The largest transfer of wealth in history

So, with the bailout and the tax break we have a combined handout to the top 1% of about 18.5 trillion dollars, conservatively. This is in compensation for banking fraud, bad gambles, and is largely with the expectations that it will be used to expand production, build new plants and create new jobs, and support responsible banking practices. This has not happened. 100% of the bailout has been used to secure banking profits, to lend for corporate takeovers, and to continue the same practices that led to the 08 crash where their irresponsible policies caused catastrophic damage to the whole worlds economy.

92% of the tax breaks and much of the bailout was also used in stock buybacks, dividends, and other ways to prop up executive bonuses and disperse the money’s to owners and shareholders, with almost none of it going to expand business, grow industry or raise wages.

Now all this money goes directly into the pockets of the top 1%, is added to the massively growing national debt. That top 1% also gets almost all of their annual money from capital gains. What this means is that the money must be paid back in income taxes. The bottom 99% pays 87% of the income taxes, while the majority of the top 1% income is taxed at a much lower rate. This means that effectively the top 1% was given 18.5 trillion dollars that the bottom 99% will largely have to pay back. Of course this will never be paid off, so essentially the working class is being doomed to a declining standard of living just so the wealthy elite could get more money.

Keeping in mind, this group didn’t need the money. They would have lost a lot of money, yes, but they wouldn’t have been out on the street with no home or food. Instead, millions of working class people were forced out of their homes, with their families.

This is the oligarchic free market, and follows the neocon and neoliberal model that the majority of both the democratic parties and the republican parties follow, where the wealthy elite are free to exploit, monopolize and charge usurious interest fees with no govt regulation, and their final goal is implementing austerity upon all nations. Under this all public assets will be privatized to allow them monopoly privileges upon tolls, services, and utilities. Their driving ambition is to accrue every bit of surplus income to live life in luxury off of other people’s work, meanwhile the working class must spend all their surplus money paying interest, debt and services while being held at bare subsistence levels.

Greece is their first trial run, and the plan is to push this to all of us over time. They are not job creators, they are market and finance manipulators, and they don’t “earn” money, they exploit and extract it. And as long as you identify and sympathize with them you are, in fact, enabling them and procuring your own downfall and that of future generations.

Another thing to keep in mind. Many nations, including our own, are suffering under crippling debt. This reduces the quality of life, opportunities, wages, and general economies for untold millions of people. This crippling debt is not one sided, and is largely held by the very groups that benefited the most from both the bailout and the tax break. So essentially they gave themselves 18.5 trillion, and then imposed austerity, privatized economies and forced people from their homes to just BEGIN paying for it! Incidentally, trumps economic plans of the tax breaks and his further goals of privatizing us schools, infrastructure and assets will facilitate this plan rapidly.

Time to oil up the guillotines?

a reply to: pexx421

I may be lost here...

Please source this bailout and tax breaks...?
This is shocking news to me.

Jesus! i thought you were going on about how much Bezos has got to pay his ex in the divorce.

a reply to: pexx421

Sadly, if the the "New Green Deal" were to get approved, the funding for it would dwarf even the massive bailouts.

But of course, it would still be $ printed out of thin air.

You would be shocked how much of the tarp bailout was funneled through Citibank to Prince alwaleed bin talal

Overwhelming debt that can not be paid off, should NOT be paid off. Time for a jubilee.

I would be curious to see if this massive write off of debts actually hurts the economy. Wouldn't it be ironic if it only hurt the creditor class and unencumbered the debtors to further grow our economy and society?

All the stories they tell us about how our economy will crash, maybe it will only crash their economy and our economy will be just fine if not actually improve over time. Wall Street vs Main Street. Every time president gets in front of us and tells us how our economy is doing great, they don't mean the sheep's economy, they mean the 1%'s economy, their economy. They aren't even lying to us but speak the truth. We just choose to totally misinterpret their words.

originally posted by: dashen
You would be shocked how much of the tarp bailout was funneled through Citibank to Prince alwaleed bin talal

Makes it sound like a ransom payment.....

a reply to: dashen

Now this is the dashen I remember. One question if I may, did you post under 0hedge with a similar handle?

a reply to: ClovenSky

Nope.
I'm not a blogger I'm a crazy conspiracy theorist

But none of this is shocking news. I'd rather hear Trump Supporters explanation for why this is in fact a really really really good thing for everyone.

originally posted by: pexx421
So, with the bailout and the tax break we have a combined handout to the top 1% of about 18.5 trillion dollars, conservatively. This is in compensation for banking fraud, bad gambles, and is largely with the expectations that it will be used to expand production, build new plants and create new jobs, and support responsible banking practices. This has not happened. 100% of the bailout has been used to secure banking profits, to lend for corporate takeovers, and to continue the same practices that led to the 08 crash where their irresponsible policies caused catastrophic damage to the whole worlds economy.

92% of the tax breaks and much of the bailout was also used in stock buybacks, dividends, and other ways to prop up executive bonuses and disperse the money’s to owners and shareholders, with almost none of it going to expand business, grow industry or raise wages.

Now all this money goes directly into the pockets of the top 1%, is added to the massively growing national debt. That top 1% also gets almost all of their annual money from capital gains. What this means is that the money must be paid back in income taxes. The bottom 99% pays 87% of the income taxes, while the majority of the top 1% income is taxed at a much lower rate. This means that effectively the top 1% was given 18.5 trillion dollars that the bottom 99% will largely have to pay back. Of course this will never be paid off, so essentially the working class is being doomed to a declining standard of living just so the wealthy elite could get more money.

Keeping in mind, this group didn’t need the money. They would have lost a lot of money, yes, but they wouldn’t have been out on the street with no home or food. Instead, millions of working class people were forced out of their homes, with their families.

This is the oligarchic free market, and follows the neocon and neoliberal model that the majority of both the democratic parties and the republican parties follow, where the wealthy elite are free to exploit, monopolize and charge usurious interest fees with no govt regulation, and their final goal is implementing austerity upon all nations. Under this all public assets will be privatized to allow them monopoly privileges upon tolls, services, and utilities. Their driving ambition is to accrue every bit of surplus income to live life in luxury off of other people’s work, meanwhile the working class must spend all their surplus money paying interest, debt and services while being held at bare subsistence levels.

Greece is their first trial run, and the plan is to push this to all of us over time. They are not job creators, they are market and finance manipulators, and they don’t “earn” money, they exploit and extract it. And as long as you identify and sympathize with them you are, in fact, enabling them and procuring your own downfall and that of future generations.

A tax break is not a handout. Allowing someone to keep money they earned is not a handout.

This is demonstrably false and misleading:

The bottom 99% pays 87% of the income taxes, while the majority of the top 1% income is taxed at a much lower rate.

The top 1% of income earners in the US pay nearly 40% of all federal income taxes. In fact, the top 1400 people paid more than 3% of the entire tax revenue. Just 1400 people paid more than $50 BILLION in taxes.

The top 20% of income earners paid 87% of the federal taxes.

Almost 50% of the people in the US don't pay any federal income tax...

originally posted by: dashen
You would be shocked how much of the tarp bailout was funneled through Citibank to Prince alwaleed bin talal

And Maxine Waters' husband.

a reply to: dashen

My apologies. There was another poster with a similar handle there that shared your style. They were in the business of metal bearing distro.

originally posted by: Wayfarer
But none of this is shocking news. I'd rather hear Trump Supporters explanation for why this is in fact a really really really good thing for everyone.

Why would Trump supporters support something Obama put into motion?

I’m guessing most of them would be against the government meddling in a free market and paying billions to corrupt corporations.

a reply to: pexx421

As long as people do not realize that usury is the source of this problem, we will never be able to fix this.

Want to know why usury is so destructive for the 99,9%? Read this article and/or watch the video below:

Our love of money not only causes us to make decisions that are not in our own best interests, it also leads to usury—the charging of interest on a loan. Nothing wrong with that, one might think (particularly if you are the lender), everyone does it. Why should others not pay for the use of one's money? At the very least we should receive a sufficient return on our investments to keep up with inflation —and if we can make a bit more, why not? But it turns out that the lending of money at interest is one of the principle causes of inflation in the first place. And, as we shall see, fuels many of humanity's other crises.

Read more: www.peterrussell.com...

originally posted by: crayzeed
Jesus! i thought you were going on about how much Bezos has got to pay his ex in the divorce.

To be fair she helped him parcel books from his garage from day one,

and she had a lot of the ideas and encouraged the expansion of the

business.

Neither of them how ever extravagant will be able to spend all that

in their lifetime


SORRY OT got carried away by your reply.....as I had the same

thought that it was Bezos.

originally posted by: Quantumgamer1776

originally posted by: Wayfarer
But none of this is shocking news. I'd rather hear Trump Supporters explanation for why this is in fact a really really really good thing for everyone.

Why would Trump supporters support something Obama put into motion?

I’m guessing most of them would be against the government meddling in a free market and paying billions to corrupt corporations.

Most Obama supporters were pretty disgusted by the bailout (despite the reasoning behind those large corporations holding thousands of employee's hostage in the negotiation). I've heard from several Trump supporters here on ATS in regards to 'reaganomics' style taxation that making the Ultra-Hyper-Mega wealthy even wealthier in some miraculous way directly benefits all the poor/middle class folks. I can't really wrap my mind around the continuation of funneling money away from folks like those on ATS to enrich those who already have more than they can spend in 10 lifetimes.

Because some of the tax break was used to do stock buybacks, it stabalized the stock market somewhat. The market is still risky and based off of improper indicators, but at least it helped a little.