General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhere's the Outrage? Congress Changes Savings Accounts and Retirement Funds, and America Sleeps
http://readersupportednews.org/opinion2/279-82/27547-wheres-the-outrage-congress-changes-savings-accounts-and-retirement-funds-and-america-sleepsIn December 2008, the number of jobs shrank by 533,000, the worst monthly loss in more than 30 years. Construction permits fell by more than 12% as people stopped buying houses. And retailers got a giant lump of coal from consumers, who decided that buying a bunch of worthless junk to put under a tree was probably not the best idea when their bank accounts not the mention the countrys were circling the drain.
This shall not stand! we cried, then. We can never allow our own savings to be put at risk like this!
And yet. Here we are again.
Congress has passed, and President Obama has said he would sign, a budget bill that allows banks to use your savings when they make giant financial bets called derivatives. Again.
And because those savings are insured by the federal government, you, the taxpayer, would be on the hook if those bets go south. Again.
This isnt arcane financial stuff we can ignore. These are the exact financial mechanisms that led to the global crisis just six (short!) years ago. The Dodd-Frank reform law that was passed in the wake of that crisis forbade this from ever happening.
Charlie Chaplin said that nothing is permanent in this wicked world, not even our troubles. Id add that nothing is permanent in this wicked world except banks getting whatever they want, whenever they want, regardless of the risk to their own customers. Regardless of the risk to the rest of us.
In addition to all that, this so-called compromise also contains a provision that would wreak havoc on the pensions of more than 10 million American workers, who likely have no idea this is coming.
djean111
(14,255 posts)only the economy of Wall Street. That's why Black Friday disappointed.
Plus, Cuba!!!!!! will distract for a while, too. And Christmas.
Enthusiast
(50,983 posts)"The economy" should include everyone.
L0oniX
(31,493 posts)deutsey
(20,166 posts)Jesus Malverde
(10,274 posts)It's our own fault if we're not awesome like him.
Ooops they made it all up.
Skittles
(153,169 posts)Enthusiast
(50,983 posts)And Democrats were complicit this time around.
appal_jack
(3,813 posts)Clinton's signatures on NAFTA and the repeal of Glass-Steagal had a lot to do with us getting into this mess. I'm not letting Republicans off the hook for their (greater) roles, but wouldn't it be nice to have a genuinely populist alternative?
-app
Enthusiast
(50,983 posts)whereisjustice
(2,941 posts)Everyone of the sons of bitches in Congress should be driven out like rats.
arcane1
(38,613 posts)WHEN CRABS ROAR
(3,813 posts)Peter DeFazio, he is experienced, knows his way around and is a progressive and votes like one.
Omaha Steve
(99,660 posts)brer cat
(24,577 posts)I had missed it earlier.
bananas
(27,509 posts)sorefeet
(1,241 posts)they turned the heat up so slow they couldn't see it coming. Now they are almost done. Time for the corporate rich to eat, served by our bribed politicians and supreme court judges.
adirondacker
(2,921 posts)GeorgeGist
(25,321 posts)liberal_at_heart
(12,081 posts)I just wish instead of voting for Republicans, they would vote third party. If the same people who voted for Republicans because they feel like Democrats didn't do a good enough job voted third party, then third parties would win elections. And it would actually put pressure on Democrats to do a better job. Maybe if Bernie Sanders runs for President people will start to realize there are more than two options.
still_one
(92,219 posts)did so not because they felt the Democrats were not doing a good job, but because they subscribe to the republican agenda. Those who didn't vote because they felt the Democrats were not doing a good job are the ones who will make the difference you are referring to, though in reality the way the system is setup if you run as a third party for president, and the third party got a sufficient number of votes, it still would not be enough. The best case they could hope for is the election going to the house, where which ever party controlled that body, would determine who the next president would be, which incidentally might not even be the candidates running.
The only way things change the way you are hoping them to is by grass roots movements at local elections, state elections, and then U.S. representative, followed by Senators. Only until a foothold can be gained that way will the change you are looking for occur, and that will take a long time, but with persistence it would work.
That is why if Bernie wants to even stand a chance he needs to run as a Democrat
ffr
(22,670 posts)If the population who has a thumb that smells like their anal cavity would have voted to take our country forward in 2010 & 2014, instead of letting a few determine to take it back to ass-backwards medieval times, maybe we all could have less shitty candidates to vote for and more that stood on principles.
BUT NO!!! We have this instead, remnants of 2010 & 2012, which is only going to get worse in the coming years. So no, I don't feel sorry for the ass-backwards direction Republis are taking our country. We knew they would go there and WE DIDN'T STOP IT.
still_one
(92,219 posts)""I saved you," cried that woman
"And you've bit me even, why?
You know your bite is poisonous and now I'm going to die"
"Oh shut up, silly woman," said the reptile with a grin
"You knew damn well I was a snake before you took me in"
http://www.azlyrics.com/lyrics/johnnyrivers/thesnake.html
zeemike
(18,998 posts)The game is rigged and you have two choices, good cop or bad cop.
Our only hope is a revolution in the Democratic party that kicks to the curb the third way...but that is going to be a difficult task because big money backs them up.
liberal_at_heart
(12,081 posts)Voting third party would help clean up the Democratic Party especially if that third party got campaign finance reform passed. Certainly can't count on the two party system to pass campaign finance reform.
zeemike
(18,998 posts)But it would take real grass roots to do it, and people in the streets and civil disobedience to bring change, just like in the civil rights movement.
But as long as we have winner take all elections they don't care if the third party takes some votes from them as long as the get the most.
But as in the days of civil rights we will have to take it to where it matters...at the local level and clean out the Dinos at the bottom...because changing the top is not possible in this rigged system.
Barring that the only way I can see it happen is a mass march on DC that shuts that city down and becomes a American Spring...but they have us so divided and without any leaders that too is unlikely.
liberal_at_heart
(12,081 posts)like Warren and Sanders at the federal level bringing attention to the issues could help inspire people to do just that. It just might inspire people to get out in the streets and protest as well.
zeemike
(18,998 posts)We need strong leadership at the top...and right now it is Warren and Sanders.
Comrade Grumpy
(13,184 posts)librechik
(30,674 posts)in the pay of Citibank. As long as stooges like him get not even a slap on the wrist---
we're fucked. We lost. They have the noose around our necks and they don't respond to elections.
THAT's the problem we have. Let's solve that one.
L0oniX
(31,493 posts)Wounded Bear
(58,670 posts)Banks can fuck off.
Flatulo
(5,005 posts)I've been in a credit union for 20 years. Free checking, no stupid fees every time you scratch your ass, and you can actually get on the Board if you want to get involved.
Maineman
(854 posts)Many credit unions offer good credit cards. I have two with 6.99% interest rates. Even cards from smaller regional banks would be better. Hell, as far as I can tell, even a card from Capital One would be better than one from the big robber banks like Citi, Chase (JP Morgan Chase, that is), Bank of America, etc.
Maineman
(854 posts)TBF
(32,067 posts)but ultimately banks like Citibank do not care. All they need is a percentage of billionaires to stay afloat - they don't make money off the smaller deposits anyway. That is why we can do individual things like move our money, but it's going to take people in the street (and I believe outside the homes of the CEOs) to make any sort of difference.
Recursion
(56,582 posts)The point is Merchant & Farmer type credit unions can now offer hedges to their customers without setting up holding companies. (Actually non-agricultural swaps were available to FDIC-insured institutions this whole time, oddly enough.)
Recursion
(56,582 posts)Scuba
(53,475 posts)Just because credit unions are legally able to take advantage of the same rules as Wall Street doesn't mean they can benefit.
Nice try at misdirection though.
Recursion
(56,582 posts)Have you actually looked up the language?
Scuba
(53,475 posts)Cause that's what you said.
Recursion
(56,582 posts)Scuba
(53,475 posts)Recursion
(56,582 posts)This was a rule freeing up agricultural swaps, 95% of which are generated by regional credit unions.
You tell me why the largest credit union lobby was for the rule change?
Scuba
(53,475 posts)... even if the 95% claim were true.
So far, we've got nothing but your opinions, which have not impressed me in the past.
Recursion
(56,582 posts)Scuba
(53,475 posts)Here, study for a while ....
https://bookofbadarguments.com/?view=allpages
http://utminers.utep.edu/omwilliamson/ENGL1311/fallacies.htm
mountain grammy
(26,624 posts)The only outrage I see is here and on other Democratic boards.
But think about it. This is a result of an election where voters didn't vote. The money in politics has done it's job, people are too disgusted to vote and now Congress is allowing larger bribes, oops donations, to elections.
turbinetree
(24,703 posts)This congress, has not only endangered negotiated agreements that were placed in the PBGC operating mandate, but they now have placed a litmus test on pensioners, look no further than the postal union, airline industry, automobile industry, the list goes on an on.
The PBGC has underfunded assets of 42 billion dollars by the corporations that talked out of both sides of there mouth, with the help of there right wing hypocrites in Congress, this is nothing more than a shell game of irresponsibility, they have placed the further demise of the DEFINED BENEFIT PENSIONS more at risk and placed the unions power to negotiated protections into jeopardy.
In other words break the unions through the PBGC and further shift the costs unto the unions or the pension plan.
BECAUSE corporations that were suppose to fund these retirements through negotiated contracts which were agreed upon at the negotiated bargaining table with members of a union, and then to turn around and FILE for BANKRUPTCY to negate the plans and have the plans placed on the backs of the taxpayers.
These hypocrites are not holding the corporations accountable, all they did was sound like nothing but wind bags of not doing nothing except hurting people that were told that there PENSIONS would be paid for and FULLY FUNDED, whenever these (corporations) filed there prospectus in the federal 10K SEC required filings.
These hypocrites now want to blame Unions and retirees for this underfunded government agency and want to further cut the funds is outrageous which were negotiated
Then we have this right wing chairman and his band of merry men and women basically saying we now have there right wing congress we are going to screw the pensioners and the savings accounts.
This was not suppose to be this way, they were charged with protecting the pensions and making sure that these corporations paid there money which was due and to protect us from greed.
This act of hypocrisy that these hypocrites says a lot of what was just passed with the FDIC derivatives rider being funded by the taxpayers if the banks use and will use the protections of the FDIC savings to say to the taxpayers you lose we win, if and when our derivatives fail and the pension funds that are being sold by these banks are now more at risk, then congress is contemplating that Credit Unions be treated like a bank and we get taxed for giving our combine money to members and then be have it taxed as earned income.
These little fascists sitting in this committee should be challenged, but we the pensioners in the PBGC program have these hypocrites getting re-elected to cause further damage to the middle class and poor, that had retirements that were underfunded by smoke and mirrors, by the corporations and banks who also were playing this game with there accountants.
Everyone of these right wing hypocrites will further pass the proverbial buck away from the corporations that failed and LIED in the filing of 10K SEC filings that were fraudulent in the prospectus.
The right wing hypocrites of greed will not hold public investigations to have some questions and answers, and not one of these jerks will file charges.
They already know that when you have a approval rating of 9% really says something... you are not working for the people but with special interests / lobbyists creating riders to pass at the last minute in spending bills, with no discussions, no debate on the floor and to only hurt people that pay taxes to protect there pensions and savings, says a lot about there credibility, which isn't very much.
world wide wally
(21,744 posts)The Supreme Court.
Funny how that works out.
brer cat
(24,577 posts)and children = the republican agenda going forward.
K&R
nichomachus
(12,754 posts)Go read the message boards on MSM news sites. People are defending the fascists. Americans have been so brainwashed, it's depressing.
valerief
(53,235 posts)NewDeal_Dem
(1,049 posts)Doctor_J
(36,392 posts)wanting glitter shitting ponies.
countryjake
(8,554 posts)And that rhetoric will be the same when the next "bailouts" once again become necessary.
Can't let Wall Street go hungry!
But hey, "government is working", don't ya know. The farce of capitalism is compromise. It's always the people who "give up", as corporate controlled government steal our life's work from us.
Nuclear Unicorn
(19,497 posts)A WHOLE YEEEEE-AR!
And that, I was told, was worth it.
Zorra
(27,670 posts)gregcrawford
(2,382 posts)... and some guy had a hissy fit because I portrayed Wall Street banksters as weasels in a political cartoon I did that's up on "Good Reads." (The Weasels of Wall Street) Actually, I should apologize to weasels everywhere for equating them with lying, thieving filth like Dimon, Blankfein, et al.
These WEASELS and their pet politicians will destroy the country and any vestige of democracy if we don't stop them.
Hmmm... did I date myself with that musical reference in the title? I think maybe so...
blkmusclmachine
(16,149 posts)TBF
(32,067 posts)It's a pyramid scheme.
pa28
(6,145 posts)Once smaller pension checks start arriving and there's no recourse, just a gigantic middle finger staring retirees in the face. When savings accounts and taxpayer funds are unexpectedly used as bail-out/bail-in money for bank derivative losses I assure you there will be plenty of outrage.
Republicans will then point out the bill making all this legal was passed before they controlled Congress and then signed by a Democratic president. This is what non-voters have suspected about Democrats and their suspicions will be confirmed.
The DNC will then appoint another blue ribbon panel of political and corporate elites to determine why voters despise us so much.
WillyT
(72,631 posts)shanti
(21,675 posts)What's the gist of it re pensions?
countryjake
(8,554 posts)Nothing is permanent in this wicked world except banks getting whatever they want, whenever they want, regardless of the risk to their own customers. Two major provisions in the US budget bill spell doom for US savers and retirees
http://www.theguardian.com/money/2014/dec/16/budget-sets-stage-for-next-meltdown
shanti
(21,675 posts)DeSwiss
(27,137 posts)[center]Circling The Drain
[/center]
K&R
Vinca
(50,278 posts)They'll squawk when the check arrives short hundreds of dollars and it will be too late. For the life of me I can't understand how Democrats in Congress could let this happen or how the POTUS could sign it.
WorseBeforeBetter
(11,441 posts)I'm just bracing myself for "fixes" to Social Security -- cuts to "save" it. Sigh.
NaturalHigh
(12,778 posts)or if they have just largely given up. It seems like we've been beaten down so much for decades, and we don't hold many cards in this game.
colsohlibgal
(5,275 posts)Working to normalize relations with Cuba is great. As is his announced policy on transgender rights. There is more that is laudable.
But it's mostly social stuff. All well and good but both parties are still ruled by Wall Street and Big Money at the expense of us. And Obama is still all in, last I heard, on the trade deal with steroids, the TPP. He needs to get on the right team, and not just with oratory, concerning income inequality. I won't hold my breath , nor will I with Hillary.
NewDeal_Dem
(1,049 posts)riches.
What do poorer people -- gay or otherwise -- get? Poorer. Sicker.
glinda
(14,807 posts)JonLP24
(29,322 posts)RW conspiracy theorists love to talk about.
99Forever
(14,524 posts)Sorry, my supply of Outrage To Waste On A Government That Doesn't Give A Rat's Ass About What We The People Actually Want And Need is running kind of low.
Liberal_in_LA
(44,397 posts)Doctor_J
(36,392 posts)Dozens of threads on making Cuba available to the Waltons and Kochs. A big segment of DU is much more concerned about how things affect the president than how they affect Americans.
avaistheone1
(14,626 posts)on all points.
k&r
davidthegnome
(2,983 posts)Honestly, I've been struggling so much with my own issues and depression lately that I've been really careful about reading any actual news. Long, really crappy night at work though, so I'm feeling kind of masochistic at the moment.
Savings? Retirement? To me, they're like words in a foreign language. A lot of my family members and friends have the same problem. It seems to me, that with every passing year, we work harder for less, due to inflation, a lack of benefits, changes of employment. But, woah, check it out! Gas is down to 2.69 a gallon up here in Aroostook County! Whee! Except, uhm, driving on these roads after any snow is like playing Russian roulette without a gun - primarily because our beloved Governor, Mr. Paul Le Page (also referred to as Pepe Le Prick) made some pretty hefty cuts to the budget for snow removal. Fender benders can be expensive - so can sliding on the ice and slamming head first into a moose. Cheaper gas! For a little while, anyway.
I'm tired. On my feet, running my ass off to keep my job, to keep the driveway shoveled, to get through another day without having to break down and beg someone else for money. Yeah, I'm pissed off, I'm outraged - but generally I'm too frigging busy to do anything about it beyond vote.
The shit they're pulling here should be illegal. It's not just wrong, it's not just immoral, it's yet another republican inspired pile of shit that you can bet is going to come back to bite everyone who ISNT rich right on the ass.
I'm so damn sick of politicians, corporate giants and rich assholes. Unfortunately, if we don't work for those assholes, we pretty much don't survive - especially in republican controlled government. I can't begin to describe how much I loathe my governor, but the fucking idiots in my state voted for him and I can't afford to move.
I have no savings or retirement to speak of - but anyone who is at risk of losing their hard earned money... they have my empathy - and my deepest sympathy.
Skittles
(153,169 posts)yes indeed
cstanleytech
(26,295 posts)Why? Because the biggest problem isnt how they invest its that the banks have grown to big and thats what they really need to fix by breaking up atleast the biggest 10 banks.
McCamy Taylor
(19,240 posts)Pretty soon anyone will be able to commit any crime and buy a pardon.
Rex
(65,616 posts)and pensions are something my generation can only dream about - I would say most people don't care at all, because they are busting ass living paycheck to paycheck. So many that have no idea what a 401k or retirement plan is. To millions of workers, those are things to dream about and out of reach. Like unions and progress in the workforce.
santroy79
(193 posts)not to the point people will notice.
We are all busy with working 1 or more jobs. Figuring out Christmas gifts. Its a stressful time of the year.
Thats why we elected people like Obama to protect us from these things and not lie to us. He said he would not allow it to happen again. Well then he shouldnt sign this bill.
Its a joke and these people we elect do not care. Dems control the senate so it shouldnt be past. Where is Bernie or Warren at? They can filibuster it?
Octafish
(55,745 posts)Now they've got it rigged so the US Taxpayer picks up their tab at the casino.
Life's good when you're a Bankster.