WAPolitico
C@lbob,
They made massive profits because they put forth a product that people wanted to buy.
It’s called capitalism. You create something people want, they buy it, you make money. Then, you put that money back into the economy by buying things. In turn, the economy grows and expands.
From the AP this week:
“Economists say overall consumer spending has slowed mainly because the richest 5 percent of Americans — those earning at least $207,000 — are buying less. They account for about 14 percent of total spending. Think of the wealthy as the main engine of the economy: When they buy more, the economy hums. When they cut back, it sputters.”
http://news.yahoo.com/s/ap/20100801/ap_on_bi_ge/us_wealthy_cut_back
Yeah, probably not the right time for a high-earners income tax in WA…