Saturday, July 25, 2009

Theft gazillionaire style

Watch Eliot Spitzer explain why the Fed + the Banks + the stock market = Ponzi scheme.



kerfuffler said...

This is why I am big-time in favor of inheritance taxes, especially for the super wealthy. That is really the only way I ever see the money stolen in this fashion being "returned" to the American tax payers. Prosecutions are never going to happen, because legal proceedings can be drawn out forever by people in this set.

A few years ago on an episode of NPR or some similar public broadcast, I heard someone explain that the one year (2010)total gap in ALL estate taxes was designed to allow the trust funds (that were designed a hundred years ago for the robber barons) to be restructured. When they were first designed, lawmakers were reluctant to make them exempt permanently, and the idea was that the topic should be revisited far in the future.

Well, the future is now, and clearly if these wealthy families can get such legislation passed to protect their interests, then their money has so much political power that it is destroying our 'democracy'.

That is the very reason we need to have significant estate taxes, to prevent the establishment of virtual dynasties of super rich people who can buy politicians with ease. I'm not talking about someone with a farm worth 2 million, I'm talking about people with billions.

I have not heard about this issue once ever since, and my paranoid little self wonders how this silence is maintained. Is it too late to close that 2010 estate tax window?

djinn said...

I heard the same thing about the estate tax window in my tax class in law school. Noam Chomsky figured it all out with "manufacturing consent." The absurdly rich through Rush Limbaugh and his ilk managed to really foist one over on the american people.

kerfuffler said...

It ain't over till it's over; there is still time-----barely!!!------to put an estate tax back in place for 2010, and return a slight modicum of levelness to the playing field.