World recession avoided; income gap widens more

Thursday, October 27, 2011 - 4:32pm

At the opening bell, U.S. stocks shot up after welcome news from Europe.

A last minute trillion dollar deal by the European Union to bail out Greece saved the Euro economy from collapse.

A relieved Secretary of State Hillary Clinton met the Greek foreign minister.

There's mixed news at home. Retail sales are up 2.5 percent, and there’s economic growth over the summer, but still not enough growth to spark hiring.

However, America's largest company, ExxonMobile, boosted profits 41 percent by increasing the prices of fuels.

This news is sure to incite the growing “Occupy" protests.

"The system does not serve me,” stated one protester. “The system was never designed to serve me. The system was set up to keep the rich in power and oppress the middle class."

A new report confirms the income gap between rich and poor is growing.

The non-partisan CBO found the income of the richest 1% of Americans rose 275 percent from 1979 to 2007, to $347,000 on average, while middle class income rose just 40 percent to $71,000, and the income of the poor rose just 18% to $15,000 a year.

All this happening as today's stock market rally is celebrated, disproportionately, by the rich.

Audio outcue: i'm steve handelsman, nbc news, washington.
 

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