Get News & Views Updates
Most Popular This Week
Popular content
Today's Top News
Oh Say Can You Seethe..
Another Independence Day, and times are tough for everyone.
No, not everyone.
Sit back, get uncomfortable, and choose any one of these facts to make you mad.
(1) The financial maneuverings of a single hedge fund manager made him enough money in one year to give a $30,000 per year job to every one of the 168,000 unemployed people in Louisiana.
(2) One year of Bush tax cuts would pay ALL U.S. unemployment benefits.
(3) If the median household income had kept pace with the economy since 1970, it would now be nearly $92,000, not $50,000.
(4) The trillion EXTRA dollars a year taken by the richest 1% (by TRIPLING their cut of the income pie since 1980) would provide a $50,000 a year job for every college student in the United States.
(5) According to Citizens for Tax Justice, 12 of our largest corporations paid an effective tax rate of negative 1.5% on $171 Billion in Profits. The oil industry paid only 4% in U.S. federal income taxes over the past three years.
If you're not mad yet, maybe this will do it:
-- A GE spokesperson: "We are committed to acting with integrity in relation to our tax obligations."
-- Paul Ryan: I talked to [Boeing CEO] Jim McNerny a couple of weeks ago, their tax rate is extremely high, far higher than their competitors.
-- An Exxon spokesperson: "..any claim we don't pay taxes is absurd...ExxonMobil is a leading U.S. taxpayer."
-- Chevron CEO John Watson: "The oil and gas industry pays its fair share in taxes"
The reality, according to the U.S. Office of Management and Budget, is that the percent of total tax revenue derived from corporate taxes has dropped from about 20% in the 1960s to under 9% in 2010.
Why shouldn't profitable corporations and finance-savvy individuals pay back to the system that made them rich? Why shouldn't they pay for government-funded research, national security, infrastructure, and untaxed financial speculation opportunities?
They don't want to pay, and that should make the rest of us angry. But if you don't like being angry, heed the advice of Goldman Sachs chairman Lloyd Blankfein: "Everybody should be, frankly, happy...the financial system led us into the crisis and it will lead us out."
Comments
Note: Disqus 2012 is best viewed on an up to date browser. Click here for information. Instructions for how to sign up to comment can be viewed here. Our Comment Policy can be viewed here. Please follow the guidelines. Note to Readers: Spam Filter May Capture Legitimate Comments...


42 Comments so far
Show Allnot to mention all the stimulus to the economy if the wealth was redistributed in a fair manner
the multiplier effect would ensure a booming economy in that case
The heads of these corporations are just doing what the system requires them to do. Get the maximum return for their shareholders. The fact that they benefit themselves is not immaterial, but is not the root of the problem; fiduciary responsibility is.
"Maximumn return" is inaccurate. They are required to just make money for their shareholders. They want you to think this is some kind of law of the land. However, if you're really interested in the truth, go here:
http://www.virginialawbusrev.org/VLBR3-1pdfs/Stout.pdf
BTW: What? Their "fiduciary responsibility" is to make money for the shareholders. It IS the root of the problem. That and the fact that some of the shareholders ARE them. They are dealing for themselves.
Let's admit it - the wealthy use more of the Commons, pay a much lower o er-all tax rate and have Captured the governing process.
The rich are predators, leaches and FREELOADERS!
Besides of course being anti-american. And they run the country - no wonder we're on a downward spiral.
The plain, unvarnished truth. Thank you.
Hear, here!
clear and simple, mtdon.
Yes, it's OK to hate the rich. They've earned it.
Hoa binh
Depends on what is offered as a remedy for this fairly-described problem. Targeted assassination for all folks over a certain income level; now THAT'S hateful. Passing & enforcing H.R. 1489; that is justice & help for the victims of these criminal financiers.
Passing HR 6550 would be even better.
Just checked it out. Like it even better. Dennis is part of a trio; Richard C. Cook, and Stephan Zarlenga are the other two. They are the "credit as a public utility" group. I like them alot.
The American Monetary Institute. You should read Zarlenga's book, The Lost Science of Money.
Unless and until we have real monetary reform that puts a complete end to usury, nothing will change.
Precious metals aren't the answer unless barter is the goal. Any time any money is issued with interest due, what you get is what we've got.
What happened to html allowed? It was working for a couple of days and now it's gone? It was great to be able to use bold and italic and paragraphs and breaks!
(Comment deleted to be more PC)
Targeted assassination for all folks over a certain income level; now THAT'S hateful
Nah, that's not so "hateful"
Poverty and starvation for the masses so that the very few can live "la dolce vita"
Now THAT's HATEFUL,
Yep. They both are, and in a tit-for-tat kind of way, in a kind of karmic, feed-back loop.
The WEALTHY PREDATORY CAPITALIST WELFARE KINGS benefit the most from the taxes collected.As such they should pay their share. The USG is funded by taxing labor, withholding taxes, which then transfers the forced contribution proceeds to the WELFARE KINGS. The purpose of the Pentagon is to protect the worldwide assets of the WELFARE KINGS, many of which pay no taxes. The Pentagon protection racket scheme of; fund US, the Pentagon, or else! The graft and corruption they lavish on politicians is tax deductible. The Axis of Evil, AoE, Wall St., Wash., DC is a criminal conspiracy of unethical gangsterism.Al Capone was an ethical gangster, by comparison, as he would only protect those that paid for protection. The AoE unethical gangsterism has been unleashed on the world, and is funded by the forced contributions collected by the USG.
Last year's profits came from gold, but the previous year's profits (a few billion) came by working with GoldMan Sachs brokers, constructing mortgage-based securities he thought would default, so Goldman could sell the securities to investors. Then Paulson bought credit-default swaps which paid him when the securities defaulted.
That is not honest work. It really amounts to fraud on his part and that of the guys at Goldman.
The plain-speaking truth. Thank you. And this is only one example of this criminal cabal. They make Al Capone look like an honest businessman (at least his customers got the booze they paid for, and their gang wars tried to avoid "collateral damage", or killing customers, because it's "bad for business"). At least he wasn't a "people-hater" like these loathesome banksters & their syncophants are.
Gold rises and the dollar goes down in value because of his betting/casino gambling which this $5 billion created no value/wealth for the world, it did not cure cancer, or wipe out the pollution of our seas, or the enslaving and raping of women, or provide food for the world. It enriched other investors who only pay 15% taxes on this income and probably less with other loopholes??? These investors could of invested in American innovation and exceptional ism. It could of invested in American small business which hire American workers. It could of invested in solar energy, it could of invested in bringing America infrastructure into the 21st century. These people gambling on gold are the cause for alot of the world commodities prices sharp rises and falls and world hunger as the price of food rises. Are they all global climate deniers who listen to paid scientist from the fossil fuel industry? These wall street/hedge fund people creating nothing from nothing and give nothing to nobody except themselves. Sick and tired of you conservatives ranting about liberals and progressives don't like profits, that is just plain horsecrap. We all need profits to survive in this world and it was done quite nicely from 1946 to 1980's while the US was rebuilding Europe and Japan and America and the middle class was born, the US GI from WWII was sent to college and became doctors, lawyers, scientists and chemists and engineers. Everyone flourished while my parents and my generations grew these corporations to very profitable entities and then Reagan came along and stopped enforcing anti trust laws, started breaking up unions, deregulating industries and look what has now happened, these banksters and corporations rule the world and the world's elected officials. What do you call that? Fascism? The world is waking up to the ills of unregulated capitalism and your smartass comments about the working men and women of the world.
He was just an actor, hired to play a president. Not a very good actor. Those who do the hiring & firing ( and terminating with extreme prejudice), now THERE is where you will find the mean ones. They KNOW to keep out of sight.
RR-----Profits from a "rising" gold market, my ass. The gold market did not rise. The US dollar effectively fell, because of the ruinous (to the dollar and the US economy) manipulations of the "Post Industrial" finance community in the US.. Your snide, sarcastic final paragraph and the innocent tone of your first two paragraphs indicate that you are either a member of or an apologist for that tiny percent of the US population that gains for themselves at a ruinous cost to the many, and feel or are unable to understand the shame of such. Psychopathy in action. dh
Although the author makes valid points, there really is no need to go into so much detail anymore.
With the Federal Reserve creating trillions of dollars out of thin air for the banking system over the last three years, it is apparent that this action could be done to shore up SS and Medicare indefinitely.
Ayn Rand's "virtue of selfishness" is a spiritual oxymoron within any religious or spiritual point of view. Greed has brought humanity and the planet to a tipping point - this should be obvious by now, regardless of your belief system.
The time has come for guillotines in the public squares. Nothing else is going to stop the psychopaths who are ruining this once-great country.
When, exactly, was this country great?
Great post, joecool,.!....on a shirt of a brother : "fighting terrorism since 1492 "
Ey? roughrider...do you think big hedgie money moves markets? Do the big hedge fund managers cavort with the GoldmanSachs/investment bankers? Is there really a wall within investment banks that prevents the mortgage underwriters from talking to the market speculators or the big money managers or any combination therein...? You answer any of those and we will know your colors buddy...I been there and it is so incestuous one must shower by the hour.
Could not agree more on the supposed 'serious consequences'. But all else is no more than platitude, and I am certain you know it because your talking points are so smooth and unrufflingly skimming the surface in content or critique...
Why are not Blankfein, Dimond, Paulsen et al in prison?
Why does the unfunded, underfunded SEC and CFTC continue to allow things like high frequency trading and speculation in commodities with no limits?
If I have 20 billion to trade with and I grab 10% of the daily trade in some commodity, does that affect the market?
...lessee, I can margin one crude oil contract of 1000 barrels for around 8-9000 dollars (like 10% down said the Bronx furniture salesman) and one contract is 1000 barrels worth 1000x95=$95,000 and I have say a billion to play with so that means I can leverage 111,111 contracts on average daily trade volume of around 700,000 contracts...saaaaaayy that be more than 10% of the world wide daily trade for a measly one billion...why I was paid 3x that much in bonuses last year alone! dang me!! I AM THE MASTER OF THE UNIVERSE...screw the great unwashed...
When I started in the commodities trading game, I called into a live connection to the pit and liquidity was always problematic in most venues...crude for instance ran 75,000 to 150,000 contracts in open interest for decades, then mister too much cash and no where to go with it showed up and I have seen crude spike above 750,000 contracts in daily trade volume...10x inflation in just a few years and by coinky dink that inflation began around '03 right when all that big ol bubble got juicy...sorry, roughrider, but the entire system needs to be retooled...BIG TIME!!
Pfft, just ignore roughrider -nothing but a right-wing troll, obviously paid to spew corporate talking points. Probably a hedge-fund manager himself.
I'm not too worried, actually. Karma will take care of fucks like him, and the evil, vampiric capitalistic system that is currently driving the U.S. into 3rd-world status as we speak. There will, indeed, be hell to pay for the likes of him and all the other elite bastards that run the U.S. plutocracy. I predict, in a not-too-distant future, that the TENS OF MILLIONS of dirt-poor Americans roaming the country homeless and foodless and jobless (yes, that is where we are headed) will be toting guns and knives and headed for the gated communities where roughrider and the other Wall Street shits that put them in their plight live. Can't happen here? Wrong. Never underestimate just how nasty and brutal people can be when they are starving and have nothing left to lose.
Karma. It's going to be a real bitch for the people who put us here.
For me...first hand trading commodities, real time, over the past 25 years. There is no 'free market'...same as there is no 'rule of law'...I will debate you on both points...
Doubt Nothing Question Everything for nothing is simple and little is true
I cannot tell you how fixed the game is...all I know is that if these "Masters of the Universe" are NOT connecting with each other, they are much more brainless than can be possible...to collude with your kind is as natural as breathing, and when you toss the potential to make 25 million in one day on one trade, tell me they are squeaky clean...the troll fellow surely did not take the bait...I won't name call but suffice to say there is a chicken and other elements of the farm that he very well epitomizes...snark snark snark.
heh...'pure' silver tarnishes quite readily...a nice rich brown color too!!
Sometimes ya gotta give Karma a hand.
This could have been an inspiration to Rod Stewart with that song that he sings "That she lied straight faced while I cried.
Concerning Boeing....... I heard on NPR that during the Paris Air Show, Airbus sold more than 600 aircrafts, 200 to a single airline, the largest order ever.......... Boeing sold 47! FORTYSEVEN VS 600+!!?!! I am not an expert, but I do not think that Boeing sell inferior products.-Can it be their warmongering and the incredibly stupid US policies that is finally biting their asses?
Boeings reputation got very dinged when they outsourced a bunch of engineering and design work to China and India and when all was said and done, nothing fit...had to re-do tens of billions worth...that 600 plane purchaser was well aware of it...
Oh, I'm mad alright but at whom? It's not just the Koch brothers or a few rich billionaires, it's my neighbors in 95% white and 70 % Republican Hampton Township who reverence these billionaires and their money. They vote for anyone state or Federal who will cut the "waste" in government that pays food stamps, provides Medicaid, supports higher education. Middle managers and sales reps, professional people who have won the fight for decent jobs do whatever they can to kick down those just below them on the economic ladder. They are the ones who vociferously and mindlessly support corporate America. They love Mitt but will fiercely support Bachman too. They elected Toomey and before him Santorum. Dripping with self pity about how put upon they are, their Christianity teaches self reliance and casts unflinching judgement on anyone not as successful as they are. In reality they don't care about the country as a whole and are sure that if their tax burden is lifted that will save the economy no matter how much pain it inflicts on others. If I leave this country and seek citizenship or residence elsewhere it will be because I can't stand to live among these insufferably smug and self righteous people.
Don't go to Europe they are ahead of us on the slope, re Greece. The Hamptons have no lock on sociopaths. They abound in snooty enclaves throughout the world. The best you can do is choose your friends and don't strangle your neighbors. A wry sense of humor is a blessing. Best to you,C
The Crumbling of America - The History Channel is running a compelling documentary
on America's crumbling infrastructure right now. Every elected official from the President down to your city councilman or county commissioner needs to be watching this tonight!
http://www.history.com/shows.do?episodeId=452430&action...
"America's infrastructure is collapsing. Tens of thousands of bridges are structurally deficient or functionally obsolete. A third of the nation's highways are in poor or mediocre shape. Massively leaking water and sewage systems are creating health hazards and contaminating rivers and streams. Weakened and under-maintained levees and dams tower over communities and schools. And the power grid is increasingly maxed out, disrupting millions of lives and putting entire cities in the dark. The Crumbling of America explores these problems using expert interviews, on location shooting and computer generated animation to illustrate the kinds of infrastructure disasters that could be just around the bend."
Yes. I've been hearing about our decaying infrastructure since Jimmy Carter's presidency (35 years ago, now). Then the right-wing struck, and all we hear is the mindless chant "government is the problem". No one else is going to build it, if government doesn't. The near-sighted private sector FORGOT that the public sector enabled their success with efficient, low-cost( as in non-profit, no-fees, etc...) infrastructure. Who is going to lead the green revolution for an updated, 21st century infrastructure? walmart? goldman sachs? No. It will be another CCC/WPA/TVA/NAWAPA-type government project, to upgrade & modernize, AND slay this 2nd Great Depression created by the banksters and their private sector cohorts, AGAIN (just like the 1st one in the 1930's, and don't let the right-wingers tell you it didn't succeed. It did, AND WWII was the right-wingers attempt to DERAIL the successful New Deal, to capture what FDR built ,for war-making only, instead of civilian development. It soldiered on though, until Carter's time).
All well and so succinctly said, Mr. Buchheit, and it is right to focus on the CEOs and assorted scum who parasitize the nation, the world. But I would suggest that after quoting the likes of Watson and Ryan that you most stridently scream 'LIARS!!!' in their faces. Because that is what they are, and it's way past time to call a spade a shovel.
But then, I just read Tom Englehardt's article on today's CD about Obama blathering up his own hypocritical arsehole about Afghanistan and the 'plan' there, along with his invocations to 'God' and all the blessings this non-existent instigator of unimaginable suffering, slavery and mind-control allegedly heaps upon What's Left Of The United States of America. Of course Obama's got his tongue firmly clamped on the ignorant arses of the electorate - the fucker wouldn't get real about thesituation if you quite literally put a gun to his head. With every passing second, Obama proves himself another whore, just as anyone with half a wit in his or her skull knew him to be the night he was elected.
Perhaps Mr Buchheit didn't regard it as part of his brief for this article, but what could be included is at least a cursory examination about the ideology, the practically-uniquely American mental illness that underpins these CEOs lying through their teeth: the one behind the New Boy Prostitute Ryan salivating over and gobbling up the syphilitic members of the elite and the conservative and the corporate in his role as Fellator In Chief; the idology and mind-control and material/military fetishes behind the mind-blowing way in which a heavy majority of Americans are willfully ignorant of the realities, skirting responsibility by claiming powerlessness, stupidly accepting All This Shit, believing, unquestioningly, in their idiotic mythology, relying on 'Jesus' to bless and save them, and generally doing sweet fuck all to save their suppurating pustule of a country by massive general strikes, boycotting the major corporations, marching through the streets in D.C. with gasoline-soaked torches in the millions.
Yes, as another Independence Day sadly dawns, most Americans WILL NOT ACCEPT, WILL NOT WAKE UP TO THEIR SLAVERY, AND WILL NOT ACT IN SUCH A MANNER AS TO RESTORE ANY JUSTIFIABLE, PROVABLE PRIDE, FREE OF RANK HYPOCRISY, IN THEIR 'INDEPENDENCE DAY'. They'll pass this July 4th believing in the same old shit, barbecuing the same old junk, high-fiving the testosterone/pick-up truck poisoned masculinist/militarist ideals that they do not have the sense, as a nation, to see are destroying them.
They are not angry enough, and it is entirely doubtful that they might get angry enough before the nine-million pound shithammer finishes descending on the cosmic road-kill that their country has become.
`whew...NICE RANT!! a command of the language of the cesspool you describe done in prose and run-on sentences Shakespeare would have been proud of...well Tolstoy anyway. Oh yes, a bit of Carlin and HS Thompson to boot...
Happy 4th...PATRIOT!!