“That money is not cash sitting in a vault somewhere. The federal government has loaned the money to itself, using the cash to pay for other expenses. The loan is in the form of special-issue Treasury bonds that earned $117.5 billion in interest in 2010, according to the latest trust fund report.”

To emphasize — that money is not in a vault. The federal government has already spent it. As the federal government must borrow money to pay it’s bills, period, and all the money comes from the same bucket, we’re still spending more than we take in.

2) And are you willing to support the same exemptions and loopholes that existed during that same period? The same ones that resulted in an effective tax rate at the top of 29-37% (depending on the specific year — http://ir.uiowa.edu/cgi/viewcontent.cgi?article=1006&context=law_pubs)?

And I’m not “demanding” you “write out an entire tax policy” — I’m asking you to define fair.  Here’s my definition of fair — the rich pay more than the poor and everyone pays the same pro rata percentage (if you make $10,000, you pay $1k, if you make $10,000,000, you pay $1M). Not that I’m arguing for a 10% tax rate, but for a simple and consistent tax policy.

3) (I’ll go ahead and correct that numbering for you) Nice to know you’re arguing from emotion on this one….

But the demographics of the US population have changed enough that once the Baby Boomers retire, that won’t come close to working even without right-wing meddling.  Our parents’ generation averaged 3-4 kids each, but the Boomers have averaged 1.9 kids, and improved health and medical care means that retired people live a lot longer than they used to.  Social Security taxes are going to have to at least double if we’re going to maintain current pension rates, and hiding half of them as “employer contribution” doesn’t make it hurt any less.

The Democrats say that the Social Security Trust Fund has enough money to last until 2036.  That seems like a long way away if you’re counting in Congressional election cycles, but if you count demographics, it’s when the middle of the Baby Boom generation will be 80, too old to go back to work at Walmart.  And that really only works if the Federal Government is fiscally responsible with the general budget, so it can run enough surplus to pay back the money that the Social Security Trust Fund invested in it – good luck with that!

The Republicans haven’t been fiscally responsible under their last three presidents, and the Democrats think Keynesian deficit spending will stimulate the economy and hope it’ll be enough to pay for their social programs and for bailing out the Republicans’ messes, so I don’t see things getting better.  Hope I get to retire before I’m 75.

Discusses the FED forcing JPMC to take on Bear.  This was not done because JPMC needed money.  This was done because Bear was insolvent.  JPMC happened to have the liquidity necessary to buy Bear.

Quick google pulled this article which has a transcript of Jamie Dimon explaining TARP fund usage:

http://cnsnews.com/news/article/jpmorgan-chase-ceo-bank-took-tarp-because-we-were-asked-treasury-secretary

And some specific background information on how JPMC profited from the TARP it was asked to take.

http://www.businessweek.com/articles/2012-07-02/jpmorgans-10-billion-subsidy

Also admitting JPMC never needed the funds.

Honestly though.  I shouldn’t be doing your research for you.  If you care about stuff like this and are going to make an argument, you should do so with a full understanding of the context.

1. I didn’t make an argument, I asked for where you got the information to back up your argument.  2. I didn’t ask you to “do my research for me”, I asked you to back up the argument that you made with some actual evidence.

Is your opinion actually based on anything at all?  All I see is excuses for why you shouldn’t have to back up your argument.

You need to not trust me and do your own research and form your own opinions.

I had planned on doing so but before making up my mind I wanted to see the material on which your opinion is based. It might lead me to a different conclusion than I otherwise might have come to had I not looked at the same stuff you did…you know, the obvious reasons for asking you how you came to the conclusion you did.

Honestly though.  I shouldn’t be doing your research for you.  If you care about stuff like this and are going to make an argument, you should do so with a full understanding of the context.

Also even if I do post “primary sources”.  You need to not trust me and do your own research and form your own opinions.  That is if you care.  If you don’t, that’s fine too.  But don’t arm chair anything.  Just let people who are willing to put in the effort carry the weight.  I know that can be hard to do.  But, it is important.

Anyways I am going to sleep it’s 12:35 am and I have to be up in about 7 hours.  Night all.  I really will put in an effort to post some info before the comments lock.

Can someone who is or who has been please explain why the rich desire so much to become Super/Dynasty Rich?

They have high levels of fear and uncertainty and think that amassing vast wealth will make them secure. Pro tip: it doesn’t work. It only makes them more fearful because they now have more to lose.

If you want an excellent sketch of the phenomenon, read Gone With The Wind with extra attention to Scarlett.

2) I’d settle with the rates during our historically prosperous years:
http://www.politifact.com/truth-o-meter/statements/2010/sep/22/barack-obama/barack-obama-says-taxes-are-lower-today-under-reag/

So yes: MORE, and demanding that internet commentors write out an entire tax policy to satisfy you is ridiculous.

4). That’s exactly what they are.

1)  “Social Security does not add to the deficit” (paraphrasing).  Really? Are you sure about that http://www.washingtonpost.com/business/economy/the-debt-fallout-how-social-security-went-cash-negative-earlier-than-expected/2011/10/27/gIQACm1QTM_story.html When a program spends more than it takes in, that’s not a deficit?

Of course, it’s true in that Congress has deemed Social Security to be “off books” for accounting purposes https://www.socialsecurity.gov/history/BudgetTreatment.html so the writer is correct, for a very narrowly defined version of “correct” and “true”.

2) “The wealthy do not pay their fair share of taxes in the United States, which is a major reason there is a large deficit in the first place.” Please, define for me what a “fair share” is, other than “more”.

3) “But the group is really just a coalition for the greedy, unpatriotic rich.” You just have to love ad homemim attacks in place of rational argument.

http://www.youtube.com/watch?v=c91usT4P1u0

A wealthy person can hire a good accountant and optimize their finances to minimize taxes even if it means living in a different country.  Joe the plumber doesn’t have that option.

Then again, this is the way it’s been for thousands of years.  For instance, France is talking about a 75% top tax rate.  I wonder how many wealthy French residents are considering moving to one of their other houses in a country with a more favorable tax situation.  Unless you get rid of “financial wealth” you will always have this situation.

I don’t think Dimon and crew would want to be subjected to a truly free market where the government doesn’t prop them up and make them appear much healthier than they are, and I don’t think they’d want to be subjected to what would happen to them in a legitimate Democracy with a well run government:  Serious investigations, regulations, imprisonment, breaking up, winding down, nationalization etc.

The Fiscal Cliff Is an Artificial Crisis”

You can look all of this up.  The best part of this was when the FED used the example of these companies paying off their bailout debt as proof that the bailout had worked.  When in fact, they had manufactured the results to ostensibly hide failing financial institutions.

You can hate Jamie Dimon for a lot of things, but taking bail out funds is not one of them.  I’d also like to point out that JPMC was forced to acquire several institutions leading up to the bailouts to prevent their collapse.  Many people still have jobs today because JPMC accurately predicted the failure of the market.