Tag: Wealthy

Oligarchs Rule!

More good news for the nation (sarcasm)…….

We hear a lot about oligarchy these days…..the oligarchs ruling Russia….even they control everything here in the good old US of A.

There is some disturbing news out there…..things are NOT getting any better for us mere mortals…..the oligarchs will control 70% of the wealth very very soon…..

America’s rich just won’t quit getting richer, according to a new study released in mid-June by the Boston Consulting Group (BCG), a global management consulting firm. The study, which seeks to analyze the global wealth management industry, as well as the evolution of private wealth, uncovered some startling statistics that suggest that global financial inequality will grow significantly by the year 2021.

The firm found that the already massive gap between the world’s wealthy elite – the approximately 18 million households that hold at least more than $1 million in assets – and everyone else is continuing to widen at a remarkable rate. The estimated 70 million people who make up these households were found to control 45 percent of the world’s $166.5 trillion in wealth. And in just four more years, it is estimated that they will control more than half of the world’s wealth, despite representing less than 1 percent of the world’s current population.

Source: America’s Oligarchs Will Control 70% Of National Wealth By 2021

So if you buy into the slogan America First then you are being duped…..it should be….Greed First, People Last.

And it is only getting worse with each election…..soon we will be a country of slaves and masters…..thank GOD I am old!

Bowing to America’s Oligarchs

Ever noticed that the media has no problem calling out “oligarchs” in other countries but for some reason seem to remain silent on the ones here in the US….as if we do not have them…..after all we are a republican democracy….

The people in this country know we have these parasites but our media is working tirelessly to convince us that we are immune to such diseases.

Apparently, other countries, but not the U.S., have oligarchs. Billionaire and Commerce Secretary Penny Pritzker came and went to the National Press Club with hardly a tough question on Monday.

I’d submitted several questions, but first a word on the choreography of the event: Virtually every “news maker” event I recall seeing at the Press Club had the speaker at the head table which is on a stage a few feet up, speaking at a podium. This event, it was just her and the moderator, Press Club President Thomas Burr on two cushy chairs on the stage, with the “head table” below them. Whether this was to elevate the two of them, save her the trouble of having prepared remarks, or perhaps a new thing, an attempt to cast the billionaire in a more casual light — inspired by Davos-type events — I don’t know. But it was weird. [See video and PDF.]

Source: Bowing to America’s Oligarchs – Consortiumnews

America cannot move forward until a solution to this problem is created…..

How the Rich Control Policymaking

It is election time and we Americans are doing what we always do……we blame the rich for all the bad decisions that this country makes.  Even though we hear that we have a voice and we can be heard if we interact with our representatives…….well sports fans that is damn right FALSE!

How many times have you heard your Congress person say that they need to hear from you so that they may lay out the proper tract for any issue?

The truth is that your voice is very low and almost none existent…..the rich control the policymakers…..I know we all know this already……but how do they control the process?

New research shows the power of the wealthiest Americans to impose their preferences….

The United States of America is a democratic country. Over the past few decades, however, important questions about policy and budgets have been decided overwhelmingly against the interests and preferences of the middle and working classes. When the preferences of the rich and the middle class come into conflict, the rich tend to win.

Matt Grossmann, a political scientist and the director of the Institute for Public Policy and Social Research at Michigan State University, is working on a project to expand upon the work of Martin Gilens and Benjamin Page, whose bombshell paper last year revealed the impact of economic inequality on public opinion in the U.S. As part of his research, Grossmann examined 50 proposals in the Gilens data set on which opinions between the wealthiest Americans and the median voter diverged the most.

Source: How the Rich Control Policymaking | Al Jazeera America

We can bitch about this from now until the cows go to Benghazi……for it will not change….why?  Americans do not truly want it to change.  Proof?  Just look at the voting for the last 25 years….your answer is there.

What’s The Angle?

I recall a few years back when multi-millionaire Warren Buffet announced that he would give away his fortune……I thought “what a nice guy” and then I thought “what’s the angle”?

Then shortly after Buffet’s announcement came a similar one from Gates……that he would donate his fortune to help others not so fortunate….and again I thought “what’s the angle”?

Just this week another multi-millionaire has announced a similar desire for his fortune…….and again I asked that same question…..something smells like bad fish…….

The announcement by Mark Zuckerberg and wife Priscilla Chan Zuckerberg that they’ll donate 99% of their Facebook shares—$45 billion at today’s value—to a foundation they created with the birth of their daughter isn’t being met with universal praise. Some examples:

  • ‘Big waste’: “It sounds angelic, but it will probably end up being, mostly, a big waste,” writes Sam Biddle at Gawker. For one thing, the money is going to the Zuckerbergs’ own foundation instead of, say, Oxfam, and the broad goals of “advancing human potential and promoting equality” are mushy. “Does anyone really want to experience ‘100 times more than we do today,’ whatever that entails?” asks Biddle. “Do you want to be ‘connected’ to literally every ‘idea’ and ‘person’ in the world? This is a technocrat’s dream and an actual normal human being’s nightmare.” It’s emblematic of the code-fixes-all philosophy of Silicon Valley, “and Zuckerberg’s massive giveaway will clearly be predicated on that conceit.” Here’s the full piece, whose headline refers to Zuckerberg’s “blinkered worldview.”
  • Imperial roots’: This kind of giving perpetuates inequality and smacks of imperialism, writes Devon Maloney at the Guardian. The “rich are still effectively buying the future they’d like to see, no matter how selfless their intentions may be,” she writes. “International philanthropy and the western world’s desire to eradicate poverty and disease can’t ever truly rid themselves of their imperialist roots.” Maloney also cites the “white savior industrial complex” in the full piece.
  • More on that: A writer at Forbes pushes back hard against the Guardian piece, calling it a “misunderstanding of economics,” while the Washington Post recalls a German billionaire’s argument that having the rich, and not the state, decide what people need is a “really bad” idea.
  • Not a charity: It’s not exactly a slam, but Alex Kantrowitz points out at BuzzFeed that the Chan Zuckerberg Initiative is structured as an LLC, not a charitable trust, as much coverage is suggesting. Meaning that not all of the money will go to charity; some will go into profit-generating private investment.
  • ‘Guardedly optimistic’: Not all the reaction is skeptical, of course. At Slate, Jordan Weissmann calls the move “admirable,” adding that “I think that as a rule, we would all prefer that our modern overlords give away their riches rather than pass them on to their children.” Plus, he thinks the Zuckerbergs have learned lessons from previous charitable misfires, and so he is “guardedly optimistic,” despite the still-vague goals. “These seem like the sorts of endeavors that aren’t going to cause a lot collateral damage, and may well do some actual good.” The full piece.
  • Read the Zuckerbergs’ announcement, in the form of a letter to their daughter.

Apparently I am not the only one that is skeptical……..

Source: Not so fast, Mark Zuckerberg: 4 reasons to be skeptical of his $45 billion giveaway – Salon.com

Rich people do not do anything this selfless without something in return…..begging the question……..WHAT’S THE ANGLE?

The Zuck has responded to the skepticism……

Zuckerberg explains that Chan Zuckerberg Initiative LLC, the entity he’s donating 99% of his Facebook shares to, is being set up as a limited liability company instead of a traditional foundation so it can engage in actions like “funding non-profit organizations, making private investments, and participating in policy debates,” reports TechCrunch, which notes that some critics accused Zuckerberg of having ulterior motives or said the move could be “a big waste.”

The initiative will focus on “personalized learning, curing disease, connecting people and building strong communities,” building on previous investments in “education, science, health, Internet access, and inclusion,” Zuckerberg explained. He also addressed concerns that the donation—equivalent to the GDP of Serbia, or around $38 for every Facebook user—could be some kind of tax dodge, explaining that “we receive no tax benefit from transferring our shares to the Chan Zuckerberg Initiative, but we gain flexibility to execute our mission more effectively” and that if he wanted to avoid tax, it would have been far more effective to set up a traditional charity, the Verge reports. (A ProPublica piece calls the initiative a “tax vehicle.”)

Sorry but I am still looking for the “angle”…..

Some Things Never Change

Back during my war, the Vietnam War, it was not uncommon for the kids of the wealthy to buy their deferments….kids like me either waited for the draft call to come or we got the jump on it and enlisted….

Now that we have an unending war……somethings never change……

 

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For me…..if we must fight wars then everybody needs to participate……because after 50 years ….NOTHING has changed.

The wealthy go to college and the poor go to war…….

The Path To Wealth

The Easter weekend is over….everyone can go back to being yourself…..and as usual the news was so mundane and tedious that it was not worth a visit……Crapping on Iran deal was everywhere…..and then there was….oh who cares?

Since we are talking about money today……why not go to the biggest capitalist of them all…..Buffet?

We all have had this delusion that one day we would be wealthy and have the world at our feet…….have beautiful women falling throwing themselves at us…….cool cars and travel……….but that was when we were young and stupid.  And now?……………..

We all have heard of Warren Buffet the genius of Wall Street…..his company has been a massive success and he is seen as some sort of financial god…….you will remember the story of a couple of years ago about how as wealthy as he is he pays less tax than his assistant…….and that started a whole movement to lower taxes or at least to make them more equitable…….yes he is a financial wiz…….. but why is he so successful?

Warren Buffett’s image as an avuncular business genius who has all-American interests at heart might take a hit after a scathing investigation by the Seattle Times and the Center for Public Integrity. It alleges that Clayton Homes, a giant in the mobile-home industry owned by Buffett’s Berkshire Hathaway, is duping poor people into unscrupulous loans. Here’s the main summation:

  • “Buffett’s mobile home empire promises low-income Americans the dream of homeownership. But Clayton relies on predatory sales practices, exorbitant fees, and interest rates that can exceed 15 percent, trapping many buyers in loans they can’t afford and in homes that are almost impossible to sell or refinance.”

The investigation looked at more than 100 sales in 41 states and found a “consistent array of deceptive practices.” For example, Clayton goes by so many names, at least 18, that mobile home customers who think they’re shopping around actually aren’t. It controls virtually every aspect of the deal, from the construction to the real estate sale, to the loan itself, a fact that customers often don’t realize because of those different names. Buyers often encounter exorbitant fees, loan terms that change abruptly, and ruthless collection agents. Spokespersons for Clayton and Berkshire would not be interviewed, but a Clayton statement insists that its “policies, procedures and training are designed to ensure that customers have a choice of lenders,” reports the Omaha World-Herald. Read the Seattle Times piece here and the CPI version here.

An age old story of how to acquire wealth…..SCREW THE POOR!

Speak To Truth!

I am always saying that the media is the people’s worst enemy….it tells us everything but the info we need to know……it keeps us doped up with sex and gossip…..and the result is we elect mental midgets like the crop just elected last November……

So when I saw this on Twitter I had to post it…….

 

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Rapid Death Of A Tax Plan

Recently Obama proposed that the money in college funds, hencewith called “529”, be taxed at time of withdrawal……and the Right sphere of politics exploded with negativity…..pundits from all persuasions started pissing and moaning……and claiming that it would be devastating to the average American to have their savings for their children taxed.

The typical GOP attack was that it will hurt the Middle Class…..which is their typical smoke screen when taxes are proposed……but there is a hole in their theory………

In reality 97% of us mere mortals have NO such savings account and the 3% that do include those that were the loudest critics like the anchors from MSNBC morning shows…….in essence only the wealthy have these plans.  The rest of us have to depend on grants and scholarship and massive student debt for our children to go to college.

For days the relentless attacks on the manhood of the president was just mind numbing…..and then the news broke………

President Obama has backed away from a plan to end a tax break for “529” college saving plans after meeting a backlash from lawmakers from both parties. The White House, which had presented the plan as a way to end a tax break mainly enjoyed by the wealthy and replace it with a fairer—and much larger—tuition tax credit, now says the issue has become a “distraction” and it will focus on “education tax relief that has bipartisan support,” reports the New York Times. House Speaker John Boehner had urged the president to drop what he called a tax hike, and Minority Leader Nancy Pelosi was among the Democrats calling for Obama to reconsider the move.

The 529 plan, which is sponsored by all 50 states, is “a pretty good deal, and one that’s been around since 2001,” says NPR‘s Tamara Keith. “But the White House says fewer than 3% of families use these accounts—and 70% of the money in them comes from families earning more than $200,000 a year.” The Wall Street Journal, however, accuses Obama of trying to squeeze middle-class taxpayers, noting that as of last June, there were 11.8 million 529 accounts and the average balance was $20,671.

As usual the wealthy gets their way…….that is how we roll here in the good old US of A……..screw everyone but the wealthy.