The stock market makes money, when they are not gambling in hedge funds, by corporations producing goods and services! These must be purchased by consumers! The combined total energy of the economy to meet a need is called it’s “aggregate demand”. Since the consumer has has not purchased enough we have the government stimulus package. Sufficient aggregate demand is what maintains both jobs and the stock market!
The Republicans and their minions, those in the Democratic Party on the receiving end of large corporate contributions, have suggested that the middle class has become slothful and has been using credit cards to much! Below Elizabeth Warren speaks to Rachel Maddow about the new Consumer Protection Agency! Notice however that neither Dr. Warren nor Rachel Maddow really attack an important issue.
The Issue Is “USURY”!
I don’t care if we can read the fine print now! We need to outlaw usury!
Elizabeth Warren proudly advocates the new agency that President Obama pushed. This is a splendid example of President Obama’s half way timid approach to our economic crises! The new law makes full disclosure of credit card interest and any hidden costs open. But it does not ban usury.
Usury is a rate that is out of proportion to reality and that may place the individual in financial serfdom with little hope of ever escaping! At this point our nation’s social contract is violated as serfdom is not permitted by law.
It does not matter how the consumer got into the mess:
- They did not read the full document.
- Sickness forced them to over use credit cards
- Loss of job
- Or even if the individual did spend beyond their means! The penalty of life long servitude is unjust – period!
The new Consumer Protection Law only addresses the first reason above! Elizabeth Warren acknowledges that the other reasons exist but the law does not address these issues!
But wait, don’t we have to pay for those who live beyond their means!
I don’t mean to excuse those who go way beyond their means but then again why were these people given such a high credit card limit? Aren’t bank executives given their exorbitant salaries to protect their share holders from such risk?
What I find infuriating is when I hear Obama talk about TARP being mostly paid off. Sure the corporations did this by the practice of USURY! Due to the Republicans and their fellow travelers, those corpocratic members of our own Democratic Party, the release value of “personal bankruptcy” has largely been destroyed! Yet corporations can act irresponsible and get bailed out!
Again I am not condoning those who consciously live way beyond their means but the penalty still should not be life long bondage to our social betters!
Aggregate Demand is what maintains the stock dividends flowing to the rich!
- The stock market has been maintained by credit card spending! It does not matter which of the four reasons above!
- The “bottom line” is that lower middle class purchasing power was not reflected in lower aggregate demand and hence lower stock dividends! Consumer debt maintained aggregate demand and the flow of wealth redistribution to our social betters from the middle class! Since jobs have been cut, our white and blue collar jobs off shored, our social betters live off the serfdom of middle class Americans!
For Barrack Obama to allow the rich to maintain their tax cuts without outlawing usury and liberalizing the bankruptcy code constitutes the “ADULTERY OF HOPE”!
President Roosevelt said “men who act from necessity are not free men”!
I am so proud that my social betters have faith in me to compete with slave labor in China that I want to reciprocate that faith! Instead of dealing with keeping the Bush Tax Cuts for the rich I have faith in my social betters to prosper under a return to the good ole days of President Dwight Eisenhower when we had a PROGRESSIVE INCOME TAX OF 91%! That is the way we should reciprocate to those who have no loyalty to the nation that gave them incorporation, profits and protection!
But will Obama find the testosterone to act? Will the Democrats in Congress find the guts to stand up to their corporate sponsors and cease to “play” progressive inside the corporate sandbox that their receipt of campaign money places them in? We are told the rich need incentives! How about worrying that you will have a roof over your head and what you will do it you loose your job!
For God’s sake the way these whining babies behave you would think they actually EARN the ridiculous compensation packages they make! But then that is their trademark: Whining and a perverted sense of entitlement!
But don’t worry my fellow middle class tax payers! Barrack Obama being the wimp he is will negotiate and give these effete snobs of privilege an extension of their tax cuts! President Obama it is time to pay attention to your base. The Silent Majority – our great middle class did not elect Obama to maintain the tax cuts to the rich! Remember when Obama began as President and the issue was should we repeal the tax cuts to the rich immediately? What happened? Perhaps it is time for progressives to turn the page on Barrack Obama!
- To the base – On ‘Maddow,’ Warren defends CFPB (politico.com)
- Early Morning Swim: Elizabeth Warren Discusses Protecting Middle Class with Rachel Maddow (firedoglake.com)
- Barracked Obama (thesun.co.uk)