Socialism for me but not for theeHere is the reaction from Wall Street as reported by the New York Times:
“I think President Obama painted everyone with a broad stroke,” said Brian McCaffrey, 55, a Wall Street lawyer who was on his way to see a client. “The way we pay our taxes is bonuses. The only way that we’ll get any of our bailout money back is from taxes on bonuses. I think bonuses should be looked at on a case by case basis, or you turn into a socialist.”And here is Jim Cramer yesterday on MSNBC (February 2, 2009):
That, indeed, was a recurring equation: Broad strokes + bonuses = socialist.
Here is the same Jim Cramer last year:
Just for once, Jim, shut the fuck up!
Socialism for Wall Street. Socialism for corporate America. Or as one LG&M commenter put it (NonyNony): American style "capitalism" is all about privatizing profits and socializing losses. But what about American taxpayers who will be shouldering this burden for a generation? Don’t ask. That’s socialism.
Update (11:00 am): Apropos of this subject, I recommend this article at TruthDig (complements of Calliegirl).
Socialism for Wall Street. Socialism for corporate America. Or as one LG&M commenter put it (NonyNony): American style "capitalism" is all about privatizing profits and socializing losses. But what about American taxpayers who will be shouldering this burden for a generation? Don’t ask. That’s socialism.
Update (11:00 am): Apropos of this subject, I recommend this article at TruthDig (complements of Calliegirl).
If you are reading this post, you might also want to read this from Bloomberg News:
ReplyDeleteJan. 30 (Bloomberg) -- The average tax rate paid by the richest 400 Americans fell by a quarter to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million, new IRS data show …
“The big explosion in income for this group is clearly on the capital gains side, although there are also sharp increases in dividend and interest income,” said Dean Baker, co-director of the Center for Economic Policy and Research in Washington. In addition, “they are realizing more of their gains due to the lower tax rate,” Baker said.
Meanwhile, middle class taxpayers, who will be shouldering the bailout burden, are losing ground as the Darth Vaders of Wall Street complain of “socialism” and “income redistribution.” Will there ever be economic fairness and justice in America? Not as long as the Empire stays in control.
I am not sure but the one thing I always assumed about principles, values, and morals they must be applied equally to everyone to be of any benefit.
ReplyDeleteIt has become apparent that our Political leaders do not believe that the morals they ascribe to society do not apply to them (Craig and Foley for example) then we now have the tax issues of democrats, which we can safely assume is an issue across the board.
Then we have corporate America and the disparity between pay and benefits from top to bottom.
For the past 10 years I have been preaching the fear of America becoming a society of the haves and the have nots.
We no longer govern but are governed.
Obama is demonized as the realization of communism. But we want to attack the messenger rather that attacking the causes for the desire for communism.
It was not the people of France who created the situation that toppled the monarchy any more than it was the people who created the situation for our own desire for independence...it was the excesses of the existing political system at the time.
For the past 10 years I have been preaching the fear of America becoming a society of the haves and the have nots.
ReplyDeleteTAO, there is a saying: "The middle class is the only thing that keeps America from turning into a banana republic."
With the middle class in decline, and the Empire determined to keep their entitlements and have the middle class pay for their misdeeds, it seems America is turning into one ... a banana republic.
After Cramer told a caller that Bear Stearns was fine just a few weeks before it went under, why does anyone listen to this clown anymore?
ReplyDeleteTRUTH101, there is a larger issue at stake here. Those who give financial advice (financial planning, retirement planning, brokerages, etc.) are supposed to qualified and licensed professionals in many states.
ReplyDeleteShould a whack job like Cramer be giving impassioned financial advice on MSM? This is a basic ethical question, and one that can result in lawsuits against the media.
The terseness of most of my comments is by design Octo. I found it to be more effective in some of my endeavors than long and academic. So I use this method of communication. There's more to it but I don't want to bore you.
ReplyDeleteA banana republic would be fine with me if I can pay my taxes in bananas - I have LOTS of bananas
ReplyDeleteCaptain, how about dollar weed? Almost as good as printing money, n'est pas?
ReplyDelete