tagged w/ Rich
My column is a year-end review of Democrat leader Nancy Pelosi’s congressional self-dealing and ethics covers-up. On a related note, here’s an amusing story of blue-on-blue corruption conflict: Calif. Democrat Rep. Laura Richardson (flashback here on her financial scams) attacking Pelosi’s wealth:
The sources disagreed on the exact wording of the unusually direct shot at the party leader, but Richardson’s sentiment was clear: Pelosi, whose net worthis at least $40 million, doesn’t need the money as much as some of her colleagues, and she should have consulted with them before deciding to protect the GOP-written pay freeze.
It was “something like, ‘Well I am sorry, Madam Leader, but some of us are not in the financial situation you are in,’” said one source.
Nancy Pelosi, Down and Dirty
by Michelle Malkin
As a rueful Queen Elizabeth once said of a particularly rough year for the royal family, 2011 is “not a year on which” Queen Nancy Pelosi “shall look back with undiluted pleasure.” The former House Speaker relinquished her crown — er, gavel — in January. It’s been an epic downhill ski crash ever since.
Most recently, Pelosi faced questions from liberal “60 Minutes” and conservative investigative author Peter Schweitzer about a 5,000-share Visa stock purchase she made with her husband as the House was considering credit card regulations. She made a “killing” off the highly sought-after initial public offering. The stock holdings more than doubled in a few weeks; the credit card regulations were put on ice somewhere in the back of Pelosi’s fridge.
While she makes grand gestures toward banning congressional insider trading, San Fran Nan’s financial conflicts of interest are once again on display. This week, Reuters columnist Dan Indiviglio pointed to pending House legislation titled the “New Alternative Transportation to Give Americans Solutions Act of 2011,” which is stuffed with natural gas vehicle subsidies: $9 billion worth, to be precise.
http://michellemalkin.com/My column is a year-end review of Democrat leader Nancy Pelosi’s congressional... more
Rich Liberals Unwilling to give their own money to the Government
The president gave an excellent address in Kansas on the economy
Tuesday. He stressed how even average Republicans see the need to tax
the rich to help provide the infrastructure, education, and health
care we need and to support the middle class payroll tax cut. What he
failed to see is that yes Clinton taxed the rich and it lead to a
decade of prosperity, but Clinton also kept the peace and cut the
military. In spite of the 1993 trade treaties, manufacturing expanded
under Clinton as they absorbed the resources normally wasted on the
In contrast, Bush cut taxes on the rich in 2001 and 2003, and started
two wars and a massive military buildup. In the two years after 9-11
nearly 3 million manufacturing jobs were lost, 60% due to the military
buildup and 40% due to trade. This military buildup cost four times
the jobs in low military regions like the Midwest than in the high
military half of America. Then the tax cuts kicked in and lead to a
housing boom concentrated in the booming military half of the nation.
Since crime and corruption are proportional to the military spending
of a state, those high military states had the worst record of
mortgage fraud. Then the Iraq surge began the unraveling of the
economy that ended in banking collapse two years later.
Now the recovery is stalled because Obama is the first Democratic
president since World War Two that did not cut the military percentage
of the economy in his first year in office and social mobility has
dropped dramatically because of sixty years of empire.
Dr. Bob Reuschlein
www.realeconomy.comThe president gave an excellent address in Kansas on the economy Tuesday. He... more
This is one of those rare video finds that takes the time to explain in the simplest terms how the American economy got so screwed up, how the wealthiest 1% assumed so much control, why there is a need for the Occupy movement to succeed, and the real difference between Democrats and Republicans.
http://veracitystew.com/2011/11/23/must-watch-the-difference-between-democrats-and-republicans-video/This is one of those rare video finds that takes the time to explain in the simplest... more
During a time of economic upheaval and an uncertain financial future for many citizens in the United States this documentary takes a riveting look at what its like to be homeless in some of the richest cities of America. The individuals featured in this documentary offer no pleas for help only honest and raw insights into their everyday lives. http://www.wix.com/vividshade/withoutDuring a time of economic upheaval and an uncertain financial future for many citizens... more
They should all be in a dank dirty prison cell.
"Sen. Sanders has personally asked Fed chief Bernanke to provide more complete information on the TALF loans given not only to Christy Mack but to gazillionaires like former Miami Dolphins owner H. Wayne Huizenga and hedge-fund shark John Paulson. But Bernanke bluntly refused to provide the information — and the Fed has similarly stonewalled other oversight agencies, including the General Accounting Office and TARP's special inspector general."
http://www.facebook.com/l.php?u=http%3A%2F%2Fwww.rollingstone.com%2Fpolitics%2Fnews%2Fthe-real-housewives-of-wall-street-look-whos-cashing-in-on-the-bailout-20110411&h=zAQGCTpjCThey should all be in a dank dirty prison cell. "Sen. Sanders has personally... more
Compared to their same-aged peers in 1984, the younger group has actually seen its net worth decline 68%, but the older group has seen its wealth rise 42%.
Read More http://latestcountrynews.blogspot.com/2011/11/older-americans-are-47-times-richer.htmlCompared to their same-aged peers in 1984, the younger group has actually seen its net... more
As importantly, the movement has already changed the public debate in America.
Consider, for example, last week's Congressional Budget Office report on widening disparities of income in America. It was hardly news -- it's already well known that the top 1 percent now gets 20 percent of the nation's income, up from 9 percent in the late 1970s.
But it's the first time such news made the front page of the nation's major newspapers.
Why? Because for the first time in more than half a century, a broad cross-section of the American public is talking about the concentration of income, wealth, and political power at the top.
Score a big one for the Occupiers.
The old view was also that great wealth trickled downward -- that the rich made investments in jobs and growth that benefitted all of us. So even if we doubted we'd be wealthy, we still gained from the fortunes made by a few.
But that view, too, has lost its sheen. Nothing has trickled down. The rich have become far richer over the last three decades but the rest of us haven't. In fact, median incomes are dropping.
Instead of investing in jobs and growth, the super rich are putting their money into gold or Treasury bills, or investing it in Brazil or South Asia or anywhere else it can reap the highest return.
Meanwhile, it's dawning on Americans that in the real economy (as opposed to the financial one) our spending is vital. And without enough jobs or wages, that spending is drying up.
Americans know a rigged game when they see one. They understand how much money is flowing into politics from the super rich, big corporations, and Wall Street --- in order to keep their taxes low and entrench their privileged position.
http://tinyurl.com/3f8a6wlAs importantly, the movement has already changed the public debate in America.... more
It's hard to understand why Republicans are so cruel and hateful towards low income people. What is even more perplexing is that they now are going after middle income people and still NO ONE OBJECTS.
That was yesterday, this is today. At last we the 99% who also reside in this land of opportunity (but only for the rich) are speaking out. Perhaps, what the GOP Corporatists had been getting away with for too many years will finally STOP, and they will be forced to look into the faces of we-the-people who they’ve tried to marginalize as inferior but necessary evils. thinkingblue
MORE: http://www.thethinkingblue.com/americagopstyle.htmlIt's hard to understand why Republicans are so cruel and hateful towards low... more
(Reuters) – Hedge funds took in $6.1 billion in August as the industry outperformed slumping markets, according to data released on Monday.
August marked the seventh month this year when inflows into the $2 trillion hedge fund industry exceeded redemptions, according to figures compiled by BarclayHedge and TrimTabs Investment Research. Hedge funds took in $51 billion in the first eight months of the year.
The vicious market sell-off that began in August and continued into September hurt many hedge fund managers, who lost 5.02 percent on average in the third quarter, according to Bank of America Corp research.
And they wonder what the Occupy Wall Street protests are about!! These people pay ONLY 15% capital gains tax on all these earnings and ONLY when they take the money out of fund (paper rich people)... no SS tax, no Medicare tax, no withholding tax LIKE THE REST OF US!!(Reuters) – Hedge funds took in $6.1 billion in August as the industry... more
Here is a short glimps what happened at the protest in dowtown los angeles. End all the greed and control against the corporations. Occupy LA. Only channel 5 was there and many small internet cameras were around to capture this event. the mainstream media didnt show to keep it squatched so the truth doenst get out but the world is catching up. take a look at some of the highlights of what went on that day. Here is a short glimps.
SORRY, THE SITE IS INCOMPLETE. I WANTED TO UPLOAD A VIDEO BUT YOU CANTHere is a short glimps what happened at the protest in dowtown los angeles. End all... more
It is no joke that the rich are getting substantially richer than ever before. The shift in money has created millions of more middle class people to the poverty level. This is the beginning of a class revolt against financial abuses.It is no joke that the rich are getting substantially richer than ever before. The... more
... after seeing this video I bought the book...
Billionaire Warren Buffett may not seem to have much in common with angry laborers at town hall meetings or armies of California nurses protesting in the streets. But these days, the executive celebrity in his boardroom and working folks on the front lines have found a common mantra as the economy continues to sputter and the 2012 election approaches: "Tax the rich."Billionaire Warren Buffett may not seem to have much in common with angry laborers at... more
Hey here's a real dog bites man story for you: a really, really rich guy says to readers of billionaire Murdoch's Wall Street Journal that he "deeply resents" paying taxes and whines about how the government does things he doesn't like. This in response to Warren Buffet's call to ask billionaires to at least pay as much in taxes as their secretaries. Seriously, it wasn't in The Onion.Hey here's a real dog bites man story for you: a really, really rich guy says to... more
The 'Haves' show less empathy than 'Have-nots'
Psychologist and social scientist Dacher Keltner says the rich really are different, and not in a good way: Their life experience makes them less empathetic, less altruistic, and generally more selfish.
In fact, he says, the philosophical battle over economics, taxes, debt ceilings and defaults that are now roiling the stock market is partly rooted in an upper class "ideology of self-interest."
“We have now done 12 separate studies measuring empathy in every way imaginable, social behavior in every way, and some work on compassion and it’s the same story,” he said. “Lower class people just show more empathy, more prosocial behavior, more compassion, no matter how you look at it.”
In an academic version of a Depression-era Frank Capra movie, Keltner and co-authors of an article called “Social Class as Culture: The Convergence of Resources and Rank in the Social Realm,” published this week in the journal Current Directions in Psychological Science, argue that “upper-class rank perceptions trigger a focus away from the context toward the self….”
In other words, rich people are more likely to think about themselves. “They think that economic success and political outcomes, and personal outcomes, have to do with individual behavior, a good work ethic,” said Keltner, a professor of psychology at the University of California, Berkeley.
Because the rich gloss over the ways family connections, money and education helped, they come to denigrate the role of government and vigorously oppose taxes to fund it.
“I will quote from the Tea Party hero Ayn Rand: “‘It is the morality of altruism that men have to reject,’” he said.
(more at link)The 'Haves' show less empathy than 'Have-nots' Psychologist... more
"Now consider this: the bulk of the income of the wealthiest people in our country comes from capital gains. The interest rate on capital gains? 15%!!!!!! the most recent study done on over all tax rates paid across the board (from 2009) by The Tax Policy Center show that the wealthiest folks in our country pay an average of 16% in taxes and the rest of us pay an average of 22% How is this in any way fair? (or balanced)"
compliments of Sharin: http://current.com/users/sharin.htm?xid=43"Now consider this: the bulk of the income of the wealthiest people in our... more
Ten years ago, when the hedge fund industry was much smaller than it is today, it took 25 hedge fund managers to earn a combined annual payday of $5 billion.
Last year, it took only one.
Last year was very lucrative for some of the biggest and best-performing hedge funds’ chiefs. Wealth was so concentrated that a mere 25 people pocketed a total of $22.07 billion, according to this year’s annual ranking by AR Magazine, which tracks the hedge fund industry. At $50,000 a year, it would take the salaries of 441,400 Americans to match that sum.
Read more: http://www.care2.com/causes/top-25-hedgefund-managers-make-almost-1-billion-each-and-pay-less-taxes-than-you-do.Ten years ago, when the hedge fund industry was much smaller than it is today, it took... more