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Archive for June, 2015

Student loans are a way the US government redistributes income from the 99 to the 1 percent. Notice also that virtually all K-12 educational reform is geared toward turning the most IQ challenged children into university students. The complete process of student loans and educational reform are interrelated scams to redistribute income from the 99 to the 1 percent. The more students take out loans, and the more kids and parents feel pushed toward university educations, the richer Wall Street and its investors get.

Wall Street investment corporations purchase student loans, and then turn around and issue bonds based on the value of the government guaranteed student loans, meaning there is no risk for the rich investors who opt to purchase these bonds. These student loan transaction generate billions of dollars of income for Wall Street.

That’s one reason why the US government allowed student loan interest rates to double from 3.4 to 6.8 nearly two years ago. The rich investors of Wall Street benefited from this at the expense of the 99 percent.

There is another reason why the US government keeps this massive income redistribution scam going. Wall Street banks have invested billions of dollars into private, for profit, universities.

* ITT is 100 percent owned by Wall Street investment companies.
* The Apollo Group owns the University of Phoenix, among other private universities. JP Morgan, Citigroup, Barclays, Wells Fargo and Blackrock, among others, own 98 percent of the Apollo Group.
* Devry University is 100 percent owned by Bank of America, Barclays, BlackRock, JP Morgan, and Morgan Stanley, among other Wall Street Investment firms.

You can go on and on and the story is the same with respect to for-profit universities. Many of them are owned by Wall Street.

These universities target low income students, and charge several times more tuition than community colleges. Student loans amount to $32 billion in revenue a year for Wall Street owned private universities. That equals 25 percent of all student aid in the USA. The revenue generated by student loans provides up to 90 percent of annual income for Wall Street investment schools.

* In 2012, 88 percent of graduates left school with debt equal to almost $40,000 per student, which goes straight into the pockets of Wall Street investors.

* With interest, late fees, penalties, and collection fees assessed against students, the total cost of an education at these private schools is “can end up being more than double the cost of an education at Harvard University.

* 17 percent of revenue is spent on teaching, 19 percent goes to profits, and 23 percent does to marketing their bogus products.

* The average annual pay of a CEO at any of these corporate schools equals $7.3 million.

* The US Department of Education reports that 72 percent of private school graduates wind up in jobs that “average less pay than high school dropouts.” This may explain why corporate school college graduates represent only 13 percent of all college graduates, but they account for 47 percent of all loan defaults.

And these are only some of the reasons why student loans represent a nice income redistribution scam for the 1 percent at the expense of the 99 percent. Check out the link below for a story and interview about how one person decided, among many, decided it was in his best interest to default on his student loans.

why-this-man-defaulted-on-his-student-loans-and-suggests-others-do-the-same–Yahoo! News

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Wall Street investment corporations purchase politicians so that they will enact legislation that redistributes income from the 99 to the 1 percent. This is true in any number of ways, including debt. Household debt, credit card debt, mortgages, student loan debt, auto loan debt, can all be purchased by Wall Street investment corporations, such as Goldman Sachs and JP Morgan. These corporations take the loans they’ve purchased, and issue bonds against the debt. Then they sell the bonds to rich investors. The payments made by, for example, people who have outstanding student loans, go into the pockets of the rich via these bonds. Wall Street steals billions, perhaps hundreds of billions, via every one of these transactions annually. There are more commissions when the banks purchase home mortgages from lending companies, and then there are billions of dollars more to be made when Wall Street sells the bonds to rich investors. This is why the US government enacted tougher bankruptcy laws seven years ago, and why the government made it impossible to go into bankruptcy on student loans. It’s also why the government doubled student loan interest rates two years ago.

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Some progressives threw up their hands Tuesday after the Senate voted for closing debate on fast-track trade legislation. It’s all over, they said: The nearly completed Trans-Pacific Partnership (TPP) agreement is certain to pass now.

Not so fast.

Although the Senate will undoubtedly approve fast-track legislation today—the trade promotion authority bill only needs 51 votes—the despair and talk of surrender on the TPP shouldn’t be on anyone’s agenda. Certainly, it’s true that blocking that agreement will be exceedingly tough. But it is by no means impossible. George Zornick at The Nation writes:

Without question, fast track makes the TPP much more likely to pass. No amendments can gum up the process or chase off support, and we already can easily see there are 50 votes in the Senate based on the fast-track votes. But the House remains no sure thing for the TPP. Fast track twice passed by only two votes.

When the TPP actually comes out, there will be some really ugly details that are likely to enrage liberals and solidify opposition among Democrats, not too mention some Republicans. For months the White House has been dodging some criticisms of the TPP by stressing that the text isn’t final, but that will no longer be an option. […]

On the Republican side, Boehner will almost surely have a more difficult time gathering Republican votes for the TPP than he did for fast track. One argument frequently made by Republicans during the congressional fast-track debate was that it benefited the GOP, too—that it was also a vote to give a theoretical Republican president in 2017 immense power to shape trade deals without congressional meddling. That has no application to the TPP debate.

One of the leading anti-fast-track foes—Public Citizen—plans to fight on. Robert Weisman, president of the organization, said in a statement:

Today’s action means that Congress will tie its hands to prevent it from exerting positive influence over negotiations of the TPP. It means that the final TPP agreement will very likely include provisions empowering foreign corporations to sue our own government for policies that they claim impinge on their expected future profits. It means that the final TPP will very likely include provisions that will extend Big Pharma monopolies, raising prices for consumers and health systems—and, even in the United States, and especially in the poorer TPP countries, denying people access to needed medical treatment. It means that the final TPP will very likely include provisions undermining our food safety.

What it doesn’t mean is that Congress must pass such a TPP.

Losing on fast-track was a major defeat. But it should not induce anyone to surrender in this crucial fight.

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From Elizabeth Swager of Oregon Fair Trade

Dear friends,

The Senate vote today was a tough loss. We’ve seen several victories along the way. We defeated the Camp-Baucus fast track bill last year, and stopped the original Ryan-Hatch-Wyden bill in the House just a little over a week ago. But Republicans and the White House were able to make enough sweetheart deals that cloture for Fast Track passed with a single vote, 60-37.

We have a lot of be proud of here. Our struggle against Fast Track built a movement. Allies from labor, enviros, immigrant rights, access to medicines came together on a common front. We united against the largest most powerful corporate interests in the world, and we came so close. It’s a true testament to your good work and will lay the foundation for the next episode in the battle for people over profits.

As you know, next is stopping the TPP itself. Proponents know there is little time to pass the TPP with the upcoming Presidential campaign cycle and Congressional elections on the way. We have built tremendous momentum in this fight, if we keep it victory is within reach.

Thank you for all your incredible work.

In Solidarity,

Elizabeth Swager
Oregon Fair Trade Campaign

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Notice in the graph below that income inequality in the United States grew remarkably in favor of the 1 percent as soon as NAFTA went into effect. Notice that under Republican President Ronald Reagan the 1 percent took home about 12 percent of all the income produced in the USA by 1984, up from 8 percent in 1980. By 2008, the 1 percent was stealing 21-23 percent of all the income produced in the USA. Since 2009, the 1 percent have been stealing 95 percent of all income growth, which means, if you do some simple math, they’re currently stealing about 37 percent of all income produced in the USA.

When jobs are shipped overseas, the difference between the old higher US wages and the new lower wages overseas goes straight into the pocket of the super wealthy via higher corporate prices, soaring share prices, and massive dividend growth. That great sucking sound in Mexico after NAFTA wasn’t just for sucking jobs away from US workers, it was the rich sucking the middle class’s wallets. Now the rich want to blood suck even more income from the 99 percent, and redistribute it to themselves.

On June 23 2015, the US Senate will vote on whether or not to increase income inequality via Fast Track Authority, which is legislation that will grease the wheels of a congressional rubber stamping of the Trans-Pacific Partnership, which has been labeled NAFTA on Steroids. It’s a massive income redistribution scam that benefits only the 0.01 percent at the expense of the 99.9 percent. Call your senators now. Save your nation! Save your job! Save your children’s futures. Click the following link to connect with your senators and tell them to vote against Fast Track, Click this link now to call your senator.

cbpp income inequality 2011

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The latest scam perpetrated by the 1 percent against the 99 percent is Fast Track Authority. If the Senate votes for it tomorrow, it will pave the4 way for a massive income and political power redistribution scam known as the Trans-Pacific Partnership to be rammed through congress with little or no debate, no amendments, and no hope of a filibuster in the US Senate to stop it.

Last month, too many Senators voted wrong on Fast Track. Tomorrow, however, the Senate is being asked to vote on an even worse Fast Track package — one that, in addition to allowing the TPP to be rushed through Congress, could also weaken human trafficking measures; eliminate simple currency measures and other enforcement provisions; and even prohibit the consideration of climate solutions in future trade negotiations.

Fast Track is bad for the economy, public health and the environment in our communities and around the world. On the eve of the new vote, join us in urging your Senator to vote NO!

You can call or email your senators who haven’t made up their minds. Just look at the Democrats who like China to manipulate its currency, which costs the US jobs; weaken slave labor transactions, and wipe out any consideration of dealing with climate change in future (that’s your future) trade negotiations. Call today at Click this link now to call your senator

In addition to calling or emailing your Senators now, here is a list of fast-approaching, last-minute rallies (most are today!):

CALIFORNIA
Rally to Stop Fast Track (Sen. Feinstein)
Monday, June 22 * 1:00pm
Senator Feinstein’s Fresno Office
2500 Tulare St, Ste 4290
Fresno, CA
Contact: Stan Santos, ssantos@cwa9408.org

Rally to Stop Fast Track (Sen. Feinstein)
Monday, June 22 * 12:00 noon
Senator Feinstein’s Los Angeles Office
11111 Santa Monica Blvd, Suite 915
Los Angeles, CA
Contact: Adrian Acosta, aacosta@cwa-union.org

Rally to Stop Fast Track (Sen. Feinstein)
Monday, June 22 * 12:00 noon
Senator Feinstein’s San Diego Office
880 Front Street, Suite 3296
San Diego, CA 92101
Contact: Nicole “Kali” Gochmanosky, kali@citizenstrade.org

Rally to Stop Fast Track (Sen. Feinstein)
Monday, June 22 * 12:00 noon
Senator Feinstein’s San Francisco Office
One Post Street, Suite 2450
San Francisco, CA
Contact: Xiomara Castro, xiomara@citizenstrade.org

COLORADO
Rally to Stop Fast Track (Sen. Bennett)
Monday, June 22 * 12:00 noon
Senator Carper’s Denver Office
1127 Sherman St
Denver, CO
Contact: Brenda Roberts, broberts@cwa-union.org

DELAWARE
Rally to Stop Fast Track (Sen. Carper)
Monday, June 22 * 3:00pm
Senator Carper’s Wilmington Office
310 North Walnut Street
Wilmington, DE
Contact: Scott Reynolds, sreynold@aflcio.org

Rally to Stop Fast Track (Sen. Coons)
Monday, June 22nd * 2:00pm
Senator Coons’ Wilmington Office
American International Building
1105 N. Market Street
Wilmington, DE
Contact: Sam Bernhardt, sbernhardt@fwwatch.org

FLORIDA
Rally to Stop Fast Track (Sen. Nelson)
Monday, June 22 * 12:00 noon
Senator Nelson’s Miami-Dade Office
2555 Ponce De Leon Blvd
Coral Gables, Florida
Contact: Deborah Dion, dion.deborah@gmail.com

ILLINOIS
Rally to Stop Fast Track (Sen. Kirk)
Tuesday, June 23 * 10:30am
Dirksen Federal Building
219 S Dearborn St
Chicago, IL
Contact: Mara Cohen, marajai51@gmail.com

MARYLAND
Rally to Stop Fast Track (Sen. Cardin)
Tuesday, June 23 * 10:00am
Senator Cardin’s Bowie Office
10201 Martin Luther King Jr Hwy, Ste 210
Bowie, MD
Contact: Maya Goines, Mgoines@aflcio.org

NEW HAMPSHIRE
Rally to Stop Fast Track (Sen. Shaheen)
Monday, June 22 * 11:30am
Senator Shaheen’s Manchester Office
1589 Elm Street, Ste 3
Machester, NH
Contact: Daniel Justice, Djustice@aflcio.org

OREGON
Rally to Stop Fast Track (Sen. Wyden)
Monday, June 22 * 5:45pm
Senator Wyden’s Portland Office
911 NE 11th Ave
Portland, OR
Contact: Elizabeth Swager, elizabeth@citizenstrade.org

WASHINGTON
Rally to Stop Fast Track (Sens. Murray & Cantwell)
Monday, June 22 * 5:30pm
Henry M Jackson Federal Building
915 2nd Ave
Seattle, WA
Contact: Gillian Locascio, gillian@washingtonfairtrade.org

Whether or not you can attend a rally, can still make a real difference by forwarding this message to friends and family, and by emailing your Senators now.

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From Arthur Stamolis of Citizen’s Fair Trade Campaign:

The U.S. Senate is expected to vote again on Fast Track legislation for the job-killing Trans-Pacific Partnership (TPP) on Tuesday morning, and several Democratic Senators still hasn’t committed to vote NO.

Please write your Senators now, urging them to vote against “cloture” for Fast Track, and please join us at one of the critical rallies below taking place this Monday.

Last month, too many Senators voted wrong on Fast Track. This time, however, the Senate is being asked to vote on an even worse Fast Track package — one that, in addition to allowing the TPP to be rushed through Congress, could also weaken human trafficking measures; eliminate simple currency measures and other enforcement provisions; and even prohibit the consideration of climate solutions in future trade negotiations. Yep, we’re going to discover on Tuesday which senators support these things.

Fast Track is bad for the economy, public health and the environment in our communities and around the world. On the eve of the new vote, join us in urging your Senator to vote NO!

Here’s the current list of rallies:

CALIFORNIA
Rally to Stop Fast Track (Sen. Feinstein)
Monday, June 22 * 1:00pm
Senator Feinstein’s Fresno Office
2500 Tulare St, Ste 4290
Fresno, CA
Contact: Stan Santos, ssantos@cwa9408.org

Rally to Stop Fast Track (Sen. Feinstein)
Monday, June 22 * 12:00 noon
Senator Feinstein’s Los Angeles Office
11111 Santa Monica Blvd, Suite 915
Los Angeles, CA
Contact: Adrian Acosta, aacosta@cwa-union.org

Rally to Stop Fast Track (Sen. Feinstein)
Monday, June 22 * 12:00 noon
Senator Feinstein’s San Diego Office
880 Front Street, Suite 3296
San Diego, CA 92101
Contact: Nicole “Kali” Gochmanosky, kali@citizenstrade.org

Rally to Stop Fast Track (Sen. Feinstein)
Monday, June 22 * 12:00 noon
Senator Feinstein’s San Francisco Office
One Post Street, Suite 2450
San Francisco, CA
Contact: Xiomara Castro, xiomara@citizenstrade.org

DELAWARE
Rally to Stop Fast Track (Sen. Carper)
Monday, June 22 * 3:00pm
Senator Tom Carper’s Wilmington Office
310 North Walnut Street
Wilmington, DE
Contact: Scott Reynolds, sreynold@aflcio.org

Rally to Stop Fast Track (Sen. Coons)
Monday, June 22nd * 2:00pm
Senator Chris Coons’ Wilmington Office
American International Building
1105 N. Market Street
Wilmington, DE
Contact: Sam Bernhardt, sbernhardt@fwwatch.org

FLORIDA
Rally to Stop Fast Track (Sen. Nelson)
Monday, June 22 * 12:00 noon
Senator Bill Nelson’s Miami-Dade Office
2555 Ponce De Leon Blvd
Coral Gables, Florida
Contact: Deborah Dion, dion.deborah@gmail.com

NEW HAMPSHIRE
Rally to Stop Fast Track (Sen. Shaheen)
Monday, June 22 * 11:30am
Senator Jeanne Shaheen’s Manchester Office
1589 Elm Street, Ste 3
Machester, NH
Contact: Daniel Justice, Djustice@aflcio.org

OREGON
Rally to Stop Fast Track (Sen. Wyden)
Monday, June 22 * 5:45pm
Senator Wyden’s Portland Office
911 NE 11th Ave
Portland, OR
Contact: Elizabeth Swager, elizabeth@citizenstrade.org

WASHINGTON
Rally to Stop Fast Track (Sens. Murray; Cantwell)
Monday, June 22 * 5:30pm
Henry M Jackson Federal Building
915 2nd Ave
Seattle, WA
Contact: Gillian Locascio, gillian@washingtonfairtrade.org

Can’t make any of these rallies? You can still make a difference by forwarding this message to friends and family, and by emailing your Senators now.

The coming vote will be extremely close, but, together, we can win it. Please make sure your Senators hear from you again before Tuesday.

Many thanks,

Arthur Stamoulis, Executive Director
CITIZENS TRADE CAMPAIGN

Online: citizenstrade.org
Twitter: @citizenstrade

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