You need to know this. Occupy Wall Street is bringing down the big banks. The bank consulting firm “cg42” is projecting that the top 10 mega banks in America could lose $185 billion in deposits through next year as a result of people taking the advice of the 99% Movement and moving their money from banksters on Wall Street to local credit unions on Main Street. Bank of America, JP Morgan Chase, Well Fargo, and Citibank will account for nearly three-quarters of all the losses alone. So far – since the 99% Movement kicked off two months ago– more than 700,000 people have made the switch – depositing their money into local credit unions instead of mega banks. That’s more people making a switch than through all of last year. Time to redefine exactly what “starve the beast” means in the Occupy age.
Who’s screwed? American workers. A new report out of the Commerce Department shows that over the last decade – U.S.-based transnational corporations laid off 864,000 American workers – while hiring more than 1.5 million new Asian workers and hiring nearly 500,000 new workers in Latin America. Also during the last decade – these transnational giants reduced how much money they were investing in the U.S. economy - but increased their investment in foreign economies by 4%. Currently – American corporations pay the second lowest amount in taxes of all the developed nations in the world – and many like General Electric pay absolutely no taxes at all. Yet – they have no interest in keeping all their extra profits right here in America. There used to be a business ethic in our nation that a corporation not only focuses on making a profit – but also serves the community it belongs to. Unfortunately – thanks to thirty years of Reaganomics, Clintonomics, and Bushonomics – and all the tax cuts, deregulation, and so-called Free Trade deals – it’s all about getting as rich as you can – as fast as you can – and to hell with the nation you call home. Can you hear the giant sucking sound that Ross Perot warned us about?
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US Corporate tax rate is the highest in the developed world. Joe the Plumber can't find hidden deductions/tax write offs that larger corporations can employ others to find, and/or lobby legislators to write. It's not an even playing field. One of the things about our system I'm very against. Wipe clean the entire tax code, and start anew.
ReplyDeleteOh, and of course multinationals are going to invest MORE outside of the USA. Where's the growth?? Outside of mature markets. Why stick with the USA, when countries like India/China within the next generation, will have a middle class with more people then our entire population?
This is capitalism, some of it, yes crony capitalism. But that's the way it goes. The alpha and omega is $. If you can't understand that yet, I gotta bridge to sell you in Brooklyn.
Last week Bank of America layed off at least 40 more employees in their Wilmington, Delaware office.
ReplyDeleteMore to come!
How about that Carper, Biden, and all you Dems.