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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.
 
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TurtleDude said:
The rich earned more money. why is that?
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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
 
TurtleDude said:
a progressive income tax fails and has contributed to the current mess we have today
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Present your evidence of that conclusion and we can all examine it together.
 
hazlnut said:
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.
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Wow! It's a good thing there is no bias in your argument. This started long before the Bush tax cuts.
 
Catawba said:
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'?
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It is their right to own as much as they earn. The same is true for the bottom 20%.
 
TurtleDude said:
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?
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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
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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.
 
hazlnut said:
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.
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Your wrong they had a clue and choose to ignore it,

Brooksley Born on PBS Frontline Tonight Talking About the Financial Crisis | The Big Picture
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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
 
TurtleDude said:
The rich earned more money. why is that?
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Excellent question.

productivity-and-real-wages.jpg


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.
 
EarlzP said:
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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uber psychobabble.
 
Bardo said:
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.
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maybe others not mine. I have paid far far more than I will ever use
 
TurtleDude said:
uber psychobabble.
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Some how you did not include the quote I supplied that talks about your Libertarian heroes Greenspan-Rubin-Summers you know the guys that protected the rich while they stole this countries wealth, they were not dumb they where calculating blood suckers transferring the wealth of this country from the middle class to the blood sucking rich. Now you have the ordasity to want to continue your wealth plundering by cutting entitlements and giving even more to the blood suckers

Brooksley Born on PBS Frontline Tonight Talking About the Financial Crisis | The Big Picture
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All you got to do is follow the money to know who was involved this ain't rocket science
 
EarlzP said:
Some how you did not include the quote I supplied that talks about your Libertarian heroes Greenspan-Rubin-Summers you know the guys that protected the rich while they stole this countries wealth, they were not dumb they where calculating blood suckers transferring the wealth of this country from the middle class to the blood sucking rich. Now you have the ordasity to want to continue your wealth plundering by cutting entitlements and giving even more to the blood suckers



All you got to do is follow the money to know who was involved this ain't rocket science
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nothing screams butt hurt envy more than howling that anyone who is rich must have stolen it.

I guess you have not figured out that often the richest people are 'big liberals'
 
TurtleDude said:
nothing screams butt hurt envy more than howling that anyone who is rich must have stolen it.

I guess you have not figured out that often the richest people are 'big liberals'
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It's time for the middle class to stand up and quit coddling the blood suckers that send our children off to fight to protect the wealth of the blood suckers, that scream for deregulation so that they can continue to plunder the wealth of our country, it's time for the middle class to go on the offensive, it's time that the middle class stand up for the poor and the elderly of our country.
 
EarlzP said:
It's time for the middle class to stand up and quit coddling the blood suckers that send our children off to fight to protect the wealth of the blood suckers, that scream for deregulation so that they can continue to plunder the wealth of our country, it's time for the middle class to go on the offensive, it's time that the middle class stand up for the poor and the elderly of our country.
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This must be a parody of the left. when was the last time we had a draft?

go ahead and revolt. we could use a winnowing of the fringe left
 
TurtleDude said:
This must be a parody of the left. when was the last time we had a draft?

go ahead and revolt. we could use a winnowing of the fringe left
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Wait Turtle do you agree with the concept of a draft?
 
TurtleDude said:
maybe others not mine. I have paid far far more than I will ever use
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Congratulations. We're all very proud of you.

However, there will be others who will need it.
 
TurtleDude said:
This must be a parody of the left. when was the last time we had a draft?

go ahead and revolt. we could use a winnowing of the fringe left
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Oh, please. The working class wouldn't need violence. They could just go on a mass general strike and the entire system would grind to a halt. Let's see how well you do when your food stops getting shipped to stores, when your power stops being generated, when the police stop protecting you, when gas stops getting shipped to gas stations, etc.
 
LesGovt said:
It is their right to own as much as they earn. The same is true for the bottom 20%.
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Of the country's total wealth, the top 20% own 85% of that wealth. You don't see how that creates a problem for an economy that depends on consumerism by the masses?Look around you man. How's that working out for our economy???
 
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Bardo said:
Congratulations. We're all very proud of you.

However, there will be others who will need it.
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I'm really lost on why people think this an argument. The state in order to reach needs of the few must take from others. This argument of yours and of others fails as soon as it starts.
 
Catawba said:
Of the country's total wealth, the top 20% own 85% of that wealth. You don't see how that creates a problem for an economy that depends on consumerism by the masses?Look around you man. How's that working out for our economy???
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Wealth is not a static item nor is it finite. Wealth can be obtained. Income and wealth are also not the same. What we need is more income, especially from those who are not working. That is how people should gain wealth.
 
Henrin said:
I'm really lost on why people think this an argument. The state in order to reach needs of the few must take from others. This argument of yours and of others fails as soon as it starts.
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LOL! Yeah, its hard to do anything with that wild bunch that believes in the rule of law in this country! :sun
 
LesGovt said:
Wealth is not a static item nor is it finite. Wealth can be obtained. Income and wealth are also not the same. What we need is more income, especially from those who are not working. That is how people should gain wealth.
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Tell us your plan to get more income from those who are not working?

Because the GOP plan for the last 30 years and continues to be more tax cuts for the rich and less regulations, which has only made the problem worse.
 
Catawba said:
LOL! Yeah, its hard to do anything with that wild bunch that believes in the rule of law in this country! :sun
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The rule of law? Is that all you got? Is this going to be another Boo argument where he ended up just saying its taxes so its cool? Is that the approach you want to take Catawba?
 
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