McCain wants to privatize SS in Wall St just like

The messages you are viewing are archived/old.
To view latest messages and participate in discussions, select the boards given in left menu

http://www.foxbusiness.com/story/markets/industries/finance/wall-street-bonuses-expects-come-season-despite-bailout/

Paying bonuses this year is likely to result in a lot of backlash from the average American. After all, even with bonuses down dramatically, they are still higher than the average American, who is losing his or her home, makes. Not to mention the government bailout of financial firms, which seems to change daily, is coming from taxpayer dollars. Concerns abound�rightly or wrongly--that some of the $700 billion bailout could go to pay bonuses this year.

Some need to pay close attention to this......... it's called welfare handouts. "Entitled mentality". The working class will get NO tax cuts. You all will be working to put money in the hands of those that do not. It makes perfectly good sense. I've been saying there is no way he can do anything he is leading people to believe he can because 1/3 of people in this country pay NO TAXES. He has led so many to believe he will cut middle class when he can't. He is blatantly trying to disguise "government handouts" as "tax credits". You want your hard earned money going to everyone who doesn't bother to work?

One of Barack Obama�s most potent campaign claims is that he�ll cut taxes for no less than 95% of �working families.� He�s even promising to cut taxes enough that the government�s tax share of GDP will be no more than 18.2% � which is lower than it is today.

It�s a clever pitch, because it lets him pose as a middle-class tax cutter while disguising that he�s also proposing one of the largest tax increases ever on the other 5%. But how does he conjure this miracle, especially since more than a third of all Americans already pay no income taxes at all? There are several sleights of hand, but the most creative is to redefine the meaning of �tax cut.�

For the Obama Democrats, a tax cut is no longer letting you keep more of what you earn. In their lexicon, a tax cut includes tens of billions of dollars in government handouts that are disguised by the phrase �tax credit.� Mr. Obama is proposing to create or expand no fewer than seven such credits for individuals[.]

President Obama has proposed capping compensation for executives at banks that take taxpayer bailout money at $500,000. Republicans hate the idea -- a position puts them uncomfortably on the side of people currently about as popular as child-porn producers and subprime mortgage brokers.

Senate Minority Whip Jon Kyl (R-AZ) blamed the "tone deaf" bankers for creating the political environment that allows Obama to call for a cap.

"Because of their excesses, very bad things begin to happen, like the United States government telling a company what it can pay its employees. That's not a good thing in America," Kyl told the Huffington Post.

"What executives have done is troubling, but it's equally troubling to have government telling shareholders how much they can pay the executives," said Sen. Mel Martinez (R-FL).

Sen. James Inhofe (R-OK) said that he is "one of the chief defenders of Obama on the Republican side" for the president's efforts to reach across the aisle. But, said Inhofe, "as I was listening to him make those statements I thought, is this still America? Do we really tell people how to run [a business], and who to pay and how much to pay?"

Democrats argue that banks that take government money must accept any rules the government decides to send with it. Massachusetts Sen. John Kerry and Rep. Barney Frank are both working on legislation that would complement Obama's attempt to get a handle on executive compensation.

It's not a novel concept, and it's one the GOP supports -- when applied to welfare recipients, at least. "We demand that welfare recipients do an honest day's work for their checks.

In what appears to be an attempt to call Obama a hypocrite, ABC�s Scott Mayerowitz �reports� today that the President also has a �lavish lifestyle.� Under the title: �Obama�s Perks: Private Jet, Chef Tax-Free,� ABC notes that Obama earns $400,000 dollars a year and even has a private jet:

As its evidence that �corporate America� is upset, ABC said that �some Wall Street bloggers� are angry with the compensation cap. But the article cited only one blogger, Dealbreaker.com, who � apparently poking fun at Sen. Claire McCaskill�s statement � remarked, �Some accountability needs to be put in place. We won�t have them kicking sand in the face of taxpayers any longer.� Dealbreaker.com also suggests charging rent for White House tenants.

Comparing the President to Wall Street CEOs is absurd. The �private jet� that Obama uses is Air Force One, which is used as a security precaution and necessary for the dozens of staff and press that accompany the President on every trip. Each use of the jet by the President is regarded as a �classified military operation� in order to ensure the President�s safety.

Furthermore, Obama�s salary is set by Congress (whose members are elected by the public). CEO compensation is decided internally within the company, usually by its board of directors. The problem with recent excessive CEO compensation was that executives receiving federal funds were still rewarded for failure with tens of millions of dollars from their companies.

The President, on the other hand, does not get a bonus for his performance, good or bad. Indeed, Presidents Bush and Obama earn the same salary. County Fair at Media Matters has more.

like he hurts. It makes me uncomfortable to watch. Obama has a significantly larger amt of data in his mind (constitutional law professor, etc) to sort through, gather, and assemble before he responds to a question. It is to his favor that he does not immediately yelp out an answer like a trained seal.

Following his loss to George W. Bush in the 2000 South Carolina primary, John McCain did something extraordinary: He confessed to lying about how he felt about the Confederate battle flag, which he actually abhorred. "I broke my promise to always tell the truth," McCain said. Now he has broken that promise so completely that the John McCain of old is unrecognizable. He has become the sort of politician he once despised.

The precise moment of McCain's abasement came, would you believe, not at some news conference or on one of the Sunday shows but on "The View," the daytime TV show created by Barbara Walters. Last week, one of the co-hosts, Joy Behar, took McCain to task for some of the ads his campaign has been running. One deliberately mischaracterized what Barack Obama had said about putting lipstick on a pig -- an Americanism that McCain himself has used. The other asserted that Obama supported teaching sex education to kindergarteners.

"We know that those two ads are untrue," Behar said. "They are lies."

Freeze. Close in on McCain. This was the moment. He has largely been avoiding the press. The Straight Talk Express is now just a brand, an ad slogan like "Home Cooking" or "We Will Not Be Undersold." Until then, it was possible for McCain to say that he had not really known about the ads, that the formulation "I approve this message" was just boilerplate. But he didn't.

"Actually, they are not lies," he said.

Actually, they are.

McCain has turned ugly. His dishonesty would be unacceptable in any politician, but McCain has always set his own bar higher than most. He has contempt for most of his colleagues for that very reason: They lie. He tells the truth. He internalizes the code of the McCains -- his grandfather, his father: both admirals of the shining sea. He serves his country differently, that's all -- but just as honorably. No more, though.

I am one of the journalists accused over the years of being in the tank for McCain. Guilty. Those doing the accusing usually attributed my feelings to McCain being accessible. This is the journalist-as-puppy school of thought: Give us a treat, and we will leap into a politician's lap.

Not so. What impressed me most about McCain was the effect he had on his audiences, particularly young people. When he talked about service to a cause greater than oneself, he struck a chord. He expressed his message in words, but he packaged it in the McCain story -- that man, beaten to a pulp, who chose honor over freedom. This had nothing to do with access. It had to do with integrity.

McCain has soiled all that. His opportunistic and irresponsible choice of Sarah Palin as his political heir -- the person in whose hands he would leave the country -- is a form of personal treason, a betrayal of all he once stood for. Palin, no matter what her other attributes, is shockingly unprepared to become president. McCain knows that. He means to win, which is all right; he means to win at all costs, which is not.

At a forum last week at Columbia University, McCain said, "But right now we have to restore trust and confidence in government." This was always the promise of John McCain, the single best reason to vote for him. America has been cheated on too many times -- the lies of Vietnam and Watergate and Iraq. So many lies. Who believes that in Afghanistan last month, only five civilians were killed by the American military in an airstrike, instead of the approximately 90 claimed by the Afghan government? Not me. I first gave up on the military during Vietnam and then again when it covered up the death of Pat Tillman, the Army Ranger and former NFL player who was killed in 2004 by friendly fire.

McCain was going to fix all that. He was going to look the American people in the eyes and say, not me. I will not lie to you. I am John McCain, son and grandson of admirals. I tell the truth.

But Joy Behar knew better. And so McCain lied about his lying and maybe thinks that if he wins the election, he can -- as he did in South Carolina -- renounce who he was and what he did and resume his old persona. It won't work. Karl Marx got one thing right -- what he said about history repeating itself. Once is tragedy, a second time is farce. John McCain is both.

cohenr@washpost.com

McCain wants to privatize SS in Wall St just like

The Ugly New McCain