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Tag Archives: 1936

The More Things Change…

17 Sunday Jul 2011

Posted by Craig in economy, Taxes

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1936, FDR, taxes

…the more they stay the same. FDR, 1936:

“In 1776 the fight was for Democracy in Taxation. In 1936 there is still the fight. Mister Justice Oliver Wendell Holmes once said ‘taxes are the prices we pay for civilized society’. One sure way to determine the social conscience of a government is to examine the way taxes are collected and how they are spent.

And one sure way to determine the social conscience of an individual is to get his tax reaction. Taxes, after all are the dues we pay for the privilege of membership in an organized society. And as society becomes more civilized government, national and state and local, is called on to assume more obligations to its citizens. The privileges of membership in a civilized society are vastly increased in modern times. But I am afraid we still have many who still do not recognize their advantages and want to avoid paying their dues.”

To divide fairly among the people the obligation to pay for these benefits has been a major part of our struggle to maintain Democracy in America. Ever since 1776, that struggle has been between two forces; on the one hand there has been a vast majority of citizens who believe the benefits of democracy should be extended and who are willing to pay their fair share to extend them. And on the other hand, there has been a small but powerful group which has fought the extension of these benefits because they did not want to pay a fair share of their cost.

That was the lineup in seventeen hundred and seventy-six and it’s the lineup today. And I am confident that once more, in nineteen thirty-six democracy in taxation will win. Here is my principle, and I think it’s yours too; Taxes shall be levied according to ability to pay. That is the only American principle.”

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Obama Makes Nice-Nice With the Banksters

13 Monday Jun 2011

Posted by Craig in economy, financial reform, Obama, special interests, too big to fail, Wall Street

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1936, banksters, Barack Obama, campaign contributions, FDR, financial industry, financial regulation, I welcome their hatred, Mitt Romney, too big to fail, Wall Street

FDR, 1936:

“We had to struggle with the old enemies of peace–business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering.

They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob.

Never before in all our history have these forces been so united against one candidate as they stand today. They are unanimous in their hate for me–and I welcome their hatred.

I should like to have it said of my first Administration that in it the forces of selfishness and of lust for power met their match. I should like to have it said of my second Administration that in it these forces met their master.”

Barack Obama, 2011:

Can’t we all just get along?

“A few weeks before announcing his re-election campaign, President Obama convened two dozen Wall Street executives, many of them longtime donors, in the White House’s Blue Room.

 The guests were asked for their thoughts on how to speed the economic recovery, then the president opened the floor for over an hour on hot issues like hedge fund regulation and the deficit.

Mr. Obama, who enraged many financial industry executives a year and a half ago by labeling them “fat cats” and criticizing their bonuses, followed up the meeting with phone calls to those who could not attend.

The event, organized by the Democratic National Committee, kicked off an aggressive push by Mr. Obama to win back the allegiance of one of his most vital sources of campaign cash — in part by trying to convince Wall Street that his policies, far from undercutting the investor class, have helped bring banks and financial markets back to health.

[…]

 The president’s top financial industry supporters say they are confident that the support Mr. Obama needs will ultimately be there, despite the financial industry’s unhappiness over his efforts to tighten regulation of their businesses. But it is clear that those supporters will have to work much harder to win over the financial services industry than they did in 2008, before Wall Street’s bust, the subsequent clashes over policy and the sometimes bitter personal differences that lingered afterward.”

Just what in the Sam freaking Hill does the financial industry have to be unhappy about? “Too big to fail” is bigger than ever, no meaningful reform of the industry was passed, their salaries and bonuses are back at or above what they were before these greedy bastards nearly wrecked the world’s economy, none of them has gone to jail, and one of their lackeys is still the Treasury Secretary. Yeah, the big banks are back to good health alright. Nobody else is, but they are.

 “And as Mr. Obama seeks to rebuild, Mitt Romney, a former Massachusetts governor who is seeking the Republican presidential nomination, is using his background as a venture capital executive and his policy proposals to woo financial-industry donors.

Last week, Mr. Romney held three fund-raisers in Greenwich, Conn., and New York, including a reception hosted by Anthony Scaramucci, a hedge fund manager who donated to Mr. Obama in 2008. Mr. Scaramucci said he wanted a president who embodied pragmatism and middle-of-the-road solutions. In 2008, that candidate was Mr. Obama, he said; today, it is Mr. Romney.”

So if next year’s presidential election comes down to Obama vs. Romney it’s just a question of whose lips best fit on the bankster’s backsides as to who gets the biggest campaign contributions, not to mention the attached strings that come with said contributions. No matter who wins, Wall Street can’t lose.

And the beat goes on.

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