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eric pinto wrote:
> Mindless Tea Party rats, Merv, that's what it boils down to, all things
> said.
> They ship out capital and manufacture abroad, to save on employee costs
> and benefits.
Doc,
The nature of capitalism is for capital to move to where labour is cheap. In
this regard, the US capitalists have done the right thing by sending jobs to
India
China.
The problem with the current US capitalist system is that the US govt now gives
the companies exporting jobs, an additional reward. The reward is in the form
of
generous tax breaks. If you are scratching your head, so am I. Karl Marx
himself
did not visualize the possibility of a capitalist country rewarding its
companies for
exporting jobs.
As for the rest of your comments, it seems that you could have written the
script for
the infomentary, "Inside Job." The only thing missing is that you did not
mention
how Lehman Brothers came up with the idea of selling derivatives that would
allow
them to profit from the failure of stocks that they were promoting.
One last thing, if the US changes its policy from "send over your hungry and
shivering"
to one of 'send over those with the money,' we will indeed be living in
interesting times.
Mervyn
They then leave the profits abroad to escape corporate tax: estimates now put
the number at north of two trillion. Ridiculously low taxes at home mean no
medical care and services for the unemployed, a cheque for just twelve months
and little infrastructure spending.
Many countries in Europe tax industry groups that offsource, the funds are
used to redeploy and support displaced workers.
Yesterday, Citibank agreed to a six hundrd million settlement over the
housing loan bond fraud charges, the second after Bank of America which coughed
up three billion. Here is how the story goes: China lent the government
lending body, Fannie Mae, over a trillion. Fanny doled out this 'free' money
to banks, which then lent freely to builders who in turn sold freely to buyers:
no questions asked about income or ability to make loan payments.
When home buyers did not make payments, the bank's loan agreements were
worthless: not a problem, they sold 'bonds' to the public and state pension
funds that were supposedly backed by the 'value' of these homes. There is no
value in unpaid loan interest, and in the home with no resale value in a market
of unemployed citizens. Bond buyers were defrauded, clearly and knowingly.
The visa ruse will bring in more free money from abroad. It will not be
utilized by persons who need jobs, but the likes of mobsters in political and
business spheres, the world over.
