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April 22, 2012 at 1:57 pm #602974
JoBParticipanteven the 1% don’t believe that…
they know they profit at the expense of the American people
http://www.csrwire.com/blog/posts/377-wall-streets-elite-do-know-how-much-damage-theyve-done
be sure to read the article this one links to as well.
citibank officials describing our nation as a plutocracy should be news..
too bad it wasn’t.
April 22, 2012 at 2:00 pm #756028
JoBParticipantApril 22, 2012 at 3:58 pm #756029
JiggersMemberGive me an fffing break. They don’t care about us on Main Street. Bunch oF hypocrites! I find it funny that only a handful of people controls us. Everybody’s got the wool pulled over their eyes and just sits back and takes it.
April 23, 2012 at 2:23 pm #756030
JoBParticipanti don’t think i can agree that we just sit back and take it…
but if comments like these had made the evening news
the current frenzy to protect millionaire/billionaire/trillionaire tax cuts wouldn’t have quite the traction they currently enjoy..
““The upper classes of this country raped this country.” “We fed the monster until it blew up.” Those aren’t words from an Occupy Wall Street protestor, but Morgan Stanley money manager Steve Eisman, describing one of the more polite things that one could say on the eve of the 2008 sub-prime fiasco”
April 23, 2012 at 5:56 pm #756031
kootchmanMemberIt’s always been a plutocracy. When has it not been? What’s different is the government is now the hand maiden of the plutocrats and it the great enabler. Every social agenda first has to have a corresponding beneficiary. First the deniers. “The community re-investment act, FHA, Fannie, Fredde etc… had “nothing” to do with the mortgage melt down. The were the lynch pins that held the charade together. While we do the same thing over again. What was the price of short term capital gains? Clinton sold them for expanding the EITC. Obama created yet another tier in 2009. Now we pass one trillion in outstanding student loans…of course the states are delighted… they can pile on the pork to the core democratic constituents, government workers,,.. instead of funding higher ed. Why should UW even make a veiled attempt at holding down costs, salaries, compensation to their cabal of left leaning universities? They know, with absolute certainty the federal government will loan any amount to any one… and the party goes on. Until, like the hyper-inflated housing market…the hyper inflated costs of those student loans don’t meet the wage expectations…. watching those default rates rising? What does this administration do to curry your favor? More loans, Pell grants… and you sing the tune. Are you seriously, seriously, under the misconception that your government thinks about Main Street? If it did, we wouldn’t have a 15 trillion dollar deficit. In the words of Joseph Kennedy ….. “don’t spend too much, I want to pay for a victory, not a landslide”… a Plutocrat. Term limits and flat tax. Ever see a congress person say to University endowment funds…. no more tax credits to endowments unless the University endowment dispenses half of its earnings to student tuition? Or no school loans will be made to any university that doesn’t? Here is your plutocratic institution extraordinaire’ …
Harvard Endowment Rises 21% on Hedge-Fund Gains
By Gillian Wee
Bloomberg
Friday, September 23, 2011
Harvard University, the world’s richest school, said its investments rose 21 percent in the past year, outperforming benchmarks and extending the rebound from record losses in 2008.
BTW… that’s about a 40 billion dollar endowment…. UW is about 2 billion …. with a 78 million dollar outlay. Not bad eh? All hedge fund investors too!
April 24, 2012 at 1:59 pm #756032
redblackParticipantkootch: your assessments are becoming pretty hilarious. i love the notion that poor people and their socialist representatives in congress actually told the banks what to do with “their” money – and that the banks listened. as you rightly point out, government is the hand-maiden of big business. especially republican government.
i recommend the timothy noah article.
April 24, 2012 at 2:02 pm #756033
JoBParticipantit’s a plutocracy
it’s always been a plutocracy
but those bleeding heart liberals did it
the dissonance is giving me a headache
April 24, 2012 at 4:15 pm #756034
miwsParticipantOMG!!!!11111 It’s always the gubmint’s and them damn Libs’ faults!
It’s never the fault of the megasuperwealthy corps, and their bedmates, the repubs.
kootch sez:
BTW
I don’t effing believe it!
Mike
May 11, 2012 at 12:25 am #756035
kootchmanMemberReally miws? Let’s take a real close look. During the Bush Administration… more than a few thieves got jail time.. big jail time. Enron, Global Communications, Tyco etc… and more… the Justice Department dropped the hammer.
This Justice Department… lowest fraud prosecutions in over 20 years. Name one banker, hedge fund manager, broker, in jail or prosecuted under this DOJ related to the meltdown? None.
Now this will shock you.. but Eric Holder came from where? Wall Street attorney office that specialized in? Defending banks. His top five aids? Same. Get to know the firm of Covington and Burling… every major bank and investment firm on Wall Street does… Lanny Breuer, heads criminal prosecutions for DOJ? Same place… they all know the game… go to government, protect your biggest clients, and when the revolving door turns you out… they owe you big big big time…. course, we all KNOW they Democrats don’t cozy up to banks and mortgage securities firms do they? You don’t know who is putting the boots to you. But.. in defense of DOJ.. they are prosecuting three middle aged woman for running a “gifting circle” in CT. Wow .. the full weight and power of the DOJ for that? Allow me to excerpt….then go ahead again and tell me republicans are the big beneficiaries of corrupt business… with a straight face
“While Holder and Breuer were partners at Covington, the firm’s clients included the four largest U.S. banks – Bank of America, Citigroup, JP Morgan Chase and Wells Fargo & Co – as well as at least one other bank that is among the 10 largest mortgage servicers.”
See that miws? That’s the Who’s Who in the collapse. And damn if JP Morgan Chase is about to start another bank crisis…this evening news… watch it. watch the Asian stock market tomorrow… government debt purchases… mostly. 2-5 billion dollar loss in derivatives market… Remember Obama saying never again, business as usual was over? Wanna see the UTube?
Read it and weep….
http://www.vtcommons.org/blog/obamas-justice-dept-head-eric-holder-puppet-wall-street
In 2010, Holder’s deputy chief of staff, John Garland, returned to Covington, as did Steven Fagell, who was Breuer’s deputy chief of staff in the criminal division. ( see miws… they protected their interests, and went back to Wall Street after protecting their masters, job well done!)
Getting the big picture here? remember no sign, electronic loan programming? The program with all the fraud associated with deceptive loan practices?
“Court records show that Covington, in the late 1990s, provided legal opinion letters needed to create MERS on behalf of Fannie Mae, Freddie Mac, Bank of America, JP Morgan Chase and several other large banks. It was meant to speed up registration and transfers of mortgages. By 2010, MERS claimed to own about half of all mortgages in the U.S. — roughly 60 million loans.
But evidence in numerous state and federal court cases around the country has shown that MERS authorized thousands of bank employees to sign their names as MERS officials. The banks allegedly drew up fake mortgage assignments, making it appear falsely that they had standing to file foreclosures, and then had their own employees sign the documents as MERS “vice presidents” or “assistant secretaries.”
Covington in 2004 also wrote a crucial opinion letter commissioned by MERS, providing legal justification for its electronic registry. MERS spokeswoman Karmela Lejarde declined to comment on Covington legal work done for MERS.”
That’s your DOJ miws…. the current chief law enforcement officer of the US Government.
Liberals cannot connect the dots..or refuse to see them..don’t know which. …. there was a reason Wall Street flooded the Obama campaign in 2008…. they needed protection….lots of it. So they donated, and then appointed their Sheriff and got the US Treasury to print up 7 trillion dollars and the US Taxpayer to bail them out. That’s YOUR Democratic Party hard at work for the “little guy”… over in Medina again for a little 17,900 per plate luncheon….
Holder bundled for Obama… from Wall Street…. got his DOJ appointments…. and that ended that threat to his clients. Obama is nothing but a running list of returned favors… even Solyndra was nothing but a bundler payback.
redblack?
May 11, 2012 at 11:11 pm #756036
kootchmanMemberWhat shiny trinkets and objects did He dangle today? For the “little guy”? What’s “free” today? Hey redblack… as we watch this newest hedge fund meltdown from JPM…. tell me again…. what president repealed Glass Steagall …. I lost my notes… who signed the repeal into law? Better check miws who is sleeping with government… must be two twin beds in the room…. big corporations seem to go from one bed partner to another… but they seem to get the bigger “bang” for their buck on sleep with a Democrat night.
May 12, 2012 at 6:05 pm #756037
redblackParticipantno argument from me. holder is, indeed, a waterboy for the banks. then there was robert rubin, then hank paulsen… at least geithner is on his way out.
yep. not too many union labor guys in the federal reserve and the treasury, are there?
the thing is, the banks have the entire economy in a very fragile position. one good panic by the investor class will bring the whole thing down – and our deposits with it. gotta tread lightly here.
so do we put willard romney in charge and let them go wild again – while cutting their taxes?
interesting, though, that you want glass-steagall provisions reinstated. so do i. and i’m glad to see your tacit admission that deregulating the banks was largely the cause of the financial collapse.
and yes, clinton was being a typical republican when he signed graham-leach-bliley. but don’t forget who wrote the law.
but what constantly amazes me is that you put so much faith in the investor class, despite daily evidence that they’re a bunch of narcissistic crybabies. they are not going to do a damned thing for the country or the economy at large – unless it benefits them handsomely. they’re not interested in job creation for anyone but themselves.
so i say we tax it out of them.
May 12, 2012 at 8:26 pm #756038
kootchmanMembernoooo… taxing it from them…. puts it in the hands of government… and that has no multiplier effect. No no no no…. Put it to work, where it belongs. In the private sector, manufacturing, service, professional services, anywhere but the hands of government. Did ya see the section on MERS?…. that was Fannie Mae my friend… they wanted to bundle those loans quicker and faster…. so they could dump them in the equities market. The banks did their bidding… so long as they didn’t have to hold the crap. They passed it to us… the taxpayer. That was Bawny Fwank, Maxine, Claude Raines, Chris Dodd, Chuck Shumer and Hillary… dude. You mistake the investor class for the speculator class… there is a difference.. that’s why there was at one time long term capital gains (for investors) and short term capital gains (speculators)….. the two are verrrrry different. Unions belong in the private sector… not in government.. ever. A speculator buys art… an investor puts capital in hands of the paint and brush maker, the cnavas producer, the frame maker, the art dealer store… etc. etc. ….
May 12, 2012 at 8:37 pm #756039
JanSParticipanthey…let’s just put it in the hands of…Kootchman…I bet he knows how to spend it wisely…perhaps on himself…
May 12, 2012 at 8:46 pm #756040
kootchmanMemberI prefer mine in my own hands… I do a much better job with it than the federal government. May you keep all you make so you may do the same. I don’t need yours. Thanks for the thought though.
May 12, 2012 at 9:41 pm #756041
redblackParticipantsee, kootch, the thing is that they’re not putting it to work for anyone but themselves. they’re taking profit instead of investing in the economy.
and if they won’t give it up voluntarily, we, the people, should take a cut – through taxation – and invest it in the economy where we best see fit.
May 12, 2012 at 9:51 pm #756042
redblackParticipantno multiplier? you’re wrong on that one.
here’s an example:
Spending $1 on unemployment insurance benefits, for example, increases the GDP — the value of goods and services that the economy produces — by $1.61 a year later, according to [Mark] Zandi. […] A temporary increase in food stamps has the biggest stimulative effect. For each dollar spent, GDP grows by $1.74 one year later. For spending increases as a whole, the “bang for the buck” ranges from $1.13 for the Low-Income Home Energy Assistance Program to $1.74 for food stamps.
May 13, 2012 at 2:06 pm #756043
JoBParticipantkootch..
the problem with your argument is
that the investor class is not putting their money to work in America
and they have no intention of doing so until they are in control of both congress and the white house and can engage once again in the greed fest that nearly tanked us all.
at least when they pay taxes on it..
that money does go to work in America
doing things i might not support
but supporting the American economy nevertheless.
May 13, 2012 at 5:58 pm #756044
kootchmanMemberYou defy economic theory. It’s like Blinky Pelosi trying to convince us unemployment benefits were “stimulus” dollars. There is no multiplier. There ia a reason JoB .. they can put it where is gets better returns. You who for months insisted that corporation get taxed for overseas earnings.. and then wondered why those earnings weren’t repatriated an reinvested. Of course that logic failed you. The low Energy Income Assistance program? ha ha ha .. one of the biggest, most spectacular examples of fraud and waste in oor current firmament of giveaways. You cannot consfiscate wealth, pay the confiscatory overhead, and then pay the distributors … and expect an efficient use of capital. It goes where it gets the best return. I am soooo right on that one. If it was such an expansive, multiplier,, then hell let’s all just stop investing, and working and tax… I want to see you multiple the economy on that theory. People are not investing because this administration has one new monkey after the next .. carbon taxes, real estate transaction taxes, Obamacare, etc etc etc… the list is endless on the demands the left will place on the productive side of the economy to shore up the unproductive. There is a limit. Rachel Maddow? Oh god, let’s go attend an diversity conference by the Lester Maddox Society. If GDP grows… was the answer… how about this question… when debt exceeds GDP … when you borrow more than you produce.. how long can that continue. There is the flaw in your argument. Eco 101 See, you forget something… “we the people” also includes the 1% who pay 37% of the taxes with 17% of the income. It also includes the jobless that know without investment incentives..like an acceptable ROI… no new jobs. Proof? Where are the jobs? Why are there no start-ups? The lowest rate of new business formation since pre-war statistics were kept. Your policies make it marter, easier, to invest overseas and keep those earnings there. You can’t stop capital flows. Remember every one of your “magnifiers” is built on 40% assumption of more debt, SO, in your investment portfilio… the redblack type… do you invest in an instrument with a 150% return when 40% of that your borrowed from your relatives and has to paid back… with interest, in 10 years? You won’t be an investor long.
May 13, 2012 at 6:05 pm #756045
sydneyMemberKootchman, your economic theory is indefensible, so just zip it.
Quit parroting right-wing talking points and start researching for yourself.
May 14, 2012 at 2:22 pm #756046
redblackParticipantkootch: where do you get 17%? every document i could find on income distribution shows that the top 1% earn closer to 24% of the nation’s income, and they own half of all stocks and bonds, and they have captured 65% of income growth in the past 20 years. meanwhile, the bottom 90% has seen their share increase by only 1 or 2%.
this is about the same as the income distribution in 1928.
http://elsa.berkeley.edu/~saez/saez-UStopincomes-2007.pdf
they also have 42% of the nation’s wealth, while the bottom 80% has only 7%.
http://thinkprogress.org/economy/2011/10/03/334156/top-five-wealthiest-one-percent/?mobile=nc
the conclusion i draw is that low taxes have contributed heavily to this disparity. we’ve been here before.
May 14, 2012 at 3:58 pm #756047
JoBParticipantkootch…
have you not noticed that the leading economic theory of this decade was an unmitigated disaster in practice?
visit Nickelsville again…
and ask yourself how that theory is working for America
May 14, 2012 at 10:54 pm #756048
JoBParticipanta present for Kootch
the magic of private equity investing
in 8 simple steps
this is where capital goes when it grows
and why that growth is failing the American people
the problem isn’t that liberals don’t understand complicated things like financial markets..
the problem is that we understand them too well
May 15, 2012 at 12:39 am #756049
kootchmanMemberSee, I don’t care how Mitch Romney got rich. Long as it was legal. Growth is not failing…. the US Government is failing. Quote anything but MoveOn.org. I’d find a treatise on human equivalency by A. Schicklgruber less partisan. This decade as in 2010 on..? Yes indeed we do agree.. it has been a disaster. In fact I don’t care one whit about income distribution. What Romney makes has no affect on my life that concerns me in the least. I am not a kid with my nose pressed against the candy store window wishing life was fairer than fair. He earned it, he found a way to earn it, and he had a scion that made sure those resources were available. So it is … we supposed do for for the generations that follow….it’s the weight and responsibility of legacy… until now. Now we leave our successors immersed in debt with mutl-generational obligations to pay. We are a very, very selfish, self important generation. We will do what was unthinkable to our forefathers. Shameful.
May 15, 2012 at 1:41 am #756050
JoBParticipantkootch..
you miss the point
this isn’t about Romney
and it definately isn’t about envy
how he and others like him got rich does affect you
i’m guessing you didn’t bother to watch the video
again
May 15, 2012 at 4:07 pm #756051
sydneyMemberExporting money and jobs may be legal, but…
It’s HURTING AMERICA. Please, please stop hurting America!
Kootchman, to think you don’t care makes me suspect you have no heart. I’ve heard differently, but how do you jibe your convivial, loving self with this unloving, uncaring aspect?
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