Posts tagged Debt

Credit Suisse CEO Brady Dougan: Release the Names of American Tax Dodgers

I just found out that 22,000 wealthy Americans opened up offshore bank accounts with Credit Suisse in Switzerland, to get out of paying their fair share of U.S. taxes. Credit Suisse has been helping them — by delivering account documents in person to avoid a paper trail, and opening a secret suite where they could do business. What’s worse, Credit Suisse won’t tell the U.S. government who these wealthy Americans are. I told Credit Suisse’s CEO Brady Dougan that he needs to release those names so they can be taxed. You should, too. It’s just wrong what the bank — and these tax dodgers — are doing.

Point to this the next time you hear some debt histronics.

Point to this the next time you hear some debt histronics.

CNN Host Asks GOP Representatives Whether They’d Give Up Their Salary During A Shutdown, Hilarity Ensues

  • BLACKBURN: We are waiting to see what they send back, and I hope that as you were running the countdown clock that you are I have two grandsons, and their share of the national debt is now over $53,000 each.
  • BANFIELD: No no no. I’m sorry. I asked a specific question, and there are a lot of the government workers going to stop receiving their paychecks, and a there are a lot of the military service members who are serving overseas who might be stopped being paid and veterans whose benefits. Would you....
  • ******
  • ROHRABACHER: Let me answer that. Members of Congress should not be treated any differently than any other federal employee.
  • BANFIELD: Is that a yes?
  • ROHRABACHER: Whatever happens to the to us when it comes to what we get in benefits and whether it is retirement or health care and whatever happens to the average federal employee should happen us, and that rule should not be changed.
workingamerica:

When you hear friends talk about “makers” and “takers,” who are they talking about?
Thanks Forward Progressives for the graphic. http://on.fb.me/16AKkTR


Needs tags and a reference to some well known tax evaders. Don’t go playing Chicken Little about debt unless the revenue stream is working.
Last, there is this for those who call themselves Christian.

workingamerica:

When you hear friends talk about “makers” and “takers,” who are they talking about?

Thanks Forward Progressives for the graphic. http://on.fb.me/16AKkTR

Needs tags and a reference to some well known tax evaders. Don’t go playing Chicken Little about debt unless the revenue stream is working.

Last, there is this for those who call themselves Christian.

liberalsarecool:

Cleaning up after Republicans is a full-time job.

So is reminding Democrats on the internet that this isn’t much to brag about.
Are voters who are obsessed with the debt myth but non-partisan (apartisan? is that a word? how about voters who think themselves to be fiscal conservatives?) worth wooing? I have a real hard time seeing that this is an electorate that Democrats can rely upon to vote for them. Is it not worth it to challenge the economic paradigm they are operating under (and I’m being super generous suggesting that they do work under a paradigm) that debt isn’t a bad thing, particularly with the poor state of the economy? I wouldn’t be surprised if that cynical pragmatic Democratic operatives thought “yes” and “no” to those questions respectively (I don’t expect them to level with anyone on the outside - certainly not with a journalist, academic or a disaffected Green like me). But that’s just the operatives. My rhetorical question(s) is/are for the activists, the partisan Democrats.
Do you guys get this? I’m working with basic, college level micro and macro economics. What about you? Have you been bamboozled by ideologues mascarading as academics merely insulting Keynesian theory, not disproving it? What is it about markets that you don’t understand? Am I expecting too much of partisan Democrats to have the intellectual capacity to understand these concepts or are all partisan Democrats conspiring not to utter Keynes name, let alone his theories? Why do you block me from your Facebook pages when I call you out for this?

liberalsarecool:

Cleaning up after Republicans is a full-time job.

So is reminding Democrats on the internet that this isn’t much to brag about.

Are voters who are obsessed with the debt myth but non-partisan (apartisan? is that a word? how about voters who think themselves to be fiscal conservatives?) worth wooing? I have a real hard time seeing that this is an electorate that Democrats can rely upon to vote for them. Is it not worth it to challenge the economic paradigm they are operating under (and I’m being super generous suggesting that they do work under a paradigm) that debt isn’t a bad thing, particularly with the poor state of the economy? I wouldn’t be surprised if that cynical pragmatic Democratic operatives thought “yes” and “no” to those questions respectively (I don’t expect them to level with anyone on the outside - certainly not with a journalist, academic or a disaffected Green like me). But that’s just the operatives. My rhetorical question(s) is/are for the activists, the partisan Democrats.

Do you guys get this? I’m working with basic, college level micro and macro economics. What about you? Have you been bamboozled by ideologues mascarading as academics merely insulting Keynesian theory, not disproving it? What is it about markets that you don’t understand? Am I expecting too much of partisan Democrats to have the intellectual capacity to understand these concepts or are all partisan Democrats conspiring not to utter Keynes name, let alone his theories? Why do you block me from your Facebook pages when I call you out for this?

Elizabeth Warren Is Right: Give Students the Same Deal as Big Banks

We’ve all heard the stories or lived the hardship ourselves: young Americans trying to move our economy and country forward, but being saddled with so much student loan debt it’s nearly impossible.

Now, if Congress doesn’t act, our already-too-high student loan rate of 3.4% is about to *double* to 6.8% – while banks keep their sweet 0.75% deal. ENOUGH.

Students deserve the same preferential interest rates that the Big Banks get. Will you join us and sign on to support Elizabeth Warren’s Bank On Students Loan Fairness Act, which gives hard-working students the same deal our Federal Reserve gives law-breaking banks? You can sign here:

Will you sign the petition too? Click here to add your name:

…the ACLU shines a light on a harrowing “debtors’ prison” system in Ohio — one that violates both the United States’ and the Ohio constitution. Ohioans are being jailed for “as small as a few hundred dollars,” despite the constitutional violation, and the economic evidence that it costs the state more to pay for their jail sentence than the amount of the debt.

Romney, Debt & Priveledge: Matt Taibbi explains

  • Matt Taibbi: This is how private equity deals work, and this is what most people don’t understand. When a company like Bain wants to take over a company, let’s say, like KB Toys, what they do is — it’s very similar to the process of getting one of those no-money-down mortgages — you put down a tiny amount of money, in the case of Bain, you put down about 5 percent of his own cash, $18 million. He financed the other $302 million that he got, and what he did was he went to a bank and you’re borrowing against the assets of a company you don’t own yet. So what you do is you say to the bank …
  • Ahmed Shihab-Eldin: Which is legal.
  • Matt Taibbi: Which is totally legal. But what you do is you say to the bank, ‘I’m going to take over this company,’ or ‘I’m going to take over some company, and when we do that company is going to be indebted to you.’ So they borrow $300 million. With that money, and his money, you buy a controlling stake in the company that you’re trying to take over, and once you do that, the debt that you yourself took out becomes the debt of the company that you have taken over. And this is very poorly understood by most people. Now there’s the other problem, now if you’re KB Toys, you’ve borrowed $300 million and you owe the bank. And you haven’t done it to buy new equipment or open new stores or do research and development, all you’ve bought with that $300 million is …
  • Ahmed Shihab-Eldin: Debt.
  • Matt Taibbi: Yes, and the privilege of being managed by Mitt Romney, that’s really all you’ve bought.
  • Ahmed Shihab-Eldin: Privilege.