Showing posts with label corporate greed. Show all posts
Showing posts with label corporate greed. Show all posts
Saturday, April 21, 2012
Monday, April 16, 2012
The Privatization Of Everything
April 16th, 2012
Just in time for tax day comes another reminder that the race to privatize the public sector, particularly the infrastructure we all paid to build, is an exercise which provides consistently diminishing returns.
The Sun-Times reports:
But let's stop right here. I could catalog hundreds of examples from all over the country. This is just wrong in principle.
Supporters of privatization argue the real issue in this latest flap is that the city seems to have reneged on a legal agreement. With all due respect, this bargain was designed to create a territorial monopoly for an investment firm at the expense of the taxpayers who previously had already underwritten the properties. It was taxes that built and/or at least partially maintained these facilities. Now, Morgan Stanley is demanding that those same taxpayers pony up another couple hundred million dollars because a more efficient private corporation is offering them a better deal down the street.
This isn't rational finance. In nearly every instance of the privatization revolution, terms lasting as long or longer than the modern human lifetime are being doled out with anti-free market guarantees of exclusivity in exchange for dollar amounts that are only large enough to plug short-term budget holes.
This is akin to selling the store to paint the front door. And the taxpayer's formerly owned the store.
Had this parking garage deal been structured as something other than a one-time payment, it would come to a little over 5 and a half million dollars a year. If inflation were to stop dead in its tracks for the next century, it still wouldn't make sense. In fact it's nuts.
We can pretend to be a Capitalist culture all we want. That doesn't make it so. This isn't even worthy of being called "crony Capitalism."
This is Corporatism. Period.
This is also the new American "normal."
So...
As many of you file those last minute tax returns, just think what you might be paying for today that an organization like Morgan Stanley will buy for a song tomorrow. And then, for all intents and purposes, sue you for more.
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The Sun-Times reports:
"Under the $563 million, 99-year deal that privatized four city-owned parking garages in downtown Chicago, City Hall made a promise:
It wouldn’t allow any parking facilities to open nearby.
That was six years ago, under then-Mayor Richard M. Daley.
Today, though, you can park just a block away in a new garage at the 82-story Aqua building — and it’s cheaper, too.
That’s angered the consortium of investors who took control of the garages and thought they were safe from competition. Their group, known as Chicago Loop Parking LLC, has filed an arbitration claim against the city that could leave Chicago taxpayers on the hook for $200 million or more, documents obtained by the Chicago Sun-Times show."The story goes on to mention the legal mess Chicago is facing from one of Daley II's other privatization schemes, the wholesale turnover of parking meters (to what is also essentially Morgan Stanley, the controlling interest over the garages in the current dispute). They could have gone further and reminded everyone of the Skyway boondoggle. Or, they could have ventured just a bit to the East and examined Indiana's brewing privatization nightmare under Gov. Mitch Daniels.
But let's stop right here. I could catalog hundreds of examples from all over the country. This is just wrong in principle.
Supporters of privatization argue the real issue in this latest flap is that the city seems to have reneged on a legal agreement. With all due respect, this bargain was designed to create a territorial monopoly for an investment firm at the expense of the taxpayers who previously had already underwritten the properties. It was taxes that built and/or at least partially maintained these facilities. Now, Morgan Stanley is demanding that those same taxpayers pony up another couple hundred million dollars because a more efficient private corporation is offering them a better deal down the street.
This isn't rational finance. In nearly every instance of the privatization revolution, terms lasting as long or longer than the modern human lifetime are being doled out with anti-free market guarantees of exclusivity in exchange for dollar amounts that are only large enough to plug short-term budget holes.
This is akin to selling the store to paint the front door. And the taxpayer's formerly owned the store.
Had this parking garage deal been structured as something other than a one-time payment, it would come to a little over 5 and a half million dollars a year. If inflation were to stop dead in its tracks for the next century, it still wouldn't make sense. In fact it's nuts.
We can pretend to be a Capitalist culture all we want. That doesn't make it so. This isn't even worthy of being called "crony Capitalism."
This is Corporatism. Period.
This is also the new American "normal."
So...
As many of you file those last minute tax returns, just think what you might be paying for today that an organization like Morgan Stanley will buy for a song tomorrow. And then, for all intents and purposes, sue you for more.
Friday, January 13, 2012
Charting The Big Fix
Jan 13th, 2012
The chart below from Reuters adds to the picture of a tax system that is more corrupt than it is broken.
The chart below from Reuters adds to the picture of a tax system that is more corrupt than it is broken.
Tuesday, January 10, 2012
The Truth About Effective Tax Rates, cont...
Jan 10th, 2012
As this is an election year, we can expect to hear a great deal from the GOP hopefuls regarding the 'crippling' tax rates on American businesses. Try and remember that this is straight up, one hundred percent bullshit.
HuffPo reports:
"The number of U.S. corporations structuring their businesses in such a way that they can avoid higher taxes has skyrocketed in the past quarter century,The Wall Street Journal reports.
As this is an election year, we can expect to hear a great deal from the GOP hopefuls regarding the 'crippling' tax rates on American businesses. Try and remember that this is straight up, one hundred percent bullshit.
HuffPo reports:
"The number of U.S. corporations structuring their businesses in such a way that they can avoid higher taxes has skyrocketed in the past quarter century,The Wall Street Journal reports.
Tuesday, November 1, 2011
Voices In Liberty Square On Corporate Personhood
Nov 1st, 2011
Free Speech For The People went to the Wall Street Occupation recently and asked about the Citizens United controversy.
Free Speech For The People went to the Wall Street Occupation recently and asked about the Citizens United controversy.
Monday, October 31, 2011
Quote Of The Day - Defending The Occupation Edition, cont..
Oct 31st, 2011
"When you take into consideration all the theft and fraud and market manipulation and other evil shit Wall Street bankers have been guilty of in the last ten-fifteen years, you have to have balls like church bells to trot out a propaganda line that says the protesters are just jealous of their hard-earned money."
-- Matt Taibbi, once again confronting the chin high levels of manure that anti-Occupation critics are shoveling.
-- Matt Taibbi, once again confronting the chin high levels of manure that anti-Occupation critics are shoveling.
Sunday, October 30, 2011
Monday, September 19, 2011
Class Warfare?
Sept 19th, 2011
Poor Rep. John Flemming (R-LA) is barely getting by. After "feeding" and taking care of his family, he only has about four hundred thousand dollars a year left over from his businesses. He just can't "create jobs" on that net profit. Mind you, he runs UPS stores and Subway sandwich franchises. Those workers are at or even slightly above the minimum wage.
I am sure you are weeping at the mere thought of his struggle.
Poor Rep. John Flemming (R-LA) is barely getting by. After "feeding" and taking care of his family, he only has about four hundred thousand dollars a year left over from his businesses. He just can't "create jobs" on that net profit. Mind you, he runs UPS stores and Subway sandwich franchises. Those workers are at or even slightly above the minimum wage.
I am sure you are weeping at the mere thought of his struggle.
Thursday, June 2, 2011
Hartmann On The Valuation Of Work
June 2nd, 2011
Thom Hartmann examines the plutocratic valuation of work in contemporary America. I believe this is now no less than a moral issue.
Thom Hartmann examines the plutocratic valuation of work in contemporary America. I believe this is now no less than a moral issue.
Friday, April 22, 2011
Quote Of The Day - Here And Now Edition
April22nd, 2011
"Here’s my question: How did it become normal, or for that matter even acceptable, to refer to medical patients as “consumers”? The relationship between patient and doctor used to be considered something special, almost sacred.
Now politicians and supposed reformers talk about the act of receiving care as if it were no different from a commercial transaction, like buying a car — and their only complaint is that it isn’t commercial enough." -- Paul Krugman
Tuesday, April 19, 2011
Thursday, April 7, 2011
MSNBC - Banksters & Government Exposed FINALLY by Mainstream News!
April 7th, 2011
We've held off on posting some interesting and important recent videos for a reason. We were waiting for the release of Rep. Paul Ryan's Path To Poverty. Viewing much of this now helps to put his "pamphlet" into better perspective. Rep. Ryan would have us double down on the same fiscal philosophies and monetary policies which have nearly ruined this great nation.
We've held off on posting some interesting and important recent videos for a reason. We were waiting for the release of Rep. Paul Ryan's Path To Poverty. Viewing much of this now helps to put his "pamphlet" into better perspective. Rep. Ryan would have us double down on the same fiscal philosophies and monetary policies which have nearly ruined this great nation.
Sunday, April 3, 2011
They're Just Not Hiring
April 3rd, 2011
No matter how much we give away to the corporations, they just aren't that interested in investing in America anymore. From the CBPP:
No matter how much we give away to the corporations, they just aren't that interested in investing in America anymore. From the CBPP:
Krugman On "Uncertainty"
April 3rd, 2011
I have been calling bullshit on the use of the phrase "uncertainty" for some time. I am pleased to see Krugman said much the same thing today.
I have been calling bullshit on the use of the phrase "uncertainty" for some time. I am pleased to see Krugman said much the same thing today.
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