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View Diary: Obama's inequality speech: telling the progressive story of American history (62 comments)

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  •  Good piece, Ian (7+ / 0-)

    and it's heartening to see the President affirming a progressive viewpoint at the same time that there have been exchanges between the "Third Way" people and Elizabeth Warren and progressives.  

    Now if he would only repudiate chained CPI once and for all and go all out that the Republicans want to cut SS and Medicare, we still might take the House.

    •  Thank you. Very heartening. (4+ / 0-)

      It's crucial that he push back against that Third Way stuff. Elizabeth Warren praised his speech as well on her Facebook page, I saw.

      •  Reagan's "trickle down" sure. But the piece (1+ / 0-)
        Recommended by:
        Ian Reifowitz

        mirror's Obama in not hitting the nail squarely. Tax giveaways are missed and the many billions of Federal Reserve giveaways to the banks:

        The list is short and sweet:

        -- Reagan had two tax rate giveaways that overwhelmingly helped the top 2%

        -- Clinton halved the capital gains tax from 30% to 15%.

        -- Clinton signed the "carry interest" abomination that converts fees from investment advisor contracts over to capital gains for tax purposes.

        -- Bush had two tax rate giveaways that mainly helped the top 2%.

        That's more than half of the income redistribution. There's two more massive redistributions:
        -- Paul Volcker, as Fed Chair, ignored unemployment and engineered high-profit rates for the banks after the Russia-Brazil panic. He set a Fed funds rate at 11% which kicked the productive side of the economy into a recession well in time for the 1980 election. Great for the banks and Ronnie Reagan.

        -- The Fed, today, is giving away $85,000,000,000 a month to the big banks. That's with very low interest rates. Allowing for inflation it is a zero interest rate.

        "Quantitative easing" is the  Alan Greenspan and Ben Bernanke policy that amounts to free loans to the big banks with no restrictions.

        Anybody here own or operate a big bank ???

        I don't.

        That money raises asset prices -- check stocks at NYSE -- and builds productive assets but heavily overseas. There are no restrictions on use of these funds.

        The free money has also financed an astonishing number of palaces which are sprinkled around in all the right places. State of the art for palaces implies multiple kitchens and car elevators.

        I've forgotten how many of them I own.

      •  til I saw the bank draft four $8427, //. (0+ / 0-)

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