Monday, November 7, 2011

the last book I ever read (Confidence Men, a book that presages Occupy Wall Street, sampled in five parts): sample one



from Confidence Men: Wall Street, Washington, and the Education of a President by Ron Suskind:

It was a perfect storm of trends: global outsourcing of jobs, with profits flowing back to senior managers, stockholders, and investors; increasing automation in the workplace; full-time jobs increasingly becoming temporary or contract labor; the steady decline of unions and resulting wage and benefit concessions; and the 1990s arrival of the Internet and software advances, allowing the fewer remaining workers to be that much more productive. All this created overall economic growth. The U.S. GDP, at roughly $14 trillion in 2001, was twice as large as it was in 1980. But that wealth flowed dramatically to the top, as real median wages stayed flat for nearly three decades. In 1980 the richest 1 percent of Americans received about 9 percent of overall income, roughly the same level it had been since World War II. By 2007 it was 23 percent—an income disparity not seen in the United State since 1928, a time of Robber Baron wealth, stock manipulation schemes, and vast poverty, where more than half of America still lived on farms and survived, with little security, off the land.

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