Thursday, March 12, 2009

GREED-J.P. Morgan CEO Complains: Stop Vilifying Corporate America. & Please Don't Raise Taxes on Corporation and Wealthy


It's really true; Wall Street CEO's are complete d**ks!

Taxpayers have a right to be mad at Wall Street bankers, they messed up big time and tanked the global economy, yet they don't seem to understand why. J.P. Morgan CEO Jamie Diamond said this before the U.S. Chamber of Commerce:
"When I hear the constant vilification of corporate America, I personally don't understand it. I would ask that folks in government stop doing it, 'cause I think it's just hurting our government."

No really, he said that!

MSNBC followed those comments up with Financial Times Editor Francesco Guerrera, who soundly repudiated Wall Street executives complaints, "no one understands us. Please don't pick on us.."


Did you ever get the idea that the economic crash has made the perpetrators of the this crisis dig there heals in even deeper. It’s no longer a secret that the wealthy got used to the special treatment and benefits they received for the last 25 years. They’ve started thinking that basically they are “entitled” to keep it all, and giving nothing back in return. If you’re thinking I’m just some liberal ranting about some fiction I’ve imagined, think again. According to the Wisconsin State Journal:
Don't raise taxes on corporations or wealthy people. That is a key to bringing the nation's economy back to good health, Barry Asmus, a senior economist with the National Center for Policy Analysis, a Dallas-based conservative think tank, said in Madison. "The surest way to abundance is to allow people to keep the fruit of their labor," Asmus told Wisconsin Manufacturers & Commerce's annual Business Day in Madison.

Asmus said after Ronald Reagan became president in 1980, he lowered tax rates, ending 50 years of a "lousy" U.S. economy, spanning the Great Depression of the 1930s to the days of high inflation, unemployment and interest rates in the 1970s.

The result was "the best 25 years in the history of the planet. It just doesn't get sweeter than 1983 to 2007. Taxes matter," Asmus said.

Wow, it really is breath taking stuff. But Asmus’s comments demonstrate how out of touch business is to the devastation they have brought to the lower and middle class family of losers. It’s not Asmus’s greedy “keep the fruit of their labor” guilt trip that’s the problem, the actual heart of the matter, but those other jerks that screwed things up:
He blamed the nation's financial crisis on big banks that were "in cahoots with" the Bush administration, as well as on government-sponsored mortgage finance lenders Fannie Mae and Freddie Mac, saying they were all too loose with home loans. He claimed thousands of "teenage boys" each own two to 15 homes, saying, "Something is wrong with this picture."

"So many people are swimming naked," Asmus said, entertaining the crowd with his colorful rhetoric. "Greenspan. (Current Fed Chairman Ben) Bernanke. (U.S. Rep. Charles) Rangel. (U.S. Rep.) Barney Frank. And now they have the audacity to drop on a $1 trillion bailout. Who do they think they are?"

In an interview later, UW-Madison political science professor David Canon questioned some of Asmus' comments, calling them a "very, very selective and distorted reading on U.S. history."

WMC presented its own plan for encouraging business development, calling for more tax incentives.

"The first order of business is: Do no harm. Raising taxes on business or (imposing)
expensive regulations - this isn't the time for that," WMC vice president James Buchen said.

Of course, it wasn’t the right time for a tax increase when the economy was “roaring along” on a bull market riding on vapor either, but that’s besides the point.

Just remember, “Don’t raise taxes on corporations or wealthy people.” Their special.

1 comment:

  1. >>> "Don't raise taxes on corporations or wealthy people. That is a key to bringing the nation's economy back to good health,"

    What??? Where are all the jobs George Bush created? Other than China and India?