The Wall Street TARP Gang Wants to Take Away Your Social S

[defendandprotect]

movements that have changed our society » The Wall Street TARP Gang
Wants to Take Away Your Social Security

By Dean Baker - November 9, 2010, 8:01AM

Even more important than the hundreds of billions of loans issued through the TARP was the trillions of dollars of loans and guarantees from the Fed and the FDIC. This money came with virtually no strings attached. It kept Goldman Sachs, Citigroup, Morgan Stanley, and Bank of America and many others from collapsing. As a result, folks like Goldman CEO Lloyd Blankfein are again pocketing tens of millions a year in wages and bonuses, instead of walking the unemployment lines. Instead, 15 million ordinary workers are being told to just get used to being unemployed; it's the "new normal."

But wait, it gets worse. The thing about Wall Streeters is that no matter how much money you give them, they always want more. Now they are using their political power and control over the media to attack Social Security.


This effort is being led by billionaire investment banker Peter Peterson. Mr. Peterson has personally profited to the tune of tens of millions of dollars from the "fund managers' tax subsidy," an obscure provision of the tax code that allows billionaires to pay a lower tax rate than schoolteachers and firefighters. However, Peterson believes in giving back. He has committed $1 billion to an effort that is intended to take away the Social Security benefits that people have worked and paid for.

As part of this effort, Peterson set up a whole new foundation, the Peter G. Peterson Foundation. He and/or his foundation created a "news service," the Fiscal Times, which is intended to promote the view that we have no choice but to cut Social Security. The Fiscal Times has entered into agreements with the Washington Post and other credible newspapers to provide material.

More + other links
http://tpmcafe.talkingpointsmemo.com/2010/11/09/the_wall_street_tarp_gang_wants_to_take_away_your/


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Also note that Peterson has created a high school program which will tell school kids
that the US will be too poor in future to fund Social Security. KEEP IN MIND THAT
SOCIAL SECURITY IS NOT FUNDED IN ANY WAY BY GOVERNMENT! SOCIAL SECURITY IS PAID FOR
BY THE EMPLOYEE AND THE EMPLOYER AND THE US ADMINISTRATES THE PROGRAM FOR .03%.

SOCIAL SECURITY IN NO WAY ADDS TO THE FEDERAL BUDGET -- !!!



$20 million is being spent by Peterson in a new propaganda campaign to convince America

that the end is near if we don't dismantle/cut Social Security!

[SammyWinstonJack]

1. !!!!

:grr: :argh:

[fasttense]

2. If Billionaire Peterson used the money he spent trying to starve old folks

to pay our national debt, we probably wouldn't have one.

Got to kill off millions of old folks cause a billionaire just wants what he wants. Never enough money for these sick idiots.

[monmouth]

3. It. Will. Not. Happen...This crap has been going on for as long as I

can remember and the uninformed get scared to death for no reason. This is just drama and it gets old after a while, know what I mean?

[defendandprotect]

4. We also thought that about the overturning of 60 years of Welfare Guarantees .... Clinton did it--!!

How about the overturning of NEW DEAL regulations on predatory capitalism --

said it would never happen -- it did!

We need to reinstate all of those NEW DEAL regulations and Glass-Steagall otherwise

we're open to having more of these crashes and right wing swindling going on!

The "drama" is on the side of the right wing which has been running propaganda against

Social Security for decades!

Presume you also thought W was joking when he wanted to privatize Social Security and

move money to Wall Street???

Sure ..... Bush was joking!!!


:rofl: