Posts Tagged ‘profits’
The Public Be Damned! Where the public stands of corporate tax reform and what Obama, the Democrats and the Republicans intend to do about it.
Posted in corruption, Economics, income redistribution, Uncategorized, wealth redistribution, tagged Big Oil, corporations, foreign, increase, Ponzi scheme, profits, stock, tax, Taxes, transaction on Jam4000000amSun, 21 Apr 2013 07:31:00 +000013 10, 2010 | 4 Comments »
As the chart below shows, the vast majority of American citizens want US corporations to pay more in taxes. They can since they’re getting record profits year after year. But is that ever going to happen outside of a major political revolution? Not likely.
Wall Street owns 80 percent of the Democratic Party, include the head honcho, President Barack Obama. Wall Street also owns the entire Republican Party, so it isn’t going to happen there.
A real increase in the amount of taxes corporations pay will reduce corporate earnings. This will lower share prices and maybe even negatively impact corporate bond prices. None of this is good for Wall Street and the 1 percent since share prices must go up and up. Otherwise, the entire Ponzi scheme known as Wall Street will collapse, as it did during the Great Depression.
Posted in Economics, Economics, recession, income redistribution, Uncategorized, tagged business model, Costco, Health Care, profits, Sam's Club, union labor, wages, Wall Street, walmart on Jpm3000000pmWed, 20 Mar 2013 12:26:48 +000013 10, 2010 | Leave a Comment »
Walmart’s “Sam’s Club” is similar to Costco in terms of how and what they sell. The stark differences between the two business models are below. Sam’s Club follows the Wall Street business model of redistributing income from the 99 to the 1 percent, and Costco management has rejected that Wall Street business model.
The Federal Reserve kept Congress in the dark about billions in profits generated by big Wall Street firms that used taxpayer dollars to take advantage of below-market interest rates, Bloomberg Markets reported this week.
Firms took advantage of the below-market interest rates offered by the Fed amid President George W. Bush’s bailout program, secretly leveraging $13 billion off taxpayer money, they found.
By John Hively
There are tons of reasons why the Occupy Movement has taken to the streets. One of them is that they’re tired of getting sucked dry by the banks.
Wall Street banks survived the recessions and prospered while the middle class fell apart because of a taxpayer bailout. New data from the financial industry shows just how profitable those banks have become since the financial crisis and the banks that caused it scored a knockout over the American economy and the middle class three years ago.
Wall Street banks experienced unprecedented growth under their carefully groomed bitchboy, President Bush, until the crisis of 2008. However, since President Obama took office, the largest Wall Street banks have grown even larger, and profits at banks and trading firms have soared higher than they did under Bush. Zachary Goldfarb of the Washington Post reports:
Wall Street firms — independent companies and the securities-trading arms of banks — are doing even better. They earned more in the first 2 1/2 years of the Obama administration than they did during the eight years of the George W. Bush administration, industry data show. [...]
The largest banks, including Bank of America, Citigroup and Wells Fargo, earned $34 billion in profit in the first half of the year, nearly matching what they earned in the same period in 2007 and more than in the same period of any other year.
Securities firms — the trading arms of big banks and hundreds of other independent firms — have fared even better. They’ve generated at least $83 billion in profit during the past 2 1/2 years, compared with $77 billion during the entire Bush administration, according to data from the Securities Industry and Financial Markets Association.
Wall Street’s quick recovery has happened because they’re robbing the American people blind, and they’re aided by politicians like Obama, one of their legislative prostitutes. Banks are profiting from public goods such as unemployment benefits and food stamps. They’re issuing those benefits to unemployed, impoverished Americans on debit cards that carry heavy fees. Cash-strapped state governments have shifted pension plans to Wall Street managed private accounts, further boosting the banks’ bottom lines.
Despite this evidence that banks are prospering under Obama, Republicans and Wall Street traders and lobbyists are attempting to make Wall Street’s windfalls even larger. It’s certain that Obama will bend over and help these crooks, too. That’s what they pay him to do. They’ve given Obama more money this election cycle than all the Republican presidential candidates combined to make Obama their bend-over bitchboy. Industry analysts told the Post that the Dodd-Frank financial reform law will stabilize the future of the financial industry even as it has “crimped bank profits.” What a lie. That hasn’t stopped lobbyists from spending millions of dollars to make its rules and regulations more Wall Street friendly, and it hasn’t stopped Republican presidential candidates from lining up to support the law’s wholesale repeal, even if they have no idea what the law actually does.