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Former Labor Secretary Robert Reich explains what's wrong with the economy in 2 minutes

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posted on Jun, 17 2011 @ 02:48 PM
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Originally posted by poet1b
reply to post by projectvxn
 


Um, yeah, what a surprise, the fed government controlled by banking elites, bailed out the super rich.

The deregulation policies that you support is what gave all that power to the banking elites in the first place.

How do you not get this?

Time to connect the dots.




The deregulation policies I support involve first regulating the government and bring it it's power under control. Banking interests take advantage of the unchecked power governments around the world wield. But you seem to think giving more regulatory power to the government, the same government that is compromised by it's own power, even more power to regulate what should be an open system.
edit on 17-6-2011 by projectvxn because: (no reason given)




posted on Jun, 17 2011 @ 02:48 PM
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reply to post by St Udio
 


I disagree sir,
Rules are for those who would pay attention to the gane and it's rules.
These folks manipulate the rules and cheat the game.
There is only one thing power respects, greater power.
Eat the rich, or just bbq them.



posted on Jun, 17 2011 @ 02:49 PM
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reply to post by g146541
 


Yeah, lets eat the rich.

Let's tax them at 100% of their income and never allow them to make another dime again..

I really wanna live in that world.



posted on Jun, 17 2011 @ 02:51 PM
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reply to post by projectvxn
 


If no one is enforcing the laws against fraud, than the whole good faith concept is thrown out the window.

The super rich were and are the lenders, they control 40% of the nations wealth. Again you are ignoring the facts. Where do you think all those huge wall street bonuses came from?

People got suckered into believing that home prices would always rise. Yeah, they are responsible for their own foolishness, but the real crime was bundling bad loans and giving them good credit ratings, so that the huge bonuses could continue. For the most part, the lenders were victims of a huge scam, and the bankers were the scammers who make out like the bandits they are.

At what point do you not face the reality of what happened?



posted on Jun, 17 2011 @ 02:52 PM
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reply to post by projectvxn
 


People live pretty well without cash nowadays.
In fact many years before cash or money the human race survived.
I'm in.



posted on Jun, 17 2011 @ 02:54 PM
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reply to post by projectvxn
 


This mess wasn't created by government over regulating banks, it was created when the regulations keeping banks in check were eliminated.

You want to pretend that the banks do no wield enormous power through the wealth they control.



posted on Jun, 17 2011 @ 02:59 PM
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reply to post by poet1b
 


I'm not ignoring the criminal activity by the big banks. My posting history shows that.

My problem is the whole class warfare thing in response to the criminality of a select few.


Edit:

Currently NO handcuffs have been issued for the fraud that lead to the financial crisis. None. NOT ONE INDICTMENT.
edit on 17-6-2011 by projectvxn because: (no reason given)



posted on Jun, 17 2011 @ 03:08 PM
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reply to post by projectvxn
 


Class warfare is very appropriate here.
What did they do to thieves one hundred years ago?
You know what they do to thieves in parts of the world still?
Madoff made a killing by destroying real peoples hopes and dreams, prison does not fulfill that debt.
Many others have done much worse but just have not been prosecuted.

Eat the rich.

(Edit)
Handcuffs?
Several have been arrested, just 40 recently, they most definately are not kingpins but every bit of wear and tear on the system adds up, wouldn't you agree?
edit on 17-6-2011 by g146541 because: Handcuffs.



posted on Jun, 17 2011 @ 03:09 PM
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reply to post by projectvxn
 


Can you blame working class people for defending themselves against the class war that has been carried out against them by the super rich?

Why in the world should the middle class be strapped with paying debts where almost all the money went to the super rich, primarily through fraudulent business practices?

More importantly, look at the fifties, sixties, and nineties and do what made things better for everybody, higher taxes on the rich, who should be the ones paying off the national debt, and even handed regulation. It is not like the super rich will suffer, they just won't have as much power as they covet.



posted on Jun, 17 2011 @ 03:22 PM
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reply to post by g146541
 


I'm not talking about that insider trading probe(though it's a start). I'm talking about the men and women responsible for the repackaging of those loans, the fraudulent loan practices, and false credit ratings issued. I'm talking about the banks responsible for fraudulent foreclosures, and the members of congress who wrote the rules that allowed this to happen.

I think there are better ways to deal with these problems than to "eat the rich". I'm not one for socialist class warfare BS. I AM, however, for a system that prosecutes fraud instead of helping it along. That has NOT happened yet.

The Glass-Steagall Act was a 16 page document that protected the banking system from this kind of crap for 70 years until the Clinton admin had it effectively repealed. 16 pages, 70 years. Today we get 3000 page bills that on one reads and people are happy about it because it's "regulation". It isn't. It's just another way to hide state sanctioned fraud at taxpayer expense.

Alot needs to happen. But first and foremost we need a more ethical government with it's hands tied firmly by the Constitution.



posted on Jun, 17 2011 @ 03:25 PM
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reply to post by poet1b
 


I'm not worried about the super rich.

I'm worried about the little guy who can't afford the army of lawyers it takes to subvert federal regulatory structures. Those are the people that wind up hurt by regulations. But because their small business is worth 2 million a year and they have 50 employees they're considered "rich" and there are those here who say "let's eat them"..yeah, to hell with the people he hired.



posted on Jun, 17 2011 @ 03:30 PM
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reply to post by projectvxn
 


Agreed, but would you argue as long as we play in their casino, we could win?
I seriously doubt it, burn their casino down and bbq them on the fire.

If you play by their rules they win every time, a handful of men figured this out better than a couple of hundred years ago.



posted on Jun, 17 2011 @ 03:35 PM
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reply to post by g146541
 


No. Because not everyone involved in the capital markets is some evil rich guy.

Most of the markets are funded by middle class investments and managed by companies who work almost solely on middle class investments.

Burning the whole thing down would hurt the rich, but it would destroy the middle class.



posted on Jun, 17 2011 @ 05:40 PM
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reply to post by projectvxn
 


I am totally with you on that, but which party has refused to raise the levels where the tax cuts come into play?

The same people who preach free markets are quite willing to go after the small businesses whose million dollar plus gross income isn't a great deal of money these days. The GW admin went after the small fish, which only served to harass small businesses, and let the big fish go.

The problem isn't the top 1% of taxpayers, it is that top .001%, or more accurately the top .000001% of taxpayers, the one in a million that are extremely wealthy, who are making out like bandits. These are the people we need to go after.

You should consider this, It wasn't the Clinton admin who repealed the Glass-Steagall Act. That is a complete mis-characterization. That has been a dream of conservatives since the act was firs passed. That was all Newt Gingriches plan, along with his fellow free market republicans. Clinton did not push the legislation, he signed it as a compromise, and it was the biggest mistake of his presidency.

You talk up deregulation, but you recognize what a huge mistake it was to repeal Glass-Steagal. That was all part of the free market, dereg push.

You also should remember Clinton's big thing was third way economics, where government aimed to be business friendly, and make regs easier to comply with, and use them to develop standards to improve business, which was and should be an excellent policy. That was a big part of what made the nineties so successful.



posted on Jun, 17 2011 @ 05:48 PM
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reply to post by projectvxn
 


If the rules make it legal to commit fraud, then everyone engages in fraud, just in order to survive. This has been the story of the last decade.

Even though, why should the middle class be expected to foot the bill for this fraud, when the super rich are the ones who grabbed almost all the money?

The biggest problem is that it will take someone with a whole lot of political clout to even the score.



posted on Jun, 17 2011 @ 06:46 PM
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reply to post by poet1b
 


I don't believe anyone who preaches free markets and then maintains or strengthens the system of freedom crushing regulations without protecting the rights of all involved.

I believe regulations should be based on the protection of individual rights, which is something the government is compelled to do as per their mandate by the constitution. However large federal regulatory agencies are often packed to the gills with operatives from the very industries they are chartered to oversee. The problems they create in the market in turn create ever renewed calls for more regulation. We should be using the courts and law enforcement rather than regulatory agencies who typically squander resources and let large monied offenders off the hook for mere pennies.



posted on Jun, 17 2011 @ 08:01 PM
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reply to post by projectvxn
 


I was just about to say the exact same things..

This guy, and those like him, are a major part of what's wrong with this country.

I would say however... while the rich should not have to pay more taxes as a percentage of their income than anyone else.. there shouldn't be nearly as much loopholes in the tax code that the rich can exploit. The tax code needs to be tightened. Also though, I believe the tax code needs to have the majority of it's credits and deductions across ALL tax brackets, especially the lower ones closed.
edit on 6/17/2011 by Rockpuck because: (no reason given)



posted on Jun, 18 2011 @ 12:57 AM
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NO ONE is productive enough to deserve as much money as some of our nation's CEOs receive. 50 million a year? 75? 100? MORE? And don't forget, they receive these amounts because the board of directors allows it. Which means, the board of directors certainly make mountains of cash too. As do the CFO, the Vice Presidents, and many more of the other higher up mucky mucks. That means far less money going back into a company in the way of research and development, infrastructure, health benefits, decent wages for employees...... and then, these wealthy gentry can afford to get those tax loopholes. You heard it, they may pay something like 17 percent in taxes. And this money goes to influence political parties and politicians. I'm not calling for 70 percent taxes, but I am calling for sane tax percentages and sane salaries and sane wages and health benefits and sane money put back into the companies so they can survive and prosper against international competitors. Again, there is no possible reason for upper management to get paid so highly! How many hours a year do they work? I assure you, they get more vacations and longer vacations a year than I do! More golf games with other company's people, more golf games with politicians, more golf games accompanied by "business trips" in Hawaii. Seriously, you have to go to Hawaii to conduct business? How convenient! Recently a former female head of HP had her gigantic annual salary, a guaranteed giant golden parachute (retirement/separation pay package) while sending HP stock into the dirt and laying off tens of thousands of employees. Being very wealthy, she recently ran for office in California. I think it was a senatorial race but can't recall. Is this the kind of person we want in national office? Another rich and ineffective business person that speaks well but represents only a sliver of society? The ultra wealthy? Please. We need true representative government. Not government full of millionaires and billionaires and company heads looting the treasury and passing laws to make it easier for other ultra wealthy to get more wealthy! Our system has been corrupted. Perhaps we need to amputate a few people so the gangrene stops spreading? Preferably at election time but otherwise another time and place. Save our country from those who have stolen it!



posted on Jun, 18 2011 @ 10:01 AM
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reply to post by projectvxn
 



I don't believe anyone who preaches free markets and then maintains or strengthens the system of freedom crushing regulations without protecting the rights of all involved.


Then you shouldn't believe any politicians who preach free markets, because, first of all, as I have pointed out, there is no such thing as a free market. They all plan on manipulating the system in favor of big business. Can you name one nation that doesn't regulate their market system?


However large federal regulatory agencies are often packed to the gills with operatives from the very industries they are chartered to oversee.


This is what your politicians who preach this free market scam aim to do. It goes from the top down, where the people against enforcing laws against fraudulent business practices (regulations) aim to use those laws to rig the system in favor of the people who fund their political campaigns.

What do you expect when you support politicians who preach this free market nonsense? They write laws and tax policies that completely favor the super rich, who then gain more and more wealth and power over the system and control over the politicians. This is what support of this free market ideology has wrought.

Under your thinking, we should get rid of all law enforcement, because some cops are corrupt.

As I have already pointed out, higher taxes on the super rich and effective regulation of business has created our most prosperous periods of economic growth, so obviously this can be made to work. While pursuit of free economics policies have consistently lead to widespread fraud at the highest levels of the financial markets.

How much longer are you going to support a system that continuously fails. Look at Iceland and Ireland, two other examples of what pursuit of this free market nonsense does.



posted on Jun, 18 2011 @ 10:13 AM
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reply to post by Rockpuck
 


Do you think workers should have to subsidize corporate welfare?

Most of what the federal government does is for big corporations who operate on an international market. Why should the average working person have to pay taxes that go to support global trade the primarily benefits International Corporations?

That big military budget is to keep International Trade open, so that corporations can export our jobs to slave labor markets. Why should working Americans have to pay for the exportation of their jobs?

The other big gov expenditure is medicaid, which almost completely subsidizes illegal immigration, once again undermining the U.S. work force.

While free market politicians preach responsible fiscal policies, what they actually do is replace responsible taxation, forcing corporations to pay for the benefits they receive from the federal government, by borrowing huge amounts of money in the name of the American people.

How do you not connect the tax cuts to massive increases in U.S. debt, and at the same time, massive increase in wealth of the .000001% of income earners?

Basically, free market economics has turned control of our country over to the Fed Res, or in other words the banking elites, who occupy themselves with stealing our nations wealth through fraudulent business practices.



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