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Thread: What purpose did the tax cut for the wealthiest serve?

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    Re: What purpose did the tax cut for the wealthiest serve?

    To answer the thread question...

    After the Bush tax cuts for the wealthy, the markets were flooded with new money... Demand kicked in and Wall Street invented new ways to invest. Mortgage backed securities, derivatives..all kinds of new products with complicated payout schemes thought up by a group of maybe 100 people. (some of whom should be in jail)

    Unfortunately, the underfunded, understaffed SEC and other consumer protection agencies didn't have a clue and it was the 1980's all over again...

    But mortgage backed securities need what? Mortgages! So the Morgage brokerage houses grew and grew, the brokers set out to lend money to as many people as possible, collect their fees, then be their way. Nevermind that the people didn't have the monthly income to qualify for the loan. Just hide that fact way, way down in the contract, get them the loan and collect your fees. It's not your money anyway. Then the banks packaged the crap loans and sold them to the investors.

    Moral of the story. Bubbles always burst because their filled with nothing but air.
    Last edited by hazlnut; 08-31-11 at 08:04 PM.

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    The rich earned more money. why is that?
    The rich stole the money by investing in the Wall Street Ponzi schemes that only the rich could invest in, it's time to return that money to those who actually earned it by working not by scheming. 70% taxes on any wealth obtained by investing in the no lose ponzi schemes made available to them through deregulation, those who stole from the hard working middle class can keep 30% of what they sucked from the economy and that is being overly generous

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    a progressive income tax fails and has contributed to the current mess we have today
    Present your evidence of that conclusion and we can all examine it together.
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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by hazlnut View Post
    To answer the thread question...

    After the Bush tax cuts for the wealthy, the markets were flooded with new money... Demand kicked in and Wall Street invented new ways to invest. Mortgage backed securities, derivatives..all kinds of new products with complicated payout schemes thought up by a group of maybe 100 people. (some of whom should be in jail)

    Unfortunately, the underfunded, understaffed SEC and other consumer protection agencies didn't have a clue and it was the 1980's all over again...

    But mortgage backed securities need what? Mortgages! So the Morgage brokerage houses grew and grew, the brokers set out to lend money to as many people as possible, collect their fees, then be their way. Nevermind that the people didn't have the monthly income to qualify for the loan. Just hide that fact way, way down in the contract, get them the loan and collect your fees. It's not your money anyway. Then the banks packaged the crap loans and sold them to the investors.

    Moral of the story. Bubbles always burst because their filled with nothing but air.
    Wow! It's a good thing there is no bias in your argument. This started long before the Bush tax cuts.

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by Catawba View Post
    Prove it, if you can! And quit evading my question,

    The top 20% own 85% of the country's wealth now, how much more do you think is their "right'?
    It is their right to own as much as they earn. The same is true for the bottom 20%.

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    explain to me why I should have to work X hours a week to pay for your health care in addition to paying for mine?
    Because I will be paying for yours, as well as mine. I pay taxes too.

    It is certainly not my fault or my doing if you are not skilled enough to gain sufficient compensation to pay for your own needs
    I'm in school learning new skills, so that hopefully one day I will be able to contribute to your generation's medicare and social security.
    "It has been said that man is a rational animal. All my life I have been searching for evidence which could support this." Bertrand Russell

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by hazlnut View Post
    To answer the thread question...

    After the Bush tax cuts for the wealthy, the markets were flooded with new money... Demand kicked in and Wall Street invented new ways to invest. Mortgage backed securities, derivatives..all kinds of new products with complicated payout schemes thought up by a group of maybe 100 people. (some of whom should be in jail)

    Unfortunately, the underfunded, understaffed SEC and other consumer protection agencies didn't have a clue and it was the 1980's all over again...

    But mortgage backed securities need what? Mortgages! So the Morgage brokerage houses grew and grew, the brokers set out to lend money to as many people as possible, collect their fees, then be their way. Nevermind that the people didn't have the monthly income to qualify for the loan. Just hide that fact way, way down in the contract, get them the loan and collect your fees. It's not your money anyway. Then the banks packaged the crap loans and sold them to the investors.

    Moral of the story. Bubbles always burst because their filled with nothing but air.
    Your wrong they had a clue and choose to ignore it,

    This ain't rocket science all you got to do is follow the money where did it go? Did it vanish into thin air or disappear into the pockets of those who now want to cut into entitlements. That money was stolen by the rich and should be returned with interest

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by TurtleDude View Post
    The rich earned more money. why is that?
    Excellent question.



    As you can see, wages have been frozen since the 1970's, while production hasn't slowed down a bit. That gap between wages and productivity is profits. So wages have plateaued since the 1970s, but profits have been skyrocketing. To replace the lost growth in wages, the personal credit industry was born. Instead of paying rising wages to correspond with the rising productivity (the way it's always been in this country), businesses have stepped in to lend money to working families. So instead of rising wages, we get the ability to borrow money at interest, and we're experiencing exactly what can go wrong with this setup right now.
    "It has been said that man is a rational animal. All my life I have been searching for evidence which could support this." Bertrand Russell

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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by EarlzP View Post
    The rich stole the money by investing in the Wall Street Ponzi schemes that only the rich could invest in, it's time to return that money to those who actually earned it by working not by scheming. 70% taxes on any wealth obtained by investing in the no lose ponzi schemes made available to them through deregulation, those who stole from the hard working middle class can keep 30% of what they sucked from the economy and that is being overly generous
    uber psychobabble.



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    Re: What purpose did the tax cut for the wealthiest serve?

    Quote Originally Posted by Bardo View Post
    Because I will be paying for yours, as well as mine. I pay taxes too.



    I'm in school learning new skills, so that hopefully one day I will be able to contribute to your generation's medicare and social security.
    maybe others not mine. I have paid far far more than I will ever use



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