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Thursday, 30 May 2013

A Government Of The Rich, By The Rich And, More Than Anything Else, FOR The Rich

Posted on 18:00 by Ashish Chaturvedi
A bunch of slimy New Dems-- your father's Republican Party

Almost half the Members of Congress (48%) are millionaires and most of the rest are there at the sufferance of millionaires and billionaires who finance their miserable political careers. The median estimated net worth of all 535 Members is about $966,000, although higher among the freshmen-- $1,066,515. The richest freshmen are New Dem mega-millionaires who bought their seats in Congress the way you go out for a nice dinner on your birthday-- John Delaney (MD) and Scott Peters (CA), each worth a couple million bucks-- which goes a long way towards explaining why they don't vote for-- let alone comprehend-- the interests of ordinary working families. Delaney, for example, is all about wrecking Social Security... after all, who needs that pesky annoyance? A better question: why is he a Democrat? Or why did the DCCC recruit someone like that? Oh, yeah, they take any self-funder no matter what he or she thinks.

So it should be no shock to anyone's sensibilities who read the report from Reuters yesterday that Congress' top tax breaks benefit the wealthy... their own kind and the kind they're going to for money for their campaigns (and careers).
The top ten U.S. tax deductions, credits and exclusions will keep $12 trillion out of federal government coffers over the next decade, and several of them mainly benefit the wealthiest Americans, a new study from the Congressional Budget Office shows.

The top 20 percent of income earners will reap more than half of the $900 billion in benefits from these tax breaks that will accrue in 2013, the non-partisan CBO said on Wednesday.

Further, 17 percent of the total benefits would go to the top 1 percent of income earners-- families earning roughly $450,000 or more. The same group that was hit with a tax rate hike in January.

The benefits of preferential tax rates on capital gains and dividends, a break worth $161 billion this year, go almost entirely to the wealthy, including 68 percent to the top one percent of earners.
We've been talking about how the so-called "New Dems," conservatives who have sold out to Big Business entirely, have been working with the Republicans to gut Dodd Frank and overturn progressive achievements of the past. The dozen worst New Dems in the House, who are doing the most damage to ordinary families and must be defeated as much as any Republican-- from bad to worst:
• Ami Bera (CA)
• Jim Himes (CT)
• Dan Maffei (NY)
• Scott Peters (CA)
• Kyrsten Sinema (AZ)
• Jim Cooper (TN)
• Bill Foster (IL)
• John Barrow (GA)
• Sean Patrick Maloney (NY)
• Patrick Murphy (FL)
• Mike McIntyre (NC)
• Ron Barber (AZ)
Bob Scheer's latest column, Congress Still Puts Out For Wall Street, starts with a question: "What does it take to make a Wall Street banker squirm with shame?" Scheer implies that absolutely nothing makes the banksters feel any shame. Why don't the so-called Democrats-- or, rather, "New Democrats," on the list above realize that as well? Scheer asserts, correctly, that "[t]he Republicans, with the exception of a few die-hard libertarians, always do the bidding of the banks that finance them, but the Democrats are just as eager to pig out at the bankers’ trough."
Wall Street lobbyists were only too happy to hold a fundraising dinner last week for Democratic Rep. Sean Patrick Maloney of New York, who co-sponsored the Citigroup bill, one of several such events banking groups have organized for lawmakers who support their legislation.

What is at issue here is an attempt to gut the already tepid effort of the Dodd-Frank Act to control the runaway $700 trillion derivatives trading market. One source of alarm is the extensive in-house trading in these derivatives between affiliates of the too-big-to-fail banks. As an example of the profound corruption of our legislative process, congressional staffers turned to top corporate lawyers to draft the wording pretending to rein in their activity.

For example, as the emails reviewed by the Times revealed, House committee staffers consulted Michael Bopp, a partner at the elite law firm Gibson, Dunn who represents corporations involved in derivative trading, as to the verbiage he would prefer in the legislation. His language was well received, as the Times reported: “Ultimately, the committee inserted every word of Mr. Bopp’s suggestion into a 2012 version of the bill that passed the House, save for a slight change in phrasing.”

That last sentence, conveying the essence of America’s crony capitalist system, should stand as the defining epitaph for the death of representative democracy.

“I won’t dispute for one second the problems of a system that demands immense amount of fund-raisers by its legislators,” Jim Himes, a Democrat from Connecticut who supported the bankers’ recent bills and conveniently heads fundraising for House Democrats, conceded to the Times. Himes, who worked for Goldman Sachs before pretending to represent the people’s interest as an elected representative, is one of the top beneficiaries of Wall Street payoffs but claims to be distressed by the corruption that is his way of life. As he told the Times, “It’s appalling, it’s disgusting, it’s wasteful and it opens the possibility of conflicts of interest and corruption. It’s unfortunately the world we live in.”

No, buddy, it’s the world you guys make and wallow in. Other folks just lose their jobs and homes while you manage to slither out of the slime richer and more powerful than ever.
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Blog Archive

  • ▼  2013 (500)
    • ►  July (35)
    • ►  June (150)
    • ▼  May (153)
      • Sunday Classics preview: Colin Davis's surprising ...
      • Israeli pols take the first step toward making the...
      • Joe Manchin-- Best Friend Of King Coal
      • DSCC Getting Its Dream Candidate, Joe Miller, Agai...
      • New Dem Patrick Murphy (FL) Is Asking For A Favor....
      • Back to work
      • A Government Of The Rich, By The Rich And, More Th...
      • Keystone XL Pipeline-- The Coming Catastrophe, Pol...
      • Rob Ford, The Canadian Chris Christie
      • What's Wrong With The Republican Party?
      • "Ballpark bipartisanship," Al Kamen calls it
      • Bronze Age Morals-- Roberto De Mattei Teaches Hatr...
      • Cheri Bustos Wants Help To Fend Off Teabagger Bobb...
      • How The DCCC Is Making Hay Of The GOP Vote To Forc...
      • Obama And Christie Cozy Up To Each Other Again In ...
      • Inequality Grows In Sweden-- And So Do Social Tens...
      • Saluting the president's "star litigatrix"
      • It Wouldn't Be Hard For The NRCC To Defeat A Pack ...
      • Blue America Welcomes Rep. Keith Ellison (D-MN)
      • Lindsey Graham's Homosexuality And... Syria
      • The Woolwich murderer, says Ian Welsh, is "a bad m...
      • Joe Crowley-- Making The Republican Party Look Les...
      • Grassroots Voters Need To Defeat The Wall Street-o...
      • Is Adam Schiff Changing His Tune-- Or Just Playing...
      • What Happens When Voters Just Eliminate The Nihili...
      • Economist Umair Haque Uses Twitter To Dissect Cons...
      • Just hope there's still room to book the Diaper Ma...
      • Buck McKeon's Family Opens A Defense Industry Lobb...
      • Sunday Classics: The young Colin Davis gets off to...
      • Mainstream Republican Conservatives Battle Tea Par...
      • TV Watch: A weary nation wonders, "Is 'Mr. Selfrid...
      • Sean Patrick Maloney: Pond Scum Of The Week
      • Someone Needs To Tell Obama There's A Great Democr...
      • Can The Democrats Retake The House Next Year?
      • Kicking Rich Freeloaders Off Agricultural Welfare
      • Sunday Classics preview: Memorable Mozart from the...
      • Re. the Boy Scouts' "compromise": Compromise with ...
      • Tesla-- I wonder What Libertarians Think Of The Au...
      • Republicans In Congress Hike The Cost Of Education...
      • GMO: No One Is Perfect-- Not Even Elizabeth Warren
      • Remember When Rahm Emanuel Was The Worst Thing Abo...
      • Who wouldn't pony up $12 for a beer imported all t...
      • Self-Loathing Closet Case Lindsey Graham Shafts Th...
      • Too Big To Fail Again
      • Does Your Congressman Want To Embroil The U.S. In ...
      • Tobacco Industry Lobbyists And P.R. Hacks Reinvent...
      • The stock-market "boom" may not be a bubble, but t...
      • Which Georgia Extremist Will Out-Extreme All The O...
      • Chris Christie Still Counting On New Jersey Voters...
      • The Ugly Republican Politics Behind Aid For Oklaho...
      • Stolen Valor-- How Will Mark Kirk Vote?
      • Don't cooks who acknowledge their kitchen bloopers...
      • Not Every Vulnerable Candidate Folds And Joins The...
      • Election Day In L.A.: Eric Garcetti Is The Better ...
      • Keystone XL Pipeline Gets It's Big House Vote Tomo...
      • Is America The Healthiest Country? Not By A Long Shot
      • Reliving the fight to stop the Stop Online Piracy ...
      • The New Humphrey-Hawkins Full Employment and Train...
      • Daylin Leach Has Been An Asset For Pennsylvania An...
      • Virginia Has A Sociopath Pushing Its Reactionary A...
      • Who Does Wall Street Own In Congress?
      • What are Boehner and his people doing about this "...
      • Midnight Train To Georgia-- Tbilisi Not Safe For T...
      • Sunday Classics: "Good night, thou false world!" -...
      • Have New Jersey Democrats Finally Found The Right ...
      • Republicans Move To Repay Wall Street For All Thos...
      • TV Watch: "Maron" revisited, following an absolute...
      • How Buck McKeon's Mormonism Played Right Into The ...
      • Republicans Led By John Kline (R-MN) Voted Down El...
      • Arizona Republican Jim Kolbe Is Getting Gay-Marrie...
      • Sunday Classics (double) preview: Enter the bird-c...
      • Justice Stevens's grandkids may not care, but he h...
      • Tea Party Crackpots Shouldn't Be Investigated?
      • Corrupt House Agriculture Committee Slashes Food S...
      • Boehnercare Passes The House
      • Paul Ryan Gets A Letter From A Constituent
      • Rob Portman Has A Shovel And He Keeps Digging That...
      • This Post Is Only For Californians-- Unless You Al...
      • Water, Water Everywhere-- And An Obstructionist Se...
      • Mommy, How Did The Tea Party Start?
      • Fired, shmired -- isn't it time we started having ...
      • What Makes A Democrat Turn Bad When He Gets To Con...
      • New Dems Vs Actual Democrats-- Chained CPI
      • Jay Stamper on Lindsey Graham: "There Is Something...
      • Why Is Buck McKeon Gung-ho To Allow Insurance Comp...
      • A public discussion nudged by Joe Sestak would lik...
      • Is Sabotage A Crime Punishable By Something or Other?
      • McConnell Upset By Working Class Guy In The Senato...
      • What If The DCCC Had A Special Category Of Targets...
      • Sometimes cartoonists tackle seemingly trivial sub...
      • The DCCC's Plague Of New Dem Self-Funders... And W...
      • Will Hanabusa's Political Cowardice on LGBT Issues...
      • If The Oceans Rise 40 Meters, Will Your House Be U...
      • The DCCC's Tighty Whities
      • How Would You Feel If Someone Wrote, "We Need Fewe...
      • Whether in Israel or America, is it time to fight ...
      • More On Vetting Candidates
      • Sunday Classics: What comes after Mozart's and Bee...
      • When Former Guatemala President Efrain RĂ­os Montt ...
      • Remember How Much We Hated Bush's Job-Destroying "...
    • ►  April (148)
    • ►  March (14)
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Ashish Chaturvedi
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