Citigroup Plutonomy Reports No Longer Available at CPS News.
Now I wonder why that is? Could it be because it contained the following paragraph?
Economic growth that is powered and consumed by the wealthiest upper class of society. Plutonomy refers to a society where the majority of the wealth is controlled by an ever-shrinking minority; as such, the economic growth of that society becomes dependent on the fortunes of that same wealthy minority.
With many people in this country still carrying water for them, it's no wonder they want to squash it.
Showing posts with label Corporate Force. Show all posts
Showing posts with label Corporate Force. Show all posts
Sunday, August 07, 2011
Saturday, July 16, 2011
Watch It Unravel
The finest example of the corporate force I've been talking about for the last year or so is unraveling before our eyes in the form of the News Corps scandal. Most of us who weren't willfully ignorant knew that Murdoch and his people were up to shit like this and now we have the proof. I take several things away from all of this.
First, here is a shining example of a private organization fucking people over by attacking their liberty. If you still don't understand what I am talking about, go have your head examined.
Second, the implications for this in the 2012 election could be staggering. As most of you probably know, News Corp owns Fox News and the Wall Street Journal-two organizations that are not friendly to President Obama. Even if the scandal stops here, this will weaken them.
Good.
Third, the initial reaction by Mr. Murdoch struck me as very typical of the adolescent power fantasists on the right. They actually think that only certain laws matter. This is especially true if they have a lot of money as Mr. Murdoch does.
Finally, pay attention to the FBI investigation for a couple of reasons. I'm sure we are going to see the right wing blogsphere explode soon with cries of derision for Eric Holder and jack booted thugs. I can't think of anything more anti American than hacking into the cel phones of 9-11 victims and their families. It will be interesting to see how the true believers spin this hypocrisy.
I'm not sure where this will all go but I think that those of you who are corporate apologists need to do some serious reflection.
First, here is a shining example of a private organization fucking people over by attacking their liberty. If you still don't understand what I am talking about, go have your head examined.
Second, the implications for this in the 2012 election could be staggering. As most of you probably know, News Corp owns Fox News and the Wall Street Journal-two organizations that are not friendly to President Obama. Even if the scandal stops here, this will weaken them.
Good.
Third, the initial reaction by Mr. Murdoch struck me as very typical of the adolescent power fantasists on the right. They actually think that only certain laws matter. This is especially true if they have a lot of money as Mr. Murdoch does.
Finally, pay attention to the FBI investigation for a couple of reasons. I'm sure we are going to see the right wing blogsphere explode soon with cries of derision for Eric Holder and jack booted thugs. I can't think of anything more anti American than hacking into the cel phones of 9-11 victims and their families. It will be interesting to see how the true believers spin this hypocrisy.
I'm not sure where this will all go but I think that those of you who are corporate apologists need to do some serious reflection.
Tuesday, June 28, 2011
Uncertainty
There's been a lot to talk lately about how President Obama's economic policies are causing uncertainty. This is the reason conservatives are pointing to when defining our sluggish economy. Stirring up phantom fear is nothing new for them so it's not surprising to me whatsoever. And I still can't figure out how less regulation is going to help our economy to take off after less regulation nearly destroyed it. The facts are there. Some people don't want to listen.
But if you want to talk about the unknown, here is an article for you that I save from late last year. It also explains how less regulation was (and still is) a large part of our problem.
The banks in this group, which is affiliated with a new derivatives clearinghouse, have fought to block other banks from entering the market, and they are also trying to thwart efforts to make full information on prices and fees freely available.
Really? I wonder why?
Banks’ influence over this market, and over clearinghouses like the one this select group advises, has costly implications for businesses large and small, like Dan Singer’s home heating-oil company in Westchester County, north of New York City.
This fall, many of Mr. Singer’s customers purchased fixed-rate plans to lock in winter heating oil at around $3 a gallon. While that price was above the prevailing $2.80 a gallon then, the contracts will protect homeowners if bitterly cold weather pushes the price higher.
But Mr. Singer wonders if his company, Robison Oil, should be getting a better deal. He uses derivatives like swaps and options to create his fixed plans. But he has no idea how much lower his prices — and his customers’ prices — could be, he says, because banks don’t disclose fees associated with the derivatives.
“At the end of the day, I don’t know if I got a fair price, or what they’re charging me,” Mr. Singer said.
But wait...I thought that the free market took care of every one.
The marketplace as it functions now “adds up to higher costs to all Americans,” said Gary Gensler, the chairman of the Commodity Futures Trading Commission, which regulates most derivatives. More oversight of the banks in this market is needed, he said.
Wait...huh? More regulation? That can't be possible!!! I'm afraid I don't understand.
I thought that in the free market we had a choice about all this stuff and this article not only says that we don't but members of these private banks set the rules and make the choices for us.
Well, at least I can rest comfortably knowing that Dodd Frank is in place and the GOP, ever the supporters of the middle class working man, will make sure that fairness rules the day.
Mr. Gensler wants to lessen banks’ control over these new institutions. But Republican lawmakers, many of whom received large campaign contributions from bankers who want to influence how the derivatives rules are written, say they plan to push back against much of the coming reform.
Or not.
The simple fact that no one knows how far and deep the derivatives market goes is an uncertainty that should be scaring more people. But since there's a lot of money involved and everyone's rich, there's no way it could be their fault if anything goes wrong again.
No fucking way.
But if you want to talk about the unknown, here is an article for you that I save from late last year. It also explains how less regulation was (and still is) a large part of our problem.
The banks in this group, which is affiliated with a new derivatives clearinghouse, have fought to block other banks from entering the market, and they are also trying to thwart efforts to make full information on prices and fees freely available.
Really? I wonder why?
Banks’ influence over this market, and over clearinghouses like the one this select group advises, has costly implications for businesses large and small, like Dan Singer’s home heating-oil company in Westchester County, north of New York City.
This fall, many of Mr. Singer’s customers purchased fixed-rate plans to lock in winter heating oil at around $3 a gallon. While that price was above the prevailing $2.80 a gallon then, the contracts will protect homeowners if bitterly cold weather pushes the price higher.
But Mr. Singer wonders if his company, Robison Oil, should be getting a better deal. He uses derivatives like swaps and options to create his fixed plans. But he has no idea how much lower his prices — and his customers’ prices — could be, he says, because banks don’t disclose fees associated with the derivatives.
“At the end of the day, I don’t know if I got a fair price, or what they’re charging me,” Mr. Singer said.
But wait...I thought that the free market took care of every one.
The marketplace as it functions now “adds up to higher costs to all Americans,” said Gary Gensler, the chairman of the Commodity Futures Trading Commission, which regulates most derivatives. More oversight of the banks in this market is needed, he said.
Wait...huh? More regulation? That can't be possible!!! I'm afraid I don't understand.
I thought that in the free market we had a choice about all this stuff and this article not only says that we don't but members of these private banks set the rules and make the choices for us.
Well, at least I can rest comfortably knowing that Dodd Frank is in place and the GOP, ever the supporters of the middle class working man, will make sure that fairness rules the day.
Mr. Gensler wants to lessen banks’ control over these new institutions. But Republican lawmakers, many of whom received large campaign contributions from bankers who want to influence how the derivatives rules are written, say they plan to push back against much of the coming reform.
Or not.
The simple fact that no one knows how far and deep the derivatives market goes is an uncertainty that should be scaring more people. But since there's a lot of money involved and everyone's rich, there's no way it could be their fault if anything goes wrong again.
No fucking way.
Friday, June 17, 2011
Uh Oh
Tom Donohue may want to consider offering a more thorough explanation for this recent comment-a message for Tea Party folks who may vote against raising the debt ceiling.
We'll get rid of you.
Spokesman for Donohue say it was meant as a joke but it doesn't sound very funny ha ha to me. More importantly, this illustrates a very large crack that may be expanding between the business community and the Tea Party.
I've always said that one thing I share in common with some Tea Partiers is their disdain for big business and bail outs. If they played up this angle more instead of the otherism and paranoia about government, they might have me in their camp a little more.
It will be interesting to see how this plays out with the vote on the debt ceiling this summer and then with the election next year. If the business community does spend money to "get rid of these people" I think we'll see a fine example of who really runs this country.
We'll get rid of you.
Spokesman for Donohue say it was meant as a joke but it doesn't sound very funny ha ha to me. More importantly, this illustrates a very large crack that may be expanding between the business community and the Tea Party.
I've always said that one thing I share in common with some Tea Partiers is their disdain for big business and bail outs. If they played up this angle more instead of the otherism and paranoia about government, they might have me in their camp a little more.
It will be interesting to see how this plays out with the vote on the debt ceiling this summer and then with the election next year. If the business community does spend money to "get rid of these people" I think we'll see a fine example of who really runs this country.
Wednesday, June 15, 2011
Two Pieces
I've been struck by two pieces of writing lately. The first is a local fave of mine named Myles Spicer. On the whole, he and I are pretty well aligned when it comes to seeing clearly what so many miss.
The mantra of Republicans and conservatives has always been to bless the private sector and urge government to "get out of the way, and let capitalism work." Great! Then where are the jobs?
A question I recently asked and got rigid ideology for an answer. I'm still asking. We had tax cuts and no regulation. Look what happened.
Conservatives claim that government interference, especially taxation, is impeding our recovery; they just have no basis in fact. There is nothing at all that is preventing, obstructing, retarding or impeding American business from creating jobs ... except American business itself.
And why would they? They have a ton of money and are doing well without hiring. The best part, though, is that they can blame the government which results in a continued shift to privatize everything. I can't believe they say this with a straight face when 375, 000 public sector jobs have been lost since 2008 and hundreds of thousands of private sector jobs have been added since that time.
Spicer's best lines though, are about the "uncertainty" canard.
If you think today's environment is "uncertain," you did not live in the Depression. You missed World War II. You forgot about the times when mortgage rates got up to 20 percent. You skipped the turmoil and discontent of the Vietnam War. In fact, in the context of history, today's times are more tranquil and predictable than most. "Uncertainty" is a cop-out.
Actually, it's more than a cop out. It's part of the overall (and total) bullshit narrative that the invisible hand will take care of all of us. I'm wondering if Adam Smith would still offer the same views he does if he had to deal with the derivative, CDO, or credit default swap.
David Brooks sums it up quite nicely in his latest column.
The Republican growth agenda — tax cuts and nothing else — is stupefyingly boring, fiscally irresponsible and politically impossible. Gigantic tax cuts — if they were affordable — might boost overall growth, but they would do nothing to address the structural problems that are causing a working-class crisis.
Republican politicians don’t design policies to meet specific needs, or even to help their own working-class voters. They use policies as signaling devices — as ways to reassure the base that they are 100 percent orthodox and rigidly loyal. Republicans have taken a pragmatic policy proposal from 1980 and sanctified it as their core purity test for 2012.
A perfect summation. It is continually amazing to me that these middle class voters fall for their garbage when they make policies that adversely affect them.
Brooks and I part ways, however, when he lists four things we need to do to get this country moving again. It's not that I don't agree with them. In fact, I think they are all excellent ideas and I would support them wholeheartedly. Clearly, his bias prevents him from seeing that there is someone who is attempting to pull from all four of those baskets: President Obama.
The president has reformed health care and embraced the recommendation of Bowles Simpson regarding entitlement. He fervently supports ECFE and many other education initiatives. He passed a financial regulation package that is trying to break the unholy alliance between business and the financial sector. And he wants to overhaul immigration so it supports bringing in high quality human capital. So, I guess Brooks is an Obama supporter? He doesn't really sound like it most of the time.
Brooks is right when he says we all know what needs to be done. We aren't getting there because the central tenet of one side's ideology is to NOT think outside of the box. Until they can get past that, is there any point in even trying to find consensus?
The mantra of Republicans and conservatives has always been to bless the private sector and urge government to "get out of the way, and let capitalism work." Great! Then where are the jobs?
A question I recently asked and got rigid ideology for an answer. I'm still asking. We had tax cuts and no regulation. Look what happened.
Conservatives claim that government interference, especially taxation, is impeding our recovery; they just have no basis in fact. There is nothing at all that is preventing, obstructing, retarding or impeding American business from creating jobs ... except American business itself.
And why would they? They have a ton of money and are doing well without hiring. The best part, though, is that they can blame the government which results in a continued shift to privatize everything. I can't believe they say this with a straight face when 375, 000 public sector jobs have been lost since 2008 and hundreds of thousands of private sector jobs have been added since that time.
Spicer's best lines though, are about the "uncertainty" canard.
If you think today's environment is "uncertain," you did not live in the Depression. You missed World War II. You forgot about the times when mortgage rates got up to 20 percent. You skipped the turmoil and discontent of the Vietnam War. In fact, in the context of history, today's times are more tranquil and predictable than most. "Uncertainty" is a cop-out.
Actually, it's more than a cop out. It's part of the overall (and total) bullshit narrative that the invisible hand will take care of all of us. I'm wondering if Adam Smith would still offer the same views he does if he had to deal with the derivative, CDO, or credit default swap.
David Brooks sums it up quite nicely in his latest column.
The Republican growth agenda — tax cuts and nothing else — is stupefyingly boring, fiscally irresponsible and politically impossible. Gigantic tax cuts — if they were affordable — might boost overall growth, but they would do nothing to address the structural problems that are causing a working-class crisis.
Republican politicians don’t design policies to meet specific needs, or even to help their own working-class voters. They use policies as signaling devices — as ways to reassure the base that they are 100 percent orthodox and rigidly loyal. Republicans have taken a pragmatic policy proposal from 1980 and sanctified it as their core purity test for 2012.
A perfect summation. It is continually amazing to me that these middle class voters fall for their garbage when they make policies that adversely affect them.
Brooks and I part ways, however, when he lists four things we need to do to get this country moving again. It's not that I don't agree with them. In fact, I think they are all excellent ideas and I would support them wholeheartedly. Clearly, his bias prevents him from seeing that there is someone who is attempting to pull from all four of those baskets: President Obama.
The president has reformed health care and embraced the recommendation of Bowles Simpson regarding entitlement. He fervently supports ECFE and many other education initiatives. He passed a financial regulation package that is trying to break the unholy alliance between business and the financial sector. And he wants to overhaul immigration so it supports bringing in high quality human capital. So, I guess Brooks is an Obama supporter? He doesn't really sound like it most of the time.
Brooks is right when he says we all know what needs to be done. We aren't getting there because the central tenet of one side's ideology is to NOT think outside of the box. Until they can get past that, is there any point in even trying to find consensus?
Monday, June 06, 2011
Go Forth and Worship Thy Derivative
One of the notions that always perplexed me is the worship of wealthy people in this country. I really don't get how business leaders and Jesus are somehow cut from the same cloth. Considering what Christ said about rich people in the Bible, it makes no sense.
But even if you are part of the non religious right, the leaders of the private sector are to be revered in a god like way. Somehow, if someone is wealthy, they: a) are successful in business so b) they would be a great president.
Take Mitt Romney, for example. He is viewed as a success in business simply because he has always been rich. He is rich because of his father and his time in the business community was largely spent gutting companies and reselling them for profit. I've held George Romney up many times as an example of what success used to mean (eg refusing a bloated salary, more thought towards the workers) but that doesn't make his son someone who can turn the economy around...especially since his perception of success is based on what is systemically wrong with our country as a whole.
Donald Trump is another example. He is viewed as a success. He inherited money from his dad and then proceeded to lose it all...get it back again...lose it all...get it back again...does anyone know how much he is really worth?
The point of all of this (as Maher details quite eloquently in the final new rule below) is that being a businessman doesn't mean you will be a good president. The government is not "for profit"...especially the United States government. Kindly leave your foot licking of corporate leaders at the door and remember whose feet were being licked in September of 2008 after these "titans" nearly destroyed the world economy.
But even if you are part of the non religious right, the leaders of the private sector are to be revered in a god like way. Somehow, if someone is wealthy, they: a) are successful in business so b) they would be a great president.
Take Mitt Romney, for example. He is viewed as a success in business simply because he has always been rich. He is rich because of his father and his time in the business community was largely spent gutting companies and reselling them for profit. I've held George Romney up many times as an example of what success used to mean (eg refusing a bloated salary, more thought towards the workers) but that doesn't make his son someone who can turn the economy around...especially since his perception of success is based on what is systemically wrong with our country as a whole.
Donald Trump is another example. He is viewed as a success. He inherited money from his dad and then proceeded to lose it all...get it back again...lose it all...get it back again...does anyone know how much he is really worth?
The point of all of this (as Maher details quite eloquently in the final new rule below) is that being a businessman doesn't mean you will be a good president. The government is not "for profit"...especially the United States government. Kindly leave your foot licking of corporate leaders at the door and remember whose feet were being licked in September of 2008 after these "titans" nearly destroyed the world economy.
Thursday, June 02, 2011
Sobering Statistics
"40 percent of the people in this country doesn't even pay taxes!!!!"
We here that quite a bit from people that regularly go into anaphylactic shock regarding taxes. I wonder if they know about this..
How Our Largest Corporations Made $170 Billion During Great Recession And Paid No Taxes
Twelve of the nations largest Fortune 500 companies, while making $170 billion in profits during the period of The Great Recession, paid an effective tax rate of negative 1.5%.
Yes, you read that correctly.
Not only have these twelve companies paid zero in taxes for the years 2008-2010, they actually received tax subsidies that added $62.4 billion to their bottom lines.
Perhaps I need to revise my view on corporate taxes.
The fact that our economy isn't really recovering make more sense now. It's not just the banks that are hoarding money and lending out very little. It's corporations like Exxon, Verizon, and Honeywell. And we wonder why our debt and deficit are so high. Anyone who has any significant amount of money isn't paying taxes.
Moreover, these numbers prove that the idea that companies will just "go offshore if we raise taxes" is sub moronic. They are paying no taxes and still going off shore.
I take comfort in the fact that Ungar is a kindred spirit.
Seriously, people, do we need an anvil to fall on our heads before we get it?
Even that won't work, Rick.
We here that quite a bit from people that regularly go into anaphylactic shock regarding taxes. I wonder if they know about this..
How Our Largest Corporations Made $170 Billion During Great Recession And Paid No Taxes
Twelve of the nations largest Fortune 500 companies, while making $170 billion in profits during the period of The Great Recession, paid an effective tax rate of negative 1.5%.
Yes, you read that correctly.
Not only have these twelve companies paid zero in taxes for the years 2008-2010, they actually received tax subsidies that added $62.4 billion to their bottom lines.
Perhaps I need to revise my view on corporate taxes.
The fact that our economy isn't really recovering make more sense now. It's not just the banks that are hoarding money and lending out very little. It's corporations like Exxon, Verizon, and Honeywell. And we wonder why our debt and deficit are so high. Anyone who has any significant amount of money isn't paying taxes.
Moreover, these numbers prove that the idea that companies will just "go offshore if we raise taxes" is sub moronic. They are paying no taxes and still going off shore.
I take comfort in the fact that Ungar is a kindred spirit.
Seriously, people, do we need an anvil to fall on our heads before we get it?
Even that won't work, Rick.
Wednesday, May 25, 2011
Picking On Liz
I suppose it was inevitable that Elizabeth Warren, the defacto head of the new consumer protection agency in the government, would get attacked by Republicans. What I'm trying to figure out is why. Since I know many of you hate her immediately and the very idea of the CPFB, I am curious as to what I know will be your firm and unyielding convictions.
Now, I am already aware that some of you feel that she is going to come to your homes, take away your guns, and forcibly take the fruits of your labors to fund brown shirt factories and reeducation camps. No need to go over that point. What is perplexing me is this: after all that has come out about the massive amount of fraud that led directly to the 2008 financial crisis, why would you not want the government to regulate these guys? More importantly, why on earth would you vote for a republican (nose holding or not) like Patrick McHenry who seeks to continue this fraud? It makes no sense to me whatsoever.
The whole point of the CPFB is to streamline the regulatory process. It's the first step in undoing the Wall Street government that we currently have. It has to happen because we can't keep going through this cycle every few years. This is the global economy we are talking about not a fucking casino.
Now, I am already aware that some of you feel that she is going to come to your homes, take away your guns, and forcibly take the fruits of your labors to fund brown shirt factories and reeducation camps. No need to go over that point. What is perplexing me is this: after all that has come out about the massive amount of fraud that led directly to the 2008 financial crisis, why would you not want the government to regulate these guys? More importantly, why on earth would you vote for a republican (nose holding or not) like Patrick McHenry who seeks to continue this fraud? It makes no sense to me whatsoever.
The whole point of the CPFB is to streamline the regulatory process. It's the first step in undoing the Wall Street government that we currently have. It has to happen because we can't keep going through this cycle every few years. This is the global economy we are talking about not a fucking casino.
Wednesday, May 18, 2011
Will It Happen?
Well, now it's up to government prosecutors. The case has been perfectly laid out by the Senate subcommittee on Investigations in their 650 report entitled Wall Street and the Financial Crisis: Anatomy of a Financial Collapse. As Matt Taibbi recently put it in his latest magnum opus,
We now know exactly what Goldman Sachs executives like Lloyd Blankfein and Daniel Sparks lied about. We know exactly how they and other top Goldman executives, including David Viniar and Thomas Montag, defrauded their clients. America has been waiting for a case to bring against Wall Street. Here it is, and the evidence has been gift-wrapped and left at the doorstep of federal prosecutors, evidence that doesn't leave much doubt: Goldman Sachs should stand trial.
Their unusually scathing bipartisan report also includes case studies of Washington Mutual and Deutsche Bank, providing a panoramic portrait of a bubble era that produced the most destructive crime spree in our history — "a million fraud cases a year" is how one former regulator puts it.
They broke the law. They should all go to fucking jail. Period. They are the reason why we have the economy we do today. For those of you who are still in doubt, the links I have provided have detailed information. I understand if you don't have the time to read the entire 650 page report but the executive summary is only 15 pages long. And Taibi's piece is a great wrap up to his work on this story-one of the biggest in our country's history.
The question now is...will anyone do anything about it? Or will we continue to worship the financial sector of this country and let them get away with it?
Being the cynic and sad pessimist that I am, I'm not holding out any hope. Our government's neutering may be too far gone thanks to the true believers.
We now know exactly what Goldman Sachs executives like Lloyd Blankfein and Daniel Sparks lied about. We know exactly how they and other top Goldman executives, including David Viniar and Thomas Montag, defrauded their clients. America has been waiting for a case to bring against Wall Street. Here it is, and the evidence has been gift-wrapped and left at the doorstep of federal prosecutors, evidence that doesn't leave much doubt: Goldman Sachs should stand trial.
Their unusually scathing bipartisan report also includes case studies of Washington Mutual and Deutsche Bank, providing a panoramic portrait of a bubble era that produced the most destructive crime spree in our history — "a million fraud cases a year" is how one former regulator puts it.
They broke the law. They should all go to fucking jail. Period. They are the reason why we have the economy we do today. For those of you who are still in doubt, the links I have provided have detailed information. I understand if you don't have the time to read the entire 650 page report but the executive summary is only 15 pages long. And Taibi's piece is a great wrap up to his work on this story-one of the biggest in our country's history.
The question now is...will anyone do anything about it? Or will we continue to worship the financial sector of this country and let them get away with it?
Being the cynic and sad pessimist that I am, I'm not holding out any hope. Our government's neutering may be too far gone thanks to the true believers.
Wednesday, April 06, 2011
Wrong Adversary
I'm continually amazed that many folks on the right are still a feared of the gubmint. In their minds, we are getting closer every day to jack booted thugs coming to all our homes and seizing the fruits of our labors. Many think this is already happening (see: taxes). At least they are right about it already happening...and it isn't the government.
Banks Accused of Illegally Breaking Into Homes
The culprit, Ms. Ash soon learned, was not a burglar but her bank. According to a federal lawsuit filed in October by Ms. Ash, Bank of America had wrongfully foreclosed on her house and thrown out her belongings, without alerting Ms. Ash beforehand.
Huh. Would this be another example of a private corporation forcing their way into someone's home? Yes. Yes, it would.
In Texas, for example, Bank of America had the locks changed and the electricity shut off last year at Alan Schroit’s second home in Galveston, according to court papers. Mr. Schroit, who had paid off the house, had stored 75 pounds of salmon and halibut in his refrigerator and freezer, caught during a recent Alaskan fishing vacation.
“Lacking power, the freezer’s contents melted, spoiled and reeking melt water spread through the property and leaked through the flooring into joists and lower areas,” the lawsuit says. The case was settled for an undisclosed amount.
Bank of America had the locks changed? Not the government? Well, they must have used the government as a tool, right?
In Florida, contractors working for Chase Bank used a screwdriver to enter Debra Fischer’s house in Punta Gorda and helped themselves to a laptop, an iPod, a cordless drill, six bottles of wine and a frosty beer, left half-empty on the counter, according to assertions in a lawsuit filed in August. Ms. Fisher was facing foreclosure, but Chase had not yet obtained a court order, her lawyer says.
Nope. Contractors, huh. Where is the government in all of this? Oh yeah, I forgot. Neutered by the conservative movement in this country.
These would be (more) specific examples of a private corporation fucking people over, Not only did they seize Schroit's house but they ruined his food! Now, I'm not an expert but, in addition to food being required for nourishment, was the fish not the "fruit of his hard earned labor?"
Wrong adversary, Tea Partiers. Wrong adversary. But I suppose, in the end, it's OK, though because Bank of America has a lot of money. And we all know that if you have a lot of money, Jesus loves you more and you can do whatever you want.
Banks Accused of Illegally Breaking Into Homes
The culprit, Ms. Ash soon learned, was not a burglar but her bank. According to a federal lawsuit filed in October by Ms. Ash, Bank of America had wrongfully foreclosed on her house and thrown out her belongings, without alerting Ms. Ash beforehand.
Huh. Would this be another example of a private corporation forcing their way into someone's home? Yes. Yes, it would.
In Texas, for example, Bank of America had the locks changed and the electricity shut off last year at Alan Schroit’s second home in Galveston, according to court papers. Mr. Schroit, who had paid off the house, had stored 75 pounds of salmon and halibut in his refrigerator and freezer, caught during a recent Alaskan fishing vacation.
“Lacking power, the freezer’s contents melted, spoiled and reeking melt water spread through the property and leaked through the flooring into joists and lower areas,” the lawsuit says. The case was settled for an undisclosed amount.
Bank of America had the locks changed? Not the government? Well, they must have used the government as a tool, right?
In Florida, contractors working for Chase Bank used a screwdriver to enter Debra Fischer’s house in Punta Gorda and helped themselves to a laptop, an iPod, a cordless drill, six bottles of wine and a frosty beer, left half-empty on the counter, according to assertions in a lawsuit filed in August. Ms. Fisher was facing foreclosure, but Chase had not yet obtained a court order, her lawyer says.
Nope. Contractors, huh. Where is the government in all of this? Oh yeah, I forgot. Neutered by the conservative movement in this country.
These would be (more) specific examples of a private corporation fucking people over, Not only did they seize Schroit's house but they ruined his food! Now, I'm not an expert but, in addition to food being required for nourishment, was the fish not the "fruit of his hard earned labor?"
Wrong adversary, Tea Partiers. Wrong adversary. But I suppose, in the end, it's OK, though because Bank of America has a lot of money. And we all know that if you have a lot of money, Jesus loves you more and you can do whatever you want.
Tuesday, April 05, 2011
Perks Are Fun! (10, 11 and 12 of 20)
As I have demonstrated repeatedly on here, many people in our country don't like the rules. One such rule is taxes. They may say they simply want to pay their fair share and moan about how if our taxes were lower, businesses wouldn't leave to go elsewhere but really that's a crock of shit. Unless there were zero taxes, they would still move offshore. Why? Because they are human and people are pretty greedy.
The best part about being wealthy, though, are the perks. And the priority status, of course.
Banks, credit-card companies, wealth managers, airlines, and hotels all fiercely compete for the business of the super-rich, and the result is perks and deep discounts their other customers never know about.
Recall the Citigroup Plutonomy document.
Further examples of this can be seen in my home state of Minnesota.
Executive perks have not just survived the worst economic downturn in five decades. They are flourishing.
In Minnesota, dozens of top executives continue to get free medical benefits, access to private jets, country club memberships, free financial planning services, generous hiring bonuses and other rewards, in some cases even as they cut costs elsewhere.
Flourishing, you say? In an economic downturn? Of course, making any derisive comments about this automatically means I must be jealous. Or a socialist. Or Hitler. Right? It can't possibly be that I want to warn of the lessons of history regarding societies that were too stratified. It REALLY can't be that I want the middle class to be the engine of the economy again because that is what has been proven to actually work. Nah, none of that pinko shit. I'm jealous/a socialist/Hitler...pick whatever one you want.
Even firms that have dramatically downsized their workforces are keeping perks intact for senior managers. Hutchinson Technology Inc., a disk drive component maker in Hutchinson that has downsized three times since 2008 and just announced plans to shed 30 to 40 percent of its workforce over the next year, last year paid about $430,000 in perks to seven senior executives. CEO Wayne Fortun received an $11,770 car allowance and free financial planning services, on top of his salary and stock.
Hey, that sound great! One simple question, though. Who is going to buy stuff when no one, save a few, has any money?
Executives worried about the tax bite of these corporate goodies can often rest easy. The reason: Corporate boards often reimburse senior managers for taxes owed on fringe benefits -- essentially a "perk on a perk."
But wait, I thought corporate taxes were too high? WTF?!!??
"It's not good for morale when employees see their executives living in a world of their own, while the guy next to them just lost his job," said Eleanor Bloxham, founder and CEO of the Value Alliance, a board advisory firm in Columbus, Ohio.
No shit.
Funny, though, they aren't simply living in a world of their own. They are being supported by some of my readers who are under the (very) mistaken impression that either none of this matters or someday they will be rich too if they just work hard.
At least United Health Care learned their lesson.
Minnetonka-based health insurer UnitedHealth Group got rid of most of its executive perks after revelations emerged in late 2006 that former CEO William McGuire and others at the company had been granted stock options "backdated" to a day when the stock price was at a low price. Prior to the change, McGuire and four other top executives were collecting more than $600,000 a year in freebies, on top of millions of dollars in stock options and other compensation.
In last year's proxy statement, UnitedHealth stated, "We do not believe that providing generous executive perquisites is either necessary to attract and retain executive talent or consistent with our pay-for-performance philosophy."
I wonder what it will take for more companies to adopt this attitude. Maybe some new thinking on the part of the Tea Party and its supporters who seem to feel that the wealthy need their welfare. Any chance it will happen soon?
The best part about being wealthy, though, are the perks. And the priority status, of course.
Banks, credit-card companies, wealth managers, airlines, and hotels all fiercely compete for the business of the super-rich, and the result is perks and deep discounts their other customers never know about.
Recall the Citigroup Plutonomy document.
Further examples of this can be seen in my home state of Minnesota.
Executive perks have not just survived the worst economic downturn in five decades. They are flourishing.
In Minnesota, dozens of top executives continue to get free medical benefits, access to private jets, country club memberships, free financial planning services, generous hiring bonuses and other rewards, in some cases even as they cut costs elsewhere.
Flourishing, you say? In an economic downturn? Of course, making any derisive comments about this automatically means I must be jealous. Or a socialist. Or Hitler. Right? It can't possibly be that I want to warn of the lessons of history regarding societies that were too stratified. It REALLY can't be that I want the middle class to be the engine of the economy again because that is what has been proven to actually work. Nah, none of that pinko shit. I'm jealous/a socialist/Hitler...pick whatever one you want.
Even firms that have dramatically downsized their workforces are keeping perks intact for senior managers. Hutchinson Technology Inc., a disk drive component maker in Hutchinson that has downsized three times since 2008 and just announced plans to shed 30 to 40 percent of its workforce over the next year, last year paid about $430,000 in perks to seven senior executives. CEO Wayne Fortun received an $11,770 car allowance and free financial planning services, on top of his salary and stock.
Hey, that sound great! One simple question, though. Who is going to buy stuff when no one, save a few, has any money?
Executives worried about the tax bite of these corporate goodies can often rest easy. The reason: Corporate boards often reimburse senior managers for taxes owed on fringe benefits -- essentially a "perk on a perk."
But wait, I thought corporate taxes were too high? WTF?!!??
"It's not good for morale when employees see their executives living in a world of their own, while the guy next to them just lost his job," said Eleanor Bloxham, founder and CEO of the Value Alliance, a board advisory firm in Columbus, Ohio.
No shit.
Funny, though, they aren't simply living in a world of their own. They are being supported by some of my readers who are under the (very) mistaken impression that either none of this matters or someday they will be rich too if they just work hard.
At least United Health Care learned their lesson.
Minnetonka-based health insurer UnitedHealth Group got rid of most of its executive perks after revelations emerged in late 2006 that former CEO William McGuire and others at the company had been granted stock options "backdated" to a day when the stock price was at a low price. Prior to the change, McGuire and four other top executives were collecting more than $600,000 a year in freebies, on top of millions of dollars in stock options and other compensation.
In last year's proxy statement, UnitedHealth stated, "We do not believe that providing generous executive perquisites is either necessary to attract and retain executive talent or consistent with our pay-for-performance philosophy."
I wonder what it will take for more companies to adopt this attitude. Maybe some new thinking on the part of the Tea Party and its supporters who seem to feel that the wealthy need their welfare. Any chance it will happen soon?
Sunday, April 03, 2011
Always a Winner (8 and 9 of 20)
A few readers are under the assumption that I have forgotten about Steverman's Secret Financial Weapons of the Super Rich. Rest assured, I have not. Let's take a look at the next two shall we?
Lower Fees
Rich investors "should be able to get the absolute maximum discount," says Paul Sutherland, president of Financial and Investment Management Group, a wealth manager. They can wind up paying only 15 percent of a mutual fund's maximum fees, he says.
Financial Advice
The super-rich can afford the best advice. They can hire lawyers and accountants to lower their tax bills, insurance experts to get them the best deals and protection from losses, and personal financial advisers to scrutinize each investment.
So, yet another answer to the question, "How do the wealthy fuck people over?" is that the game is rigged in their favor. They always win. No wonder the right loves them so much!
Lower Fees
Rich investors "should be able to get the absolute maximum discount," says Paul Sutherland, president of Financial and Investment Management Group, a wealth manager. They can wind up paying only 15 percent of a mutual fund's maximum fees, he says.
Financial Advice
The super-rich can afford the best advice. They can hire lawyers and accountants to lower their tax bills, insurance experts to get them the best deals and protection from losses, and personal financial advisers to scrutinize each investment.
So, yet another answer to the question, "How do the wealthy fuck people over?" is that the game is rigged in their favor. They always win. No wonder the right loves them so much!
Friday, March 25, 2011
The Answer...Again....For the Nine Zillionth Time
How do corporations exert force on us again? Watch the last minute of this video for (yet another) answer.
| The Colbert Report | Mon - Thurs 11:30pm / 10:30c | |||
| Bears & Balls - Misery Edition | ||||
| ||||
Tuesday, March 15, 2011
Hmmm.....
400 people in our country control 1.37 trillion dollars in wealth. The bottom 60 percent of our population control about 1.26 trillion in wealth. What goes through your head when you see figures like this?
Tuesday, March 08, 2011
Truly Ashamed
Such hypocrisy on the right. Somewhere along the line, CEOS, Wall Street folks, bankers and the wealthy became Holy. And teachers are the ones being vilified...there are days when I am truly ashamed to be an American.
Tuesday, March 01, 2011
The Drumbeat of Prison
"You put Lloyd Blankfein in pound-me-in-the-ass prison for one six-month term, and all this bullshit would stop, all over Wall Street," says a former congressional aide. "That's all it would take. Just once."
Charles Ferguson, director of the film "Inside Job," has been saying the same thing over and over again since his film came out: Not a single prosecution related to the financial crisis of 2008. Now, Matt Taibbi (the quote above is from his new article in Rolling Stone) is beating the drum as well. I'm hoping it gets louder.
Taibi's piece is nothing short of brilliant. I'm certain that many of you (the same many of you who hilariously accuse me of falling in to the genetic fallacy trap) won't go and read it so here is an excerpt which sums it up well.
"Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."
I put down my notebook. "Just that?"
"That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there."
If you are curious as to the particulars, read on and you will discover the massive amount of fraud that has gone on for years with a limp noodled government which has either been bought off, is lazy, or is afraid to do anything for fear of being accused of overreach.
Sit back and think about it for a moment. None of these guys have gone to jail. None. Worse, they still have all of their money and are doing everything in their power to convince America that it should stay that way. They've certainly been successful with far too many of my readership.
See, it's not that I want more government power. I want the government to do their fucking job and they can't do it with a bunch of pathological adolescents running around bitching about statism. They have a whole other set of systemic problems to deal with and this just makes it worse. This would be one of the main reasons I am so monumentally frustrated.
The moment Blankfein or Cassano or Fuld goes to pound me in the ass prison for six months that's when we'll see Tea Party groups and Koch backed organizations go to work. The government will be painted as the enemy and nothing will get done. No one will go to jail. Adding insult to injury is the propaganda that they peddle to your average citizen. "Someday, you will eventually make money like me if we join together to stop the government." What a colossal load of bull shit. This needless worship makes me sick to my stomach.
With gas and food prices on the rise, what's left of the middle class is being squeezed out of every last nickel they have. You want to know how corporations are fucking you over? The entire system is set up that way. The people that own oil and food companies know that these are goods that have inelastic demand. Even if the prices go up, people will still buy them in the short run. They may become more elastic in the long run and some behavior may be adjusted but how likely is that considering there are no real substitutes for food and gas. These are but two examples. Throw in prescription drugs and watch your average wallet become empty quickly.
In so many ways, your average consumer is trapped. This, in turn, traps our economy from coming out of the hole and into recovery. The middle class is the engine that drives this economy, not these assholes who have gotten away with fraud. That's why I'm joining the drum circle on prison time for guys like Blankfein, Fuld and Cassano. Put these fuckers in jail. Yesterday.
Our economy simply can't take it anymore.
Charles Ferguson, director of the film "Inside Job," has been saying the same thing over and over again since his film came out: Not a single prosecution related to the financial crisis of 2008. Now, Matt Taibbi (the quote above is from his new article in Rolling Stone) is beating the drum as well. I'm hoping it gets louder.
Taibi's piece is nothing short of brilliant. I'm certain that many of you (the same many of you who hilariously accuse me of falling in to the genetic fallacy trap) won't go and read it so here is an excerpt which sums it up well.
"Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."
I put down my notebook. "Just that?"
"That's right," he said, signaling to the waitress for the check. "Everything's fucked up, and nobody goes to jail. You can end the piece right there."
If you are curious as to the particulars, read on and you will discover the massive amount of fraud that has gone on for years with a limp noodled government which has either been bought off, is lazy, or is afraid to do anything for fear of being accused of overreach.
Sit back and think about it for a moment. None of these guys have gone to jail. None. Worse, they still have all of their money and are doing everything in their power to convince America that it should stay that way. They've certainly been successful with far too many of my readership.
See, it's not that I want more government power. I want the government to do their fucking job and they can't do it with a bunch of pathological adolescents running around bitching about statism. They have a whole other set of systemic problems to deal with and this just makes it worse. This would be one of the main reasons I am so monumentally frustrated.
The moment Blankfein or Cassano or Fuld goes to pound me in the ass prison for six months that's when we'll see Tea Party groups and Koch backed organizations go to work. The government will be painted as the enemy and nothing will get done. No one will go to jail. Adding insult to injury is the propaganda that they peddle to your average citizen. "Someday, you will eventually make money like me if we join together to stop the government." What a colossal load of bull shit. This needless worship makes me sick to my stomach.
With gas and food prices on the rise, what's left of the middle class is being squeezed out of every last nickel they have. You want to know how corporations are fucking you over? The entire system is set up that way. The people that own oil and food companies know that these are goods that have inelastic demand. Even if the prices go up, people will still buy them in the short run. They may become more elastic in the long run and some behavior may be adjusted but how likely is that considering there are no real substitutes for food and gas. These are but two examples. Throw in prescription drugs and watch your average wallet become empty quickly.
In so many ways, your average consumer is trapped. This, in turn, traps our economy from coming out of the hole and into recovery. The middle class is the engine that drives this economy, not these assholes who have gotten away with fraud. That's why I'm joining the drum circle on prison time for guys like Blankfein, Fuld and Cassano. Put these fuckers in jail. Yesterday.
Our economy simply can't take it anymore.
Thursday, February 24, 2011
When The Tide Goes Out, I Want To Make Sure That I Drag You Down With Me
Whether he knew it or not, Stephen Colbert (in the video I posted yesterday) summed up exactly how the conservative movement of this country has as many followers as it does. I also now understand the motivations of some of my posters.
If you take a look at most conservatives these days, they are pissed off about something. Abortion, gay marriage, the debt, unions...whatever...and each of these things are demonized to such a point of irrationality that it's quite befuddling. For years, I thought they were just dicks. Recently, I have to come think that they are mostly just bullies and adolescents but I didn't take that extra step until reading this article in the Times and hearing Colbert two days ago.
I was so blind.
What do most bullies have in common? They all have a bunch of crappy things going on in their personal lives so they act out when they are at school. Or, in this case since they are "adults," the act like creeps when they are out with people and/or posting on blogs. Take the example of Rick Hahan from the Times article.
“Something needs to be done,” he said, “and quickly.”
Across Wisconsin, residents like Mr. Hahan have fumed in recent years as tens of thousands of manufacturing jobs have vanished, and as some of the state’s best-known corporations have pressured workers to accept benefit cuts.
Fumed...there's the anger that they tap into as easy as pie which is why something needs to be done "quickly," I wonder if Mr. Hahan understands that this problem could have been easily remedied by not cutting taxes as the Governor did upon taking office. Taxes that were cut, I might add, to favor the people that are (in reality) the reason why Mr. Hahan is out of a job.
And see how easily anger becomes resentment in the case of Mary Kay Horter.
Ms. Horter said she was forced to work more hours as an occupational therapist, but had not seen a raise or any retirement contributions from her employer for the last two years. All told, her family’s income has dropped by about a third.
“I don’t get to bargain in my job, either,” she said.
Ah, I see. Since Ms. Horter and Mr. Hahan don't have the same benefits, why should anyone else? Everyone, I guess, should be as miserable as them regardless of how hard they have worked to get to where they are today.
Misery does indeed love company. In American today there a fuck load of people, like Ms. Horter and Mr. Hahan, who are miserable and don't really like themselves very much. It's become increasingly obvious that these folks are ripe fruit for the pickins.
Guess who are the produce collectors?
If you take a look at most conservatives these days, they are pissed off about something. Abortion, gay marriage, the debt, unions...whatever...and each of these things are demonized to such a point of irrationality that it's quite befuddling. For years, I thought they were just dicks. Recently, I have to come think that they are mostly just bullies and adolescents but I didn't take that extra step until reading this article in the Times and hearing Colbert two days ago.
I was so blind.
What do most bullies have in common? They all have a bunch of crappy things going on in their personal lives so they act out when they are at school. Or, in this case since they are "adults," the act like creeps when they are out with people and/or posting on blogs. Take the example of Rick Hahan from the Times article.
“Something needs to be done,” he said, “and quickly.”
Across Wisconsin, residents like Mr. Hahan have fumed in recent years as tens of thousands of manufacturing jobs have vanished, and as some of the state’s best-known corporations have pressured workers to accept benefit cuts.
Fumed...there's the anger that they tap into as easy as pie which is why something needs to be done "quickly," I wonder if Mr. Hahan understands that this problem could have been easily remedied by not cutting taxes as the Governor did upon taking office. Taxes that were cut, I might add, to favor the people that are (in reality) the reason why Mr. Hahan is out of a job.
And see how easily anger becomes resentment in the case of Mary Kay Horter.
Ms. Horter said she was forced to work more hours as an occupational therapist, but had not seen a raise or any retirement contributions from her employer for the last two years. All told, her family’s income has dropped by about a third.
“I don’t get to bargain in my job, either,” she said.
Ah, I see. Since Ms. Horter and Mr. Hahan don't have the same benefits, why should anyone else? Everyone, I guess, should be as miserable as them regardless of how hard they have worked to get to where they are today.
Misery does indeed love company. In American today there a fuck load of people, like Ms. Horter and Mr. Hahan, who are miserable and don't really like themselves very much. It's become increasingly obvious that these folks are ripe fruit for the pickins.
Guess who are the produce collectors?
Tuesday, February 22, 2011
Only Themselves to Blame
While there is no doubt in my mind that most of the people protesting in Madison right now turned out to vote last November, had the other half of eligible voters in Wisconsin actually participated in choosing a new governor, Scott Walker would not be in power.
I find it sad that the "record" was 52 percent back in 1962 and it speaks volumes about our pathetically apathetic culture. The simple fact is that lower voter turnout favors the GOP. This would be why they use the tactics they use (ACORN, Scare the Old, White Person etc.). They work. Many young people didn't turn out and vote and it's their future on the line. I'm certain as well that there were many people that were too busy with work and their lives so they just skipped the 15 minutes it would take to vote.
Now they have to live with it and they have only themselves to blame. Regardless of how this ends in Wisconsin, it's not going to go well for the individual. I use this word because I am attempting (in what I'm sure will result in failure) to get through to some of the thick skulls who read this blog (who laughingly champion individualism) that they are doing the bidding of corporate fascists. YOU (yes, you) are going to be affected adversely by this.
It's only a matter of time...
I find it sad that the "record" was 52 percent back in 1962 and it speaks volumes about our pathetically apathetic culture. The simple fact is that lower voter turnout favors the GOP. This would be why they use the tactics they use (ACORN, Scare the Old, White Person etc.). They work. Many young people didn't turn out and vote and it's their future on the line. I'm certain as well that there were many people that were too busy with work and their lives so they just skipped the 15 minutes it would take to vote.
Now they have to live with it and they have only themselves to blame. Regardless of how this ends in Wisconsin, it's not going to go well for the individual. I use this word because I am attempting (in what I'm sure will result in failure) to get through to some of the thick skulls who read this blog (who laughingly champion individualism) that they are doing the bidding of corporate fascists. YOU (yes, you) are going to be affected adversely by this.
It's only a matter of time...
Sunday, February 20, 2011
So Much For States Rights
Now the Tea Party has showed up down in Madison which means that their list of hypocrisies has grown by yet another item. I'm still shaking my head in bewilderment regarding their name (no one is being taxed without representation) but this latest move demonstrates how completely full of shit they are.
It was my understanding (correct me if I am wrong, please) that their rasion d'etre is less national government and more state government. Each state is left to their own devices to operate as they see fit. Someone from Minnesota, for example, has no business telling someone from Wisconsin what type of government they should have. This would be why I have largely been silent on the issue and let Mr. Waxey make his case. Of course, I'm not a conservative so, as a Democrat, I would still be operating in line with my beliefs if I did try to force my views on the Cheezers.
And I lived there from age 6 to age 18 (with my mom still living there and being directly affected by this bill as a state employee of 32 years) so even with just that I could say something if I wanted. So could Jesse Jackson and all the other folks from the left that have descended on Madison. They could be called meddlesome but not hypocritical.
That badge of honor falls squarely on the chest of the various NATIONAL Tea Party organization and their army of professional protesters. Apparently they have chucked their principles down the toilet and headed off the to the prairie to thump their chests about how evil government is and how blessed (from the Lord himself) we all are to have corporations.
Because that's what this is really all about. Scott Walker is one of many who has been funded by the Koch Brothers. Their vision for America, like Walker's, is one in which everyone works for private companies and workers have zero rights. They knew that their time is now and, with a very base of angry, hateful, and frightened older people, they are attempting to assert their will. I'm sorry...VILL!
Must be nice to have so many true believers. I'm happy, though, that my best friend (since 7th grade) John Waxey is on the case. Hopefully, we will get some more updates soon. He's been down at the capital every day!
UPDATE AND CORRECTION: I was just informed by John Waxey that the union supporters to Tea Partier ratio was 50 to 1 and not 2 to 1. Most of the major media are reporting that the crowd doubled when the Tea Party showed up. I did as well in the first sentence (which I have now corrected) but I wanted to leave a note about it down here as well to say that it was not true.
Do you think the media enjoys divisiveness?
It was my understanding (correct me if I am wrong, please) that their rasion d'etre is less national government and more state government. Each state is left to their own devices to operate as they see fit. Someone from Minnesota, for example, has no business telling someone from Wisconsin what type of government they should have. This would be why I have largely been silent on the issue and let Mr. Waxey make his case. Of course, I'm not a conservative so, as a Democrat, I would still be operating in line with my beliefs if I did try to force my views on the Cheezers.
And I lived there from age 6 to age 18 (with my mom still living there and being directly affected by this bill as a state employee of 32 years) so even with just that I could say something if I wanted. So could Jesse Jackson and all the other folks from the left that have descended on Madison. They could be called meddlesome but not hypocritical.
That badge of honor falls squarely on the chest of the various NATIONAL Tea Party organization and their army of professional protesters. Apparently they have chucked their principles down the toilet and headed off the to the prairie to thump their chests about how evil government is and how blessed (from the Lord himself) we all are to have corporations.
Because that's what this is really all about. Scott Walker is one of many who has been funded by the Koch Brothers. Their vision for America, like Walker's, is one in which everyone works for private companies and workers have zero rights. They knew that their time is now and, with a very base of angry, hateful, and frightened older people, they are attempting to assert their will. I'm sorry...VILL!
Must be nice to have so many true believers. I'm happy, though, that my best friend (since 7th grade) John Waxey is on the case. Hopefully, we will get some more updates soon. He's been down at the capital every day!
UPDATE AND CORRECTION: I was just informed by John Waxey that the union supporters to Tea Partier ratio was 50 to 1 and not 2 to 1. Most of the major media are reporting that the crowd doubled when the Tea Party showed up. I did as well in the first sentence (which I have now corrected) but I wanted to leave a note about it down here as well to say that it was not true.
Do you think the media enjoys divisiveness?
Tuesday, January 25, 2011
A Perfect Fit (6 and 7 of 20)
Does anyone out there have their suits tailor made? I don't. It's Men's Warehouse for yours truly which I don't mind.
But if you are wealthy you get the equivalent of that when it comes to investments.
Because of their wealth, the rich can get portfolio managers to create investment products customized to their own particular needs. One option is structured notes, which are complex securities that use derivatives to give investors exposure to particular investment strategies. Also, rather than invest in a mutual fund like everyone else, the wealthy can ask prominent mutual fund managers to create separately managed accounts designed to reduce their tax bill and fees.
Question: how does one regulate "structured notes?" I don't think there is a way to do it so y'all will have to pardon me when I LMFAO in hearing the lies about the government taking over everything. In fact,. nearly every time I hear someone say that, somewhere a portfolio manager and his clients are having a pretty good laugh, saying, "Mission Accomplished." In essence, this is who the Tea Party is actually working for in a fully funded way. It's entitlements for the wealthy.
In addition, I don't think it's possible to regulate hedge funds. They are far too complex and our government is far too neutered to do anything about it.
The wealthier you are, the easier it is to diversify and hedge—both because you can hire skilled money managers to construct those strategies and because you have the resources to spread among many different assets and products.
I can't understand why it's so difficult for people to understand that when you have this kind of freedom, you have more power. When you have more power, you get to dictate the terms of how our economy works and, thus, consolidate that power through shutting everyone else out. I was recently asked in comments if economics was a zero sum game. In a perfect world, it's not.
We don't live in a perfect world.
We live in a world where the pie is constantly artificially inflated and the wealth in our country is being controlled by fewer and fewer people who are very adept at changing the rules of the game. As President Obama delivers his State of the Union tonight, pay close attention to the GOP response and what the conservative pundits have to say. Nearly all of what they say will have one central theme: more money for less people.
And anything else is communism.
But if you are wealthy you get the equivalent of that when it comes to investments.
Because of their wealth, the rich can get portfolio managers to create investment products customized to their own particular needs. One option is structured notes, which are complex securities that use derivatives to give investors exposure to particular investment strategies. Also, rather than invest in a mutual fund like everyone else, the wealthy can ask prominent mutual fund managers to create separately managed accounts designed to reduce their tax bill and fees.
Question: how does one regulate "structured notes?" I don't think there is a way to do it so y'all will have to pardon me when I LMFAO in hearing the lies about the government taking over everything. In fact,. nearly every time I hear someone say that, somewhere a portfolio manager and his clients are having a pretty good laugh, saying, "Mission Accomplished." In essence, this is who the Tea Party is actually working for in a fully funded way. It's entitlements for the wealthy.
In addition, I don't think it's possible to regulate hedge funds. They are far too complex and our government is far too neutered to do anything about it.
The wealthier you are, the easier it is to diversify and hedge—both because you can hire skilled money managers to construct those strategies and because you have the resources to spread among many different assets and products.
I can't understand why it's so difficult for people to understand that when you have this kind of freedom, you have more power. When you have more power, you get to dictate the terms of how our economy works and, thus, consolidate that power through shutting everyone else out. I was recently asked in comments if economics was a zero sum game. In a perfect world, it's not.
We don't live in a perfect world.
We live in a world where the pie is constantly artificially inflated and the wealth in our country is being controlled by fewer and fewer people who are very adept at changing the rules of the game. As President Obama delivers his State of the Union tonight, pay close attention to the GOP response and what the conservative pundits have to say. Nearly all of what they say will have one central theme: more money for less people.
And anything else is communism.
Subscribe to:
Posts (Atom)