michaelcollinsdc Michael Collins
Fiction delivers justice that reality rarely approaches. Victims endure suffering and emerge as victors after overcoming incredible challenges. Stieg Larsson’s gripping Millennium Trilogy weaves a story of revenge and triumphs for Lizbeth Salander, locked away in a mental institution and sexually abused for years. When Salander got out and threatened to go public about a high level sexual exploitation ring, the perpetrators sought to lock her up again. In the final installment, The Girl Who Kicked the Hornet’s Nest, Salander found some justice. (Image)
Susan Lindauer’s autobiography, Extreme Prejudice, tells a story with certain broad similarities. In her case, however, the hornet’s nest kicked back with a real vengeance. After over a decade as a U.S intelligence asset, Lindauer was privy to information about pre war Iraq that threatened to serve up a huge embarrassment to the Bush-Cheney regime. She hand delivered a letter to senior Bush administration officials in hopes of averting what she predicted would be the inevitably tragic 2003 US invasion of Iraq. Those officials, unnamed in the indictment, were her second cousin, then White House chief of staff Andy Card, and Colin Powell.
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Some of us have known this for a long time. Some of us just found out and some will find out very soon. There are few, if any, elected officials who really care about our interests unless we’re one of the few thousand ultra rich who control Congress and the White House. (Image)
The Obama-Republican tax plan was just approved in the United States Senate. It will become law soon. What did we lose?
The Senate put the Social Security system at risk with a 33% cut to employee payroll taxes, from 6.2% to 4.2% of wages. Social Security is doing well with a $2.5 trillion surplus. But this major change begins the starvation of the system. Those who voted in favor will turn around sometime soon and say that Social Security is faltering. Of course, their cynical actions will be at fault. They’ll conveniently avoid mentioning that.
michaelcollinsdc By Numerian posted by Michael Collins
What is it with these billionaires, lecturing us to “suck it up” if we don’t like the bailouts? A few months ago it was Charlie Munger, co-founder of Berkshire Hathaway and sidekick to the better-known Warren Buffett, who said “we shouldn’t be bitching about a little bailout”, and people facing financial troubles should just “suck it up and cope.” Back in September when Munger was speaking, we didn’t know just how little the bailout was, but now that the Federal Reserve has been forced to divulge details of its six bank emergency financing vehicles, we discover that over $3 trillion in taxpayer money was delivered to US and foreign banks, companies like General Electric, mutual funds like PIMCO, and a few individuals, some of whom happened to be billionaires like Charlie Munger. (Image)
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(Washington, Dec 10) Bill Clinton showed up at the White House for an “impromptu” press conference to discuss the president’s tax compromise with the Republicans. Clinton disclosed that “I make a lot of money now” and, as a result, he would benefit from the program. Then he endorsed the compromise calling it the best deal Obama could make. Clinton was particularly high on the Social Security payroll tax reduction. “According to all economic analysis, [this is] the single most effective tax cut you can do to support economic activity. This will actually create a fair number of jobs. I expect it to lower the unemployment rate and keep us going.” (Image)
Across town, United States Senator Bernie Sanders was telling the simple truth that Obama and Clinton avoided. Reducing the Social Security payroll tax from 6.2% to 4.2% as a one year tax holiday presumes that the normal rates will be restored at the end of the one year period. Who would restore those rates? The very same party that passed the Bush ten year “temporary” income tax reductions. That same party, the Republicans, now claims that ending the Bush temporary tax cuts represents the greatest tax increase ever. Just as they forgot that those tax cuts were temporary, the new Republican majority will forget the payroll cuts were temporary. Senators Bob Corker (R-TN) and Mike Johanns (R-NE) agree that ending the tax holiday will be portrayed as a tax increase. READ FULL POST
michaelcollinsdc Michael Collins
Previously, I reported the startling news – Obama to Change Party. That was satire, at least on November 14. Just three weeks later, satire becomes reality. In the past few days, President Obama has traded away $620 billion in tax revenues in order to get a $56 billion, 13 month extension of unemployment benefits. Of course, the lost $620 billion will make any further unemployment benefits, or for that matter, any other productive social programs pipe dreams as the deficit explodes over the next two years. (Image: Banksy)
The Obama deal is a long way from the original position of ending Bush tax cuts for the highest earners and simply extending unemployment benefits, as called for by economic and social circumstances.
It started when President Obama sent his vice president to negotiate with Republican leaders on Capitol Hill. Since the president still has a majority in both chambers of Congress, you might wonder why he’s negotiating. The House Democrats are ready to rock to show that they’re not to blame for the past two years of inaction. There are enough Democratic Senators with either the inclination or the compromised background to strong arm a majority.
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