The White House Explains Why the Tax Cuts for the Rich Should Expire

hat tip-Politicalinaction.com

Thursday, September 30, 2010
The White House White Board
Austan Goolsbee draws up the current debate over taxes to show how Republicans are preventing everyone who makes under $200,000 a year from keeping their tax cuts so millionaires can keep theirs to the tune of $100,000 a piece and $700 billion we don't have. Basically, the Republicans are fighting for tax cuts for the rich that cost the exact same amount as Obama's healthcare bill that helps 50 million people get insurance. All I'm saying is that this lays bare the priorities of the parties.

If you're not a millionaire, you shouldn't be a Republican (This is a Democratic slogan waiting to happen.) Explain how the Republican party is fighting for average Americans.....no one can because they don't. They just say they do over and over and over and the Democrats refuse to fight them on it.

Arianna Huffington Discusses "Third World America"

Watch an interview with Arianna Huffington focusing on her book Third World America, which talks about deteriorating conditions for the Middle Class in America. Huffington suggests that we are headed for third world status if current economic trends continue. (I have mentioned several times that this is where we are headed, and believe that in some respects, we are already there). But what is different about Arianna Huffingtons commentary is that she sees things from a different perspective than most Progressives. The way that she somehow doesn't see the working class and working poor is quite annoying to me. In many ways, her perspective mirrors that of the Obama Administration in terms of being blind to the working class. Where in the Hell does she think the middle class comes from.... does she think they appear out of nowhere and are suddenly middle class? The working class and working poor of today are supposed to be tomorrows middle class. They make no effort to link these groups together and propose policies that benefit various groups collectively. They have a very myopic view of what the middle class really is.

This is one reason why I am not a big fan of Huffington. Her legitimacy is not very solid. I would much rather hear Barbara Ehrenreich speak on these issues. Someone who actually knows something about what life is like for the poor, the working class, and the middle class. But the discussions with Huffington were still interesting and worthwhile.

Hear a more in depth discussion from NPR.

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Senate Rejects Limit on Credit-Card Interest Rates

Thanks for spirit and whiterosebuddy for the hat tips.

Senator Dick Durbin told us:

The Banks Own The Senate.

From The New York Times

May 13, 2009, 5:49 pm
Senate Rejects Limit on Credit-Card Interest Rates
By Carl Hulse

Despite complaints that banks and credit card companies are gouging customers by charging outrageous interest rates, the Senate on Wednesday easily turned back an effort to cap interest rates at 15 percent.

The effort by Senator Bernie Sanders, the Vermont independent, drew only 33 votes and needed 60, with a bipartisan group of 60 senators opposing it as the Senate pushed its credit card overhaul toward the finish line. Some Democrats and consumer groups have said that an interest cap is needed to put real teeth into an otherwise solid bill.

Other backers of the measure calculated that an interest rate ceiling would doom the popular legislation. The banking industry, which had some heavy-weight representatives monitoring the vote off of the Senate floor, warned that an interest rate limit could cause a sour reaction in the financial markets.

But Mr. Sanders said the card companies and banks were engaged in conduct that could get others hauled into court. He said one-third of all credit card holders are paying interest above 20 percent and as high as 41 percent.

“When banks are charging 30 percent interest rates, they are not making credit available,” said Mr. Sanders, who noted credit unions are limited to 15 percent. “They are engaged in loan-sharking.”

After the effort failed, Senator Christopher J. Dodd of Connecticut, the Democratic chairman of the banking committee, proposed that the Federal Reserve be asked to provide an analysis of how Congress could rein in interest rates.

Senators said they hoped to finish up the credit card bill as early as Thursday, coinciding with a town hall meeting by President Obama on credit card issues in New Mexico.

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