Wednesday, February 25, 2004

The rich help the rich

Title: Bush Family Values: War, Wealth, Oil
Source: LA Times
Date: February 8, 2004

From the article:
    "Over four generations, the Bush family has been involved with more than 20 securities firms, banks, brokerage houses and investment management firms, ranging from Wall Street giants like Brown Brothers Harriman and E.F. Hutton to small firms like J. Bush & Co. and Riggs Investment Management Corp. This relentless record of handling money for rich people has bred a vocational hauteur. In their eyes, the economic top 1% of Americans are the ones who count. Investors and their inheritors are favored -- A good explanation of why George W. Bush has cut taxes on both dividends and estates, where most of the benefit goes to the top 1%. Over the course of George H.W. Bush's career, he was close to a number of the merger kings and leveraged-buyout specialists of the 1980s who came from Oklahoma and Texas: T. Boone Pickens, Henry Kravis and Hugh Liedtke. 'Little guy' economics has almost no niche in the Bush economic worldview."
When the rich control the government, the entire economy becomes a machine designed to further concentrate wealth at the expense of everyone else.