The Growing Wealth Gap

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The increasing gap between the American wealthy and the rest of the people continues to grow, as poverty does all over the world. There is a biblical saying, “ the meek shall inherit the earth,” another “the borrower is slave to the lender.” The meek have been borrowing far to much, but the laws have been written to make the rich richer. The meek will have a hard time finding peace now, they will inherit a world of debt.

Wall Street continues to boom, money manipulators are piling up fortunes like never before. The working people with lower incomes and retired people can’t even get a decent interest rate if they had money to save. Retired people who had savings put away earn very little interest income. The consumer driven economy, is growing as credit card debt builds up. Consumers live on borrowed money and the government continues to operate on borrowed money.

The state and federal lawmakers sell government property that was paid for by the taxpayer and then lease it back from their investor friends. The taxpayer ends up leasing property forever that they owned at one time. The Federal Reserve just prints more money so investors can buy more Treasury Bonds The only sure thing for the future looks like unsustainable debt.

The big banks were bailed out partly by the same consumer taxpayer who got ripped off by them. The banks got together and robbed the whole country with their crooked real estate business deals. Bank profits reach new highs almost every day from loans, fees, overdraft charges etc. The credit card companies seem to hand out credit cards to anybody with an address, regardless of their credit rating.

The lawmakers have refused to regulate or rein in their wealthy supporters; instead they hand out food stamps and Medicaid to those moving into poverty income levels. That bubble is ready to burst too. The honest, bill paying, working people are getting mad as hell. They go to work and punch a time clock. Millions of them can’t afford decent health care or to feed their families beef, unless it is low grade hamburger. Those working people get a little upset when they check out of the grocery store. The shopper on food stamps might have his shopping cart full of steaks and shrimp. That food stamp shopper probably qualifies for subsidized rent and Medicaid too.

The average personal income has seen its biggest drop in twenty years yet the shopper is expected to keep our consumer driven economy growing with credit cards. The nation will reach the point where our money will be worthless and inflation will rule the day. The lawmakers in Washington DC and most corporations could care less how the working man survives from day-to-day. Millions of high paying jobs have been outsourced and millions of foreign workers have been brought in to do low paying jobs.

When interest rates on savings are less than 1 percent the Federal Reserve is actually taxing, or taking away from the lower income and retired people. Every small organization, church, perpetual care fund, etc. depends on interest income from small CDs and saving accounts. They are all being robbed in today’s economy. Alan Greenspan and Ben Bernanke have kept interest rates near zero for almost twenty years. They give to the banks yet the banks pay the saver next to nothing. People saved in the past because they were mindful of their future security. Not many people today care about their future, or the future of the United States. Most Americans are one paycheck away from the street. street.http://www.marketwatch.com/story/most-americans-are-one-paycheck-away-from-the-street-2015-01-07

Usury laws were written years ago to protect the consumer, borrower and their futures. The credit card branches of the big banks made money the old fashioned way when they first started. They checked your credit and charged a fair rate of interest. The banks must have decided credit card profits were not growing fast enough in those early days. They got together and met with their lawmaking friends and got the usury laws changed. Our country has millions of people today paying the price for those usury law changes, millions more are living with a future of hopeless debt. In the 1970s, a large bank promised to move their credit card operations to the small state of South Dakota if that state would change its usury laws. The state’s legislature complied and the bank moved to South Dakota. The Supreme Court gave the deal their blessings. http://www.pbs.org/wgbh/pages/frontline/shows/credit/more/rise.html

The results from those actions created huge credit card profits for that bank; other states soon did the same thing. That greedy move was the start of the debt-ridden, credit card-driven economy that we have today.
The growing wealth gap was designed years ago and seems to be working according to plan.

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9 thoughts on “The Growing Wealth Gap

  1. we all learned to live below our means and stop sabotaging our financial futures? I do agree that the system is against us and a lot of changes need to be made, but just think for a minute how much some of these corrupt banks and other financial institutions would fair if the little guy decided to just say no!

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    • The majority of the credit card shoppers I do believe are so many a number. If they all make just their min payments, the big banks still got all the money coming in they will ever need. Now if everyone defaults and on their credit cards and paid nothing that would be a different story, the banks would be in deep poop for sure. But then the whole economy of the country would collapse which is really what I think they are counting on. We will all get a one currency world jammed down our throats. I do believe, sooner or later the whole big bubble has to burst everyone cannot continue to live a life of luxury on borrowed money, it just will not work. The person that tries to play by the rules always seems to get it in the ear. Think about it?? The federal Government could regulate these banks. Do not allow them to keep mailing out credit cards!!!!! The GOVERNMENT will not do that. If somebody wants a credit card he can apply for it at the bank. The crap would really hit the fan.

      Liked by 1 person

  2. Leland Olson Hoel,

    Sadly a lot of that is probably true, I wonder when and if it will finally end or collapse, and what will happen when or if that day comes?

    That made me think of the film The Purge:

    Thank you for sharing this. 🙂

    -John Jr

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    • I am not proud of the fact that the Governor of our state sold the people of this country to Citibank. We had a Usury tax in South Dakota at 6% at the time the law was done away with. As soon as our legislature took the limit off Usery Law protection, interest rates went through the roof, credit card profits went into outer space.

      People do seem to repent. T. Denny Sanford was president of Citibank when it came to South Dakota. Since he retired he has donated millions upon millions of dollars to hospitals colleges even the world’s first science laboratory to do Black Hole studies. The lab is about 7000 feet under ground in our old Homestake Gold Mine. I guess in a way South Dakota received many dollars and other good things from Mr. Sandford but it was credit cardholders worldwide paid who paid high interest rates giving them all that profits. I’m sure glad I was born poor I don’t have to worry about hiring investment brokers to handle my money!
      There is nothing to be gained losing any sleep or getting an ulcer over this stuff. We are just pawns, what will be was out of our hands long ago

      Liked by 1 person

      • Well I guess it is good that at least a few positive things happened there.

        I was born and raised and still am poor and so I do not have to worry about that either 😀 ; and I am a pretty simple man with a low-cost lifestyle in my opinion, and so there are a few good things about being poor. 😉

        Yeah, unfortunately it seems that way, and I agree with not worrying too much about what you can not change.

        Thank you for replying Leland Olson Hoel.

        -John Jr

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  3. I really wonder what the Bible meant by that scripture? “The meek shall inherit the earth.” Certainly not the case now. In fact, the wicked are inheriting everything. We the just are outnumbered, and struggling by this large gap…. If our hope is heaven, when is this scripture suppose to be fulfilled?
    Thanks for stopping by.

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  4. Don’t know what to comment? Maybe is best just to say, Hi! my dear Leland? Your blog is looking good. Thanks for being my friend. The information given? Who knows? Father has a purpose for all that we post. 🙂

    Like

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