(Lucas: The bookkeeping and statistics on this I for sure doubt. It must be unimaginably more than here said , but OK. You get the picture! The evidence of the fraud, deceit, robbery and greed is being shown again. )
Oh, are we getting ripped off. And now we’ve got the data to prove it. From 2009 to 2011, the richest 8 million families (the top 7 percent) on average saw their wealth rise from $1.7 million to $2.5 million each. Meanwhile the rest of us — the bottom 93 percent (that’s 111 million families) — suffered on average a decline of $6,000 each.
Do the math and you’ll discover that the top 7 percent gained a whopping $5.6 trillion in net worth (assets minus liabilities) while the rest of lost $669 billion. Their wealth went up by 28 percent while ours went down by 4 percent.
It’s as if the entire economic recovery is going into the pockets of the rich. And that’s no accident. Here’s why.
1. The bailouts went to Wall Street, not to Main Street.
The federal government and Federal Reserve poured trillions of dollars into Wall Street through a wide variety of financial maneuvers, many of which were hidden from view until recently. When we add it all up, it’s clear that most of the money floated right into Wall Street. (Fannie and Freddie were private institutions that also considered themselves part of the Wall Street elite.)