The Evil Rich

[Towntalk]

The Federal Reserve on Tuesday said that the risk of a downturn in the nation's economy had increased, and that it was prepared to use additional policy tools, including extending its period of exceptionally low interest rates, until at least 2013.

The Fed's announcement was eagerly awaited by investors who have responded to grim economic tidings in recent weeks by driving down global markets.

The economy grew only 0.8 percent during the first half of the year. The work force is shrinking. State and local governments are cutting back. And fiscal policy is immobilized by partisanship, leading Standard & Poor's to remove the United States from its list of risk-free borrowers.

That has left investors to hope that the Fed would consider new steps to help the economy

Stocks ended the day sharply higher on Tuesday afternoon in a wild finish after the Federal Reserve announced that it would hold short-term interest rates near zero but included no new steps to foster economic growth.

The major indexes had been buoyant before the Fed announcement, then plunged in the immediate aftermath. But in the final hour of trading they surged back, with the Dow Jones industrials ending up more than 400 points and the broader Standard & Poor's 500-stock index rising nearly 5 percent.

The gains largely offset — though not entirely — the deep losses on Monday, the first trading day after Standard & Poor's downgraded its rating of the United States government's long-term debt.

[kenneyjoe330]

Oh almost forgot - What about V&M (?) Steel - They got a GREAT DEAL to build their multimillion dollar plant here in Youngstown!   THEY HAVE MONEY and NEEDand EXPECTMONEY to make more money.   I call that WELFARE no matter how many jobs it creates or how much it adds to the economy.  I know you can't get water out of the well unless it is primed AND you better use the water to prime the pump and not drink if you want to get more water from the well.  Yes I get the picture - but I still say someone is loosing out on the deal because they have the money already and you are giving them more.  NOW WHO do you think should pay for the money that was given to them - where does it come from - taxes ?  Who's taxes ?   The $58,000 of the guy that makes $100,000 ?  V&M (?) Steel is just one of many examples of Corporate Welfare.  I like the Avanti affair - that was a sweeet deal gone sour for the workers but I am not so sure how sour it was for the owners 

[kenneyjoe330]

sfc - I was some what taken back when I saw that insert (of color too) myself.  I live in a poor neighborhood with many Section 8 rental properties.  I have personally transversed the Welfare Network myself (as an advocate) and just recently spent several hours with a group of about 40 or so people who are renters under Section 8 (the last group of four groups that day).  A greater majority of people needing assistance were Afro-Americans where ever I go as an advocate.  The Secton 8 group of 40 or so people only 5 or 6 where not Afro-Americans.  Now that I think about it there were only about 5 or 6 males at this session. This must have been the reason for adding of color too - that is my story and I am sticking to it 


I have recently read that the United States has the most billionairs in the whole world - over 200 (225?238?248?).  I don't think it takes much common sense for anyone to figure this out simply.  There are very very few "governments" that can operate without funding from it's citizens - there is one monarchy that pays it's citizens.   The more money you have the more you've got to loose so the more you should pay.  The more money you have the more people you hire to find loop holes in the taxes you do pay.  I can't remember names but there is a famous billionair that pays less personal income tax than his personal assistant does.  People pay taxes on what they earn and not their net worth - so technically we are not taxing how much money they have.  If we didn't have the loop holes we have now the rich would move to another country faster than you can THINK    Those billionaires have money in other countries too - you can BET on THAT  Now these U. S. A. guys and gals fighting for freedom - WHERE EVER - the local law enforcement - local fire department - local judges ( ) - ANY government official have to be paid ?  Correct?  You don't mean to tell me that a person who makes $100.000 a year (I consider that good money) should pay $58,000 of that in taxes?

[Rick Rowlands]

Oh Kennyjoe, those who benefit from class warfare never thank the rich for the contributions they already make to this country.  All they do is want more, more more.  Do the bottom 95% ever thank the top 5% for paying 59% of the income tax burden?  Hell no!  Its always, "tax the rich MORE!", "They are not paying their FAIR SHARE!". NEVER, NEVER, NEVER does anyone ever say THANKS to them.  So when I say that the rich haters will not thank Bloomberg but will ask why he is ONLY paying 25%, I am basing that on behavior and attitudes I see every day.

[Towntalk]

Locally the wealthy of our own area have contributed multi millions of dollars for the betterment of our area. Just consider YSU for one example ... the Williamson's; the DeBartelo's; and yes even the Cafero's have contributed a huge amount of money there.

[sfc_oliver]

What does color have to do with anything? Or should I ask why does color have anything to do with anything?

[kenneyjoe330]

Now Now Mr. Rick you sound like a "POOR HATER"  or at the very least consider people with little or no money "Evil Poor"  That last comment was just a little much.   I mean it certainly was in a very mean spirit  don't you think 

I thought you might have TRIUMPHT with "SEE HOW MUCH AN AMERICAN CAPITALIST" is willing to give to help out poor people (of color too)  EVERYONE should be very impressed with his magnanimous generosity.  May GOD ALMIGHTY Bless him and his and YOU too 

[Rick Rowlands]

The rich haters still won't be satisfied and will demand that Bloomberg pay 100% of the cost of the program.

[sfc_oliver]

Good for him.

[Towntalk]

Breaking News Alert
The New York Times
Wednesday, August 3, 2011 -- 9:03 PM EDT
-----

Bloomberg Investing $30 Million of His Money in Program to Aid Minority Youth

The administration of Mayor Michael R. Bloomberg, in a blunt acknowledgment that thousands of young black and Latino men are cut off from New York's civic, educational and economic life, plans to spend nearly $130 million on far-reaching measures to improve their circumstances.

The program, the most ambitious policy push of Mr. Bloomberg's third term, would overhaul how the government interacts with a population of about 315,000 New Yorkers who are disproportionately undereducated, incarcerated and unemployed.

To pay for the endeavor in a time of fiscal austerity, the city is relying on an unusual source: Mr. Bloomberg himself, who intends to use his personal fortune to finance about a quarter of the cost, city officials said.