It’s completely Orwellian. It’s as if the manager of Wal-Mart told you “Change has become an excuse to transfer wealth to the wealthy instead of an opportunity to buy more stuff at my store.” Wait a minute, I don’t want more stuff, now give me my damn change!
Yep and once the gov. takes over the banks then they will have an accounting of who has how much and where who’s should go.
Sounding more like Mugabe by the day.
The Third World group of clowns currently in office are turning out to be every bit as bad as feared.
Holder made $2MM per year as an attorney and will receive $2MM in severance? Lots of pro-bono work with Gitmo prisoners?
Wow...
Michelle Obama getting a $200K pay raise from a grant Obama gave her hospital?
These are maggots in Washington. We need them out.
How we will adapt to Obama’s “The War on Wealth”:
Underground Economy!!!
Goods and Services traded right underneath the noses of the government....
A door closes and a window opens.......
You must not plan on being a peasant.
The wealthy are the most productive and valuable members of society, that’s why they’re wealthy and that’s why they deserve more.
To be fair, he’s talking about tax policy. Taxes are indeed a mechanism, for better or worse, through which wealth can be transferred from one segment of the population to another. If you cut taxes on the wealthy and keep them constant for the middle class, the middle class ends up shouldering a larger percentage of the tax burden to maintain government services. The wealthy get to keep a larger percentage of their incomes to spend—or not—as they please, while continuing to benefit from those same government services (the military, highways, etc.). If you do it the other way—raise taxes on the wealthy and cut them for the middle class—the wealth transfer works the other way. That said, I’m a proponent of tax fairness—I like the flat tax, no loopholes, no deductions—and I don’t think the tax system should be used to redress social grievances or incite class-war, no matter which party’s driving tax policy.
There is a bigger point the author missed. ‘Transferring’ wealth to the wealthy implies- by default what you earn BELONGS TO THE GOVT. What you are ALLOWED TO KEEP is what the govt “transfers” to you.
It’s all going to trickle down and will only be a matter of time before the not-so-rich start to rise up and realize they didn’t have it so bad before — At least they were working. Now the rich aren’t wining and dining clients, going to plays and concerts, no more golf tournaments, no more company picnics, they’ve cut back shopping at retail stores, no more of the cars and boats they used to buy with those bonuses. No more vacations. No more Vegas conventions. No more home renovations.
How many people are, or will be unemployed because zero is punishing the people with money who spread the wealth voluntarily by HIRING people in all industries. This guy is a real moron. He thinks you can build the economy from the bottom up. Fool.
Obama is setting precedent and we should take that ball and run with it. According to him and the rest of the socialists, it is perfectly okay to pick one segment of society who is doing better than the rest and tax them to death.
So which segment of society do you see getting a larger and larger piece of the pie? GOVERNMENT WORKERS. They make more than their private sector counterparts and they have much better benefits and job security. Excluding the Post Office, there are 2,000,000 federal workers. Tax them an extra $1,000 a year and we’re up $2,000,000,000. Tax them $10,000 for that cushy government job and we’re up $20,000,000,000. Do this to all state, county, and city workers and we’ll be rolling in dough because pretty soon no one will want a government job and government will shrink by necessity.
Yes! I deconstruct his rhetoric also and you got it.
New Hedge Fund Gets Seed Money From Citi, Blackstone
Last update: 2/26/2009 1:31:20 PM
By Dan Molinski
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)—A pair of former Citigroup Inc. (C) executives who are starting a $200 million hedge fund are getting most of their initial funding from Citi and Blackstone Group LP (BX), one of its founders said Thursday.
Jeff Jacob, who along with John Humphrey recently founded New York-based Archview Investment, said their Archview Credit Opportunities Fund will focus on corporate credit and distressed corporate assets.
He didn’t say specifically how much Blackstone, the world’s largest private equity firm, or Citigroup, were investing. He also didn’t indicate what other investors may be involved.
“Basically, we took our group from Citigroup to start this ... it’s not so much a start-up as a spin-off,” Jacob said, adding about 10 people from Citigroup are part of Archview.
Their foray into hedge funds comes amid serious problems in the industry, which has shrunk in size to about $1.2 trillion from a record $1.9 trillion in early 2008. The losses by hedge funds are partly due to the sharp declines in equity markets, but also due to a surge in redemption requests by investors who need cash.