The Billionaires Are Getting Nervous – Ed O’Rourke

Bill Gates and others warn that higher taxes would lead to lower growth. They have their facts backward. When I was a child, Ike was president with 91% being the highest marginal tax rate.  These were prosperous years for most people.  There were many living in poverty, in ghettos, Indian reservations and Appalachia.  President Johnson’s War on Poverty brought an end to hardship for many people.

The billionaire class are demonizing Elizabeth Warren and inventing self-serving scenarios.

Wall Street Is a Criminal Organization

See this commentary from Chris Hedges:

Death by Oligarchy

When those on the bottom and in the middle of the social pyramid lose their voice and agency, when the society exists only to serve the greed of the rich, when income inequality reaches the levels it has reached in the United States, the social fabric is torn apart and the society destroys itself.

https://www.commondreams.org/views/2019/11/12/death-oligarchy

Dimon, the chief executive of JPMorgan Chase with an estimated worth of $1.4 billion, is the poster child for corporate greed and criminality. He directed JPMorgan Chase to underwrite fraudulent securities in the years leading up to the 2008 financial crash. He overcharged members of the military on mortgages and mortgage refinancing transactions. He overcharged customers for overdraft fees. He manipulated bidding on California and Midwest electricity markets. He overcharged homeowners for flood insurance. He billed customers for nonexistent credit card monitoring services. He charged minorities higher rates and fees on mortgages than those paid by white borrowers. He failed to pay overtime to company workers.  Yes, JPMorgan Chase had to pay more fines than any other financial institution in the country, but the profits more than offset its fraudulent and criminal activity.

It is Dimon, along with fellow oligarchs Gates and the billionaire investor Leon Cooperman, who has recently led the attack on Warren. Dimon chastised her for her “wealth tax” plan and for allegedly vilifying “successful people.” Cooperman accused Warren of seeking to wreck the American dream. Gates also denounced
Bill Gates Is Good at MathJordan WeissmannThe billionaire is right about how much he’d pay under Warren’s wealth tax, but wrong about the bigger picture.

 her wealth tax plan, although if he did have to pay the tax, he would still be worth $6 billion. When questioned, Gates refused to say whether, if Warren becomes the Democratic nominee, he would support Trump. Sincerely,

Ed

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