Investigators discovered that Goldman traders bragged about selling “shitty” deals to clients and the mega-bank bet against the same financial products it was selling to investors. And they’ve lied about it all the way to the bank.
“Wisconsin Democrats delivered a petition today with enough signatures to recall a third Republican state senator who voted to strip most of public employees’ collective bargaining rights.
Ann Schmidt, organizer for the committee to recall Sen. Luther Olsen of Ripon, submitted about 24,000 signatures to the state Government Accountability Board. If the board finds at least 14,733 signatures are valid, officials would call a recall election six weeks from the date of certification.”—Wisconsin Democrats file recall petition for 3rd GOP senator (via ryking)
“One of the right’s widely-used talking points over the last few years is that low-income Americans don’t pay taxes, and that the rich carry an unduly heavy tax burden. Citing a study by the Tax Policy Center, politicians and pundits have repeated the debunked idea that “47 percent of Americans don’t pay any taxes.” In fact, while millions of poor Americans don’t make enough to pay a significant amount of federal income taxes, the working poor still contribute through federal payroll taxes, and according to the Institute on Taxation and Economic Policy, they carry a heavier burden of state and local taxes than the rich in every state except Vermont. In Alabama, for example, low-income families (which make less than $13,000) pay 11 percent of their income in state and local taxes, while those making more than $229,000 pay just four percent. And while taxes on lower- and middle-income Americans have increased over the past 30 years, they dropped for the ultra-wealthy. The 400 highest income Americans saw their rates drop to 16.6 percent in 2007, while the majority of Americans paid 22.5 percent. Because of the Bush tax cuts for the wealthy and a variety of loopholes and legal maneuvers, many of the very richest Americans pay hardly any taxes at all. The same can be said for the nation’s largest corporations, such as GE and Goldman Sachs, which use their own loopholes to either drastically lower the amount of taxes they pay or to avoid paying any taxes whatsoever. The result: More of the tax burden is shifted to low- and middle-income Americans, who pay an extra $434 a year to make up for lost tax revenue from tax-dodging individuals and corporations.”—Myths, Lies, & Deceptions (via ryking)
The GOP, of course, is trying to use this as a bogus excuse to justify another round of spending cuts. However, S&P is threatening to downgrade U.S. debt not because it wants more spending cuts but because Republicans are threatening to vote against raising the debt ceiling. Sure would be nice if our so-called liberal media pointed that out.
Louis-Dreyfus will play former Senator Selina Meyer, who becomes Vice President only to discover the job is nothing like she expected. The cast also includes Sufe Bradshaw (Overnight) the Vice President’s assistant; Anna Chlumsky (In the Loop and, more importantly, My Girl) as her chief of staff, and Buster Bluth as her right-hand man.