There are unlimited possibilities in this country. I have nothing but optimism for my future.

Andy, WORK is a four letter word.

If it isn't given to them, much of todays youth don't want it.

Why bother?

You're going to get more education than you need, Free of course, more medical care than you need, including mandatory physicals etc., Free of course. Housing assistance, whether in the form of section 8 or nothing down home ownership and protection from eviction in the event you won't, don't, can't pay, etc.

We haven't even brushed the surface for the other FREE stuff coming down the pike.

Everyone take the day off!

Except CNA's, Nurses, Doctors, Grocery store cashiers and stockers, auto technicians, roofers, cops, plumbers, HAVAC techs, electronic store retailers, garbage persons etc.

Have a nice day.

If you wave your flag hard enough you can pretend anything you want. Sooner or later though your arms will get tired and then you'll have to face reality again.

Porkchop, get with the program. Work is passe. The new four letter word is VOTE! Danni knows.

Yes, Ray. VOTE! For FREE stuff!!!!!

Simply put, the more this country moves to the left, the less opportunity to excel.

The reason I am against unions it that they destroy initiative and promote mediocrity at all levels of industry and government.

Yes, I'm sure you prefer the good ol' days when there was no safety regulations, minimum wages, overtime pay, or child-labor laws.

No such thing as free stuff.

Simply put, the more this country moves to the left, the less opportunity to excel.

That's funny! The 40 years Democrats had control over all of Congress were our most prosperous years ever. The middle class grew and prospered.

The 6 years the GOP had total control began the descent of the middle class - falling wages, lost jobs, etc.

Yes, I'm sure you prefer the good ol' days when there was no safety regulations, minimum wages, overtime pay, or child-labor laws.
#7 | POSTED BY LETUSPREY

Where are the unions now?

Which union, Ray?

AMERICANUNITY, During those 40 years the unions were on the downtrend - thankfully.

Where are the unions now?
#10 | Posted by Ray

....Ronald Reagan was a union president before he was the president.....practically a communist he was....yet, even millionaire actors see the need for workers associations that protect the rights of workers.......

....or maybe Reagan was just a mole, a capitalist pretending to be a communist so he could be the union president......

....sort of like how Republicans pretend to be against gay rights, but wind up being the biggest queers on God's earth.........

If you wave your flag hard enough you can pretend anything you want. Sooner or later though your arms will get tired and then you'll have to face reality again.

So why even bother is your attitude?

I am an exceptional person with great skill sets, intelligence, and experiences for a 24 year old.

There is nothing but oppurtunity ahead.

Andy, WORK is a four letter word.

#2 | Posted by porkchop at 2010-03-17 08:24 PM

Are you one of those silly teabaggers who takes a day off work to 'protest' and lecture passer-by's about their work ethic? Or one of the sad tebaggers who rails against government 'giveaways' after collecting their social security and seeing their medicare provided doctor?
I'm not sure which kind of teabagger you are, what I do know is that you lack reading comprehension. I bet if somebody tied a cheese doodle to a string, tied the other end to a stick and put the stick in your hat you'd run after that cheese doodle till you dropped from exhaustion. That's called an metaphor for what work gets you in post Reagan America.
The point of the article is that statistically speaking, no matter how hard you work, your income is more likely to be determined by what your father made than in other industrialized countries. So if you want to 'make it' through hard work, and you don't work for Goldman-Sachs, you're better off moving to Europe.

I am an exceptional person with great skill sets, intelligence, and experiences for a 24 year old.

There is nothing but oppurtunity ahead.

#15 | Posted by andyuhenet

......if you can't even spell opportunity, I wouldn't get a swelled head about your "intelligence".......

......and if you had any, you would understand that the article was not about individuals, but about national policies that allow the greatest opportunity for the greatest number of citizens......which used to be us, but is not us anymore........

Which union, Ray?
#11 | POSTED BY LETUSPREY

All of them as a group.

Last I read, they shrunk to about 10% of the private workforce. They can't be too popular. I'm pretty sure that public worker unions outnumber unions in the private sector.

I'm going to make one flat statement about unions which stands up to the facts: they over priced themselves out of work. I'm not defending badly managed companies, that's a universal problem.

And now that states and towns are running of cash, the unions are refusing to accept cutbacks. They're going to screw themselves again.

AMERICANUNITY, During those 40 years the unions were on the downtrend - thankfully.

#12 | Posted by MSgt

Not until Ronald Reagan was elected.

"Last I read, they shrunk to about 10% of the private workforce. They can't be too popular."

Either that or they've been crushed by a corporate class that gained enormous clout with the advent of off-shoring and outsourcing. What do you think, Mr. Libertarian?

#16 | Posted by DARTHCHENEY at 2010-03-17 09:41 PM | Reply | Flag:

You've made alot of assumptions, none of which are correct.

Yet today, as messed up as this country is, through determination and hard work you can do well.

The government continues to throw more and more stumbling blocks in front of want to be free marketers in order to take care of those unwilling to work hard. If we continue on the present course I'm sure that at some point many, or even most will conclude, why bother?

When we all say, why bother, we're finished.

Socialism begets communisim.

Now, give me half of whatever it is you own. I deserve it!

This recession should have been embraced. An opportunity to weed out the fraud and imaginary wealth. Decline in 'opportunity' throughout our Nation is a monetary issue. It doesn't matter who is in the White House, the bankers are still the same. The bankers dictate monetary policy and they prosper no matter what happens.

We had an opportunity to banish this cancer from our system but instead both parties rallied to SAVE it.

Where are the unions now?

#10 | Posted by Ray at 2010-03-17 09:19 PM | Reply | Flag:

They're headed for places like China, India, Mexico, where real production is happening. I don't think they'll be quite as prosperous (unions, that is) as they were here though.

Either that or they've been crushed by a corporate class that gained enormous clout with the advent of off-shoring and outsourcing. What do you think, Mr. Libertarian?
#20 | POSTED BY NULLIFIDIAN

That's the breaks if you can't compete in a world economy. Wall Street is doing fine though.

Socialism begets communisim.

Now, give me half of whatever it is you own. I deserve it!

#21 | Posted by porkchop at 2010-03-17 10:07 PM

Really? Give me one example in history where socialism has led to communism. Do you even know what socialism and communism are?
Socialism does not lead to communism but ignorance does lead to tyranny, and people like you are pushing us there.

"Where are the unions now?
#10 | Posted by Ray at 2010-03-17 09:19 PM"

They're headed for places like China, India, Mexico, where real production is happening. I don't think they'll be quite as prosperous (unions, that is) as they were here though.
#23 | Posted by porkchop at 2010-03-17 10:14 PM

Why is that? Is it perhaps because we FOUGHT for our worker rights - that is the entire reason for offshore employment - to bypass the American dream for millions?

I am an exceptional person with great skill sets, intelligence, and experiences for a 24 year old.

There is nothing but oppurtunity ahead.

Or so you were told by our PC education system where there are no losers, everyone is special and OF COURSE you can be whatever you want :)

The American Dream has become an American Nightmare for far too many as the "class free" society's wealth inequity gap widens to the point where an internal third worldification is taking place.

Workers rights has eroded steadily along with standards of living over the last thirty years.

The MSM continue to mystify the process by rarely reporting on the phenomenon and then when it is touched on making it about race more than class.

Both parties are so overly beholden to the uber wealthy that the vast majority of legislation despite wotever ostensible goals they profess work to make the playing field even more uneven than ever.

The GOP are obviously the more egregious of the 2 parties in terms of getting people to vote against their economic self interest again and again by demonizing any program that benefits actual people while piling on the Corporate Welfare and by privatizing profit and subsidizing loss.

Really scary thing?

It's gonna get a fuck of a lot worse before it gets better, if it gets better.

If America loses the Petro Dollar advantage and China revalues the yuan and then calls in it's loans simultaneously then the shiat will really hit the fan.

Desperate people will commit desperate acts leading to more draconian rule in the US than it's ever seen before in it's history.

That's the worst case scenario, of course.

Hopefully it won't come to that.

Be Well.

My favorite quote from the CIA strikes again!

The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households.

If America loses the Petro Dollar advantage and China revalues the yuan and then calls in it's loans simultaneously

They won't do that, for the same reason banks don't want to own all the houses they are legally entitled to foreclose on.

They won't do that, for the same reason banks don't want to own all the houses they are legally entitled to foreclose on.

China has artificially pegged the yuan too low in order to become the manufacturing hub to the world that the US used to be.

Once they achieve massive market share the other shoe will inevitably drop.

You are correct in that they hesitate to do so now because a lowered dollar (the necessary result of such a move) would decrease their pay out but that reality won't stop prevent this from occurring forever.

Since 1975, practically all the gains in household income have gone to the top 20% of households.

QFT.

Be Well.

"They're headed for places like China, India, Mexico, where real production is happening. I don't think they'll be quite as prosperous (unions, that is) as they were here though."

Probably not in China where the Communist dictators can just execute you if you become a problem. Can't believe that so many flag waving Americans cheer on the outsourcing of jobs to that dictatorship. At some point I think the corporations doing the outsourcing are going to find out there is a much higher cost than they expect, Google is finding out right now that there is no way to operate in China without a willingness to sacrifice rights we take for granted in the United States.

"Simply put, the more this country moves to the left, the less opportunity to excel."

The concentration of wealth being referred to accelerated greatly under the Bush administration.

Other than that, you're uh ... well still a fool.

If you wave your flag hard enough you can pretend anything you want. Sooner or later though your arms will get tired and then you'll have to face reality again.

#3 | Posted by danni

Sorry Danni, Darth, and others on the Left,

Most of American voters attribute the lack of opportunity to the Left not being able to lead.

You can say the words "The last Administration" as much as you want, but most will blame the Democrats.

The facts are that Obama had a chance to turn the economy around and what do they do? The Stimulus! FUCK!!!

Also, they dick around with passing their version of a Health Care Reform and piss off Americans by NOT WORKING WITH THEM!!!

The longer they keep pushing this shit, the longer the economy will stagnate.

I am passed being annoyed, I am pissed off!

You think the Left was pissed off with Bush? They are a bunch of impotent whinny bastards who don't contribute anything.

When you get the hard working and innovative people of America pissed off, you will see CHANGE that the lazy would never HOPE for!

Roll up your sleeves and get ready to work for your next meal.

The concentration of wealth being referred to accelerated greatly under the Bush administration.

Other than that, you're uh ... well still a fool.

#33 | Posted by Sully

I know that this happened, but the drastic swing to the left is not the answer because you are seeing this wealth leave the country. It's gone already.

You think Obama's threats of going after this money is going to actually get it back? It's GONE! These people are not stupid!! Obama is weak and impotent and all he can do is yell it from the hilltops.

Usually what happens is that this gained wealth is reinvested back into the US, but not anymore. There is no longer opportunity here.

We are becoming like Germany.

This is what the Conservative propaganda machine has done to the US, concentrated wealth using think tanks, the Mass Media and political and Corporate corruption to shift the tax burden and redistribute income wealth to a handful of worthless criminal leaches can build castles in Florida and ski resorts which they hardly ever use. The more successful countries all incorporate liberal policies into their economy. The average bus driver in Sweden owns two homes free and clear. That could never happen here because debt inflation has been confused with wealth creation. That is Greenspan's true libertarian legacy.

"We are becoming like Germany."

If only that were true.

We are becoming more like Mexico.

"We are becoming like Germany."

If only that were true.

#37 | Posted by danni

Really? Have you been there? People are moving there in droves to get on the welfare roles. However, they are racists and don't care what anyone says about it!

I make more than some of their higher paid doctors.

Do you really want to live in a country where innovation is stifled and you never get to see a doctor just their assistant?

What do you do for a living Danni?

We are becoming more like Mexico.

#38 | Posted by danni

Yeah! What is your Messiah DOING about this????

The more successful countries all incorporate liberal policies into their economy. The average bus driver in Sweden owns two homes free and clear.

#36 | Posted by nutcase

Link?

You think the Left was pissed off with Bush? They are a bunch of impotent whinny bastards who don't contribute anything.
When you get the hard working and innovative people of America pissed off, you will see CHANGE that the lazy would never HOPE for!

Roll up your sleeves and get ready to work for your next meal.

Broadest brush of the day award.

Yeah! What is your Messiah DOING about this????

Yeah! If only he had a magic wand, everything would be fixed in no time!

"Usually what happens is that this gained wealth is reinvested back into the US, but not anymore. There is no longer opportunity here."

The ultra-rich in this country don't give a flying fuck about the United States and to pretend that if we would just cut taxes and let them do whatever they want, they are going to invest in the US and create jobs here is just a delusion.

I'm no fan of Obama but he's hinted at a willingness to take on countries like China over unfair trade practices. If you want to see money reinvested in the US, this is exactly what we have to do. Why "protectionism" is a dirty word is beyond me. Everyone else engages in it except us because on some level the people who run other countries care about their citizens. Our politicians and CEOs are are globalist sellout scumbags who could care less about Americans.

All the whining that the left makes labor too expensive in the US is based on the idea that American workers should be able to compete with third world peasants on wages - which of course necessitates that American workers have a quality of life similar to that of a third world peasant. Frankly, people who hold that position should be told to fuck off.

"The average bus driver in Sweden owns two homes free and clear."

*Citation please.

crony-capitalism

Thoes words don't even belong together in a sentence. They counteer dick each other.

Yeah! If only he had a magic wand, everything would be fixed in no time!

#42 | Posted by jpw

I'm not sure if this is an excuse or you really haven't a clue.

White House and Congress has done nothing to turn the economy around. In fact, all they've done was to stifle it.

Even the legislation going through today. Too little, too late!!!

FYI, if they did NOTHING, the economy would rebound on its own.

The ultra-rich in this country don't give a flying fuck about the United States and to pretend that if we would just cut taxes and let them do whatever they want, they are going to invest in the US and create jobs here is just a delusion.

#43 | Posted by Sully

What part of "THE MONEY IS GONE!!!" do you not understand?

We are not talking about tax cuts they are avoiding this silly Administration from taking it!

The money left the country last year!

**AGAIN!**
In the past, however, the rich would reinvest their windfall back into the American economy.

What dumbass fool would do that now?

They are going overseas!

Frankly, people who hold that position should be told to fuck off.

#43 | Posted by Sully

YEP! They fucked off and brought their riches with them...

so sad.

I have hope. This trend will turn around soon... Less than 3 years.

crony-capitalism

Thoes words don't even belong together in a sentence. They counteer dick each other.

#45 | Posted by Sniper

It's like the joke my Dad told me after he got remarried to a Jewish lady.

"How does a Jew say 'Fuck You'? "

"It's 'Business'"

In the past, however, the rich would reinvest their windfall back into the American economy.

What dumbass fool would do that now?

They are going overseas!

#47 | Posted by Eddie

That's why tax rates for the rich have to go up. To make sure that money stays here. Great argument for 'windfall' taxes as well.

A problem with social mobility---what's one of the big differences between these countries and the U.S.?---we have the reserve currency of the world and get to print as much money as we want---that's where the problem begins.

That's why tax rates for the rich have to go up. To make sure that money stays here. Great argument for 'windfall' taxes as well.

#50 | Posted by DARTHCHENEY

You can't be that naive! Wait, maybe you can.

The money is gone!!!

It will never be taxed.

The rich are rich because they're smart! What makes you think they are stupid enough to hand over their fortunes you idiots?

They think at a completely different level. They are the kings and we, including your Messiah and his cohorts (Reid and Pelosi), are at their mercy.

This is a fact of life and the sooner you understand it, the better for yourself.

that's where the problem begins.

#51 | Posted by matsop

And it's coming to an end...

Surprisingly, the 100 year anniversary is Dec. 2012.

Spooky, isn't it?

Funny, so is the Fed Income tax...

hand over their fortunes you idiots?

#52 | Posted by Eddie

Darth, let me rephrase and include myself in that...

... hand over their fortunes to idiots, like me.

You can't be that naive! Wait, maybe you can.

The money is gone!!!

It will never be taxed.

The rich are rich because they're smart! What makes you think they are stupid enough to hand over their fortunes you idiots?

#52 | Posted by Eddie at 2010-03-18 01:57 PM

Really EDDIE? Are you one of those simpletons that assigns divine power to the things he doesn't understand? Like evolution? If the money is gone then the rich won't mind if we raise their tax rates to pre-Regan levels. Or will they?
I'm not sure that the rich are as smart as you say, but they were obviously smart enough to fool you.

Danni, Spud, Letusprey, what do you do for a living?

Danni, Spud, Letusprey, what do you do for a living?

#56 | Posted by bph320

Isn't it obvious? Danni works for ACORN, Spud works for the UN and Letusprey is an unemployed street-hustler who has done 'off the books' work for George Soros. They've come here with the shared goal of taking your 'hard-earned' money and distributing it to illegals and black welfare queens.

Fanny Mae might be selling the thousands of foreclosed houses in every State to offshore investors.. I've just found out that the largest purchaser here in Oregon is Lebanese.

"....Ronald Reagan was a union president before he was the president.....practically a communist he was....yet, even millionaire actors see the need for workers associations that protect the rights of workers......."

What this points up is the difference between a citizen and a politician. When Reagan was an actor, he mostly worked for Warner Bros., which in those days was run like the other major movie studios of the time - it was the personal fiefdom of studio head Jack L. Warner. Six-day workweeks were mandatory, the workday was over when a director (under orders from the front office) said it was, and contracts were set up to keep actors essentially enslaved for the contract term. Reagan gave himself a lot of credit for unionization and change, but the thing that really began turning Hollywood's attitudes towards actors around was the De Havilland decision, named after Olivia De Havilland, the actress who brought a major suit against Warner Bros. under California's anti-peonage laws. Olivia won, contracts and working conditions got a helluva lot more fair, and Ronnie had very little to do with it.

Later, when Reagan entered politics, his views were much less based in the effects of the system upon the individual, and much more based in the you-scratch-my-back-and-I'll- scratch-yours stuff that goes on between politicians and the business community.

He once knew better. Didn't stop him when he got to be Governor of California, and stopped him less as Prez.

"Simply put, the more this country moves to the left, the less opportunity to excel."

what how dumb a statement.

didn't you see the top countries? mostly socialist leftist countries.

yer just a douche.

then the rich won't mind if we raise their tax rates to pre-Regan levels. Or will they?
I'm not sure that the rich are as smart as you say, but they were obviously smart enough to fool you.

#55 | Posted by DARTHCHENEY

Jesus-Freaken-Christ!!!

You are talking about raising the tax on the rich! Right? Yes, anyone who makes $250k/year or more, is rich.

The RICH I'm talking about are the ubber rich. The ones you make most of the money in the world.

You really don't know what you're talking about do you?

Or will they?
I'm not sure that the rich are as smart as you say, but they were obviously smart enough to fool you.

#55 | Posted by DARTHCHENEY

At least I've proven I'm smarter than you... Jab jab.

I remember the last time people in the US felt like crap about themselves and their future -- Jimmy Carter was President. Remember the "malaise?"

Funny how liberals feel there is no hope because one of their heroes is in charge, and things suck. The hubris dictates that since the messiah is President, and things suck, things can not possibly get better.

When history repeats itself and the country sheds this pathetic loser of a leader we will again become optimistic and again, lead the world in innovation and prosperity.

re: When history repeats itself and the country sheds this pathetic loser of a leader we will again become optimistic and again, lead the world in innovation and prosperity.

Posted by FrankA at 2010-03-18 08:15 PM

Maybe when we're feeling all optimistic again we can pass bills like Medicare Part D, which cost more than the current health reform bill, and was just added to the debt without even the pretense of an attempt to pay for it.

And you won't notice, 'cause you're all optimistic and have an optimistic moron for a president, just like you.

re: The hubris dictates that since the messiah is President, and things suck, things can not possibly get better.

And that's actually completely wrong. There is pessimism because the last President came in with a balanced budget and then proceeded to double the debt, start two wars he couldn't finish, presided over the economic meltdown than nearly resulted in a lengthy depression, and did it all with your happy consent. I have much hope for the future now that we have a president who is your superior in every way.

Simply put, the more this country moves to the left, the less opportunity to excel.
That's funny! The 40 years Democrats had control over all of Congress were our most prosperous years ever. The middle class grew and prospered.
The 6 years the GOP had total control began the descent of the middle class - falling wages, lost jobs, etc.

#9 | POSTED BY AMERICANUNITY

You are exactly right.. The fucking retards on the right are just plain stupid. They have been duped into thinking that hard work is all you need to succeed. I don't only work hard, I work smart.

You assholes are bitching about the economy, obama, socialism, lefties and everything in between then sound off here that things are rosey if you only work hard..

Which is morons, shitty or rosey?

A MAJORITY of our work force make NOTHING! It is a service economy that is vampiric.

Make a product, invent something, produce a raw material, farm.

America lost it's edge as the land of opportunity because of big business. It has absolutely nothing too due with the political party of the president. It damn sure has nothing to do with Obama. It has been going down hill long before he got elected. Lets get real here folks, nobody who tries to get a small business off the ground floor in America is having any luck these days. The Walmarts and Lowes of the world long since took over the mom and pop enterprises that were once the hallmark of America. I predicted this 20 years ago when manufacturing first began moving en-mass to foreign countries. American labor has become too expensive of a commodity to market anymore.

Just today I took a computer CPU into Kona to have it tested because I bought it off Ebay and it would not work with the motherboard I have, even though it was supposed to work with a bios upgrade. There is three computer shops in Kona that had technicians and not one of them could or would test the CPU anymore. My only option is to eat the chip or send it back even though it may be a perfectly good CPU. The guys in the small shops simply can't make any money anymore testing or fixing computers. They only way they make money is selling new computers made with all new parts.

I don't blame them, I blame big business. It's essentially the same thing we have with the newer cars. The big boys have made them so complicated and every model so different that nobody can fix them beyond the warranty period. The small shops are going under just from the huge expense of special tools and diagnostic software.

Everywhere I look here small business are closing down, not opening up and it has absolutely nothing to do with who's the president. It's all about a system that no longer competitive for the little guy because of private insurance, massive overhead, liability and planned obsolescence. The taxes are nothing when a business can't make a profit in the first place, so that's obviously not the issue.

A new shopping center was just open up about 6 months ago here with only one out of 6 shop spaces filled and that one is the supermarket and gas station that built the mall. The only reason why is because nobody except the big boys can make a new business work anymore and they are not interested in a town with only 5,000 people any more.

The only thing that supermarket did was force the other two small grocery stores in the area to lower their prices and cut employees. We now have three gas stations in this town and gas is 30 cents a gallon cheaper then anywhere else on the Island as a result. All three are now going broke.

Now that corporations have been given citizen status, it's all just down hill from here and the only hope for a better life will be government entitlements like it or not.

This is still a land of opportunity. The "opportunities" have just changed. And aren't as lofty perhaps anymore, but still opportunities abound.

Yes, it takes WORK in your own personal autocracy (that is, YOU are in charge and have to command the action to succeed.)

Sample potential business opportunities:

The firearms business has been booming. Over 14 million firearms sold last year!
Teaching people how to reload ammo.
Selling those reloading supplies.
Build/create/set up "victory gardens" for people.
Off book medical care. Sure, it will be a black market, but then again, some good money is currently being made in selling drugs.
Gambling, including cheating at poker.

Hell, plenty of opportunities.

RINGMASTER

Have you ever heard of a political strategy called Starve the Beast?

It was Grover Norquist's advise to trash all the social programs in our government until the government was small enough to drown in a bathtub. Social Security and Medicare were top priorities.

Norquist was a nutcase, of course, but that didn't prevent the neocons from at least partially succeeding. (George Bush's massive drive to index Social Security to the stock market was part of that plan). Tax breaks for outsourcing had a ripple effect on unemployment, loss of homes, personal bankruptsy, etc, and on down the line until the middle class started to disappear right along with America, the Land of Opportunity.

I have always felt that the neo-cons wanted a two class system . . . the have nots (that would be us) and the have everythings, who of course would finance their dream of a one party system and a Unitary Executive.

Once we (the have nots) were sufficiently lean enough and desperate enough, we'd be much easier to control by throwing us a bone or two once in a while.

Obama saw what most of us saw when we decided to kick the Repubs in the butt and elect a man who has devoted his entire administration to making America fat again. It isn't going to be easy, fast or cheap to undo the damage the neocons have inflicted on our country.

I say, keep the faith and don't be part of the problem. Just be happy that we finally have a President that is concentrating on America for a change instead of jumping feet first into another world conflict.

Lewis Ranieri, a star Wall Street bond trader for Solomon Brothers in the late 1970s, was one of the first to understand the opportunities. His innovation in bond markets would trigger the greatest jeopardy to the national economy since the Great Depression. Ranieri invented the market for mortgaged based securities by exploiting the spread between debt issued by government housing agencies and US Treasuries and corporate debt.
By early 1985, the market he had invented for these securities had burgeoned to $270 billion. In 1988, Ranieri bought Florida's Bank United, that became a major lender to real estate developers.

His bank ownership enabled Ranieri to do for mortgage banking what Ford did for cars: vertically integrate derivative finance from Wall Street trading desks to the issuance of an original dollar of debt through a Florida mortgage owned by a homeowner looking for their slice of heaven in Florida. Ranieri sold the bank in 2000, after tripling his investment in just a couple of years, to Washington Mutual. The hugely profitable formula he had created was about to be taken on a midnight joy ride fueled by Alan Greenspan's historic low monetary policy.

It took less than a decade for Washington Mutual to implode, brought down financial derivatives that had already rained money on lawyers, accountants, bond salesman, Wall Street executives, and an Engineering Cartel. But if you were to ask industry executives about the causes of the historic meltdown that took down Lehman Brothers, Bear Stearns and hundreds of banks around the country to date, they would call it an "accident", a perfect storm.

It wasn't blameless. In late January 2003, HUD Secretary Mel Martinez, soon to be a US Senator from Florida, layed out Shrub's "Ownership Society" to Vegas homebuilders. "Bubbles of course do burst, but not the housing market this Administration is making it easier for people to purchase their own homes, including minorities".
Shrub's "Ownership Society" worked for the benefit of the top CEO's by inhibiting regulation of derivatives while throttling regulation that blocked growth in the fastest growing areas, like California, Texas, Nevada, and above all Florida, where Jeb fast tracked development and construction and killed regulatory barriers. Trust business to use market based mechanisms to protect the Wetlands and Water quality.

In 2003 Fannie Mae CEO, Franklin Raines, earned $20 million by cooking the books of the nation's largest mortgage clearinghouse. Raines left Fannie Mae in 2004, after it made a $6.3 billion restatement of earnings. There was more, much more to come.

What Franklin Raines achieved could never have happened without the cheering throngs of homebuilders and politicians who were taking campaign contributions by the trailer-load. Surely, such a solid basis for wealth could not turn against its participants. AIG sold insurance to anyone anyway. More than $90 billion in Fannie Mae shareholder value was been wiped out. In 2006, the OFHEO sued Raines in order to recover some or all of the $90 million in payments made to him on the overstated earnings. But, a paltry settlement allowed him and two other executives to keep the bulk of their riches.

The massive wealth destruction that is transforming the US economy is still a work in progress. There is still no accountability of those CEO's and their corporate boards that unleashed so much jeopardy to our national economic security. It used to be called "the free market" but for a select few, it truly was money for nothing.

Excerpted from Alan Farago

Let's just cut to the chase.

The US should "chavez" all income over $1,000,000. Sports figures, entertainment figures, authors, artists, poker players, CEOs, etc.

Let's just take it all away. If you have a house that is worth more than $250k, then you need to have at least two families living in it.

Cars? One per family, not per driver. Sorry Leno, but we'll have to redistribute your cars to "po folk" who have no cars.

But then we need to confiscate all the cars and make sure everyone rides the solar bus.

Let's also take all profits from any corporation.

Of course, all the "po folk" who rely on those people for their income, either as tips at nice restaurants or sales at their stores will be unemployed. Wow, we could probably get to 50% unemployment if we really work at it.

Somehow all our technology and power and such will keep working without anyone employed in field anymore. Or heck, rotating blackouts are good for the planet and the economy.

Hmmm...I know I've left out something.

/sarc

#69 -

The libs want a two class system. Them and others. Reminds me of the Muslims....either you are a Muslim or you are to be taxed until you "see the light."

But by then there will be no light but sunlight.

All these non-millionaires cheering for the millionaires to win the class war. You couldn't make this stuff up!