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Great Recession’s bite lives on

May 31, 2013

WASHINGTON (AP) — The average U.S. household has a long way to go to recover the wealth it lost to the Great Recession, a report by the Federal Reserve Bank of St. Louis concluded Thursday....

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(17)

Whizzywhig

May-31-13 12:09 PM

The rich, democrats and republicans alike,

their businesses and corporations

have lobbied congress for over 80,000 pages of tax code coddling, that would

ENABLE

the rich, republicans and democrats, their businesses and corporations,

to keep, and

INCREASE,

their revenues and asset accounts….

Meanwhile, back in the toilet,

legal, wage-earning Americans receive

ONLY one (1) page of tax saving IRS code

to hold unto their wealth and

ultimately DECREASE their assets, when they file the regular or EZ versions of the 1040 form.

80,000 pages of IRS tax code coddling for the rich, while

legal, wage-earning, taxpaying Americans

receive one (1) page of IRS tax code breaks in the form of tax code coddling. . .

Go figure !

80,000 pages to one, them's not bad odds....

for the rich, republicans, democrats, and their businesses and corpoprations !

4 Agrees | 2 Disagrees | Report Abuse »

Whizzywhig

May-31-13 12:14 PM

During this period,

only the rich got richer, and the poor and middle-class,

got poorer,

and the rich all-the-while, lobbyed to pile on more taxes for wage-earners,

while they escape to the bank, paying nearly nada, zip, zero, dollars in the way of taxes, and receiving huge refunds or tax credits along the way!

How long will it take to REGAIN what wage earning, Legal, Americans LOST over those intervening years, since ‘outsourcing’ became the mantra for these people?

Let alone, the gain necessary, to return to our former pay and income revenues ?

3 Agrees | 2 Disagrees | Report Abuse »

Whizzywhig

May-31-13 12:15 PM

Bull Roar !

So, now THEY would exclaim that it’s merely a Great Recession?

When, in fact, it’s the mother-of-all DEPRESSIONS,

not a mere great depression!

80,000 to one (1), them’s not bad odds…

anything, to avoid the appearance of organized and legalized rape of Legal, Wage-earning Taxpaying citizens,

by the rich, for the rich republicans, democrats, their businesses and corporations.

4 Agrees | 2 Disagrees | Report Abuse »

frogleggs

May-31-13 12:44 PM

The top recipient of cash from the two industries (lobbyists for the finance industry) so far this year is

Rep. Jeb Hensarling (R-Texas), the chairman of the committee, who has picked up $140,400.

The top Democrat on the committee, Rep. Maxine Waters (D-Calif.),

who has criticized the legislation in question, received only $6,000.

The bill, the Swaps Regulatory Improvement Act (H.R. 992),

was sponsored by committee member Randy Hultgren (R-Ill.),

who has received $50,100 from commercial banks and the securities and investment industry, the majority of which came from individuals rather than PACs.

One of his co-sponsors, who defended the legislation to the Times, is Rep. Jim Himes (D-Conn.)

who took in a similar amount from the two industries -- about $47,700.

2 Agrees | 3 Disagrees | Report Abuse »

frogleggs

May-31-13 12:46 PM

Whiz,

you’re on target…

Here is a small excerpt from the center for responsive politics citing the manner in which the rich and their lobbyists write legislation,

and then their OWN elected puppets enact these very words into their self-serving legislation and tax breaks:

Banking industry lobbyists helped members of the House Financial Services Committee craft a bill loosening regulators' oversight of various types of trading, with lobbyists from Citibank playing a large role in the process,

according to a report in today's New York Times.

Seventy-one of the 80 lines in a bill recently approved by the panel were written with the assistance of lobbyists for major banks, the report said,

which is based on emails reviewed by the paper's reporters;

two paragraphs were copied from the lobbyists

nearly word-for-word.

2 Agrees | 3 Disagrees | Report Abuse »

BravesRock

Jun-01-13 2:49 AM

Whiz and Froggy, you are SO predictable. I knew it wouldn't take long for you to chime in and blame everything on "the rich and the corporations." I can't believe you failed to mention your other favorite whipping-boy, ALEC.

1 Agrees | 3 Disagrees | Report Abuse »

Whizzywhig

Jun-01-13 10:58 AM

This is not the first time that the financial industry has shaped financial reform laws for Congress.

Citigroup was a central player in the 1999 repeal of the

Depression-era law called the Glass-Steagall Act

that forced banks not to engage in investment activities.

Its lobbyists flooded Capitol Hill for that fight.

"Citigroup was the bank that administered the coup de grace to Glass-Steagall,".

Citigroup's drafting of the anti-push-out measure fits into

"a long history of things being written by industry—and that generally has not worked out very well,".

This isn’t good news for wage-earning citizens.

BravesRock -Not,

When will you absorb reality, and not ignore history and the real reality the rest of us live?

2 Agrees | 0 Disagrees | Report Abuse »

Whizzywhig

Jun-01-13 11:01 AM

Citigroup was not able to get the measure passed before the end of the last Congress,

but its allies on Capitol Hill reintroduced it this year.

Citi's move to expand the types of derivatives it can trade

comes as banks have increasingly been shifting derivatives out of their investment banking divisions (which aren't backed by FDIC insurance)

and into taxpayer-backed entities.

"The rule is needed more than ever," says an expert on financial reform at the Roosevelt Institute.

The financial services committee passed the Citi-written bill on a 53-to-6 vote;

all the "NO"

votes came from Democrats.

2 Agrees | 0 Disagrees | Report Abuse »

Whizzywhig

Jun-01-13 11:04 AM

"The big banks support [the bill] because

it means that they'll get to keep the public subsidy"

—FDIC insurance and the implicit promise of a taxpayer bailout—"to their derivatives-dealing business," explained Marcus Stanley,

the policy director at Americans for Financial Reform.

The origins of the Citigroup proposal date back to 2011,

when several large banks fought to repeal the push-out rule entirely.

When it became clear that full repeal couldn't pass,

Citigroup pitched an alternative:

allow banks to use FDIC-insured money to bet on almost anything they wanted.

It proposed letting banks keep most types of derivatives trading in-house,

requiring only that derivatives based on certain pools of assets,

such as mortgages, be moved into separate entities.

2 Agrees | 0 Disagrees | Report Abuse »

Whizzywhig

Jun-01-13 11:05 AM

Five banks—

Citigroup,

JPMorgan

Chase,

Goldman Sachs,

Bank of America, and

Wells Fargo

—control more than 90 percent of the

$700 trillion derivatives market.

2 Agrees | 0 Disagrees | Report Abuse »

Whizzywhig

Jun-01-13 11:06 AM

In this instance,

members of Congress and a band of lobbyists have been caught red-handed,

and Mother Jones has obtained the Citigroup draft that is practically identical to the House bill.

Side-by-side comparison, reveals the lobbyists for Citigroup really earned their pay on this job.

The bill is sponsored by Republican and Democratic members—Randy Hultgren (R-Ill.), Jim Himes (D-Conn.), Richard Hudson (R-NC), and Sean Patrick Mahoney (D-NY)—

and its passage would be great news for Citi and other financial titans.

2 Agrees | 0 Disagrees | Report Abuse »

Whizzywhig

Jun-01-13 11:09 AM

Bravesrock-NOT,

If reality hit you between the eyes, you wouldn't recognize the fact.

When will you absorb reality, and not ignore history and the real reality the rest of us live?

On Friday, the New York Times reported on the front page

that Citigroup drafted most of a House bill that would allow banks to engage in risky trades backed

byyet another potential taxpayer-funded bailout.

The Times notes that "Citigroup’s recommendations were reflected in

more than 70 lines of the House committee’s 85-line bill."

Special-interest lobbyists more often play a role in writing legislation on the Hill,

but such pork-sausage-making,

is rarely revealed to the public when the media isn't controlled by the rich and their corporations.

2 Agrees | 0 Disagrees | Report Abuse »

frogleggs

Jun-01-13 2:07 PM

Braves rock,

You’re the typical person that relates better to the problem makers,

than to the people who have to bear the brunt of their greed.

Braves rock,

You and your greedy

ilk

are the

PROBLEM .

AND

You will never admit or understand your intransigence

to renege on your misconceptions.

1 Agrees | 0 Disagrees | Report Abuse »

frogleggs

Jun-01-13 2:09 PM

all,

of you naysayers,

still are convinced

the world

is

flat...

Get into the sphere of reality.

1 Agrees | 0 Disagrees | Report Abuse »

Whizzywhig

Jun-14-13 1:32 PM

The ONLY WHIPPING BOY,

you can surely be referring to

is the legal, wage-earning, American voters and taxpayers !

Does it not matter to you, one iota,

That these people are handing these model bills to our supposed legislators,

who enact these bills into laws that are a

DETRIMENT,

To working men and women, legal citizens, of these United States?

Do you not have the intelligence to admit that this is WRONG ?

Quoting your very own dopey thinking:

“Whiz and Froggy,

you are SO predictable. I knew it wouldn't take long for you to chime in and blame everything on "the rich and the corporations."

Quoting from your FOOL

Palaver:

I can't believe you failed to mention your other favorite whipping-boy, ALEC. “

I say to you...

you are a poor miserable excuse for a democratically run republican country.

0 Agrees | 0 Disagrees | Report Abuse »

Whizzywhig

Jun-14-13 1:33 PM

Rocking Bravesrock,

When you chastise the whiz and frog,

does it not matter to you one iota,

that the American Legislative Exchange Council, ALEC,

is supported by the richest of the rich, and by their corporations…

(who just happen to have a REPUBLICAN bend)

SOLEY,

For the purpose of writing, crafting, and concocting legislation

that is for their SOLE BENEFIT ?

“WHIPPING BOY” ?

Surely you do not have me mixed up with your own rabid thinking.

0 Agrees | 0 Disagrees | Report Abuse »

Whizzywhig

Jun-14-13 1:36 PM

braverocks,

IOTA:

1. The ninth letter of the Greek alphabet.

2. A very small amount;

a bit:

not an iota of truth OR intelligence in your thinking.

0 Agrees | 0 Disagrees | Report Abuse »

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