Government Corruption News ArticlesExcerpts of Key Government Corruption News Articles in Media
A well-known Washington lobbying firm with links to the financial industry has proposed an $850,000 plan to take on Occupy Wall Street and politicians who might express sympathy for the protests, according to a memo obtained by [MSNBC]. The proposal was written on the letterhead of the lobbying firm Clark Lytle Geduldig & Cranford and addressed to one of CLGC’s clients, the American Bankers Association. CLGC’s memo proposes that the ABA pay CLGC $850,000 to conduct “opposition research” on Occupy Wall Street in order to construct “negative narratives” about the protests and allied politicians. Two of the memo’s authors, partners Sam Geduldig and Jay Cranford, previously worked for House Speaker John Boehner, R-Ohio. The memo outlines a 60-day plan to conduct surveys and research on OWS and its supporters so that Wall Street companies will be prepared to conduct a media campaign in response to OWS. Wall Street companies “likely will not be the best spokespeople for their own cause,” according to the memo. “A big challenge is to demonstrate that these companies still have political strength and that making them a political target will carry a severe political cost.”
Note: For key reports from reliable sources on the reasons why people nationwide are occupying their city centers in protest against the collusion between powerful corporate and government elites, click here.
It’s no secret that many members of the U.S. House and Senate are millionaires — 47 percent of them — their salaries paid in part by the American taxpayers. The Center for Responsive Politics has crunched the numbers and released the results on its Open Secrets blog: “About 47 percent of Congress, or 249 current members are millionaires. In 2010, the estimated median net worth of a current U.S. senator stood at an average of $2.56 million. Despite the global economic meltdown in 2008 and the sluggish recovery that followed, that’s up about 7.6 percent from an estimated median net worth of $2.38 million in 2009 … and up 13 percent from a median net worth of $2.27 million in 2008. Fully 36 Senate Democrats, and 30 Senate Republicans reported an average net worth in excess of $1 million in 2010. The same was true for 110 House Republicans and 73 House Democrats.” “The vast majority of members of Congress are quite comfortable, financially, while many of their own constituents suffer from economic hardships,” said Sheila Krumholz at the Center For Responsive Politics. “Few Americans enjoy the same financial cushions maintained by most members of Congress — or the same access to market-altering information that could yield personal, financial gains.”
Note: For key reports on major media control of information and cover-ups, click here.
The same insider trading that can land a regular citizen in jail is perfectly legal for members of Congress. Steve Kroft reports on how America's lawmakers can legally make tidy profits on information only they know, simply because they won't pass a law against themselves. Among the revelations in Kroft's report: Members of Congress have bought stock in companies while laws that could affect those companies were being debated in the House or Senate. At least one representative made significant stock purchases the day after he and other members of Congress attended a secret meeting in September 2008, where the Fed chair and the treasury secretary informed them of the imminent global economic meltdown. The meeting was so confidential that cell phones and other digital devices were confiscated before it began. Efforts to make such insider trading off limits to Washington's lawmakers have never been able to get traction. Former Rep. Brian Baird says he spent half of his 12 years in Congress trying to get co-sponsors for a bill that would ban insider trading in Congress and also set some rules up to govern conflicts of interest. In 2004, he and Rep. Louise Slaughter introduced the "Stock Act" to stop the insider trading. How far did they get? "We didn't get anywhere. Just flat died," he tells Kroft.
Ethics reforms put in place since the influence-peddling scandal surrounding high-rolling lobbyist Jack Abramoff haven't cleaned up the system "at all," a now-free Abramoff says. Abramoff served three and a half years in prison for conspiracy, fraud and tax evasion before his release last December. In an interview ... on CBS News' "60 Minutes," he said the reforms imposed after his guilty plea have little effect while campaign finance remains untouched. "You can't take a congressman to lunch for $25 and buy him a hamburger or a steak or something like that," he said. "But you can take him to a fund-raising lunch and not only buy him that steak, but give him $25,000 extra and call it a fund-raiser -- and have all the same access and all the same interactions with that congressman." Abramoff's interview with "60 Minutes" aired the night before a memoir, Capitol Punishment, is scheduled to hit shelves. Abramoff describes some of the techniques he employed as a lobbyist as "evil," "terrible" and, at the same time, "effective" for his firm, his clients and Republican politicians he usually worked with. Abramoff said the best way to get what he wanted to was to offer high-ranking congressional aides a job when they left public office. Once that was done, he told CBS, "We owned them." "Everything that we want, they're going to do. Not only that, they're going to think of things we can't think of to do," Abramoff said, estimating his office had "very strong influence" on 100 of the 535 congressional offices.
Note: For a powerful, six-minute analysis of legalized corruption based on Abramoff's comments on CBS 60 Minutes, click here. A petty thief steals three times for a total value of a few thousand dollars and by the "three strikes" law ends up in jail for life. Abramoff, along with his assistants, successfully corrupt U.S. Senators and Congress members and serve less than four years in jail. Some of his assistants got off with no jail time. Is the US justice system biased towards the rich?
Jack Abramoff may be the most notorious and crooked lobbyist of our time. He became a master at showering gifts on lawmakers in return for their votes on legislation. Five years ago ... Jack Abramoff pled guilty ... and served three and a half years in prison. Abramoff: I think most congressmen don't feel they're being bought. [They] can in their own mind justify the system. The "best way" to get a congressional office ... was to offer a staffer a job that could triple his salary. The moment I [offered] that to them ... we owned them. Most of the people ... on Capitol Hill wanted ... to be lobbyists. Republican Congressman Bob Ney was ambitious and looked at Abramoff as a way to build alliances with the White House and the majority leader. Neil Volz, his former chief of staff, by then a lobbyist for Abramoff .. asked Ney to insert some language into a reform bill that would give a backdoor license to an Indian casino. Abramoff: We crafted language that was so obscure ... but so precise to change the U.S. code. "Public law 100-89 is amended by striking section 207 101 stat. 668, 672." Members don't read the bills. Ney: It was a great big shell game. Ney would eventually serve 17 months in federal prison, the only congressman who was ever charged. But Abramoff says that there were many other members that did his bidding that could have been charged. Abramoff: I'm talking about giving a gift to somebody who makes a decision on behalf of the public. That's really what bribery is. But it is done everyday. There were very few members who ... didn't at some level participate in that. Our system is flawed and has to be fixed. He says the most important thing that needs to be done is to prohibit members of Congress and their staff from ever becoming lobbyists in Washington.
Note: To watch this incredibly revealing interview, click here. For a powerful, six-minute analysis of legalized corruption based on Abramoff's comments, click here. A petty thief steals three times for a total value of a few thousand dollars and by the "three strikes" law ends up in jail for life. Abramoff, along with his assistants, successfully corrupt U.S. Senators and Congress members and serve less than four years in jail. Many get off with no jail time. Is the US justice system biased towards the rich?
It's the dark heart of Britain, the place where democracy goes to die, immensely powerful, equally unaccountable. But I doubt that one in 10 British people has any idea of what the Corporation of the City of London is and how it works. As Nicholas Shaxson explains in his fascinating book Treasure Islands, the Corporation exists outside many of the laws and democratic controls which govern the rest of the United Kingdom. The City of London is the only part of Britain over which parliament has no authority. This is ... an official old boys' network. In one respect at least the Corporation acts as the superior body: it imposes on the House of Commons a figure called the remembrancer: an official lobbyist who sits behind the Speaker's chair and ensures that, whatever our elected representatives might think, the City's rights and privileges are protected. The mayor of London's mandate stops at the boundaries of the Square Mile. The City has exploited this remarkable position to establish itself as a kind of offshore state, a secrecy jurisdiction which controls the network of tax havens housed in the UK's crown dependencies and overseas territories. This autonomous state within our borders is in a position to launder the ill-gotten cash of oligarchs, kleptocrats, gangsters and drug barons. It has also made the effective regulation of global finance almost impossible.
Note: To understand how democracy is easily circumvented, read this full article. For lots more from reliable sources on the hidden background to the control over governments held by financial powers, click here.
Wall Street's total price tag on settlements with U.S. securities regulators for allegedly misleading investors about mortgage bonds churned out ahead of the financial crisis surged past $1 billion with a deal by Citigroup Inc. to pay $285 million ... to end civil-fraud charges by the Securities and Exchange Commission. The SEC claimed Citigroup sold slices of the $1 billion mortgage-bond deal without disclosing to investors that the bank was shorting $500 million of the deal, or betting its assets would lose value. Several Wall Street firms have settled similar claims by the SEC, which has generally stuck to the strategy used by the agency to get a $550 million settlement last year with Goldman Sachs Group Inc.. And the SEC's investigation of the Wall Street mortgage machine isn't over yet. Lorin Reisner, deputy enforcement director at the SEC, said civil mortgage-related cases against Goldman, J.P. Morgan Chase & Co., Countrywide Financial Corp., New Century Financial Corp. and other companies "read like an index to unlawful conduct in connection with the financial crisis." The SEC has collected a total of $1.03 billion through mortgage-bond-deal settlements. In addition to Citigroup, the total includes Goldman, J.P. Morgan, Royal Bank of Canada, Wells Fargo & Co. and Credit Suisse Group AG.
Note: For lots more from major media sources on the illegal profiteering of major financial corporations, click here.
Citigroup Inc. and Bank of America Corp. were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits. By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret. Fed Chairman Ben S. Bernanke’s [actions] included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages. The largest borrower, Morgan Stanley, got as much as $107.3 billion, while Citigroup took $99.5 billion and Bank of America $91.4 billion, according to a Bloomberg News compilation of data obtained through Freedom of Information Act requests, months of litigation and an act of Congress. It wasn’t just American finance. Almost half of the Fed’s top 30 borrowers, measured by peak balances, were European firms. Data gleaned [under the Freedom of Information Act] make clear for the first time how deeply the world’s largest banks depended on the U.S. central bank to stave off cash shortfalls. Even as the firms asserted in news releases or earnings calls that they had ample cash, they drew Fed funding in secret.
Note: For a treasure trove of information from reliable sources on the government transfer of public assets to private banks and financial corporations, click here.
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. Among the [Government Accountability Office] investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. The [report] also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans. For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.
Note: We don't normally use the website of a member of the U.S. Senate as a source, but as amazingly none of the media covered this vitally important story other than one blog on Forbes, we are publishing this here. The GAO report to back up these claims is available for all to see at this link. For how the media is so controlled, don't miss the powerful two-page summary with reports by many award-winning journalists at this link. For another good article on the Fed's manipulations, click here.
The more aggressively a bank lobbied before the financial crisis, the worse its loans performed during the economic downturn -- and the more bailout dollars it received, according to a study published by the National Bureau of Economic Research this week. The report, titled "A Fistful of Dollars: Lobbying and the Financial Crisis," said that banks' lobbying efforts may be motivated by short-term profit gains, which can have devastating effects on the economy. "Overall, our findings suggest that the political influence of the financial industry played a role in the accumulation of risks, and hence, contributed to the financial crisis," said the report, written by three economists from the International Monetary Fund. Data collected by the three authors -- Deniz Igan, Prachi Mishra and Thierry Tressel -- show that the most aggressive lobbiers in the financial industry from 2000 to 2007 also made the most toxic mortgage loans. They securitized a greater portion of debt to pass the home loans onto investors and their stock prices correlated more closely to the downturn and ensuing bailout. The banks' loans also suffered from higher delinquencies during the downturn.
The Red Cross and the Vatican both helped thousands of Nazi war criminals and collaborators to escape after the Second World War, according to a book that pulls together evidence from unpublished documents. Gerald Steinacher, a research fellow at Harvard University, was given access to thousands of internal documents in the archives of the International Committee of the Red Cross (ICRC). They throw light on how and why mass murderers such as Adolf Eichmann, Josef Mengele and Klaus Barbie and thousands of others evaded capture by the allies. By comparing lists of wanted war criminals to travel documents, Steinacher says Britain and Canada alone inadvertently took in around 8,000 former Waffen-SS members in 1947, many on the basis of valid documents issued mistakenly. The documents – which are discussed in Steinacher's book Nazis on the Run: How Hitler's henchmen fled justice – offer a significant insight into Vatican thinking, particularly, because its own archives beyond 1939 are still closed. The Vatican has consistently refused to comment. Through the Vatican Refugee Commission, war criminals were knowingly provided with false identities.
Note: Many Nazis were allowed entry, often under false identities, into the US in the late 40's and early '50s. Some were doctors who had experimented on concentration camp inmates without their consent, often torturing them and killing them. They continued to experiment on unwilling subjects in CIA mind-control experiments. For confirmation and more information, click here.
President Obama, speaking of the operation to kill Osama bin Laden, said: "Justice has been done." It has been widely assumed that, if bin Laden is now dead, the person most responsible for the 9/11 attacks has been brought to justice. But the US government has never provided evidence that the attacks were carried out by bin Laden and his al-Qaeda organization. In September 2001, Secretary of State Colin Powell promised to provide this evidence, but the next day recanted, saying "most of [the evidence] is classified." In October, Prime Minister Tony Blair provided evidence that bin Laden and al-Qaeda planned and executed the 9/11 attacks. But he added: "This document does not purport to provide a prosecutable case against Osama Bin Laden in a court of law." The FBI's acts that made bin Laden a "Most Wanted Terrorist" do not include the 9/11 attacks. The FBI's chief of investigative publicity explained: "The FBI has seen no hard evidence connecting Bin Laden to 9/11." Could al-Qaeda have carried out the attacks? Scientists for 9/11 Truth views the rapid, symmetrical, straight-down collapses of the Towers and nearby WTC 7 as consistent only with controlled demolition. And 1500 members of Architects and Engineers for 9/11 Truth agree: The 9/11 attacks were not the work of al-Qaeda.
Note: CNBC removed this article not long after posting it. To read this critically important press release by WantToKnow.info team member and Nobel Peace Prize nominee David Ray Griffin in its entirety, click here. Dr. Griffin's 2009 book, Osama bin Laden: Dead or Alive? presented compelling evidence that bin Laden died in December 2001 -- prompting a BBC documentary of the same name. Griffin was named among the New Statesman's "50 People Who Matter Today". For an abundance of reliable news articles, videos, and more showing major deception on 9/11, click here.
Some 36 hours after the world first learnt of the US commando raid that killed Osama bin Laden, the White House changed parts of its story. A woman was killed, its spokesman said, but she was not Bin Laden's wife – who survived after being shot in the leg. Bin Laden did not, as had earlier been claimed, use his wife as a human shield; she was injured when she tried to challenge one of the US commandos. And Bin Laden was not, after all, armed, although he did, the spokesman said, put up some resistance. The new version – no wife as human shield, no weapon – makes [bin Laden] more ordinary and more vulnerable. It also raises further questions. If the first version was incorrect, perhaps even to an extent "spun" for a certain effect, might there not be room for doubt about other aspects of the official narrative? About, say, whether the crucial intelligence about Bin Laden was extracted from al-Qa'ida operatives under torture, which might appear to justify such methods and lift some of the opprobrium from the previous US administration and the CIA. A no less pertinent question that the new version raises is whether Bin Laden was ever actually given a chance to surrender and whether he might have been taken alive rather than dead. When President Obama said that justice had been done, was this – strictly speaking – justice, or was it cold-blooded retribution?
Note: WantToKnow team member David Ray Griffin's book establishing the likelihood that Osama bin Laden died in December 2001, Osama bin Laden: Dead or Alive?, is available here. For many other major media news articles showing clear deception and more by government officials, click here.
The Supreme Court on [February 22] shielded the nation's vaccine makers from being sued by parents who say their children suffered severe side effects from the drugs. By a 6-2 vote, the court upheld a federal law that offers compensation to these victims but closes the courthouse door to lawsuits. Justice Antonin Scalia said the high court majority agreed with Congress that these side effects were "unavoidable" when a vaccine is given to millions of children. If the drug makers could be sued and forced to pay huge claims for devastating injuries, the vaccine industry could be wiped out, he said. The American Academy of Pediatrics applauded the decision. The ruling was a defeat for the parents of Hannah Bruesewitz, who as a child was given a standard vaccination for diphtheria, tetanus and pertussis. She later suffered a series of seizures and delayed development. Her parents sought compensation for her injuries, but their claim was turned down. They then sued the drug maker in a Pennsylvania court, contending that the vaccine was defectively designed. A judge and the U.S. Court of Appeals in Philadelphia ruled they were barred from suing, and the Supreme Court affirmed that judgment.
Note: For powerful evidence that childhood vaccines are much less effective than is generally believed, click here.
Just under three years ago, people in the village of Gumbi in western Malawi went unexpectedly hungry. Not like Europeans do if they miss a meal or two, but that deep, gnawing hunger that prevents sleep and dulls the senses when there has been no food for weeks. Oddly, there had been no drought, the usual cause of malnutrition and hunger in southern Africa, and there was plenty of food in the markets. For no obvious reason the price of staple foods such as maize and rice nearly doubled in a few months. Unusually, too, there was no evidence that the local merchants were hoarding food. It was the same story in 100 other developing countries. There were food riots in more than 20 countries and governments had to ban food exports and subsidise staples heavily. A new theory is emerging among traders and economists. The same banks, hedge funds and financiers whose speculation on the global money markets caused the sub-prime mortgage crisis are ... taking advantage of the deregulation of global commodity markets [to make] billions from speculating on food and causing misery around the world. As food prices soar again to beyond 2008 levels, it becomes clear that everyone is now being affected. Food prices are now rising by up to 10% a year in Britain and Europe. What is more, says the UN, prices can be expected to rise at least 40% in the next decade.
Note: Remember that speculation is behind almost all of the economic bubbles and busts. The price of oil spiked a couple years ago almost purely because of speculators, while the oil companies raked in record profits. It looks like the speculators are now driving food prices as high as they can. For a treasure trove of reports from reliable sources investigating the many different strategies used by financial corporations to enrich themselves at the expense of common people, click here.
Undercover police officers routinely adopted a tactic of "promiscuity" with the blessing of senior commanders, according to a former agent who worked in a secretive unit of the Metropolitan police for four years. The former undercover policeman claims that sexual relationships with activists were sanctioned for both men and women officers infiltrating anarchist, leftwing and environmental groups. Sex was a tool to help officers blend in, the officer claimed, and was widely used as a technique to glean intelligence. He said undercover officers, particularly those infiltrating environmental and leftwing groups, viewed having sex with a large number of partners "as part of the job". His comments contradict claims last week from the Association of Chief Police Officers that operatives were absolutely forbidden to sleep with activists. The claims follow the unmasking of undercover PC Mark Kennedy, who had sexual relationships with several women during the seven years he spent infiltrating a ring of environmental activists. Another two covert officers have been named in the past fortnight who also had sex with the protesters they were sent to spy on, fuelling allegations that senior officers had authorised sleeping around as a legitimate means of gathering intelligence.
Note: For a comprehensive overview of the still-ongoing revelations about police provocateur Mark Kennedy and his cohorts in the UK police infiltration of environmental and related activist groups, click here.
The US embassy in Paris advised Washington to start a military-style trade war against any European Union country which opposed genetically modified (GM) crops, newly released WikiLeaks cables show. In response to moves by France to ban a Monsanto GM corn variety in late 2007, the ambassador, Craig Stapleton, a friend and business partner of former US president George Bush, asked Washington to penalise the EU and particularly countries which did not support the use of GM crops. "Moving to retaliation will make clear that the current path has real costs to EU interests and could help strengthen European pro-biotech voices," said Stapleton, who with Bush co-owned the St Louis-based Texas Rangers baseball team in the 1990s [and is married to Dorothy Walker, a first cousin of former U.S. president George H.W. Bush]. In other newly released cables, US diplomats around the world are found to have pushed GM crops as a strategic government and commercial imperative. In addition, the cables show US diplomats working directly for GM companies such as Monsanto. It also emerges that Spain and the US have worked closely together to persuade the EU not to strengthen biotechnology laws. In one cable, the embassy in Madrid writes: "If Spain falls, the rest of Europe will follow." The cables show that not only did the Spanish government ask the US to keep pressure on Brussels but that the US knew in advance how Spain would vote, even before the Spanish biotech commission had reported.
Note: For a powerful 13-minute video revealing the disturbing results of the first long-term scientific study on GMOs and showing how they greatly increased cancer incidence in rats, click here. For more revealing information on this from Dr. Mercola, click here. For an excellent overview of scientific studies on the risks from genetically-modified foods, click here.
A secret history of the United States government's Nazi-hunting operation concludes that American intelligence officials created a "safe haven" in the United States for Nazis and their collaborators after World War II. The 600-page report, which the Justice Department has tried to keep secret for four years, provides new evidence about more than two dozen of the most notorious Nazi cases of the last three decades. It describes the government's ... pursuit of Dr. Josef Mengele, the so-called Angel of Death at Auschwitz. The report catalogs both the successes and failures of the band of lawyers, historians and investigators at the Justice Department's Office of Special Investigations, which was created in 1979 to deport Nazis. The report's most damning disclosures come in assessing the Central Intelligence Agency's involvement with Nazi emigres. Scholars and previous government reports had acknowledged the C.I.A.'s use of Nazis for postwar intelligence purposes. But this report goes further in documenting the level of American complicity and deception in such operations. The Justice Department has resisted making the report public since 2006. Under the threat of a lawsuit, it turned over a heavily redacted version last month to a private research group, the National Security Archive, but even then many ... portions were omitted. A complete version was obtained by The New York Times.
Note: To read the complete Justice Department report obtained by The New York Times, click here. For a brief comparison with the heavily redacted version previously available, click here. For a more detailed analysis by the the National Security Archive, click here.
Armed with declassified documents and vivid details, a group of former Air Force officers gathered Monday to go public with an assertion they have kept mostly under wraps for decades: that UFOs visited the bases they were stationed at and caused nuclear weapon system to temporarily malfunction. The group, convened by UFO researcher Robert Hastings, came to the National Press Club in Washington to discuss their individual experiences and to urge a government that tried to ignore and silence them when they came forward years ago to finally come clean. Hastings said he believes that visitors from outer space are fixating on nuclear weapons because they want to send a message: Disarm before the world destroys itself. Hastings said he has heard of a UFO incident occurring at Malmstrom as recently as 2007. The declassified documents Hastings presented at Monday's news conference include decades-old government memos detailing reports of sightings of objects in the skies above Alabama, Montana, New Mexico and North Dakota. He has talked to 120 former or retired U.S. military about the presence of UFOs at nuclear weapons sites across the United States and around the globe as early as 1945, when the world entered the nuclear age with the bombings of Hiroshima and Nagasaki. For some of the officers who came forward Monday, going public wasn't easy. Bruce Fenstermacher, a missile combat crew commander at F.E. Warren Air Force Base in Cheyenne, Wyo., was "laughed at" by superiors when he reported a UFO sighting at a launch site that one of his sergeants had passed on to him, he said. He decided to keep his head low after that. "I was very careful about who I told what," he said. "I was concerned. I don't want to be considered a kook. But I think it's more important to come out and tell our story."
Note: To watch 18-minutes of this most fascinating testimony on the CNN website, click here. For a treasure trove of reliable, verifiable information on the UFO cover-up, see our resource-filled UFO Information Center at http://www.WantToKnow.info/ufoinformation.
"The Conehead economy" [is] the idea that if the economy were a person, its growth over the past few decades would've turned it from a normal-looking individual into a conehead. Jacob Hacker and Paul Pierson get at this idea slightly differently [in their book Winner-Take-All Politics]. They've got a table showing how incomes would look if growth had been equally shared from 1979 to 2006 -- much as it was in the decades before 1979. If growth had been equally shared, the middle quintile would be making $64,395 today. Instead, they're making $52,100. That's a 23 percent raise those folks didn't get -- and that I'm sure they would've noticed. The top 1 percent ... made, on average, $1,200,300 in 2006. If growth had been equally shared in the three decades before that, however, their incomes would've been cut by more than half, down to $506,002. That's real, serious money we're talking about. The top 1 percent now accounts for 23.5 percent of the national income if you include capital gains. In 1979, they only had 9.8 percent of the nation's earnings. During that same period, tax rates on the richest Americans have actually dropped. So as the economy went one way -- toward more money going to the rich -- the tax system went the other.
Note: For lots more on income inequality from reliable sources, click here.
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