Obviously bad decision on the RNC's part to purchase all Sarah's clothes at once, especailly while espousing "brotherhood with Joe," but even "Six Pack" and "the Plumber" know how to dress when attending a wedding, their own or another's.
Have we gone from revealing a candidates tax return to detailing their clothing allowance? How much has Barack, Joe and John spent on their clothes?
Shouldn't we expect a VP candidate to dress the part? Is it that much money given the budgets? If one divides $150,000 by $21 million, the amount Barack has spent on polling, would we blink an eye? The campaign funds are now in the "BBBBBBillion dollar range, so if 1% were allocated to clothing, that would leave a spending allotment of $10 million dollars. $150,000 is 1.5% of that amount.
Even Dave the Accountant spends more money on clothes.
We have a Left Wing attack group led by Chris Matthews high standards of speech Sarah should have hade before second graders (should she have gone into detail about the clouture rule, or fillibusters - any thinking adult would be logically confused).
We have Keith "the sportscaster" Olberman laughing nightly at something only he finds amusing or defines as such, and lectured by Bill "I beat my African American Girlfriend within an inch of her life in a coke induced rage" Maher, regarding right and wrong.
Too bad they both couldn't stick to issues instead of these sophomoric locker room attacks.
A word of warning to Obama: no matter how bad the economy, your surrogates are making it very hard to vote for you.
David DiBello
Thursday, October 23, 2008
INCOME REDISTRIBUTION? FIRST END INCOME MONOPOLY
INCOME REDISTRIBUTION? FIRST END INCOME MONOPOLY
The wealthy in America are jumping behind their latest mascot, Joe the Plumber (as if his interest is at their heart), crying foul that Democrats are seeking to tax their hard “accumulated” money and give it to the working class, the source of their profit. This Robin Hood defense skims over the fact pointed out by Robert Reich, former Secretary of Commerce, that since 1980, they have gone from possessing 8% of the total wealth to 20%, while the working class has had their salaries stagnate due to the global competition and threats of outsourcing.
In actuality the working class is questioning how the wealthy got their earnings. O’Reilly bemoans taking “his money” but little is mentioned about working people losing health coverage or the victimization of minimum wage earners working for below poverty wages. We are disturbed with unchecked CEO pay to the ignorance of stockholders. Such is the case with Richard Fuld, CEO of Lehman Brothers, who was on the very same compensation committee that did his hiring and created his contract. Collusion by like kinds?
The wealthy scoff at the notion that paying taxes, or making an additional sacrifice to this country by paying slightly more, as Patriotic. It seems military service and risking one’s life and blood is the only form of sacrifice, but their ilk isn’t doing that either. It’s a win-win; enjoy your money while others do the fighting for you. Their sacrifice is limited to flag lapels and rhetoric, or the canard of capital infusion which that have a personal gain, while McCain talks of “walking the walk.”
The nature of capitalism dictates money makes money, and the “haves” possess the upper hand. Capitalism is like a crap game, where wealthy players risk more, bit have more exposure to winning on every role, while the budget conscience can only contribute a little to risk, and have smaller returns. It is the “rich get richer, poor get poorer” theorem where the wealthy watch their nest eggs grow multiple times faster than those scrimping to save.
The working class is losing defined pension plans while contributing more towards health premiums as employers continue to divest of these previously paid obligations. Our economy is now based on wealth not work, as the working class relies on old money to survive, many times at the expense of their children. We have not only rich versus poor, but generations pitted against one another.
While being the best form of economics, Capitalism is not perfect and needs to be regulated. We eliminated monopolies which inhibited competition and marketplace rules, to the behest of business which approves of unfairness when it benefits them.
The irony is ignorance of working class plight will lead to a boycott by default due to loss of disposable income and consumer confidence, which will eventually discomfort the wealthy. This is the reason for stimulus packages as trivial as their effect. Not keeping enough money in the hands of those who need to spend will have a boomerang effect. Only when Mr. O’Reilly can no longer sell his product will he realize whose money he does have.
If we restored Clinton era taxes I doubt the wealthy will go into austerity mode. Our budget was balanced, the economy was humming and our dollar was worth a dollar. Like the luxury tax during Bush Sr.’s tenure, no wealthy person is going to start brown bagging lunch, or accept “no” as an outcome because there is a 10% surcharge on purchases. Donald Trump will not say no to the purchase of a new Yacht because the adjusted sales price is 10% higher.
And what is McCain suggesting for us “Joe the Plumber types?” An extension of the Bush tax cuts that have widened the divide in classes, more tax cuts for Big Business and further divestiture of employer paid benefits like health care and pensions which create an additional cost for us average Joe’s. Let’s not forget that had our Social Security been backed by the stock market, something supported by McCain, we average folk would be experiencing a Depression now.
Here’s an alternative theory perhaps the wealthy could understand – it’s the working class’ turn, of which the unlicensed “Joe the Plumber” is still one, and would stay that way under McCain.
David DiBello
The wealthy in America are jumping behind their latest mascot, Joe the Plumber (as if his interest is at their heart), crying foul that Democrats are seeking to tax their hard “accumulated” money and give it to the working class, the source of their profit. This Robin Hood defense skims over the fact pointed out by Robert Reich, former Secretary of Commerce, that since 1980, they have gone from possessing 8% of the total wealth to 20%, while the working class has had their salaries stagnate due to the global competition and threats of outsourcing.
In actuality the working class is questioning how the wealthy got their earnings. O’Reilly bemoans taking “his money” but little is mentioned about working people losing health coverage or the victimization of minimum wage earners working for below poverty wages. We are disturbed with unchecked CEO pay to the ignorance of stockholders. Such is the case with Richard Fuld, CEO of Lehman Brothers, who was on the very same compensation committee that did his hiring and created his contract. Collusion by like kinds?
The wealthy scoff at the notion that paying taxes, or making an additional sacrifice to this country by paying slightly more, as Patriotic. It seems military service and risking one’s life and blood is the only form of sacrifice, but their ilk isn’t doing that either. It’s a win-win; enjoy your money while others do the fighting for you. Their sacrifice is limited to flag lapels and rhetoric, or the canard of capital infusion which that have a personal gain, while McCain talks of “walking the walk.”
The nature of capitalism dictates money makes money, and the “haves” possess the upper hand. Capitalism is like a crap game, where wealthy players risk more, bit have more exposure to winning on every role, while the budget conscience can only contribute a little to risk, and have smaller returns. It is the “rich get richer, poor get poorer” theorem where the wealthy watch their nest eggs grow multiple times faster than those scrimping to save.
The working class is losing defined pension plans while contributing more towards health premiums as employers continue to divest of these previously paid obligations. Our economy is now based on wealth not work, as the working class relies on old money to survive, many times at the expense of their children. We have not only rich versus poor, but generations pitted against one another.
While being the best form of economics, Capitalism is not perfect and needs to be regulated. We eliminated monopolies which inhibited competition and marketplace rules, to the behest of business which approves of unfairness when it benefits them.
The irony is ignorance of working class plight will lead to a boycott by default due to loss of disposable income and consumer confidence, which will eventually discomfort the wealthy. This is the reason for stimulus packages as trivial as their effect. Not keeping enough money in the hands of those who need to spend will have a boomerang effect. Only when Mr. O’Reilly can no longer sell his product will he realize whose money he does have.
If we restored Clinton era taxes I doubt the wealthy will go into austerity mode. Our budget was balanced, the economy was humming and our dollar was worth a dollar. Like the luxury tax during Bush Sr.’s tenure, no wealthy person is going to start brown bagging lunch, or accept “no” as an outcome because there is a 10% surcharge on purchases. Donald Trump will not say no to the purchase of a new Yacht because the adjusted sales price is 10% higher.
And what is McCain suggesting for us “Joe the Plumber types?” An extension of the Bush tax cuts that have widened the divide in classes, more tax cuts for Big Business and further divestiture of employer paid benefits like health care and pensions which create an additional cost for us average Joe’s. Let’s not forget that had our Social Security been backed by the stock market, something supported by McCain, we average folk would be experiencing a Depression now.
Here’s an alternative theory perhaps the wealthy could understand – it’s the working class’ turn, of which the unlicensed “Joe the Plumber” is still one, and would stay that way under McCain.
David DiBello
It’s Audacious for Republicans to Complain
The McCain camp and Republicans are now spreading fear that Democrats in control of the Presidency and both houses of Congress is a danger to Americans because they will remain unchecked and shape policy as they see fit. Correct me if I am wrong, but isn’t that what the Republican Party had for the 6 years from January 2001 to January 2007?
Many also criticize Democrats for not doing anything during the 1 and ½ years they were in charge of the House and Senate (barely) failing to mention that the Veto power remained in a Republican President’s hands stymieing all Democrat efforts, not possessing a super majority to overturn veto’s or overcome the cloture rule in the Senate requiring 60 votes to avoid filibuster.
Isn’t it time for another party to have a chance at running government and getting things done on behalf of the people? Perhaps the Republican Party is subconsciously saying of Democrats what they know true of themselves – unchecked, corruption flourishes. Look at Tom Delay, Denny Hastert, Ted Stevens, Jack Abramoff, Scooter Libby (who fell on his sword at Cheney’s request), Randy “Duke” Cunningham, all of whom served at great sacrifice on behalf of the American people, leveraging their power to personally and financially flourish, making their sacrifice a scam.
Add to it out of control behavior of Bittars, Craig, Foley and Fossella and maybe it is time for a change, placing people in charge who will take the business of the American People seriously and not look at Congress as their own little playground, where they feel above the law and preoccupied with their own gravitas.
A Republican President and Republican Congress have put us in this current economic supply side mess, reversing the Glass-Steagall act led by anti-whiner Phil Gramm, tightening personal bankruptcy laws but overlooking usury of credit institutions, and creating a Medicare prescription drug plan after efforts to block purchases of drugs from overseas failed. This is ironic from a party that believes in the law of supply and demand, and underscores their preoccupation with business and the rich over the good of all Americans.
The Republicans are really afraid that it’s no longer their turn, and they can no longer line their pockets with measures and bills that are pro business, pro wealthy and anti American worker. They must learn to work and play well with others.
David DiBello
RESEARCH FOOTNOTES
cloture - The only procedure by which the Senate can vote to place a time limit on consideration of a bill or other matter, and thereby overcome a filibuster. Under the cloture rule (Rule XXII), the Senate may limit consideration of a pending matter to 30 additional hours, but only by vote of three-fifths of the full Senate, normally 60 votes.
The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[1] Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act
Many also criticize Democrats for not doing anything during the 1 and ½ years they were in charge of the House and Senate (barely) failing to mention that the Veto power remained in a Republican President’s hands stymieing all Democrat efforts, not possessing a super majority to overturn veto’s or overcome the cloture rule in the Senate requiring 60 votes to avoid filibuster.
Isn’t it time for another party to have a chance at running government and getting things done on behalf of the people? Perhaps the Republican Party is subconsciously saying of Democrats what they know true of themselves – unchecked, corruption flourishes. Look at Tom Delay, Denny Hastert, Ted Stevens, Jack Abramoff, Scooter Libby (who fell on his sword at Cheney’s request), Randy “Duke” Cunningham, all of whom served at great sacrifice on behalf of the American people, leveraging their power to personally and financially flourish, making their sacrifice a scam.
Add to it out of control behavior of Bittars, Craig, Foley and Fossella and maybe it is time for a change, placing people in charge who will take the business of the American People seriously and not look at Congress as their own little playground, where they feel above the law and preoccupied with their own gravitas.
A Republican President and Republican Congress have put us in this current economic supply side mess, reversing the Glass-Steagall act led by anti-whiner Phil Gramm, tightening personal bankruptcy laws but overlooking usury of credit institutions, and creating a Medicare prescription drug plan after efforts to block purchases of drugs from overseas failed. This is ironic from a party that believes in the law of supply and demand, and underscores their preoccupation with business and the rich over the good of all Americans.
The Republicans are really afraid that it’s no longer their turn, and they can no longer line their pockets with measures and bills that are pro business, pro wealthy and anti American worker. They must learn to work and play well with others.
David DiBello
RESEARCH FOOTNOTES
cloture - The only procedure by which the Senate can vote to place a time limit on consideration of a bill or other matter, and thereby overcome a filibuster. Under the cloture rule (Rule XXII), the Senate may limit consideration of a pending matter to 30 additional hours, but only by vote of three-fifths of the full Senate, normally 60 votes.
The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[1] Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act
SEAN HANNITY – UNIFORMED OR JUST LYING?
SEAN HANNITY – UNIFORMED OR JUST LYING?
I’d be the first to drive Alec Baldwin to the airport next time he has a political tantrum, but the drama graduate might have hit upon something suggesting dual college dropout Sean Hannity spent too much time in Construction and not enough time reading an economics book.
Hannity’s latest pro business propaganda is that small businesses will pass on taxes to the consumer. In other words, owners will say “how dare you tax me, now take this sucker,” to the very market he wishes to attract. Is this cutting your nose to spite your face?
As a Financial Controller in small business for twenty five years, I know something about finances. Small business from its inception pays little to no taxes because it is working off start up investments as costs. A small business owner contributes their own capital, and once a bank is secure with an owner’s equity stake in the company, extends financing and a line of credit to purchase equipment and essentials to conduct business.
Most businesses do not turn a profit in the first few years of its existence, surviving off its startup funds and bank credit. There are no profits, so there are no taxes!
There are enough business deductions, loss carry forwards and ACRS depreciation (Accelerated Cost Recovery System) for those operating under the accrual accounting method to write off capital expenditures faster than its economic life, again allowing for no profits even if shown on their income statement.
However, this isn’t required because businesses are allowed to keep two sets of books – accrual for financial statements and cash basis for taxes, writing off all capital expenditures immediately. This allows a business to keep a bank happy regarding their risk due to profits, and allows more time to a company before paying taxes.
The most important feature of small business is that a majority are “S” Corporations –owners who use the corporate shield as protection against liability but whose profits are passed along to the owner who pays taxes at lower individual rates.
Hannity believes small business will fight any attempt at EVER paying taxes by extortion, inflating the price of their product or service out of the market with a tax pass-along’s once profitable. This is understandable if taxes were a fixed rate regardless of profit, but it is only a percentage of profit, which means an owner will always be ahead, unless greed (not enough profit) is factored into the equation. In that case, my suggestion to business is put your “big boy” pants on and pay your patriotic obligation like all we “average Joe’s.”
Sean further ascribes to the “look at the hand at the end of your arm” belief system in compassionate conservatism when it comes to “hand outs.” While we are all “created equal” in terms of dignity, we deviate as far as IQ and ability. Many come from broken, abusive or poor homes, have no resources and are not blessed with the upbringing of the St Pius X high school graduate Hannity.
My suggestion to Sean is to lose the diatribe and practice some humility; and crack open a business book or two before speaking.
David DiBello
I’d be the first to drive Alec Baldwin to the airport next time he has a political tantrum, but the drama graduate might have hit upon something suggesting dual college dropout Sean Hannity spent too much time in Construction and not enough time reading an economics book.
Hannity’s latest pro business propaganda is that small businesses will pass on taxes to the consumer. In other words, owners will say “how dare you tax me, now take this sucker,” to the very market he wishes to attract. Is this cutting your nose to spite your face?
As a Financial Controller in small business for twenty five years, I know something about finances. Small business from its inception pays little to no taxes because it is working off start up investments as costs. A small business owner contributes their own capital, and once a bank is secure with an owner’s equity stake in the company, extends financing and a line of credit to purchase equipment and essentials to conduct business.
Most businesses do not turn a profit in the first few years of its existence, surviving off its startup funds and bank credit. There are no profits, so there are no taxes!
There are enough business deductions, loss carry forwards and ACRS depreciation (Accelerated Cost Recovery System) for those operating under the accrual accounting method to write off capital expenditures faster than its economic life, again allowing for no profits even if shown on their income statement.
However, this isn’t required because businesses are allowed to keep two sets of books – accrual for financial statements and cash basis for taxes, writing off all capital expenditures immediately. This allows a business to keep a bank happy regarding their risk due to profits, and allows more time to a company before paying taxes.
The most important feature of small business is that a majority are “S” Corporations –owners who use the corporate shield as protection against liability but whose profits are passed along to the owner who pays taxes at lower individual rates.
Hannity believes small business will fight any attempt at EVER paying taxes by extortion, inflating the price of their product or service out of the market with a tax pass-along’s once profitable. This is understandable if taxes were a fixed rate regardless of profit, but it is only a percentage of profit, which means an owner will always be ahead, unless greed (not enough profit) is factored into the equation. In that case, my suggestion to business is put your “big boy” pants on and pay your patriotic obligation like all we “average Joe’s.”
Sean further ascribes to the “look at the hand at the end of your arm” belief system in compassionate conservatism when it comes to “hand outs.” While we are all “created equal” in terms of dignity, we deviate as far as IQ and ability. Many come from broken, abusive or poor homes, have no resources and are not blessed with the upbringing of the St Pius X high school graduate Hannity.
My suggestion to Sean is to lose the diatribe and practice some humility; and crack open a business book or two before speaking.
David DiBello
Subscribe to:
Posts (Atom)