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Archive for October, 2012

Elizabeth Warren, a middle class warrior, is running for the US senate in Massachusetts against Wall Street Senator Scott Brown. Warren is up by seven points in the latest polls by Suffolk University/7NEWS. Check out Warren in the video below. By the way, one of Brown’s closest allies in the senate is Wall Street Senator Ron Wyden, a jerk who has rigged the system in favor of Wall Street while voting to destroy the middle class whenever possible.

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The 10 Most Prosperous Nations in the World

Guess which nation isn’t rated among the top ten, especially if you consider the criteria listed below.

Prosperity extends beyond just material
wealth. It includes factors such as social
capital, effective governance, human
rights and liberties, health, opportunity,
security, and overall quality of life.
The purpose of the Prosperity Index
is to spark debate and to encourage
policymakers, scholars, the media,
and the interested public to take an
holistic view of prosperity and to better
understand how it is created.

Click below for the listing of over 140 nations.

The Most Prosperous Nations in the World–The Lagatum Prosperity Index

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Liberals question why poor voters who use public assistance still vote for Republicans who want to cut those very services. The real story, Gary Younge finds, is much more complicated. Click for the full story below.

Why Working Class People Vote For Republicans–the Guardian UK

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The People of Iceland Revolted Against the Banksters

The government of Iceland invested in worthless home mortgage backed bonds. The government decided the people had to pay for the government’s stupidity. The people decided otherwise. The US media doesn’t want you to know what the people of iceland did.

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US economics, politics and income redistribution from the 99 to the 1 percent are one big rigged game. “Before the campaign contributors lavished billions of dollars on their favorite candidate; and long after they toast their winner or drink to forget their loser, Wall Street was already primed to continue its reign over the economy. For, after three debates (well, four), when it comes to banking, finance, and the ongoing subsidization of Wall Street, both presidential candidates and their parties’ attitudes toward the banking sector is similar – i.e. it must be preserved – as is – at all costs, rhetoric to the contrary, aside.”

Click the link below for more on this story.

How Wall Street Won the Election of 2012 Before a Vote Was Cast–Truthout.org

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NY Times endorses Obama, rips Romney’s ‘regressive’ policies (via Raw Story )

The New York Times on Saturday endorsed President Obama’s reelection bid, arguing in a lengthy op-ed that he offered far superior policies to Mitt Romney on virtually every important issue. Yet the paper not only endorsed Obama over his Republican challenger, but took every opportunity to denounce…

(more…)

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What Would Jesus Say to Fox News Critics of Obama?

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Mitt Romney plans to redistribute income and benefits from the poor to the 1 percent should he become president in January. Click the link below to see how he’ll eliminate income and benefits for the poor in order to give already rich one percenters a tax cut that will destroy more jobs and redistribute more income from the 99 to the 1 percent.

Click here–Soak the Poor: Mitt Romney's Real Economic Plan–MotherJones

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Mitt Romney’s proposed tax cuts for the rich will destroy jobs. That’s because the 1 percent invest their money in things like derivatives. According to Wikipedia, “A derivative is a financial instrument whose value is based on one or more underlying assets.” In other words, the value of derivatives and the money the owner of the derivatives receives comes from such underlying assets as car loans, mortgages, student loans, other commodities, stocks, bonds, interest rates and currencies. Currently, there is an estimated 200-500 trillion dollars in derivatives.

The rich invest mostly in derivatives. None of these derivatives create jobs, except on Wall Street; most help to destroy jobs by pressuring CEO’s to ship them overseas. The very existence of derivatives often place pressure on corporations to force employees to work longer while earning less per hour. Virtually every derivative forces the 99 percent to pay more for things, and the difference between the old, lower rate at which people paid for things and the new, higher rate goes into the pockets of the 1 percent via their derivatives.

Take student loans, for example. When somebody on Wall Street created a bond backed by student loans more than thirty years ago, Wall Street placed pressure on politicians to cut Pell and other government educational grants, so as to force students to take out more loans, which served the interest of Wall Street investors, which Wall Street’s President, Ronald Reagan was happy to comply with. Since business leaders insist that education is the key to a strong economy, the government made a move against the interests of the US, and they did it all to appease rich investors. Student loan debt now exceeds $1 trillion, which is more than total credit card debt. That’s why we now pay more in student loans; it’s thanks to the development of the derivatives market.

Derivatives attract investors, and therefore they compete with stocks and bonds, which also need investors, otherwise the value of these assets will plummet to zero. To keep stock prices competitive with derivatives, CEOs are forced to ship jobs overseas, and the difference between the old higher pay in the US and the new lower pay over there goes into the pockets of the 1 percent. The middle class people who lose their jobs pay the price. But it’s worse than that because when jobs are shipped overseas, part of the tax base that supports schools, police, road building and repair, fire fighters and other jobs are shipped oversea, or so it appears. In reality, the lost part of the tax base is shipped into the wallets of the 1 percent. That’s why there’s so many cuts in education nowadays, kindergarten through universities.

That’s how rich investors have become parasites to the 99 percent. And that’s the kind of havoc that Wall Street Mitt the Twit’s tax cuts will wreck on the US economy. They will also redistribute massive amounts of income from the 99 to the 1 percent, and utterly destroy the demand for goods and services in the process. His economic plan is a disaster waiting to happen.

Derivatives are where the rich will invest much of their newly available cash if they get a tax cut from President Mitt. And we’ll all be paying for those cuts, not benefiting from them. By the way, what I have outlined here is also why trickle down economics is really trickle up economics.

According to Wikipedia, “Under US law and the laws of most other developed countries, derivatives have special legal exemptions that make them a particularly attractive legal form to extend credit. The strong creditor protections afforded to derivatives counterparties, in combination with their complexity and lack of transparency however, can cause capital markets to underprice credit risk. This can contribute to credit booms, and increase systemic risks. Indeed, the use of derivatives to conceal credit risk from third parties while protecting derivative counterparties contributed to the financial crisis of 2008 in the United States.

Financial reforms within the US since the financial crisis have served only to reinforce special protections for derivatives, including greater access to government guarantees, while minimizing disclosure to broader financial markets.

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US Distribution of total net worth

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