[extropy-chat] Redistribution of wealth

[Adrian Tymes]

--- Mike Lorrey <mlorrey at yahoo.com> wrote:
> --- BillK <pharos at gmail.com> wrote:
> > Another major cause was the greatly unequal
> distribution of wealth
> > from the 'Roaring Twenties' in the US  The working
> class could hardly
> > afford to live and were buying everything on
> credit. Wealth was
> > concentrated in a tiny percentage of the
> population and a few hundred
> > very large corporations. The whole setup was very
> unstable.
> 
> You have to laugh at BillK's blinkered view of
> history through
> socialist blinders.
> 
> before the stock market collapse, we had one of the
> highest percentages
> of the population with significant investment
> holdings in our history.
> Of course, we also had a very high rate of home
> ownership, though most
> were mortgaged. When the credit market collapsed due
> to european
> socialism, banks called in loans on normal people
> who had real assets,
> like homes, farms, etc because these real assets
> were far easier to get
> money out of than bankrupt securities.

FMI - one of the resulting reforms was that the banks
no longer got to call in loans on otherwise credit
worthy people, no matter what the status of the banks'
other loans, right?  Thus preventing that specific
disaster from happening again.