Posts Tagged ‘Tax cuts’
Posted in corruption, Economics, recession, income redistribution, the Rigged Game, Uncategorized, wealth redistribution, tagged corruption, Fox News, George W Bush, government, income redistribution, New York Times, Ron Wyden, Ronald Reagan, Tax cuts, the Heritage Foundation, the New York Post, the Oregonian News Paper, the Tea Party, the Wall Street Journal, United States on Jpm1000000pmSat, 19 Jan 2013 14:26:13 +000013 10, 2010 | Leave a Comment »
The Reagan tax cuts gave the already rich even more money to grease the wheels of politics in their favor. Ditto for the Bush tax cuts. Thank God some of those tax cuts are gone, but less than 50 percent are. Free trade treaties, privatization scams, deregulation, a bloated military, the Federal Reserve; all of these are destroying the middle because they are used to redistribute income from the 99 to the 1 percent.
That money funds the creation of lies and misinformation from such organizations as the Fox Propaganda Network, the Tea Party, the Heritage Foundation, the Oregonian News Paper, the Wall Street Journal, New York Times, the New York Post, and many more.
Corrupt politicians, such as Wall Street Senator Ron Wyden, and their income redistribution scams are the reason why our schools are overcrowded and in disrepair, our roads and bridges are falling apart and so much more.
Nowadays, 1 percent of the population receive over 30 percent of US income, up from 8 percent thirty-two years ago.
Posted in Economics, recession, income redistribution, Recessions, the Rigged Game, Uncategorized, tagged income redistribution, mortgage backed bonds, Mortgages, President, Ronald Reaganm, Tax cuts, wealth redistribution on Jpm1000000pmFri, 04 Jan 2013 17:47:29 +000013 10, 2010 | Leave a Comment »
It sounds like a joke that the 400 wealthiest Americans own more wealth than the bottom 150 million people, but think about this. The 1 percent are virtually the sole investors in the derivatives market. Estimates of the size of that market range from $200 to $500 trillion. That market includes all the bonds backed by the housing market. That means the 1 percent own much of the housing market, that part of their mortgages that homeowners have not paid off. Think about all the homeowners that are underwater. Think about all the homeowners that owe money on their homes. What they owe is owned in the form of bonds by the 1 percent.
If somebody owes $190,000 on a mortgage of $200,000, the homeowner owes 5 percent of the house and rich bond owners own the other 95 percent. Most of every payment by homeowners goes into the pockets of the owners of the mortgage backed bonds. This is an income transfer scam that never used to exist.
Forty years ago, people borrowed mortgages from banks. The banks earned their profits from the interest paid to them from homeowners and other borrowers. Shareholders received the profits in the form of dividends. But extra profits, known as retained earnings, were loaned out. This helped the economy expand and provided greater opportunities for all.
The money now paid to the mortgage backed bond owners now go toward buying politicians and legislation to redistribute income from the 99 to the 1 percent. The payments also go toward the purchase of more mortgage backed bonds. That money doesn’t go back into the economy like in the old days. That money is used to suck the middle class dry.
Posted in corruption, Economics, the Rigged Game, Uncategorized, tagged corruption, Fiscal cliff, Free trade, George Bush, John Boehner, offshoring, political, Rich, Ron Wyden, Tax cuts, Taxes on Jam12000000amMon, 17 Dec 2012 11:18:50 +000012 10, 2010 | Leave a Comment »
It looks as if House leader John Boehner (pronounced “Boner”) will cave and not push to extend the Bush tax cuts with the fiscal cliff looming. This is stunning since the Republican Party is owned and operated by the Koch Brothers and several other anti-American billionaires. The vast majority of American citizens want the Bush tax cuts for the rich to expire. They want higher taxes on the rich, which would do a lot of good for the American economy. The Bush tax cuts have been a disaster; they’ve given greater political power to the uber rich to pressure CEO’s to ship jobs overseas, for example. That isn’t good for the rest of us, although Boner and Wall Street Senator Ron Wyden think so. Luckily, Congressman Boner has seen the light. But it’s more than likely he has no choice in the matter, given the mood of the American people. So for the good of the Republican Party, which he always puts ahead of the needs of the nation, Boner might just cave in to the demands of vast majority of the American people.
Click the link for the complete story and a video analysis.
Posted in Economics, income redistribution, Recessions, the Rigged Game, Uncategorized, tagged corporate welfare, homelessness, military spending, Tax cuts on Jam12000000amFri, 14 Dec 2012 07:30:44 +000012 10, 2010 | Leave a Comment »
The cost of ending homelessness in the USA is the same as ending welfare for the rich via such things as tax breaks, military spending, and other scams that increase corporate earnings at the expense of the public. In other words, these welfare programs for the rich are income redistribution programs, and they are very generous to the wealthy.
Posted in Economics, George W. Bush, immigration, income redistribution, Uncategorized, wealth redistribution, tagged Bush, default, Ron Wyden, Ronald Reagan, scam, Senator, student loans, Tax cuts, Wall Street on Jpm12000000pmThu, 06 Dec 2012 12:22:34 +000012 10, 2010 | Leave a Comment »
Student loan recipients are defaulting on their student loans in increasing numbers.
Student loans are a scam. Here’s why. Thirty plus years ago the folks on Wall Street figured out they could purchase student loans, and then issue bonds to rich investors that were backed by the student loans. The 1 percent own the vast majority of those bonds. As the government or students make payments on the loans, much of the payments are redistributed to the 1 percent as payments on those bonds.
It was a nice scam since the government guaranteed the loans, which means there is no risk in being a bonds backed by student loans. Think about it. Rich investors are earning money with zero risk. Worse yet, depending on your view point, the students take all the risk, since they have to to pay and pay, with no chance of going bankrupt and getting rid of this burden. They have become indentured servants to the 1 percent.
Wall Street pressured then President Ronald Reagan, as well as Republican and Democratic law-makers, to cut the amount of federal grants the government gave out to its citizens. That forced more members of the 99 percent to take out even more student loans.
This is how political power works and the Bush tax cuts works. Give the rich more money, they buy more politicians of both parties, like Wall Street Senator Ron Wyden, and then their political servants enact legislation that redistributes income from the 99 to the 1 percent.
Posted in Economics, Recessions, the Rigged Game, Uncategorized, tagged Anotonin Scalia, banksters, Clarence Thomas, economic, Iceland, John Roberts, recovery, samuel alito, Tax cuts on Jpm12000000pmMon, 03 Dec 2012 15:41:20 +000012 10, 2010 | Leave a Comment »
Are you listening President Obama? Of course not. The banksters have you in their hip pocket. That’s why not a single attempt to prosecute the destroyers of the economy has occurred. Iceland engineered an economic recovery by doing the opposite of what the Obama administration has done. The government bailed out the people and jailed the banksters.
How much is the US government rotted by big money? You know. That’s all the money the 1 percent have received via tax cuts and legislation that redistributes income from the 99 to the 1 percent, such as free trade income redistribution treaties that continue to destroy the middle class and US economy? People were prosecuted for the Savings and Loan scandal that cost the taxpayers $124 billion, but nobody on Wall Street was prosecuted at all for the most recent and much larger financial crisis. They’ve been bailed out. Hows that for justice?
These people are not prosecutable because of the tax cuts for the rich that have been used to rot the guts out of the US government and the corporate wing of the US Supreme Court, which includes Chief Justice John Roberts, and the Koch Brothers drones Clarence Thomas, Samuel Alito and Antonin Scalia. All of these members are on the payroll of the Koch Brothers in one way or the other. It’s a rigged game.
Eliminating the Bush tax cuts would be a step in the right direction, but hardly enough steps to solve the corruption in the courts and the government.
Click the link below to see what Iceland has done.