The History of the Economic Meltdown

https://www.nationalreview.com/nrd/articles/413259/government-sponsored-meltdowns

On the one hand, we have the likes of Barack Obama, Elizabeth Warren, Barney Frank, the Occupy clown show, etc., doing a sort of John Adams chorus: “Greed! Greed! Billionaires! Greed! Greed! Wall Street Greed!” And the response from the responsible Right is: “Because most PMBS held by financial institutions were rated AAA, they were used by many banks and other financial firms for short-term collateralized borrowing through repurchase agreements,” a sentence that appears in the introduction (!) to Wallison’s book.

The opening sentence of the next chapter is: “This chapter will explain the crucial relationship between mortgage underwriting standards and mortgage defaults.”

“Greed! Greed! Billionaires! Greed! Greed! Wall Street Greed!”

The 1% is more precisely the 12%

Internal Revenue Service data shows that from 1992 to 2010 the top 400 taxpayers in the country—some of whom are billionaires—changed significantly from year to year. From 1992 to 2010, 4,024 different taxpayers appeared on the top 400 list. That’s more than ten taxpayers for every spot in the top 400. Over 70 percent—2,909—made the list only one year.

The churning at the top means many Americans will have a day in the sun. Twelve percent of the population will reach the top 1 percent of income earners at least once. And 39 percent of Americans will spend time in the top 5 percent of earners, 56 percent will be in the top 10 percent and a whopping 73 percent will spend at least a year in the top 20 percent of earners.

http://dailysignal.com/2015/04/08/many-americans-will-be-in-the-1-for-one-year