Showing posts with label Too much money. Show all posts
Showing posts with label Too much money. Show all posts

Tuesday, September 20, 2016

Don’t vote for Johnson or Stein “to make a statement”



Paul Krugman laid it right out in yesterday’s New York Times:
"Nobody cares” if you vote for Johnson or Stein on November 8 because you want to raise the middle digit to "the system."

Krugman’s key point: Clinton or Trump will be the next president of the United
States, so “don’t vote for a minor-party candidate [just] to make a statement. Nobody cares.”

Rightly enough, he says that if you really think Johnson or Stein, and the platforms of the Libertarian  Party or the Green Party, are right for America and they should have the power of the presidency, then by all means vote for one of them.

But. Seriously.

Krugman bets that many Johnson/Stein supporters are mostly anti-Trump/anti-Clinton kinds of people, who haven’t read those party platforms and really haven’t thought through the consequences of Johnson or Stein getting to redecorate the Oval Office.

Here’s Krugman summarizing the Libertarian platform:
“…it calls for abolition of the income tax and the privatization of almost everything the government does, including education. What really struck me, however, was what the platform says about the environment.
It opposes any kind of regulation; instead, it argues that we can rely on the courts. Is a giant corporation poisoning the air you breathe or the water you drink? Just sue: ‘Where dam­ages can be proven and quantified in a court of law, restitution to the injured parties must be required.’ Ordinary citizens against teams of high-priced corporate lawyers — what could go wrong?”

Here’s my simple summary of the Green platform:
It's chock full of really good, really feel-good, and mostly unrealistic ideas that have nothing in particular to do with world trade or job creation or infrastructure investment or effective regulation of the financial markets or health care reform or bipartisan government or…..

Neither Johnson nor Stein is going to win the election.

If you strongly endorse elements of either or both of these platforms, image what will happen if Trump wins the presidency?

Krugman again: “Your vote matters, and you should act accordingly—which means thinking seriously about what you want to see happen to America.”








photo from pixabay.com
Copyright © Richard Carl Subber 2016 All rights reserved.

Saturday, September 17, 2016

The other boondoggler….


The horror of Trump’s lies continues.

Meanwhile, Paul Ryan is still doing his thing, inviting careless journalists to call him a policy wonk while he continues to offer the standard claptrap about helping Americans by giving more money to the super rich.

WashingtonPost.com pointed out yesterday that the latest incarnation of House Speaker Ryan’s “tax plan” would funnel 99.6 percent of the proposed tax cuts to the wealthiest 1 percent of Americans, according to the Tax Policy Center.

The stupefying bottom line: the 1 percenters would get average annual savings of about $240,000 per household.

Last year, the median household income for all Americans was $56,500—that’s the median, meaning half had more and half had less.

So Ryan’s tax chicanery means that the richest 1% would get tax SAVINGS equal to more than four times the amount of PRE-TAX total income that the median household earned last year.

That’s not a tax plan. That’s legalized robbery.

Let’s not even talk about what the Republicans want to do about business taxes.









Copyright © Richard Carl Subber 2016 All rights reserved.

Wednesday, August 31, 2016

Some people have too much money….(part 21)


The Citizens United decision opening up the money spigots for politicians was dangerous for America, and the danger grows every day.

Recently Yahoo.com reported that wealthy folks donated a total of $400 million to presidential candidates who DROPPED OUT during the primaries. You might think that’s money down the toilet, but of course those donors can still claim access and influence with those politicians, many of whom are still active.



Those wealthy donors have a vote, just like you and me, but they have the mega-simoleons to do what you and I can’t do: they can buy access to power and the powerful.

Some people have too much money.














Copyright © Richard Carl Subber 2016 All rights reserved.

Saturday, August 6, 2016

Trump’s economic advisers: the 1%



Trump announced his economic advisory team yesterday…I guess it reveals the real Trump.

He named 13 men—he couldn’t find a single woman with economic savvy?

They’re all rich, big time. Like Trump. No middle class economists in the bunch. And no union leaders, either.

These guys are bankers, hedge fund managers, real estate speculators….

They have the money and the motive to buy influence in Washington, in state governments….

Aren’t these some of the guys who love the big international trade deals that Trump loves to spit on?

Aren’t these some of the guys who run “the system” that Trump incessantly claims is rigged?


What part of America do they represent? Do they speak for the little guy who has fears about his livelihood, his family, his future?

No reasonable person can believe anything Trump says.









Copyright © Richard Carl Subber 2016 All rights reserved.

Monday, July 25, 2016

Need a barf bag?



Let’s just get this over with.

Last week Fox News fired CEO Roger Ailes because he’s been sued for predatory sexual harassment, and about a dozen women (so far) have revealed that they were victims of his disgusting behavior over a long period of time.

Good for Fox News. Executives said, among other things, that Ailes’ “loutish” behavior would not be tolerated. They could have said “criminal loutish” behavior and I would have been happier, but let’s move on….


Pursuant to the terms of Ailes’ contract (it was due to expire in 2018), he’s going to get a $40 million payoff for cleaning off his desk and taking a hike.

The directors of Fox News screwed the shareholders and insulted almost every Fox News employee when they approved that contract.

Hand me a bag, quick….














Copyright © Richard Carl Subber 2016 All rights reserved.

Saturday, May 28, 2016

Consider another point of view….



Fr. Richard Rohr, OFM, has an unconventional and incisive point of view. He offers startling, lucid guidance on matters spiritual, contemplative, intellectual and personal. See his comments here at The Center For Action and Contemplation.

Recently he discussed “Community as Alternative Consciousness.” I’m not competent to summarize it, read it for yourself here if you wish.

Here’s an excerpt:
“For instance, I've never once heard a sermon about the tenth commandment, "You shall not covet your neighbor's goods," because in our culture that's the only game in town. It is called capitalism. The individual is largely helpless and harmless standing against the system.”

Regarding capitalism, this is more a rhetorical statement than a conclusive definition. Nevertheless, he’s dealing with pith.

Here’s my own rhetorical whack at capitalism: not by its classic philosophical design, but in its inescapable effect, it’s a system that reinforces too many inequities and shields too many wrongdoers from accountability. Too many of us don’t fully understand this reality.











Copyright © Richard Carl Subber 2016 All rights reserved.

Tuesday, April 12, 2016

Trump’s charitable giving? Umm, wait a minute….


Donald Trump claims he has given more than $102 million to charity in the past five years. He forgot to mention that none of that money came out of his own pocket.

WashingtonPost.com analyzed a 93-page document released by the Trump campaign last year, and noted items like:
 -    Almost $64 million in “conservation easements” on various properties he owns—in other words, “the public” gets a benefit but nobody in particular is being helped
-  About $26 million in “land donated to New York State”
-  $7 million in gifts from the Donald J. Trump Foundation
-  About $6 million from Trump’s golf courses, hotels and clubs—much of this is the value of “free” rounds of golf, think of all the single moms and poor kids who play golf at Trump venues….



Oh yeah, one more thing: WaPo points out that Trump hasn’t contributed a dime to the Trump Foundation since 2008, so none of that $7 million foundation item was Trump money.

In fact, none of the $102 million represents any cash gifts by Trump.

An official of the Trump Organization said Trump has “given generously” from his own pocket, but declined to provide any details.






How much did you give to charity in the last five years?





"Republican establishment"??....definition please

Copyright © Richard Carl Subber 2016 All rights reserved.

Wednesday, March 23, 2016

A long wait for the perp walk….


You remember the devastating financial meltdown of 2008. Homes lost. Jobs lost. Investments lost. Retirement savings lost.

The criminals who made it happen—bankers, mortgage lenders, regulators, investment advisors, credit rating agencies—have gotten away with it. Haven’t admitted guilt. Didn’t go to jail.

The Wall Street Journal says big Wall Street banks have paid $110 BILLION in mortgage-related fines and penalties since the crash.


No executive or manager anywhere has been convicted and sent to jail.

The shareholders of those big banks paid the fines.

You know what I’m saying.




















Copyright © Richard Carl Subber 2016 All rights reserved.

Thursday, March 10, 2016

Expensive toilet paper


Inequality has its impact in so many ways, many big ways, many small ways….

Take toilet paper.

Of course you do. Everybody does.

It’s a classic commodity product: easily made, relatively inexpensive, easily transported, non-perishable, available everywhere, one size fits all, there is predictable universal need and predictable consumption, goes with any décor, more or less a unitary product (let’s not squabble about one-ply or two-ply).

Why do poor people spend more for toilet paper than their more affluent fellow citizens?

Hint: when was the last time you bought the 20-pack of toilet paper when the big sale was on?

Poorer folks—who are, inter alia, cash poor—don’t have enough ready money to buy the 20-pack when it’s on sale. They are more likely to repeatedly buy another roll or two when they have need. They are more likely to pay “regular” price.


Emily Badger of The Washington Post reports that poorer folks pay about 6% more for toilet paper.

One legal way the rich get richer is by filling the cart with t.p. when it’s on sale.










Copyright © Richard Carl Subber 2016 All rights reserved.

Wednesday, February 17, 2016

Raise your hand if you paid for the bonus to Delta employees


If you flew on a Delta jet last year, you should feel proud. The airline just handed out $1.5 BILLION in bonuses to its employees to mark its record profits in 2015. You helped pay for it.



That’s the equivalent of a 21 percent pay boost for the “average” Delta employee. You can bet a big chunk went to Delta executives—for example, outgoing CEO Richard Anderson hauled in more than $17.5 million last year.

The thing is: airlines’ record profits last year were largely based on the steep decline of jet fuel prices. In 2014 jet fuel averaged about $2.70 per gallon, and that price dropped to an average of $1.52 per gallon last year—in fact, jet fuel was selling for about $1.09 in December, that’s 60 percent lower than the average 2014 price.

Think about Delta’s ticket pricing last year. Did you see any big price reductions? A big chunk of what you paid for your flight went into that $1.5 billion bonus pool.

Did you get any free peanuts or anything? How about the leg room, everything OK there?







Copyright © Richard Carl Subber 2016 All rights reserved.

Friday, February 12, 2016

Massive stock buybacks: it’s a shame


Big companies are squandering their cash reserves to prop up their stock prices.

The stock market dropped almost 9.5% in January, its worst start of any year on record.
Of course, every time a stock is traded, there’s a buyer and a seller. So, who was buying in January when the sellers were pushing prices down?

Goldman Sachs Group says U.S. companies were buying their own shares with corporate cash reserves, accounting for about 20 percent of market volume last month.

That’s stunning. American companies have a couple trillion dollars sitting in their cash accounts, and they can’t think of anything better to do with it. The money could have been used for new product development, expansion and job creation, training and productivity enhancements or other productive purposes.

Yahoo Finance says hundreds of S&P 500 companies have lost $126 billion in the past three years by investing in their own shares and then watching the share price go down. Some of these firms actually borrowed money to cover their share repurchases. By the way, the stock market overall was up 39 percent in the same period.


Why are all these companies using their cash with such awful results? The standard wisdom is that companies buy their own shares when the stock price is “cheap,” below their actual value as determined by the company. This reduces cash outflow for dividends, and makes more shares available for stock grants and options as part of executive compensation plans.

Another result is that earnings per share (EPS) are increased when there are fewer outstanding shares, and this looks good in corporate reports and also may boost executive compensation.

Let’s call the spade a spade, here. Corporate directors and CEOs are spending their hoarded cash to try to prop up share prices—often for their own benefit—instead of using the money for constructive corporate purposes that would preserve and expand jobs.

Shame on them.









Copyright © Richard Carl Subber 2016 All rights reserved.

Sunday, January 31, 2016

I didn’t bother on Thursday night


About 225 million grownups in America didn’t watch the Republican debate or He-Who-Shall-Not-Be-Named last Thursday night. I was one of them.

The audience for the GOP debate on Fox was 12.5 million, about 5% of adults in the U.S. Roughly 2.7 million—about 1%--tuned in to the DJT event benefitting military veterans.

The rest of us were doing other things: hoping the next president will use the full powers of the Oval Office to do good things for America, like improving education, boosting infrastructure investment and creating jobs, reducing carbon emissions to tackle the global climate change horror, increasing taxes on the very wealthy, taking steps to fight the greedy power of corporations and Wall Street….




You fill in the hopes I forgot to mention….














Copyright © Richard Carl Subber 2016 All rights reserved.

Saturday, December 12, 2015

Wave goodbye to the “middle class”


“Middle class” means a lot of things in America, in social, economic and political terms.

A strange thing is that lots of people think of themselves as “middle class” even though their financial circumstances place them outside that politically-charged category.

It’s not so strange to take note of this new report from the Pew Research Center that says, simply, the “middle class” no longer includes a majority of Americans.

About 45 years ago the “middle class” constituted 61% of adults, and now their share is a bit less than 50%.
Middle class house, 45 years ago
The “upper class” has become a lot richer in that time, and trickle-down poverty has put a lot more folks in the “lower class” group.

The “uppers” are 21% of the adult population and they collect almost 50% of all household income. The ‘middles” are 49.9% of the population, with about 43% of income, and the “lowers” are 29% of adults with only 7% of all income.

You think you’re “middle class”?

If you live in a three-person household and your family income is at least $41,900, you’re in. If your family income is at least $125,600, you can claim “upper class” status.

If you live alone, the numbers are $24,200 and $72,500. For two people, $34,200 and $102,600.

Umm, that’s before taxes.







Copyright © Richard Carl Subber 2015 All rights reserved.

Monday, November 9, 2015

The way the “free market” works


It’s been more than six years since the end of the Great Recession that was caused by the financial meltdown that was caused by financiers and bankers and lenders who went out of control in their criminal quest for more profits.


In that time the average hourly wage of all American employees has risen less than 1.8 percent.

Inflation is up almost 11 percent.

Corporate profits are up about 77 percent.

You do the math.



Here’s another dreadful fact:

The New York Times reports that “the share of corporate income going to workers has sunk to the lowest level since 1951.”

Why are the owners and CEOs and executives and directors of American businesses keeping most of the money for themselves?








Copyright © Richard Carl Subber 2015 All rights reserved.

Friday, October 30, 2015

Congress isn’t normal



Congress isn’t normal.

Go ahead, follow your own heart in your take on that statement.

Here’s one version:
Just about half of the members of Congress are millionaires.


Most members of Congress are a lot richer than you and me, a lot richer than their constituents, a lot richer than most folks.

Most members of Congress aren’t doing much to represent or improve the best interests of most of the folks who vote for them.

About 95% of incumbents get re-elected.

Go figure.







Copyright © Richard Carl Subber 2015 All rights reserved.

Wednesday, October 14, 2015

Rich people in the hunt for a president


You won’t be shocked—thanks to the Citizens United ruling—to know that 158 families have ponied up half of all the money contributed so far in the presidential primary races.

Most of the 115,226,842 other families in the country haven’t given much of anything yet.

The New York Times says that these 158 families, and the companies they own or control, have written checks for $178 million so far.

These are folks who are trying to buy the next president. Almost 90 percent of them have given money to Republican candidates.

Most of them live in one of nine cities in the U. S., like New York, Los Angeles, Houston and Miami.


I don’t think these folks have a lot of my interests, personal or civic, in mind when they’re boosting the candidate of their choice.

What do you think?

Here’s the potential great equalizer: you and I get one vote in early November next year, just like they do.









Copyright © Richard Carl Subber 2015 All rights reserved.

Friday, October 2, 2015

There are givers, and keepers



Remember when you were a kid, and you told your mom “When I grow up, I’m going to buy you a great big house!” or something like that?

Or think about the times you’ve said “If I could afford it, I’d donate to the (your favorite charity)”….

Some people have these impulses, and some don’t.

Take Bill Gates. He’s worth more than $81 billion, and during 2008-2013 he gave $7.5 billion to his charitable foundations.

Or Warren Buffett. He’s worth over $68 billion, and during that six-year period he donated more than $8 billion to his personal foundations.

Or take the Waltons—Christy, Jim, Alice and Rob—who are incredibly rich because Sam Walton built Wal-Mart. Each one of the four is worth more than $35 billion, for a combined total of about $145 billion. During 2008-2013, they gave a combined total of $17.5 million (million, not billion) to the Walton family foundation.

The four Waltons gave their favorite charity about twelve-thousandths of one percent of their net worth over a six-year period. The DailyKos.com says they use the foundation to minimize their future estate taxes.

What’s your net worth? Not your income, your net worth. Try this: add up the equity in your house and the value of your car, your bank account, your 401k….if your net worth is, say, $200,000, and you give more than $4 a year to your favorite charities, you’re being more generous than the Waltons.








Copyright © Richard Carl Subber 2015 All rights reserved.