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That's exactly what's happening and has been happening for decades.
Goldman Sachs for example profited from the last several bubbles. During the housing bubble they sold the mortgage-backed securities like crazy, bet against them in the market, and in order to get $10 billion in TARP funding it immediately converted from an investment bank to a bank-holding company, got bailed out by the government, and then qualified for the loans from the discount window of the Federal Reserve so that could suck up even more taxpayer money. During the collapse their employees made record salaries. Absolute and pure crooks.
Where do you think all the losses of money during the recession went? Straight to the banks and Wall Street financial companies.
In my opinion this latest stock bubble is based on nothing. The economy is not doing that well! The market is being manipulated by financiers like those at Goldman Sachs and I wouldn't buy any stocks at this point.
I am glad to hear someone say this (bolded). The whole damn global economy was nearly flatlined, and why? Because we injected the wealth of billions into the pockets of a few thousand crooks running the financial sector, and a few million boomers who bought into the housing market pre-bubble. The only way to save the systems was to bail out the same criminals, and those lucky boomers are exactly the people who are doing all this Tea Party horse shyte and whining about helping out the people that they helped to destroy. A few more of these sort of events and the guillotine might make a comeback.
The idol rich... I am guessing that is even a lower number than the idle rich. Most rich people have worked for their money and are more demonized than idolized in the class warfare Obama era.
Actually most income for the very wealthy is from investments, not employment income.
Salaries and wages account for only 8.8 % of the income of the very rich, and since investments are taxed at lower rates that's why the richest families pay less income tax than you or I. The top 400 richest families in the U.S. paid an average federal income tax rate of about 18 %.
They should be demonized. Most, but not all, are ruthless slippery crooks. I'm not talking about doctors and small-business owners, I'm talking about the very rich, especially those in finance.
Actually most income for the very wealthy is from investments, not employment income.
Salaries and wages account for only 8.8 % of the income of the very rich, and since investments are taxed at lower rates that's why the richest families pay less income tax than you or I. The top 400 richest families in the U.S. paid an average federal income tax rate of about 18 %.
They should be demonized. Most, but not all, are ruthless slippery crooks.
Kind of gross when you think of it. People who do no productive labor being taxed at rates lower than tradesmen. That makes no sense except as a payback for political patronage. It is bad for the economy and society and the planet.
I am glad to hear someone say this (bolded). The whole damn global economy was nearly flatlined, and why? Because we injected the wealth of billions into the pockets of a few thousand crooks running the financial sector, and a few million boomers who bought into the housing market pre-bubble. The only way to save the systems was to bail out the same criminals, and those lucky boomers are exactly the people who are doing all this Tea Party horse shyte and whining about helping out the people that they helped to destroy. A few more of these sort of events and the guillotine might make a comeback.
You should read "Griftopia" by Matt Taibbi. He first described Goldman Sachs as "a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." I'm reading it right now, and he provides the story behind the most recent financial crisis better than any other that I've read. Much of it includes a roster of slimy characters from the government and companies like Goldman Sachs, AIG, and Morgan Stanley. And the worst thing it's all the same guys; they just rotate back and forth between powerful positions in government and finance.
are you being sarcastic? The sequester is in no way helping the economy. It's a drag on economic growth and job growth.
"The budget hawks have the sequence backwards. Public outlay for jobs and recovery come first, growth is restored, and revenues follow. Budget cuts in a deep slump lead only to a deeper slump."
Seems to just keep booming and booming. What do you think is happening?
I think Obama and the liberals are achieving their two-class society -- the very rich are doing better than ever with their unlimited cheap labor and unlimited numbers of dirt cheap servants, the displaced Americans are losing their middle class status and will live out their lives on welfare handouts.
They should be demonized. Most, but not all, are ruthless slippery crooks. I'm not talking about doctors and small-business owners, I'm talking about the very rich, especially those in finance.
But ellemint, Obama campaigned on raising taxes on $200K and if you understand S-Corps he was going after the doctors and small business owners. Obama did not hurt the very rich. The tax increase is effective starting January 2013, instead of keeping more money in the business and trying to grow the business they will be paying higher taxes.
Even Nancy Pelosi said this but she was quickly silenced.
Nancy Pelosi sent a letter saying that democrats believe that tax cuts for those earning over a million dollars a year should expire and that we should use the resulting revenues to pay down the deficit. http://www.democraticleader.gov/news...ncome-tax-cuts
I think Obama and the liberals are achieving their two-class society -- the very rich are doing better than ever with their unlimited cheap labor and unlimited numbers of dirt cheap servants, the displaced Americans are losing their middle class status and will live out their lives on welfare handouts.
If you want to read up on the economics of that, read up on neoliberal economic doctrine. Both parties are into it and it's gnarly business.
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