Showing posts with label financialization. Show all posts
Showing posts with label financialization. Show all posts
Thursday, August 2, 2018
Tuesday, February 6, 2018
Trump's Tax Cuts: Reshaping The Economy For The Worse.
We're beginning to see how this giveaway to the rich will destabilize markets, increase deficits/debt, increase borrowing costs, cause a reduction in services and/or an increase in other taxes or fees.
The money has to come from somewhere. This is a society we are running here, people. Polices, road, bridges, air, water, schools, hospitals, buses, trains, airports ... paying for it is the bedrock of living in a society.
If our current society has benefited a select few with the means to own yachts, jets, multiple homes and on and on, those select few can afford to return the favor to society by paying more in taxes to help the society continue to thrive and flourish.
We cannot continue to poison the planet and pretend it's going to work out for the better. Continual deregulation only helps polluters and financial swindlers. We cannot continue to believe the mythology that is supply-side economics. Since, Republicans dropped this turd of an idea on society in the late 70s, early 80s, income inequality has risen, workers' rights have declined and wages have stagnated. Power to the people? More like, power taken from the people.
So sad to see a helpless country strong-armed by the will of such ignorance, led by a blow-dried, burnt, slovenly buffoon.
For Further Reading.
Are Trump's tax cuts backfiring on Wall Street?
“IT’S A PONZI SCHEME”: WALL STREET FEARS TRUMP’S DERANGED TAX PLAN COULD KICK OFF ECONOMIC EUTHANASIA
U.S. tax plan could cause sugar high, then economic slump
Tax Cuts, Growth and Debt
Tuesday, September 20, 2016
Wednesday, June 4, 2014
Wednesday, October 30, 2013
Pity The Poor Billionaires
A $13 billion penalty for being one of the major players in an $8 trillion housing bubble...seems like they're getting off easy. Especially since JP Morgan had already put aside $28 billion for liabilities and a 'rainy-day' settlement fund. The feigned outrage from these pundits, lackeys, and cronies is astounding. [The $13 billion penalty is .00163 percent of the $8 trillion lost in the housing bubble.]
Lets fight public assistance fraud, means-test Social Security and Medicare, and cut food stamps, but, by all means, we can't penalize billionaires when they blow up the world economy.
Monday, October 8, 2012
Saturday, January 28, 2012
Saturday, October 29, 2011
Veil of Ignorance
A telling line from a recent Paul Krugman column (about our inadequate response to the second worst economic downturn in our history), "This doctrine was sold both with claims that there was no alternative — that both bailouts and spending cuts were necessary to satisfy financial markets — and with claims that fiscal austerity would actually create jobs.".
When did our representative democracy, our daily objectives, our standard for achievement and progress, equate to satisfying financial markets?
When did our representative democracy, our daily objectives, our standard for achievement and progress, equate to satisfying financial markets?
Saturday, February 5, 2011
The Banker, In The Office, With The CDO
Republicans are still trying to revise history, as witnessed by John Fund on Real Time With Bill Maher last evening, by claiming the government (largely through Fannie Mae, Freddie Mac, and CRA) is primarily responsible for our Great Recession.
As I have previously noted:
Yet Ned Gramlich, of the Federal Reserve, found, "Banks have made many low- and moderate-income mortgages to fulfill their CRA obligations, they have found fault rates pleasantly low, and they generally charge low mortgage rates. Thirty years later, CRA has become very good business." Russel Kroszner, also of the Federal Reserve, states, "Contrary to the assertions of critics, the evidence does not support the view that the CRA contributed in any substantial way to the crisis in the subprime mortgage market."
Eric Alterman and George Zornick reveal, "In the 15 most populous metropolitan areas, 84.3 percent of the subprime loans in 2006 were made by financial institutions not governed by CRA."
The Journal Sentinel even notes, in the article, "The federal law [CRA] applied only to depository institutions, not private, unregulated mortgage lenders."
As Paul Krugman explained, "The Community Reinvestment Act of 1977 was irrelevant to the subprime boom, which was overwhelmingly driven by loan originators not subject to the Act."
"The CRA applies only to banks and savings institutions. It does not apply to credit unions, independent mortgage companies, or investment banks," details Ellen Seidman.
Neil Bhutta and Glenn B. Canner discovered, "The small share of subprime lending in 2005 and 2006 that can be linked to the CRA suggests it is very unlikely the CRA could have played a substantial role in the subprime crisis."
For Further Reading:
The Community Reinvestment Act (CRA) nor Fannie Mae and Freddie Mac are responsible for the current financial crisis.
11 Lies Conservatives Tell To Avoid Blaming Wall-Street for the Financial Crisis
Myths and Falsehoods About Purported Link Between Affordable Housing Initiatives and the Financial Crisis
CRA: The facts
CRA Had Nothing to Do With The Subprime Crisis
Misunderstanding the Credit and Housing Crises
11 Lies Conservatives Tell To Avoid Blaming Wall-Street for the Financial Crisis
Myths and Falsehoods About Purported Link Between Affordable Housing Initiatives and the Financial Crisis
CRA: The facts
CRA Had Nothing to Do With The Subprime Crisis
Misunderstanding the Credit and Housing Crises
Friday, December 25, 2009
The Blind Leading The Naked
Why don't we build anything anymore? Why have imports skyrocketed while our exports have tanked? Why has the percent of value added by manufacturing as a percentage of GDP shrunk from 25 percent in 1947 to 11 percent today?
Upper Mismanagement
Upper Mismanagement
Wednesday, March 18, 2009
Financial “Innovation”
Subscribe to:
Posts (Atom)