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Rand Vs Clinton, Weak Sauce!

January 24, 2013 1 comment

Rand Paul lives up to his reputation as an ill-informed and unworthy Senator with his ridiculous statement that the Benghazi event was the “worst tragedy since 911″. I mean really? There have been a myriad of events since 911 that are more tragic, in every way than the Benghazi tragedy, but these are a few; CT shooting, record number of military suicides, Anthrax attacks by mail, Hurricane Katrina and Sally, his election, the BP spill, the list could go on and on. Hyperbolic much Mr. Paul?It is tragically laughable that his political points trumps his moral fiber. The point is, one does not have to overstate an event to give it worth. The Benghazi attack and killing were terrible and a tragedy that I wish could have been prevented, but to over inflate it in order to have your political Kabuki theatrer is sad and very unbecoming of  an elected senator.

benghaziRand Paul opened himself up to a bit of political thrashing with the following “Had I been president at the time and I found that you did not read the cables from Benghazi…. I would have relieved you of your post.” Clinton’s  reply was statesman-like and profession, as one would expect of her. The great thing is that Americans are being more informed, insightful  and progressive and this is the reason that Rand Paul will live the political life of Mitt Romney, as in he will never be President. I think that he is missing the fact that the Republican party cut funding for protection of the embassies abroad; another inconvenient truth. Read more…

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Dodd-Glass-Frank-Steagall, Gramm-Leach-Bliliey?

dodd_frank_signing-300x202The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) has its merits but  is, without doubt, no Glass Steagall. A bit of history is in order to get a real understanding as to why the Dodd-Frank Act is lacking in many ways. In reply to the devastating damage done by the “First Great Republican Depression” (FGRD) of 1929, Congress enacted the Glass–Steagall Act of 1933. Glass-Steagall established a formidable barrier between Investment banking and mortgage banking.

The Glass-Steagall Act protected the interest of home owners and solidified the foundational underpinnings of our financial institutions. Glass-Steagall protected the nation from the infinite greed of the market for the next 66 years without a major crash of our financial institution  That is until the Republicons and Clinton, in their economic stupidity, decided that the markets needed to be opened back up to deregulation, unfettered greed, and speculation/market distortion (derivatives, more on that in another blog) that created the first Great Republican Depression.

Glass-Steagall had some beautiful and simple economic principles that can be summed up by describing 4 of its key provisions.

  • One, it prohibited Federal Reserve member banks and deposit-taking banks from purchasing securities established by the moneys of its depositor and also restricted any purchases of said securities up to 10 per cent of its capital and surplus. This provision prevented banks acts that endangered the bank itself, the banking system, and the public at large from high risk activities.
  • Two,  it prohibited a mortgage banks from having interlocking owners/board members, closing officers, or employee relationships with an investment/commercial bank principally engaged’ in securities underwriting and distribution and the inherit risk therein. It established an affiliation divide between mortgage banks and commercial banks.
  • Three, it allowed commercial/investment banks to purchase, float, and sell securities directly, without restriction, solely on the order of and for the account of customers and itself. Read more…

America Has The Highest Corporate Rates In The World! REALLY!!??

December 4, 2012 1 comment
2012-12-04_1357

Tax to GDP Ratios in the OECD area, 1975 to 2009
CLICK TO ENLARGE!!

In the vast caverns of the Republicon/corporate political ecosystem one will hear that constant bombardment of “America has the highest corporate rates in the world” which is true if you only look at the surface numbers. Surface facts are often used to miss-lead the American populace into subscribing to policies and doctrines that only benefit the 1 to 5 percent of America. Conserva-Dems, Republicons, and the corporate trolls find this lie particularly pleasing to utter.

With all due respect, Republicons are masterful at getting around 45% of Americans to believe things that are just factually untrue and economic disasters except when used as a form of upward wealth extraction. Some of the near and dear ones to the wallets of the financially elite are “Death tax“, “death panels“, “job creators“, “tax cuts equates to job growth“, “war on Christmas“, “welfare queens“, “makers and takers“, and “freedom (in terms of Healthcare and social Security)”. The bevies of deceitful terms that are in common use today by those calling themselves “conservatives” are endless; see Thom Hartmann’s book “Cracking The Code” for further enlightenment. These phrases may come off the tongue smoothly, but what do they mean by them and what has been the proven result of following this ideology?  As the saying goes “figures don’t lie, but any liar can figure”! Resisting the urge to go into a rant about all of those misleading words; they are another subject, for another blog, on another day!

Republicons and corporate toadies will not miss an opportunity to utter “the US has the highest tax rates among OECD (Organisation for Economic Cooperation and Development) countries in the world”, but this political talking point is an easily dis-proven phrase. Now the mere utterance of that phrase is not untrue, but it conveniently fails to disclose the truth behind the phrase. While America’s corporate tax rate is the highest among the top developed countries in terms of the number, maxing out at 35%. America has the lowest actual paid rate in the developed world, as a percentage of Gross Domestic Product (GDP) America is dwarfed by other countries. This simply means that America collects the least amount of tax dollars than all but 2 of the OECD countries. Read more…

American Debt and Who got Us Here!

Prior to 1980 America had never reached a debt of one Trillion dollars, but with the election of  Ronald Reagan we passed that mark and then some.  When Ronald Reagan took office our national debt was a mere 900 billion dollars; give or take a few hundred million dollars. Reagan ushered in the theory called “Reaganomics” which would be later referred to as “Trickle Down Economics” (see; http://www.econlib.org/library/Enc/SupplySideEconomics.html) but by either name it set in motion an approach to monetary policies that would devastate America, but I digress.

Reagan’s presidency ushered in Reaganomics which was an approach that relied on 3 key policy/fiscal foundations; tax cuts which reduced the operational capital of government, deregulation which opened up corporate welfare and corruption, and the role of government to that of noninterference (which is how Republicons referred to government protections from corporations and money’ed interests). America believed that Reaganomics would increase investments by the wealthy in the job market and in turn would stimulate prosperity for all. I refer to this as “trickle on economics” but again I digress. Reagan would  go on to deregulate savings and loans markets; he reduced taxes, increased military spending which directly led the stock market crash in 1987. The start of deregulation of banking and investment markets by Reagan,  and the administrations that would continue this approach, would come to roost later in American history but I will cove that later. This approach would take  the debt from 930 billion to 2.6 trillion in a mere 8 years or $10,058.90 per capita for a population of 258,709,873. I would again note that this had not happened since the start of America until Reagan’s presidency. The Reagan administration increased debt by roughly 2 trillion over an 8 year period which is an increase of 189% of the debt he inherent-ed; just WOW!

Reagan set the table for economic policies that would be adopted in large parts and small from this point forward. Bush Sr. (Reagan’s vice-president) would be elected in 1989 and continue the “trickle down economic policies of Reagan and would fare no better than his predecessor  Bush Sr. would lead the country to an economic collapse and end his one term presidency with the nation in debt for a staggering 4 trillion dollars or $4,064,620,655,521.66 to be exact. This result was in spite of him raising taxes in 1992 in order to curtail the disastrous fiscal policies he continued from Reagan. You would think that Bush would have learned from Reagan’s fiscal FAIL, but Republicons (I refuse to call them “conservatives”; there is nothing conservative about them) did not learn and America was fooled by slogans and propaganda that still exists today; and again I digress. I think that you are starting to see that I digress a lot, but what can I say I have a lot of un-expressed political history in my head. So now we are at the 4 Trillion debt mark. The Bush Sr. administration increased debt by roughly 2 trillion over an 4 year period. Supply Side Economics and Republicon governance quadrupled the national debt to over $4 trillion in twelve years (1980-1992) and they call themselves “conservatives”! Bush Sr’s administration governed over an increase of the U.S. debt of what would equal an 55% increase in just one term; I dare to speculate that with another term he would have nearly equaled Reagan’s debt disaster! That’s right I said it.

Read more…

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