On this day: 1920 – A bomb in a horse wagon exploded (aftermath pictured) in front of the J. P. Morgan building in New York City, killing 38 people and injuring 400 others.
It is now rumored that we are fast approaching or have already passed, the income inequality that existed in the roaring 1920’s, in New York.The robber barons ruled the markets; in a frenzy of railroad, property and kerosene; that led to speculative roller coasters in the markets. J P Morgan became the banker of last resort, when the great depression hit a decade later on Wall Street, destroying many of the the barons, and bringing untold misery worldwide.
Unless we reverse course and take political action, and right this direction soon, we are headed for trouble. We have to start to provide education and employment to the many; at fair wages, or, we may be heading for anarchy in the streets again. We had a taste from the protestors after the great recession;and if we do not raise the minimum wage, solve immigration issues, and have a more equitable distribution of income, the problems will only increase. There is no economic reason for a 300 times disparity; between the President of a corporation, and his associates. We have to alter course, or we may be headed for an urban jungle; where states can’t raise enough taxes from the long suffering and dwindling middle class, for essential city services. When the fabric of society starts to rip; it can have very unintended consequences, as seen in the fall of past cities.
Today we have billionaires and then a lower level of society; living at, or slightly above, the poverty line. Who will provide them solace and comfort and a warm place to stay, if they cannot make a living wage. We have the means to reduce poverty; as per the UN, and just the political will is lacking. New York is capable of changing and showing the way, to a more just and equitable society, as it has done in its history before; when the unions were strong, and labor productive.We just need to have the political will to move forward.