Plutocrats React to OWS: Krugman Calls it Panic
The Pundit-Elite Class is besides themselves, trying to figure out how to put this Citizen's Action genie back in its bottle ... and so they just keep doing what they do best -- lie, censor, obscure, mis-construe. And above all, shift the debate ... redirect those Citizen advocate spotlights ... to anywhere, but on them.
Panic of the Plutocrats
by Paul Krugman, NYTimes -- October 9, 2011
Nonetheless, Eric Cantor, the House majority leader, has denounced “mobs” and “the pitting of Americans against Americans.” The G.O.P. presidential candidates have weighed in, with Mitt Romney accusing the protesters of waging “class warfare,” while Herman Cain calls them “anti-American.” My favorite, however, is Senator Rand Paul, who for some reason worries that the protesters will start seizing iPads, because they believe rich people don’t deserve to have them.
The way to understand all of this is to realize that it’s part of a broader syndrome, in which wealthy Americans who benefit hugely from a system rigged in their favorreact with hysteria to anyone who points out just how rigged the system is.
They’re people who got rich by peddling complex financial schemes that, far from delivering clear benefits to the American people, helped push us into a crisis whoseaftereffects continue to blight the lives of tens of millions of their fellow citizens.
Yet they have paid no price. Their institutions were bailed out by taxpayers, with few strings attached. They continue to benefit from explicit and implicit federal guarantees -- basically, they’re still in a game of heads they win, tails taxpayers lose. And they benefit from tax loopholes that in many cases have people with multimillion-dollar incomes paying lower rates than middle-class families.
And what they are Panicking about most of all -- is that bright light will finally uncover, the "rigged game" they've been scamming us with, all along ...
They're panicked that we may discover their hypocrisy for calling us "Mobs" while previously issuing Congressional "Resolutions of Thanks" for similar Tea Party demonstrations:
Among the resolution's cosponsors are House Minority Whip Eric Cantor (R-VA) and Rep. Joe "You Lie!" Wilson (R-SC).
Resolved, that the House of Representatives expresses its gratitude and appreciation to the hundreds of thousands of people who marched on Washington, DC, on September 12, 2009, to show their love of liberty and their grievance with recent government actions.
They're panicked that we might really clamp down their wild west casino that lets them privatize all the gains, while socializing all the pains. They're afraid we might follow Senator Sanders reform advice, and actually demand a piece of their Speculative Derivatives action:
6) Establish a Wall Street speculation fee on credit default swaps, derivatives, stock options and futures. Both the economic crisis and the deficit crisis are a direct result of the greed and recklessness on Wall Street. Establishing a speculation fee would reduce gambling on Wall Street, encourage the financial sector to invest in the productive economy, and significantly reduce the deficit without harming average Americans. There are a number of precedents for this. The U.S had a similar Wall Street speculation fee from 1914 to 1966. The Revenue Act of 1914 levied a 0.2 percent tax on all sales or transfers of stock. In 1932, Congress more than doubled that tax to help finance the government during the Great Depression. And today, England has a financial transaction tax of 0.25 percent, a penny on every $4 invested.
Wall Street Protests -- Oct 08, 2011
by Senator Bernie Sanders
The Pundit-Elite Class, that aspires to and constantly protects, those "Job Creating" 1%ers -- they are besides themselves, because they're afraid we might discover America is in shamblesand in deep debt, precisely because of what reckless, greedy bastards that Wealthy Wall Street Class has been.
That the American economy, and especially the Fed, has been at Wall Street's beck and call,offering them Trillions, to pay off their gambling debts, while expecting nothing in return, asAlan Grayson has recently pointed out:
They are panicked, because the American People are finding out, that Wall Street speculationhave taken us for all were worth. And that we might finally get Mad enough to stop them from coming back for even more.
Those sick, greedy, twisted gamblers, find the idea of having to "Pay their Fair Share" --truly a Terrifying proposition.
They might even lose some sleep over it, if the American People keep this up.