HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Topics » Economy & Education » Economy (Group) » Past Republican Chair of ...
Introducing Discussionist: A new forum by the creators of DU

Wed Feb 27, 2013, 07:51 PM

Past Republican Chair of FDIC, Sheila Blair, cites Bain report of $900 trillion in global financial

assets, by 2020, as justification for fundamental tax reform.

Yes, I'm gritting my teeth: I know this is a Republican characterizing her failed candidate's financial voice, but it's been so long since we've seen any even very indirect reference to the derivative bubble that I thought this interesting anyway. How much do you just guess that $900 trillion is inflated by, roughly, 20%? less? more?

Also, I thought this op-ed is interesting for it's call to "fundamental tax reform" which could take any one or more of a variety of forms, depending upon how generalized and non-partisan the response of the grassroots is.

http://www.nytimes.com/2013/02/27/opinion/republicans-must-bridge-the-income-gap.html?hp&_r=2&

For instance, as part of renewed fiscal discussions over sequestration, Republicans should put fundamental tax reform on the table and make it our priority to end preferential treatment of investment income , which lets managers of hedge funds pay half the tax rate of managers of shoe stores.

Defenders of this giveaway make the unsubstantiated claim that it encourages job-creating investments. But what we have now is merely an immense pool of investment funds that has created far too few jobs. A report last year by Bain and Co. projected that by 2020 there will be $900 trillion in financial assets around the globe, chasing investments in a real economy worth only $90 trillion in gross domestic product. Why in heavenís name do we need to keep a tax preference to encourage more?

6 replies, 800 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 6 replies Author Time Post
Reply Past Republican Chair of FDIC, Sheila Blair, cites Bain report of $900 trillion in global financial (Original post)
patrice Feb 2013 OP
elleng Feb 2013 #1
patrice Feb 2013 #2
elleng Feb 2013 #3
patrice Feb 2013 #6
CanonRay Feb 2013 #4
patrice Feb 2013 #5

Response to patrice (Original post)

Wed Feb 27, 2013, 07:56 PM

1. I doubt very much that rmoney was Sheila Bair's candidate.

She's MUCH too smart for that.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to elleng (Reply #1)

Wed Feb 27, 2013, 08:15 PM

2. That was my guess; I shouldn't be so sensitive to being thought of as anti-Left around here.

Thanks for the info, elleng.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to patrice (Reply #2)

Wed Feb 27, 2013, 08:27 PM

3. Right and I'm with you, patrice.

Must say I've never been very sensitive about what others think of me (ESPECIALLY when I know I'm right! )

Sheila Bair is terrific, and was a great public servant.

an example:

Reply to this post

Back to top Alert abuse Link here Permalink


Response to elleng (Reply #3)

Thu Feb 28, 2013, 11:56 AM

6. K&R & Shared. Thanks, elleng. :-)))

Reply to this post

Back to top Alert abuse Link here Permalink


Response to patrice (Original post)

Thu Feb 28, 2013, 07:29 AM

4. How much of that 900t are credit default swaps

and other bullshit "assets"?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to CanonRay (Reply #4)

Thu Feb 28, 2013, 11:51 AM

5. Good question, but how can anyone know, or find out, since it's all PRIVATE contracts?

For whatever other missed-moves or other problems the President has had from day one, this has to be one of the biggest ones.

There's no way to know how "deep their pockets" are (how long 1% can wait this thing out) nor who might be the more likely prospects to do NEW business with.

I would have liked to see a much much more Leftie administration, but I do have a general understanding of what our situation is and why someone might need to court the 1% for 4 years.

That's DONE now. They've had their chance to re-configure (read that, eat their own low hanging fruit) and prune those credit default swaps off of the tree.

So it's our turn now. I'm working toward something that is actually new and I hope that recognition of this WHOLE situation results in something that is at least parallel with the Fed, even if it is somewhat significantly smaller . . . .

because THAT's what all of that private secrecy NECESSITATES.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread