Wall Street issues its orders to Obama and Romney

[Stalin]

The top bosses on Wall Street have issued their demands for action from the Obama administration and Congress to slash the federal deficit, in a letter warning that failure to take action by January 1 could produce renewed financial crisis and economic slump.

While not spelling out any particular measures to be adopted, the letter calls for “concrete steps to restore the United States’ long-term fiscal footing” and “legislation that truly restores the nation’s long-term fiscal soundness.” These are political code words for the gutting of Social Security, Medicare, Medicaid and other social programs.

The bankers echoed the threats by bond-rating agencies S&P and Moody’s, which have said they would downgrade US debt even further if there is not a bipartisan agreement to avert the so-called “fiscal cliff” on January 1. S&P first downgraded US debt in August 2011, and Moody’s has issued a warning of similar action.

The letter was signed by 15 CEOs of banks, brokerages and insurance companies and by the head of the Financial Services Forum, the industry lobby. Among the signatories are Jamie Dimon, CEO of JP Morgan Chase; Lloyd Blankfein, CEO of Goldman Sachs; Michael Corbat, the newly installed CEO of Citibank; John Stumpf, CEO of Wells Fargo; and Brian Moynihan, CEO of Bank of America

In other words, it was a manifesto by the financial criminals who caused the 2008 crash and the four years of mass unemployment and social misery that have followed, the heads of institutions that received trillions of dollars in federal support during the bank bailout, pressing their demand that no such support should be available to tens of millions of working people and retirees.

The “fiscal cliff” is media jargon for a series of tax and fiscal measures now scheduled to take place automatically on or just after January 1. These include:

• The expiration of the Bush tax cuts, first enacted in 2001 and extended in 2010 for two years. Taxes would rise across-the-board, both for low- and middle-income families and the wealthy.
• An across-the-board spending cut, imposed by the debt-ceiling bill passed by Congress and signed by Obama in August 2011, which begins to hit in January 2013, totaling $1 trillion over ten years.
• The expiration of the payroll tax cut, enacted in December 2010 and extended through 2012, which would amount to a 3.1 percent increase in taxes on every American worker.
• The expiration of extended unemployment benefits, adopted during the economic slump that followed the 2008 crash.

more bad news at http://www.wsws.org/articles/2012/oct2012/wall-o19.shtml

Comrade Stalin

 

[dogtowner]

so what would a communist like yourself suggest ?

a bad credit rating just runs up your debt load. considering its really only the Fed printing money to deal with out of control spending (other countries just are not interested in US Debt any more) this is not any sort of code talk its just the result of irresponsible spending. and yes, there is ample fault on both parties.

 

[Stalin]

With pleasure.

1) Nationalise the banks. In China and India, the banks are owned by the goverment

http://en.wikipedia.org/wiki/Banking_in_the_People's_Republic_of_China
http://en.wikipedia.org/wiki/Banking_in_india
http://en.wikipedia.org/wiki/List_of_banks_in_India

Last time I looked, China and India were booming with fat reserves and growth rates that can only
be imagined in the US and the EU.

2) Abolish farm subsidies like New Zealand did in 1987. Our food economy is going gangbusters.

3) Get rid of tax breaks and incentives for companies and corporations. Business should rise
or fall on their products.

4) Progressive tax regimes that prevent the accumulation of vast fortunes.

5) A tax on financial transactions

Comrade Staline

 

[dogtowner]

With pleasure.

1) Nationalise the banks. In China and India, the banks are owned by the goverment
2) Abolish farm subsidies like New Zealand did in 1987. Our food economy is going gangbusters.
3) Get rid of tax breaks and incentives for companies and corporations. Business should rise
or fall on their products.
4) Progressive tax regimes that prevent the accumulation of vast fortunes.
5) A tax on financial transactions

Comrade Stalin

1. and make them political tools ? isn't this thread bemoaning what you see as the same thing ?
2. I'm good with that.
3. I'm good with that but it directly conflicts with #1.
4. Why ? So only the govt gets rich ?
5. Why if the govt runs the banks ?

 

[Cruella]

With pleasure.

1) Nationalise the banks. In China and India, the banks are owned by the goverment

http://en.wikipedia.org/wiki/Banking_in_the_People's_Republic_of_China
http://en.wikipedia.org/wiki/Banking_in_india
http://en.wikipedia.org/wiki/List_of_banks_in_India

Last time I looked, China and India were booming with fat reserves and growth rates that can only
be imagined in the US and the EU.

2) Abolish farm subsidies like New Zealand did in 1987. Our food economy is going gangbusters.

3) Get rid of tax breaks and incentives for companies and corporations. Business should rise
or fall on their products.

4) Progressive tax regimes that prevent the accumulation of vast fortunes.

5) A tax on financial transactions

Comrade Staline

2 & 3 are part of Romney's tax plan.

Obama has already done #5.