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Archive for the ‘wealth redistribution’ Category

Even if people are divided between being a good Republican and a good Democrat, and even if some mindless idiots are cheering on their favorite political parties like they’re the local college football teams, and even if the other political party is their favorite bad guy, and even if both major political parties are playing their grassroots supporters like fools, some Tea Party Republicans and some Progressive Democrats are finding common ground in congress against corporate Republicans and corporate Democrats.

Right now, corporate Democrats, such as President Obama and Wall Street Senator Ron Wyden, along with corporate Republicans, such as Wall Street Senator Mitch McConnell and Wall Street Senator Orrin Hatch, are pushing for votes to ratify the largest income redistribution treaty of all time, which is called the Trans Pacific Partnership (TPP).

The TPP is called a free trade treaty, but it has almost nothing to do with trade. It’s mainly about curbing Internet freedom, raising the prices of pharmaceutical drugs, curbing Wall Street regulations, eliminating local and state laws protecting the health of citizens, exporting millions of American jobs overseas and redistributing the difference between the old higher and new lower wages into the already fat pockets of the 1 percent. The TPP is about exporting millions of Latin American jobs to Asia and the difference between the old wages and the new will go to the 1 percent. It’s about driving millions of Latin Americans illegally into the US and pushing wage rates down here, and the difference between the old wages and the new lower wages will go to the 1 percent via higher corporate profits, rising dividends and soaring share prices.

And this is just a tiny bit of what we know about the most secretly negotiated treaty in US history. That’s from leaked documents.

The treaty will redistribute democracy and the income of millions of American citizens to the 1 percent via a variety of legal mechanisms within the treaty. In other words, Obama and McConnell are rigging the legal, governmental, and financial game against the 99 percent even more than they already have. This so-called treaty is a death blow to the middle class in America.

Click on the video above for more information about this monstrosity and the people who are united in fighting it.

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This is the income redistribution treaty Wall Street Republicans, such as Orrin Hatch, John Boehner and Mitch McConnell are salivating over. This is the income redistribution treaty President Obama and Wall Street Democrats, such as Ron Wyden, are salivating over. The Trans Pacific Partnership Agreement (TPP or TPPA) is the income redistribution treaty that is intended to destroy US democracy and destroy the US middle class.

By the way, there are a lot more bad things for the middle class going on than the video lets on, such as negotiators are pushing for higher pharmaceutical drug prices, and eliminating any local, county or state abilities to label GMOs. In other words, Obama and this gang of Republicans and Democrats intend to use this treaty to curtail your voting rights. President Obama, and Democrats in general, call this voter suppression.

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From the Huffington Post

“The U.S. Treasury Department on Thursday praised a move, already panned by Sen. Elizabeth Warren (D-Mass.), to increase the amount of money the federal government pays its student loan contractors.

In a speech here to consumer rights advocates, Deputy Treasury Secretary Sarah Bloom Raskin said her colleagues at the Education Department had recently boosted the amounts paid to companies that handle borrowers’ monthly payments in hopes that better financial incentives will drive them to improve their customer service and work harder to help borrowers avoid costly loan defaults. These companies include Nelnet Inc. and Navient Corp., the former loan servicing arm of student loan giant Sallie Mae.

What Raskin neglected to mention Thursday is that taxpayers will fund a bump in pay for the student loan servicers even if their performance does not improve.

In September, under withering questioning from Warren, a top Education Department official conceded that the companies will get more money regardless of any changes they make to their operations. At the time, the senator was incredulous.

“Let me get this straight: You break the law. You don’t follow the rules. You treat the borrowers badly,” Warren said of the loan servicers. “And you all just renegotiated the contracts to make sure that across the portfolio, [loan servicers] are going to make a little more money if nothing changes?”

“The idea of the renegotiation was to help the borrowers, not to make the servicers richer,” Warren told William Leith, chief business officer for the Education Department’s Office of Federal Student Aid, which handles student loans.

With unpaid student debt approaching $1.3 trillion during an era of stagnant wages and low employment, federal agencies including the Consumer Financial Protection Bureau, Federal Reserve and Treasury Department have taken an increased interest in the potential fallout from educational loans. Private-sector advisers ranging from chief executives of banks to Wall Street’s top traders warn that rising loan balances could inhibit U.S. economic growth.”

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On November 4, 2014, the six year battle of Wall Street Senator Mitch McConnell came to fruition. He won reelection as one of the many senators controlled by Wall Street investment firms, and the Big Oil/Wall Street Republican party took control of the US Senate. They already control the US House of Representatives.

For six years, Senator McConnell has blocked everything the then Democratic Senate majority proposed in the US Senate, everything from job creating public works projects to increasing the minimum wage. This was a political scorched Earth policy that sent millions of jobs up in smoke, for which Jon Stewart makes fun of below.

As the economy burned back in 2007-2009, due to the failed and long since discredited trickle down policies of President George W. Bush and fueled by the votes of Senator McConnell, the senator fought tooth and nail to fan the fires of economic destruction simply for political gain. He didn’t give a fart about the distress of millions of American citizens. He wanted President Obama to fail, to never get a second term, and willingly sacrificed the economic fortunes of millions of citizens in order to do so. The senator from Wall Street waged war against 99 percent of Americans and won.

The political miscreant is now in charge of the US senate.

The senator from Wall Street failed in his actions to deprive the president of a second term, but now he is about to become the Senate Majority Leader, arguably the third most powerful politician in the United States.

The president and the Wall Street senator will probably fight together to pass the Trans Pacific Partnership (TPP), and that’s possibly the only area where they might agree. The TPP is the largest income redistribution treaty of all time, it will gut the middle class by shipping millions of their jobs overseas and redistribute their income to the 1 percent, it will jack up prices of pharmaceutical medicines and other goods and services, curb Internet freedom, force people to eat GMO poison, drive millions of people illegally into the United States because it will gut millions of jobs in Latin America and redistribute the income from those jobs to the 1 percent, it will reduce US wages and salaries, it will prevent the US government from enacting Wall Street regulations, and on and on. And this information is solely from a few leaked documents. There is much more, but that is secret.

“Trade agreements,” McConnell said at a press conference on November 6, 2014. “The president and I were just talking about that right before I came over here. Most of his party is unenthusiastic about international trade. We think it’s good for America. And so, I’ve got a lot of members who believe that international trade agreements are a winner for America. And the president and I discussed that right before I came over here, and I think he’s interested in moving forward. I said, ‘Send us trade agreements. We’re anxious to take a look at them.’”

The TPP, in effect, is McConnell’s wet dream come true; destroy the middle class and redistribute their income to the 1 percent. That’s why the senator belongs to Wall Street.

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The Trans Pacific Partnership (TPP) not all that secretive, at least not to the 600 corporate lobbyists that are advising US corporate negotiators. That’s why you won’t likely to be able to vote on whether or not your state can label genetically modified organisms (GMOs) in your food. Monsanto lobbyists are pushing negotiators of the treaty to make it illegal for the people of any of the United States to vote on the issue. In other words, Monsanto (a faceless corporation illegally enslaved by shareholders of the 1 percent) is trying to steal your voting rights via Obama’s secret treaty. In other words, since many studies show health hazards in GMOs, the Obama administration and incoming Senate Majority Leader Mitch McConnell intend to redistribute your health to the GMO corporations so that they can increase their profits.

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US Congressional Representative Keith Ellison represents the US middle class in the fifth district of Minnesota, and he is absolutely correct when he utters the sentence above. Corporate trade treaties have virtually nothing to do with trade, except that which is coincidentally negotiated to pretty them up enough to make them appear as trade treaties. However, these treaties are negotiated with an eye to redistribute income from the 99 to the 1 percent, whether raising prices has been negotiated, or shipping jobs overseas, or whatever.

When US jobs are shipped overseas, the difference between the old higher rates and the new lower rates go straight into the pockets of the 1 percent via higher corporate earnings, rising share prices and enhanced dividends. And that goes for year after year so long as those jobs exist. The losers of the jobs might get lucky and receive a little unemployment insurance and lower wages.

A US citizen named Joe might see his $54,000 a year jobs shipped overseas. A guy named Ming gets that job and it pays $4,000 a year. The difference between the two jobs is $50,000 a year. Say that job exists for 20 years. $50,000 times 20 years equals a million dollars now going to the 1 percent, whereas the same job would’ve paid Joe $1,080,000 over twenty years. Over that span of time one million dollars will been redistributed from the 99 to the 1 percent.

That’s called income redistribution and some of the architects in congress stealing from the middle class and giving to the rich are Wall Street Senators Ron Wyden, Orrin Hatch and Mitch McConnell, Wall Street Congress people Nancy Pelosi and John Boehner, as well as President Barack Obama.

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The interest rates above are from July 2013, but as of November 2014, they’re still the same. Here are a few basic reasons why the government charges banks and student borrowers for loans at different rates. Also, the rate for student borrowers in the poster above doubled from 3.4 to 6.8 percent. Why?

1. College students who need student loans are typically members of the 99 percent. Rich students do not need loans.

2. Investment and commercial banks are owned by shareholders, the vast majority of which are members of the 1 percent.

3. If interest rates for banks jumped from 0.75 percent (yes, that’s less than 1 percent) to say 6.8 percent, that would cut into the already record profits of the banks, reducing their earnings, stock prices, and dividend payments. That would make the shareholding members of the 1 percent angry with the current government, and politicians wouldn’t want that to happen, because then they wouldn’t receive campaign contributions, other perks, and bribes.

4. Investment banks purchase student loans, issue bonds against the loans, and sell the bonds to rich investors, hedge funds and other financial organizations of the 1 percent.

5. The higher the interest rates paid by students, the greater the return on investment for those rich bond holders since much of the student loan payments made by members of the 99 percent go directly into the pockets of the bondholders. Some of the money goes to paying down the student loans, another portion goes toward servicing the debts, such as adjusting the books with each payment to reflect the status of the loans.

6. Doubling the interest rates of student loans increased the profits of the investment banks, hedge funds, other financial institutions of the 1 percent, and the rich investors themselves, which brings us back to point three.

7. Increasing the profits of the 1 percent makes those people happy, even if it means redistributing massive amounts of money from the 99 to the 1 percent via higher interest rates generates unhappiness among the members of the 99 percent.

8. Doubling the interest rate of student loans increased the demand for student loan backed bonds, raising the value of the bonds by increasing the return on investment, making Wall Street bankers overly happy.

9. The doubling of interest rates on student loans is a scam of the 1 percent, enacted by a remarkably corrupted government by the money of the 1 percent, especially Wall Street.

10. Much of the profits generated by student loan backed bonds are used to corrupt government even further, so that the money of the 99 percent that is being redistributed to the 1 percent via student loans is used to corrupt government even more against the interests of the 99 percent.

Conclusion: Student loans are simply a way for the 1 percent to steal money from the 99 percent and corrupt government even more than it already is.

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