The Economic Meltdown and Class Warfare
Molly Ivins wrote a few years ago that the most lucrative investment you can make — nothing else even comes close — is to purchase your own congressman (or several). How’s this for a Return On Investment? The financial sector has contributed $2 billion to Congress since 1990.
Talk about a payoff! Make $2 billion worth of bribes to Congress and get rewarded with a $700 billion handout from the taxpayers. Now THAT was some shrewd investing.
The Institute for Policy Studies has suggested a transaction tax of one penny for every $4 invested. This would add $100 billion a year to the Treasury. If this tax had been in place since the Enron meltdown in 2001, the Treasury Department would now have $700 billion.
Getting rid of overseas tax shelters would also yield hundreds of billions for the U.S. Treasury. Just imagine if these corporate bailouts were paid for by the people who created the need for them in the first place. Large corporations having to take responsibility for their own mistakes, just like regular people do — what a concept.
A member of the Institute for Policy Studies said “Many of these things have been examined, but not implemented. Congress essentially punted on how to pay for the bailout.”
The author of this column, Derrick Z. Jackson, ends his column with: “If Congress is the punter, the people are the football being kicked once again far downfield as Congress and the CEOs high-five with relief from the skybox.”
If you're in the mood for a little more class warfare and socialist rhetoric, check out this article by Michael Moore. During the past seven and a half years, the 400 wealthiest Americans have increased their personal wealth by about $700 billion. Again, that number is — Ahem! — $700 billion. (see above)
Are you thinking what I’m thinking?
cross-posted at Bring It On!