Wednesday, November 04, 2009

Low voter turn out in Detroit despite hype of needed change.

Voter turn out for the Detroit election was only about 22%. Yes, we did change some of the City Council but why are we still not VOTING. Everyone needs to read this memo from Citibank to understand the why VOTING is important. Voting is the only power that can even up the power of the other 90 % of the citizen without wealth iff we hold our elected officials accountable. Thanks to Michael Moore in digging this up from his new movie Capitalism: A Love Story a must see

http://www.scribd.com/doc/6674234/Citigroup-Oct-16-2005-Plutonomy-Report-Part-1

http://www.scribd.com/doc/6674229/Citigroup-Mar-5-2006-Plutonomy-Report-Part-2

Here is an excerpt from this document stating the power of the vote:

IS THERE A BACKLASH BUILDING?
Plutonomy, we suspect is elastic. Concentration of wealth and spending in the hands ofa few, probably has its limits. What might cause the elastic to snap back? We can see a number of potential challenges to plutonomy.The first, and probably most potent, is through a labor backlash. Outsourcing,offshoring or insourcing of cheap labor is done to undercut current labor costs. Those being undercut are losers in the short term. While there is evidence that this is positive for the average worker (for example Ottaviano and Peri) it is also clear that high-cost substitutable labor loses. Low-end developed market labor might not have much economic power, but it does have equal voting power with the rich.

This is a must read report. Basically it states what all know ; the rich get richer and the poor get poorer because we believe that the system of Plutonomy will allow all of us normal people to someday become rich. We could change this very inequitable system BUT the dream of becoming rich is a too irresistible of a carrot that is being dangled in front of us to forget we still have some power to change this situation.

1 comment:

Cliff Samuels Jr said...

Here is another good explanation of Plutonomy

http://www.fundmymutualfund.com/2009/09/citigroup-2006-america-modern-day.html