A Billionaire Lectures Serfs in Davos – Claims “America’s Lifestyle Expectations are Far Too High”

Screen Shot 2015-01-21 at 11.46.47 AMIf you listened closely this morning, you could hear humanity vomit as JP Morgan CEO, Jamie Dimon, began to speak at Davos. In what amounted to some of the most egotistical and delusional statements heard at a conference filled with egotistical and delusional participants, Mr. Dimon didn’t disappoint. Here are a couple highlights courtesy of Twitter:

Such shameless insincerity would even make his Best Banker Buddy (BBB) Barry Obama blush. I don’t know about you, but I’m eagerly awaiting Mr. Dimon’s 2028 Presidential run with Chelsea Clinton as running mate.

But I digress. Just when you thought it couldn’t get any worse, it has. Enter billionaire Jeff Greene, who’s comments at Davos make Sam Zell look enlightened.

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The New York Times Describes Obama – “A Restless President Weary of the Obligations of the White House…”

Screen Shot 2014-07-14 at 4.27.46 PMWhat’s so amusing about today’s article from the New York Times titled, At Dinner Tables, Restless President Finds Intellectual Escape, is that the author appears to be quite sympathetic to Obama. She seems to want to portray the President as a real statesman; one who is so far above politics and the pedestrian task of being Commander in Chief that he finds it necessary to flee his responsibilities in order to find intellectual escape while dining extravagantly with “elites” in Europe. In contrast, he merely comes across as the arrogant, disconnected, oligarch coddler he is.

The article also seems to say something important about the New York Times’ own disconnectedness, particularly considering the paper’s Pentagon correspondent recently referred to the American public as children, with the government and mainstream media playing the role of parents.

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When Asked if the U.S. is a Capitalist Democracy or Oligarchy, Janet Yellen Can’t Answer…

During yesterday’s Senate hearings, Janet Yellen was asked by Senator Bernie Sanders if the U.S. was a capitalist democracy or has morphed into an oligarchy. While readers of this site already know the answer to this question, which was recently proved empirically by a Princeton and Northwestern academic study, it was still stunning to note … Read more

New Report from Princeton and Northwestern Proves It: The U.S. is an Oligarchy

Despite the seemingly strong empirical support in previous studies for theories of majoritarian democracy, our analyses suggest that majorities of the American public actually have little influence over the policies our government adopts. Americans do enjoy many features central to democratic governance, such as regular elections, freedom of speech and association, and a widespread (if still contested) franchise. But we believe that if policymaking is dominated by powerful business organizations and a small number of affluent Americans, then America’s claims to being a democratic society are seriously threatened.

From a recent study titled Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens by Martin Gilens of Princeton University and Benjamin I. Page of Northwestern University

In response to the publication of an academic study that essentially proves the United States is nothing more than an oligarchy, many commentators have quipped sentiments that go something like “so tell me something I don’t know.” While I agree that the conclusion is far from surprising to anyone paying attention, the study is significant for two main reasons.  

First, there is a certain influential segment of the population which has a disposition which requires empirical evidence and academic studies before they will take any theory seriously. Second, some of the conclusions can actually prove quite helpful to activists who want to have a greater impact in changing things. This shouldn’t be particularly difficult since their impact at the moment is next to zero.

What is most incredible to me is that the data under scrutiny in the study was from 1981-2002. One can only imagine how much worse things have gotten since the 2008 financial crisis. The study found that even when 80% of the population favored a particular public policy change, it was only instituted 43% of the time. We saw this first hand with the bankster bailout in 2008, when Americans across the board were opposed to it, but Congress passed TARP anyway (although they had to vote twice).

Even more importantly, several years of supposed “economic recovery” has not changed the public’s perception of the bankster bailouts. For example, a 2012 study showed that only 23% percent of Americans favored the bank bailouts and the disgust was completely bipartisan, as the Huffington Post points out. 

Personally, I think the banker bailouts will go down as one of the most significant turning points in American history. Despite widespread disapproval, Congress passed TARP and it was at that moment that many Americans “woke up” to the fact they are nothing more than economic slaves with no voice. That they are serfs. Even more importantly, once oligarchs saw what they could get away with they kept doubling down and doubling down until we find ourselves in the precarious position we are in today. A society filled with angst and resentment at the fact that the 0.01% have stolen everything.

Another thing that the study noted was that average citizens sometimes got what they wanted, but this is almost always when their preferences overlap with the oligarchs. When this occurs it is entirely coincidental, and in many cases may the result of public opinion being molded by the elite-controlled special interest groups themselves. How pathetic.

I read the entire 42 page study and have highlighted what I found to be the key excerpts below. Please share with others and enjoy:

Multivariate analysis indicates that economic elites and organized groups representing business interests have substantial independent impacts on U.S. government policy, while average citizens and mass-based interest groups have little or no independent influence. The results provide substantial support for theories of Economic Elite Domination and for theories of Biased Pluralism, but not for theories of Majoritarian Electoral Democracy or Majoritarian Pluralism.

Until very recently, however, it has been impossible to test the differing predictions of these theories against each other within a single statistical model that permits one to analyze the independent effects of each set of actors upon policy outcomes.

A major challenge to majoritarian pluralist theories, however, is posed by Mancur Olson’s argument that collective action by large, dispersed sets of individuals with individually small but collectively large interests tends to be prevented by the “free rider” problem. Barring special circumstances (selective incentives, byproducts, coercion), individuals who would benefit from collective action may have no incentive to personally form or join an organized group. If everyone thinks this way and lets George do it, the job is not likely to get done. This reasoning suggests that Truman’s “potential groups” may in fact be unlikely to form, even if millions of  peoples’ interests are neglected or harmed by government. Aware of the collective action problem, officials may feel free to ignore much of the population and act against the interests of the average citizen.

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The True State of the U.S. Economy: Caviar Facials and Desperate Fire Sales on Craigslist

By now, it must be completely obvious to anyone paying even the slightest bit of attention that the so-called “recovery” we have supposedly been witnessing for the past several years is nothing more than a wealth transfer to a handful of oligarchs and their political minions. While I am intimately familiar with the process in the U.S., it appears to be a global phenomenon as well.

Domestically, this process has been driven by the complete corruption and insanity of those calling the public policy shots in Washington D.C. At the heart of that process, resides a group of unelected economic Central Planners known as the Federal Reserve, or the lender of last resort for oligarchs and cronies who make bad business decisions.

Before I get to the title of this post, I want to highlight a very important article published last week that demonstrates how college graduates are forcing their lesser educated peers out of the workforce by taking jobs that do not require secondary education. If you read this and still can’t be honest that this economy is a total distorted shitshow, I don’t know what to tell you.

From Bloomberg:

Recent college graduates are ending up in more low-wage and part-time positions as it’s become harder to find education-level appropriate jobs, according to a January study by the Federal Reserve Bank of New York.

The share of Americans ages 22 to 27 with at least a bachelor’s degree in jobs that don’t require that level of education was 44 percent in 2012, up from 34 percent in 2001, the study found.

The New York Fed researchers said it isn’t clear whether two decades of increasing underemployment for recent graduates “represent a structural change in the labor market, or if they are a consequence of the two recessions and jobless recoveries in the first decade of the 2000s.”

Two “jobless recoveries.” I’m still trying to figure our how you can have a “jobless recovery.” Perhaps they aren’t recoveries in the first place. Bear in mind that these are the unelected people running the economy.

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Meet “Goldfinger” – The $850k Motorcycle with “Many Buyers Interested”

Welcome back to pre-financial crisis insanity levels. I recall one of the wildest stories from back in early 2008 near the height of the oil price bubble was about how the wealthy in the UAE were spending tens of millions of dollars buying and selling license plates. Yes, just regular aluminum license plates. The most … Read more