Episode #98

The Rich Fight Back!

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Friday, March 21, 2014

OK, it's time to stop. Stop bashing the banks. Stop trying to soak the rich. Stop talking about income inequality. We are not the problem. That's the basic message from some of the members of the "one percent" — the wealthiest Americans — who are pushing back against the recent rise in populism, a trend that even helped elect New York City's mayor, Bill de Blasio. In one example, Ken Langone, the billionaire co-founder of Home Depot, criticized the mayor and others who he sees as pitting one group against another; he likened it to Hitler and Nazism. This week on Money Talking, Rana Foroohar of Time magazine and Ben White of Politico discuss how the wealthy are responding and what it means for this election year.


Ben White

Hosted by:

Charlie Herman

Produced by:

Daniel P. Tucker


Rana Foroohar

Comments [5]

Also, a recent possible "canary" in the Economic Mine - Staples sales down & stores closing.

Since Staples & Office Depot, et al. cater to "entrepreneurs" heavy sales losses & the closing of multiple stores may very well indicate that their (wholesale/retail) customers have lost customers. If that's true, it may indicate the first market "feedback" that growth without consumers (firing workers & increasing mgt $$) has reached a point of overreach.

If customers don't have cash, they are no longer customers.

Mar. 21 2014 09:32 AM

For guests you have people that don't know that the last model that worked was Keynes! They obviously don't read (or understand) Paul Krugman, David Cay Johnston & others outside the DC VILPs (Very Important Lobbyists/Pundits).

It's time to kill a whole lot of Corporate-friendly Tax Expenditures so that the economy can grow.

The guests you had on obviously can't read that unemployment has gone UP since the 1980s & Government policy changes are many of the reasons.

Definitely a Money Talk Fail.

Mar. 21 2014 09:20 AM
Tom Hunter from Manhattan

As any reader of Pulitizer-Prize-winning New York Times reporter David Cay Johnson's books "Free Lunch " and "Perfectly Legal" knows, the 1% have spent a portion of their money manipulating Congress into writing laws that benefit the 1%. These laws include the infamous carried interest rule, reductions in marginal income tax rates, the Social Security withholding cap and, most importantly, covert efforts to defund the IRS so that it does not have the funds to pursue aggressive tax evasion by that same 1%.

It's an open secret that Congress itself is populated with millionaires. Thus, it should come as no surprise that both the House and the Senate of both parties give lip service to their bases and then return to Congress to do the bidding of the rich.

The rich in these United States have, as a result of the aforementioned practices, been the sole beneficiaries of virtually all the income gains going back to the 1980s. Apparently, they have become so fat and complacent with the generous advantages they have received as a result of a manipulation of the tax code and Congress that they are unwilling even to face valid and legitimate criticism.

Only in the case of the 2010 law FATCA, which takes effect in July, have the rich faced any scrutiny of their abusive behavior and self dealing. They apparently consider it their birthright to externalize their costs on other taxpayers. Though it's a longshot, here's hoping that the American people are starting to wake up to this fact and fighting back against the fat, complacent rich.

Mar. 21 2014 08:31 AM
V. Bell from Brooklyn

Today's program lacked an understanding of "income inequality" from an economic perspective, which is incredibly frustrating. While terribly named, "income inequality," which really means the elimination of a middle class through wage stagnation, provides the positive solution to the problems you mentioned. It turns out that raising the minimum wage actually creates jobs, because more people have more money to spend - the ultra wealthy almost always end up saving nearly all of their wealth, not spending it, which slows economic growth. Never in history has the raising of minimum wage not lead to more jobs. Strengthening unions and improving education also reduce "income inequality' and add to jobs - You mentioned we need something Clintonian to solve the problem. Robert Reich, Clinton's secretary of labor is at the center of the push for addressing the dying middle class - his lectures on this topics were made into the film "Inequality for Everyone." Today's program needed more research and understanding of the historical econonomic data on the topic. Time Magazine named Reich one of the ten most effective cabinet secretaries of the twentieth century. He's an economist/Rhodes Scholar. And under Clinton, his approach led to incredible job growth. Check out the film - understanding how the economy actually works is a critical part of this discussion.

Mar. 21 2014 08:18 AM
Michael West from Green Wood Heights, Brooklyn

No alternatives to "trickle-down"??? Does no one there read Paul Krugman? The SCIENCE of economics shows that well managed government stimulus spending creates jobs far better than corporate welfare. It is the sole type of deficit spending that can actually reduce the deficit!

Mar. 21 2014 08:12 AM

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