Posts Tagged ‘morgan stanley’

The Guardian UK reports that “Erskine Bowles is widely known in Washington policy circles as a co-chair of President Obama’s deficit commission, along with former Senator Alan Simpson. The report that he and Simpson co-authored is held up as the basis for a grand bargain on the deficit.

This report has riled many people across the political spectrum, in part because of its cuts to social security, the most immediate of which is a reduction in the annual cost of living adjustment (Cola). Reduced Cola would amount to a benefit cut of close to 3% for a typical retired worker. Since the median income for households of people over age 65 is just $31,000, this would be a big hit to a segment of the population that is already struggling.

By contrast, in their quest for every possible source of savings, Bowles and Simpson seem never seriously to have considered a financial speculation tax that would target the country’s bloated financial sector.” That’s probably because Bowles sits on the board of directors of Morgan Stanley, a giant Wall Street investment bank. That’s a pretty corrupt gig and that explains why the US economy is such a rigged game against the middle class.

Click below for the rest of the story.

an object lesson in Wall Street influence on Washington

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