According to a recent CNN commentary, the new spending bill passed by Congress that funds the government though Sept. 2015 will cause Wall Street to dictate the action of Congress – once again – due to the repeal of a banking regulation provision passed under the Dodd-Frank law, which was passed after the economic meltdown of 2008.
The commentary states that when Republicans take over Congress in January, they will “relentlessly attack” the financial regulations that currently prevent banks from receiving bailouts, and therefore will end up “putting the economy and taxpayers at risk.”
So, CNN pre-blaming the Republican party for the bank bailouts that are sure occur again, financed courtesy of Joe Taxpayer.
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Not that . Why don’t all Americans pitch in and pay our debts . Save America . Bring our blessings back And throw all those waist full , selfish they call government out . Not a penny more should go to them . But they will cause war , kill us and in slave us . See you all in our torment …
http://www.gofundme.com/charliefor2015
What about the little guy? http://www.gofundme.com/charliefor2015
A & B!
Congressional Research Service Report On Tax Cuts For Wealthy Suppressed By GOP (UPDATE)
Nick Wing Ryan Grim
11/01/12 03:05 PM ET
The New York Times reported on Thursday that Senate Republicans applied pressure to the nonpartisan Congressional Research Service (CRS) in September, successfully persuading it to withdraw a report finding that lowering marginal tax rates for the wealthiest Americans had no effect on economic growth or job creation.
“The pressure applied to the research service comes amid a broader Republican effort to raise questions about research and statistics that were once trusted as nonpartisan and apolitical,” the Times reported. Democrats in Congress, however, have resurfaced the report and published it in full. It can be read below.
Republicans told the Times they had issues with the tone, wording and scope of the report, but they clearly objected most strongly to its findings, which undermine the governing fiscal philosophy of the party, that tax cuts for the wealthy will spur growth and benefit everybody.
GOP officials told The Times that the decision by the CRS came after a cooperative discussion, but Democrats have suggested that the move is part of a broader effort by Republicans to squelch legitimate research that runs counter to their economic principles.
The CRS report, by researcher Thomas Hungerford, concluded:
The results of the analysis suggest that changes over the past 65 years in the top marginal tax rate and the top capital gains tax rate do not appear correlated with economic growth. The reduction in the top tax rates appears to be uncorrelated with saving, investment, and productivity growth. The top tax rates appear to have little or no relation to the size of the economic pie.
However, the top tax rate reductions appear to be associated with the increasing concentration of income at the top of the income distribution. As measured by IRS data, the share of income accruing to the top 0.1% of U.S. families increased from 4.2% in 1945 to 12.3% by 2007 before falling to 9.2% due to the 2007-2009 recession. At the same time, the average tax rate paid by the top 0.1% fell from over 50% in 1945 to about 25% in 2009. Tax policy could have a relation to how the economic pie is sliced—lower top tax rates may be associated with greater income disparities.
Sounded like Obama’s treasury are the backers of big banks in crash even buying surviavl kits for the worker
Looks like they’re going to compromise the free market principle in order to save the free market system. I don’t know why any one votes Republican. Democrats are worse by far but at least their up front about their big government policies.
Just love your little blurts CNN. Hey this Obama is such a traitor and he needs to go and no one is talking about that.
so after 6 years of a democrat led nation…all of a sudden it is again the democrats fault…? Odd….
and insurance COMPANIES…..?