Every single day is bringing new evidence of the fundamental inequities fueling American discontent.

[one...two...tree 2,762]

Banks are reporting decent profits, but Americans still can't afford the bare necessities

Every single day is bringing new evidence of the fundamental inequities fueling American discontent.

On Monday, Citigroup reported its seventh consecutive quarterly profit, registering $3.8 billion in net revenue, a 74 percent increase over its numbers a year ago. CEO Vikram Pandit has been well-rewarded for the post-bailout turnaround — in May, Citigroup’s board gave him a $23.2 million “retention package” of stock options and cash payments.

Meanwhile, Gallup reports that its Basic Access Index — a measurement of how many Americans can afford “basic life necessities” — fell back in September to the lowest point registered during the depths of the recession.

Americans’ access to healthcare, food, and shelter worsened the most in September compared with when the Basic Access Index was at its high point in September 2008. Fewer Americans now have a personal doctor and health insurance. And more Americans are having trouble paying for food and shelter.

Food, shelter and healthcare — further out of reach for more Americans. But not for Vikram Pandit!

http://www.salon.com/2011/10/17/the_recession_that_never_left/

[dalegg 143]

So in this case, the answer is not just profit redistribution within the company, but actual profit redistribution within the U.S as a whole, which would have to mean higher corporate taxes, and I guess more people receiving supplemental income checks from the government, right?

[slim 1,525]

All this stuff is BS.

Americans think shelter is a 1200 square foot condo and food is McDonalds. We have it better than any other country out there and our big problem is we're full of whiners who get a trophy for showing up. Hence, occupy Wall St.

Winners don't occupy. They take over. Put that in your pipe and smoke it, hippies.

[one...two...tree 2,762]

So in this case, the answer is not just profit redistribution within the company, but actual profit redistribution within the U.S as a whole, which would have to mean higher corporate taxes, and I guess more people receiving supplemental income checks from the government, right?

Ending the Bush Tax Cuts would be a good start, IMO.

There are other parts of the big solution floating around, like this: (It's a global problem)

Interview With SPD Leader: 'Commercial Banking Should be Split From Investment Banking' - SPIEGEL ON

In an interview with SPIEGEL, Sigmar Gabriel, the leader of the opposition center-left Social Democrats, outlines his plans to tame financial capitalism, warns that the supposed supremacy of banks and markets is eroding faith in politics and says the SPD would do a better job containing the crisis.

Edited October 17, 2011 by DFH

[Rebecca Jo 1,962]

Ending the Bush Tax Cuts would be a good start, IMO.

There are other parts of the big solution floating around, like this: (It's a global problem)

Interview With SPD Leader: 'Commercial Banking Should be Split From Investment Banking' - SPIEGEL ON

In an interview with SPIEGEL, Sigmar Gabriel, the leader of the opposition center-left Social Democrats, outlines his plans to tame financial capitalism, warns that the supposed supremacy of banks and markets is eroding faith in politics and says the SPD would do a better job containing the crisis.

Oooo, I like that idea!

[slim 1,525]

Ending the Bush Tax Cuts would be a good start, IMO.

Why does the government need more money?

If your wife spent all your money at the mall every weekend and then took out four credit cards to spend more, would you fix the problem by working a second job so she could have more money to spend?

[Rebecca Jo 1,962]

Why does the government need more money?

If your wife spent all your money at the mall every weekend and then took out four credit cards to spend more, would you fix the problem by working a second job so she could have more money to spend?

You can divorce your wife but you can't divorce yourself from the IRS.

I know it's hard for you, but try to stay on point.

[dalegg 143]

Ending the Bush Tax Cuts would be a good start, IMO.

Yeah, I don't see that happening soon. Obama had his chance and passed. If a Republican gets elected next year, they will just extend them. Even if Obama lets them expire as his term expires, the incoming Republican Pres would probably just recreate them.

[one...two...tree 2,762]

Why does the government need more money?

If your wife spent all your money at the mall every weekend and then took out four credit cards to spend more, would you fix the problem by working a second job so she could have more money to spend?

Our tax policy has historically been progressive, except less so now and in the early part of the 20th century right before the Great Depression. During both of those eras, the disparity between the wealthiest and poor in this country was the highest. Everyone essentially agrees that tax policies affect behavior so the logic behind a progressive tax policy is that it encourages market behavior where profits are more equitably distributed among the workers and not just siphoned to the top. Wages for the average American worker have remained stagnant over the last decade especially, while executive pay continued to increase enormously. That is proof that tax policy effects the behavior of the market.

[slim 1,525]

You can divorce your wife but you can't divorce yourself from the IRS.

I know it's hard for you, but try to stay on point.

Why can't I divorce myself from the IRS? Congress makes the taxes and congress can take them away. I can work through my congressman to get them repealed. Do you even know who your congressman is?

The point in this thread is similar to the "point" being brought up elsewhere in these United States. I want more money and it's not fair that they have so much and I don't.

This is one place in the world where you have nothing but opportunity to make money. It can't be any more fair than that.

proof that tax policy effects the behavior of the market.

So what you're saying is more taxes would help the market?

[Gary and Alla 3,694]

Ending the Bush Tax Cuts would be a good start, IMO.

There are other parts of the big solution floating around, like this: (It's a global problem)

Interview With SPD Leader: 'Commercial Banking Should be Split From Investment Banking' - SPIEGEL ON

In an interview with SPIEGEL, Sigmar Gabriel, the leader of the opposition center-left Social Democrats, outlines his plans to tame financial capitalism, warns that the supposed supremacy of banks and markets is eroding faith in politics and says the SPD would do a better job containing the crisis.

The Bush Tax cuts ended last year. Obama renewed them.

[웃 910]

Every single day is bringing new evidence of the fundamental inequities fueling American discontent.

On Monday, Citigroup reported its seventh consecutive quarterly profit, registering $3.8 billion in net revenue, a 74 percent increase over its numbers a year ago. CEO Vikram Pandit has been well-rewarded for the post-bailout turnaround — in May, Citigroup's board gave him a $23.2 million "retention package" of stock options and cash payments.

Well if it makes anyone feel better GS (Goldman Sachs) is expected to report a Q3 loss tomorrow morning. And if you want to feel less bad, it will be only their 2nd quarterly loss since their 1999 IPO

13:33 EDT Earnings Preview: Goldman Sachs expected to report Q3 loss

Goldman Sachs (GS) is expected to report Q3 earnings before the market opens on Tuesday, October 18 with a conference call scheduled for 9:30 am ET. Analysts are looking for EPS of (15c) on revenue of $4.59B. The consensus range is ($1.02)-$1.22 for EPS, and revenue of $3.70B-$7.74B, according to First Call. Weaker capital markets activity is expected to hit Goldman's Q3 results hard. A number of Goldman's peers have already said that the trading environment was difficult in Q3. Moreover, adjustments made by Goldman to comply with the Volcker Rule may negatively affect the investment bank's Q3 results. Partly due to these concerns, a number of analysts have lowered their estimates on Goldman significantly in recent weeks. Citing concerns about trading and investment banking, Citigroup last week slashed its Q3 earnings estimate to (65c) from 10c. However, the firm maintained a Buy rating on the stock, citing valuation. Goldman's stock price is about the same now as it was when Citigroup's note was written. Last Thursday, Fitch placed Goldman on ratings watch negative, due to concerns about the company's reliance on trading revenue and wholesale funding, according to the Associated Press. (GS)

[Rebecca Jo 1,962]

Why can't I divorce myself from the IRS? Congress makes the taxes and congress can take them away. I can work through my congressman to get them repealed. Do you even know who your congressman is?

The point in this thread is similar to the "point" being brought up elsewhere in these United States. I want more money and it's not fair that they have so much and I don't.

As an American citizen you are beholden to the IRS for the rest of your days, no matter where you live on the planet. My congressman is Alan Mollohan and I can assure you I did not google that. My senators are Joe Manchin and Jay Rockefeller.

Any other questions?

Edited October 18, 2011 by Rebecca Jo

[Mr. Big Dog 10,747]

We have it better than any other country out there ...

You need to travel more.

[mawilson 2,133]

Banks are reporting decent profits, but Americans still can't afford the bare necessities

They are?

Goldman Sachs loses $428 million in third quarter

Bank Of America 3Q Fixed Income, FX, Commodities Revenue Plunges

JPMorgan Chase & Co. (JPM)'s trading revenue fell 28 percent from the second quarter.

Citigroup Inc. ©’s declined about 30 percent.