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8 months ago
in Spreading the Wealth on The Washington Independent
sorry the data is not spoon fed, the factuial evidence is that laws were put into place after the last depression to regulate the banking industry, these laws put specific definitions on who a bank could loan to and in what percent range depending on what kind of bank it was
the banking industry hated this
they lobbied to remove these restrictions
they found a sympathetic ear with the regan adminsitration (can't regulate the free market - nope nope..)
and had these restrictions removed
banks started making bad loans
backed by insurance that was no good also
800+ billion dollars later given to wall street for losing the money in the first place, rich people (those making more than 250k a year) are whining about having to pay taxes on their income
calling it socialism and saying spreading the wealth is a bad idea
we have had years of voodoo trickle down economics that have been proven not to work
the Median Household Income in the USA in 2006 was $48,000
half of the us population made less, half made more
which breaks down roughly as:
Household income distribution
Bottom 10% $0 to $10,500
Bottom 20% $0 to $18,500
Bottom 25% $0 to $22,500
Middle 33% $30,000 to $62,500
Middle 20% $35,000 to $55,000
Top 25% $77,500 and up
Top 20% $92,000 and up
Top 5% $167,000 and up
Top 1.5% $250,000 and up
Top 1% $350,000 and up
SOURCE: US Census Bureau, 2006; income statistics for the year 2005
Between 1979 and 2005, the mean after-tax income for the top 1% increased by 176%, compared to an increase of 69% for the top quintile overall, 20% for the fourth quintile, 21% for the middle quintile, 17% for the second quintile and 6% for the bottom quintile.[20] For the same time span the aggregate share of after-tax income held by the top percentile increased from 7.5% to 14%
"Aron-Dine, A. & Sherman, A. (January 23, 2007). New CBO Data Show Income Inequality Continues to Widen: After-tax-income for Top 1 Percent Rose by $146,000 in 2004.". Retrieved on 2007-11-24.
Obama's 'spread the wealth' will affect the top 1.5%
who can afford it...
and lower the income tax on the bottom 75% (those that make enough to pay)
this is not socialism
it is Strong Regulated Capitalism
the banking industry hated this
they lobbied to remove these restrictions
they found a sympathetic ear with the regan adminsitration (can't regulate the free market - nope nope..)
and had these restrictions removed
banks started making bad loans
backed by insurance that was no good also
800+ billion dollars later given to wall street for losing the money in the first place, rich people (those making more than 250k a year) are whining about having to pay taxes on their income
calling it socialism and saying spreading the wealth is a bad idea
we have had years of voodoo trickle down economics that have been proven not to work
the Median Household Income in the USA in 2006 was $48,000
half of the us population made less, half made more
which breaks down roughly as:
Household income distribution
Bottom 10% $0 to $10,500
Bottom 20% $0 to $18,500
Bottom 25% $0 to $22,500
Middle 33% $30,000 to $62,500
Middle 20% $35,000 to $55,000
Top 25% $77,500 and up
Top 20% $92,000 and up
Top 5% $167,000 and up
Top 1.5% $250,000 and up
Top 1% $350,000 and up
SOURCE: US Census Bureau, 2006; income statistics for the year 2005
Between 1979 and 2005, the mean after-tax income for the top 1% increased by 176%, compared to an increase of 69% for the top quintile overall, 20% for the fourth quintile, 21% for the middle quintile, 17% for the second quintile and 6% for the bottom quintile.[20] For the same time span the aggregate share of after-tax income held by the top percentile increased from 7.5% to 14%
"Aron-Dine, A. & Sherman, A. (January 23, 2007). New CBO Data Show Income Inequality Continues to Widen: After-tax-income for Top 1 Percent Rose by $146,000 in 2004.". Retrieved on 2007-11-24.
Obama's 'spread the wealth' will affect the top 1.5%
who can afford it...
and lower the income tax on the bottom 75% (those that make enough to pay)
this is not socialism
it is Strong Regulated Capitalism
8 months ago
in Spreading the Wealth on The Washington Independent
the Dems are not fully responsible, the GOP is just as guilty, it is Greed all of the way around
do some research
look up
The Glass-Steagall Act of 1933
this was put into place to prevent the exact melt down we are having and it was systematically taken apart first by the regan administration and then finally by a republican senate in 1999
look up the Depository Institutions Deregulation and Monetary Control Act passed in 1980,
the Garn-St. Germain Depository Institutions Act deregulating the Savings and Loan industry in 1982,
and the Gramm-Leach-Bliley Act in 1999.
The banking and Insurance industries don't care what kind of politician they are buying as long as they pass laws in their favor
if a few Democrats made a profit off of it they were just standing in line
well regulated capitalism is NOT socialism
selling our country to foreign investors and continuing Deficit Spending as a national policy is suicidal
do some research
look up
The Glass-Steagall Act of 1933
this was put into place to prevent the exact melt down we are having and it was systematically taken apart first by the regan administration and then finally by a republican senate in 1999
look up the Depository Institutions Deregulation and Monetary Control Act passed in 1980,
the Garn-St. Germain Depository Institutions Act deregulating the Savings and Loan industry in 1982,
and the Gramm-Leach-Bliley Act in 1999.
The banking and Insurance industries don't care what kind of politician they are buying as long as they pass laws in their favor
if a few Democrats made a profit off of it they were just standing in line
well regulated capitalism is NOT socialism
selling our country to foreign investors and continuing Deficit Spending as a national policy is suicidal
