Forum Post: WALL Street got everything since Citicorp Mergered with Travelers Insurance, Except GOP President
Posted 7 years ago on Nov. 15, 2012, 11:20 a.m. EST by Middleaged
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Talk About Ungrateful.
Wall Street got everything it wanted since Citicorp Mergered with Travelers Insurance in 1998, Except GOP President ...for the most part anyway. The Gramm–Leach–Bliley Act (GLB), AKA the Financial Services Modernization Act passed in 1999. The Commodity Futures Modernization Act of 2000 was bi-partisan legislation that formally exempted derivatives from regulation, supervision, trading on established exchanges, and capital reserve requirements for major participants. A contributing factor to the rise in house prices was the Federal Reserve's lowering of interest rates early in the decade. From 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. 5.Savings and Loans gained a wide range of new investment powers with the passage of the Depository Institutions Deregulation and Monetary Control Act and the Garn–St. Germain Depository Institutions Act.
1) Low Interest Rates for Banking & Corporations
2) Low Capital Gains & Carried Interest Tax rates
3) Unlimited Shell Companies and Ultra Flexible rules of Incorporation
4) Flexible Accounting Rules, no problem with Off Balance Sheet Transactions
5) No Penalty or Tarrif on Offshore Production or Corporate Headquarters
6) No Corporate Tax Increases for closing US Plants or Production
7) Executives get Income Taxes Deffered in Trust Funds and ...don't have to declare income in the year of earning, same with Bonus
8) Over 2000 separate federal subsidies are opportunities for corporate Welfare
9) Public Private partnerships have become not only commom, but are part of our US Business Culture for reducing Risk
10) Federal Low Interest Loans are available for industries with high capital investment like Petroleum Exploration or Transportation
11) A Suite of Tax Loopholes is Available to Wealthy people or Big Corporations
12) Bank Bailouts provide Direct Corporate Welfare to US Financial Organizations
13) Plenty of Lucritive Federal Government Contracts such as Defense (regardless of War or not)
14) Deregulated Banking and Shadow banking with No Transparency or Even National Data
SO IS There anything for Corporations to Complain About?
A) Sounds like democratic party presidents don't like to sit down and nod their heads to people that have disparaged them in the media or in priavate. Could be a negotiation tact to feign little time available for meetings with business or GOP members. Could be the more time you spend with Business people the more promises you end up making, so ...might be less meetings = less promises.
B) Could be that Business Lobbyist or Business reps never admit that Lobbies cost federal, tax-payer money when they are successful. Dealing with Lobbyist must be Very, Very Frustrating. So, yeah, Could be that Obama Avoids Lobbyist and GOP Reps plans to Cut Taxes in the Largest Soverign Debt in World History ($16 Trillion Dollars) ...All the While Planning more Defense Spending Increases since GOP members are so Frightened by Huns, Islamists, and anyone different from them.
Underneth, What Should Banks be Talking to Congress & Obama About??
A) Solutions to Depression in Greece, Spain, Portugal, Ireland, & Italy
B) Solutions to Recession in the Whole Euro-Zone & East European Countries
C) Slower Growth IN China, Brazil, Russia, Japan, India
D) Causes of Global Slow Down, Causes of Lower US Investment, Lower Global Trade
E) Solutions for Increased Investment in US Small Businesses, or how to Create an Enviroment for Small Businesses to Thrive
F) Possible Presidential Leadership nationwide asking for Americans to Study the problems that have lead to our Retirement Crisis ... and Economic Crisis (What you didn't know there was a Financial Crisis?)
Main Street Probably Wants to ask President Obama, Why doesn't he look at, debate, start national discussion,... about the Most Expensive things in the US, and how Financial Schemes are behind them making Outsized Profits for Executives and Bankers
And isn't it possible, Very Possible that Business Leaders do not want common solutions for everyone, because they don't win. The only way Businesses Win, is if they get an Unfair Advantage Over Everyone Else including the Consumer. Remember the Company Store? You work for us, you live here, and you buy from the company store. What a great Business Model. And if they can't get an unfair advantage, then they'll take a Risk Free Investment ...like a public private partnership... or low Interest Federal Loan they can invest in Financial Instruments without any Regulations at all.
http://www.cfda.gov/ (List of Federal Subsidies)
http://money.cnn.com/2004/05/24/news/fortune500/walmart_subsidies/ ($1 Billion Dollars)
http://www.fms.treas.gov/mts/mts1012.pdf ($3.75 Trillion Estimated 2013 Federal budget Outlays) ($445 Billion Dollars Estimated 2013 Total Interest Payment on Debt)