louis’s 9th district. His nephew and cousin were all St. Louis police officers. His mother was clerk for the St. Louis Police Department’s homicide division for 20 years. Basically, Robert McCulloch IS the police.
When McCulloch was 12, his father, Paul, an original member of the St. Louis PD’s Canine Corps, was killed in the line of dutyon July 2, 1964. Eddie Glenn – a black man – was charged and convicted of first-degree murder, but an investigation by CounterPunch suggests that Glenn should have been acquitted, because of the circumstantial and questionable nature of the evidence against him.
Because Paul McCulloch was found dead at the end of a gunfight between Glenn and four police officers, the fatal bullet may have come from any of the police officers’ guns. Glenn didn’t testify, but the only times he was interviewed about the incident were when he was in critical condition, awaiting surgery, or incoherent after coming out of surgery. Glenn had no lawyer present on his behalf during any of the interviews. Moreover, the jury that found Glenn guilty was made up entirely of white men, and there were no witnesses to the crime other than St. Louis police officers. McCulloch is still haunted by the death of his father, as he talked about it in his original campaign for District Attorney in 1991.
Protesters have called on Governor Jay Nixon to take McCulloch off the case and replace him with a special prosecutor. Over 116,000 people signed a petition calling for a special prosecutor, yet McCulloch has refused to step aside. Rather than going by the common practice of waiting on county and federal probes to be completed before hearing evidence, McCulloch is feeding the grand jury bits and pieces of evidence as his office receives it. Despite the fact that the case involves a white police officer killing a black man, the grand jury is made up of nine white people and three black people. Nine jurors have to agree on whether or not to indict. You do the math.
Governor Nixon’s recently-declared state of emergency allows for the St. Louis County Police Department, the St. Louis Metropolitan Police, and the Missouri Highway Patrol to function as a “unified command” with the Missouri National Guard, which Nixon just deployed in the St. Louis area. While Nixon says the police will be there to “protect civil rights and public safety,” the heavy-handed response to the initial protests after Mike Brown’s shooting invites skepticism.
There’s no current reason for Jay Nixon to declare a state of emergency. Protests, while ongoing, have been largely peaceful with the exception of one night out of 100. Additionally, the FBI has sent out a bulletin to police departments across the nation, telling officers to be on guard as the Ferguson grand jury decision could provoke nationwide protests, in which “extremists” could attack police and target critical infrastructure. The whole process reeks of the state amassing resources to swiftly smash dissent, and stalling the announcement of the grand jury decision until all preparations have been made to handle protests of all sizes.
Protesters during the Civil Rights Era had to brave police dogs, batons, and fire hoses to desegregate public facilities and win the right to vote. However, if today’s protesters have to go up against a heavily-militarized police state with an arsenal of armored vehicles, assault rifles, tear gas, flash-bang grenades, rubber bullets, and baton rounds at its disposal, how is dissent even possible? And if a state of emergency giving police extra powers can be declared with nothing to prompt it other than a coming grand jury decision, how can we say our justice system is truly legitimate?
Carl Gibson, 26, is co-founder of US Uncut, a nationwide creative direct-action movement that mobilized tens of thousands of activists against corporate tax avoidance and budget cuts in the months leading up to the Occupy Wall Street movement. Carl and other US Uncut activists are featured in the documentary "We're Not Broke," which premiered at the 2012 Sundance Film Festival. He currently lives in Madison, Wisconsin. You can contact him at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
, and follow him on twitter at @uncutCG.
Reader Supported News is the Publication of Origin for this work. Permission to republish is freely granted with credit and a link back to Reader Supported News.

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A Cesspool of French Scandals Favors the Far Right's Marine Le Pen |
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Written by <a href="index.php?option=com_comprofiler&task=userProfile&user=5494"><span class="small">Steve Weissman, Reader Supported News</span></a>
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Monday, 17 November 2014 14:43 |
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Weissman writes: "A mean-looking kitchen knife in hand, the evil villain glares in bilious yellow, while his short, hooked-nosed victim hunches forward, a knife in his back. The colorful cartoon, which fills the cover of the satirical tabloid Charlie Hebdo, screams out from newsstands all over France. At a glance, it captures the mainstream mud-slinging and internecine blood-letting that now points the way for Jean-Marie Le Pen's daughter Marine to move beyond her 'Vive Hitler' upbringing to become a serious political contender."
Marine Le Pen. (photo: Kenzo Tribouillard/AFP/Getty Images)

A Cesspool of French Scandals Favors the Far Right's Marine Le Pen
By Steve Weissman, Reader Supported News
17 November 14
mean-looking kitchen knife in hand, the evil villain glares in bilious yellow, while his short, hooked-nosed victim hunches forward, a knife in his back. The colorful cartoon, which fills the cover of the satirical tabloid Charlie Hebdo, screams out from newsstands all over France. At a glance, it captures the mainstream mud-slinging and internecine blood-letting that now points the way for Jean-Marie Le Pen’s daughter Marine to move beyond her “Vive Hitler” upbringing to become a serious political contender.
The cartoon’s victim is the hyper-kinetic former president Nicholas Sarkozy, now running to win back the office in 2017. The villain who stabbed him in the back, his former prime minister François Fillon, who wants Élysée Palace for himself. The combatants are leading figures in the same political party, the center-right Union for a Popular Movement (UMP). Neither has any significant ideological or policy differences with the other, and both have repeatedly veered toward the far right, attacking Moslems, Gypsies, blacks, homosexuals, and other “outsiders” to win over Le Pen’s über-nationalist and Ultra-Catholic supporters.
For both men, the fight is personal, mano a mano. During their five years running the country together, Sarkozy often appeared to go out of his way to humiliate the polished and infinitely more subtle Fillon, and then refused to back him two years ago in the race to head the UMP. Fillon, for his part, finds Sarko loathsome, a feeling that a significant number of French voters shared in the presidential election of 2012, when they tipped the balance to the Socialist Party candidate François Hollande and cut short Sarkozy’s hope for a second term.
How quickly political expectations here have changed! Determined not to throw off his country’s longstanding partnership with Germany and their shared support for the single European currency, the Euro with all its constraints, the hapless Hollande has proved unwilling and unable to come anywhere near solving his country’s economic woes. He has not imposed the fulsome austerity that Chancellor Angela Merkel and her northern European allies have wanted. Nor, in the absence of sufficient private investment, has the former economics professor fought for a serious Keynesian solution, borrowing heavily to promote the massive government spending needed to create demand, growth, and jobs. Widely seen as an inept potato-head, he remains the man in the muddle.
Without even mentioning Hollande’s messy and all-too-public romantic life, his poor job performance seemed to guarantee that Sarkozy would return to power. Or, that was how it looked until November 5, when two of Le Monde’s top reporters – Fabrice Lhomme and Gérard Davet – published their new blockbuster, Sarko s’est tuer (Sarko was killed). They opened their preface with the story that inspired Charlie Hebdo’s stab in the back cartoon, and have since expanded and followed up on it in several articles they wrote in their newspaper, beginning November 8.
As they tell it, on June 24 of this year Fillon met with President Hollande’s chief of staff, Jean-Pierre Jouyet. Over lunch at a restaurant within spitting distance of the Élysée, Fillon sounded off about the scandal-ridden UMP. He was especially scathing about Sarkozy, who had illegally exceeded spending limits in his 2012 election campaign. Sarkozy paid the fines, for which he took reimbursements from the party.
Sarkozy’s crime was “an abuse of the social good,... a personal fault, the party did not have to pay,” Fillon let loose on Jouyet, whom the reporters described as flabbergasted. He could not get over Fillon’s insistent and disconcerting demand. Would the presidential office use its authority to speed up the judicial investigation already under way? Having learned from Sarkozy, the master of cesspool politics, Fillon appeared to think that Hollande would jump right in.
“Hit him fast! Hit him fast!” Fillon insisted, as the reporters tell the story. “You clearly realize that if you don’t hit him fast, you are going to let him come back.”
Here was a former prime minister of the right asking a left-leaning President of the Republic’s closest collaborator to stick it to Sarkozy as fast as possible to keep him out of a presidential race three years away. Of more than passing significance, Hollande knew that Jouyet was meeting Fillon and gave his “green light” to the encounter as long as it did not take place within the Élysée.
Returning there, Joueyet rushed to tell Hollande what Fillon had demanded, and – according to the reporters – the telling made the rounds of the palace. Hollande confirmed the story to them in September, insisting that he had refused to intervene. Then, on September 20, the reporters interviewed Jouyet, who filled in the details.
Or did he?
A classmate and friend of Hollande from their days at the elite Ecole Nationale d’Administration (ENA) as well as a friend and former colleague of Fillon, Jouyet denied the meat of the story, as top civil servants learn to do. A third man at the lunch, a friend and former aid to both Jouyet and Fillon, supported his denial. Lhomme and Davet then reminded Jouyet they had recorded what he’d said on their cell phones, as naughty reporters learn to do, and he reluctantly confirmed their account.
As the reporters predicted and polls now confirm, the story has devastated Fillon’s image and political prospects. No longer considered innocent until proven guilty, he has no way to get it right. He shamelessly snuggles up to Sarkozy, at least in public. He accuses his old friend Jouyet of lying. He assails Hollande for setting the whole thing up. And he sues everyone in sight, which will keep the story on the front pages for months.
Hollande is similarly sullied for giving his chief of staff the go-ahead to meet with Fillon, confirming the story to the reporters, and – so far at least – refusing to fire Jouyet, at the very least for so clumsily getting caught in a bald-faced lie. Even those on Hollande’s side of the left-right schematic now berate the president for getting down and dirty.
Sarkozy gains in the short run, characteristically presenting himself as victim and walking away with new elections at the end of this month for leader of the battered UMP. But, even without presidential intervention, the judicial investigation still hangs over his head, while the bulk of the book by Lhomme and Davet provides tasty details of all the scandals that plagued his first term in office.
The only UMP leader who might stand to gain is the mayor of Bordeaux, Alain Juppé, who has served in countless governments, notably as prime minister under Jacques Chirac and Minister of Foreign Affairs under both Chirac and Sarkozy. But he too stands tainted with scandal, having been convicted of mishandling public funds.
All of which leaves only one clear winner, the tireless Marine Le Pen, who is having a field day simply saying what increasing numbers here are coming to believe. That for all their obvious differences on gay marriage and other significant issues, the two mainstream parties – the UMP and Socialist Party (PS) – form one ruling establishment that completely lacks decency or credibility. Marine calls them the UMPS.
To date, she is taking every advantage of this latest scandal, always careful not make herself too prominent a part of the debate. She has pointedly moved away from her father’s bombast and Jew-bashing, focusing her attacks on Moslems and other “outsiders,” as well as on the increasingly unpopular European Union. She has even talked of dropping the name of the party her father created, the Front National. Her near-term goal is to absorb whatever remains of the embattled UMP, becoming the leader of a unified and nationalistic French Right.
She is still a long way from power. But make no mistake, the cesspool of establishment scandals greatly enhances her chance of success.
A veteran of the Berkeley Free Speech Movement and the New Left monthly Ramparts, Steve Weissman lived for many years in London, working as a magazine writer and television producer. He now lives and works in France, where he is researching a new book, "Big Money and the Corporate State: How Global Banks, Corporations, and Speculators Rule and How to Nonviolently Break Their Hold."
Reader Supported News is the Publication of Origin for this work. Permission to republish is freely granted with credit and a link back to Reader Supported News.

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FOCUS | The Last Days of Tomas Young |
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Monday, 17 November 2014 12:32 |
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Hedges writes: "Young hung on as long as he could. Now he is gone. He understood what the masters of war had done to him, how he had been used and turned into human refuse."
Author Chris Hedges. (photo: PBS)

The Last Days of Tomas Young
By Chris Hedges, TruthDig
17 November 14
omas Young was shot and paralyzed below his waist in Iraq in April 2004 when he and about 20 other U.S. soldiers were ambushed while riding in the back of an Army truck. He died of his wounds Nov. 10, 2014, at the age of 34. His final months were marked by a desperate battle to ward off the horrific pain that wracked his broken body and by the callous indifference of a government that saw him as part of the disposable human fodder required for war.
Young, who had been in Iraq only five days at the time of the 2004 attack, was hit by two bullets. One struck a knee and the other cut his spinal cord. He was already confined to his bed when I visited him in March 2013 in Kansas City. He was unable to feed himself. He was taking some 30 pills a day. His partly paralyzed body had suffered a second shock in March 2008 when a blood clot formed in his right arm (which bore a color tattoo of a character from Maurice Sendak’s “Where the Wild Things Are”). He was taken to the Veterans Affairs hospital in Kansas City, Mo., given the blood thinner Coumadin and released. The VA took him off Coumadin a month later. The clot migrated to one of his lungs. He suffered a massive pulmonary embolism and went into a coma. When he awoke in the hospital his speech was slurred. He had lost nearly all his upper-body mobility and short-term memory. He began suffering terrible pain in his abdomen. His colon was surgically removed in an effort to mitigate the abdominal pain. He was fitted with a colostomy bag. The pain disappeared for a few days and then returned. He could not hold down most foods, even when they were pureed. The doctors dilated his stomach. He could eat only soup and oatmeal. And then he went on a feeding tube.
Young hung on as long as he could. Now he is gone. He understood what the masters of war had done to him, how he had been used and turned into human refuse. He was one of the first veterans to protest against the Iraq War. Planning to kill himself by cutting off his feeding tube, he wrote a poignant open “Last Letter” to George W. Bush and Dick Cheney in March of 2013 on the 10th anniversary of the start of the U.S.-led invasion of Iraq. He knew that Bush and Cheney, along with other idiotic cheerleaders for the war, including my old employer The New York Times, were responsible for his paralysis and coming death. After issuing the letter Young changed his mind about committing suicide, saying he wanted to have more time with his wife, Claudia Cuellar, who dedicated her life to his care. Young and Cuellar knew he did not have long. The couple would move from Kansas City to Portland, Ore., and then to Seattle, where Young died.
READ MORE

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