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Crash Tax: Wall Street Reparations

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Crash Tax: Wall Street Reparations

Post by Guest on Mon Nov 14, 2011 10:43 am

Americans bailed out Wall Street, handing it a Marshall Plan for reconstruction after its bad bets blew up the world economy. Now, three years later, happy days are here again for the Wall Street banksters. They're hauling in big profits and paying outrageous bonuses. But the American middle class continues to suffer high unemployment, record foreclosures and rising poverty.

So it's time for Wall Street to pay reparations. It's time for a crash tax, a tiny sales tax on Wall Street transactions, the revenues from which would pay for Main Street restoration. It's time for the 1 percent to repay the 99 percent, for Wall Street to share in the sacrifices necessitated by its rogue behavior.

The levy, sometimes called a Tobin Tax after the American economist and Nobel Laureate James Tobin, who endorsed it in the 1970s, is far from shocking or novel. A financial transaction tax is advocated by a huge range of groups and individuals, from billionaires to conservative heads of state.
http://www.huffingtonpost.com/leo-w-gerard/crash-tax-wall-street-rep_b_1091446.html

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Re: Crash Tax: Wall Street Reparations

Post by tristen303 on Mon Nov 14, 2011 5:18 pm

LOL yes and the tax will be passed down to who? Main Street brilliant (so really it’s just a feeble attempt at raising revenue using the banks as a scapegoat LOL). How about this: instead trying to figure out whom to redistribute from and how to justify it, why don't we try to figure out how to make money. Yes I seem to remember that in America once we made money, not just by taxing it and moving it around through a redistribution model.
This country will turn around when the side acting like mosquitoes gets a clue about where blood comes from and realizes want doesn’t mean need, and that type of need doesn’t mean owed.

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Re: Crash Tax: Wall Street Reparations

Post by Guest on Mon Nov 14, 2011 8:07 pm

Oh my friend tristen. Let me count the ways.

A. I don't want unemployment benefits for all 99ers, we need them.
B. After 38 years of full time employment and 6 of part time from 16-21, I worked p/t and f/t at several points in my life, saving for a house, car, new furniture, etc. I don't feel that it's asking too much, that at a time like this, the people who truly need unemployment, get what they have payed into, thereby, the OWE.

There are many that feel if our tax money was given (not lent) to bankers, to loan out to keep the country going, which they didn't do and almost refused to take, they sat on it, made money on it and then returned it and claimed that the programs of the Obama administration didn't work. hmmm.

I might also add, (anyone remember Martha Stewart???) that these very people, heads of major institutions (kind of like the Tyco execs and the Enron execs) plagued this country with their greedy fraudulent schemes and have done no time.

Let's look at history for a second. Social Security, Medicare, Unemployment Insurance, Disability Insurance. All programs that were never intended to further the financial coffers of the wealthy. They were designed for people of median incomes who would have a hard time surviving on a pension only. I will find the stats on what millionaires bring in on SS. Truly will blow your mind.

I agree, we need to get this country back to work and not in a service industry based employment market. We don't need nor will we survive on call center, customer service based positions only. We need to make things. Where however is it written, that if you hire people for YOUR business, you have to get a,b and c tax breaks. Can you say entitlement? Then, like the banks, you get your precious tax extension for an additional two years and hire zippety doo dah. The jobs created in this economy from 2009 through today have been more of the same service based jobs paying from minimum wage to $10 per hour. Those that are hiring for more livable wage positions are highly specialized, i.e. specific computer software/hardware positions, medical technicians and the health care industry as a whole. I will find the report that was released last week, giving the breakdown and listing the specialties. Further, where oh where is it written, that while it's politically correct at this time to bash the education system for producing the wrong type of job candidates, that companies don't train and pay to train their employees for the specific skills needed to work and succeed in your specific company. If it's a handout or an entitlement for those unemployed through no fault of their own, why is it not a handout for a company to demand tax breaks to hire, federal money to train and tax breaks upon tax breaks to continue running a company. Employees benefits in private sector, non union jobs have increased at an alarming rate, while salaries are stagnant, and that's okay, especially when the companies are raking in profits. Profit sharing, almost non existent today. 401k with company match, not anymore.

There will always be people who will attempt to beat the system, claim what is not theirs. This is a different time and a completely different situation. How many jobs lost since 2008, how many gained. Do the math, and not all the currently unemployed people are being counted, so add a few more who are looking. It's not entitlement, it's not a redistribution model, it's a true economic emergency. Need yes we have them, owed, well, I think yes, we are. Not always, but right now, you better believe they owe us. They can start by paying back the 28 billion borrowed from Social Security during the Bush Admin. That's our money. Funny how it never comes up in a budget debate or a deficit fight. Anyone in this country who pays property taxes is owed. Roads and bridges are a disgrace. Our electrical grid is a joke, and we are exactly paying 1cent per kwh are we? At some point you have to ask, where is this money going. Utilities, municipalities, bridges, health insurers are services, not for profit companies, yet they are allowed to be. Why, for money.

As far as bank fees, well they tried with Dodd Frank, and look what happened, by the time they got it passed, imperfect was the best you could call it. It should have been passed as originally written and if the banks want to do business, they have laws they need to comply with.
Sarbanes-Oxley, every big company hates it, but there won't be any more Enron's without prison time.

As far as mosquitoes, blood suckers??, well I will gladly accept additional unemployment until I can find work. I have applied to everything under the sun, so I don't want to hear about my pride. I have applied to things that wouldn't give me enough money to eat monthly much less pay a bill, but there are just as many of me out there looking to do the same, so at 57, they want a younger, hipper bartender, I can't blame them. As so often said, move to where the jobs are, well I can't. I have a home, an aging father who is sick, a brother who had a massive stroke and is paralyzed on his right side and needs help and oh by the way, it takes money to pick up and move, get a place to live, clothes to work in and gas for the car to get to work. Not to mention, I had a good job here. Why should I have to move? Why should my entire family take a hit for something they didn't do or cause. Why should anyone's, including yours tristen. No one should. If companies have money and deliberately don't hire until they get the additional breaks they want, then I think that they are the mosquitoes, not the people who truly, deeply need the help right now.

Now you got me going, and yes, very lengthy. But I don't think you or anyone else on this forum is a mosquito. I think we are a group of talented people who want to work and are in need of help until we find suitable work. $8.50/hr for 15-20 hrs a week isn't paying anyone's rent unless they live in a tent at one of the occupy movements.

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Re: Crash Tax: Wall Street Reparations

Post by vintage on Mon Nov 14, 2011 11:49 pm

In agreement, so true. Great post MaryKay! Very Happy

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Re: Crash Tax: Wall Street Reparations

Post by tristen303 on Tue Nov 15, 2011 2:16 am

That tax is a stupid idea period, an idea that hurts the masses (as they will be the ones paying for it), just another way for government to get into people’s pockets while producing a scape goat.

Never called anybody on this site or the UE mosquitoes (as we paid into that system with our own money we earned), I don't know where that is coming from.

Now any group that thinks that another group that is luckier, more successful or whatever owes them does fall into that entitlement mentality thus being the group that lives off its host.

I support some of the ideals of the left but wealth redistribution is not one of them (no matter what justification they try to use).

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Re: Crash Tax: Wall Street Reparations

Post by ranbrow123 on Tue Nov 15, 2011 5:08 am

tristen303 wrote:I support some of the ideals of the left but wealth redistribution is not one of them (no matter what justification they try to use).

Paying your fair share of taxes is not wealth redistribution/thievery/whatever nonsense the republicans want to try to play it off as. See any of the 39804092184923018243908 arguments I had with steve on this topic for more information.

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Re: Crash Tax: Wall Street Reparations

Post by Guest on Tue Nov 15, 2011 11:02 am

tristen303 wrote:LOL yes and the tax will be passed down to who? Main Street brilliant (so really it’s just a feeble attempt at raising revenue using the banks as a scapegoat LOL). How about this: instead trying to figure out whom to redistribute from and how to justify it, why don't we try to figure out how to make money. Yes I seem to remember that in America once we made money, not just by taxing it and moving it around through a redistribution model.
This country will turn around when the side acting like mosquitoes gets a clue about where blood comes from and realizes want doesn’t mean need, and that type of need doesn’t mean owed.

Sorry tristen if I mininterpreted your post, but re-read it. The side acting like mosquitoes, that would be the democrats, who are the only ones voting for our benefits and fair tax for the wealthy, which yes, is redistribution, but it's about time. Therefore, we on the site, who need and accept benefits and the help of the side acting like mosquitoes must be mosquitoes. Don't know how else to take it. Sorry, you know I love you tristen, but that insulted me, not my party, me.

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Re: Crash Tax: Wall Street Reparations

Post by lendmeflight2 on Wed Nov 16, 2011 2:16 am

tristen303 wrote:That tax is a stupid idea period, an idea that hurts the masses (as they will be the ones paying for it), just another way for government to get into people’s pockets while producing a scape goat.

Never called anybody on this site or the UE mosquitoes (as we paid into that system with our own money we earned), I don't know where that is coming from.

Now any group that thinks that another group that is luckier, more successful or whatever owes them does fall into that entitlement mentality thus being the group that lives off its host.

I support some of the ideals of the left but wealth redistribution is not one of them (no matter what justification they try to use).



So we should never tax or inconvenience big business because they will just pass on the expense? This is what is wrong with our country and your party.
Your party makes us enslaved to business. Big business shouldn't be allowed to force their agenda on the public through higher prices or threatening lay offs. If something was done about this we would all have jobs now.

your attitude is exactly the reason YOUR party is wrecking our country.

It's interesting that you call us mosquitos. That is exactly what I feel like. We take the little bit that we can get and then we move on. Every mosquito feeds off of all animals with blood yet no animal is ever bleed dry by a mosquito.
Your metaphor holds true, the mammals of the world have enough blood to go around and it's damned time that the mosquitos have what they need.

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Re: Crash Tax: Wall Street Reparations

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