America's Plutonomy

"Major corporations recognize that the federal government remains an indispensable source of both critical legal protections and vast treasure chests of plunder.

For Corporate Amercia, “Big Government” means huge federal contracts (no-bid in the case of favored outfits like Halliburton and Blackwater), massive subsidies, tax breaks, investment guarantees, low-cost oil and mineral leases, and of course, the “too big to fail” doctrine which will remain in place despite reforms of Wall Street practices.

The virtually unconditional bailout of Wall Street is perhaps the most clear-cut example. The banks got bailed out, yet have shown their gratitude to the public by awarding themselves huge bonuses, while withholding loans from small businesses and families, and conducting foreclosures at such a rapid pace (10 times the daily volume during the Great Depression) that several major banks have failed to follow all procedures required before kicking a family out of their home.

Citibank, in a confidential document, describes the U.S. economic system as nothing less than “a plutonomy” where the super-rich thrive regardless of the fate of the bottom 90%. The richest 1% now take home 23.5% of all US income, more than the bottom half."

—	America’s ‘Plutonomy’ Drives Warped Electoral Season

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