"In the 1990s, the incomes of the richest 1% of taxpayers went up 10% a year in real terms, while those of the other 99% grew at an average annual rate of 2.4%. Between 2002 and 2006 the richest 1% saw 11% annual real income growth: everyone else got less than 1%. Three-quarters of the gains from the Bush expansion went to 1% of taxpayers, who now receive a larger share of overall income than at any time since the 1920s."
(The Economist, "Workingman's Blues", 7/24/08)
"For all his supposed concern about regular folks, Obama’s sympathy for the beleaguered people who still do manual labor remains suspect, while his willingness to appease the wealthy elites who preach the benefits of “free markets,” low taxes and job-destroying trade bills appears entirely sincere. ""Granted, Obama has made a few gestures toward reducing the vast gap between the lower-middle class and the richest 1 percent of Americans, who now possess about 22 percent of the nation’s wealth (the top 10 percent control 48.5 percent)."
(John R. MacArthur, "Money Over Morals: Obama’s the candidate of the hedge-fund partners", Harper's Magazine Blog 08/05/08)
"The real core of [Obama's] financial support is something else, the rising class of information age analysts. Once, the wealthy were solidly Republican. But the information age rewards education with money. There are many smart high achievers who grew up in liberal suburbs around San Francisco, L.A. and New York, went to left-leaning universities like Harvard and Berkeley and took their values with them when they became investment bankers, doctors and litigators."
"The Democratic Party (not just Obama) has huge fund-raising advantages among people who work in electronics, communications, law and the catchall category of finance, insurance and real estate."
(David Brooks, "Obama’s Money Class", NY Times 07/01/08)
"The FIRE (finance, insurance and real estate) sector’s power grew unchecked as the old manufacturing economy declined. The root of the 1920s bubble, it was believed, had been the conflicts of interest among banks and securities firms, but in the 1990s, under the leadership of Alan Greenspan at the Federal Reserve, banking and securities markets were deregulated. In 1999, the Glass-Steagall Act of 1933, which regulated banks and markets, was repealed, while a servile federal interest-rate policy helped move things along. As FIRE rose in power, so did a new generation of politicians, bankers, economists, and journalists willing to invent creative justifications for the system, as well as for the projects— ranging from the housing bubble to the Iraq war— that it financed. The high-water mark of such truckling might be the publication of the Cato Institute report 'America’s Record Trade Deficit: A Symbol of Strength.' Freedom had become slavery; persistent deficits had become economic power."
(Eric Janzen, "The Next Bubble: Priming the Markets for tomorrow's big crash", Harper's Magazine, February 2008)
"What all this means is that the urgent task of the economic analysis today is, again, to repeat Marx's critique of political economy, without succeeding on to the temptation of the ideologies of 'postindustrial' societies... the key change concerns the status of private property: the ultimate element of power and control is no longer the last link in the chain of investments, the firm or individual who 'really owns' the means of production. The ideal capitalist today functions in a in a wholly different way: investing borrowed money, 'really owning' nothing--even indebted, but nonetheless controlling things. A corporation is owned by another corporation, who is again borrowing money from banks, who ultimately manipulates money owned by ordinary people like ourselves."
"The operation of markets is now the instrument of social control and forms the impudent breed of our masters."
(Gilles Deleuze, Postscript on the Societies of Control)
"Myriads of people make their living out of this condition, which follows the liquidation of occupations. These are the nice people, the popular ones, who are friends with all, the just ones, who excuse every sort of meanness as 'human' and incorruptibly defame every non-normalized impulse as 'sentimental'. They are indispensable thanks to their knowledge of all the channels and back doors of power, they guess its most secret judgements and live off the dextrous communication of such. They are to be found in all political camps, even there, where the rejection of the system is taken for granted and for that reason a lax and cunning conformism of its own has developed. Often they win over people through a certain benevolence, through the sympathetic sharing of the life of others: selflessness as speculation. They are clever, witty, sensible and flexible; they have polished the old trader-spirit with the achievements of the day-before-yesterday’s psychology. They are ready for anything, even love, yet always faithlessly. They betray not from instinctual drives, but from principle: they value even themselves as a profit, which they do not wish to share with anyone else. They are bound to the Spirit with affinity and hate: they are a temptation for the thoughtful, but also their worst enemies. For they are the ones who subtly apprehend and despoil the last hiding-places of resistance, the hours which remain free from the demands of the machinery. Their belated individualism poisons what still remains of the individuated [Individuum: individual, the individuated]."
(Theodor Adorno, Minima Moralia)
"If Obama is fully a member of any club — and perhaps he isn’t — it is the club of smart post-boomer meritocrats. We now have a cohort of rising leaders, Obama’s age and younger, who climbed quickly through elite schools and now ascend from job to job. They are conscientious and idealistic while also being coldly clever and self-aware."
“Increasingly I found myself spending time with people of means—law firm partners and investment bankers, hedge fund managers, and venture capitalists. As a rule, they were smart, interesting people, knowledgeable about public policy, liberal in their politics, expecting nothing more than a hearing of their opinions in exchange for their checks.”
I know as a consequence of my fund-raising I became more like the wealthy donors I met, in the very particular sense that I spent more and more of my time above the fray, outside the world of immediate hunger, disappointment, fear, irrationality, and frequent hardship of the other 99 percent of the population.”
“My own worldview and theirs corresponded in many ways—I had gone to the same schools, after all, had read the same books, and worried about my kids in many of the same ways.”
I know as a consequence of my fund-raising I became more like the wealthy donors I met, in the very particular sense that I spent more and more of my time above the fray, outside the world of immediate hunger, disappointment, fear, irrationality, and frequent hardship of the other 99 percent of the population.”
“My own worldview and theirs corresponded in many ways—I had gone to the same schools, after all, had read the same books, and worried about my kids in many of the same ways.”
(Barack Obama in reference to his 2004 US Senate campaign, The Audacity of Hope)
"...the factory was a body that contained its internal forces at the level of equilibrium, the highest possible in terms of production, the lowest possible in terms of wages; but in a society of control, the corporation has replaced the factory, and the corporation is a spirit, a gas. Of course the factory was already familiar with the system of bonuses, but the corporation works more deeply to impose a modulation of each salary, in states of perpetual metastability that operate through challenges, contests, and highly comic group sessions. If the most idiotic television game shows are so successful, it's because they express the corporate situation with great precision. The factory constituted individuals as a single body to the double advantage of the boss who surveyed each element within the mass and the unions who mobilized a mass resistance; but the corporation constantly presents the brashest rivalry as a healthy form of emulation, an excellent motivational force that opposes individuals against one another and runs through each, dividing each within. The modulating principle of 'salary according to merit' has not failed to tempt national education itself. Indeed, just as the corporation replaces the factory, perpetual training tends to replace the school, and continuous control to replace the examination. Which is the surest way of delivering the school over to the corporation."
"Many young people strangely boast of being 'motivated'; they re-request apprenticeships and permanent training. It's up to them to discover what they're being made to serve, just as their elders discovered, not without difficulty, the telos of the disciplines. The coils of a serpent are even more complex that the burrows of a molehill."
