Jesse's Café Américain (pseudonym) is a popular financial and economics blog where host Jesse writes about the economy, market movements and the political shenanigans behind them. His charts on precious metals are an excellent resource for technical traders.
“It’s no accident that the size of the financial sector today as a percentage of GDP is at levels equaled only on the eve of the Great Depression. Like the decade leading up to the financial crisis of 2008, the Roaring Twenties were marked by not only financial boom and technological wonder, but also massive income inequality. Worker wages stagnated and those of the upper classes grew, bolstered in large part by stock prices. Another similarity was a rise in debt, both public and private, which was used to mask the declining spending power of the lower and middle classes and its dampening effect on GDP growth."
Rana Foroohar, Makers and Takers
"The big thing that happens for 10 years [upwards of 20] is that you have asymmetric economic growth where 80 percent of the income distribution gets none of the rewards of the growth after the recession. Of course you get populism after that. It’s natural. It’s just the way it works. Bernie Sanders is a populist. Bernie Sanders’ populism is all about scapegoating. It’s rich people, it’s bankers, it’s Republicans [and the corporate Democrats]—it’s all these people who got your stuff. That’s the kind of populism that we frequently see as opposed to a kind of ethical populism, which basically says we have good values, let’s go share."Notice in the first sentence he admits that there is a terrible disparity that has been built into the system, although he does not say how. But he then goes on to excoriate and delegitimize anyone who dares to point that there is a systemic problem out, and suggest that it needs to be changed. As opposed to an 'ethical populism' in which the effectively disenfranchised approach the politically rapacious figureheads for the powerful and ask, 'may we please share?'
Arthur Brooks, President American Enterprise Institute, ‘Americans are Being Held Hostage and Terrorized by the Fringes’