By David Cay Johnston

Corporate Tax Rates Plummet As Profits Soar

July 16, 2013 7:13 am Category: Economy, Memo Pad 135 Comments A+ / A-
Corporate Tax Rates Plummet As Profits Soar

Individual income tax payments have been rising fast since the economy began to recover, even though wages have hardly budged. But the same isn’t true for taxes for most corporations.

For the vast majority of America’s 5.8 million corporations, profits soared in 2010 — up 53 percent compared to 2009 — when the recession official ended at mid-year. Despite skyrocketing profits, however, their corporate income tax bills actually shrank by $1.9 billion, or 2.6 percent.

The effective tax rate paid by 99.95 percent of companies fell to 15.9 percent in the robustly profitable year of 2010, from 24.9 percent in the half-recession year 2009.

Those figures do not count the 2,772 companies that dominate the American economy. These giant firms, with an average of $23 billion in assets, own 81 percent of all business assets in America.

Their combined profits soared 45.2 percent to a new record in 2010, but their taxes rose just 14.8 percent, new IRS data show. Profits growing three times faster than taxes means their effective tax rates fell.

In 2010 these corporate giants paid just 16.7 percent of their profits in taxes, down from 21.1 percent in 2009. The official tax rate is 35 percent.

These figures, which I distilled from the latest IRS data on corporate tax returns, come as Senator Max Baucus, the Montana Democrat who chairs the Senate Finance Committee, and Representative Dave Camp, the Michigan Republican who chairs the Ways and Means Committee, are traveling the country promoting a reduction in the corporate tax rate. Baucus’ final term ends on Jan. 2, adding urgency to their drive since Baucus is a reliable friend of big corporate interests — of which there are few in Montana, one of the poorest states.

Corporate lobbyists swarming over Capitol Hill for the past year have asserted that the current official tax rate is much too high because our economic competitors have lower rates. The drive right now is for a 25 percent rate, but the ultimate goal is to end the corporate income tax, which began in 1909, without any new rules to prevent corporations from becoming bloated with cash, as I revealed a year ago in Reuters.

Profits way up, taxes down, is not what our myths about taxation lead us to expect. These figures show that the endlessly repeated claim that American corporations are overtaxed is bunk.

The reality is that the tax rates written into law, and used on corporate profit and loss statements, bear little relationship to actual taxes paid. And the beneficiaries of this gap between posted rates and paid rates are primarily the very biggest corporations, many of which have figured out how to profit off the tax system (as I first showed in 2002). In a previous National Memo column, I showed how Apple makes money by profiting today and paying its income taxes much later, if ever.

A July 1 report to Congress suggests the rate on large profitable firms may be even lower than what is shown in publicly available IRS data. The 2010 net tax rate was really just 12.6 percent, according to the Government Accountability Office — the investigative arm of Congress — which had access to secret documents.

Going forward, the Obama administration predicts that Washington will rely more on individual income taxes and less on corporate taxes.

Between fiscal 2010 and fiscal 2018, individual income taxes will rise from 41.5 percent of federal revenues to 49.8 percent, an increase of 8.3 percentage points, the president’s proposed fiscal 2014 budget shows. Corporate income taxes – assuming current statutory rates – are expected to grow by only 2.4 percentage points from 8.9 percent in 2010 to 11.3 percent of federal revenues in 2018.

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Corporate Tax Rates Plummet As Profits Soar Reviewed by on . Individual income tax payments have been rising fast since the economy began to recover, even though wages have hardly budged. But the same isn't true for taxes Individual income tax payments have been rising fast since the economy began to recover, even though wages have hardly budged. But the same isn't true for taxes Rating:

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Comments

  • charleo1

    The corporations learned from their other competitor in the human bondage, slave trade, if you first corrupt the government, they don’t come after you for breaking the law.

  • Dominick Vila

    Recent increases in corporate sales volume and profits are influenced by a number of things, ranging from an improving economy to highly foreign investment. But that is just part of it. Ridiculously low tax rates, an abundance of loopholes, unnecessary subsidies, and the fact that our companies are allowed to abuse and exploit their employees are also contributing factors to what should be evident to everyone. The winners are the owners, shareholders, CEOs, and board members, the losers are the general populace and the U.S. government Treasury who only get crumbs from the prosperity our business community enjoys. Trickle down economics was a chimera when it was first conceived, and it remains an out of control train wreck to this day.

    • Fern Woodfork

      They Are Mainly Who The GOP/Tea Party Members In Offices Are Working For The 2%!!! Cause They Themselves Are The Part Of The 2%!!! :-(

      • davidcayjohnston

        @ Fern Woodfork, the data show it is the top tenth of one percent, not the 2 percent. The 2% mostly are two income couples. The tenth of one percent make almost as much as the bottom half. The 2% starts at around a quarter million, the top tenth of one percent at around $2 million. As incomes rise within the the top tenth of one percent more and more income is from capital, less from labor.

        • Fern Woodfork

          And Yes I Do Know That Too!!

      • FredAppell

        Fern, we have to be careful when we make that claim. There are some wealthy 2% Democrats too. From now on, I am going to do my own vetting before I vote for anyone. I’m not relying on a media that we can’t trust to do their jobs properly because of personal bias’s or serving the interests of their advertiser’s any longer. The hard part is finding a reputable source without a personal agenda…we are living in an age where any fool with a computer and an opinion can create their own blog and pass themselves off as a genuine
        journalist. It happens all the time and we are dealing with the consequences of that now.

        • Fern Woodfork

          I Know That Also But You Hardly Hear The 2% Wealthy Democrats Talking About Screwing Over The 98% Of The American People Like You Do The GOP/Tea Party American Taliban Members Duh!!! Was It Not R. Maddock Who Bought Up That His Workers Pay More Money Than He Do In Taxes??? Duh!!! He’s One Of The 2% He Know He Use The American Road And Whatever That Is Here To Use He Didn’t Mind Paying His Fair Share Of Taxes Nor Did A Lot Of Democrats In Hollywood Who Are In The 2%!!!

          • GreginPottsville

            You are blind to the problem. GE paid nothing on $5 billion in profits. You know who is one of the biggest contributors to Obama? The GE CEO. Obama takes care of those at the tippy top. Obama wants as many people on food stamps (under gov’t control) as possible. Some of us are still hanging in as a very small middle class, waiting for a Republican in the White House in 2017 to return this country to a hard working, prosperous one.

          • Fern Woodfork

            Fuck You TROLL!!! What Part Of Stop Talking To Me You Not Understanding??? Rethugs Help The Working People LMAO!!! LOL FUCK YOU LYING BITCH!!!

          • GreginPottsville

            Wow. Now that was some lady like response. So elegant.

          • Fern Woodfork

            STOP PUSHING MY REPLY BUTTON YOU ASS SUCKING KOCH BROTHERS DUMB ASS TROLL!! Cause It’s Only Going To Get Worst!!! You Can’t Bully Me Bitch!! Fuck You!!! This Is Not Our First Rodeo Asshole I Told You Then Just Like I’m Telling You Now Go Peddle Your Bullshit Elsewhere!! Cause I Don’t Give No Fuck What You Say Or Think!! Good Bye And Good Riddance!! TROLL

          • GreginPottsville

            I think you meant “worse”, not “worst”. You did manage to spell all the curse words correctly though. Good job.

          • Fern Woodfork

            F…. U….C….K ———Y…… O….U!!!!!!!!!!!!!

          • GreginPottsville

            Thank goodness you are not my neighbor.

          • Fern Woodfork

            I’m A Middle Class Working Nurse I Don’t Live In Caves Or Trailer Parks!! Troll!!

          • ARIMDW97

            NO YOU A LOW LIFE TRAILER PARK TRASH ORIENTED PIG

          • Fern Woodfork

            FUCK YOU !! BITCH!! YOUR MOTHER LIVES IN A TRAILER AND YOU LIVE IN A CAVE YOU OLD SENILE KKKRACIST ASS COCKSUCKER!!!

          • GreginPottsville

            Then who in the world is that in your photo?

          • Fern Woodfork

            Your Worst Nightmare You Low Life Stalking Bitch!!!!!!!!

          • ARIMDW97

            ALOHA Gregin How you doing?
            Question how does a nasty Pig slut and Low life Like Fern Woodfork continue to stay on this Board.
            You have a like Bimbo and sister of her on the Pottsville Board T&E Forum or OLDJACKIEO and becaiuse of that Low Life I have been banned for Good from the Pottsville T&E Forum
            I hope OLDJACKIEO consumes some rat poison soon and croaks like the gutter rat that she is

          • oldjackieo

            And soon to be banned from all forums for your disgusting postings. May you enjoy what little time you have left on this planet.

          • ARIMDW97

            And its you that should be banned from the R&H T&E
            and charged with slander and I am sure your day will come and Justice will be served and your Scheming Nasty Rat
            nature will be exposed

          • oldjackieo

            Justice has been served, you are banned. My justice will be the same as George Zimmerman not guilty !!!

          • ARIMDW97

            BUT YOU ARE GUILTY AND YOU CONYVING AND SNEAKY WAYS
            LETS YOU GET OFF SCOTT FREE
            BUT NOT FOR LONG YOU CAN COUNT ON THAT

          • oldjackieo

            “Scott free” Do you mean like George Zimmerman ??? I see your platoon of idiots are working so hard to get me banned. ROFL If you had a better attitude maybe you would have more friends in your lifetime then 15.

          • ARIMDW97

            I do not need a trailer park low life lecturing me on my attitude

          • oldjackieo

            If anyone needs an attitude adjustment from anybody it’s you. See, a helping hand was offered and you get nasty. I don’t live in a trailer park and you don’t live in Silver Springs MD either. Another of your lies.

          • ARIMDW97

            A SOCIAL DISORDER IS WHEN OLDJACKIEO posts her nonsense and trivel on the Forum R&H T&E

          • oldjackieo

            But I can still post there and you can’t, speaks for itself.

          • ARIMDW97

            Gregin I PIg of Hog has more ediquet then this so called nurse

          • Sand_Cat

            Your post is a non sequitor, starting with a valid point and finishing with your version of Fox talking points on food stamps, not only false, but completely unrelated. And – despite your denials – the facts are that the country and the economy do better under Democrats.

          • Fern Woodfork

            You Got That Right My Friend :-) They Was Going To Put Lying Ryan And Romney In The White House!! LOL Ryan Who Lived On Social Security But Now Wants To Privatizes It And Romney The King Of Stripping American Companies And Shipping American Jobs Overseas To China, India And Anywhere There’s Sweatshops For The Slave Wages And He Made A Lot Of His Money Disposing Of Aborted Fetuses!! GOP President Always Has Put This Country In Debt!!! With Their Wars Loving Asses!!! :-( The GOP/Tea Party Polices Are Only For The2% Wealthy!!!!

          • GreginPottsville

            Uh, Debt? See what our DEBT was on January 19, 2009. See what it is today. If you can divide, that would be DOUBLED by Obama in less than 5 years!
            I really can’t make heads or tails with the rest of your post. Sounds like that of a mad woman.

          • Fern Woodfork

            Result Of George W Bush Bitch!!! I Just Don’t Like Liars And Trolls Like Yourself Asshole!!!

          • GreginPottsville

            Blaming GW Bush for Obama’s gargantuan deficits is like blaming Clinton for GW Bush’s deficits. You lost the argument. Try something else.

          • Fern Woodfork

            Hey Gregg Pottsville Is Missing Their Idiot Don’t You Think It’s Time For You To Go Home Asshole??? Bye Bye Troll!!!

          • Sand_Cat

            Actually, it’s like citing facts instead of false outrage and ill-informed rhetoric.

          • GreginPottsville

            You haven’t cited any to support your fantasy.

          • Sand_Cat

            Nor have you, other than perhaps some made up ones.

          • RobertCHastings

            The argument is who is responsible for the massive debt. When was the last time the federal debt was zero? When was the last president to actually operate with a balanced budget during his entire stay in office? The closest thing any of us can remember was during Clinton’s second administration. The debt wasn’t zero, but it was the lowest it had been in over a generation. Bush wiped that out, before he even got us into Iraq.

          • ARIMDW97

            Re-electing Obama would be a disaster

            By Letters to the Editor The Patriot-News
            on July 27, 2011 at 12:02 AM

            Print

            Email

            View/Post Comments

            As a former resident of the midstate, I felt compelled to write this. Right now, President Barrack Hussein Obama is bragging that he will raise $1 billion to buy his re-election in 2012. This must not come through, and we must stop this now.

            Here are just some of the reasons Obama should not be and must not be re-elected.
            While Americans struggle to survive in this bleak economy, Obama is deliberately bringing the economy to its knees. His actions have driven gas prices to the limit. Obama is supporting amnesty for millions of illegal immigrants.

            He is supporting government takeover of private industry and is trying to punish businesses that create jobs. Obama has stuffed the courts with liberal judges and socialist ideologists, and he is trying to create new undue gun-control measures. Obama is anti-Israel and sides with the Palestinians and Hamas.

            Just look at all the damage Obama has inflicted on Americans the last two years and start realizing his re-election would be a disaster for us.

            AL EISNER, Silver Spring, Md

          • Fern Woodfork

            TROLL WND Is The Web Site For Your Tea Bagging Ass!!!!!!!! Wacko’s And Dummies!!!! Still Whining Cause Romney And The Lying King Ryan Lost!!! LOL ASSHOLE!!! Only People The Fuck This Country Up Is Your Low Life Party Of Thugs!! The GOP/Tea Party American Taliban Clinton Left Office And Passed Bush A Surplus Budget What Did He Do!! Duh He Fuck It UP!!!!

          • ARIMDW97

            Yiu are nothing but a cheap Trailer Park slut
            and you should ber locked up as a psychopath
            AL EISNER
            SILVER SPRING, MD

          • old_blu

            Hey you do know the election is over? And Obama won. Right?

          • Lynda Groom

            You obviously forgotten that the last Federal budget from George Bush did not end until Sept of 2009. That last one was $1.4 trillion of the debt you put on Obama. Facts do matter.

          • GreginPottsville

            Actually, the final GW Bush fiscal year, ended Sept of 2009 with a deficit of $459 Billion. I agree. Facts do matter. Too bad you don’t use them. You might be adding Obama’s Stimulus into that equation, incorrectly I might add.

          • RobertCHastings

            And why should we ignore Bush’s $780B stimulus? Why ignore what is still on the books for the never-ending wars in Iraq and Afghanistan?

          • bhaggen

            And where does a budget come from? The Congress!

          • RobertCHastings

            If Fern is like the rest of us in the middle class, her debt became unmanageable at least a decade ago, if not more. Home mortgages, credit cards, and education loans account for the vast majority of middle class wealth. Today, the average middle-class tax payer owes almost 140% of what he is worth. Forty years ago, that was around 45% -50%. Really, the only thing that has doubled in this country since Obama took office has been the lying of the right.

          • GreginPottsville

            You really think this economy, after Dems had BOTH Houses of Congress for two years, and this President going on 5 years, is doing better than what?

          • Fern Woodfork

            Lying Troll!!

          • ARIMDW97

            How does a left wing Liberal Nut case like you get’s to be a Nurse?

            Unbeliavable? You are a typical Demo-RAT

            I bet you also voted for the Worst President this country ever had to suffer under

            Barack Hussein Obama?

            AL EISNER

            GOP CONSERVATION MONTGOMERY COUNTY MARYLAND GOP SUPPORTER AND WORKER
            AND GOP VOLUNTEER

            RETIRED SOLDIER 2 WARS VETERAN

            KOREA AND VIETNAM

            US ARMY RETIRED SFC E7 AU 1979

            MARYLAND STATE GUARD RETIRED LTC 05 MARCH 2004

          • Fern Woodfork

            F………U……C…..K_______Y….O….U!!!!!!!!!!!!!

          • ARIMDW97

            SAME TO YOU , YOU NASTY TRAILER PARK TRASH PIG YOU

          • Fern Woodfork

            Your Mother Is A Meth Whore And You Should Have Been Aborted!!! Old Senile Baby Killer!!!

          • ARIMDW97

            WELL SLUT DID YOU GET YOU WELFARE CHECK AND FOOD STAMPS TODAY?

          • Fern Woodfork

            LOL No But I Got A Big Paycheck FAGGOT!!

          • Sand_Cat

            Yes, we can see you’re so well informed.

            Your buddy, GWB, has it over pretty much all other 20th and 21st century presidents of either party by a mile, but you’re enough out-of-touch with reality to award the much -sought title to Obama, who – for all his faults – has repeatedly failed to make a complete fool of himself and the country in public, something at which your buddy may be the all-time champion.

          • ARIMDW97

            Aloha Sand_cat
            Bellow is a piece I wrote for the Jerusalem Post 2 years ago and that is how I feel and those are my firm beliefs
            I bet you are a Cat Person
            So are we here
            AL

            GWB along with Ronald Regan and Ike Eisenhower were the best 3 Presidents of the Century
            *************************************************************************
            Impeachment now

            Sir,– The harm and damage that President Barack Obama has imposed on the US
            calls for impeachment proceedings.

            Our deficit is now reaching levels from which it will be difficult if not
            impossible to recover because of failed policies and incompetent administration
            members. Obama has made our country a lot less safe with the START treaty. His
            failed Mideast policy has now put Israel on the line. His muddled policies in
            Afghanistan and Iraq will eventually cause us to fail there as well.

            Instead of fixing the economy and solving other problems,Obama is already in
            re-election mode. Republicans in the House have sufficient reason to start
            impeachment proceedings now.

            AL EISNER
            Silver Spring,Maryland

          • BillP

            Well for starters the major stock indices are all up over 75 percent since Obama became president. Housing values and sales are up. The CPI is up and consumer confidence is up. There has been positive job growth for over 24 months. As for what the economy is doing better than, try the 8 years under W.

          • GreginPottsville

            And the middle class is where and the unemployment % is what?
            Funny how you don’t understand how Obama is helping those at the top (major stock indices) with inflated money, and nothing for the middle class, which he despises (unless they are in a union of course). Housing values and sales are up compared to what and to when?
            Do you really think this economy is better than the 8 years under GW Bush? I got a bridge I can sell ya!

          • BillP

            What’s funny is your narrow view of how this country is doing. Anyone who has a retirement plan – 401K, IRA, SEP, etc is doing much better since Obama has been president. The stock market isn’t only for the wealthy, anyone can buy mutual funds and let professionals do the investing. I’m middle class and I’m definitely better off now than when W was in office. My investments are up over 75 percent, my house is worth more and I’m happy not bitter like you are. Housing is up since Obama took over from W, just look at the housing values and sales listed in,any newspaper. Also inflation has been held in check for the last 5 years. After watching stock and house price rise after the great W was finished ruining the economy it has been a good 4+ years.

          • charleo1

            Better than? Absolutely better than, it would have been,
            if the GOP wasn’t more interested in throwing one man out
            a job, than restoring the millions of jobs Americans lost in
            the deepest recession in 80 years. And you know what else?
            They haven’t lifted a finger yet. Except their middle one.

          • Lynda Groom

            If you bother to check the Congressional record you will see that the Democratic Party did not control both houses of Congress for two years like you claim. Due to illness and absence from the body by Kennedy and another they only had the majority for a matter of a few months before Kennedy’s seat went GOP.

          • GreginPottsville

            Look up years 2009 and 2010 and type in “majorities” and type in “House and Senate”. You are 0 for 2 already.

          • ARIMDW97

            Hi GreginPottsville
            Long time no Post from hereI have been barred from Posting by the Moderator as of Last Saturday
            Thanks to:
            OLDJACKIEO
            ADLER
            CONOR
            YIPPIDY DEUDA
            YIPPIDY HIPPIE
            all the above Left wing Liberals and my arch enemies
            AL EISNER
            SILVER SPRING, MD

          • GreginPottsville

            Hey Al, there are plenty of left wing loons here man. Funny how loser left wing websites attract them.

          • ARIMDW97

            ALOHA Gregin Pottsville Please let the Rock and the Patriot know that the Low life snake AKA THE BIMBO OLDJACKIEO got me banned from the Pottsvlle T&E Forum
            Let’s all monitor that snake and report every infraction to the GOP Commentator Monitor’
            That Old Bimbos friend are Adler, Conot Yippidy Dueda and Hippie plus lingus who is in disquise and hidding
            The Snake has you nasty account locked up as Private? Why??
            AL EISNER
            SILVER SPRING, MARYLAND

          • oldjackieo

            Shouldn’t you be own one of those three jobs you profess to have or is that BS like all your Faux News regurgitated points you post?

          • Sand_Cat

            Well you’re pretty much 0 for 10.

          • GreginPottsville

            0 for 10 in helping you understand facts.

          • Sand_Cat

            I understand your “facts” pretty well.

          • Sand_Cat

            What the Republicans would do, just as I said. We got into this mess with massive Republican negligence and deliberate non-regulation of financial institutions, helped by a few Dems with similar views on financial regulations, and we’re still in it as a result of massive Republican adherence to policies shown to damage economies in recession and massive obstruction of any attempts to improve the situation. Again, your rhetoric sounds great, but it’s way off base. The facts show the economy does better under Democrats, despite all the Republican rhetoric.

          • GreginPottsville

            Well, sorry, but the last 4 and a half years prove your facts are wrong.
            Plus, GW Bush tried to regulate the housing market and your heroes, Maxine Watters, Barney Frank and Chris Dodd would have none of it. They had the MAJORITY, at the time and Bush’s hands were tied. See how that worked out? The biggest contributor to the economic meltdown was the sub-prime mortgage crisis which GW Bush tried to regulate, yet Democrats wouldn’t let him.
            Want to re-think your theory now?

          • Sand_Cat

            Last last four and a half years prove nothing but the twin facts that the Republicans are a bunch of lying scum who care nothing about the vast majority of citizens (except, of course, at election times) and that the Democrats are too timid and weak to stop them. And your crap about GWB is a complete fabrication. Finally, Chris Dodd is no hero of mine. Barney Frank I respect, but he’s not my hero. I have no heroes among politicians of either party, but you, on the other hand are eager to defend the indefensible George Bush. And they couldn’t have stopped him if he really tried to regulate, majority or no. The fact is that he simply appointed people he knew would NOT regulate to virtually every position he was able to. The depth of your desperation and self-deception is impressive,. though hardly unique among Republican trolls. Finally, you shouldn’t be making any comparisons between most Dems – Laurence Summers and co excepted – and the incompetent, criminally negligent zealots of the Bush administration unless you want to look as foolish, incompetent, and downright mean as they were.

          • Sand_Cat

            All right, you talk about facts. You keep saying Bush tried to regulate the housing and sub-prime mortgage market. Let’s see some facts:
            Exactly how and approximately (within a month or two) when? Law? Regulation? Appointment?
            And exactly how and approximately (within a month or two) when did those terrible Dems stop him?
            What law specifically did they fail to pass and when? What specifically did it require?
            Or, what law did they pass, and what specifically did it require? When did Bush veto it? When did they override his veto?
            Or what regulation did he or his surrogates issue, and what were the specifics (in detail, please). How and when did the Dems kill it? On this topic, I seem to remember a Republican law or attempt at such which allowed Congress to override regulations. Is this in force, and did the Dems use it? If so, the ultimate fault lies with those who proposed and passed this law.
            Or, who was the appointee? (not that a president needs an appointee to regulate something; I don’t recall that the Constitution requires a cabinet). When was he/she appointed, when rejected? What were his/her positions on this issue?
            If you can’t provide reasonable and honest answers to these questions, then your contentions are just more right-wing liee, delusions, and fantasies.

          • GreginPottsville

            I can help you out greatly!
            Go to this thing called Google.
            In the search thingy, type the words “Bush regulate fannie mae Freddie mac”
            There is literally tons of information out there you seem to be ignorant of on this matter.
            Go get educated please.

          • Sand_Cat

            An easy dodge. No doubt I’ll find a ton of delusional right-wing sites desperate to blame Bush’s crimes and negligence on other people. Did Fannie and Freddie lie us into a war, too? Maybe they were the ones who should have done something to prevent the 9/11 attacks. Teddie and Barney probably personally purchased the plane tickets for the bombers, right? But we know that 9/11 was all Bill Clinton’s fault, anyway, right?

            I didn’t ask Google, I asked YOU. You’re the interloper here. Your non-answer brings to mind some more questions:

            So why didn’t Bush “regulate” while he had majorities in both houses for six years, if he was so desperate to do so? And Fannie and Freddie weren’t the ones fraudulently packaging worthless mortgages as high quality assets, nor were they the ratings agencies giving those packages fraudulently high ratings. Finally, Fannie and Freddie were once government corporations: I wonder whose idea it was to make them private?

          • GreginPottsville

            Or, if you are too lazy to look it up yourself, here is some helpful information:

            ** 2001 April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.” ** 2002 May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02) ** 2003 January: Freddie Mac announces it has to restate financial results for the previous three years. February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03) September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations. September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements. October: Fannie Mae discloses $1.2 billion accounting error. November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03) ** 2004 February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83) February: CEA Chairman Mankiw cautions Congress to “not take [the financial market’s] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04) June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04) ** 2005 April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05) ** 2007 July: Two Bear Stearns hedge funds invested in mortgage securities collapse. August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07) September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before. September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before. December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07) ** 2008 January: Bank of America announces it will buy Countrywide. January: Citigroup announces mortgage portfolio lost $18.1 billion in value. February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08) March: Bear Stearns announces it will sell itself to JPMorgan Chase. March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08) April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08) May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further. “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08) “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08) “Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08) June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08) July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing. – See more at: http://elenaives.com/attempts-president-bush-reform-fannie-mae-freddie-mac/#sthash.STBB39uK.dpuf

          • Sand_Cat

            Impressive. A very large number of these “attempts” to regulate Fannie Mae and Freddie Mac – on whom you Republicans place all the blame, of course- occurred during Republican supremacy in the House and Senate. So why didn’t your friends pass them? They were certainly aggressive enough in pushing through the things they cared about.
            As I said elsewhere, Fannie and Freddie – assuming they were a cause rather than an effect – were, as among the largest, if not the largest holders of mortgages, victimized by fraudulent sale of fraudulently-rated packages of worthless mortgages.

          • RobertCHastings

            Perhaps the most sensible thing you have said. I could not agree with you more.

          • bhaggen

            Talking points? Since 2008 the # of people on food stamps has risen from 26 million to 46 million! Look it up…..Duh

          • http://www.facebook.com/people/Terri-Prince/100001256790563 Terri Prince

            If you vote GOP you have no business claiming to want to support the middle class. The GOP has been happily dismantling the middle class for the last thirty years in favor of the rich That’s why so many people are on food stamps – which the GOP also wants to eliminate. If you are waiting for a republican to turn things around for the middle class you’ve drunk some serious kool aid.

          • GreginPottsville

            That’s one really strange logic you pose. 4 plus years of Obama destruction of the middle class vs what?

          • Sand_Cat

            I guess I should know better than to ask, but exactly how specifically is OBAMA dismantling the middle class?

            Please don’t cite some delusional website talking about how the non-existent “far left” (well, they may be to the left of the lunatics you seem to support) is deranged further by that sainted lady, Sarah Palin, or some generic – probably made-up if from one of your “sources” – statistics. What has Obama done as president that is destroying the middle class?

          • Fern Woodfork

            He’s A Warmongering Old Senile KKK Member He Knows The GOP/Tea Party Will Start A War In A Heartbeat That’s Why He Votes For Them!!

        • RobertCHastings

          I hope you feel some confidence in Robert Reich. He has published a neat little book, “Aftershock” that explains why trickle down does not work, and why Keynesian economics DOES work. His simple proposition is that our economy runs on consumerism. If consumers do not have the money to buy goods and services, they will not be produced and jobs will be lost. When jobs are lost, public investment is needed to stimulate the cycle. When the equitable balance of wealth between the wealthy and the middle class gets out of whack, as it is today, government investment may not necessarily be enough, especially when the system is stacked against the middle class.

          • FredAppell

            Confidence is certainly in short supply these days but I’m still an optimist. I have been very vocal about my support for Keynesian
            economics but I’ve been preaching to the choir. Unfortunately it doesn’t do any good discussing it with those who oppose it even though it has worked pretty damn good for them. I believe some people have a romantic view of the Gilded Age even though they have never experienced it. It turned out to be a disaster. That is surely where we are heading now.

          • RobertCHastings

            We are THERE. The share of wealth among the upper 5% is close now to what it was in the period prior to the Great Depression. What got us out of the Depression was basically redistributing the wealth and renewing the expectations of the middle class that fairness and hard work would get them to a better life, a condition that held from the mid 40’s into the 70’s. What Reich, and Keynes, propose is quite simple and quite logical – when the middle class has money, they spend it, which produces jobs, which makes EVERYONE money. When the middle class is unable to spend because of burgeoning debt ( mortgage, credit card, education, etc.) they are unable to spend, which in turn leads to the loss of jobs, which leads to the closing of businesses. However, when the financial sector becomes the focus rather than the economy, everything gets out of whack, as it has over the past dozen years.

          • FredAppell

            Robert, you probably understand it a lot better than I do. I never studied either man or their economic principles but at it’s most basic level it is quite logical to believe that the best form of economics start from the bottom up.

          • RobertCHastings

            Fred, Robert Reich (chairman of the treasury under Clinton), a well respected and moderate economist, has written a little book entitled “Aftershock”. Having read some of your posts, you are not as lacking in understanding as either you are trying to convince or as you are trying to convince yourself. This book is only about 150 pages, with no complicated economic theories. It is extremely interesting and a quick read and, being available in paperback, is relatively cheap. Reich proposes two basic ideas. First, when the middle class has money to spend, everybody benefits because the cycle begins with spending (buying leads to job creation leads to more selling and expansion, which leads to more of the same). Second, when the balance between wealthy and the rest of us is disrupted, even if the wealthy would spend like profligates, they would still save most of their wealth. What they DO spend is on things that do not create jobs.

          • FredAppell

            I appreciate the compliment. What I’m actually lacking is a little self confidence. I believe every word I say but it’s nice to know that I am making sense to you and the others, not just to myself.
            I’ve always been a follower up until a handful of years ago so for me it’s sort of like trying on a new identity. I was always the person in the back round with nothing to say and trying to blend in. You have mentioned that book to me before so me thinks you really want me to read it. I will keep my eyes peeled.

      • ARIMDW97

        IRS: they take our bucks — then pass the buck

        Last Updated: 11:59 PM, May 31, 2013

        Posted: 10:59 PM, May 31, 2013

        The Issue: White House satisfaction with IRS officials who declined to answer questions before Congress.

        ***

        The editorial listing the recent denials and deflections from Internal Revenue Service officials is a compelling example of this administration’s refusal to take responsibility for its erring ways (“IRS’s Happy Returns,” Editorial, May 30).

        Rationalization, minimization, deflection, denial and delusion are all symptoms of the same disease, which seems to afflict so many in Washington today.

        Attorney General Eric Holder, IRS officials Lois Lerner, Steven Miller and Douglas Shulman, not to mention White House spokesman Jay Carney and, disappointingly, the president himself appear incapable of explaining the IRS fiasco, or else admitting their part in it.

        Lois Lerner

        Worse, this seems to be a communicable disease, seeing as the nation still has no answers about the Benghazi attack and the Fox News fiasco, either.

        Marcio Moreira

        Chatham, NJ

        Lerner’s denial of any culpability in her conduct leading up to the IRS scandal is not necessarily an effort to lie but, rather, evidence that, in her perverted concept of right and wrong, she actually believes she did nothing wrong.

        Jerome Levenberg

        Cedarhurst

        While the scandal with the IRS targeting conservative and Tea Party groups continues in the news, it should be pointed out what a disgrace it is to target conservatives like this just for their beliefs. With each developing scandal, the picture of an arrogant administration abusing its power grows clearer.

        The IRS is feared, loathed and resented. Thus it tends to attract workers who are insensitive to the needs and problems of others. Some even enjoy being bullies. The tax code is so complex that no individual can understand it, including those who work for the IRS.

        The individuals in the IRS responsible for this criminal conduct need to be called to justice and punished for these misdeeds.

        I have been targeted recently by the IRS because of my conservative views, Tea Party associations and letter-writing.

        The IRS prefers to ask questions, but not to answer them.

        Al Eisner

        Silver Spring, Md.
        from a tea party member and gop conservative
        enjoy reading allthough i doubt you will understand anything being the left wing liberal that you are

        • Fern Woodfork

          What The Fuck??? I’m A Middle Class Working Nurse!! I Pay Plenty Of Taxes Here In These Country!!!!! If You Don’t Like Your Taxes MOVE!!!!!!!!!!!!!!!!!! Let Me See You Tell The Bank Or Your Landlord That You Don’t Like Paying Your House Note Or Rent And See Where That Will Get You!!!!! It Takes Money To Run A Country!! If You Don’t Like It MOVE!!!!

          • ARIMDW97

            Typical Demo-Rat Left wing response along wiht a nasty mouth

            That is why we are in the shape todays that we here becauase of left wing liberal nuts like you.

            Take a Bar of GI soap asnd wash your nasty mouth out.
            i would not wan to be treated by you.
            Thanks God I get my Medical servbice at Walter Reed Bethesda National Military Medical Center
            AL EISNER
            USA RETIRED
            SERVED IN 2 WARS KOREA AND VIETNAM

          • Fern Woodfork

            You OLD Senile Motherfucker FUCK YOU!! Who Gives A FUCK!! Go Suck On Your Mothers Dick Bitch!!! You Old ASS Need To Retire Period DDD Dig Dirt And Die!!! Old Ass Stalking TROLL

          • ARIMDW97

            You are nothing but a cheap trailer Park Trash filthy Nasty Piece of work AND YOU SHOULD BE LOCKED UP IN AN INSANE ASYLUM or Psychiatric Ward
            You should be fired from your Job as a Nurse
            I would not let you nurse my dog you nasty Pig you
            AL EISNER
            SILVER SPRING, MARYLAND

          • Fern Woodfork

            I Make Great Money No Trailer Parks For Me Baby KILLER!!! LOL You Ain’t Shit But An Old KKK Hillbilly Red Neck Baby Killer!! Hee Haw!! Your Cave Is Calling You FAGGOT!! DDD Dig Dirt And Die Mother Fucker!!!

          • ARIMDW97

            YOU STILL A CHEAP TRAILER PARK TRASH STINKING PIECE OF TRASH AND LOW LIFE WORKI

          • Fern Woodfork

            YOUR MOTHER IS A CRACK WHORE!! Old Senile Motherfucking Cock Sucker!! FUCK YOU UP YOUR OLD WRINKLE ASS!!!

          • Fern Woodfork

            You Just A War Mongering Old Ass Thug!! Fuck You!! Your Ass Worship Sociopaths And Psychos Cause You Are One Old Ass Senile Baby Killer!!!

          • ARIMDW97

            CHEAP AND NASTY TRAILER PARK TRASHY PIG
            WASH THAT NASTY FILTY YAP POUT WITH SOME GI SOAP

          • Fern Woodfork

            Your MOTHER YOU DICK SUCKING LOW LIFE FUCK YOU COCK SUCKING INBRED!!!! OLD SENILE STINKING ASS BITCH GO BACK TO FUCKING YOUR MOTHER!! INBRED RED NECK HILLBILLY ASSHOLE!!!

          • Fern Woodfork

            Aren’t You A Bit To Old To be A Bully And A Stalker??? LOL Fuck You!! You Get What You Ask For Old Senile Troll!!! LOL Your Mother!!!

          • ARIMDW97

            hEY YOU NASTY SLUT GREGIN OF POTTSVILLE IS MY GOOD FRIEND
            SO GO SUCK ON A CUCUMBER. YOU LOW LIFE PIG YOU

          • Fern Woodfork

            You And Gregg Are Fuck Buddies!! Both You Bitches Can Line Up And Kiss My Ass!!! Old Faggot!!

  • elw

    I recently read a very interesting study by the Sunlight Foundation on how money influences elections and politics and how Citizen United has increased that influence. The study shows that in 2012, in a Nations of 313.85 million people, just 31, 385 individual people gave 28% of all disclosed political contributions; these donors represent the 1% of the 1%, a small elite class that increasingly has too much influence on who runs and wins elected offices. It is good reading and makes me feel sick. I have included a link to it.
    http://sunlightfoundation.com/blog/2013/06/24/1pct_of_the_1pct/

    • davidcayjohnston

      @elw:disqus,
      National Memo columnist here….
      You can read a lot more about the 1% of the 1% in my books, including The Fine Print.

      • elw

        Thanks I will look them up.

  • Lovefacts

    Our only hope for gaining back our country from the super rich and corporations is to vote. It’s time progressives stop showing their disappointment in Obama by not voting. That’s counterproductive and allows the status quo to continue or worsen for the poor and middle class.

    • Fern Woodfork

      The GOP/Tea Party Is Blocking And Stopping Everything He Try To Do For The 98% Of The American People!!! Even A Blind Man Can See That!! Duh

      • Lovefacts

        True. However, that doesn’t change the fact that too many progressives and independents don’t vote in off-year elections. Nor do they vote in local or state-wide races. Until “we” are willing to vote with the same furor as the T-party members do, nothing will change, except to get worse for the poor and middle class.

        • Fern Woodfork

          Very True!!

  • Mark Duwe

    Anyone who thinks we can have a tax system where no one is subsidized to some degree is either a madman or a member of the Tea Party.

    • robertblair3174

      I’d rather see my taxes subsidizing my neighbors, than given as stock dividends

      • Mark Duwe

        The only time I could understand any government subsidies is in the dire case of a much needed medication for some emergency reason, or the transition to a new type of power. To get off of coal and nuclear and to power electric vehicles, (20-30 years from now) we’ll need a major upgrade in the electrical infrastructure/grid among other things.

        When it comes to corporate taxes I would do this. I would start out with a flat rate just for corporations for about 30%. Then, over a period of about 10 years I would raise the minimum wage to about 3 times what it is now. That seems like a lot, but it wasn’t that long ago I was working for $3.50 an hour at Sears.

        During that same 10 years I would lower the corporate tax rate to 20%, one percent a year. Corporations could predict much easier what their tax burden would be each year and GE wouldn’t have to hire 900 tax attorneys and several lobbyists to figure out how to not pay any taxes.

        • Sand_Cat

          Why make it easier and less expensive for multi-billion dollar corporations to pay no taxes?

  • http://slrman.wordpress.com/ James Smith

    More evidence that the USA is in the control of large corporations. They maximize revenue by enduring the public is uneducated, superstitious, and kept that way.

    Free country? Not for decades.

    • angelsinca

      You seem to have mixed up the roles between business and politics.

      • http://slrman.wordpress.com/ James Smith

        You seem to be unable to recognize facts or comprehend simple English.

  • angelsinca

    From the article: “… profits soared in 2010 — up 53 percent…(as) tax bills actually shrank by $1.9 billion, or 2.6 percent”

    Sounds like proof that lowering corporate taxes is good for business.

    • Sand_Cat

      Only if you have a tin ear with a faulty connection to the brain.

      • angelsinca

        No, you have let go of your conspiracy notions that all business is bad to understand they aren’t.

        • Sand_Cat

          And you have to let go of your delusion that what’s “good” for business is good for America. With a lot of caveats, that may be true – assuming one accepts that our destructive, all-consuming, and omnicidal civilization is either good or here to stay, regardless – but most of those who believe this seem to acknowledge none of those caveats. Perhaps you do, and – if so – that’s good. Actually, my previous post was partially in jest, and wasn’t really meant to be insulting.
          Yes, giving money to businesses – and that’s what not requiring them to pay their share is – is “good” for the executives especially, and for the larger stockholders, but it’s at best a crapshoot whether it’s of any benefit whatsoever to the employees or customers; more likely not, in my opinion. But I gather you probably disagree.

          • angelsinca

            Not sure who these people are that praise the bad doings of business. They seem only exist in imaginative projection onto all conservatives based on the evil doings of a few at the top. We lost our savings to greedy wall street bastards too. But we remain Republican. Not because the GOP supposedly supports the evil greedy few, but because the alternative relishes in only half the truth, (on a good day). The good that businesses provide such as JOBS and income and community support and tax contributions seem to be conveniently disregarded by democrats. Why is that?

          • Sand_Cat

            You haven’t been listening very well. Try reading a few of your posts for starters. And “projecting” blame for the actions of those they vote for on “conservatives” seems pretty fair to me.

            Businesses provide fewer and fewer “jobs” unless you’re counting those in China, because those nasty old workers (I guess you might say greedy union bosses) want to be able to live without requiring public assistance when they have full-time jobs, and they seem to begrudge every cent of tax they pay, regardless of how high their profits. Some likely still provide some “community support”: they certainly should, in exchange for the “community support” they more often get in return, even if it is obtained via blackmail and other forms of coercion.

            And then there are the lucky communities blessed with contamination of their drinking water and air, and devastation by explosions of materials in quantities tens to hundreds of times the legal maximums.Or those fortunate enough to have lots of persons with un- or ill-compensated injuries.

            Those may be only a few “bad” companies, but they’re supported by lobbying by almost all. And the hundreds of other such cases a little research would reveal are only those discovered so far, or egregious enough to make our news media, a pretty high bar, even given how scandal-hungry they seem.

          • angelsinca

            para 1: The manufacturing jobs went to China because US consumers demanded lower prices as they demanded higher wages. We all ended up with poor quality goods and fewer jobs. The current trend toward part time jobs is incentivized by the flawed ACA.

            para 2: Business cleaned up its green act a long time ago. The days of unscrupulous environmental harm are behind us except for rare cases. If anyone hasn’t been compensated for injuries form pollution, the victim hasn’t called a lawyer yet or the gov’t voided another frivilous lawsuit.

            para 3: When I think of sppursuasion by special interest, I think of Harry Reid try squeaze $100M for Las Vegas tourism as part of the Immigration bill.

          • Sand_Cat

            para 1

            Maybe partially true. More likely CEOs discovered they could pay themselves even more obscenely high bonuses if they charged the same or more for goods produced by children chained to machines in locked and unventilated sweatshops rather than paying a living wage to American workers.It figures you’d oppose healthcare for the poor and working classes. What, after all, are they to you? As you did it to the least of these my brethren…but then, we know that’s crap.

            para 2
            What dream world are you living in? Deepwater Horizon, oil flowing through the streets in an Arkansas town, exploding plants in Texas and California, two major tar sands leaks in Alberta, probably too many things to count that didn’t make the TV news, and on and on. Industry has bought our government and is trying to destroy even those few inadequate restraints on their behavior which do exist and are rarely enforced.
            para 3
            Yeah, it’s always Harry Reid, Barney Frank, Ted Kennedy, even when they were in the minority. Letting company lobbyists write the bills “regulating” their industry is, of course, not catering to special interests. Well, I guess I should take comfort in the fact that you’re capable of thought, though you seem to hide it well.

          • angelsinca

            “.It figures you’d oppose healthcare for the poor and working classes.”
            Wrong. I oppose the ACA debacle in its current, flawed form.

            “What dream world are you living in? ”
            For someone that despises industry so much, you seem to enjoy its benefits. The oil refinery in Richmond CA didn’t explode. It caught fire. The local residents that went to the hospitals were mostly later found trying to extort money from Chevron for ‘pain and suffering’ for a smoke-induced throat irritation. They are my neighbors.

            “Yeah, it’s always Harry Reid, Barney Frank, Ted Kennedy, even when they were in the minori”
            Frank is retired and Kennedy is dead. Both are extreme liars and cheats. The $100Million pork that Reid tred to sneak into the immigration bill as ‘Las Vegas Tourism Promotion’ is typical of the Democrat’s bleeding the US treasury for their own local gains while the taxpayers are left with huge debts. THIS is why there is no money left to help the ‘straving children’ and the poor.

            Thanks Sand_box. It’s been unreal, as always.

          • Sand_Cat

            As usual, you use irrelevancies to avoid the issue. What people did or didn’t try to do has absolutely nothing to do with the negligence of industry and the resulting disasters. Chevron ignored repeated warnings of unsafe conditions, as I’m sure the others did as well.. And of course no Republicans have put in pork for their districts or – gasp – LIED about anything, right. As usual, you either missed the point or just pretend if you close your eyes tight enough, it isn’t happening. And you and all your friends of course oppose ACA in it’s current, i.e.,Obama-proposed – form, just as you oppose all the other Republican ideas the man has used, and are too blind to see he’s one of you more than part of the mythical “far left.”
            Yes, talking with you is unreal.

          • angelsinca

            When I redact all the personal comments you just made, I believe you just repeated that 1) corporations are bad, 2) republicans are worse, and 3) Obama is too far to the right. We don’t want him here either.

  • valstay

    Hilarious! What do you think the wealthy Democrats, including your politicians do? LOL they invest in the companies, they use tax loop holes…come on peeps…we can’t be Ostrich! Although I know Dems want to believe so badly that this is ONLY a GOP Tea Party thing…AMERICA wake up…this is all part of politics!

    • Sand_Cat

      Yes, I think most of us are aware of what you say; most of us are not sufficiently deranged to find it funny, never mind hilarious. Unfortunately, we are often forced to choose between those who fully and enthusiastically support all those things, plus the destruction of most people’s economic base and personal freedom, and those who are at least slightly less supportive of the loopholes, and somewhat more reluctant to destroy the economy for the majority in favor of the corporate, and less inclined to stick their heads into the homes and even the vaginas of ordinary citizens when they manage to extract them from most politicians’ favorite storage place: their own rectums. There still is a difference, small in most areas, but huge in others, between the two major parties, and failing to perceive and vote on this difference assures that what difference there is will continue to diminish to extinction.

      There is also a difference between personal behavior and political actions, despite tea party and GOP attempts to deny this. If there are any “straight-arrow” Republicans – a dubious claim in the face of the hypocritic realities we’ve seen over the last few years – I’d pick Elliot Spitzer, Anthony Weiner, or almost any Democrat over them as a political leader. Let them send all the obscene pictures and visit all the prostitutes they want; it’s a certainty they’d do plenty of good for the country, and their personal failings are as nothing compared to the real damage the GOP has done and aspires to do to this country. So laugh and be superior and pretend that you won’t be hurt by the slide of our country into Fascism and corporate kleptocracy; maybe you expect to die before all the chickens come home to roost, as I hope I shall, but I have children, and surely you have loved ones who will outlive you.

  • RobertCHastings

    And trickle-down STILL works, and John Maynard Keynes(and all who adhere to his theories) is an idiot. But do they say that Friedman actually agreed with Keynesian theory, back in the day? Of course not, that would make Reagan a liar, AND Friedman.

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