The Question Conservatives Can't Answer

[georgephillip]

[...] the top 10% pay the majority of taxes in this country.and until communist traitors like you voted in the piece of shit we have in the White House hard working people who invested wisely became more prosperous.

Are you talking about the bankers who worked hard at the sub-prime mortgage scam which has made millions of ordinary working class Americans homeless and broken? Or the hedge-fund speculators who gambled with small investors' money and ruined millions of them? Etcetera. Which grouping of "hard-working" super-rich are you talking about? How "hard" does one need to "work" to "earn" fifty million dollars? A hundred million? A billion? More?

Some of you brainwashed water-carriers for the American neo-aristocracy are truly pathetic. You are a worse threat to the American democracy than the Nazis, Imperial Japan, Al Qaeda or the Taliban ever were. You are a toxic internal scourge.

From December 2007:

"Dec. 17 (Bloomberg) -- Representatives of five of Wall Street's dominant investment banks gathered around a blonde wood conference table on a February night almost three years ago. Their talks over take-out Chinese food led to the perfect formula for a U.S. housing collapse.

"The host was Greg Lippmann, then 36, a fast-talking Deutsche Bank AG trader who aspired to make mortgage securities as big a cash cow for Wall Street as the $12 trillion corporate credit market.

"His allies included 34-year-old Rajiv Kamilla, a trader at Goldman Sachs Group Inc. with a background in nuclear physics, and 32-year-old Todd Kushman, who led a contingent from Bear Stearns Cos.

"Representatives from Citigroup Inc. and JPMorgan Chase & Co. were also invited. Almost 50 traders and lawyers showed up for the first meeting at Deutsche Bank's Wall Street office to help set the trading rules and design the new product."

Wall Street shit like the above would be rotting in federal and state prison if Wall Street's Bitch hadn't moved into the White House in 2009. The FIRE sector is not through stealing from the US taxpayer, and the "Socialist" in the oval office has managed to convince the Tea Party to drive the damn getaway car.

Interesting Times?

Subprime Securities Market Began as `Group of 5' Over Chinese - Bloomberg

 

[georgephillip]

[...] the top 10% pay the majority of taxes in this country.and until communist traitors like you voted in the piece of shit we have in the White House hard working people who invested wisely became more prosperous.

Are you talking about the bankers who worked hard at the sub-prime mortgage scam which has made millions of ordinary working class Americans homeless and broken? Or the hedge-fund speculators who gambled with small investors' money and ruined millions of them? Etcetera. Which grouping of "hard-working" super-rich are you talking about? How "hard" does one need to "work" to "earn" fifty million dollars? A hundred million? A billion? More?

Some of you brainwashed water-carriers for the American neo-aristocracy are truly pathetic. You are a worse threat to the American democracy than the Nazis, Imperial Japan, Al Qaeda or the Taliban ever was. You are a toxic internal scourge.

You do understand that the "sub-prime mortgage scam" could NOT have happened without massive government involvement through Fannie/Freddie, laws designed to expand home ownership, and the promise of taxpayer backing through the Fed. Banks and other big businesses colluding with government caused the problem. Government meddling is to blame here so what's your solution? More government?

Do you understand which 2% of US taxpayers earned the most profit from the "sub-prime mortgage scam"

"Thanks largely to the $13 trillion Wall Street bailout – while keeping the debt overhead in place for America’s 'bottom 98 per cent' – this happy 2 per cent of the population now receives an estimated three quarters (~75 per cent) of the returns to wealth (interest, dividends, rent and capital gains).

"This is nearly double what it received a generation ago.

"The rest of the population is being squeezed, and foreclosures are rising."

Michael Hudson: Obama's Greatest Betrayal

Government meddling is less than one third of the problem here, and it could be solved by FLUSHING all Republicans AND Democrats from DC beginning in 2012.

 

[georgephillip]

Prove that claim I bolded and enlarged in your post..... Be warned I do not tolerate liars nor people who make extreme claims that are utterly false in every aspect... I will give a chance to back up the claim before I correct it...

Why would I care what you "tolerate?"

So then you can't prove that claim can you.... Didn't think so... SO then you are just a little liar making wild statements that have no truth to them.. Got it thanks

Get this.

"As Smith notes, the top 20% of the American populace holds roughly 93% of the country's financial wealth, and the top 1% of the country holds approximately 43% of the money in the U.S. Meanwhile, the middle 20% of the population -- what would, officially, be called the middle class -- holds only 6% of the country's total assets. While disturbing, even this minuscule share of the wealth pie dwarfs the bottom 40% of the country, who control less than 1%"

You're welcome.

Disturbing Statistics on the Decline of America's Middle Class - DailyFinance

 

[percysunshine]

I have this suspicion that georgephillip is rich, pays no taxes, and has nothing better to do on a thursday afternoon.

 

[Toddsterpatriot]

Are you talking about the bankers who worked hard at the sub-prime mortgage scam which has made millions of ordinary working class Americans homeless and broken? Or the hedge-fund speculators who gambled with small investors' money and ruined millions of them? Etcetera. Which grouping of "hard-working" super-rich are you talking about? How "hard" does one need to "work" to "earn" fifty million dollars? A hundred million? A billion? More?

Some of you brainwashed water-carriers for the American neo-aristocracy are truly pathetic. You are a worse threat to the American democracy than the Nazis, Imperial Japan, Al Qaeda or the Taliban ever was. You are a toxic internal scourge.

You do understand that the "sub-prime mortgage scam" could NOT have happened without massive government involvement through Fannie/Freddie, laws designed to expand home ownership, and the promise of taxpayer backing through the Fed. Banks and other big businesses colluding with government caused the problem. Government meddling is to blame here so what's your solution? More government?

Do you understand which 2% of US taxpayers earned the most profit from the "sub-prime mortgage scam"

"Thanks largely to the $13 trillion Wall Street bailout – while keeping the debt overhead in place for America’s 'bottom 98 per cent' – this happy 2 per cent of the population now receives an estimated three quarters (~75 per cent) of the returns to wealth (interest, dividends, rent and capital gains).

"This is nearly double what it received a generation ago.

"The rest of the population is being squeezed, and foreclosures are rising."

Michael Hudson: Obama's Greatest Betrayal

Government meddling is less than one third of the problem here, and it could be solved by FLUSHING all Republicans AND Democrats from DC beginning in 2012.

"Thanks largely to the $13 trillion Wall Street bailout"

Please post the details behind this $13 trillion.
I'll wait

 

[georgephillip]

I have this suspicion that georgephillip is rich, pays no taxes, and has nothing better to do on a thursday afternoon.

Communist swine!

I paid $727 in federal income taxes in 2010 and got it all back.
I then gave half the refund to the lady who did my taxes for me.
She used most of that money to buy bingo supplies at the non-profit she works at.
I was hoping for a Ferrari...(maybe next Thursday??)

 

[eflatminor]

I have this suspicion that georgephillip is rich, pays no taxes, and has nothing better to do on a thursday afternoon.

Communist swine!

I paid $727 in federal income taxes in 2010 and got it all back.
I then gave half the refund to the lady who did my taxes for me.
She used most of that money to buy bingo supplies at the non-profit she works at.
I was hoping for a Ferrari...(maybe next Thursday??)

So you're one of the nearly half of Americans that pay no income tax. Well that's fair.

 

[Charles_Main]

"The following fact was sent to numerous conservative pundits, politicians, and profit-seekers:

"Based on Tax Foundation figures, the richest 1% has TRIPLED its share of America's income over the past 30 years. Much of the gain came from tax cuts and minimally taxed financial instruments.

"If their income had increased only at the pace of American productivity (80%), they would be taking about a TRILLION DOLLARS LESS out of our economy.

"And a question was posed:

"In what way do the richest 1% deserve these extraordinary gains?

"This question was not posed in sarcasm.

"A factual answer is genuinely sought.

"It seems unlikely that 1% of the population worked three times harder than the rest of us, or contributed three times as much to American productivity.

"Money earned from tax cuts and minimally taxed financial instruments is not productive income."

Any takers, Cons?

The Question Conservatives Can't Answer | Common Dreams

They Earned the Money, Paid taxes on the Money, then invested the money and earned even more, and paid taxes on that Gain as well. They pay 90% of the Tax burden and you people want to try and say, that's not enough.

You keep talking about people "paying their Fair Share" So do you really believe the fair share of 51% of Americans should = 0% of their Income Paid in Federal Income Tax? Or Better yet the 30% of them that actually get more money back from the Fed than they pay in, due to Earned income Credits, and Child Credits.

Are you actually going to sit here and say that it is fair that 30% of the people get more back than they pay in, another 21% pay 0, and the remaining 49% pay the entire Federal Income tax load? with the top 2% paying nearly 90% of it all?

That's your definition of Fair?

 

[georgephillip]

You do understand that the "sub-prime mortgage scam" could NOT have happened without massive government involvement through Fannie/Freddie, laws designed to expand home ownership, and the promise of taxpayer backing through the Fed. Banks and other big businesses colluding with government caused the problem. Government meddling is to blame here so what's your solution? More government?

Do you understand which 2% of US taxpayers earned the most profit from the "sub-prime mortgage scam"

"Thanks largely to the $13 trillion Wall Street bailout – while keeping the debt overhead in place for America’s 'bottom 98 per cent' – this happy 2 per cent of the population now receives an estimated three quarters (~75 per cent) of the returns to wealth (interest, dividends, rent and capital gains).

"This is nearly double what it received a generation ago.

"The rest of the population is being squeezed, and foreclosures are rising."

Michael Hudson: Obama's Greatest Betrayal

Government meddling is less than one third of the problem here, and it could be solved by FLUSHING all Republicans AND Democrats from DC beginning in 2012.

"Thanks largely to the $13 trillion Wall Street bailout"

Please post the details behind this $13 trillion.
I'll wait

Having a bad share day, Comrade?

"GRAND TOTAL: $4.76 TRILLION DISBURSED
$13.87 TRILLION MAX. AT-RISK
$1.54 TRILLION OUTSTANDING

Total Wall Street Bailout Cost - SourceWatch

 

[percysunshine]

I have this suspicion that georgephillip is rich, pays no taxes, and has nothing better to do on a thursday afternoon.

Communist swine!

I paid $727 in federal income taxes in 2010 and got it all back.
I then gave half the refund to the lady who did my taxes for me.
She used most of that money to buy bingo supplies at the non-profit she works at.
I was hoping for a Ferrari...(maybe next Thursday??)

I noticed that you did not deny being rich....

 

[gslack]

Why would I care what you "tolerate?"

So then you can't prove that claim can you.... Didn't think so... SO then you are just a little liar making wild statements that have no truth to them.. Got it thanks

Get this.

"As Smith notes, the top 20% of the American populace holds roughly 93% of the country's financial wealth, and the top 1% of the country holds approximately 43% of the money in the U.S. Meanwhile, the middle 20% of the population -- what would, officially, be called the middle class -- holds only 6% of the country's total assets. While disturbing, even this minuscule share of the wealth pie dwarfs the bottom 40% of the country, who control less than 1%"

You're welcome.

Disturbing Statistics on the Decline of America's Middle Class - DailyFinance

Who the hell is Bruce Watson and who is "Smith"?

Your article must have taken a lot of digging, sadly it doesn't prove your statement.. Care to point out where it says the tax rates are lower than a half century ago? Saying you pay 35% today but your parents paid 30% back in the 60's is a false impression. Several factors need to be added in to show the "effective tax rate when comparing tax rates.

1. Inflation

2. Tax laws and exemptions that have changed over the years.

And many other things all make a claim like that nonsense.

But hey you go right on ahead spouting liberal propaganda and don't let reality or the truth stop you.

 

[ShackledNation]

Ignore georgephillip, I think he is a troll of some sort.

 

[Foxfyre]

So then you can't prove that claim can you.... Didn't think so... SO then you are just a little liar making wild statements that have no truth to them.. Got it thanks

Get this.

"As Smith notes, the top 20% of the American populace holds roughly 93% of the country's financial wealth, and the top 1% of the country holds approximately 43% of the money in the U.S. Meanwhile, the middle 20% of the population -- what would, officially, be called the middle class -- holds only 6% of the country's total assets. While disturbing, even this minuscule share of the wealth pie dwarfs the bottom 40% of the country, who control less than 1%"

You're welcome.

Disturbing Statistics on the Decline of America's Middle Class - DailyFinance

Who the hell is Bruce Watson and who is "Smith"?

Your article must have taken a lot of digging, sadly it doesn't prove your statement.. Care to point out where it says the tax rates are lower than a half century ago? Saying you pay 35% today but your parents paid 30% back in the 60's is a false impression. Several factors need to be added in to show the "effective tax rate when comparing tax rates.

1. Inflation

2. Tax laws and exemptions that have changed over the years.

And many other things all make a claim like that nonsense.

But hey you go right on ahead spouting liberal propaganda and don't let reality or the truth stop you.

Yes. When comparing tax rates, much much more has to be considered in addition to the rate. Changes in how AGI is computed, the changing picture of deductions and credits, and what will be considered income and what can be excluded all have to be considered. For instance those 'rich' who saw their tax rates decline since the mid 1900's have also lost a lot of the deductions, exclusiions, and credits they once could take.

But once all the factors were counted in, the lowered tax rates actually spurred increased economic activity and generated more revenues from those same people because with certainty that they will be able to keep more of profits generated, they take the risks necessary to generate those profits.

It's an interesting economic world out there for those who can set aside their class envy and strident partisanship long enough to see the bigger picture.

 

[Toddsterpatriot]

Do you understand which 2% of US taxpayers earned the most profit from the "sub-prime mortgage scam"

"Thanks largely to the $13 trillion Wall Street bailout – while keeping the debt overhead in place for America’s 'bottom 98 per cent' – this happy 2 per cent of the population now receives an estimated three quarters (~75 per cent) of the returns to wealth (interest, dividends, rent and capital gains).

"This is nearly double what it received a generation ago.

"The rest of the population is being squeezed, and foreclosures are rising."

Michael Hudson: Obama's Greatest Betrayal

Government meddling is less than one third of the problem here, and it could be solved by FLUSHING all Republicans AND Democrats from DC beginning in 2012.

"Thanks largely to the $13 trillion Wall Street bailout"

Please post the details behind this $13 trillion.
I'll wait

Having a bad share day, Comrade?

"GRAND TOTAL: $4.76 TRILLION DISBURSED
$13.87 TRILLION MAX. AT-RISK
$1.54 TRILLION OUTSTANDING

Total Wall Street Bailout Cost - SourceWatch

Obama is having a worse day than me.

Thanks for finally getting a source.
$4.76 trillion disbursed, that's a lot less than $13 trillion.

 

[georgephillip]

It ain't over, Comrade.
For you and Obama.
Ready for the second DIP?

 

[Toddsterpatriot]

It ain't over, Comrade.
For you and Obama.
Ready for the second DIP?

Comrade? I'm not the fan of ever bigger government, that would be you.
Yes, I'm ready for Obama's last dip.

 

[Soggy in NOLA]

Ignore georgephillip, I think he is a troll of some sort.

Plus I think he must be using a Dvorak keyboard as well.

 

[kaz]

Ignore georgephillip, I think he is a troll of some sort.

I disagree. He's just an ordinary troll.

 

[ShackledNation]

Ignore georgephillip, I think he is a troll of some sort.

I disagree. He's just an ordinary troll.

In which case "some sort" of troll would be "an ordinary sort" of troll.

 

[georgephillip]

One of the best known of Aesop's fables went something like this:

The Goose That Laid the Golden Eggs

A man and his wife were very poor until they acquired a special goose. Every day the goose would lay a golden egg, which allowed the couple to live very comfortable.

"Just think," said the man's wife, "If we could have all the golden eggs that are inside the goose, we could be rich.

"You're right," said her husband, "We wouldn't have to wait for the goose to lay her egg every day."

So, the couple killed the goose and cut her open, only to find one egg. And no more would ever be laid. And once the egg was spent, the couple found themselves poorer than ever.

The moral of the story: Don't kill the goose that lays the golden egg.

Those who think they will prosper more if they can make the rich less rich or unrich might see a small temporary benefit in confiscating wealth from the rich. But alas, once they have made the rich unrich or have driven all the rich to other shores, they will find that there is less money to borrow, less venture capital and grant monies available, less money invested so their portfolios suffer, the hospital wings, scholarship programs, museum exhibits once funded by the rich are no more, and jobs and good wages are in even shorter supply.

Be careful what you wish for oh you enviers of the rich.

Are you under the impression the rich created gold?

Society creates money.
Maroon all the special rich people on a desert Island and see how many golden eggs result.

Here's a better example of what the rich "invest" in today:

"Dec. 17 (Bloomberg) -- Representatives of five of Wall Street's dominant investment banks gathered around a blonde wood conference table on a February night almost three years ago. Their talks over take-out Chinese food led to the perfect formula for a U.S. housing collapse.

The host was Greg Lippmann, then 36, a fast-talking Deutsche Bank AG trader who aspired to make mortgage securities as big a cash cow for Wall Street as the $12 trillion corporate credit market.

"His allies included 34-year-old Rajiv Kamilla, a trader at Goldman Sachs Group Inc. with a background in nuclear physics, and 32-year-old Todd Kushman, who led a contingent from Bear Stearns Cos. Representatives from Citigroup Inc. and JPMorgan Chase & Co. were also invited.

"Almost 50 traders and lawyers showed up for the first meeting at Deutsche Bank's Wall Street office to help set the trading rules and design the new product.

"'To tell you the truth, it's not very glamorous,'' Lippmann says. `Just a bunch of guys eating Chinese discussing legal arcana.'''

And facilitating the greatest transfer of private debt into public debt in history.

Subprime Securities Market Began as `Group of 5' Over Chinese - Bloomberg