[Poclad] The whining wealthy aiming for winner take all

Wanda Ballentine wsb70 at comcast.net
Sun Oct 17 13:55:16 PDT 2010

Joseph Stiglitz: America Has Created Two Economies
The Feds pulled the big banks back from the brink 
of oblivion, but left everyone else up a creek 
without a paddle.....  these banks were rescued 
through three lifelines: capital, credit and 
relief from debt. In their emergency hours, they 
were liquidated with $700bn in capital. Toxic 
debts were allowed to be moved "off" books; the 
government bought billions of dollars worth of 
toxic securities and let other debt remain 
dormant on balance sheets for years to come. 
Thirdly, these banks have had access to Federal 
Reserve funds at near zero percent for the past 
two years while lending to consumers at rates of 18-29%.
....  the rest of the banking system is 
struggling to stay afloat. As they tread water, 
sea level for mid-range and regional banks is 
rising. 800 smaller U.S. banks are teetering on the edge of bankruptcy.

Wall Street Pay: A Record $144 Billion
Financial Overhaul Has Affected Structure but Not 
Level; Revenue-to-Compensation Ratio Stays Flat
About three dozen of the top publicly held 
securities and investment-services firms—which 
include banks, investment banks, hedge funds, 
money-management firms and securities 
exchanges—are set to pay $144 billion in 
compensation and benefits this year, a 4% 
increase from the $139 billion paid out in 2009, 
according to the survey. Compensation was 
expected to rise at 26 of the 35 firms.

Seniors Feel Social Security Pinch, Prepare to 
Cut Back on Food (Wall St. Bonuses Increase)

Brother, Can You Spare a Dime? I Only Earn Six Figures
by: Paul Krugman, Krugman & Co. | Op-Ed
Take, for example, an unnamed person mentioned in 
a recent online post by economist J. Bradford 
DeLong. This person supposedly makes $450,000 a 
year, has a family of five and after paying 
bills, loans, taxes and everything else 
(including private school tuition for three 
children and the costs of a $1 million house), is 
left with only a few hundred dollars a month of 
discretionary income. Mr. DeLong says this person 
strongly feels that he should not have to pay 
more taxes — “It is unfair: he is not ‘rich.’”
As Mr. DeLong puts it, “Is it pathetic that 
somebody with nine times the median household 
income thinks of himself as just another average 
Joe, just another ‘working American’? Yes.”

The Shadow Class War of 2010
by: E.J. Dionne Jr., Op-Ed
Washington - The 2010 election is turning into a 
class war. The wealthy and the powerful started 
it.  This is a strange development. President 
Obama, after all, has been working overtime to 
save capitalism. Wall Street is doing just fine 
and the rich are getting richer again. The 
financial reform bill passed by Congress was 
moderate, not radical.  Nonetheless, corporations 
and affluent individuals are pouring tens of 
millions of dollars into attack ads aimed almost 
exclusively at Democrats. One of the biggest 
political players, the U.S. Chamber of Commerce, 
accepts money from foreign sources.... This 
extraordinary state of affairs was facilitated by 
the U.S. Supreme Court's scandalous Citizens United decision

How Democracy Dies: Lessons From a Master
The ancient Greek playwright Aristophanes spent 
his life battling the assault on democracy by 
tyrants. It is disheartening to be reminded that 
he lost. But he understood that the hardest 
struggle for humankind is often stating and 
understanding the obvious. Aristophanes, who had 
the temerity to portray the ruling Greek tyrant, 
Cleon, as a dog, is the perfect playwright to 
turn to in trying to grasp the danger posed to us 
by movements from the tea party to militias to 
the Christian right, as well as the bankrupt and 
corrupt power elite that no longer concerns 
itself with the needs of its citizens. He saw the 
same corruption 2,400 years ago. He feared 
correctly that it would extinguish Athenian 
democracy. And he struggled in vain to rouse Athenians from their slumber.

The Values of Everything
Progressive causes are failing: here’s how they could be turned around
By George Monbiot. Published in the Guardian 12th October 2010
So here we are, forming an orderly queue at the 
slaughterhouse gate. The punishment of the poor 
for the errors of the rich, the abandonment of 
universalism, the dismantling of the shelter the 
state provides: apart from a few small protests, 
none of this has yet brought us out fighting.
The acceptance of policies which counteract our 
interests is the pervasive mystery of the 21st 
Century. In the United States, blue-collar 
workers angrily demand that they be left without 
healthcare, and insist that millionaires should 
pay less tax. In the UK we appear ready to 
abandon the social progress for which our 
ancestors risked their lives with barely a mutter 
of protest. What has happened to us?

8 Ways to Fight the Right-Wingers and Corporations Buying Off Our Government
What the public wants means nothing if our 
democracy is secretly corrupted by big money.
Robert Reich

Bank Shot
By James Howard Kunstler
      The banking authorities were shocked - 
shocked - to discover last week that an awful lot 
of mortgage paper in this country is not quite in 
order... appears to contain, er, 
irregularities... seems less than kosher... 
frankly, exudes an odor like unto dead carp or, 
shall we say, a heap of dead carp the size of the 
building at 3900 Wisconsin Avenue, N.W., 
Washington, D.C. Any day now we will hear that... mistakes... were... made.
      Is it indelicate to say that the USA as an 
enterprise has its head so deeply and firmly up 
its ass that the all the proctologists alive on 
planet Earth could not extract the collective 
cranium from the collective cloacal chamber even 
with the aid of a Bucyrus-Erie 1060-WX bucket-wheel excavator?

Amid Horrible Economic News Corporate Profits Soar

Capitol Hill's Top 75 Corporate Sponsors
How industry donations rule the political money game.

Chamber Of Commerce Receives At Least $885,000 
 From Over 80 Foreign Companies That May Be Used to Attack Democrats

‘Are You Guys Eventually Going To Disclose?’ Chamber Responds Bluntly, ‘No!’
MSNBC’s Chuck Todd hosted the Chamber of 
Commerce’s chief lobbyist Bruce Josten this 
morning to discuss our reports documenting the 
Chamber’s foreign sources of funding. As he has 
done in the past, Josten resorted to name-calling 
as a defense for his organization, suggesting 
that we’re a “liberal left wing blog” that can’t be trusted.

Small Business Case for Ending Tax Cuts for the Wealthy
Enter several refreshing new voices in this 
debate – the American Sustainable Business 
Council and Business for Shared Prosperity 
–networks of enterprises rooted in their 
localities.  In their recent report, “Restoring 
Top Tax Rates Makes Sense for Small Business,” 
they make a business case for allowing the top tax rates to expire.

How to Earn $900,000 an Hour While Unemployment Soars
The top 10 hedge fund honchos each averaged $1.87 
billion in 2009 -- wouldn't you like to know their secrets? Here are a few.

AFL-CIO’s ‘Job Tracker’ Continues Electoral 
Season Attention to Corporate Offshoring
Tapping into the public anxiety about offshoring 
job losses, the AFL-CIO and its community 
affiliate, Working America, last week unveiled a 
new website feature called "Job Tracker" that 
allows anyone to search by zip code for companies that have outsourced jobs.

Low taxes, low unemployment? Sounds good, but no truism
This started out to be a fact-check of something 
Newt Gingrich said (which turns out to be 
something between an untruth and a colossal 
oversimplification), but I’m afraid it’s morphed 
into a more philosophical inquiry into that 
strange, twisted relationship between politics, 
facts and truthiness.....  "Your unemployment 
rate is lower than the national average because 
[Pawlenty] cut taxes, cut regulations and 
encouraged business,  The states with the lowest 
unemployment rates have the lowest taxes."

The Coming Middle-Class Anarchy

Iranian, Chinese Computers Also Discovered to 
Have Been Hacking DC Internet Voting System

So Why Are Spotlights Turning on the IMF to Avert Currency Wars?
MikeRuppert - There’s Either a Secret Agenda or a Massive Dodge in Play

“If we do not do the impossible, we shall be 
faced with the unthinkable.”  social philosopher Murray Bookchin
How can a person live a moral life in a culture 
of death?  Charles Bowden  Some of the Dead Are Still Breathing

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