Inequality, justice, equity--modern society struggles with these values, and the media, politicians, economists, and artists address income and inequality as if it's a new issue. Anyone who reads the Bible or even Charles Dickens knows these issues have been part of human society throughout recorded history. At common law, judges developed the concept of equity to do the right thing.
The elite propose income transfer schemes and government control designed to protect and insulate the elite and keep the poor indebted to them. Some of the worst abuses have been inflicted on Native Americans or American Indians.
Now the elite have incurred massive debts that leave entire nations (and their citizens) vulnerable to a different kind of rule of equity--domination by creditors, foreign and domestic.

Friday, October 24, 2014

Federal government subsidizes billionaires buying land

The 124,000-acre Broken O Ranch near Augusta, Mont., was listed for $132.5 million and purchased in 2012 by billionaire Stan Kroenke.

The Fed is not only enriching the elite by boosting the stock market, but its low interest rates are helping billionaires buy up huge ranches from struggling farmers and ranchers.
Excerpt: "A boom in the oil and gas industry and current 2% interest rates on ranch mortgages are also fueling big land grabs."

Yet another example of how wealth and income inequality is being entrenched for future generations.

Excerpt: "Michael Hewatt, a member of the D.R. Horton board, says the company will use it much like it does the two large ranches it owns in Texas: as a place to entertain brokers, bankers and other D.R. Horton vendors. “It’s a perk for the people we work with,” he says. He also says the ranch is a “good investment for the long term.” Mr. Horton has also personally purchased large parcels of ranch land in Texas and New Mexico, according to public records."

More fun: "A major ranch purchase also comes with bragging rights. Many of the bigger properties are known as “legacy” ranches in part because buyers want to stake their claim in history. These ranches stand out for their size, unusual location or a unique feature, says Eric O’Keefe, editor of the Land Report, which publishes an annual ranking of the largest 100 private landowners in the country. To make that list requires owning 100,000 deeded acres or more.
Billionaire Stan Kroenke, who owns the St. Louis Rams and soccer’s Arsenal F.C., bought a roughly 124,000-acre ranch in 2012 near Augusta, Mont., listed for $132.5 million by the estate of William and Desiree Moore, the late co-founders of Kelly-Moore Paints. Called the Broken O Ranch, Mr. Kroenke’s purchase elevated him on the Land Report’s list of largest landowners, where he currently holds the No. 9 spot. Mr. Kroenke didn’t respond to a request for comment.Liberty Media Chairman John Malone remains at the No. 1 spot on the Land Report’s 2014 list, with 2.2 million acres."

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  1. Asian stocks slipped on Thursday after Wall Street continued to pull back from record highs ahead of Friday's closely -watched U.S. jobs data.