Watch Today at 9:00ET

[KeithE]

If you missed it, please download the video, watch it, and read “Rewriting the Rules” document available in the above link.

[KeithE]

I guess I failed to mention that was 9:00am this morning. I listened and it was a great lecture by Stieglitz, good panel discussion answering a few questions from the audience, and DeBlasio made good points related to local action but saying a better “Contract with America” is needed at the national level. But Elizabeth Warren’s brief address stole the show with her passion. To show you how bad the situation has grown for the bottom 90% she gave these facts:

From 1935 to 1979 the bottom 90% received 70% of the increase prosperity in terms of wages paid (adjusted for inflation).

From 1980 to 2012 the bottom 90% received 0% of the increase in wages paid (adjusted for inflation). It has all went to the top 10%.

THIS HAS TO CHANGE. Many solutions were mentioned (all can play a role). They all involved policy rule changes and include:
- End to Big to Fail policies (e.g. bailouts)
- Break up companies (at least enforce anti-trust laws)
- Financial tax transaction fees
- Control the financial sector via Dodd-Frank regulations (which has been gutted before it even began). Financial sector provides no real goods (just paper work to help investors get easy money that does not help most of America). It used to be <3% of GDP, it is now 8% of GDP (according to Stieglitz).
- End the Carried Interest tax loophole that Hedge funds exploit to lower/eliminate their taxes on typically $100M/year+ salaries
- End Tax Code 162M that incentivizes CEOs to focus on short term profit increases (which is tied to their salaries, and encourages layoffs, moves to foreign countries, eliminate pensions/family leaves and short-circuits EPA & OSHA regs).
- End "shadow banking" ( I think they meant overseas tax havens).
- Invest in infrastructure and R&D instead of stockpiling profits (in the case of corporations) and do a larger jobs-focussed stimulus (government to formulate and contract out)
- Prevent the TPP and TTIP (trade deals) from passing (rules being written by a team - 85% of which corporation reps/lobbyists and no government reps - and not being even shared with Congress yet, let alone the American people) -
- ...

You can bet the media and Republicans / most Democrats will ignore these pleas. Yep a quick check of CNN and FoxNews shows they have not reported on this major event (MSNBC did give the DeBlasio talk at this event an unflattering mention - he’s just trying to jump onto the “populous" bandwagon). In fact, CNN gave air time to Deflategate rather than this major event attempting to turn around a third-of-a-century very harmful trend to 90%+ of Americans - incredible.

Later today they said the video teleconference will be posted at

where you can also download Stieglitz’s report.

Ya’ll may think I’m irrationally radical, but I assure you I’m not irrational and this is critical Kingdom work.

[Ed Pettibone]

Ed: Keith at what Percentage on the income scale are the members of that panel?

[KeithE]

[Ed Pettibone]

[KeithE]

Why don't you Ed just say what you think and not ask disingenuous questions.

[Tim Bonney]

I'll confess Keith that I didn't listen to the panel. But, in part, because it is old news. The middle class has been tanking since the end of the last Clinton administration or longer. But apparently the current mantra in congress is that we should make rich people richer so they can help poor people.

It makes me wonder what is going to have to happen to wake up the electorate? Another Great Depression? What?