Explaining Southern California's economy

Good rich people v. bad rich people: Whom to hate

Dow Jones Industrial Average Closes Slightly Down

Spencer Platt/Getty Images

At the Nation, Jamelle Bouie pretty well summarizes not just what the Occupy Movement stands for, but what lots of everyday Americans are feeling:

It’s hard to look at the wealth worshiping of American culture and conclude that Americans hate the rich. Rather, Americans hate people who become rich through rent-seeking, and then use their power and influence to pull up the ladder for everyone else. Financial elites crashed the economy, but rather than suffer any adverse consequences for their reckless behavior, they’ve prospered. Worse, they’ve yet to show any contrition for their actions, even as millions of Americans—who had no part in the sideshow—languish in a wounded economy.

This is the end result of what some have called the "financialization" of the U.S. economy, with the financial-services sector accounting for a historically disproportionate share of GDP. 

Read More...