The
Empire Shudders And Shakes
By David Truskoff
10 August, 2007
Countercurrents.org
The
phrase Trickle down Economics is an old economic theory that has been
fostered on working people by those on top of the economic ladder. It
says that reducing tax rates, especially for businesses and wealthy
individuals, stimulates savings and investment for the benefit of everyone.
The trick word is everyone. It has never been for everyone.
My sister used to say before
every election, "David, do not say that it can’t get worse
because it can and usually does." Taxes for the wealthy have been
going down in this last half century and dropped as low as 28% during
the Reagan years. It is no secrete who was doing the thinking for Ronny.
Nor is it hard to imagine that someone must be doing the thinking for
GW Bush who has again made certain that the wealthy pay less.
On February 27th, 2007 an
accumulated Stock market drop of 500 points was a warning, not only
that the American economy was beginning to shudder and shake and that
trickle down was being exposed for what it is, but it also gave momentum
to leftist movements like those in Venezuela. Media spinners wrote things
after 2,27,2007 like, a cleaning out is good for the market and now
is the time to buy and buy, but Wall Street has never been the same
since and the shuddering and shaking continues.
Opposition to Trickle down
is growing in America and is being exposed the world over even in China
where the rich (how can it be in a so-called Communist country) have
begun the practice of Trickle down. A tsunami of resentment is growing
off our shores in Europe, Russia, Asia and Latin America. The shuddering
and shaking is cracking the walls of the empire.
The European Central Bank injected emergency funds into the market for
the first time since the aftermath of the Sept. 11, 2001 terrorist attacks
-----In London the FTSE 100 index closed down 122.7 points, or 1.92
per cent at 6,271.2, while shares across Europe also fell after the
European Central Bank (ECB) announced that it was pumping billions of
pounds worth of emergency funding into the continent's banking systems.---The
Dow Jones Industrial Average dropped 387.2 points at 13,270.7, The S&P
500 lost 44.4 points to 1,453.09, while the Nasdaq Composite fell 56.49
points to 2,556.49. ---It is no longer unusual to see the hour before
closing producing mad gyrations in the market as huge buys by interventionists
attempt to move it into positive territory. It no longer works. The
cracks get wider.
The only thing GW Bush had
to show for his eight years in the White House was the positive numbers
of the stock exchange. If the market is going up and up then it follows
that Trickle down is working. WRONG. When people can not afford to make
their mortgage payments and are taking money out of their children’s
education fund to pay their bills, When they can no longer afford to
buy houses, no intervention by the Government can save the market or
the empire.
www.erols.com/suttonbear
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