Epochal redistribution of wealth: who will rein in Wall Street's welfare kings?

[Winehole23]

The total Wall Street welfare bill according to Nomi Prins, the author and former Morgan Stanley managing director, comes to more than $13 trillion, . (That's about 37 years worth of total welfare transfers to low-income Americans.)

http://www.huffingtonpost.com/les-le..._b_325821.html

[101A]

The only thing I don't get is the continuing reference to tea baggers from people like Leopold - like they DON'T care about the bailouts; THAT'S one of the things they are most pissed about - it was those types that were the only group opposed to TARP in the first place - TARP is why I didn't vote for McCain! (disclaimer: have NOT attended a tea-party, but I understand where "teabaggers" are coming from)

It was House Republicans that held up TARP - and were widely criticized in many areas for doing so - naive, wanting us to go into depression, etc.......no they were the only manisfestation of much of the public's anger about what was happening that actually held any power whatsoever.

Eventually, if we can quit ing about minor stuff, those of us on the right and left have plenty to unite over - if that can manage to happen, REAL change can occur.

[Winehole23]

The only thing I don't get is the continuing reference to tea baggers from people like Leopold - like they DON'T care about the bailouts

Juvenile and off-target. I agree.

[101A]

1. The President Wage Cap: No one on welfare (in inner city Detroit or lower Manhattan alike) shall have an income more than the President of the United States ($400,000) until the unemployment rate drops below 5 percent. (Can't live on $400,000? Try $20,000 for a year and let us know how it compares.)
2. Windfall Profits Tax: A tax of 90 percent should be placed on all financial sector profits until the unemployment rate dips below 5 percent. This will help repatriate some of our Wall Street welfare payments.
3. Breakup the Big Banks: All financial ins utions that are too big and too interconnected to fail should be immediately broken into smaller en ies that are small enough to fail.

They should get that done yesterday, btw.

[101A]

Oct. 21 (Bloomberg) -- The Obama administration will order seven companies that received the most government assistance to cut salaries of top executives by 90 percent on average, a person familiar with the situation said.

The Treasury Department’s announcement will come this week, the person said on condition of anonymity. Total compensation, including bonuses and other benefits, for the 25 highest-paid executives must be reduced by about 50 percent, the person said.

Of course it's all well and good to limit compensation this year; but if they don't tax it; the corp can simply defer it until those restrictions are removed. Again, a good, populist, headline, but not necessarily a real result.

[101A]

Also, wondering if Goldman Sachs is one of those seven?

[boutons_deux]

the banksters are too slippery to be caught by the Feds.

banksters think are they above the law, just like Christian supremacists who answer only to their peculiar idea of a God.

[Winehole23]

Also, wondering if Goldman Sachs is one of those seven?

The businesses to be affected will include Bank of America, Citigroup, AIG, General Motors, Chrysler, and the financing arms of the two automakers.

[101A]

The businesses to be affected will include Bank of America, Citigroup, AIG, General Motors, Chrysler, and the financing arms of the two automakers.

again:

[boutons_deux]

Goldman paid back its TARP, so it's out of the reach of the Feds.

[boutons_deux]

I bet Goldman paid back its TARP with the $12B it got from AIG after AIG got bailed out.

iow, Goldman paid back its TARP with TARP funds.

Unregulated capitalism is wonderful.

[Winehole23]

more than $13 trillion, . (That's about 37 years worth of total welfare transfers to low-income Americans.)

This.

[MannyIsGod]

It is this type of information that completely makes me fear a complete free market free of regulations. The ones who take advantage of such situations the best are those with the most money and power to begin with. For everyone else its an uphill climb.

[101A]

Don't blame this on free markets; there is nothing remotely free about this market; WAY too much public money, and manipulation of the govt. for this to be "free" - the point of the article is that this is, after all, WELFARE!

[coyotes_geek]

The only thing I don't get is the continuing reference to tea baggers from people like Leopold - like they DON'T care about the bailouts; THAT'S one of the things they are most pissed about - it was those types that were the only group opposed to TARP in the first place - TARP is why I didn't vote for McCain! (disclaimer: have NOT attended a tea-party, but I understand where "teabaggers" are coming from)

It was House Republicans that held up TARP - and were widely criticized in many areas for doing so - naive, wanting us to go into depression, etc.......no they were the only manisfestation of much of the public's anger about what was happening that actually held any power whatsoever.

Eventually, if we can quit ing about minor stuff, those of us on the right and left have plenty to unite over - if that can manage to happen, REAL change can occur.

Yeah that whole tea party /teabagger deal pretty much tells us exactly where we are as a nation politically. Not that when it comes to hypocrisy in politics anything should surprise us, but I did have to take pause for a moment when democrats started attacking people who didn't think the government should be catering to big business.

[Winehole23]

I did have to take pause for a moment when democrats started attacking people who didn't think the government should be catering to big business.

Um, the tea-party tent covers a lot more than this.

You're right as far as that goes IMO, but the movement, so-called, is very heterogeneous. There's a lot of people I wouldn't be proud to stand next to there.

[MannyIsGod]

Don't blame this on free markets; there is nothing remotely free about this market; WAY too much public money, and manipulation of the govt. for this to be "free" - the point of the article is that this is, after all, WELFARE!

Thats because a complete free market is an idealistic dream that will never happen. This article isn't about a recent problem, it goes back a long ass way including the glorified Reagan years.

And are you arguing that with less regulation that somehow these companies would be less capable of pulling this off? You seem to think somehow that big government is to blame but that is not the case.

An utter lack of public attention, education on the issue, or simple apathy coupled with the fact these corporations have the resources available to work the system far better than anyone else.

[Nbadan]

Thats because a complete free market is an idealistic dream that will never happen. This article isn't about a recent problem, it goes back a long ass way including the glorified Reagan years

The swindling of America's manufacturing base goes back to Reagan's unregulated markets too....OH sure, we all benefited from cheap , and the only thing it's cost us is our country...

[SpurNation]

Quite clearly we need a movement and bold political leadership with the guts to end this blatant hypocrisy. We need leadership that can tap into our egalitarian and communitarian traditions that place the common good before rapacious personal gain.

The walls of defense are apparently too thick to penetrate this Utopian suggestion. Though it may lead some to think there is hope in it ever happening by the mere suggestion. Eventually those that claim to have the ability to do something about it fall into it's abismal depth of corruption.

[Nbadan]

That's bullcrap...in Europe politician fear their cons uents because their cons uents hold them politically accountable...in America we continue to vote for politicians that turn their backs on their cons uents in favor of corporate lobbyist (money) everyday...

[SpurNation]

in America we continue to vote for politicians that turn their backs on their cons uents in favor of corporate lobbyist (money) everyday...

Bullcrap huh?

[Nbadan]

No, the tea-bagger FAUX populism is bullcrap..because it completely removes the chance of any real tax-payer populist movement..

[SpurNation]

Then what do you suggest? I'm not educated enough in European methods of corporate controll to offer suggestions.

Though I would speculate to be correct to think there isn't corruption in that arena as well that leads to the rich getting richer. Do people in Europe have less problems with poverty than we do in America?

[Winehole23]

No, the tea-bagger FAUX populism is bullcrap..because it completely removes the chance of any real tax-payer populist movement..

Disagree. The tea party thing is an equal opportunity anti-system incubator, for better and for worse.

[Nbadan]

...not as long as it's sponsored by people the likes of Armey it isn't...it's not anti-tax, it's pro-GOP..