Archive for ‘Regulation’

January 11, 2012

Competition with China

Foxconn employees in China are threatening to commit mass suicide over low pay and inhumane conditions, which follows 14 other mass suicides. Foxconn provides products to companies such as Apple, Microsoft and Sony.

There are a couple of reasons why China will most likely outpace the growth of our economy: 1) they have three times as many people, and 2) they have almost no worker’s rights whatsoever and are able to push sweatshop employees to death.

Please keep this in mind when politicians speak about competing with China.

Read more at the Huffington Post

November 3, 2011

Demand Financial Transaction Tax Now!

We must show solidarity in demanding a tax on trades of stocks, bonds, derivatives, and other financial transactions so that large banks and investment firms can be held more responsible for their of their leading roles in the Great Recession.

The E.U currently has a financial transaction tax, and we in the United States had a financial transaction tax from 1914 to 1966. The “Robin Hood Tax” is supported by Bill Gates, the National Nurses Union, and many others.

Today over 150 Massachusetts nurses joined hundreds of protesters at the US Treasury Department to demand that Timothy Geithner and President Obama support financial transaction taxes on Wall Street. “The economic decline is literally making our patients sick,” said a U.S. nurse, “We see more and more children with conditions related to poor nutrition and stress.” Nurses around the globe believe that taxing a small percentage of Wall Street transactions could generate enough revenue to address basic human needs that have gone ignored. Protests also took place in Cannes, France, where the G-20 Summit is taking place.

So far, the US is saying “No” to the Transaction Tax, leaving the people no choice but to demand it!

November 2, 2011

Bloomberg Diverts Blame Away from Wall Street

Bloomberg is attempting to deal with Occupy Wall Street by deflecting blame away from financial institutions. He said,

“I hear your complaints, some of them are totally unfounded. It was not the banks that created the mortgage crisis. It was, plain and simple, Congress, who forced everybody to go and give mortgages to people who were on the cusp. Now, I’m not so sure that was terrible policy, because a lot of those people who got homes still have them and they wouldn’t have had them without that. But they were the ones who pushed Fannie and Freddie to make a bunch of loans that were imprudent, if you will. They were the ones that pushed the banks to loan to everybody. And now we want to go vilify the banks because it’s one target, it’s easy to blame them and Congress certainly isn’t going to blame themselves.”

I wonder who is paying or supporting him to say such things. 

While government agencies such as Fannie and Freddie are not blameless, Federal Reserve data indicates that private mortgage brokers had the largest influence on the Great Recession. 84% of the subprime mortgages were issues by private lending institutions and most of these loans were completely unconnected from government home ownership laws.

Read more and watch the video at Thinkprogress.org 

July 17, 2011

35,217 Years

35,217 years is how long an average American family would have to work to earn 1 year’s pay of a top 10 Hedge Fund Manager. Let me repeat that: An average American family (earning around $50,000 a year) would have to work over 35,000 years to earn what a Hedge Fund Manager earns in 1 singular little year (on average around $1,753,000,000), raking in almost a million dollars an hour.

The Highest Income Celebrities, CEO and  Hedge Fund Managers (2010)
 
Top Ten                             Average                         Average American                                         Yearly Income            family would have to work:
                                                           
Hedge Fund managers                        $1,753,000,000                      35,217 years
Movie directors/producers                 $126,000,000                        2,531 years
Top celebrities all fields                        $119,800,000                        2,407 years
Pop musicians                                            $87,200,000                        1,752 years
Non-financial CEOs                                  $47,100,000                           946 years
Athletes                                                        $44,600,000                          896 years
Movie stars                                                 $42,600,000                          856 years
Authors                                                        $26,900,000                          402 years
Lawyers                                                      $20,000,000                          402 years
Bank/Insurance CEOs                             $16,600,000                           333 years
 
Median Family Income (2009)                     $49,777                                  1 year
Read more here, and here.
 
 
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