I came across this op-ed piece by a supposed economics professor named Bradley Schiller this morning. It has been sticking in my craw all day ever since. His piece comically misses the mark on so many points, I honestly didn't know where to start.
After some stewing, I decided to reply to it directly. As if I were debating somebody on a Facebook, Huffpost, or web forum thread. It just seems to be the most appropriate way to respond. So here it goes. His statements are quoted and italicized, followed by my responses, item by item.
By Bradley Schiller
Sun Dec 4 2011 12:00 AM
"The class war is on. It's the 99% of "us" versus the 1% of "them."
In the rhetoric of this war, we are fighting the 1% because they possess most of the nation's wealth, bankroll their handpicked political candidates, control the banks and get million-dollar paychecks and billion-dollar bailouts; yet they don't pay enough taxes or invest their wealth in creating American jobs. They're the "millionaires and billionaires" President Obama has called out as needing to pony up more for progressive reforms of our healthcare, banking, tax and political systems. They are the enemy of "us" — the 99% who toil at low-wage jobs, hold underwater mortgages, face foreclosures, suffer recurrent and protracted job layoffs and plant closings, and yet pay our fair share of taxes."
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All about the private equity scam… by Robert Reich
Ok, so many times when I get into political discussions with some of my euro-pals, I get questions about how plutocrat fat-cats like Mitt Romney got so damn rich in the first place. Well for one thing, it surely helps to have a rich dad. Hucksters like Romney, and even the scummiest of them all Donald Trump both did. Mitt was able to parlay his fortune however, by playing the classic money game called “Private Equity Funding”.
It all sounds on the up and up, but don’t be fooled. It’s a classic scam that allows greedy scumbags to make a business of exploiting perfectly good and profitable companies for their own selfish gain. Usually at the expense of their workers, and Joe Taxpayer.
One of the reasons I’m posting this, is to have a convenient link to send friends to when the subject arises, as it inevitably will in this election year. Another reason is because it is by far, one of the clearest, succinct, and factual explanations about the subject I have yet to see. Well done, Dr. Reich.