Posts Tagged ‘Senator’

This is an incredibly dumb book and it’s very boring. It lacks clarity and decent research to back up it’s point, whatever it is. For example, the author implies that the Smoot-Hawley Act was responsible for the depth of the Great Depression, yet all academic studies show that the act had little impact on the severity of the Great depression. On top of that, Bremmer argues that modern nations don’t attack each other much, but “In 2010, the US troops are still fighting in Iraq and Afghanistan, but they’re struggling to overcome militants and insurgents, not foreign military powers.”

How brain dead can one get? The United States was not invited by the governments of Iraq and Afghanistan to help them against militants and insurgents. Apparently, Ian Bremmer doesn’t know the United States invaded and occupied those nations. That’s how profoundly stupid this book is.

The central argument of the book is that Wall Street is good, although he doesn’t say for what, and that free trade is good, although he doesn’t say for what. All Wall Street needs is more regulation. As if Wall Street would want that.

An accompanying argument is that foreign governments own corporations that compete with private US corporations. And they do this for political purposes. Duh! But the author’s ignorance is so enormous that he cannot comprehend that US corporations own the US government, lock, stock and barrel. For example, agents of the Monsanto corporation wrote the recently passed Monsanto Protection Act that congress passed and President Obama signed. Wall Street investment banks don’t want more regulation, and so the government of which they are the primary shareholders via their investments in politicians, such as Wall Street Senator Ron Wyden, isn’t going to regulate them.

Bremmer is woefully ignorant on too many levels to be taken seriously. He doesn’t comprehend how free trade treaties, for example, redistribute income from the 99 to the 1 percent and wreck the economy in the process. According the Federal Reserve, over 27 million US jobs have been off shored since Nafta. The difference between the old higher wages and the new lower wages gets redistributed into the pockets of the rich via higher corporate earnings, rising share prices and more dividends.

This book doesn’t even deserve one star because it reads like a apology and justification for Wall Street and the many crimes committed by its CEO’s, lawyers, traders and others. It’s pure pointless propaganda with a weak central argument, whatever that is.

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Paul Ryan Care

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Four senators, including High Tech Senator Orrin Hatch, have proposed letting more and more high tech workers come into the United States so that they can further depress wage rates in their fields. That’s the truth because reality is something different from the world of high tech employers and their legislative servants in their war against the American middle class. According to the Economic Policy Institute,

“The bill’s proponents argue that for the sake of our global competitiveness, we shouldn’t train and then return the tens of thousands of Chinese and Indian students who come here every year. But almost 90 percent of the Chinese students who earn science and technology doctorates in America stay here; the number is only slightly lower for Indians. If they’re talented enough to get a job here, they’re already almost guaranteed a visa.

If anything, we have too many high-tech workers: more than nine million people have degrees in a science, technology, engineering or math field, but only about three million have a job in one. That’s largely because pay levels don’t reward their skills. Salaries in computer- and math-related fields for workers with a college degree rose only 4.5 percent between 2000 and 2011. If these skills are so valuable and in such short supply, salaries should at least keep pace with the tech companies’ profits, which have exploded.”

This bill Wall Street Senator Hatch is proposing is another in a long line of legislation that has been passed to suppress wages in the United States. The difference between the old wages and the new lower wages, and the difference between what the wages should be and what they will be, will go straight into the pockets of the 1 percent via higher CEO pay, soaring profits, surging dividends and rising stock prices. In other words, like Wall Street Senator Ron Wyden, Hatch and his three conspirators are waging war against the middle class on behalf of Wall Street and the 1 percent by proposing legislation that will redistribute income from the 99 to the 1 percent.

Check out the op-ed with greater detail below.

Op-ed by Ross Eisenbrey of the Economic Policy Institute

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The rich hardly pay any taxes. That’s why there’s a federal deficit, at least in part. Let’s get something straight; corporations are rich people, just ask Mitt Romney. Okay Mitt is an idiot. Always has been. We all know corporations are not people. But they are tools of the rich that enable them to redistribute income from the 99 to the 1 percent.

Corporations have bought off tons of politicians of both political parties with their tax breaks, such as Wall Street Fetch Boy Ron Wyden, supposedly a senator from Oregon, but on matters of income redistribution, the senator always sides with the Wall Street one-percenters.

Corporate profits are currently at an all-time high (while worker wages as a percentage of the economy have plummeted to record lows–Thank you Senator Wyden). Guess what? Corporate income tax revenue is going to be about 1.5 percent of GDP this year, below the recent average and far below the amount raised by the tax just a few decades ago. Just look at the chart below, back in the early 1950s, corporate profits were taxed high enough that they were about 35 percent of federal tax revenues.

So Mitt? Why aren’t these people taxed at a higher rate? The answer is simple. Wall Street is a Ponzi scheme. If corporate profits don’t always go up in the long-term, they would either stay stagnate or go down. In which case, Wall Street would go down with corporate share prices. The Ponzi scam would self-destruct.

As income has been redistributed for the last 30 years, the demand for goods and services has shrunk. That means corporations have to boost income in other ways than selling more of their stuff. So they ship jobs overseas and pay legislators big bucks to pass legislation allowing them to reduce their tax burden. That’s what has occurred over the last thirty years. That means more money flows to the 1 percent via higher profits, dividends and share prices. The rest of us pay the price, such as reduced government services, lower paychecks, rotting schools and more lumpy streets. That you Senator Wyden.

We’ve got idiots like Wyden talking about cutting Medicare, Medicaid and Social Security benefits for the aged and the infirmed. That’s crazy. Especially since the Social Security Trust Fund has a $2.5 trillion surplus that earns about $118 billion a year in interest.

Let’s solve the problem easily. Tax corporations more, like in the good old days, and watch the Wall Street Ponzi Scam collapse. We’d be saving our livelihoods, our economy and a lot more.

As the Century Foundation noted in the chart below, the corporate income tax, as a share of total government revenue, used to track reasonably well with corporate profits. But in the last decade, the two have become decoupled:

CEO's are getting record salaries and bonuess, the 1 percent are using their corporate machines to jack up share prices and dividends

Corporate profits are up, dividends are up, share prices are up, and corporate tax payments are down, down, down. Anybody see a relationship here?

By the way, the video below is when Mitt the Twit said corporations are people. But Dumb Dumb never figured out in what hospital any of them were given birth.

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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.

Are Student Loans the New Subprime Disaster?

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The Republican plan for the youth of the 99 percent. On the other hand, about 80 percent of Democrats in congress, such as Wall Street Senator Ron Wyden, vote with Republicans on things that benefit the 1 percent at the expense of the 99 percent. By the way, Wall Street's President Barack Obama likes to vote with Wyden.

The Republican plan for the youth of the 99 percent. On the other hand, about 80 percent of Democrats in congress, such as Wall Street Senator Ron Wyden, vote with Republicans on things that benefit the 1 percent at the expense of the 99 percent. By the way, Wall Street’s President Barack Obama likes to vote with Wyden.

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“Apparently unbeknownst to many, the working class in America has been living with austerity economics for forty years now. Since the 1970s the proportion of what American labor is paid relative to what it produces has been declining, as have the effective tax rates on corporations and the wealthy. With corporations and the rich who own them receiving a larger proportion of what labor produces and paying less in taxes, there is now little left to pay for necessary social programs such as schools, health care and pensions. But this shortfall is no accident. It is the intended result of four decades of policies specifically designed to enrich the ruling class at the expense of labor, the middle class and the poor.”

The paragraph above is heisted from the story that is linked below. It’s highly accurate point-of-view as to what is happening to the US economy and how the 99 percent are getting screwed over by the 1 percent via their control of the federal government and their lapdogs in politics like Wall Street Fetchboy Senator Ron “Total Sleezebag” Wyden.

The Economic Crisis: Say Goodbye to Social Security? Counterpunch.com

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