^ I just do not get it. All you have to do is jam the protesters cell phones. I bet they leave in a day. No texting or facebook...outta there!

^ I just do not get it. All you have to do is jam the protesters cell phones. I bet they leave in a day. No texting or facebook...outta there!

 

That sounds more authoritarian than what happened in the video.

http://www.huffingtonpost.com/2011/10/26/iraq-vet-oakland-police-tear-gas_n_1033159.html

 

 

Officer should be fired. No question. He ruins the reputation of officers who do it right.

BGC, I didnt read the story as saying the homeowners who were foreclosed upon were not culpable. I took it as him saying we can all scream about the homeowners looking to be absolved yet we do not hold the banks to the same standard.

The banks should be held accountable but the protestors are going in the wrong direction. The protests need to be on the doorsteps of the White House and every legislator in Washington. Of course, the separate issue is what would have happened if the banks hadn't been bailed out.

I don't know the answer to that one. However, I did see an interesting statistic recently. In 1980, the top 1% of earners collected 10% of total income. Currently that top 1% is collecting about 25% of income. That strikes me as a rather feudal distribution of income - the serfs working the fields for the Dukes and Barons. I agree with this line from the edict listed above ... corporations, which place profit over people, self-interest over justice, . Wall Street does dictate to corporate America is such a way that profits rule over people. I have seen it first hand.

 

I am 100% a believer in capitalism but I don't believe in plundering people. A very large part of the top 1%'s income is due to the economic and government systems in place and the efforts of those working under them that bring their ideas to market and purchase the products they envision. The top 1% taking 25% of the income is plundery. I do not feel that is a fair distribution of the wealth. The income being generated by CEO's and highest level executives in corporate America is ridiculous. On this issue, I am in alignment with Occupy's efforts.

 

So what is the solution to this issue? I am very big on don't just complain, offer a solution to the problem. My solution to this issue is that Obama is right about tax rates being slanted too much in favor of the top earners. The Bush tax cuts went too far and it is time to let them expire.

In 2009 the top 1% paid 36.7% of the tax. In 1981 the top 1% paid 17.6%. The serfs are working for the Dukes and Barons because most of them made some dumb choices in life. Should a high school drop out make the same as someone with a MBA running a multi billion company? Everyone has the same opportunity, it's what you make of it that counts. If you are only making $30,000 per year then be smart with it. Invest every dime you can to build wealth. Will it ever be to the same level as someone earning $3,000,000 per year, absolutely not but it will be far more than you'll have buying flat screen tv's and iphones. What percentage of this country has savings/retirement funds? I see and hear way more stories of stupid than I do tough luck.

 

Of course corporations place profit over people. What the heck do you think they are in business for, to employee people? Corps will do what is in their best interest to survive and grow. The only way to do that is increased profits. The power to create jobs in this country is in the peoples hands. If the public puts pressure on companies by demanding made in the USA guess what, companies will start manufacturing in the USA. When was the last time you went to buy a product and paid 30%-40% more becuase it was made in the USA? I'm as guilty as anyone. I look at price then compare reviews/ratings. If made is China is way cheaper and close to the same quality guess which one I'm buying?

 

My solution is to do what ever is necessary to make it profitable for companies to do business here. If I told you that cutting the corporate income tax to 5% or even 0% would create 3,000,000 jobs in the first 2 years would you be for it?

 

Your a smart guy, I have a very hard time believing that you honestly think the currrent tax system is slanted towards the top earners when 50% of earners pay 0 fed income tax.

 

A fair distribution of wealth should be what you can earn. How much top level executives earn is up to the company they work for.

In 2009 the top 1% paid 36.7% of the tax. In 1981 the top 1% paid 17.6%. The serfs are working for the Dukes and Barons because most of them made some dumb choices in life. Should a high school drop out make the same as someone with a MBA running a multi billion company? Everyone has the same opportunity, it's what you make of it that counts. If you are only making $30,000 per year then be smart with it. Invest every dime you can to build wealth. Will it ever be to the same level as someone earning $3,000,000 per year, absolutely not but it will be far more than you'll have buying flat screen tv's and iphones. What percentage of this country has savings/retirement funds? I see and hear way more stories of stupid than I do tough luck. Of course corporations place profit over people. What the heck do you think they are in business for, to employee people? Corps will do what is in their best interest to survive and grow. The only way to do that is increased profits. The power to create jobs in this country is in the peoples hands. If the public puts pressure on companies by demanding made in the USA guess what, companies will start manufacturing in the USA. When was the last time you went to buy a product and paid 30%-40% more becuase it was made in the USA? I'm as guilty as anyone. I look at price then compare reviews/ratings. If made is China is way cheaper and close to the same quality guess which one I'm buying? My solution is to do what ever is necessary to make it profitable for companies to do business here. If I told you that cutting the corporate income tax to 5% or even 0% would create 3,000,000 jobs in the first 2 years would you be for it? Your a smart guy, I have a very hard time believing that you honestly think the currrent tax system is slanted towards the top earners when 50% of earners pay 0 fed income tax. A fair distribution of wealth should be what you can earn. How much top level executives earn is up to the company they work for.

I didn't even read any further than the bolded. Are you serious? EVERY one who isn't amongh the top 1% is not because they made dumb choices? Credibility plunge.

I didn't even read any further than the bolded. Are you serious? EVERY one who isn't amongh the top 1% is not because they made dumb choices? Credibility plunge.

 

I think that's the first time I've ever seen you use the credibility card.

I didn't even read any further than the bolded. Are you serious? EVERY one who isn't amongh the top 1% is not because they made dumb choices? Credibility plunge.

 

You should have kept reading, he makes some very good credible points. However, I agree the bolded was not one of them.

I didn't even read any further than the bolded. Are you serious? EVERY one who isn't amongh the top 1% is not because they made dumb choices? Credibility plunge.

 

You should have kept reading, he makes some very good credible points. However, I agree the bolded was not one of them.

It was overstated as rebuttle to the silliness of VOR's wording. Sometimes I forget type doesn't come off as intended.

I think that's the first time I've ever seen you use the credibility card.

I actually don't do that. I actually do try to go the distance to try and understand another's point of view. It must really be outrageous for me to go there. I will try to reverse my knee-jerk reaction to the statement and give woodsrider's post another look. But...I'm not ashamed to admit I was aghast when I read that line, and disinclined to even consider going furhter.

BGC, I didnt read the story as saying the homeowners who were foreclosed upon were not culpable. I took it as him saying we can all scream about the homeowners looking to be absolved yet we do not hold the banks to the same standard.

 

The mega-banks have been given special status via Too Big to Fail (TBTF) policy. No argument there. It basically says that we will not allow banks to fail and yes, given them immunity from failure - no matter how risky their actions.

 

TBTF allowed the mega-banks to become powerful - and reckless. Banking should be boring, real boring. Lend money, charge interest, make money, keep risks ultra low. But the entire industry got reckless with the housing bubble.

 

My take would be if get essentially protected status via TBTF then you should be treated like a regulated utility - with lots of auditing and oversight. The mega-banks with TBTF status were reckless and their officers did profit wildly. Some have since gone to jail. Some have not.

 

*************************************************

 

Related: I saw there SOX maybe in the scaled back. One of the reasons for the financial crisis was GOVERNMENT REGULATION that FORCED companies to do accounting things that were completely stupid.

 

'Mark to market' (vs. Mark to Book) was the prime issue. When the rolled up financial instruments that contained the sub-prime mortgages became 'unmarketable' (i.e. unsellable) the banks were forced to write them off to $0 - because they could not sell them on the open market and Sarbanes-Oxley stupidly requires you to value any asset (even one backed by actual, real property) that you can not sell to $0 - i.e. 'mark (in your accounting) to market (which was $0 for the bundled sub-primes)'

 

Had the banks been allowed to 'mark to book' then the Toxic Assets addressed in TARP would not have been so toxic. They would have held on to them - unable to sell them but would have collected the payments against them each month since they were backed by actual real property with real cash flow coming in. So SOX regulation is partially to blame for this mess.

I agree with the majority of what you posted. Replies are in blue below.

 

In 2009 the top 1% paid 36.7% of the tax. In 1981 the top 1% paid 17.6%.

 

This further proves my point that the top earners are putting much more of the income generated by the American economy into their pockets. In 1981 they got 10% of the income and paid 17.6% of the tax, so 1.8 times their income was paid in tax. Now they earn 25% of the income and pay 36.7% of the tax which is only 1.5 times income. So today they get to keep even more of their income.

 

The serfs are working for the Dukes and Barons because most of them made some dumb choices in life. Should a high school drop out make the same as someone with a MBA running a multi billion company? Everyone has the same opportunity, it's what you make of it that counts. If you are only making $30,000 per year then be smart with it. Invest every dime you can to build wealth. Will it ever be to the same level as someone earning $3,000,000 per year, absolutely not but it will be far more than you'll have buying flat screen tv's and iphones. What percentage of this country has savings/retirement funds? I see and hear way more stories of stupid than I do tough luck.

 

Of course corporations place profit over people.

 

Yes, I expect corporations to focus on the financials, but I believe today corporations see their people as property more than ever. They do not consider the human element in any decisions. In years past, I believe corporations did include the human aspect of their employees in decisions. Corporate profits and having a heart are not mutually exclusive.

 

 

What the heck do you think they are in business for, to employee people? Corps will do what is in their best interest to survive and grow. The only way to do that is increased profits. The power to create jobs in this country is in the peoples hands. If the public puts pressure on companies by demanding made in the USA guess what, companies will start manufacturing in the USA. When was the last time you went to buy a product and paid 30%-40% more becuase it was made in the USA? I'm as guilty as anyone. I look at price then compare reviews/ratings. If made is China is way cheaper and close to the same quality guess which one I'm buying?

 

My solution is to do what ever is necessary to make it profitable for companies to do business here. If I told you that cutting the corporate income tax to 5% or even 0% would create 3,000,000 jobs in the first 2 years would you be for it?

 

Your a smart guy, I have a very hard time believing that you honestly think the currrent tax system is slanted towards the top earners when 50% of earners pay 0 fed income tax.

 

Yes, I believe everyone should pay some taxes and yes, I do think the current tax system is slanted to giving a bigger share of income to the top 1%.

 

A fair distribution of wealth should be what you can earn. How much top level executives earn is up to the company they work for.

 

In conclusion, let me state again that I am a capitalist and believe 100% in the American system. I believe those who make their way to the top deserve to be rewarded. I believe their rewards have gone too far in our current structure and it is harming EVERYONE not in that top 1%. Anyone making $500,000 a year plus can live a great life and be very thankful they live in America. They should not squawk because they have to pay $50,000 more in taxes. That is the price they pay to support the system that enabled them to earn that $500k.

I agree with the majority of what you posted. Replies are in blue below.

 

 

 

In conclusion, let me state again that I am a capitalist and believe 100% in the American system. I believe those who make their way to the top deserve to be rewarded. I believe their rewards have gone too far in our current structure and it is harming EVERYONE not in that top 1%. Anyone making $500,000 a year plus can live a great life and be very thankful they live in America. They should not squawk because they have to pay $50,000 more in taxes. That is the price they pay to support the system that enabled them to earn that $500k.

 

Do you not see the problem with this statement

 

So today they get to keep even more of their income.

 

It is their money. Not the feds, not the poor, not you, not me. I didn't earn it, your didn't earn, they did. They should absolutely get to keep as much as possible. The same as you should, I should, everyone should.

 

The tax system has nothing to do with the share of income the top 1% gets, what companies are willing to pay does.

 

The bolded part just makes me scratch my head.

I agree with the majority of what you posted. Replies are in blue below.

 

 

 

In conclusion, let me state again that I am a capitalist and believe 100% in the American system. I believe those who make their way to the top deserve to be rewarded. I believe their rewards have gone too far in our current structure and it is harming EVERYONE not in that top 1%. Anyone making $500,000 a year plus can live a great life and be very thankful they live in America. They should not squawk because they have to pay $50,000 more in taxes. That is the price they pay to support the system that enabled them to earn that $500k.

 

So do you feel it is the government's responsibility to redistribute money from higher earners to lower earners?