Obama scolds credit card companies, McCain

[Nathan-the-Axe]

WASHINGTON -- Democratic presidential candidate Sen. Barack Obama took aim today at credit card companies that charge exorbitant -- and sometimes hidden -- fees to economically scrapped consumers, saying the companies "have been crossing the line to boost their bottom line."

Charging that his Republican opponent, Sen. John McCain, "has been part of the problem" by opposing legislation to protect consumers from deceptive practices, Obama said: "We cannot let the rules of the game continue to be rigged against ordinary Americans."

The Illinois senator's attack came during a discussion in Chicago with three people who have run up credit card debt, part of his two-week tour of battleground states to focus on the economy.

Obama noted that credit card companies have spent millions of dollars to finance political campaigns -- including one industry group that spent nearly $800,000 on lobbying -- "to get laws written to their liking." He vowed that as president, he would "look out for the interests of hard-working families, not just their big campaign donors and corporate allies."

Obama, saying he wants to ensure that credit card debt doesn't become "the next subprime crisis," proposed a five-star rating system of companies. While urging Americans to "pay what we owe," he said he would push for a credit card bill of rights to ban interest on late fees and unilateral changes to card agreements so consumers "pay the rate you signed up for."

McCain, speaking at a town hall meeting in Pennsylvania, also talked about the economy. Arguing for a reduction in taxes and in federal spending, the Arizona senator chided Obama for proposing an increase in capital gains taxes.

"Why in the world would anyone raise taxes on capital gains?" McCain said. "Why would you to take more of the people's money and send it to Washington" so lawmakers can indulge in pork-barrel spending," he asked.

Saying he respects Obama, McCain said the two have fundamental disagreements on a series of issues from taxes to healthcare. "He wants the government to make decisions for the American family," McCain said, "and I want the American family to make those decisions."

Seeking to deflect charges that he is running for a third Bush term, McCain said that his opponent is running for Jimmy Carter's second term, "dusting off the old policies of the '60s and '70s that failed."

McCain, who has recommended a series of 10 town hall meetings with Obama, claimed that he has yet to hear back on the idea from the Democrat's campaign, which said Tuesday that it had written to the McCain camp with an alternative suggestion.

"People are sick and tired of sound bites, the spin room, media personalities," said McCain. "They want us to stand before them" and debate the issues.

Source: http://www.latimes.com/news/politics/la-na-campaign12-2008jun12,0,6342131.story

Discuss what you think about this.

[taily]

I don't know much about politics, but it sounds to me like this whole thing is to make Mcain look like the devil.

have been crossing the line to boost their bottom line
:rolleyes: Oh dear...

[DavenIII]

what I know is that whenever penalties are put on big business be it oil or credit card companies or anything else the people who ultimately pay for it is you and me.

Obama wants to put a windfall tax on the Oil Companies... but all that will do is make gas cost even more.

now he wants to start meddling with the way credit companies do business...all that will do is make it harder to get credit cards with decent interest rates in the first place.

this is supposed to be America this is supposed to be capitalism not socialism why is it all the sudden the governments job to decide how much money certain companies can make and how they should or shouldn't run their own private companies.

BTW an interesting statistic I heard the other day, you know all the talk about how the bottom 50% of the population pays so much in taxes and how the top money makers never pay anything.....

Exxon Mobile ... payed larger taxes BY ITSELF then the entirety of the lower 50% of the population of America personally I don't think thats right... no one company should have to sustain the well being of 50% of the nation.

[goddessofanime]

I officially hate Obama now.

[Old Ape Face]

I officially hate Obama now.

Obama, is going to turn America into a Communistic like country. Uh I think this would really get people to vote for McCain don't ya thing :rolleyes:

[Ken-Ohki]

Exxon Mobile and other oil companies have made more money in profits in the years since the second gulf war than any company in history, ever.

I don't know about credit cards since I've never had one but I agree with him that credit is one of the worst crisis this nation faces and encouraging people to save rather than spend in debt would be a good thing.

I'm not an economist though so I don't know how that would effect the current economy. It's unfortunate that this nation is built on spending and wasting in order to keep the economy running.

[Tidusauron12]

...turn America into a Communistic like country.

You sound stupid.

[goddessofanime]

Obama, is going to turn America into a Communistic like country. Uh I think this would really get people to vote for McCain don't ya thing :rolleyes:


Uh...I wouldn't go that far.

[VidelCoolGirl]

Watch it guys. This'll be locked if you can't keep it under control.

[Jae Hoon]

I would Obama has alot of facist views and America is slowly turning into one as it is.

Obama is a hypocrite anyway, he complains about this but he himself has recieved millions of dollars in illegal funding for his campaign.

[Hara!]

Watch it guys. This'll be locked if you can't keep it under control.

While you were gone, this forum pretty much turned into SD&D.

I blame myself.

[VidelCoolGirl]

Yeah, Super Videl was on rarely. She'll try and make more of an appearance like she did way back when. I missed you all too.

I do hate credit card companies though. They don't stop calling you at like, 8am.

[DavenIII]

Exxon Mobile and other oil companies have made more money in profits in the years since the second gulf war than any company in history, ever.

I don't know about credit cards since I've never had one but I agree with him that credit is one of the worst crisis this nation faces and encouraging people to save rather than spend in debt would be a good thing.

I'm not an economist though so I don't know how that would effect the current economy. It's unfortunate that this nation is built on spending and wasting in order to keep the economy running.

Yes Exxon Mobile makes lots of money... you ever see what kind of Taxes they pay? they payed 30 BILLION dollars in Taxes last year.

41% of the their taxable income as opposed to you and me who pay what 10-15% tops? 30% if your filthy rich?

before we demonize these oil companies realize that they pay for our country through taxes...the Oil Companies do far more for our country then you and me...

Their Profit margins are that of 10% its really not as high as people think, you know what Microsoft and Googles profit margins are 31% and 25%..... they are far worse.

also when Obama says he's gonna tax Oil Companies he means "American" Oil companies... which means we will become even MORE dependent on outside sources for oil because his taxes here in America won't effect them.

[KatayokuのTenshi]

credit card companies that charge exorbitant -- and sometimes hidden -- fees to economically scrapped consumers, saying the companies "have been crossing the line to boost their bottom line."

I don't know about you, but to me that sounds like a bad thing.

Communistic like country

Did someone start the Cold War again and not tell me? :rolleyes:

[Chopin]

I officially hate Obama now.

You are a blundering idiot.

I don't think you're even old enough to know what a credit card is.

[Kagura]

I kind of think Obama is pulling this to make McCain look bad, but that is politics now a days. Each one making the other look bad. Also, everyone knows life in this time and world isn't as easy anymore. It always has to involve someone, no matter who it is, holding out his or her hand wanting paid for something. We all know Money rules everyone anymore. If you don't have money, you are screwed.

In my opinion, no matter who gets voted in, Obama or McCain will do their so called "promises" to fix an issue or whatever, and it will end up to where we will be paying some kind of new taxes or the current taxes will be raised sky high to make up for the Federal Government's expeditures. For example, Clinton's idea of having every single American covered by Health Insurance. Sure, I love the idea, but there will be money spent on that and who will have to pay in the end? We will anyway somehow.

Credit Card companies you do gotta watch for as there could very well be hidden fees. Just always make sure to read the small print before signing anything! (They are annoying when you owe them money as they never leave you alone. Videl is right. They will do nothing but call you at all times of the day to try to collect their money.)

[Suiko Eiji]

Watch it guys. This'll be locked if you can't keep it under control.

In advance, I apologize. :lol:

Democratic presidential candidate Sen. Barack Obama took aim today at credit card companies that charge exorbitant -- and sometimes hidden -- fees to economically scrapped consumers, saying the companies "have been crossing the line to boost their bottom line."

I blame people who don't pay their credit balances. I also blame the mortgage crises on people buying more than they could really afford and investors who took too many risks and it came around to bite them in the ***. But, I forgot, big brother's there to bail me out!

Exxon Mobile and other oil companies have made more money in profits in the years since the second gulf war than any company in history, ever.

They also make 3-4 cents per gallon. Taxes, at Federal, State, and local levels, can be anywhere from 10-25 cents per gallon. Who's gouging now?

"Why would you to take more of the people's money and send it to Washington" so lawmakers can indulge in pork-barrel spending,"

... And you're just as guilty as the rest of them.

[Bernard_Monsha]

Exxon Mobile and other oil companies have made more money in profits in the years since the second gulf war than any company in history, ever.


Oil companies are making the same percentage profit wise 9-10% oil just cost more.

... And you're just as guilty as the rest of them.

McCain has never made a habit of making earmarks for himself. I still think he has a suicide wish, his campaign is being run by Democrats :huh:

[goddessofanime]

You are a blundering idiot.

I don't think you're even old enough to know what a credit card is.


Excuse me; I may be an idiot but I do have some experience with credit cards. It's not just the credit cards either; There's already been talks about how Obama plans to raise taxes if elected. You're entitled to disagree with me, but you don't have to resort to name calling. Unless you want this thread to close.

I forgot this is AN. Politics and AN don't mix.

[Tidusauron12]

I forgot this is an internet forum, which has high traffic of underage anime geeks. Politics and underage anime otaku don't mix.

Don't worry, that guy was just being a jerk.

[Ken-Ohki]

Even minor insults will not be tolerated, please be nice. Disagreeing with someone is one thing, calling them stupid is another.

[Hara!]

This is soooooooo locked...

[Haro!]

Obama is also out to enslave the white race but we all knew that too

[Hara!]

Obama is also out to enslave the white race but we all knew that too

He's got my vote.

Didn't Namor try the same thing back in the 40s, though?

[goddessofanime]

Obama is also out to enslave the white race but we all knew that too


ROFL.

So, I'm betting what, five, ten minutes before it gets closed?

[Vaikyuko]

The article made me roffle.

Obama really doesn't know what he's doing, does he? Ah, well.

[Maxximo]

Yeah, Super Videl was on rarely. She'll try and make more of an appearance like she did way back when. I missed you all too.

I do hate credit card companies though. They don't stop calling you at like, 8am.

Somebody forget to pay there bill.:P

[superplough]

I'd vote for Obama if I was American.

Credit cards are evil.

Taxes are necessary for the well being of the state.

[Suiko Eiji]

Taxes are necessary for the well being of the state.

Agreed, but a small amount of each are beneficial to the individual.

[Ken-Ohki]

It's difficult and I'm not an economist but it's like having a slider bar. Everyone knows that too much business interest is not good, monopolies for instance are harmful to the economy. What the government tries to do is say "Hold on there, what you're doing is no longer in the best interest of the people, you're causing more harm than good." At that point the government decides what laws need to be put into place so a company does the most good for the most people. What we disagree on is where that slider needs to be placed along that line.

[Bernard_Monsha]

Agreed, but a small amount of each are beneficial to the individual.

But the people running the state deserve to be benefited more at the expense of the individual. After all me and you are cattle to be farmed for their benefit.

[Tidusauron12]

But the people running the state deserve to be benefited more at the expense of the individual. After all me and you are cattle to be farmed for their benefit.

I lol'd. :lol:

[DavenIII]

It's difficult and I'm not an economist but it's like having a slider bar. Everyone knows that too much business interest is not good, monopolies for instance are harmful to the economy. What the government tries to do is say "Hold on there, what you're doing is no longer in the best interest of the people, you're causing more harm than good." At that point the government decides what laws need to be put into place so a company does the most good for the most people. What we disagree on is where that slider needs to be placed along that line.

The reason monopolies are bad is because there is no competition, without competition the monopolies stops improving the product.

thats not what Obama is talking about, he's not talking about Taxing say.... Microsoft.... instead he's talking about taxing the entire PC technology industry Dell/Microsoft/Apple etc etc etc, and thats why its a problem.

when you Tax a Whole industry all that does is INCREASE what the consumer spends, companies like Exxon or MBNA Credit cards will still keep exactly the same profit margin, the only difference is the government will get more from them in taxes and WE will pay more to them for their service/product because of it.

Obama's speech really has nothing to do with stopping monopolies... it has more to do with a Socialism type economic system(distribution or wealth), why we would want America to start turning into a socialist economy is beyond me, capitalism seems the best to me still believe it or not.

[Bernard_Monsha]

To putiot in layman's terms companies never pay taxes. They pass those taxes onto the consumer, raise taxes on oil companies and you will see the price of their products rise proportional to the tax hike.

[DavenIII]

To putiot in layman's terms companies never pay taxes. They pass those taxes onto the consumer, raise taxes on oil companies and you will see the price of their products rise proportional to the tax hike.

yes thats probably the best way to put it...and it applies to pretty much ALL companies, I'm not sure of Credit Card profit margins and what they are already taxed, but I'm pretty sure regardless of what it is if they tax or penalize Credit Card companies credit card owners are going to pay for it...at least thats how it works with every other type of company in the history of the USA.

[Ken-Ohki]

Well then this is simply another tax, why are you saying it's unfair that oil companies and credit card companies are being treated unfairly if it doesn't effect them at all?

Maybe I don't understand what it is you're trying to point to.

[Holy Knight]

Well then this is simply another tax, why are you saying it's unfair that oil companies and credit card companies are being treated unfairly if it doesn't effect them at all?

Maybe I don't understand what it is you're trying to point to.

From what I gather, a tax on credit card companies would directly translate into a tax on the consumer since the companies would simply increase fees to offset the loss from taxes. So if you tax a company, you're taxing the user base of said company.

[DavenIII]

From what I gather, a tax on credit card companies would directly translate into a tax on the consumer since the companies would simply increase fees to offset the loss from taxes. So if you tax a company, you're taxing the user base of said company.

Exactly.

I'm using Oil as an example.... I don't know 100% how it will affect Credit cards but I know how it affected Oil, Oil's profit (what they make minus taxes payroll etc etc) is 9-10% Oil's profit in the 70's, 80's 90's and early 00's was 9-10% its always the same, when they start taxing it and when they start making it harder to drill for it all that does is transfer the excess taxing and the excess Research and development and cost of drilling to the Consumer... which is you and me.

so Obama wants to penalize Credit Card companies, whether its fair or not is not the point, the point is the result of penalizing companies in america is almost always increased price for the consumer.

I don't know how else to explain it :(

I'm not good at explaining stuff like this I guess.

[Bernard_Monsha]

Well then this is simply another tax, why are you saying it's unfair that oil companies and credit card companies are being treated unfairly if it doesn't effect them at all?

Maybe I don't understand what it is you're trying to point to.

Because they will either raise the prices or move someplace else that will not tag on an extra tax to the already high 40% they pay (even socialist countries like Sweden have lower corperate tax rates). If you wanted to attract business ideally you would not have any taxes on them at all except on direct consumption.

[HSaabedra]

Because they will either raise the prices or move someplace else that will not tag on an extra tax to the already high 40% they pay (even socialist countries like Sweden have lower corperate tax rates). If you wanted to attract business ideally you would not have any taxes on them at all except on direct consumption.

A third of my net profits from consulting and production jobs goes to the government so if either of them actually pulled their heads out from their rectums about this issue, I'd be grateful and we wouldn't have to resort to BS like the H1-B.

[Ken-Ohki]

Ah, my mistake. I thought the complaint was against targeting companies unfairly because of this statement


BTW an interesting statistic I heard the other day, you know all the talk about how the bottom 50% of the population pays so much in taxes and how the top money makers never pay anything.....

Exxon Mobile ... payed larger taxes BY ITSELF then the entirety of the lower 50% of the population of America personally I don't think thats right... no one company should have to sustain the well being of 50% of the nation.

I suppose the argument is then simply about the raising or lowering of taxes to the general public. In this case I felt that by taxing credit card companies you're encouraging people to use their services less, thus helping people stay out of debt. This goes back to my statement here:

It's difficult and I'm not an economist but it's like having a slider bar. Everyone knows that too much business interest is not good, monopolies for instance are harmful to the economy. What the government tries to do is say "Hold on there, what you're doing is no longer in the best interest of the people, you're causing more harm than good." At that point the government decides what laws need to be put into place so a company does the most good for the most people. What we disagree on is where that slider needs to be placed along that line.

In the idea that raising taxes for credit companies translates to less debt which hurts the industry but helps the populace.

It may be a bad idea, I don't know. I'm simply trying to understand the ideas behind it.

[DavenIII]

Ah, my mistake. I thought the complaint was against targeting companies unfairly because of this statement



Personally I DO think that its unfair, that said we will leave that for another topic.

But anyhow, what you said, tax them more to make the consumer use Credit Cards companies less.... yeah... that Socialism... America is SUPPOSED to be a Capitalist society.... pretty much what they are doing is directly opposed by the Constitution of the United States.

again in my opinion the outcome is not what matters here, the fact that the Government thinks it should have the right to control an industry is against the Constitution...it boarders on Communism those are strong words but they ARE true. First its Oil then its Cigarettes then its Credit Card companies... what do you do for a living Ken-Ohki? what if suddenly the government just decides it needs to place a larger tax on your business because its good for the populace...... thats not supposed to happen in America.

[Xhalen]

Err, not to totally derail the thread but nowhere in the Constitution does it state that America was suppose to be established as a Capitalist society...you might infer that from the way you interpret passages but the government actually does have the right to regulate industry as it sees fit.

Granted I don't agree, I'm all about free markets and allowing capitalist forces to do their thing, but quite honestly I don't think too many people would be able to handle living in a completely free-market society.

[CrossboneGundam]

lol, poor credit card companies. They're innocent!

http://www.pbs.org/wgbh/pages/frontline/shows/credit/

» Even if you make your credit card payments on time, the credit card bank can raise your interest rate automatically if you're late on payments elsewhere -- such as on another credit card or on a phone, car, or house payment -- or simply because the bank feels you have taken on too much debt.

This practice is called the "universal default" clause and increasingly is becoming a standard clause in credit card agreements. According to credit card executives, the logic behind universal default is that the bank is not being unreasonable in raising rates when it has reason to believe that the risk of being repaid by the customer has increased.

» There is no limit on the amount a credit card company can charge a cardholder for being even an hour late with a payment.

In 1996, the U.S. Supreme Court in Smiley vs. Citibank lifted the existing restrictions on late penalty fees. Back then, fees ran to $5 or $10, and usually did not exceed $15. After the Court's decision, fees soared, reaching upwards of $30. Since then, the amount of revenue the companies generate from fees (including late charges, over-the-limit fees, and charges for returned checks) has doubled. Duncan MacDonald, one of the lawyers who worked on the Smiley case, predicts penalty fees could rise to $50 in another year.

» There is no federal limit on the interest rate a credit card company can charge.

If you've ever looked at the return address on your statement, you may notice your credit card issuer is located in a state such as South Dakota or Delaware. That's because these are the states that have either weak or no "usury laws" meaning there is no cap on the interest rate that is charged. (View this map that shows the states where the top ten credit card issuers are located.) The federal government once had national usury laws that set a cap on the amount of interest that could be charged on a loan. But after the Great Depression, it repealed them and some states put no new usury laws in place. That's why Citibank, the issuer of Mastercard, moved to South Dakota, which has no cap on interest rates.

[Bradster]

I blame people who don't pay their credit balances. I also blame the mortgage crises on people buying more than they could really afford and investors who took too many risks and it came around to bite them in the ***. But, I forgot, big brother's there to bail me out!

There's certainly enough blame to go around to more than just the people who bought something bigger than they could afford. And Bear Stearns got billions towards their bailout on our tax tab, so why just corporate welfare? (Oh, to be "too big to fail")


But the people running the corporations deserve to be benefited more at the expense of the individual. After all me and you are replaceable work units to be dismissed at will for the benefit of the stockholders.

Fixed for accuracy.

lol, poor credit card companies they're victims of the evil fascist barack obama's nefarious political machine.
I've got no sympathy for businesses like banks which incorporate themselves in states with weak or nonexistent usury laws. EDIT: CBG's added quote wasn't there when I started this post.

[DavenIII]

I can't remember the name of the guy or the quote word for word.

But a wise person once said that the government should not be allowed to do anything a person would get arrested for if they had done so to another person.

that includes invasion of privacy and many other things... but its to the point were the government is pretty much "Stealing" from private business today... at least thats my opinion.

If anyone knows the guy or the quote I'm refering please post it, its killing me that I can't remember.

That said I "Suppose" it doesn't technically say the U.S. has to be a capitalist society but it sure seems like its suggesting that it "Should" be.

[CrossboneGundam]

I can't remember the name of the guy or the quote word for word.

But a wise person once said that the government should not be allowed to do anything a person would get arrested for if they had done so to another person.

that includes invasion of privacy and many other things... but its to the point were the government is pretty much "Stealing" from private business today... at least thats my opinion.

If anyone knows the guy or the quote I'm refering please post it, its killing me that I can't remember.

That said I "Suppose" it doesn't technically say the U.S. has to be a capitalist society but it sure seems like its suggesting that it "Should" be.


It's not surprising to me that people ignorant about political and economic issues tend to think big business is an innocent victim of big government.

Big business is getting bigger, the rich are getting richer, the poor are getting poorer and the economy has been the least regulated over the past 30 years than is has since the 1920s, and if you don't know where that left us, here's a hint: Great Depression. It was a lack of oversight and regulation that led to the crash of 1929, with big wall street financiers and banks manipulating the stock market for their own gains, which is just more proof that regulation is necessary because you can't trust big business to be nice and play fair out of the goodness of their hearts when they have all the power, as is proven constantly throughout human history.

Part of the reason the current credit crisis occurred was because Alan Greenspan became head of the Federal Reserve and basically let banks and lenders have free reign for 30 years to do whatever they wanted, like start making loans to people they knew couldn't pay it back and charging them obscene interest rates on those loans. Or rather, it COULD have been prevented if the government exercised reasonable oversight and regulation, which it didn't.

And once that went to hell courtesy of the invisible hand of the market, the people in the government who share your opinion that poor big business is being raped by the evil government decided that it should be you and I (assuming you're a US tax payer) should pay to bail out the lenders who made a stupid move in lending to people who couldn't pay, just like they did a few years back when they decided we should bail out big airlines who couldn't compete (without us having any say, again.)

[Ikari Warrior]

It's not surprising to me that people ignorant about political and economic issues tend to think big business is an innocent victim of big government.

Big business is getting bigger, the rich are getting richer, the poor are getting poorer...

No, no, you've got it all wrong. The rich get richer and the poor get children.

Anyhow, I agree with your post, I just wish that we could VOTE on some of the BS (or rather vote against it) considering that we have this fundamental right that is so ****ing important!

[CrossboneGundam]

No, no, you've got it all wrong. The rich get richer and the poor get children.

Anyhow, I agree with your post, I just wish that we could VOTE on some of the BS (or rather vote against it) considering that we have this fundamental right that is so ****ing important!

That's the problem with representative government: Politicians.

[DavenIII]

how can you say the rich get richer and the poor get poorer when

The Rich (well use Exxon here) is paying more taxes BY ITSELF then the lower 50% of Americans. thats ONE company paying more taxes then 150 MILLION people... combined and btw those Taxes go into Government programs that supplement that bottom 50%

I'm certianly not ignorant of the issue I believe you are, do you honestly believe taxing Big Business is a solution to our problems Crossbone?

I'll give you another guy who thought like Obama did..... Jimmy Carter.

Remember those waits at the Gas Pumps? (neither do I but I've seen video :P)

[Bradster]

And once that went to hell courtesy of the invisible hand of the market,

But the Invisible Hand whitens teeth, freshens breath, cures cancer, and rubs one out for you if you invest enough!

Or it doesn't care how the money's generated until somebody gets caught and the flow stops, and the domino effect starts taking others down.

Two sides of the same coin, I guess...

[Old Ape Face]

No, no, you've got it all wrong. The rich get richer and the poor get children.


Hey, All jokes aside (whether that was a joke or not.) I'm poor and I already know that children is the last thing on my "to waste money on" list. I make around $140-$200 a week, sadly to say I spend more then my income but only becuase I have to, I pay my own Medical insurance, and my own car insurance, totaling about 50 bucks a week, I buy my own food when I have to, I have to get from point A to Point B by my own locomotion unless I want to be late to work everyday.

I've got to find a better job but I'm concentrating more on a degree so I can at least show some employer that will pay a better income, I'm not an ignorant ******* wasting their time, I'm in the poverty level But I can at least manage some things. If my head were in the game I'd do very well.

[CrossboneGundam]

how can you say the rich get richer and the poor get poorer when

The Rich (well use Exxon here) is paying more taxes BY ITSELF then the lower 50% of Americans. thats ONE company paying more taxes then 150 MILLION people... combined and btw those Taxes go into Government programs that supplement that bottom 50%

I'm certianly not ignorant of the issue I believe you are, do you honestly believe taxing Big Business is a solution to our problems Crossbone?

I'll give you another guy who thought like Obama did..... Jimmy Carter.

Remember those waits at the Gas Pumps? (neither do I but I've seen video :P)

And yet they've still managed to reap the largest profits of any company ever.

I didn't say taxing big business was the solution to any problem, I said they're not poor downtrodden victims of the evil american people.

And the top 1% of the US population controls 38% of the wealth, the top 10% controls 71% of the wealth, and the bottom 40% controls 1%, and the gap is continuing to grow in favor of the top 1%.
http://en.wikipedia.org/wiki/Distribution_of_wealth#In_the_United_Sta tes
http://sociology.ucsc.edu/whorulesamerica/power/wealth.html

In other words, the rich are getting richer and the poor are getting poorer.

Also, Jimmy Carter was never issuing direct commands to OPEC, much less ones to decrease production.

[Haro!]

I work for a financial institution and I will be the first to say that we brought that s*** on ourselves. The market was very deregulated and everyone was trying to make their money by any means necessary while no one was looking. As a guy in this line of work, I am scared shitless of credit, credit cards, loans, and basically any money that isn't mine and in my pocket. Thankfully my pay is good.

[Xhalen]

And yet they've still managed to reap the largest profits of any company ever.



The problem with statements like this is that you're getting sucked into believing that a big number are the end all be all of analysis for a given financial sector. Again, I think someone else already pointed out, Exxon's actual profit was somewhere around 7% for the year.

Or maybe you're not, I could just be misunderstanding what you're writing.

As far as the rich getting richer..it's basically always been like this(in the US)...I'm not sure I understand why people think this is a new phenomenon.

[Suiko Eiji]

I work for a financial institution and I will be the first to say that we brought that s*** on ourselves.

Yes, even though I may not have specifically mentioned it by name, financial institutions also took a lot of risks in this and they're just as responsible as the individuals who spent beyond their means. I've just started a job with a financial institution and even though we're no where near as risky as some other players, we've had our *** bitten too.

As far as the rich getting richer..it's basically always been like this(in the US)...I'm not sure I understand why people think this is a new phenomenon.

They are usually the same people who think Barak Obama is full of new ideas.

And the top 1% of the US population controls 38% of the wealth, the top 10% controls 71% of the wealth, and the bottom 40% controls 1%, and the gap is continuing to grow in favor of the top 1%.

And the top 1% pays ten percent of all Federal taxes; the top 10% pays fifty percent.

[Old Ape Face]

They are usually the same people who think Barak Obama is full of new ideas.


It not that they are new ideas, it's more like he's projecting old ideas with a new flash to them, or so he would make it seem, and he's letting the ignorant people think he's all high and mighty with new ideas.

[Suiko Eiji]

^And it's those same ignorant people who think "the rich get richer" is a new concept.

I'd argue that we only had one boom where there was a fairly even class structure and that was probably right after the Second World War when there was a very strong shift from agrarian communities to urban and suburban communities.