Monday, November 2, 2009

The banks continue to make record profits on the taxpayer's back (Video)

Tim Geithner, a fan of I AM NOT, again continues to protect his Wall Street friends, but why shouldn't he? In this aspect, the Obama Administration is no different than any other administration that has sat in the Oval Office, for that is not change anyone can believe in. And progress? What progress? What happened to the transparency? That word is starting to be a joke. And the disparity of Wall Street to Main Street continues to erode. Folks, as the rich gets richer, the average joe/joesetta continues to be on the unemployment dole and unable to find a job. That is what 2010 forward will be all about. Many Americans don't follow the nitty gritty of politics, but they know EXACTLY what they had 5 years ago versus today, for that they understand they have gotten the bad end of the stick.

In Geithner, we trust...





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I don't understand how it hurts taxpayers if the banks are making money again. It would hurt taxpayers if the banks lose money, because then the taxpayers are in danger of not getting their investment back. But if the banks are making money, it seems to me that everybody wins. And I understand the concern about salaries being too high on Wall Street, but let's not confuse that issue with whether taxpayers are getting harmed by the Wall Street recovery. Baseball players' salaries are also very high, but that does not harm anyone, it just creates wealth disparities that might not be healthy for our democracy. The way to fix these disparities is not to try to make banks unprofitable, but is instead to to bring back the progressive income tax system we used to have. People forget that up until 1963, the top marginal tax rate was 91%! And we have people marching in the streets now calling Obama a socialist because he is talking about bringing back Clinton's top rate of 39%.

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