http://nyti.ms/1841F9n

In this blog I have posted two links, one for a clip from the New York Times the Other is a Ted Talk by Chrystia Freeland. In the clip from the New York Times was about a handful of developments in Manhattan that are joining a larger group of large ultra luxury condominium developments marketed to the worlds billionaires. In the clip a digital rendering of a current project to build the Western Hemisphere’s highest residential building called 435 Park Avenue is averaging unit sales at $7000/sq foot. As exorbitant as that figure may sound a development in West London called One Hyde Park averages a $9500/sq. foot! The reason I attached this link along with the Ted Talk is because I watched by Chrystia Freeland was entitled :The Rise of the new global super-rich. She pointed out that income inequality in today’s global economy is increasing at an alarming rate. In America in the 1970’s the top 1% accounted for approximately 10% of the national income, but 2013 the top 0.8% account for around 8% of the national income.  When I heard those numbers and watching the clip about the growing demand for “ultra luxury” real estate in New York became very believable. I think their is a huge issue not only in the United States but globally with regulation of multinational corporations and political decisions that are supposed to be in the interest of the masses when billions of individuals live in poverty while the world’s elite are ready to pack up and move on up into an ultra luxury condo. I generally agree with a Capitalist system but government intervention is necessary in order to control the actions of the private sector when global economy reaches such levels of inequality.