Yes, the RICH ARE GETTING RICHER and the POOR, POORER and the
middle class gets all the tax bills for WALL STREET’S LOOTING as well as MEXICO’S
OCCUPATION!
Half Of American Households Hold
1 Percent Of Wealth
Posted: 07/19/2012 2:30 pm Updated: 07/19/2012 3:53 pm
WASHINGTON -- The share of the nation's wealth held by the less affluent
half of American households dropped precipitously after the financial crisis,
to 1.1 percent, according to new
calculations by Congress's nonpartisan research service.
By contrast, the share of total net worth held by the weathiest 1 percent
of American households continued rising, hitting 34.5 percent in 2010. The top
10 percent's share was 74.5 percent.
The bottom half's share of wealth has declined since it reached a high of
3.6 percent in 1995. But the most dramatic drop occurred after 2007, according
to the analysis of data from the Federal Reserve’s latest Survey of Consumer
Finances.
Another staggering indicator of the concentration of wealth at the top in
the U.S: When all household wealth is divided by the number of households, the
mean household net worth in 2010 totals $498,800. But the median
household net worth -- the level at which half the households have more and
half have less -- was $77,300, meaning that the rich have so much that the
average net worth in the U.S. is actually 6.5 times that of a typical American
family.
The study found that the share of wealth held by the top 10 percent of
households grew from 1989 to 2010. In every other segment of the remaining 90
percent of households -- i.e. the middle and lower class -- that share went
down.
The study cites a recent Federal Reserve Bulletin article's conclusion that
"a broad collapse in house prices” was the main reason for the changes
between 2007 and 2010. The decline in the stock market "played a
considerable but lesser role" in part because stock prices, unlike home
prices, have broadly recovered.
The report makes it clear that there is cause for alarm. "Inequality
is the term commonly applied to the concentration of total net worth among the
relatively few households at the top of the wealth distribution," it
states.
But -- realistically -- the report doesn't include any policy
prescriptions. Rather, it notes that within Congress there are
"[d]ifferent views about the impact of redistributive policies on
long-term economic growth."
*Matt Taibbi: 'I Can't Imagine How A Sane Person Could Possibly Describe This As A Victimless Crime'
The Huffington Post | By Bonnie Kavoussi
Posted: 07/20/2012 12:48 pm Updated: 07/20/2012 12:51 pm
Matt Taibbi discussed the Libor scandal on Democracy Now on Thursday.
Matt Taibbi called out CNBC anchor Larry Kudlow for claiming that banks' rigging of a key interest rate did not hurt anyone.
"I can’t imagine how he [Kudlow] could possibly -- a sane person could possibly -- describe this as a victimless crime," Taibbi told "Democracy Now!" on Thursday. "Even the tiniest manipulation downward, when you’re talking about a thing of this scale, would result in tens of trillions of dollars of losses."
"It's an enormous scandal," said Taibbi, the Rolling Stone contributing editor who infamously dubbed Goldman Sachs the vampire squid. "It eclipses anything we've seen since 2008."
Sixteen major banks, including Bank of America, JPMorgan Chase, and Citigroup, are under investigation for allegedly rigging the Libor, a benchmark interest rate that banks set and use to lend money to each other. It is the basis for hundreds of trillions of dollars' worth of loans and derivatives and its manipulation possibly cost some cities and states millions of dollars.
Taibbi said in the "Democracy Now!" interview that ordinary Americans are victims of the Libor scandal because lower interest rates probably contributed to forcing state and local governments to slash spending.
"If you live in a town that had a budget crisis, that had to lay off firemen or teachers or policemen, or couldn’t provide services or textbooks in their schools, you know, that might be due to this," Taibbi said. "Basically, every city and town in America, to say nothing of the rest of the world, has investments that are pegged to Libor."
Kudlow dismissed the Libor scandal on his CNBC show on Tuesday, claiming that when banks manipulated Libor lower, those reduced rates benefited ordinary people.
"All those mortgages, I happen to have one, that float against Libor, benefited. Homeowners benefited. I daresay probably state and local governments benefited," Kudlow said.
Kudlow even said that Barclays, which agreed to pay more than $450 million last month to settle charges that it had rigged the Libor rate, was the victim.
"Maybe you're right, the victim was the lender, that was Barclays," Kudlow said. "The Justice Department says this could be a criminal prosecution. I don't get that. Who are the victims? Who are the victims?"
Taibbi acknowledged that Americans "probably benefited" on their mortgages and credit cards when banks manipulated the Libor rate downward. But even then, banks sometimes manipulated Libor upward "to capitalize on particular trades," which would have made some interest rates higher than they should have been, Taibbi said.
*
"I can’t imagine how he [Kudlow] could possibly -- a sane person could possibly -- describe this as a victimless crime," Taibbi told "Democracy Now!" on Thursday. "Even the tiniest manipulation downward, when you’re talking about a thing of this scale, would result in tens of trillions of dollars of losses."
"It's an enormous scandal," said Taibbi, the Rolling Stone contributing editor who infamously dubbed Goldman Sachs the vampire squid. "It eclipses anything we've seen since 2008."
Sixteen major banks, including Bank of America, JPMorgan Chase, and Citigroup, are under investigation for allegedly rigging the Libor, a benchmark interest rate that banks set and use to lend money to each other. It is the basis for hundreds of trillions of dollars' worth of loans and derivatives and its manipulation possibly cost some cities and states millions of dollars.
Taibbi said in the "Democracy Now!" interview that ordinary Americans are victims of the Libor scandal because lower interest rates probably contributed to forcing state and local governments to slash spending.
"If you live in a town that had a budget crisis, that had to lay off firemen or teachers or policemen, or couldn’t provide services or textbooks in their schools, you know, that might be due to this," Taibbi said. "Basically, every city and town in America, to say nothing of the rest of the world, has investments that are pegged to Libor."
Kudlow dismissed the Libor scandal on his CNBC show on Tuesday, claiming that when banks manipulated Libor lower, those reduced rates benefited ordinary people.
"All those mortgages, I happen to have one, that float against Libor, benefited. Homeowners benefited. I daresay probably state and local governments benefited," Kudlow said.
Kudlow even said that Barclays, which agreed to pay more than $450 million last month to settle charges that it had rigged the Libor rate, was the victim.
"Maybe you're right, the victim was the lender, that was Barclays," Kudlow said. "The Justice Department says this could be a criminal prosecution. I don't get that. Who are the victims? Who are the victims?"
Taibbi acknowledged that Americans "probably benefited" on their mortgages and credit cards when banks manipulated the Libor rate downward. But even then, banks sometimes manipulated Libor upward "to capitalize on particular trades," which would have made some interest rates higher than they should have been, Taibbi said.
*
WILL MEXICO
BANKRUPT AMERICA LIKE IT HAS MEXIFORNIA?
BOOK: Mexifornia: SHATTERING OF AN
AMERICAN DREAM (illegals call it their DREAM ACT)
Calif.
Hospitals Spend $1.25 Bil On Illegal Immigrants
July 05, 2011
While
the Obama Administration halts deportations to work on its secret amnesty plan, hospitals across the
U.S. are getting stuck with the exorbitant tab of medically treating illegal
immigrants and some are finally demanding compensation from the federal
government.The group that represents most of the nation’s hospitals and medical
providers recently urged President Obama to work with Congress to reimburse
them for the monstrous cost of treating illegal immigrants. Federal law
requires facilities to “treat and stabilize individuals” regardless of their
immigration status, but federal support for the services remains “virtually nonexistent,” according to a letter
submitted by the American Hospital Association to the president.This week
officials in California, the state with the largest concentration of illegal
immigrants, joined the call for federal compensation after revealing that
hospitals there spend about $1.25 billion annually to care for illegal
aliens. The figure skyrocketed from $1.05 billion in 2007, according to
California Hospital Association figures quoted in a local news report.The
problem will only get worst, according to officials, who say the $1.25 billion
for 2010 could actually be higher. They complain that federal law forces them
to treat patients in emergency rooms regardless of immigration status yet they
get stuck with the financial burden. This has forced many hospitals to curtail
services or close beds and could ultimately compromise healthcare.Nationwide,
U.S. taxpayers spend tens of billions of dollars annually to provide free
medical care for illegal immigrants with states that border Mexico taking the biggest
hit. Adding to the problem is the fact that Mexico, the country that provides
the largest amount of illegal immigrants in the U.S., has long promoted
America’s generous public health centers. It even operates a Spanish-language program (Ventanillas de Salud,
Health Windows) in about a dozen U.S. cities that refers its nationals—living
in the country illegally—to publicly funded health centers where they can get
free medical care without being turned over to immigration authorities.
*
Most Illegal
Immigrant Families Collect Welfare
April 05, 2011
Surprise,
surprise; Census Bureau data reveals that most U.S. families headed by illegal
immigrants use taxpayer-funded welfare programs on behalf of their
American-born anchor babies.Even before the recession, immigrant households
with children used welfare programs at consistently higher rates than natives,
according to the extensive census data collected and analyzed by a
nonpartisanWashington D.C. group dedicated to researching legal and illegal
immigration in the U.S. The results, published this month in a lengthy report,
are hardly surprising.Basically, the majority of households across the country
benefitting from publicly-funded welfare programs are headed by immigrants,
both legal and illegal. States where immigrant households with children have
the highest welfare use rates are Arizona (62%), Texas, California and New York
with 61% each and Pennsylvania(59%).The study focused on eight major welfare
programs that cost the government $517 billion the year they were examined.
They include Supplemental Security Income (SSI) for the disabled, Temporary
Assistance to Needy Families (TANF), a nutritional program known as Women,
Infants and Children (WIC), food stamps, free/reduced school lunch, public
housing and health insurance for the poor (Medicaid).Food assistance and
Medicaid are the programs most commonly used by illegal immigrants, mainly on
behalf of their American-born children who get automatic citizenship. On the other
hand, legal immigrant households take advantage of every available welfare
program, according to the study, which attributes it to low education level and
resulting low income.The highest rate of welfare recipients come from the
Dominican Republic (82 %), Mexico and Guatemala (75%) and Ecuador (70%),
according to the report, which says welfare use tends to be high for both new
arrivals and established residents.
*
CA
UNDER MEX OCCUPATION OPERATES $16 BILLION IN DEFICITS, WHILE PUTTING OUT $20
BILLION IN SOCIAL SERVICES TO ILLEGALS. THESE ARE STATE COSTS. ADD WHAT THE
COUNTIES ARE FORCED TO PAY OUT AND THEN THE AMOUNT PRIVATE HOSPITALS MUST PAY
FOR MEXICO’S “FREE” MEDICAL ($1.3 BILLION YEARLY!).
WILL
MEXICO BANKRUPT AMERICA? OR JUST TAKE ALL OUR JOBS?
*
LOS ANGELES ANCHOR BABY WELFARE PROGRAM:
THESE FIGURES ON WELFARE FOR ILLEGALS IN LOS ANGELES COUNTY ARE DATED. IT NOT EXCEEDS $600 MILLION PER YEAR!!! (source: Los Angeles County & JUDICIAL WATCH)
California
spending annually $22 billion to support illegals
Going To the Top!
By Susan Tully
I've been at the immigration reform and enforcement table for about 20 years. I've worked with activists during all those years. But last week, in Los Angeles, I had a first-time-ever experience at an activist brain storming session.
Gathered for an update on Stop AB131, the petition drive to gather signatures to force a ballot initiative as to whether the California taxpayers should fund college grants to illegal aliens, I asked the top activist leaders from Southern California how the signature drive was going.
They started updating me with the positive response from California residents who signed the petitions, but then admitted about 500,000 more signatures were still needed. When I said there was only a little more than three weeks to go to meet the January 5th deadline, suddenly their faces dropped at once, and the room went completely silent.
It was easy to read on each of their faces; the task was nearly impossible! Without big money to pay signature gatherers or a tsunami of petitions flooding in, the taxpayers of California will be forced to give grant money to illegal aliens for college, on top of the $22 billion they are spending annually in California to support the illegal alien population.
While all of our minds were racing and searching for suggestions as to how to accomplish this daunting task of gathering signatures, Lupe Moreno, long time Hispanic leader from Santa Ana, said "Can we have a prayer?" Everyone agreed to pray.
As the prayer went around the table, people expressed their sorrow for the lack of leadership in the State of California and in the nation to protect the interest of American citizens, and asked for divine guidance in helping them understand the harm their policies are inflicting on millions of innocent people in the state. In all the years I have worked on this issue, I had not witnessed the sort of sincere emotion that was expressed in that room.
(THE FASTEST GROWING POLITICAL PARTY IN AMERICA IS THE MEXICAN FASCIST PARTY of LA RAZA! AND WE ARE FORCED TO FUND IT!)
You see, the politicians in California are happy to give money the state doesn't have to illegal aliens to attend college, while they cut the budgets and slash programs for public safety, right and left. The American citizen's interests and safety are simply collateral damage for seeking and appealing to the illegal alien lobby.
These activists in California have already learned what the rest of the nation is about to learn. We the people. . . are the only ones looking out for the best interest of American citizens. With few exceptions, we have no national leadership on the issue of stopping the illegal migration flow into our nation.
American citizenship or the benefits thereof have become a commodity for politicians to pander and barter away. They will grant de facto citizenship through sanctuary policies, in-state tuition, non-compliance with Secure Communities, grants for college, etc., etc., etc. President Obama and most the Republican presidential hopefuls are peddling various versions of amnesty proposals if they are elected next year.
What do these politicians want in return? They are hoping to leverage enough votes in key states to put them over the top in 2012, no matter what it costs the American people. This is futures betting: The politicians are gambling the nation's future in hopes of winning the next election.
So while the state can't afford to pay its bills or provide decent services to citizens, these California activists watch their elected leaders lavish still more benefits for people who don't have a legal right to be in the country. And while their child might have to pay out-of-state tuition to go to college in another state, thousands of illegal aliens are going to college at in-state tuition rates in California that they are subsidizing.
In addition they know that millions of other illegal alien parents are receiving food stamps, Medicaid, housing assistance and dozens of other state and local benefits for their American-born children, while they have to decide which bills will be paid this month and which will have to wait.
It's not hard to understand why the activist of California need all the help they can get. Please go to www.stopAB131.com and lend a hand to our friends and family and the people of California to do what needs to be done for the good of our children first.
Going To the Top!
By Susan Tully
I've been at the immigration reform and enforcement table for about 20 years. I've worked with activists during all those years. But last week, in Los Angeles, I had a first-time-ever experience at an activist brain storming session.
Gathered for an update on Stop AB131, the petition drive to gather signatures to force a ballot initiative as to whether the California taxpayers should fund college grants to illegal aliens, I asked the top activist leaders from Southern California how the signature drive was going.
They started updating me with the positive response from California residents who signed the petitions, but then admitted about 500,000 more signatures were still needed. When I said there was only a little more than three weeks to go to meet the January 5th deadline, suddenly their faces dropped at once, and the room went completely silent.
It was easy to read on each of their faces; the task was nearly impossible! Without big money to pay signature gatherers or a tsunami of petitions flooding in, the taxpayers of California will be forced to give grant money to illegal aliens for college, on top of the $22 billion they are spending annually in California to support the illegal alien population.
While all of our minds were racing and searching for suggestions as to how to accomplish this daunting task of gathering signatures, Lupe Moreno, long time Hispanic leader from Santa Ana, said "Can we have a prayer?" Everyone agreed to pray.
As the prayer went around the table, people expressed their sorrow for the lack of leadership in the State of California and in the nation to protect the interest of American citizens, and asked for divine guidance in helping them understand the harm their policies are inflicting on millions of innocent people in the state. In all the years I have worked on this issue, I had not witnessed the sort of sincere emotion that was expressed in that room.
(THE FASTEST GROWING POLITICAL PARTY IN AMERICA IS THE MEXICAN FASCIST PARTY of LA RAZA! AND WE ARE FORCED TO FUND IT!)
You see, the politicians in California are happy to give money the state doesn't have to illegal aliens to attend college, while they cut the budgets and slash programs for public safety, right and left. The American citizen's interests and safety are simply collateral damage for seeking and appealing to the illegal alien lobby.
These activists in California have already learned what the rest of the nation is about to learn. We the people. . . are the only ones looking out for the best interest of American citizens. With few exceptions, we have no national leadership on the issue of stopping the illegal migration flow into our nation.
American citizenship or the benefits thereof have become a commodity for politicians to pander and barter away. They will grant de facto citizenship through sanctuary policies, in-state tuition, non-compliance with Secure Communities, grants for college, etc., etc., etc. President Obama and most the Republican presidential hopefuls are peddling various versions of amnesty proposals if they are elected next year.
What do these politicians want in return? They are hoping to leverage enough votes in key states to put them over the top in 2012, no matter what it costs the American people. This is futures betting: The politicians are gambling the nation's future in hopes of winning the next election.
So while the state can't afford to pay its bills or provide decent services to citizens, these California activists watch their elected leaders lavish still more benefits for people who don't have a legal right to be in the country. And while their child might have to pay out-of-state tuition to go to college in another state, thousands of illegal aliens are going to college at in-state tuition rates in California that they are subsidizing.
In addition they know that millions of other illegal alien parents are receiving food stamps, Medicaid, housing assistance and dozens of other state and local benefits for their American-born children, while they have to decide which bills will be paid this month and which will have to wait.
It's not hard to understand why the activist of California need all the help they can get. Please go to www.stopAB131.com and lend a hand to our friends and family and the people of California to do what needs to be done for the good of our children first.
*
LA RAZA DEMS BUILD THE "DREAM ACT" LIFE FOR LA RAZA OFF THE AMERICANS BACK! NOT ONE AMERICAN VOTED FOR ONE DREAM ACT HANDOUT!
http://mexicanoccupation.blogspot.com/2012/01/mexifornia-la-raza-supremacy-legals.html
THE
OBAMA CATCH, RELEASE AND REGISTER (ILLEGALS) TO VOTE PROGRAM:
ARTICLE
8 Out of 10 Illegals Apprehended in 2010 Never Prosecuted
http://www.alipac.us/article-6162-thread-1-0.html
8 Out of 10 Illegals Apprehended in 2010 Never Prosecuted
http://www.alipac.us/article-6162-thread-1-0.html
