Archive for the ‘wealth redistribution’ Category

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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The Trans Pacific Partnership has been under negotiation since 2008. Encompassing 11 Pacific rim nations, this treaty is the most massive and most secretive income redistribution treaty of all time. Leaked documents prove that the Obama regime has negotiated to raise prices of goods and services, slash US and Latin American wages, export more US jobs, curtail civil liberties (yes that’s being negotiated (Wikileaks–The Trans Pacific Partnership), force millions more undocumented immigrants from Latin America to the United States, and all of this redistributes income from the 99 to the 1 percent and curbs what little democracy we have left. Any questions?

Do you get that? Republicans and Corporate Democrats such as the traitor Ron Wyden intend to pass this treaty via legislation called Fast Track, which will limit debate on the issue in congress to 24 hours. That will give you virtually no time to read the treaty, or for much public debate on it. And that is the purpose of Fast Track.

There have been world wide protests against this treaty and the US corporate press fulfills its duties  to the 1 percent by not, or in a few cases, barely, mentioning it. This is to keep us ignorant of the negotiations. Yes, that’s the duty of the corporate news media.

There is an international week of action to Stop Fast Track coming up. If we stop Fast Track or anything similar to it such as Wyden’s Smart Track (which is the same thing with a different name), national debate will ensue over the treaty before a congressional vote takes places, millions will take to the streets to stop this madness, and gunfire may erupt as people get tired of the games the Democrats and Republicans use to financially wipe out the middle class.

This week of action comes as Wall Street President Obama and other heads of state head to Asia this November in an attempt to push forward the Trans-Pacific Partnership (TPP).

This is happening just as the Lame Duck session of Congress gets underway, with various Congressional leaders already calling for Fast Track legislation to be considered then. It is a time of year when a lot of people take a break after the elections, and start getting ready for the holidays, such that political accountability is very low. We need your help remaining vigilant so that Fast Track does not sneak through then or in early 2015.

People will soon gather all around the nation and push their congressional representatives not to vote for the TPP or Fast Track. The TPP has brought sundry groups and people together such as members of the the NAACP, Professor Cornell West, Jobs with Justice, Labor Unions, members of the John Birch Society, segments of the Tea Party, and environmental groups, such as the Sierra Club.

In Oregon concerned citizens will gather in front of two of Oregon’s key targets in the fight to stop Fast Track for the TPP, with a focus on how trade policy attacks laws and regulations needed to combat climate change.

Meeting outside of Wall Street Rep. Blumenauer’s office 729 N.E. Oregon Street, Portland, OR 97232, and then marching to Wall Street Sen. Wyden’s office.

Google the TPP and the organizations preparing to strike hard against the TPP in your area. Then join your voices to theirs, for your children and theirs. Don’t let the 1 percent and their politicians steal your future with the TPP or via Fast Track.

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