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Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years

by Les Leopold, author of The Looting of America

We live in a very, very rich country. Yet we seem to be utterly consumed by a collective hysteria that we’re about to go broke. Historians are certain to look back at this period and wonder why the richest country in history consumed itself in a struggle over how many teachers to fire.

How rich are we?

Just take a look at the latest reports on what the top hedge fund managers haul in. In 2010 John Paulson led the list with a record $4.9 billion in personal earnings. That’s a whopping $2.4 million an HOUR. Here’s a factoid to make you wretch: It would take the median US household over 47 years to earn as much as Paulson pocketed in just 60 minutes. And, every hedge fund manager pays a lower tax rate than the average family. The top 25 hedge fund earners took in $22.07 billion in 2010. Thanks to a generous tax loophole these billionaires will pay a top tax rate of 15 percent instead of 35 percent. Closing that loophole on just those 25 individuals – just 25 guys who wouldn’t miss a penny of it — would raise $4.4 billion, which is enough to rehire 126,000 laid-off teachers. Wait a sec. This is America, not Russia. Don’t we want our entrepreneurs to go out there and earn as much as possible? We don’t want to punish the successful who are building up our economy, do we? Continue reading this article at Alternet. The Looting of America by Les Leopold is available now.


Born on Third Base: A Q&A with Author and Inequality Activist Chuck Collins

As inequality grabs headlines, steals the show in presidential debates, and drives deep divides between the haves and have nots in America, class war brews. Does it have to be this way?Can we suspend both class wars long enough to consider a new way forward? Is it really good for anyone that most of society’s […] Read More

Three Principles to Survive the Future

What guiding principles will you need to not just survive the future, but imagine a better one? Surviving the Future is a story drawn from the fertile ground of the late David Fleming’s extraordinary Lean Logic: A Dictionary for the Future and How to Survive It. That hardback consists of four hundred and four interlinked dictionary entries, […] Read More

The 5 Rules of Lean Thinking

Are you ready to co-create the future? These 5 Rules of Lean Thinking are a useful tool as we set out to collectively invent a post-market future.Surviving the Future is a story drawn from the fertile ground of the late David Fleming’s extraordinary Lean Logic: A Dictionary for the Future and How to Survive It. That […] Read More

Sow Seeds: Stop Walking Around Doing Nothing

“In the last one hundred years, 94 percent of seed varieties available at the turn of the century in America and considered a part of the human commons have been lost.”That’s one of the key takeaways in award-winning author and activist Janisse Ray’s book, The Seed Underground: A Growing Revolution to Save Food. In her book, Ray […] Read More

Solar Dollars: Promote Renewable Energy & Support Local Economies

How can you use the sun as a way to not only generate renewable energy, but support the local economy and provide interest-free financing for utility companies?Author Thomas Greco (The End of Money and the Future of Civilization) has the answer: Solar Dollars!In a recent post on this blog (Beyond Money), Greco makes the case […] Read More
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