Archive for May, 2013

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How History is Repeated


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Many US corporations pay little or no federal taxes. Here’s what some people don’t know. Many corporations receive rebates on taxes they’ve never paid. In other words, they get more money back from the federal government than they paid in taxes. They get something for nothing because they’ve corrupted our democratic government, and they get it at our expense. That tax money then goes to incompetent CEOs and to rich shareholders. It’s a nifty way to redistribute income from the 99 to the 1 percent.

General Electric earned $5.1 billion in US profits in 2010, out of $14.2 billion worldwide. “Its American tax bill? None. In fact, G.E. claimed a tax benefit of $3.2 billion.” This is not atypical.

Click the link below for the complete story.

G.E.’s Strategies Let It Avoid Taxes

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Back in the 1970’s, some Wall Street wizard of scam figured out that investment firms could buy credit card debt, issue bonds backed by the debt, and sell the bonds to rich investors. So that’s what Wall Street did. Part of your credit debt each month goes toward paying the rich investor, and that’s also true for your late payment fees.

Before then, getting a credit card was difficult, especially if you were a member of the 99 percent. When Wall Street investment firms began buying the debt, credit cards became available to just about anybody that wanted one. My four year old kid was offered a pre-approved credit card in 1996, as was Fluff the Cat in 1998. True story.

A few years later after the credit card scam was created, the Wall Street boys figured out that they could do the same thing with student loans. At the behest of investment firms, such as Goldman Sachs, the government under President Ronald Reagan dramatically decreased the funds for grants and increased the funds available for student loans. Wall Street won, the 1 percent won, you and your kids lost. Wall Street and their politicians herded us and our kids into student loans like cowboys herd cattle into a pend to get them ready to be sent off to the slaughterhouse.

Nowadays, your student loan payments are divvied up between those who service the loans and the investors who own the bonds. In other words, Wall Street and their political hacks used government to engineer a massive scam to redistribute income from the 99 to the 1 percent. For tens of thousands, perhaps even millions, of US citizens, student loan debt has kept them in financial servitude to the 1 percent for decades and decades.

Today, total student loan debt is greater than total credit card debt. And you can’t go bankrupt on it because that’s the way Wall Street wanted it. Student loan delinquencies are also greater than credit card delinquencies.

Click below for the true story of somebody who is giving up on paying her $186,000 worth of student loans.

http://finance.yahoo.com/news/true-confession-ive-completely-given-193302452.html (more…)

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A study in France last year showed the above to be true. However, the study came under a vicious public relations assault that questioned its motives and methodology. Who funded the PR campaign? Monsanto. A study some years back showed a possible link between the growth of allergies in the US and the growth of GMO infected foods on US grocery shelves.

The folks at Monsanto want you to eat genetically modified foods so that they can make more money at the expense of your wallet and your health. In other words, they want to redistribute your money and your health into their pockets.

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Why should the federal minimum wage be raised? Because it can be.

Demand for goods and services is weak. Can businesses afford an increase of the minimum wage to, say, $10 an hour? The answer is yes! Especially since corporate profits have been hitting record highs during a period of weak demand, quarter after quarter and year after year! Not only that, but US corporations are sitting on trillions of dollars, which are called “retained earnings,” which are also at the highest levels in history, and they’re growing.

In other words, an increase in the minimum wage can come straight out of retained earnings. That money will go into the hands of people that will spend it, which will stimulate demand, which will increase economic activity, and lead to job growth.

In addition, more recent studies on the effect of raising minimum wages show either a neutral or a positive economic impact.

One other thing should be mentioned. How can corporate profits and retained earnings be at historic highs during this period of weak demand? Shouldn’t competition have narrowed those profit margins, especially with such weak demand? The answer, of course, is found in another question; what competition? A series of economic oligarchies control most markets and government, as well. They set their prices based on what the markets will bear, not on competition with each other.

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The answer to the question above is simple. The reason corporate tax rates are at a sixty year low is because corporate political power and government corruption is at a eighty-three year high. It doesn’t matter what major political party we’re talking about, corporate money has swamped them both and made our government a weapon solely of the rich to be used against us.

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