OCCUPY WALL STREET: Separating Fact from Media

 

By Walter Brasch

 

Newspaper columnist Ann Coulter, spreading the lies of the extreme right wing, called the Occupy Wall Street protestors, “tattooed, body-pierced, sunken-chested 19-year-olds getting in fights with the police for fun.” She claimed the protestors, now in the thousands in New York, are “directionless losers [who] pose for cameras while uttering random liberal clichés lacking any reason or coherence.” (Several hundred thousand of these “directionless losers” are expected to attend rallies in more than 650 cities, Oct. 15.)

Rep. Eric Cantor (R-Va.), House majority leader, called the protest nothing more than “growing mobs,” completely oblivious to his myriad statements that he supports “mobs” when they are from the Tea Party. Republican Presidential candidate Mitt Romney, tacking as far right as possible to avoid anyone thinking he was once a moderate, called the protest “dangerous.”

Republican presidential contender Herman Cain, in a moment that demonstrated how out of touch he is with the economic reality of the five-year recession, argued, “Don’t blame Wall Street, don’t blame the big banks; if you don’t have a job and you’re not rich, blame yourself!”

Glenn Beck, too irrational even for Fox News, which terminated him less than two years after it tried to make him a TV superstar, told his radio audience, the protestors “will come for you and drag you into the streets and kill you.”

Lauren Ellis of Mother Jones, at one time a cutting edge magazine for social justice, believed that the protestors have a “lack of focus.” Washington Post columnist Charles Krauthammer, wrote, “A protest without an objective is like a party or a picnic of the unemployed and the indolent. Unless you have an objective, what are you doing out there?”

First, let’s see just who these protestors really are. And then, let’s see what they stand for, since the mainstream media, of which Fox News is an entrenched part, don’t seem to be getting the message from the people.

The protestors rightly say they are part of the 99 percent; the other one percent have 42 percent of the nation’s wealth, the top 20 percent have more than 85 percent of the nation’s wealth, the highest accumulation since 1928, the year before the Great Depression. Even the most oblivious recognize the protestors as a large cross-section of America. They are students and teachers; housewives, plumbers, and physicians; combat veterans from every war from World War II to the present. They are young, middle-aged, and elderly. They are high school dropouts and Ph.D.s. They are from all religions and no religion, and a broad spectrum of political views.

 Support has come from senior politicians with very different philosophies. Vice President Joe Biden believes the protests are because “In the minds of the vast majority of the American–the middle class is being screwed.” Rep. Ron Paul (R-Texas), unlike a vast majority of Republican politicians, stated, “If they were demonstrating peacefully, and making a point, and arguing our case, and drawing attention to the Fed—I would say, ‘good!’”

 Second, like all protests, there are different opinions within the ranks. But, there is a core of beliefs. The protestors are fed up with corporate greed that has a base of corporate welfare and special tax benefits for the rich. They support the trade union movement, Medicare and Social Security, affordable health care for all citizens, and programs to assist the unemployed, disenfranchised, and underclass. A nation that cannot take care of the least among us doesn’t deserve to be called the best of us.

They’re mad that the home mortgage crisis, begun when greed overcame ethics and was then magnified by the failure of regulatory agencies and the Congress to provide adequate oversight, robbed all of America of its financial security. During the first half of this year alone, banks and lending agencies have sent notices to more than 1.2 million homeowners whose loans and mortgages are in default status, according to RealtyTrak. Of course, less regulation is just what conservatives want—after all, their mantra has become, “no government in our lives.”

The protestors are mad that the wealthiest corporations pay little or no taxes. They point to the Bank of America, part of the mortgage crisis problem, which earned a $4.4 billion profit last year, but received a $1.9 billion tax refund on top of a bailout of about $1 trillion. They look at ExxonMobil, which earned more than $19 billion profit in 2009, paid no taxes and received a $156 million federal rebate. Its profit for the first half of 2011 is about $ 21.3 billion.

They rightfully note that it is slimy when General Electric, whose CEO is a close Obama advisor, earned a $26 billion profit during the past five years, but still received a $4.1 billion refund.  

They’re mad that the federal government has given the oil industry more than $4 billion in subsidy, although the industry earned more than $1 trillion in profits the past decade.

They’re mad that Goldman Sachs, after receiving a $10 billion government bailout, and a $2.7 billion profit in the first quarter of 2011, shipped about 1,000 jobs overseas. During the past decade, corporations, which have paid little or no federal taxes, have outsourced at least 2.4 million jobs and are hoarding trillions which could be used to spur job growth and the economy.

They’re mad that corporations that took federal bailout money gave seven-figure bonuses to their executives.

They’re mad that the U.S., of all industrialized countries, has the highest ratio of executive pay to that of the average worker. The U.S. average is about 300 to 475 times that of the average worker. In Japan, Germany, France, Italy, Canada, and England, the average CEO earns between 10 and 20 times what the average worker earns, and no one in those countries believes the CEOs are underpaid.

 They’re mad that 47 percent of all persons who earned at least $250,000 last year, including about 1,500 millionaires, paid no taxes, according to Newsmax. If you’re a Republican member of Congress, that’s perfectly acceptable. They’re the ones who thought President Obama was launching class warfare against the rich by trying to restore the tax rate for the wealthiest Americans. They succeeded in blocking tax reform and a jobs bill, but failed to understand the simple reality—if there is class warfare, it is being waged by the elite greedy and their Congressional lackeys.

 Herman Cain, Fox TV pundit Sean Hannity, and others from the extreme right wing said the protestors are un-American, apparently for protesting corporate greed. The Occupy Wall Street protestors aren’t un-American; those who defend the destruction of the middle class by defending greed, and unethical and illegal behavior, are.

 [Walter Brasch is an award-winning syndicated columnist, and the author of 17 books. His latest book is Before the First Snow, a social issues mystery set in rural Pennsylvania.]

 

 

 

OCCUPY WALL STREET: Separating Fact from Media

 

By Walter Brasch

 

Newspaper columnist Ann Coulter, spreading the lies of the extreme right wing, called the Occupy Wall Street protestors, “tattooed, body-pierced, sunken-chested 19-year-olds getting in fights with the police for fun.” She claimed the protestors, now in the thousands in New York, are “directionless losers [who] pose for cameras while uttering random liberal clichés lacking any reason or coherence.” (Several hundred thousand of these “directionless losers” are expected to attend rallies in more than 650 cities, Oct. 15.)

Rep. Eric Cantor (R-Va.), House majority leader, called the protest nothing more than “growing mobs,” completely oblivious to his myriad statements that he supports “mobs” when they are from the Tea Party. Republican Presidential candidate Mitt Romney, tacking as far right as possible to avoid anyone thinking he was once a moderate, called the protest “dangerous.”

Republican presidential contender Herman Cain, in a moment that demonstrated how out of touch he is with the economic reality of the five-year recession, argued, “Don’t blame Wall Street, don’t blame the big banks; if you don’t have a job and you’re not rich, blame yourself!”

Glenn Beck, too irrational even for Fox News, which terminated him less than two years after it tried to make him a TV superstar, told his radio audience, the protestors “will come for you and drag you into the streets and kill you.”

Lauren Ellis of Mother Jones, at one time a cutting edge magazine for social justice, believed that the protestors have a “lack of focus.” Washington Post columnist Charles Krauthammer, wrote, “A protest without an objective is like a party or a picnic of the unemployed and the indolent. Unless you have an objective, what are you doing out there?”

First, let’s see just who these protestors really are. And then, let’s see what they stand for, since the mainstream media, of which Fox News is an entrenched part, don’t seem to be getting the message from the people.

The protestors rightly say they are part of the 99 percent; the other one percent have 42 percent of the nation’s wealth, the top 20 percent have more than 85 percent of the nation’s wealth, the highest accumulation since 1928, the year before the Great Depression. Even the most oblivious recognize the protestors as a large cross-section of America. They are students and teachers; housewives, plumbers, and physicians; combat veterans from every war from World War II to the present. They are young, middle-aged, and elderly. They are high school dropouts and Ph.D.s. They are from all religions and no religion, and a broad spectrum of political views.

 Support has come from senior politicians with very different philosophies. Vice President Joe Biden believes the protests are because “In the minds of the vast majority of the American–the middle class is being screwed.” Rep. Ron Paul (R-Texas), unlike a vast majority of Republican politicians, stated, “If they were demonstrating peacefully, and making a point, and arguing our case, and drawing attention to the Fed—I would say, ‘good!’”

 Second, like all protests, there are different opinions within the ranks. But, there is a core of beliefs. The protestors are fed up with corporate greed that has a base of corporate welfare and special tax benefits for the rich. They support the trade union movement, Medicare and Social Security, affordable health care for all citizens, and programs to assist the unemployed, disenfranchised, and underclass. A nation that cannot take care of the least among us doesn’t deserve to be called the best of us.

They’re mad that the home mortgage crisis, begun when greed overcame ethics and was then magnified by the failure of regulatory agencies and the Congress to provide adequate oversight, robbed all of America of its financial security. During the first half of this year alone, banks and lending agencies have sent notices to more than 1.2 million homeowners whose loans and mortgages are in default status, according to RealtyTrak. Of course, less regulation is just what conservatives want—after all, their mantra has become, “no government in our lives.”

The protestors are mad that the wealthiest corporations pay little or no taxes. They point to the Bank of America, part of the mortgage crisis problem, which earned a $4.4 billion profit last year, but received a $1.9 billion tax refund on top of a bailout of about $1 trillion. They look at ExxonMobil, which earned more than $19 billion profit in 2009, paid no taxes and received a $156 million federal rebate. Its profit for the first half of 2011 is about $ 21.3 billion.

They rightfully note that it is slimy when General Electric, whose CEO is a close Obama advisor, earned a $26 billion profit during the past five years, but still received a $4.1 billion refund.  

They’re mad that the federal government has given the oil industry more than $4 billion in subsidy, although the industry earned more than $1 trillion in profits the past decade.

They’re mad that Goldman Sachs, after receiving a $10 billion government bailout, and a $2.7 billion profit in the first quarter of 2011, shipped about 1,000 jobs overseas. During the past decade, corporations, which have paid little or no federal taxes, have outsourced at least 2.4 million jobs and are hoarding trillions which could be used to spur job growth and the economy.

They’re mad that corporations that took federal bailout money gave seven-figure bonuses to their executives.

They’re mad that the U.S., of all industrialized countries, has the highest ratio of executive pay to that of the average worker. The U.S. average is about 300 to 475 times that of the average worker. In Japan, Germany, France, Italy, Canada, and England, the average CEO earns between 10 and 20 times what the average worker earns, and no one in those countries believes the CEOs are underpaid.

 They’re mad that 47 percent of all persons who earned at least $250,000 last year, including about 1,500 millionaires, paid no taxes, according to Newsmax. If you’re a Republican member of Congress, that’s perfectly acceptable. They’re the ones who thought President Obama was launching class warfare against the rich by trying to restore the tax rate for the wealthiest Americans. They succeeded in blocking tax reform and a jobs bill, but failed to understand the simple reality—if there is class warfare, it is being waged by the elite greedy and their Congressional lackeys.

 Herman Cain, Fox TV pundit Sean Hannity, and others from the extreme right wing said the protestors are un-American, apparently for protesting corporate greed. The Occupy Wall Street protestors aren’t un-American; those who defend the destruction of the middle class by defending greed, and unethical and illegal behavior, are.

 [Walter Brasch is an award-winning syndicated columnist, and the author of 17 books. His latest book is Before the First Snow, a social issues mystery set in rural Pennsylvania.]

 

 

 

OCCUPY WALL STREET: Separating Fact from Media

 

By Walter Brasch

 

Newspaper columnist Ann Coulter, spreading the lies of the extreme right wing, called the Occupy Wall Street protestors, “tattooed, body-pierced, sunken-chested 19-year-olds getting in fights with the police for fun.” She claimed the protestors, now in the thousands in New York, are “directionless losers [who] pose for cameras while uttering random liberal clichés lacking any reason or coherence.” (Several hundred thousand of these “directionless losers” are expected to attend rallies in more than 650 cities, Oct. 15.)

Rep. Eric Cantor (R-Va.), House majority leader, called the protest nothing more than “growing mobs,” completely oblivious to his myriad statements that he supports “mobs” when they are from the Tea Party. Republican Presidential candidate Mitt Romney, tacking as far right as possible to avoid anyone thinking he was once a moderate, called the protest “dangerous.”

Republican presidential contender Herman Cain, in a moment that demonstrated how out of touch he is with the economic reality of the five-year recession, argued, “Don’t blame Wall Street, don’t blame the big banks; if you don’t have a job and you’re not rich, blame yourself!”

Glenn Beck, too irrational even for Fox News, which terminated him less than two years after it tried to make him a TV superstar, told his radio audience, the protestors “will come for you and drag you into the streets and kill you.”

Lauren Ellis of Mother Jones, at one time a cutting edge magazine for social justice, believed that the protestors have a “lack of focus.” Washington Post columnist Charles Krauthammer, wrote, “A protest without an objective is like a party or a picnic of the unemployed and the indolent. Unless you have an objective, what are you doing out there?”

First, let’s see just who these protestors really are. And then, let’s see what they stand for, since the mainstream media, of which Fox News is an entrenched part, don’t seem to be getting the message from the people.

The protestors rightly say they are part of the 99 percent; the other one percent have 42 percent of the nation’s wealth, the top 20 percent have more than 85 percent of the nation’s wealth, the highest accumulation since 1928, the year before the Great Depression. Even the most oblivious recognize the protestors as a large cross-section of America. They are students and teachers; housewives, plumbers, and physicians; combat veterans from every war from World War II to the present. They are young, middle-aged, and elderly. They are high school dropouts and Ph.D.s. They are from all religions and no religion, and a broad spectrum of political views.

 Support has come from senior politicians with very different philosophies. Vice President Joe Biden believes the protests are because “In the minds of the vast majority of the American–the middle class is being screwed.” Rep. Ron Paul (R-Texas), unlike a vast majority of Republican politicians, stated, “If they were demonstrating peacefully, and making a point, and arguing our case, and drawing attention to the Fed—I would say, ‘good!’”

 Second, like all protests, there are different opinions within the ranks. But, there is a core of beliefs. The protestors are fed up with corporate greed that has a base of corporate welfare and special tax benefits for the rich. They support the trade union movement, Medicare and Social Security, affordable health care for all citizens, and programs to assist the unemployed, disenfranchised, and underclass. A nation that cannot take care of the least among us doesn’t deserve to be called the best of us.

They’re mad that the home mortgage crisis, begun when greed overcame ethics and was then magnified by the failure of regulatory agencies and the Congress to provide adequate oversight, robbed all of America of its financial security. During the first half of this year alone, banks and lending agencies have sent notices to more than 1.2 million homeowners whose loans and mortgages are in default status, according to RealtyTrak. Of course, less regulation is just what conservatives want—after all, their mantra has become, “no government in our lives.”

The protestors are mad that the wealthiest corporations pay little or no taxes. They point to the Bank of America, part of the mortgage crisis problem, which earned a $4.4 billion profit last year, but received a $1.9 billion tax refund on top of a bailout of about $1 trillion. They look at ExxonMobil, which earned more than $19 billion profit in 2009, paid no taxes and received a $156 million federal rebate. Its profit for the first half of 2011 is about $ 21.3 billion.

They rightfully note that it is slimy when General Electric, whose CEO is a close Obama advisor, earned a $26 billion profit during the past five years, but still received a $4.1 billion refund.  

They’re mad that the federal government has given the oil industry more than $4 billion in subsidy, although the industry earned more than $1 trillion in profits the past decade.

They’re mad that Goldman Sachs, after receiving a $10 billion government bailout, and a $2.7 billion profit in the first quarter of 2011, shipped about 1,000 jobs overseas. During the past decade, corporations, which have paid little or no federal taxes, have outsourced at least 2.4 million jobs and are hoarding trillions which could be used to spur job growth and the economy.

They’re mad that corporations that took federal bailout money gave seven-figure bonuses to their executives.

They’re mad that the U.S., of all industrialized countries, has the highest ratio of executive pay to that of the average worker. The U.S. average is about 300 to 475 times that of the average worker. In Japan, Germany, France, Italy, Canada, and England, the average CEO earns between 10 and 20 times what the average worker earns, and no one in those countries believes the CEOs are underpaid.

 They’re mad that 47 percent of all persons who earned at least $250,000 last year, including about 1,500 millionaires, paid no taxes, according to Newsmax. If you’re a Republican member of Congress, that’s perfectly acceptable. They’re the ones who thought President Obama was launching class warfare against the rich by trying to restore the tax rate for the wealthiest Americans. They succeeded in blocking tax reform and a jobs bill, but failed to understand the simple reality—if there is class warfare, it is being waged by the elite greedy and their Congressional lackeys.

 Herman Cain, Fox TV pundit Sean Hannity, and others from the extreme right wing said the protestors are un-American, apparently for protesting corporate greed. The Occupy Wall Street protestors aren’t un-American; those who defend the destruction of the middle class by defending greed, and unethical and illegal behavior, are.

 [Walter Brasch is an award-winning syndicated columnist, and the author of 17 books. His latest book is Before the First Snow, a social issues mystery set in rural Pennsylvania.]

 

 

 

Two tax votes reveal Republican priorities

The House of Representatives approved the Tax Extenders Act of 2009 on Wednesday by a vote of 241 to 181. As you can see from the roll call, all but ten Democrats voted for the bill. All but two Republicans (Walter Jones, NC-03 and Joseph Cao, LA-02) voted against it. After the jump I've posted more details about the business tax credits that would be extended if this bill becomes law.

On December 3, the House passed the Permanent Estate Tax Relief for Families Farmers and Small Businesses Act, which caps the estate tax at 45 percent and exempts estates worth up to $3.5 million (preserving this tax at 2009 levels). This bill passed with the support of 225 Democrats and zero Republicans (roll call here). If Congress had not acted, the estate tax would have been repealed in 2010 and then would have reverted to its 2001 level in 2011 (a 55 percent tax on estates valued above $1 million).

Republicans claim the so-called "death tax" is a burden to small business owners and farmers. In my own Congressional district, GOP candidate Jim Gibbons already used this canard in a press release targeting Representative Leonard Boswell, who voted for the estate tax bill. Right-wingers can't find any real-world families who had to sell the farm because of the estate tax. The Center on Budget and Policy Priorities has concluded (emphasis added),

If the 2009 estate tax rules are extended, only 100 small business and farm estates in the entire nation will owe any estate tax at all in 2011, according to the new estimates by the Tax Policy Center, and virtually none of those businesses and farms would have to be sold to pay the tax. [...]

Under 2009 law, the estates of more than 997 of every 1,000 people who die will owe no estate tax whatsoever. [...] In its latest analysis, the Tax Policy Center projects that only 0.25 percent of the estates of people who die in 2011 -- i.e., the estates of 1 of every 400 people who die -- will be subject to the estate tax if the 2009 estate tax rules are continued.

To sum up: Republicans are for saving farmers and small business owners from the so-called "death tax" that doesn't apply to them. But when they had a chance yesterday to extend tax credits affecting farms and small businesses, House Republicans said no.

Why am I not surprised?

There's more...

House Populists pushing Wall Street transaction fee bill

Members of the House Populist Caucus held a press conference on Thursday to endorse a bill that would "assess a small fee on Wall Street day traders to pay down the national deficit and invest in America's middle class families." From a press release issued by Populist Caucus Chairman Bruce Braley (IA-01):

"Our nation continues to be crippled by a struggling economy which has resulted in an astronomical unemployment rate of 10.2 percent," [Representative Peter] DeFazio [OR-04] said.  "The American taxpayers bailed out Wall Street during a crisis brought on by reckless speculation in the financial markets.  This legislation will force Wall Street to do their part and put people displaced by that crisis back to work." [...]

The legislation will assess a small securities fee on the following transactions:
·         Stock transactions (tax rate will be 1/4 of 1 percent--0.25%),
·         Futures contracts to buy or sell a specified commodity of standardized quality at a certain date in the future, at a market determined price (tax rate will be 0.02%),
·         Swaps between two firms on certain benefits of one party's financial instrument for those of the other party's financial instrument (tax rate will be 0.02%)
·         Credit default swaps where a contract is swapped through a series of payments in exchange for a payoff if a credit instrument (typically a bond or loan) goes into default (fails to pay) (tax rate will be 0.02%),
·         And options, which are contracts between a buyer and a seller that gives the buyer the right, but not the obligation, to buy or to sell a particular asset on or before the option's expiration time, at an agreed price (at the rate of the underlying asset).

To ensure the tax is appropriately targeted to speculators and has no impact on the average investor and pension funds, the tax will be refunded for:

1)      tax-favored retirement accounts,

  1.      education savings accounts,
  2.      health savings accounts,
  3.      mutual funds and,
  4.      the first $100,000 of transactions annually that are not already exempted.

Braley spokeswoman Caitlin Legacki told me that as of this morning, the bill has 21 co-sponsors, 14 of whom belong to the Populist Caucus.

The bill has at least one champion in the Senate. HELP Committee Chairman Tom Harkin appeared with Populist Caucus members at yesterday's press conference. I don't know whether any Democrat on the Senate Finance Committee is willing to push for this measure.

I haven't seen any reaction yet from the Obama administration. Supporting this bill should be an easy call, but my hunch is that Treasury Secretary Timothy Geithner and senior presidential adviser Larry Summers will have Wall Street's back on this one. Here's hoping I am wrong about that.

There's more...

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