Showing posts with label wealth. Show all posts
Showing posts with label wealth. Show all posts

Tuesday, September 13, 2016

Sports and Social Justice

Without the names, just the idea which is much easier and simpler to address -

individuals, having witnessed via the media, actions toward African Americans across the United States over the last couple months, could stand the behavior no longer, and decided to stand up, or rather sit down for the national anthem.  This was their protest.  This was their way of showing solidarity with any number of African American males and several females who had been victimized by police.

There has been bad behavior by police for many months, years ... and apparently no one thought it necessary to act at that time, but now is the time.


Evidence suggests that Black youth ages 12 to 19 are victims of violent crime at significantly higher rates than their white peers.  Black youth are three times more likely to be victims of reported child abuse or neglect, three times more likely to be victims of robbery, and five times more likely to be victims of homicide. In fact, homicide is the leading cause of death among African American youth ages 15 to 24.
Living in urban environments also increases the risk of exposure to violence and one-quarter of low-income, urban youth have witnessed a murder. In one study of inner-city 7-year-olds, 75 percent had heard gunshots, 60 percent had seen drug deals, 18 percent had seen a dead body outside, and 10 percent had seen a shooting or stabbing at home. In a Chicago study, approximately 25 percent of Black children reported witnessing a person shot and 29 percent indicated that they had seen a stabbing. After one of the children participating in this study described the violent deaths of seven close family members, an eight-year-old remarked that "just" three people in her family had died violently. Such family and community violence is most often perpetrated by persons known to the youth, and is likely to be reoccurring—creating potentially greater harm to a developing child than would a one-time incident of victimization.
Youth exposure to victimization is directly linked to negative outcomes for young people, including increased depression, substance abuse, risky sexual behavior, homelessness, and poor school performance. Youth victimization increases the odds of becoming a perpetrator of violent crimes, including felony assault and intimate partner violence, doubles the likelihood of problematic drug use, and increases the odds of committing property crimes.
Despite the far-reaching impact of crime and violence exposure on children and teens, our nation’s youth do not receive the support and guidance needed to cope with these traumatic experiences. One estimate finds that only between two and fifteen percent of victims of all ages ever receive any victim assistance, and another indicates that among African American victims, only about nine percent of people sought help from non-police agencies that provided services.


There is a problem.  A real problem.  One that threatens not just some, but all, and is more insidious than bad policemen or a bad court ... it threatens the family, the children ... it threatens generations of black children, and that threat will perpetuate a cycle of violence and bad behavior by the police, illegal, and violent as it may be and is presently.

I assume those athletes are doing something about a danger that threatens to destroy the black community.  They feel strongly enough to sit down for the national anthem, collect their $100 million pay checks ... I am sure they are providing millions in aid, their time, and support.

They don't care what I think, and that's fine because I have no interest in what they think, but until such a time as we hear them speak up and do more publicly to deal with the real issues listed above affecting every African American ... I have no interest in following any sports team.  It's a waste of my time.  When they are able to understand perspective, the differences between what the police do and the magnitude and scale and .... what we, the people are and have done to make changes for all Americans ... until then I will sit on the sidelines, when they grow up and act responsibly, I will rethink my choice.







Monday, April 23, 2012

The End of California: Not from the Earthquake




A leading U.S. demographer and 'Truman Democrat' talks about what is driving the middle class out of the Golden State.
'California is God's best moment," says Joel Kotkin. "It's the best place in the world to live." Or at least it used to be.
Mr. Kotkin, one of the nation's premier demographers, left his native New York City in 1971 to enroll at the University of California, Berkeley. The state was a far-out paradise for hipsters who had grown up listening to the Mamas & the Papas' iconic "California Dreamin'" and the Beach Boys' "California Girls." But it also attracted young, ambitious people "who had a lot of dreams, wanted to build big companies." Think Intel, Apple and Hewlett-Packard.
Now, however, the Golden State's fastest-growing entity is government and its biggest product is red tape. The first thing that comes to many American minds when you mention California isn't Hollywood or tanned girls on a beach, but Greece. Many progressives in California take that as a compliment since Greeks are ostensibly happier. But as Mr. Kotkin notes, Californians are increasingly pursuing happiness elsewhere.
Nearly four million more people have left the Golden State in the last two decades than have come from other states. This is a sharp reversal from the 1980s, when 100,000 more Americans were settling in California each year than were leaving. According to Mr. Kotkin, most of those leaving are between the ages of 5 and 14 or 34 to 45. In other words, young families.
The scruffy-looking urban studies professor at Chapman University in Orange, Calif., has been studying and writing on demographic and geographic trends for 30 years. Part of California's dysfunction, he says, stems from state and local government restrictions on development. These policies have artificially limited housing supply and put a premium on real estate in coastal regions.
"Basically, if you don't own a piece of Facebook or Google and you haven't robbed a bank and don't have rich parents, then your chances of being able to buy a house or raise a family in the Bay Area or in most of coastal California is pretty weak," says Mr. Kotkin.
While many middle-class families have moved inland, those regions don't have the same allure or amenities as the coast. People might as well move to Nevada or Texas, where housing and everything else is cheaper and there's no income tax.
And things will only get worse in the coming years as Democratic Gov. Jerry Brown and his green cadre implement their "smart growth" plans to cram the proletariat into high-density housing. "What I find reprehensible beyond belief is that the people pushing [high-density housing] themselves live in single-family homes and often drive very fancy cars, but want everyone else to live like my grandmother did in Brownsville in Brooklyn in the 1920s," Mr. Kotkin declares.
"The new regime"—his name for progressive apparatchiks who run California's government—"wants to destroy the essential reason why people move to California in order to protect their own lifestyles."
Housing is merely one front of what he calls the "progressive war on the middle class." Another is the cap-and-trade law AB32, which will raise the cost of energy and drive out manufacturing jobs without making even a dent in global carbon emissions. Then there are the renewable portfolio standards, which mandate that a third of the state's energy come from renewable sources like wind and the sun by 2020. California's electricity prices are already 50% higher than the national average.
Oh, and don't forget the $100 billion bullet train. Mr. Kotkin calls the runaway-cost train "classic California." "Where [Brown] with the state going bankrupt is even thinking about an expenditure like this is beyond comprehension. When the schools are falling apart, when the roads are falling apart, the bridges are unsafe, the state economy is in free fall. We're still doing much worse than the rest of the country, we've got this growing permanent welfare class, and high-speed rail is going to solve this?"
Mr. Kotkin describes himself as an old-fashioned Truman Democrat. In fact, he voted for Mr. Brown—who previously served as governor, secretary of state and attorney general—because he believed Mr. Brown "was interesting and thought outside the box."
But "Jerry's been a big disappointment," Mr. Kotkin says. "I've known Jerry for 35 years, and he's smart, but he just can't seem to be a paradigm breaker. And of course, it's because he really believes in this green stuff."
In the governor's dreams, green jobs will replace all of the "tangible jobs" that the state's losing in agriculture, manufacturing, warehousing and construction. But "green energy doesn't create enough energy!" Mr. Kotkin exclaims. "And it drives up the price of energy, which then drives out other things." Notwithstanding all of the subsidies the state lavishes on renewables, green jobs only make up about 2% of California's private-sector work force—no more than they do in Texas.
Of course, there are plenty of jobs to be had in energy, just not the type the new California regime wants. An estimated 25 billion barrels of oil are sitting untapped in the vast Monterey and Bakersfield shale deposits. "You see the great tragedy of California is that we have all this oil and gas, we won't use it," Mr. Kotkin says. "We have the richest farm land in the world, and we're trying to strangle it." He's referring to how water restrictions aimed at protecting the delta smelt fish are endangering Central Valley farmers.
Meanwhile, taxes are harming the private economy. According to the Tax Foundation, California has the 48th-worst business tax climate. Its income tax is steeply progressive. Millionaires pay a top rate of 10.3%, the third-highest in the country. But middle-class workers—those who earn more than $48,000—pay a top rate of 9.3%, which is higher than what millionaires pay in 47 states.
And Democrats want to raise taxes even more. Mind you, the November ballot initiative that Mr. Brown is spearheading would primarily hit those whom Democrats call "millionaires" (i.e., people who make more than $250,000 a year). Some Republicans have warned that it will cause a millionaire march out of the state, but Mr. Kotkin says that "people who are at the very high end of the food chain, they're still going to be in Napa. They're still going to be in Silicon Valley. They're still going to be in West L.A."
That said, "It's really going to hit the small business owners and the young family that's trying to accumulate enough to raise a family, maybe send their kids to private school. It'll kick them in the teeth."
A worker in Wichita might not consider those earning $250,000 a year middle class, but "if you're a guy working for a Silicon Valley company and you're married and you're thinking about having your first kid, and your family makes 250-k a year, you can't buy a closet in the Bay Area," Mr. Kotkin says. "But for 250-k a year, you can live pretty damn well in Salt Lake City. And you might be able to send your kids to public schools and own a three-bedroom, four-bath house."
According to Mr. Kotkin, these upwardly mobile families are fleeing in droves. As a result, California is turning into a two-and-a-half-class society. On top are the "entrenched incumbents" who inherited their wealth or came to California early and made their money. Then there's a shrunken middle class of public employees and, miles below, a permanent welfare class. As it stands today, about 40% of Californians don't pay any income tax and a quarter are on Medicaid.
It's "a very scary political dynamic," he says. "One day somebody's going to put on the ballot, let's take every penny over $100,000 a year, and you'll get it through because there's no real restraint. What you've done by exempting people from paying taxes is that they feel no responsibility. That's certainly a big part of it.
And the welfare recipients, he emphasizes, "aren't leaving. Why would they? They get much better benefits in California or New York than if they go to Texas. In Texas the expectation is that people work."
California used to be more like Texas—a jobs magnet. What happened? For one, says the demographer, Californians are now voting more based on social issues and less on fiscal ones than they did when Ronald Reagan was governor 40 years ago. Environmentalists are also more powerful than they used to be. And Mr. Brown facilitated the public-union takeover of the statehouse by allowing state workers to collectively bargain during his first stint as governor in 1977.
Mr. Kotkin also notes that demographic changes are playing a role. As progressive policies drive out moderate and conservative members of the middle class, California's politics become even more left-wing. It's a classic case of natural selection, and increasingly the only ones fit to survive in California are the very rich and those who rely on government spending. In a nutshell, "the state is run for the very rich, the very poor, and the public employees."
So if California's no longer the Golden land of opportunity for middle-class dreamers, what is?
Mr. Kotkin lists four "growth corridors": the Gulf Coast, the Great Plains, the Intermountain West, and the Southeast. All of these regions have lower costs of living, lower taxes, relatively relaxed regulatory environments, and critical natural resources such as oil and natural gas.
Take Salt Lake City. "Almost all of the major tech companies have moved stuff to Salt Lake City." That includes Twitter, Adobe, eBay and Oracle.
Then there's Texas, which is on a mission to steal California's tech hegemony. Apple just announced that it's building a $304 million campus and adding 3,600 jobs in Austin. Facebook established operations there last year, and eBay plans to add 1,000 new jobs there too.
Even Hollywood is doing more of its filming on the Gulf Coast. "New Orleans is supposedly going to pass New York as the second-largest film center. They have great incentives, and New Orleans is the best bargain for urban living in the United States. It's got great food, great music, and it's inexpensive."
What about the Midwest and the Rust Belt? Can they recover from their manufacturing losses?
"What those areas have is they've got a good work ethic," Mr. Kotkin says. "There's an established skill base for industry. They're very affordable, and they've got some nice places to live. Indianapolis has become a very nice city." He concedes that such places will have a hard time eclipsing California or Texas because they're not as well endowed by nature. But as the Golden State is proving, natural endowments do not guarantee permanent prosperity.
 
 
 
 
 
 
 
 
 
 
 
californ ia

Friday, August 27, 2010

Sell your Soul for Silver: The Corporate World Deserves Scorn

There are moments when I have no words for the foolishness of the corporate world.  In the interest of making money, they will sell their soul, and once they have no soul, all they will have is their wealth, which will be tied to the back of a political system that devastates the environment and controls human beings like cattle.  When the time comes that this government cuts the wealth strings, where will you run?  And don't say that by then you will control the economy of China, for the economy of China is controlled, not by outsiders, but by the PRC - almost exclusively.

They are in so many ways, much worse than traitors.






Banks back switch to renminbi for trade


By Robert Cookson in Hong Kong



Published: August 26 2010 17:55
Last updated: August 26 2010 17:55



A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China.



HSBC, which recently moved its chief executive from London to Hong Kong, and Standard Chartered, are offering discounted transaction fees and other financial incentives to companies that choose to settle trade in the Chinese currency.


“We’re now capable of doing renminbi settlement in many parts of the world,” said Chris Lewis, HSBC’s head of trade for greater China. “All the other major international banks are frantically trying to do the same thing.”

HSBC and StanChart are among a slew of global banks – including Citigroup and JPMorgan – holding roadshows across Asia, Europe and the US to promote the renminbi to companies.




The move aligns the banks favourably with Beijing’s policy priorities and positions them to profit from what is expected to be a rapidly growing line of business in the future.



The phenomenon will accelerate Beijing’s drive to transform the renminbi from a domestic currency into a global medium of exchange like the dollar and euro.



Chinese central bank officials accompanied StanChart bankers on a roadshow to Korea and Japan in June. The bank held similar events in London, Frankfurt and Paris.



Lisa Robins, JPMorgan’s head of treasury and securities services for China, said there had been a “spike in interest” from international clients.



An increasing number of Chinese companies have been asking foreign trading partners to accept renminbi as payment, said Carmen Ling, Hong Kong head of global transaction services at Citi.



BBVA, Spain’s second-biggest bank, is also drawing up plans for a global marketing campaign that will focus on Latin American companies that export to China.



Banks started establishing renminbi trade settlement operations in mid-2009, when Beijing introduced a pilot scheme allowing companies to use the renminbi for trade outside China.



The scramble has intensified in recent months as Beijing has substantially expanded the scheme – from a handful of Asian countries to the whole world – and introduced other liberalisations to its currency regime.



Cross-border trade in renminbi totalled Rmb70.6bn ($10bn) in the first half of the year – about 20 times the Rmb3.6bn recorded in the second half of 2009.



But those figures remain tiny compared to the $2,800bn worth of goods and services that were traded across China’s borders last year, most of which was settled in dollars or euros.



With renminbi trade settlement volumes expected to increase rapidly, banks are under pressure to establish a foothold in the nascent market and demonstrate to Chinese officials that they are committed to the scheme.



China has taken several steps in recent months to boost the international use of its currency and to establish Hong Kong, the special administrative region, as the global centre for offshore renminbi business.



McDonald’s, the US burger chain and icon of globalisation, took advantage of the new rules this month when it became the first foreign multinational to issue renminbi-denominated bonds in Hong Kong.

 
 
 
 
 
 
 
 
 
 
 
china

Friday, August 13, 2010

Switzerland: Another Reason to Avoid Visiting (beyond their need to get back to nature and adopt cows)

12 August 2010
BBC News



Swede faces world-record $1m speeding penalty



The Swede was driving a Mercedes SLS AMG - which has a top speed of 317km/h A Swedish motorist caught driving at 290km/h (180mph) in Switzerland could be given a world-record speeding fine of SFr1.08m ($1m; £656,000), prosecutors say.

The 37-year-old, who has not been named, was clocked driving his Mercedes sports car at 170km/h over the limit.

Under Swiss law, the level of fine is determined by the wealth of the driver and the speed recorded.

In January, a Swiss driver was fined $290,000 - the current world record.

Local police spokesman Benoit Dumas said of the latest case that "nothing can justify a speed of 290km/h".

"It is not controllable. It must have taken 500m to stop," he said.

The Swede's car - a Mercedes SLS AMG - has been impounded and in principle he could be forced to pay a daily fine of SFr3,600 for 300 days.



















ahmazing

Tuesday, August 10, 2010

The Evil Rich

Why should you care more about the rich and less about taxing them to death?  Simple - they pretty much determine the future of our economic well-being. 




U.S. Economy Is Increasingly Tied to the Rich




by Robert Frank
Sunday, August 1, 2010
The Wall Street Journal


Who cares how the rich spend their money?

Well, perhaps everyone should these days. Consumer spending accounts for roughly two-thirds of U.S. gross domestic product, or the value of all goods and services produced in the nation. And spending by the rich now accounts for the largest share of consumer outlays in at least 20 years.

According to new research from Moody's Analytics, the top 5% of Americans by income account for 37% of all consumer outlays. Outlays include consumer spending, interest payments on installment debt and transfer payments.

By contrast, the bottom 80% by income account for 39.5% of all consumer outlays.

It is no surprise, of course, that the rich spend so much, since they earn a disproportionate share of income. According to economists Emmanuel Saez and Thomas Piketty, the top 10% of earners captured about half of all income as of 2007.

What is surprising is just how much or our consumer economy is now dependent on the rich, and how that share has increased as the U.S. emerges from recession. In the third quarter of 1990, the top 5% accounted for 25% of consumer outlays. That held relatively steady until the mid-1990s, when it started inching up past 30%. It dipped in 2003 and again in 2008, but started surging in 2009 amid the greatest bull market rally in history, with the Dow Jones Industrial Average rising nearly 50% in the last nine months of the year.

Mark Zandi, chief economist for Moody's Analytics, cites two main reasons for the increase. First, the wealthy panicked during the financial crisis and stopped spending. When markets rebounded, they came out of their shells and started spending again. "I think that pent-up demand was unleashed," he said. "It was an unusually high rate of spending."

The second reason is that those people in the middle- and lower-income groups are struggling to pay off debt and stay afloat amid rising unemployment, as Friday's data reminds us. That has crimped their spending.

The data may be a further sign that the U.S. is becoming a plutonomy–an economy dependent on the spending and investing of the wealthy. And plutonomies are far less stable than economies built on more evenly distributed income and mass consumption. "I don't think it's healthy for the economy to be so dependent on the top 2% of the income distribution," Mr. Zandi said. He added that, "In the near term it highlights the fragility of the recovery."

In fact, the recent spending of the wealthy may be unsustainable. Their savings rate has gone from more than 26% in 2008 to a negative 7% in the first quarter of 2010, according to the Moody's Analytics data. They still have lots of savings. But the massive draw on that in the past two years is unlikely to continue at the same pace.

"I think we're already seeing a slowdown in spending by this group," Mr. Zandi says.

And that should be a worry for all of us.





 
 
 
 
 
 
wealth

Monday, July 26, 2010

Euros and Health Care: Equality is the Goal

JULY/AUGUST 2010




Mind the Gap

The Spirit Level: Why Greater Equality Makes Societies Stronger



Richard Wilkinson and Kate Pickett
Bloomsbury Press, $28 (Hardcover)


Claude S. Fischer

The strong version of Richard Wilkinson and Kate Pickett’s argument in The Spirit Level implies that President Obama’s fight to reform health care was pointless. Extending the availability of health insurance cannot substantially improve Americans’ health. Instead, the president would make us all happier, healthier, and longer-lived, their logic suggests, if he could get the richest, say, 5 percent of Americans to leave the country.

Wilkinson and Pickett, eminent health scholars from the United Kingdom, present considerable evidence correlating unequal incomes in nations or American states with negative outcomes in physical health, mental balance, levels of violence, social integration, teen births, school performance, and just about everything else. Inequality, they explain, makes people focus on status and their relative positions on the prestige ladder.  [No, it does not, what instigates or is the catalyst for this obsession on status is ... THE MEDIA and liberals telling us how poor we are and how rich THEY are, which creates the obsession to be equal or the same as THEM].  Such obsessions, in turn, create anxiety, distrust, and social isolation, which raise people’s level of physiological stress. Finally, stress, as we all now know, exacts high costs. It weakens the immune system, for example, and drives people to poor coping behavior such as overeating and lashing out at others. Through these steps, The Spirit Level argues, economic inequality becomes bad for everyone’s health.

But does this psychological explanation really account for the harms of inequality? And just how sure are we that the social ills Wilkinson and Pickett canvass are even caused by inequality? Whether we accept their psychological framework determines to some extent how we will respond to problems of inequality, and in hewing to it, the authors generate some pretty tepid solutions.

Measuring inequality

The Spirit Level does not argue simply that being poor is bad for people. Indeed, in developed societies, the authors insist, an individual’s wealth is not critical. It is of course healthier to be rich than poor, but what matters most for Westerners are the gaps between the rich and the middling and the poor in their societies. Wilkinson and Pickett reject economic growth as a public-health policy, in part because such growth might benefit the affluent as much or more than those of lesser income. Income differences would not necessarily shrink, and it is these gaps that we must mind.

For proof, the authors present dozens of similar, paired graphs. Across the bottom of each graph is a scale running left to right from low to high income inequality. On the vertical axis is a measure of the prevalence or intensity of a social problem, such as obesity or depression. The authors plot the locations of several Western countries and Japan, and the dots typically line up such that the more inequality, the worse the problem. In the international comparisons, Japan almost always falls in the bottom left corner of the space—low inequality, few problems—while the top right of the space—high inequality, many problems—mostly is reserved for the United States. In the U.S.-focused versions of these graphs, states take the place of nations. The states do not line up quite as neatly, but the pictures convey the same message: more inequality, more bad stuff.

Lest these graphs seem intimidating, understand that one of this book’s virtues is how straightforward and reader-friendly its prose and figures are. (There are even cartoons.) Wilkinson and Pickett also crisply and lucidly summarize research drawn from nearly 400 scholarly references. The authors anticipate criticisms, take pains to explain complex issues, and respect the reader. And as someone who many years ago coauthored a book on the hazards of inequality, I am sympathetic to their project. But are their numbers right? Is there an association between inequality and bad outcomes—do the graphs tell the whole truth? And, if there is a correlation, is inequality really the major cause of all those problems?

One concern is how we measure inequality. Researchers often use a measure of the distribution of income—usually, the “Gini coefficient”—or compare the income of the richest 10 or 20 percent of the population to that of the poorest 10 or 20 percent.

But different metrics produce different results. Good and comprehensive measures of inequalities in accumulated wealth rather than annual income show much greater inequality: in 1999 an American family at the 80th percentile of income made about two times what a family at the 50th percentile did, but the family at the 80th percentile in wealth owned about six times the assets of the 50th-percentile family. On the other hand, good and comprehensive measures of consumption indicate less inequality: a family at the 80th percentile of spending paid only 1.5 times as much for food and clothing as did a family at the 50th percentile. American families almost all the way down to the very poorest own cars, televisions, and the like, and some commentators point to such consumption numbers to dismiss the concern about income inequality.

Using a metric other than money also changes the picture. For instance, while inequality in how much people earn has widened considerably in the United States for about four decades, inequality in how long people live has narrowed somewhat.

A second question about the empirical basis for the connection between inequality and well-being is whether the authors have fairly examined all the bad outcomes. A major omission in their graphs is the suicide rate, which is considerably lower in more unequal countries. The authors try unpersuasively to explain this away, contending that in unequal societies people project their status anxiety outward, blame others rather than themselves, and thus end up killing others rather than themselves. Another outcome Wilkinson and Pickett ignore is the rate of births to unwed mothers, which also trends downward as inequality rises, especially if one brackets anomalous Japan. (By the way, anyone can easily play this game of chart-your-bad-outcomes by ransacking the Web sites of the U.N. Human Development Report, the Organization for Economic Co-operation and Development, and the U.S. Census Bureau, and then copying the tables into spreadsheets.) The authors may have overreached by implying that virtually every social ill can be blamed on inequality.

Researchers have put much of the data Wilkinson and Pickett use onto statistical torture racks to extract confessions, but often elicit only garbled croaks.

Finally, there is the problem of what the aggregate numbers mean for any given person. Wilkinson and Pickett’s graphs are displays of what are called ecological correlations, that is, they represent the connection between the income inequality of a country (or state) and some average outcome—say, average life span, or average risk of being obese. Such averages hide huge variations within countries and states, variations that overlap. The average Japanese man will live four years longer than the average American man, but many millions of American men will outlive many millions of Japanese men. Ecological correlations based on averages vastly overstate the actual connection between inequality and individuals’ life spans. This is not just a technical quibble. A substantive implication of this distinction is that it is better for your health to be rich in America than to be poor in Japan, no matter what the average differences are.

Wilkinson and Pickett would respond that it is still healthier for both the rich and for the poor to live in Japan than in the United States. Whether that is so gets yet more complicated. But, even if the graphs exaggerate the implications of national inequality for individuals, we can allow the authors this: in a Rawlsian sense, if you did not know how rich you would be, then choosing to be born in a more equal society would, all else staying constant, decrease your risks of many bad outcomes. How much of a decrease is difficult to estimate.

Sven versus Jack

Grant that inequality is often correlated with bad outcomes. Is inequality therefore the cause? With overly bold claims such as, “we have shown that reducing inequality leads to a very much better society,” Wilkinson and Pickett assert that there is more than a correlation here, that inequality is a—perhaps the primary—cause of bad outcomes such as violence, short lives, repression of women, psychological depression, and so on. Here is where most of the academic controversy focuses: is there some other factor that is really at work, such that income inequality is just a side issue? Researchers have put much of the data Wilkinson and Pickett use onto statistical torture racks trying to extract truthful confessions, but often elicit only garbled croaks.

Some critics argue that these ecological correlations between inequality and average outcomes are just a statistical illusion arising from the fact that the health benefits of each additional dollar are greatest for people of low incomes and marginal for people of high incomes.

Others hold that some X factor, perhaps as yet unidentified, explains The Spirit Level’s graphs. My own candidate, which I invite others to test, is cultural—the Sven versus Jack factor. If you look at most of the book’s graphs of nations, you will see that the “good” quadrant—low rates of inequality, low rates of problems—is largely composed of Nordic and northern European nations (and non-Western Japan, which should be bracketed). The “bad” quadrant is largely composed of the United Kingdom and its former colonies. Continental European nations fall into a mushy middle. If you look at most of the U.S. state graphs, you generally see in the good quadrant northern tier states, such as Minnesota, which were heavily settled by descendants of Scandinavia, and see in the bad quadrant southern states, which were much more intensively settled by highlanders from the British Isles. Thus, the Sven versus Jack factor.

The Nordic-British contrast also corresponds to the difference between social democratic and neoliberal states, which can confuse cause and effect even more. Is there something about the Nordic region’s history or culture that leads those nations to be welfare states, relatively equal, and healthy, and something about Anglo-Saxon history or culture that does the opposite—with varying levels of inequality being simply a byproduct?

Wilkinson and Pickett well understand these sorts of objections and have responses, both technical and logical. One strategy for handling the correlation-is-not-causation issue is to look at historical change: in cases where inequality has dramatically risen or fallen, what consequences followed? Unfortunately, here one starts cherry-picking examples. When East Germans were integrated into the rest of Germany, they joined a more economically unequal society, and their young people got more obese. Score one against inequality. On the other hand, between 1970 and 2005, income inequality in the United States, as measured by the Gini index, grew about 20 percent, but homicide rates dropped 30 percent. More systematic studies of what follows from changes in inequality tend to be more equivocal.

Researchers have not sorted out the causal issue yet, but the best provisional judgement is probably that economic inequality contributes something, albeit much less than the authors claim, to some health and social problems, but, again, fewer than the authors claim. Even the skeptics, however, do not argue that inequality is good for anyone but those on the top of the pyramid.

Psychology, politics, and solutions

If inequality does, to some degree, cause social problems, why? Wilkinson and Pickett emphasize that the mechanism here is social psychological: inequality creates anxiety about status and feelings of unfairness that eat at people. In the words of a chapter title, “inequality gets under the skin.” Unlike the volume of studies on the correlation between inequality and health, there is little research that directly tests this proposition. The authors collect a variety of suggestive evidence, such as laboratory studies on how people react to being put in low-status positions and primate studies on what happens when rankings among apes are messed with. But a lot of the case is built by argumentation and inferential stretch.

One recurrent issue in trying to explain any causal factor concerns the geographical level at which inequality operates. In the research literature, the strong correlations between inequality and bad outcomes tend to be seen when comparing nations, but when researchers compare smaller units, towns or neighborhoods, the connection between inequality at the local level and outcomes is considerably weaker. This is puzzling for the psychological analysis: wouldn’t people be more psychologically affected by their neighbors’ wealth than by the wealth of folks far away, say, in Malibu or on the Vineyard? The authors firmly argue that, no, what matters is where you—and your neighbors—fit in the national hierarchy; people know their national rank, and that is what generates the angst. Perhaps.

In a status-riven society, the winners fear that their perches are insecure, and they know that there is a long way to fall.

Even if people who feel they are at the bottom pay a psychological and health price for being down, are they not balanced out by those at the top who gain psychologically from being up? (In spite of the authors’ claims to contrary, wealthier people are, according to available metrics, happier.) Shouldn’t these two reactions balance each other out nationally? Wilkinson and Pickett would insist, in response, that everyone suffers psychologically from inequality, those at the bottom but also those at the top. In a status-riven society, the winners fear that their perches are insecure, and they know that there is a long way to fall. Besides, there’s always someone to envy on a yet higher branch.

Is this psychological mechanism necessary to explain the bad outcomes of inequality? One alternative, which the authors reject, is that it’s really all about material disadvantages, not psychological angst. Wilkinson and Pickett say ‘no,’ and point to statistical studies suggesting that international variations in average income make less difference to outcomes than do international variations in the inequality of incomes. But the results are not all consistent. The authors also point to examples: low-income Americans are richer than low-income people in other societies, but the Americans’ health is worse.

A different explanation, recently suggested and documented by many scholars, invokes politics. They find that more heterogeneous societies and states—those highly divided by race, religion, language, or income—under-produce “public goods” such as community health care, safety, and education. For example, the higher the proportion of African Americans in a state, other things held constant, the lower the public welfare expenditures in that state. People in diverse nations or states may have greater trouble building the trust necessary for public action. Or perhaps the reason is that majorities in diverse nations or states resist spending their tax money on “those people.” Income inequality, then, may produce bad outcomes because class divisions in a nation or state lead to political paralysis or to unconcern by the wealthy about the fate of the less well-off. If the politics of inequality account for poorer health, then one might focus on politics as the route to fixing the problems. But Wilkinson and Pickett do not.

Their discussion of solutions dwells mostly on promoting employee-owned businesses, an odd focus. Such enterprises pay their executives less than typical corporations do, and Wilkinson and Pickett believe that their workers therefore have lower status concerns and less stress. Such workers may be more sympathetic to economic redistribution. But there is no logical reason why such businesses would beggar their neighbors any less than other businesses do, and this program hardly seems sufficiently muscular to bring American inequality down to Finland’s level.

As I pointed out at the top, if the authors took their analysis literally, they might suggest direct manipulations of inequality: send the richest people—or, probably more efficiently, the poorest people—out of the country or the state. Inequality would go down and well-being would go up. Alternatively, leave the inequalities as they are, but devise ways to hide them from people—censor the media, say (no more Lifestyles of the Rich and Famous)—so that people do not know their relative positions. That should, according to The Spirit Level, bring down crime, disease, obesity, and so forth. The authors do not go in these directions, and these are, of course, not plausible solutions in a democratic society. But they are the logical implications of The Spirit Level’s explanation.

There are more productive avenues they might have considered. The authors eschew economic growth to lift the poor because their data suggest that national wealth is not as critical as national inequality in affecting health, because growth might preserve or even expand inequality, and because growth violates their green principles. Further economic development in developed nations, they assert, is an exhausted route to greater well-being. Most economists, I am sure, would disagree. Most politicians, I suspect, would consider the dismissal of economic growth a wrong-headed strategy for electoral victory.

Similarly, Wilkinson and Pickett pay little attention to Robin Hood–like redistribution, which would attack inequality more directly (although not as directly as exiling the rich). Maybe they consider that program too obvious to expound upon, or perhaps too politically difficult to attain, or too tied into the very status concerns and materialism that explain why inequality gets “under the skin.”

And there is little, if any, consideration in The Spirit Level for another strategy, one that tackles the specific difficulties of heterogeneous societies straight on: providing public goods in lieu of directly reducing inequality. National health insurance is one such public good; universal pre-school is another. The public, universal provision of water and sewer systems about a century ago did more than any other program to extend Americans’ life spans in the last several generations. Proponents argue that such universal entitlements—Social Security and Medicare being the major examples—evade Americans’ resistance to “hand outs” and to explicit “leveling,” and therefore have the highest chances of political success.

There is probably no way to avoid the heavy political lifting involved in channeling economic growth—yes, it will return—more equitably. Given this, and The Spirit Level’s occasional overconfidence, it might seem easy to discount the book. But Wilkinson and Pickett make a valuable contribution in enthusiasm and evidence, both of which will help fuel any effort to squeeze down the widening inequalities of our era.



 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
euros and health care

Sunday, July 25, 2010

Giant Sucking Sound - Hint: It Ain't a Good Thing for the Majority of US

middle




The Middle Class in America Is Radically Shrinking. Here Are the Stats to Prove it

Jul 15, 2010
by Michael Snyder in Recession




The 22 statistics detailed here prove beyond a shadow of a doubt that the middle class is being systematically wiped out of existence in America.

The rich are getting richer and the poor are getting poorer at a staggering rate. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a blinding pace.

So why are we witnessing such fundamental changes? Well, the globalism and "free trade" that our politicians and business leaders insisted would be so good for us have had some rather nasty side effects. It turns out that they didn't tell us that the "global economy" would mean that middle class American workers would eventually have to directly compete for jobs with people on the other side of the world where there is no minimum wage and very few regulations. The big global corporations have greatly benefited by exploiting third world labor pools over the last several decades, but middle class American workers have increasingly found things to be very tough.


Here are the statistics to prove it:


• 83 percent of all U.S. stocks are in the hands of 1 percent of the people.

• 61 percent of Americans "always or usually" live paycheck to paycheck, which was up from 49 percent in 2008 and 43 percent in 2007.

• 66 percent of the income growth between 2001 and 2007 went to the top 1% of all Americans.

• 36 percent of Americans say that they don't contribute anything to retirement savings.

• A staggering 43 percent of Americans have less than $10,000 saved up for retirement.

• 24 percent of American workers say that they have postponed their planned retirement age in the past year.

• Over 1.4 million Americans filed for personal bankruptcy in 2009, which represented a 32 percent increase over 2008.

• Only the top 5 percent of U.S. households have earned enough additional income to match the rise in housing costs since 1975.

• For the first time in U.S. history, banks own a greater share of residential housing net worth in the United States than all individual Americans put together.


• In 1950, the ratio of the average executive's paycheck to the average worker's paycheck was about 30 to 1. Since the year 2000, that ratio has exploded to between 300 to 500 to one.

• As of 2007, the bottom 80 percent of American households held about 7% of the liquid financial assets.

• The bottom 50 percent of income earners in the United States now collectively own less than 1 percent of the nation’s wealth.

• Average Wall Street bonuses for 2009 were up 17 percent when compared with 2008.

• In the United States, the average federal worker now earns 60% MORE than the average worker in the private sector.

• The top 1 percent of U.S. households own nearly twice as much of America's corporate wealth as they did just 15 years ago.

• In America today, the average time needed to find a job has risen to a record 35.2 weeks.

• More than 40 percent of Americans who actually are employed are now working in service jobs, which are often very low paying.

• or the first time in U.S. history, more than 40 million Americans are on food stamps, and the U.S. Department of Agriculture projects that number will go up to 43 million Americans in 2011.

• This is what American workers now must compete against: in China a garment worker makes approximately 86 cents an hour and in Cambodia a garment worker makes approximately 22 cents an hour.

• Approximately 21 percent of all children in the United States are living below the poverty line in 2010 - the highest rate in 20 years.

• Despite the financial crisis, the number of millionaires in the United States rose a whopping 16 percent to 7.8 million in 2009.

• The top 10 percent of Americans now earn around 50 percent of our national income.

Giant Sucking Sound

The reality is that no matter how smart, how strong, how educated or how hard working American workers are, they just cannot compete with people who are desperate to put in 10 to 12 hour days at less than a dollar an hour on the other side of the world. After all, what corporation in their right mind is going to pay an American worker 10 times more (plus benefits) to do the same job? The world is fundamentally changing. Wealth and power are rapidly becoming concentrated at the top and the big global corporations are making massive amounts of money. Meanwhile, the American middle class is being systematically wiped out of existence as U.S. workers are slowly being merged into the new "global" labor pool.

What do most Americans have to offer in the marketplace other than their labor? Not much. The truth is that most Americans are absolutely dependent on someone else giving them a job. But today, U.S. workers are "less attractive" than ever. Compared to the rest of the world, American workers are extremely expensive, and the government keeps passing more rules and regulations seemingly on a monthly basis that makes it even more difficult to conduct business in the United States.

So corporations are moving operations out of the U.S. at breathtaking speed. Since the U.S. government does not penalize them for doing so, there really is no incentive for them to stay.

What has developed is a situation where the people at the top are doing quite well, while most Americans are finding it increasingly difficult to make it. There are now about six unemployed Americans for every new job opening in the United States, and the number of "chronically unemployed" is absolutely soaring. There simply are not nearly enough jobs for everyone.

Many of those who are able to get jobs are finding that they are making less money than they used to. In fact, an increasingly large percentage of Americans are working at low wage retail and service jobs.

But you can't raise a family on what you make flipping burgers at McDonald's or on what you bring in from greeting customers down at the local Wal-Mart.

The truth is that the middle class in America is dying -- and once it is gone it will be incredibly difficult to rebuild.

 
 
 
 
 
 
 
 
 
 
 
 
 
economic

Thursday, April 29, 2010

Wealth - Bad. Taxes - Good.

Obama


"Now, what we’re doing, I want to be clear, we’re not trying to push financial reform because we begrudge success that's fairly earned. I mean, I do think at a certain point you've made enough money."

CNN, April 28, 2010, Mr. Obama.


When is enough?  How much?  Who determines? 













Obama

Wednesday, April 28, 2010

Spain in the Whirly Pool with Greece, which one gets sucked under first

Spain downgraded, Europe debt crisis widens






Juergen Baetz, Associated Press Writer
Wednesday April 28, 2010, 12:39 pm EDT



BERLIN (AP) -- Europe's debt crisis mushroomed Wednesday as Spain saw its credit rating lowered, just as Germany sought to reassure nervous investors that Greece would not be allowed to go under, saying Berlin's share of a key aid package could be approved in the next few days.

Stock and bond markets had begun to regain their composure after stinging downgrades of Greece and Portugal the day before, when Standard & Poors delivered more bad news by cutting Spain's rating to AA from AA+ amid concerns about the country's growth prospects following the collapse of a construction bubble.

"We now believe that the Spanish economy's shift away from credit-fuelled economic growth is likely to result in a more protracted period of sluggish activity than we previously assumed," Standard & Poor's credit analyst Marko Mrsnik said.

Spain is considered the key to whether Europe's debt crisis can be resolved -- its economy is much larger than that of Greece and Portugal and -- many in the markets postulate -- may be just too big to bail out if it gets into serious trouble.

Though its overall debt burden is fairly modest at around 53 percent of national income, the country is running a high budget deficit and has done less than others to get a handle on its public finances.

"Given its lack of competitiveness and the grim outlook for domestic demand the government will need to announce further fiscal measures if it is to make serious inroads into the deficit," said Ben May, European economist at Capital Economics. "Today's announcement may increase the pressure on it to do this sooner rather than later."

The announcement came after a day of market drops and turmoil following the downgrades of Greece -- to junk status -- and Portugal. Markets had been looking for a clear word from Germany that it would contribute its part of a Greek bailout package.

The clock is ticking -- Greece has to pay off some euro8.5 billion worth of debts by May 19, but cannot raise the money in the markets given current sky-high borrowing costs.

That means it needs its 15 partners in the eurozone and the International Monetary Fund to cough up the money promised earlier this month but Germany has been playing hardball about releasing its euro8.4 billion share of the euro45 billion package largely because of domestic opposition.

Germany's finance minister Wolfgang Schaeuble said Wednesday that Europe's biggest economy could have its contribution approved by parliament by the end of next week -- that's the first solid timeline from Berlin aimed at easing the uncertainty that Greece might not get the money in time.

Schaeuble said that if talks with Greece and the IMF are concluded by this weekend, Germany's support measures could be brought to lawmakers Monday and fast-tracked to be approved by May 7, next Friday.

"The stability of the euro is at stake. And we're determined to defend this stability as a whole," Schaeuble said following talks with IMF chief Dominique Strauss-Kahn and European Central Bank President Jean-Claude Trichet.

Chancellor Angela Merkel stressed that Germany was still insisting Greece commit to cutbacks. German assistance for Greece is unpopular with the German public and Merkel faces key regional elections May 9.

"Germany will make its contribution but Greece has to make its contribution," she said.

Strauss-Kahn would not confirm reports that he had told German lawmakers Greece may need between euro100 and euro120 billion over the next three years, saying he would not comment on any figures as long as negotiations in Athens are still under way.

Speaking during a cabinet meeting Wednesday, Greek Prime Minister George Papandreou said that every EU member must "prevent the fire that intensified through the international crisis from spreading to the entire European and global economy."

Papandreou insisted Greece was determined to bring its economy into order.

"We will show that we do not run away. In difficult times we can perform -- and we are performing -- miracles," he said, adding that "our government is determined to correct a course that has been followed for decades in a very short time."

In the meantime, stocks sagged and markets sold off Greek bonds with a vengeance. Investors appeared to anticipate Athens would eventually have to default or restructure its debt payments at some point even if the bailout gets it past May 19, when it has debt coming due.

A key indicator of risk -- the interest rate gap, or spread between Greek 10-year bonds and the benchmark German equivalent -- narrowed Wednesday afternoon to 5.9 percentage points after hitting an astonishing 9.63 percentage points, a massive jump from around 6.4 percentage points on Tuesday. The bigger the spread, the greater the fear Greece will default.

Authorities in Athens halted short-selling of stocks for two months, helping the exchange finally climb after a five-day losing streak. The ban will remain in force until June 28.

It closed up 0.63 percent at 1,707.35.

In Lisbon, Portugal's Prime Minister Jose Socrates and the leader of the main opposition party agreed on measures to help steer the country out of a financial crisis that threatens to engulf the euro zone's poorest member. The pair held emergency talks Wednesday as the Lisbon stock market recorded steep losses for a second straight day.

Socrates said, after the meeting, that the government and opposition would work together.

"We are ready to do whatever it takes to meet our budget targets," he said.

Still, the specter of the contagion spreading was prevalent.

"There is a very serious risk of contagion, it's something like post-Lehman period. Everybody is panicking and there is a lot of fear in the market," Nicholas Skourias, chief investment officer at Pegasus Securities in Athens told AP Television News. He was referring to the 2008 collapse of U.S. investment bank Lehman Brothers, which sped up the world financial crisis.

"I think that today we will have a lot of pressure as well because there is this fear of contagion."

 
 
 
 
 
 
 
 
Spain

Wednesday, April 7, 2010

Federal Income Tax:: Nearly 50% do not pay any

Nearly half of US households escape fed income tax


Recession, new tax credits have nearly half of US households paying no federal income tax


Stephen Ohlemacher, Associated Press Writer
Wednesday April 7, 2010, 5:38 pm


WASHINGTON (AP) -- Tax Day is a dreaded deadline for millions, but for nearly half of U.S. households it's simply somebody else's problem.

About 47 percent will pay no federal income taxes at all for 2009. Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization.

Most people still are required to file returns by the April 15 deadline. The penalty for skipping it is limited to the amount of taxes owed, but it's still almost always better to file: That's the only way to get a refund of all the income taxes withheld by employers.

In recent years, credits for low- and middle-income families have grown so much that a family of four making as much as $50,000 will owe no federal income tax for 2009, as long as there are two children younger than 17, according to a separate analysis by the consulting firm Deloitte Tax.

Tax cuts enacted in the past decade have been generous to wealthy taxpayers, too, making them a target for President Barack Obama and Democrats in Congress. Less noticed were tax cuts for low- and middle-income families, which were expanded when Obama signed the massive economic recovery package last year.

The result is a tax system that exempts almost half the country from paying for programs that benefit everyone, including national defense, public safety, infrastructure and education. It is a system in which the top 10 percent of earners -- households making an average of $366,400 in 2006 -- paid about 73 percent of the income taxes collected by the federal government.

The bottom 40 percent, on average, make a profit from the federal income tax, meaning they get more money in tax credits than they would otherwise owe in taxes. For those people, the government sends them a payment.

"We have 50 percent of people who are getting something for nothing," said Curtis Dubay, senior tax policy analyst at the Heritage Foundation.

The vast majority of people who escape federal income taxes still pay other taxes, including federal payroll taxes that fund Social Security and Medicare, and excise taxes on gasoline, aviation, alcohol and cigarettes. Many also pay state or local taxes on sales, income and property.

That helps explain the country's aversion to taxes, said Clint Stretch, a tax policy expert Deloitte Tax. He said many people simply look at the difference between their gross pay and their take-home pay and blame the government for the disparity.

"It's not uncommon for people to think that their Social Security taxes, their 401(k) contributions, their share of employer health premiums, all of that stuff in their mind gets lumped into income taxes," Stretch said.

The federal income tax is the government's largest source of revenue, raising more than $900 billion -- or a little less than half of all government receipts -- in the budget year that ended last Sept. 30. But with deductions and credits, especially for families with children, there have long been people who don't pay it, mainly lower-income families.

The number of households that don't pay federal income taxes increased substantially in 2008, when the poor economy reduced incomes and Congress cut taxes in an attempt to help recovery.

In 2007, about 38 percent of households paid no federal income tax, a figure that jumped to 49 percent in 2008, according to estimates by the Tax Policy Center.

In 2008, President George W. Bush signed a law providing most families with rebate checks of $300 to $1,200. Last year, Obama signed the economic recovery law that expanded some tax credits and created others. Most targeted low- and middle-income families.

Obama's Making Work Pay credit provides as much as $800 to couples and $400 to individuals. The expanded child tax credit provides $1,000 for each child under 17. The Earned Income Tax Credit provides up to $5,657 to low-income families with at least three children.

There are also tax credits for college expenses, buying a new home and upgrading an existing home with energy-efficient doors, windows, furnaces and other appliances. Many of the credits are refundable, meaning if the credits exceed the amount of income taxes owed, the taxpayer gets a payment from the government for the difference.

"All these things are ways the government says, if you do this, we'll reduce your tax bill by some amount," said Roberton Williams, a senior fellow at the Tax Policy Center.

The government could provide the same benefits through spending programs, with the same effect on the federal budget, Williams said. But it sounds better for politicians to say they cut taxes rather than they started a new spending program, he added.

Obama has pushed tax cuts for low- and middle-income families and tax increases for the wealthy, arguing that wealthier taxpayers fared well in the past decade, so it's time to pay up. The nation's wealthiest taxpayers did get big tax breaks under Bush, with the top marginal tax rate reduced from 39.6 percent to 35 percent, and the second-highest rate reduced from 36 percent to 33 percent.

But income tax rates were lowered at every income level. The changes made it relatively easy for families of four making $50,000 to eliminate their income tax liability.

Here's how they did it, according to Deloitte Tax:

The family was entitled to a standard deduction of $11,400 and four personal exemptions of $3,650 apiece, leaving a taxable income of $24,000. The federal income tax on $24,000 is $2,769.

With two children younger than 17, the family qualified for two $1,000 child tax credits. Its Making Work Pay credit was $800 because the parents were married filing jointly.

The $2,800 in credits exceeds the $2,769 in taxes, so the family makes a $31 profit from the federal income tax. That ought to take the sting out of April 15.



Internal Revenue Service: http://www.irs.gov
Tax Policy Center: http://www.taxpolicycenter.org/

 
 
 
 
 
 
 
 
 
 
taxes

Saturday, November 28, 2009

Paying for Elections

John Corzine - former governor and Senator from New Jersey spent a great deal of money to be both.  In the 2009 election he spent close to $32 million of his own dollars to remain governor.  To get the Senate seat he spent close to $75 million of his own money.  To win the governor's race the last time, he spent over $50 million.  Over $130 million spent for the couple. 

Now we hear Michael Bloomberg spent $100 million to keep his job and in total for all his camapiagns well over $230 million.

We should realize that I have only counted two people, admittedly two of the wealthiest but still, only two.  $360 million for the two of them.


I want to throw up.








wealth

Monday, September 21, 2009

Abramovich: $1.2 billion private yacht with an anti-paparazzi “shield”

Russian Billionaire Installs Anti-Photo Shield on Giant Yacht

By Charlie Sorrel
September 21, 2009


Russian billionaire Roman Abramovich has a rather curious new addition built in to his latest oversized yacht. The 557-foot boat Eclipse, the price tag of which has almost doubled since original plans were drawn to almost $1.2 billion, set sail this week with a slew of show-off features, from two helipads, two swimming pools and six-foot movie screens in all guest cabins, to a mini-submarine and missile-proof windows to combat piracy.

It might not seem like somebody with such ostentatious tastes would crave privacy, but along with these expensive toys, Ambramovich has installed an anti-paparazzi “shield”. Lasers sweep the surroundings and when they detect a CCD, they fire a bolt of light right at the camera to obliterate any photograph. According to the Times, these don’t run all the time, so friends and guests should still be able to grab snaps. Instead, they will be activated when guards spot the scourge of professional photography, paparazzi, loitering nearby.

We dig it, although the British courts might not be so pleased. UK photo magazine Amateur Photographer asked a London lawyer about the legalities of destroying photos from afar. Here’s what he said: “intermeddling with goods belonging to someone else, or altering their condition, is a trespass to goods and will entitle the photographer to claim compensation without having to prove loss.”

Any sentence containing the word “intermeddling” is of course wonderful. The lawyer spoils it somewhat by (inevitably) mentioning James Bond and mixing up lasers with laser guns: “I would also be worried that lasers cause collateral damage, both to the camera and/or the claimant’s health.”

*************************

I can see Abramovich upset by having to pay a few quid for photos. After $1.2 billion for a boat, I doubt he is too worried about a few quid, however many it might be. I'd rather take the loss and pay the guy the going rate for my photo than allow the photo, and that assumes you are in waters where British law would apply.











wealth

Wednesday, June 24, 2009

Wealthy Congress: Tax Them!

The Top 20 Wealthiest members of Congress


In Millions

1. Sen. John Kerry (D-Mass.) $266.76
2. Rep. Jane Harman (D-Calif.) 225.96
3. Rep. Darrell Issa (R-Calif.) 160.62
4. Sen. Jay Rockefeller (D-W.Va.) 85.90
5. Rep. Robin Hayes (R-N.C.) 79.96
6. Rep. Vern Buchanan (R-Fla.) 102.34
7. Sen. Frank Lautenberg (D-N.J.) 55.83
8. Sen. Dianne Feinstein (D-Calif.) 54.34

9. Sen. Edward Kennedy (D-Mass.) 48.62
10. Sen. Gordon Smith (R-Ore.) 28.90
11. Rep. Michael McCaul (R-Texas) 23.93
12. Rep. Rodney Frelinghuysen (R-N.J.) 22.41
13. Sen. John McCain (R-Ariz.) 22.61

14. Sen. Claire McCaskill (D-Mo.) 20.42
15. Sen. Bob Corker (R-Tenn.) 22.19
16. Rep. Carolyn Maloney (D-N.Y.) 21.01
17. Rep. Nancy Pelosi (D-Calif.) 30.96
18. Rep. Nita Lowey (D-N.Y.) 17.77

19. Sen. Elizabeth Dole (D-N.C.) 16.45
20. Sen. Olympia Snowe (R-Maine) 15.05




Democrats and Republicans. Are they interested in fair taxes?

Democrats (just those in top 20): $844 million
Republicans (just those in top 20): $478 million

Do any of these people understand someone who struggles to make their mortgage, pay for gas in the car ...


I do have one issue - John McCain is valued at 22.6 million, but a considerable portion of that comes from property his wife purchased with her money. if we were to follow the same logic, Kerry should have a considerable portion added to his wealth from his wife's nearly $800 million portfolio.










wealth

Sunday, June 21, 2009

More Change: Please Barack Hussein less change for awhile..

ABC News



Study: 19 Ambassador Nominees Bundled $4.8 Million for President's Campaign, Inauguration

June 19, 2009
Huma Khan


If all goes according to plan, Colorado businessman Vinai Thummalapally will soon be moving to a Central American tourist paradise to be Ambassador Extraordinary and Plenipotentiary of the United States of America to Belize.

Thummalapally was President Obama's roommate at Occidental College in 1979. As Barbara and Vinai Thummalapally described it to the Colorado Springs Gazette, they "used to party with (the president) in college. He was the guy who'd drink a few beers, maybe take a toke, stay up until 4 a.m. then excuse himself to crank out an 'A' paper due that morning. ... He was Barry, the mellow guy in the leather jacket, dragging on a cigarette."

Of course, friendship only goes so far in the world of ambassadorships. It's Thummalapally's fundraising for -- not partying with -- President Obama that is more characteristic of his fellow ambassador nominees. The Coloradan bundled between $100,000 and $200,000 for the Obama campaign and has personally contributed $13,375 to Mr. Obama's various campaigns since 1999. And according to Federal Election Commission records, Thummalapally's "not employed/student" children Vishal and Sharanya donated $2,300 and $2,275 to the president.

The information comes from the Center for Responsive Politics, which in a recent study concluded that the president's new nominees for ambassadorships to Belize, Belgium, Liechtenstein, Romania and Switzerland "brought in at least $1.1 million for Obama's presidential bid as bundlers, and at least another half-a-million as bundlers for his inauguration. To date, this brings the contribution histories of Obama's ambassador nominees to roughly $1.8 million in donations since 1989. The 19 ambassadors that CRP has found in our campaign contribution database, along with their spouses and children, have given more than $98,200 to Obama personally, bundled at least $3.4 million for his 2008 presidential run and bundled another $1.4 million for his inauguration."

As we reported last month, President Obama is hardly the first president to appoint pals and big donors to ambassadorships nor, according to the American Foreign Service Association, is he the worst offender in recent history.

In addition to his former Occidental party pal, President Obama nominated:

Former Virginia lieutenant governor and businessman Donald Beyer for ambassador to both Switzerland and Liechtenstein; he and his wife Megan bundled at least $500,000 for then-Sen. Obama's presidential campaign, with Megan bundling at least $245,000 for the inauguration;
Lawyer Howard W. Gutman to be ambassador to Belgium; he bundled at least $500,000 for the campaign and another $275,000 for his inauguration; Entertainment executive Charles Rivkin to be ambassador to France; Rivkin, head of the entertainment company W!LDBRAIN who produces Yo Gabba Gabba!, bundled at least $500,000 for the campaign and $300,000 for the inauguration; Lawyer John Roos to be ambassador to Japan; he bundled at least $500,000 for the campaign; and Lawyer and investment banker Louis Susman to be ambassador to the United Kingdom. Nicknamed the "Vacuum Cleaner" because of his skill sucking up checks for Democratic candidates, Susman and his wife bundled at least $100,000 for the Obama for America campaign and at least $300,000 for the inauguration.

The list goes on and on, but you get the picture.









Obama

Make Mine Freedom - 1948


American Form of Government

Who's on First? Certainly isn't the Euro.