Skip to content


March 30, 2014

We were wrong when we thought we had heard the last from Bernie Madoff, the Ponzi-scheme con artist who ripped billions off from trusting investors and went to jail not so long ago. He has made himself available for commentary on the passing scene from the confines of prison and his advice to all of us in the unwashed masses who criticize the continuing torrent of wealth to the oligarchic few is telling. Bernie now says he thinks today’s politicians are spreading “socialism” and “wealth distribution.” In criticizing Bill de Blasio, new mayor of New York, who wants a tax increase of some one-half of one percent on those in New York City with incomes of more than $500,000 per year, Bernie said that “I’m not a great fan of redistribution of wealth.” I beg to disagree.
Ignoring the obvious (that the reason Bernie is in jail is that he “redistributed the wealth” to himself via a giant embezzlement scheme – which proves that he does in fact favor “distribution of the wealth” by whatever means, including the criminal, but only to himself and those who are already wealthy), a further insight I have blogged about many times is this: THAT THE “WEALTH” HAS ALREADY BEEN REDISTRIBUTED – BUT UPWARDS – FROM THE POOR AND MIDDLE CLASS TO THE ALREADY SUPERRICH. This continuing coup of the many by the few has been accomplished by control of the internal revenue code, the bankruptcy code, trade policy and other organs of ostensible “government policy” which are in truth not government policy but Wall Street policy thinly veiled with the majesty of statutory language, statutes bought and paid for by “campaign contributions.”
Bernie and other commentators these days desperate to keep this imaginary “issue” on the front burner in order to divert our attention from their continuing pilferage of our treasury are beating a dead horse. The politically-assisted movement of assets from the poor and middle class, nearing completion, is a fait accompli. The evidence is overwhelming. When 95% of new wealth created goes to the 1% and the balance to the rest of us, which is quickly eaten up by inflation, health care costs etc., when median family wages are stagnant or declining for almost two decades, when CEO pay has risen from an average of 42 times as much as an average workers’ income in 1980 to 380 times as much in 2012 (and at an accelerating pace today), etc. etc. etc., you have your answer. There is little wealth free of the clutches of the oligarchs to be distributed, and what little there is available for distribution or redistribution is going to (guess whom?) – the oligarchs. Overreach and fairness are not in their lexicon; total greed is.
Distribution or redistribution of the wealth as an issue is thus a footnote to history. It is illusory; it has no existence other than as a whipping boy for the rich to pretend the “socialists” are after them, i.e., the Reds in New York City are coming out to the Hamptons to dispossess them of their dachas, kidnap their children, seize their yachts etc. Bernie’s concern with “distribution of the wealth” by the new “socialist” mayor of New York City’s proposed tax increase on the rich (per an Independent Budget Office estimate of $973 per oligarch to be affected) is misplaced; such a “huge” increase in taxes on such “poor” Hampton dwellers is the equivalent of a long lunch in Manhattan, a “tip” to the caterer who provided a party at one of their Long Island estates, a pinprick in their huge incomes fed by tax loopholes.
If you think Bernie’s complaints surreal, tune in to Part III which follows shortly. Billionaires Tom Perkins and Home Depot Co-Founder Ken Lagone have likened critics of oligarchic wealth to NAZIS! GERALD E


From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: