Goldman Sachs Group, Inc.
94.94 0.24 (0.25%)
Even Goldman Sachs, the well-known investment bank, now could be headed toward recording its second quarterly loss in a dozen years -- its first quarterly loss since the financial crisis -- according to a report in The Wall Street Journal. ...
JP Morgan Chase & Co.
Common St (NYSE: JPM )
29.60 0.01 (0.03%)
28.53 - 48.36
The glitter might just be coming off and the old saying "what goes around, comes around" might just be taking effect. Even in terms of employment, GS has lost its luster as a recent report indicated that GS was no longer the "best" place to work on Wall Street.
Unfortunately, that honor went to another cohort - J.P. Morgan. But, they too shall fall from grace as the people in this country (and around the world) begin to wake up. The pending crisis in Europe will also be traced back to our two favorites above. When those in Europe wake up there will be no where to run.
Even as these two companies expand their operations in China, the Chinese will not be fooled by them either. They know full well who the main players were in the worldwide economic crisis. China's large stake in our country will diminish as a result and I believe that China will not take it sitting down.
|Picture by Fred R. Conrad/The New York Times|
The Social Contract
By PAUL KRUGMANThis week President Obama said the obvious: that wealthy Americans, many of whom pay remarkably little in taxes, should bear part of the cost of reducing the long-run budget deficit. And Republicans like Representative Paul Ryan responded with shrieks of “class warfare.”
As background, it helps to know what has been happening to incomes over the past three decades.
Detailed estimates from the Congressional Budget Office — which only go up to 2005, but the basic picture surely hasn’t changed — show that between 1979 and 2005 the inflation-adjusted income of families in the middle of the income distribution rose 21 percent. That’s growth, but it’s slow, especially compared with the 100 percent rise in median income over a generation after World War II.Read More...click here
Meanwhile, over the same period, the income of the very rich, the top 100th of 1 percent of the income distribution, rose by 480 percent. No, that isn’t a misprint. In 2005 dollars, the average annual income of that group rose from $4.2 million to $24.3 million.
So do the wealthy look to you like the victims of class warfare?
About Mr. Krugman:
Paul Krugman joined The New York Times in 1999 as a columnist on the Op-Ed Page and continues as professor of Economics and International Affairs at Princeton University.
Mr. Krugman received his B.A. from Yale University in 1974 and his Ph.D. from MIT in 1977. He has taught at Yale, MIT and Stanford. At MIT he became the Ford International Professor of Economics.Read More...click here
The question of taxation is a large one. There is no doubt that our entire tax code must be re written, amended and shortened. I for one am in favor of a flat rate tax on everyone. Keep it simple and keep it low. However, I must admit, I do not know the answer and am not in the same league with Mr. Krugman - not even in the same hemisphere as he.
But what I do know and am expert at is living life as a middle class American. I am expert in knowing that the financial crisis had a very devastating affect on me and my family. I am expert in knowing that it is difficult to survive with the costs of basic necessities of life - food, lodging, fuel, telephone service and more rising with no real reason I can see other then the "greed" factor of corporations in this country today.
But in my expert opinion as a middle classer living life in the U.S. today, I must admit that Mr. Krugman does point out some very interesting stats that makes a good argument for class warfare.
I also see how the Republicans seem to be leading the charge and are the aggressors but the Democrats are equally leading the charge as aggressors as well.
We all know that our politicians are obligated to their benefactors - their campaign contributors. We know that both sides Dems and Repubs have large corporate benefactors that they need to "report" to. We also know that these large corporations - like the one we fight against here - employ those wealthy Americans that pay relatively little in taxes compared to the diminishing middle class.
Through their greed and often ill gotten corporate gains, these wealthy Americans - leaders of our many Too Big To Fail corporations derive their wealth as a direct result of "the fleecing of America" - the middle class".
According to new estimates by the nonpartisan Tax Policy Center, one-fourth of those with incomes of more than $1 million a year pay income and payroll tax of 12.6 percent of their income or less, putting their tax burden below that of many in the middle class.Again, I offer no real solutions for the tax issue, nor do I take a partisan stand on this or any other issue. Where I stand is on seeing an end to this "class warfare" and "political warfare". Let us right the wrongs of the past, address the issues of the day and allow justice to work as it was meant to in this country.
We must stop the fleecing of America once and for all. Allow price gouging laws to be enforced. Enforce price fixing laws and prosecute those who violate these and other laws. End the greed that empties the coffers of our once great middle class and allow our kids the opportunities that once existed. Bring us back to a time when true prosperity flourished by hard work, manufacturing and services. The paper profit games that only a few can play must end as does the paper purchase (easy credit) game that further strips our economy of real value and at the same time further destroys our middle class.