"Class Warfare", By Citigroup

[LiberalNut]

Nope. That was somebody else. Never posted to yahoo, ever.

 

[RadiomanATL]

Nope. That was somebody else. Never posted to yahoo, ever.

OK. Nevermind then. The life stories and styles were coincidentally similar.

 

[LiberalNut]

I doubt he was as good looking as me.

 

[RadiomanATL]

I doubt he was as good looking as me.

And neither can hold a candle to myself.

 

[shintao]

If not, then are most likely rapidly growing poor by throwing wealth away.

Look at it this way. (just an example) The GM worker spends his lifetime making GM a profit. I buy GM stock, so I skim the profit off the worker's back. That money that should go to the worker and his family gets diverted into my pocket. My kids get braces, the workers kids have to make due. He gets his property loans at BofA, and I own stock there, so I further rape the workers pocket as he pays interest on the loan. And if he goes belly up, we kick him out in the street and take the house, which nets me even more profits.

As you see, I do no work, I don't sweat, I don't ache, and I will out live that poor worker at GM.

 

[RadiomanATL]

If not, then are most likely rapidly growing poor by throwing wealth away.

Look at it this way. (just an example) The GM worker spends his lifetime making GM a profit. I buy GM stock, so I skim the profit off the worker's back. That money that should go to the worker and his family gets diverted into my pocket. My kids get braces, the workers kids have to make due. He gets his property loans at BofA, and I own stock there, so I further rape the workers pocket as he pays interest on the loan. And if he goes belly up, we kick him out in the street and take the house, which nets me even more profits.

As you see, I do no work, I don't sweat, I don't ache, and I will out live that poor worker at GM.

Not really what we were talking about shintao.

 

[LiberalNut]

Oooo, I wouldn't go that far shint. There have to be capitalists ya know. I mean, we have provided much more for the average Joe than did the communist experiment.

 

[LiberalNut]

Not really what we were talking about shintao.

Well, kinda it was. While I am a Labor Theory of Value theorist, I'm not so far down the Marx hole that I call capitalism "rape".

 

[RadiomanATL]

Not really what we were talking about shintao.

Well, kinda it was. While I am a Labor Theory of Value theorist, I'm not so far down the Marx hole that I call capitalism "rape".

It was, but not from that perspective. I'm tired and about to sign off, and I though shintao deserved at least a response to know that I had read his post.

Goodnight moon.

 

[LiberalNut]

You up yet radioman?

 

[RadiomanATL]

yes, but cannot really post. on mobile phone, which will only allow so many characters per post.

 

[beowolfe]

If you are worried about class warfare, there is a simple solution: Stop fighting it.

Stop being angry at someone else because they have more or less than you do

If you make more money than me because of your labor and industriousness, great! I applaud you!

If you make less money than me (Which sadly there are some that actually do) then I will do what I can to help you increase your abilities to support yourself and your family.

You must be a millionaire.

 

[LiberalNut]

You must be a millionaire.

Sarcasm, right? No, this is a duped middle or lower class person, mindlessly regurgitating rhetoric and ignorant that it goes against his/her own self-interests.

So it goes.

 

[topspin]

Plutonomy is awesome, being a plutocrat is the best!!!

 

[kiwiman127]

If not, then are most likely rapidly growing poor by throwing wealth away.

Look at it this way. (just an example) The GM worker spends his lifetime making GM a profit. I buy GM stock, so I skim the profit off the worker's back. That money that should go to the worker and his family gets diverted into my pocket. My kids get braces, the workers kids have to make due. He gets his property loans at BofA, and I own stock there, so I further rape the workers pocket as he pays interest on the loan. And if he goes belly up, we kick him out in the street and take the house, which nets me even more profits.

As you see, I do no work, I don't sweat, I don't ache, and I will out live that poor worker at GM.

=================
Between the above and LiberalNut's contributions on the plight of the working class, I'd like to say,,well done.
Let's see, the top % pay taxes at the 15% level. While the working stiffs pay at a much higher rate. Ahh the re-distribution of wealth. And the sad part is that many on the right want to keep it that way!!!! One has to call them optimist because of their dreams of catching some of the crumbs that fall off the wealthy elite's proverbial table.

 

[Mr. Shaman]

Yeah, but we have to fear the muslims, gays, blacks and hispanics and vote for the people supporting the plutocracy!

Hey.....don't forget about allllllllllllllllllllll o' those people who "took-out mortgages they couldn't afford" , who threw our economy into a tailspin!!!​

November 8, 2010

Citigroup Debt Funds Probed By SEC​

"The U.S. securities regulator has probed certain Citigroup Inc debt funds to assess whether the bank made adequate disclosure to investors about the funds' risk levels, the Wall Street Journal said, citing people familiar with the matter.

The Securities and Exchange Commission (SEC) had also subpoenaed the bank's former brokers for testimony, the Journal said.

Citigroup's debt funds, which are under the SEC's scanner, had used borrowed money to invest in municipal bonds and mortgage debt, the Journal said.

After the mortgage market imploded during the credit crisis, the funds' value fell about 77 percent to reach a low in March 2008, the paper said.

Three California-based brokers, who worked for the then Citigroup unit Smith Barney, concluded the bank did not adequately disclose the funds' risks and had also mismanaged themhttp://www.reuters.com/article/idUSTRE6A70NO20101108, the newspaper said, citing people familiar with the regulatory probe.

The brokers, who resigned in 2008 in a dispute over Citigroup's handling of the funds, had received subpoenas from the SEC, the paper said."

Let's HEAR IT for Allowing The Marketplace To REGULATE ITSELF!!!!!

 

[California Girl]

yes, but cannot really post. on mobile phone, which will only allow so many characters per post.

You're arguing with someone who's not even smart enough to use the 'quote' function.

 

[Mr. Shaman]

If you are worried about class warfare, there is a simple solution: Stop fighting it.

Stop being angry at someone else because they have more or less than you do.

Better take your missionary-efforts to Wall $treet......​

"A week later, about 170 small business owners flew into town with the opposite message. The Fed plan is pro-consumer, they said, because it will help lower retail prices while preventing card issuers from profiting at their expense—money that goes to fatten bankers' bonuses.

Framing brawls about money as essentially consumer issues is a time-honored tactic in Washington. However, the debit-card fee issue is primarily a conflict between big business and big banks. Up for grabs is $16 billion in annual revenues. That's the amount merchants collect—at an average of 44 cents per debit-card swipe—and turn over to banks. Retailers have been complaining for years about the hefty fees. The fight is reaching a crescendo as an April deadline nears for the Fed to decide what is a "reasonable" fee, as required under last year's Dodd-Frank financial regulation law. "This is a battle between the large retailers and the large banks," says Clifford Rossi, executive-in-residence at the University of Maryland's Center for Financial Policy, who has done financial industry-sponsored research on swipe fees."

Big Business vs. Big Banks​

 

[hipeter924]

"Before Wall Street drove our economy off a cliff, bullish Citigroup strategists dubbed the United States a "plutonomy." They said, "There are rich consumers, few in number, but disproportionate in the gigantic slice of income and consumption they take. There are the rest, the 'non-rich,' the multitudinous many, but only accounting for surprisingly small bites of the national pie."

Inequality had increased so much since the 1980s, Citi strategists noted in 2005, that the richest 1 percent of households and the bottom 60 percent had "similar slices of the income pie!" Even better, they said, "the top 1 percent of households account for 40 percent of financial net worth, more than the bottom 95 percent of households put together." And the Bush "administration's attempts to change the estate tax code and make permanent dividend tax cuts, plays directly into the hands of the plutonomy."

In "Revisiting Plutonomy: The Rich Getting Richer," Citi strategists considered the risk of backlash. "Whilst the rich are getting a greater share of the wealth ... political enfranchisement remains as was - one person, one vote," they said. "At some point it is likely that labor will fight back against the rising profit share of the rich and there will be a political backlash against the rising wealth of the rich." This could be felt, for example, "through higher taxation (on the rich or indirectly though higher corporate taxes/regulation)."

​

Better reach-out, 'Baggers!!

The high-rollers might need some (more) moral-support, some time soon.....​

I think Michael Moore will be suing you for copyright violation someday, that's Michael Moore's point not yours.

 

[editec]

Seldom have I seen a poster so kick the ass of another as I just witnessed in this thread.

But you know, LiberalNut...the superpower of the faith-based, social science igornamous is that depite the intellectual drubbing he takes from those who point out reality for his benefit, he is completely oblivious to it.

And per usual, he is miffed at you for trying to take off his blinders.

House slaves are happy slaves, amigo.