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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Monday, December 06, 2010

Wall Street wins again

If you ever had a doubt who are the beneficiaries of the millionaire tax cut battle, rest assured Wall Street has never had a doubt.

Congress is debating tax rates, and that has Wall Street nervously eyeing the calendar. Worried that lawmakers will allow taxes to rise for the wealthiest Americans beginning next year, financial firms are discussing whether to move up their bonus payouts from next year to this month.

Yep, the folks who brought you the Great Recession with a confusing maze of sub prime loans, credit default options -- and staggering bonuses -- are out to protect their gains.

And the Republicans who shielded them from the type pf regulation required after that debacle are considering whether to toss a few bones at the long-term unemployed who are suffering from the jobs destroyed by Wall Street greed.

Yes, the very industry whose reckless irresponsibility allowed the destruction of millions of jobs is the one GOP leaders like Mitch McConnell and John Boehner see as the engine to get the economy going again.

It's not the first time -- these are the folks after all who reaped the biggest windfalls when the Republican Congress implemented the cuts during the first Bush recession. And they are the ones who used federal dollars to pay their own bonuses even as we paid to clean up their mess.

And they are the same one who will hold up repeal of "don't ask, don't tell" and stymie a nuclear arms control treaty because their principal concern is the defeat of Barack Obama and not the safety and well-being of the United States.

You get what you pay for -- and the corporate titans who have bought and paid for the Republican "leadership" should be grinning broadly as they plan to use the tax savings on their bonuses on yachts and mansions and $6,000 shower curtains while the rest of us struggle to clean up after them.

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Anonymous Anonymous said...

Someday read "The Legacy of the Clinton Bubble" by Timothy Canova. It didn't start and end with Bush, he just happened to be the one holding the "hot potato" in his hands when it all came to a crashing end. Bill Clinton had a lot to do with it, but liberals will never let the truth get in their way. Both parties have and will continue to screw the little guy.

December 06, 2010 10:40 AM  

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