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1. Drug Companies: The Body Snatchers
A report by Battelle Memorial Institute determined that the $4 billion government-funded Human Genome Project (HGP) will generate economic activity of about $140 for every dollar spent. Although that estimate is controversial, drug industry executives say it's just a matter of time before the profits roll in.
2. Oil Companies: Ripping Up the Country, Ripping Off the Taxpayers
In the past year the U.S. has become a net exporter of oil, putting us in a position, according to the International Energy Agency, to be almost energy self-sufficient by 2035. Just five years ago we were spending $341 billion on crude oil imports. In 2012 we exported $117 billion worth of processed oil products.
3. Telecommunications: We're Paying Them to Spy on Us
The CIA and NSA have been using our tax money to pay AT&T and Google and other companies to access its data - our data - for surveillance purposes. With almost no transparency or oversight, the CIA has been paying AT&T to monitor our overseas phone calls. Hundreds of dollars per customer per month goes to Verizon for similar snooping. The NSA compensated Google, Yahoo, Microsoft and Facebook for penalties accrued in the secretive Prism surveillance program.
4. Banks: Almost 40% of Our 401(k)s Lost in Fees
Based on the 6% historical stock market return, an individual investing $1,000 a year for 30 years in a non-fee fund and then holding the accumulated sum for another 20 years would end up with $269,000. Imposing the industry average 1.3% fee would reduce the final total to $165,000, a 39% reduction.
In other words, almost $2 of every $5 in potential 401(k) earnings is lost because of bank fees.
5. Banks II: Revenue Here, Profits Overseas
Bank of America CEO Brian Moynihan once lamented that nobody understood "how much good" his employees do. But his company, despite making a whopping 82% of its 2011-12 revenue in the U.S., declared a $10 billion profit in foreign countries -- and $7 billion in U.S. losses.
Citigroup isn't much better. The company had 42% of its 2011-12 revenue in North America (almost all U.S.) but declared a $28 billion profit in foreign countries, and a $5 billion U.S. loss.
Congress' response to all this? They would like SNAP and Social Security recipients to go find a job. Even though all the industries above, with the exception of oil and gas, have been among the leaders in cutting jobs.
When the economy is hijacked to serve an elite few to the detriment of all others, it is no longer an economy but a racket. A greedy bunch of near sighted sociopaths unplugged the healthy flow within the economy, are letting it die, all in order to drain the system of the wealth currently flowing, with the enabling and exuberance of the get away drivers in DC. Plunder seems a good word.
The supreme court ruled corporations are like people so they can give all they want to political parties and races, yet they are still allowed to drug test us, do back ground checks, credit checks. Why do we give them so much control over us?
Why do they have more rights than us?edit on 2-12-2013 by LDragonFire because: (no reason given)edit on 2-12-2013 by LDragonFire because: (no reason given)