Posts Tagged ‘financial’

Occupy Evictions: Did the Money Masters Win?

December 14, 2011 2 comments

Has anyone asked themselves this question: where would our country’s economy be right now, if they had enforced banking regulations as vigorously as they enforce park rules?

It is ironic that so many in this country have fallen for the corporate media propaganda that seeks to divide the masses and have us fight each other. They wish to accomplish this so that we do not focus on those who pillaged the economy and Treasury and left the devastation of millions without jobs, millions of families foreclosed upon and left in the streets to fend for themselves, the 50 million without health insurance, and the record nearly 46 million now on food stamps . This is a standard divide and conquer tactic so that we are focused on each other, rather than on the perpetrators. The corporate media drivel tells us that these victims are lazy, and need to work harder to find jobs. The corporate media where the rich pay other rich people to tell the middle class to blame poor people.

Does anyone else find it odd how so many millions became so lazy and shiftless after the financial overlords trashed our economy in 2008?

The millionaire talking heads on the media propaganda networks will have the masses blame it on the victims, rather than the perpetrators.

Riot police surround seated demonstratorsAll this is happening while those who committed the fraud continue to pay themselves huge salaries, stock options, and bonuses. Thanks to the Citizens United ruling, these financial overlords now contribute unlimited money ANONYMOUSLY to their paid servants of both political parties in Washington DC. This allows these money masters to get legislation passed favorable to them and to shield themselves from prosecution for their fraud. The hired politicians are not our leaders, they are the puppets of their financial masters.
Where is the outrage of the masses, that there have been no prosecutions of those who stole from the taxpayers? Where is the outrage for all of the fraudulent paperwork being used in foreclosures taking place across the nation? Where is the outrage when our president pressures the NY State Attorney General to drop his opposition to a “settlement” that leaves the amount of the fraud unknown and is favorable to those who committed it? Where is the outrage to the total failure of the regulators to do their jobs?

(Oh yeah, they did convict Bernie Madoff. However, his mistake was that he stole from the rich, not the taxpayers, and THAT is why he is in jail. )

raising weapons against protestorsInstead, we have the financial overlords turn their enforcers, the police, on the Occupy Movement, who accuse the money masters of this fraud. The media which these financial overlords also control, chimes in and tries to ridicule the protestors: they are dirty, they have no message, they are lazy, etc, etc. Sadly, so many among the masses cannot see this propaganda for what it is and they parrot what they hear. The puppet mayors have conference calls to coordinate police action against these accusers since they are threatening the very core of the financial elites’ power structure in the country, and of course the funding that keeps the politicians in power.

These are just some of the spectacles we have witnessed recently:
• Police in full riot gear surrounding peaceful protestors sitting in parks

• Police pointing weapons at peaceful protestors while enforcing park rules

• Oakland streets turned into a war zone in order to enforce park ordinances

• Colleges calling in police with full riot gear, rubber bullets, and batons beating students protesting rising tuition costs

• Seated students at UC Davis who presented no imminent threat to anyone being assaulted with MILITARY GRADE pepper spray by a calm police officer under no apparent duress. The video of this atrocity went viral on the Internet with millions of viewers within days.

• A complete press blackout during the eviction of the protestors in Zuccotti Park where the reporters were roughed up and not allowed within 3 blocks of the park, and the CBS helicopter filming the scene was chased out by NYPD helicopters. Residents in the area were ordered to stay indoors so that no one could record police activities.

• A police lieutenant in the New York Police Department (NYPD) pepper spraying protesters trapped in a net, calmly walking away, and then this criminal had to suffer the unbearable consequence of losing 10 vacation days for a criminal physical assault that would have landed anyone else a prison term. He was left in a position of authority and commands many officers below him. So much for the police investigating themselves.

If the crime and damage to the nation because of park rule violations, or curfew violations deserves such a violent reaction, what would be a proportionate response to those who trashed our economy and left so many jobless, without healthcare, and without their homes? We need riot police in corporate offices arresting these perpetrators. Instead, those who committed these crimes shield themselves from prosecution because of their “contributions” to those in political and judicial offices and so nothing happens to them. The masses in the country continue to follow the media pied piper and turn their anger on the accusers, rather than the perpetrators.

harmless rubber bulletsThere are those who still think that we live in a free country. If you are one of them, try going to Wall Street with a sign and see just how free you are to express your opinion.

Those who do not think, simply parrot what the propaganda they hear on the corporate media. You hear them say that the movement has no message. No message? The very name Occupy Wall Street tells the message. Then the parrots say that they should be protesting in Washington DC, not Wall Street. Well, since the politicians are the puppets of the money powers, if you want change you do not confront the puppets, you confront the puppeteers. The movement is EXACTLY where it needs to be.

The irony is that Occupy Wall Street was never allowed to even get near Wall Street. Any marches in that direction were met with a forceful and often violent response by the police. The enforcers of the power structure defended the “Temple of Greed” on Wall Street with extraordinary vigor. The protestors had to settle for a park blocks from their intended target.

One of the Citadels of Greed, JP Morgan Chase was so grateful for the loyalty that the enforcers exhibited in protecting their interests. They donated $6.5 million in computer laptops to the NYPD. These will presumably be used with facial recognition software to determine the identities of the all the protestors so they can then share this data with Homeland Security. An empire in decline often turns on its own citizens as the end game approaches.

police attack studentsNot all cities jumped on the violent confrontation bandwagon. Albany, NY police refused to arrest protestors despite pressure from the puppet governor and mayor. Washington DC and Philadelphia PA are other cities took the constitutional right to Freedom of Speech and Assembly not as obstacles, but as the bedrock of our nation’s soul. These cities did not have the violent clashes as did so many others. They did not need to field thousands of police in full riot gear and thus saved their cities $millions in overtime pay that the confrontational cities imposed on their taxpayers. The more violent and confrontational cities will inevitably also have to face numerous criminal and civil lawsuits that will also potentially cost $millions. All this to protect the bankers?

These cities need to take a look at the professional manner in which the Washington DC police and city officials handled their protests. These cities then need to send their police chiefs for some workshops in Washington DC on effective methods of policing. It is obvious that they certainly need the training!

These confrontational cities on behalf of the money powers, have acted as though these protestors were some sort of “contagion” that needed to be disinfected. The irony was that every time they were excessive in their responses, the movement only grew in strength. It was after the mass arrests on the Brooklyn Bridge that the movement started spreading to over a thousand cities across the globe. The money powers are growing more and more nervous as the conversation in the nation shifted from shredding the social safety net to the excessive wealth disparities that are visible to all, but those who choose not to see. So the money powers redoubled their efforts and coordinated the evictions with their paid servants, the politicians, to try to stop this “contagion”.

Leave your big bankWith the full backing of the police, the treasury, all branches of government, and even the military if needed, the money powers now have successfully “evicted” the peaceful protestors from many of the parks and they think they have “won”.

Arrogant fools, you cannot evict an idea. The Occupy Movement is now moving to Occupy homes going into foreclosure. This will make it much more difficult for the banks to evict homeowners from their homes by making every eviction another possible confrontation. Some will block access to ports. These new tactics will threaten the unprecedented levels of wealth accumulation by the financial overlord parasites who place themselves in close proximity to working peoples’ money and find more and more ways to skim more for themselves. This will also serve to unite the millions of people in danger of foreclosure with the Occupy Movement. This will unite people in the neighborhoods affected by foreclosure and homelessness with the Occupy Movement. This was a WIN-WIN-WIN for the movement. So here we have ANOTHER example of where the movement was met with a forceful response, and instead it grew in strength. Many other protestors will go to their hometowns and organize even more people to the movement increasing its strength even more. The “contagion” spreads. Brilliant strategy Mayor Bloomberg!

Many of the protestors moved back to their college campuses. At UC Davis, there were approximately 150 students protesting tuition hikes when the police pepper sprayed some seated protestors. The video was viewed by millions across the world. The outrage caused a 3 block line of students to silently shame the Chancellor as she walked out of a Regents Meeting the evening of the incident. The next day thousands of students showed up at an assembly to call for her resignation. Another example of how a violent reaction to a small demonstration grew the movement from a small number to thousands. The “contagion” spreads even more.

Oakland's port shut down

Mayor Bloomberg, Mayor Quan, Mayor Hancock, to name just a few, do you really think that now that these demonstrators are no longer in your parks, they will just go home and stay silent? Do you really think that your batons, rubber bullets, riot police, and pepper spray will make the anger of the injustices go away?

No, they will take the skills they learned and contacts they made at these parks and they will be very busy. They will be organizing at their colleges and universities, they will be organizing in their home towns, they will be spreading the word, they will be occupying homes in foreclosure, and the “contagion” will spread beyond your money masters’ wildest fears. These financial elites will long for the days where the only thing they had to deal with was park gatherings and signs.

Unfortunately, none of the structural problems that the Occupy Movement have been shining a light on have been addressed by the puppet politicians. This GUARANTEES that the economic, social and political systems will continue to deteriorate. This fact alone will add more frustrated people, many of which will join the movement. And the “contagion” spreads even more.

None of the perpetrators of the financial fraud have been prosecuted. It doesn’t take a Phd in economics to know that this means the financial crimes will not stop. The parasitic money masters are continuing the same behaviors that got us into this mess to begin with. The level of derivatives is now even greater than it was in 2008. This guarantees that we will face another devastating econmic collapse, probably significantly greater than in 2008. This will result in even more unemployment, foreclosures, lost health benefits, gigantic bank bailouts, government guarantees, and social safety net cuts with the resulting social unrest inherent under such conditions. What’s in YOUR wallet? The “contagion” will now spread across the wider society.

Using an insect lifecycle as a metaphor, the movement will go into the pupa stage where it will appear that it has become dormant. Imagine the tens-of-thousands of people occupying parks, plazas, colleges, homes in foreclosure, and other places around the country. They will spend the winter organizing.

Then in Spring, movement will metamorphose and emerge more powerful than ever. More and more frustrated people who sitting on the fence will start to support the changes called for. Now the money powers will be getting even more nervous. Their divide and conquer tactics, as well as the use of redirection will not work like it used to.

police brutality
Watch for more violence by the enforcers as the money masters and their hired politicians vainly try to cling to their positions of privilege and power. Watch how shrill the media attacks will become. Maybe they will start a war to distract the public from their crimes. Maybe they will infiltrate more provocateurs into the movement as they have already tried. Learn to recognize these tactics and do not allow yourself to fall for them.

It is time to let the “too big to fail” banks know that they do not have the final say. They can buy our politicians, they can generate fraudulent mortgage documents, they can buy protection against prosecution, but they have no defense against the combined economic might of the people!


The big banks have been draining our economy, placing their profits in off shore accounts, not paying their fair share in taxes, financing the shipping of our jobs overseas, getting government bailouts, and paying their executives HUGE bonuses. They take the money they make in your community and ship it out impoverishing your community. Move your money to a local bank or credit union. With the banks using fractional reserve lending, it means that they are leveraged 10 to 1. This means that if only 10% of all deposits from a “too big to fail” bank are withdrawn, they will be insolvent. We, the People can bring these giants down! A local bank or credit union will invest in your communities, pay taxes in your communities and make it a better to place to live. Move your money to a local bank or credit union!

Time to send these Wall Street criminals a message!

Stop paying a 3% bank tax on all credit card transactions.

Stop shopping at the big chain stores. They take their profits and ship them out of your communities impoverishing them. Many of them “hide” their profits by moving them to off-shore tax havens. Patronize your local merchants. They are paying their taxes, they are keeping the money in your community, they are part of your community.

Since money in politics is at the root of the government corruption, we need to repeal the Citizens United ruling that allows the money powers to drown out the voices of the people with unlimited money donated ANONYMOUSLY to our corrupt politicians of both parties. Some organizations that are working towards this end include:

Take the time to educate yourself on these issues. It is time to take our country back from the criminals who have hijacked our democratic republic and raided the national treasury for their own self-serving ends, thrown millions of families into the streets using fraudulent documents. It is time to return this nation to its people! These criminals need to “occupy” prison cells.

Redirected anger

March 17, 2011 3 comments

I heard this recently at a rally and it pretty much explains how the financial and corporate elites have successfully divided what is left of the middle class in this nation and have redirected the anger away from them, but instead have us turning on each other:

3 people come to a table with 12 cookies on it, a wealthy financial elite, a Tea Party member, and a union member.

The wealthy guy immediately takes 11 of the 12 cookies. He then looks at the Tea Party guy and says “watch out for that union guy or he will take a bigger piece of that cookie than you”

We care about our elderly citizens, see they are dining on seafood!

That pretty much sums up what the corporate controlled media message is being put out there. It is a classic case of divide and conquer.

None of the Wall Street elite have ever been prosecuted for the economic meltdown.
None of the bankers who committed the fraud have ever been prosecuted.
None of the hedge funds or insurance company executives have ever been prosecuted.

Why is this? Because they have bought the puppet politicians and they own the government. That makes it OK to have been part of the greatest heist of wealth in human history and then to have the taxpayers pay for it when their “bets” turned bad. It is OK to rip off America’s working people for $billions and serve no time in jail.

The only guy who was prosecuted was Bernie Madoff. His big mistake was that he ripped off the wealthy!

And that is why Madoff is in jail.

Wrong Question!

March 15, 2011 3 comments

The people are asking why the state bus mechanic has benefits.

They should be asking why they do not.
Exxon pays NO TAX!The wealthiest pay an effective tax rate of only 17%, which is less than their secretaries, nannies, chauffeurs, and gardeners pay.
2 out of 3 corporations pay no tax at all. Exxon pays no tax! GE received a tax rebate of $1 BILLION! Bank of America pays no tax!

Because the puppet politicians whom they bought, have created a 7,000 page tax code full of loopholes that favor these same wealthy elites.

If these financial elites and the corporations paid their fair share (currently 35%), then the states would not have any budget deficits, the federal deficit would be significantly reduced.

So we need to change the MESSAGE from what programs do we need to cut to pay for the deficits, to how can we make the uber rich pay their fair share.

Student Debt Burden Solution Part 3

March 10, 2011 11 comments

From those who need it the most, to those who need the leastIn the first video, we showed you the huge wealth gap between the richest and the average working person. We also showed you how the richest individuals have an EFFECTIVE TAX RATE far below that of a person making only $34,000 per year and how this is creating deficits at both the state and federal levels.

In the second video, we showed you how most US corporations are not paying any US taxes at all, while receiving local services such as police, fire, road maintenance, and federal services such as State Dept. and US military protection. Since the corporations are not paying for these extremely expensive services, this means YOU ARE paying for them! They are taking from those who need it the most, and giving to those who need it the least!

Military fighting for corporationsOne of the responses to this artificially induced deficit is to blame the public worker, the poor, the sick, the elderly, and the pensioners instead of taxing the rich and corporations according to their APPARENT TAX RATE. The corporate media has tried to whip up a frenzy of animosity towards public workers saying they still have decent benefits and the taxpayer has to pay for them. This is a classic divide and conquer where the elites turn the workers on each other as a diversion while they continue to amass huge fortunes and continue to buy the politicians through campaign contributions to write even more tax breaks into the already huge 71,000 page tax code. Instead of the people asking why the state bus driver still has benefits, they should be asking why they do not. Do not forget that it was NOT the elementary teachers and public hospital nurses, and police that caused this economic mess and the subsequent decline in tax revenues. The crisis was caused by massive bank fraud, Wall Street over leveraging, and speculator derivative trading. So why are the victims of this economic mess being blamed and asked to pay for the mistakes of the wealthy elites?

In Great Britain, one reaction to this attack on the working middle class has been the formation of a populist movement that shows there is an alternative to making the poor and middle classes shoulder the costs to pay for the mistakes by the wealthy elites. This movement has changed the conversation in government from cutting services to the middle class and poor, to one where the people are demanding an end to corporate welfare and making the elites pay their full share of taxes. This is happening despite the fact that conservatives are in power in Britain and have tried to impose draconian cuts. The same forces at work in Egypt where people were takinhg their country back from the corrupt elites are now at work in the UK.

In Britain as in the United States, people were also wondering why there was no outpouring of anger at how the rich were getting richer and richer while the rest of the country were enduring extreme cuts in government spending. Well, a group of a dozen citizens sitting at a pub decided to do something about it.

These people discovered that one of the largest cell phone companies in the UK, Vodaphone owed an outstanding bill of over $9,700,000,000 using a lame tax code technicality to avoid paying the bill. Yes that is $9.7 BILLION! With over 200,000 people in London being forced out of their homes because of government cuts, how many people could have beeen kept in their homes with this money? How many student grants would this money have provided? How many cuts could have been prevented? So they called themselves UK Uncut, setup a Twitter account and announced a time and place where people could meet. This is somewhat similar to the “flash mobs” we have been reading about recently. However, these “flash mobs” have a very specific social purpose in mind. They were to meet ahead of time and then on a specific cue, they would simply sit down in front of the store to prevent people from getting in. People who were going to be customers in the store actually joined in when they were explained that because Vodaphone was not paying its taxes, how it would affect them directly.

Banks should pay taxesThe first protest did not receive much media attention, but the protests grew and it was not difficult to get people to join in once the issue was framed that they were paying their fair share of taxes and that Vodaphone was not. The protests then expanded to other large corporations. By relating to other people specifically what it was that they were losing because of the tax avoidance, it was easier to get more and more people involved. This direct relating to local concerns is one of the keys to the success of this movement.

Once the media stopped taking the corporate view, the conversation in the government shifted from what program cuts were needed to how to get these rich elites to pay their fair share of taxes. It is not difficult to see how this will help college students from becoming victims of even more cuts to education. In fact a similar organization called US Uncut, has been started in the United States and has already held events across the nation.

So, what can you do to make this happen in the United States?

1. Read this compelling story detailing the rise of the movement in the UK.

2. Visit the US Uncut website.

3. Read the call out on the US Uncut website and either join an event or start one of your own.

So, are you going to continue to accept the government lies that these cuts are necessary to balance the budget, making YOU pay for the greed and fraud perpetrated the wealthy elites, while they continue to receive huge tax cuts?

Or, are you going to become involved in this movement and take control of your future?

Student Debt Burden Solution Part 2

Student Debt Burden Solution Part 2 from Illusionist on Vimeo.

Wealth GapIn the last video we presented information on how the gap between the wealthy and the rest of us has been growing wider and wider, and how the financial elites were not only NOT suffering but were actually thriving in this economic environment, while the rest of us struggle to make ends meet and endure draconian cuts in the social safety net programs and aid to education. All while the financial elites showered themselves with huge tax cuts. Well, unfortunately the situation is even worse than the first video presented.

If you look at the current tax rates, it appears that the millionaires and billionaires have to pay a tax rate of 35%, but this figure is very misleading. It assumes a level playing field for all taxpayers, however, that is not really the case.

Apparent Tax Rates

If you take a look at the number of pages in our tax code, you will see that the size has been growing rapidly until the current tax code is an astounding 71,684 pages in length. So how is it that the tax code has become so large? The answer is very simple, the wealthy elites contribute to the political class and therefore they ultimately control the government and have the clout to have these bought politicians write loopholes into the tax code that enable them to take huge deductions on their taxes. So you end up with a situation where you have an illusionary apparent tax rate, but you also have a real world effective tax rate once all of the deductions are taken. Our 71,000 page tax code is totally riddled with these loopholes. The KEY TERM here is the Effective Tax Rate.

According to Forbes Magazine, the highest-earning taxpayers in the U.S. paid an income tax rate of only 17%–the lowest rate paid by the richest elites during the 15-year period covered by the IRS statistics. So their Effective tax rate is lower than someone who only makes $34,000 a year! They pay a smaller share in taxes than their secretaries, gardeners, nannies, and chauffeurs!

Now while wealthy individuals pay an extremely low effective tax rate, we have a similar situation with the corporations. The largest corporations in the US are supposed to pay a tax rate of 35%. While the corporations bemoan this rate, the reality is that due to the loopholes in the 71, 000 page tax code, depending on what specific industry you are in, the effective rate can actually go into negative territory. For example: Thanks to its deductions and adjustments, GE reported an actual U.S. federal income tax rate of negative 10.5%. It got to add a “tax benefit” of $1.1 billion back into its reported earnings. The actual amount in corporate taxes that the government collects (“the effective tax rate”) is lower than those of Germany, Canada, Japan and China, among others.

Exxon-Mobil paid no taxes. Despite benefiting from this corporate welfare in the U.S., Exxon complains about paying high taxes, claiming that it threatens energy innovation research. The corporate owned media parrots these complaints convincing the average person that corporate taxes hurt everyone. Whay was the saying that Joseph Goebbels, Hitler’s propaganda minister said: “If you repeat a lie often enough, it becomes the truth.” In fact, in 2008, the Government Accountability Office found that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.

Military fighting for corporationsSo there we have most corporations in the US not paying any tax at all, while they suck local services such as police and fire protections, road maintenance so they move they products or services, as well as international protection by the US State Department and the US Military. These services do not come cheaply and since they are not paying for them, WE ARE!
These corporate executives sit there with their “patriotic” flags on their lapels, while they scheme how to avoid paying their fair share of taxes, cut deals to ship American jobs overseas, and setup tax havens in the Caribbean. Is it any wonder that the rest of the country is mired in this economic misery while they prosper?

So there you have it, the wealthy elites are not paying their fair share, the corporations are not paying their fair share, and the rest of us are struggling.

Foreclosed and evictedSo why am I mentioning this? Because those loopholes will cost the U.S. government $628.6 billion over the next five years, according to a 2010 report from the Tax Foundation.

If all of those loopholes were closed, we could provide every one of the 11-1/2 million college students in the nation with a $54,600 grant.

Or we could provide every one of the 43 million people on food stamps with a check for $14,600.

Think about this, we are taking money away from those who need it the most, so that we can give to the corporate and financial elites of this country, the very people who need it the least.

In the last video, we mentioned that we would show you what YOU can so about this and how this already being successfully done in Britain. However, this video was needed to supplement the first one to better illustrate and drive home the astounding depth of the wealth inequality. In our next video we will show the success story in Britain and explain how students here can start to organize and achieve the same success.

Click here for Part 3 of this article

Student Debt Burden Solution Part 1

February 17, 2011 35 comments

Student Debt Burden from Illusionist on Vimeo.

Crushing student debt burdenStudents are deeper in debt today than ever before and two out of three college students graduate with significant debt burdens . While most colleges are struggling to keep costs under control, the cost of a college education is rising faster than the cost of medical care and as much as three times as fast as consumer prices in general.

Click here to view the 2nd video in this series.

Students borrow because they see little choice. They see college education as a key to success. However In the case of student loans, there is no walking away. Unlike most other forms of debt, student loans carry almost no consumer protections and little ability to refinance. By law, they can’t be wiped out in bankruptcy. These draconian laws would make a mobster envious.
These huge debt burdens threaten the vitality of our nation as they leave our future productive workers mired in debt and are certainly not good public policy. So is there any way the nation could help our future workers to become well educated and become productive members in our society?

Consider the following facts:
According to a congressional analysis which was published in the Washington Post , the recently enacted plan to extend the tax cuts for the rich would add more than $36 billion to the federal deficit next year — and transfer the bulk of that cash into the pockets of the nation’s millionaires.

An analysis by The Wall Street Journal found that pay and benefits at the top 25 publicly traded banks and security firms on Wall Street hit a record of $135.5 billion.

Let’s just take a look at some of the compensation that some of these people are receiving:

Wonder if they worry about the minimum wage?

These people are making more than people who win the lottery jackpot and they make millions every year, year after year. These people on the average make more in one day than average worker makes in a year. And some of these same bankers received government bailout money while now they are making millions every year in compensation and bonuses.

Should we give them a tax cut?
It seems the government has trillions of dollars, that would be thousands of billions of dollars to bail out the bankers and Wall Street, but want to make cuts that help students and schools.

Should we gave these people a tax cut?<The government has trillions to bail out the bankers and Wall Street, but they are talking about cutting 100’s of billions which would include aid to education placing additional burdens on students.

Now these people we saw earlier are not even close to being the richest in the nation. In fact there are people that are making significantly more than they are. In fact the amounts of money that these people make are staggering:
John Paulson, the manager of Paulson & Company made a estimated 2.3 billion in personal earnings in 2009.

James Simons, the manager of Renaissance Technologies, made an estimated $2.5 billion in personal earnings in 2009.

George Soros, manager of Soros Fund Management, made an estimated $3.3 billion in personal earnings in 2009

And the top earner was David Tepper, manager of Appaloosa Management. He made $4 billion dollars in one single year in 2009.

Now consider this:
David Tepper makes $456,000 per hour for every hour of every day in the year. Hmm, I wonder if he worries what the minimum hourly wage is?

If David Tepper goes to a 2 hour movie, he will pay about $15, but he will make $912,000 in that time.

If David Tepper plays a round of golf at the country club, he will pay around $500, but will make over $2 million that afternoon.

David Tepper can purchase a $100 million yacht with under 2 weeks worth of earnings.

David Tepper can purchase an oceanfront mansion worth $100 million for under 2 weeks worth of earnings.

These people cannot spend money as fast as they make it!

So why are we pointing all this out?

The rich are getting most of the tax cuts
Because once all of the tax cuts are finally phased in, a staggering 52.5 percent of the benefits will go to the richest 5 percent of taxpayers.

A remarkable study (Norton & Ariely, 2010) reveals that Americans have no idea that the wealth distribution (defined for them in terms of “net worth”) is as concentrated as it is. Just take a look at the wealth distribution in the United States. A staggering 87% of the wealth is held by the top 10% in the nation.

So do these people really need these tax cuts when our students and their families are groaning under the weight of student loans, home foreclosures, unemployment, and other results of the economic crisis? Why are we taking good from the people who need it the most, and giving it tp the people that need it the least?

Consider this: if the recent tax cuts for the rich were repealed and the rich paid their fair share, we could have enough revenue to give every single one of the 11-1/2 million college students in the US a Pell grant for $3,130 and that would be repeated for every year they attended college.

Student protest
Certainly these wealthy elites can afford to pay their fair share. Now wouldn’t helping our future productive workers be a better way to invest in our nation’s future than giving the elites more money?

In a future video, we will explore how we can make this happen. It is already happening in Great Britain.

Click here to view the 2nd video in this series.

%d bloggers like this: