[OPE-L:6577] Re: Re: Re: Re: Re: * poll: who has advanced political econ omy since Marx? *

From: Rakesh Bhandari (rakeshb@stanford.edu)
Date: Wed Feb 13 2002 - 13:40:10 EST

re 6572

>  US needs to see off any challenge to its hegemony if it is to 
>sustain a sizeable 'middle class' in the US.

I don't see how US capital is interested in sustaining, rather than 
expropriating, its own sizeable middle class. As the Enron case makes 
clear, small investors were cowed by corporate insiders who were able 
to siphon off money raised in the capital markets and cash out at the 
expense of this multitude of small investors. Now as market caps are 
slowly brought to earth--and I suspect there will be more weakness as 
Greenspan no longer eases--only those few who are cash rich will pick 
up the cheapened assets.  As always, recessions are exited with a 
more centralized capital. The American middle class is even being 
further cut down to size. And not as a result of the loss of US world 
I don't have the real numbers with me but remarkable data on American 
wealth concentration have been prepared by Edward Wolff.

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