Tue Nov 27, 2012, 09:30 AM
kpete (50,897 posts)
1% Have Self-Imposed/Manufactured "FISCAL CLIFF" Expecting Us All To BUY What They Say As $$$ Gospel
Top Story — Sen. Patty Murray: If No Revenue from Republicans, Let Tax Cuts Expire, Start Over in 2013
“If the Republicans can’t see their way to significant additional revenues targeted toward the people who are best off and targeted toward passive income and other things like that, then we’re better off going over the cliff and readdressing this with a better Congress in January,” Rep. Peter DeFazio (D-Ore.) said. “And we would have plenty of time to fix it.”
by Taylor Marsh on November 26, 2012
THE SO-CALLED fiscal cliff scheme is in the eye of the beholder. Conventional wisdom is being led by the business community, whose lobbying efforts are strong and loud. As a new CNN poll reveals, the full court press Wall Street has waged, seen daily on CNBC, the most watched financial cable network, is making a dent. This isn’t the first campaign waged on fear that shows signs of working, even if it’s built on pure math myth.
From the AP.
A big coalition of business groups says there must be give-and-take in the negotiations to avoid the “fiscal cliff” of massive tax increases and spending cuts. But raising tax rates — a White House priority — is out of the question, the group adds.
Wall Street’s 1% have self-imposed and manufactured the “fiscal-cliff” through their own angst, expecting everyone to buy what they say as economic gospel. But if we’ve learned anything from the financial crash of ’08 and the subsequent massive malfeasance exposed it’s that no one should trust what our Wall Street business community says at face value. The Wall Street community lost the right to have their word taken as anything but what’s good for their bottom line, with it proven they’ll do anything to protect themselves while everyone else suffers.
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