From Bob Feldman:
Should 'Great Recession' Burden Be Borne By U.S. Billionaires?
As more layoffs of U.S. working-class people and U.S. middle-class people are announced by the transnational corporations, the local, state, or federal government agencies and the tax-exempt "non-profit" sector private institutions of the United States in late 2008, it again looks like the burden of a U.S. economic crisis is being placed on the backs of U.S. working-class and middle-class people--instead of on the Super-Rich folks who most profited from the global and U.S. economy during the 1990s.
Yet in an authentically democratic society, the economic burden of the "Great Recession of 2008 and 2009" would be borne by the upper-class people who are most able to afford to make some economic sacrifices in their living standards: the U.S. Billionaires and Multi-Millionaires whose daily business activities helped cause the current global economic crisis.
In written testimony submitted by the Executive Director of the Foundation for the Advancement of Monetary Education, Lawrence Parks, before the House Banking and Financial Services' Subcommittee on Capital Markets, Securities and GSE's on May 24, 2000, for example, the multi-millionaire "principals" of hedge funds and billionaire George Soros were mentioned as having played a role in contributing to the global economic crisis of the late 1990s and early 21st century. According to the Foundation for the Advancement of Monetary Education's executive director's May 2004 testimony:
--bf