Here's video on C-SPAN, but I couldn't get the transcript to display in full.
Here's video on C-SPAN, but I couldn't get the transcript to display in full.
You can read a transcript of Greenspan's comments (with obvious errors) here:
The relevant portion starts at 00:39:11 and it's just a hot mess.
So my view is to recognize that what is causing this low rate of growth in average hourly earnings is basically so proud of -- slow productivity.
This is, quite frankly, shocking for him to say.
Wage growth has only slightly outpaced inflation despite decades of massive productivity increases.
He comes back to immigration at 00:47:53
I thought maybe TFS and TFA mischaracterized Greenspan's comments.
Nope. He's advocating depressing wages for white collar workers instead of raising wages for low income earners.
The only redeeming quality of Greenspan's testimony is it shows that the housing crisis shined a spotlight into his ideological blind spot.
Now he's advocating for stronger fraud controls and higher capital reserves/better collateral requirements in the banking system.
So in his ideal world, the banks won't screw you, but you'll have no money to put in the bank because your wages are depressed by H1B workers.
The department argues the obligation on service providers would merely "formalise" existing arrangements.
This is fallout from the Snowden leaks.
What was once done in secret is now being brought into the light.
I guess I was hoping they'd just stop, instead of legalizing the invasive spying programs.
They burn christian churches down in Saudi Arabia and so on.
We burn mosques and synagogues down in the USA.
It happens more often than you probably know, because it rarely makes national news.
The USA (as a whole) isn't a theocracy, but it's not for want of trying.
At the local level in particular, the line between church and state can be very fuzzy.
NSA's spying/QUANTUM program, which use U.S. control of the DNS system to exploit systems.
I know that even mentioning this on
The problem isn't a small minority of bad cops, it's the alleged majority of good cops that don't immediately report and ostracize the bad cops.
You end up with a police culture that intentionally turns a blind eye to bad behavior.
That's not lawful good, no matter how you try and spin it.
Hans Keppler, a geologist at the University of Bayreuth in Germany, cautioned against extrapolating the size of the subterranean water find from a single sample of ringwoodite.
And he also said
"In some ways it is an ocean in Earth's interior, as visualised by Jules Verne... although not in the form of liquid water," Keppler said in a commentary also published by Nature.
Ain't nothing swimming around down there.
Anything that makes it easy to transfer funds to anyone in the world without going through PayPal is a good thing.
Right now, someone in the Department of Homeland Security is calling you a Terrorist.
That's how Governments traditionally feel about the easy flow of currencies across borders.
The problem is that, adjusting for inflation, it should be dramatically less. That's the trend. The major outlier is for raw materials which are more costly to extract and process for use.
In the 1950's a decent Westinghouse consolve TV cost about $1000. Inflation adjusted to today, that's about $9000.
According to people who know about these things, in 1950, tv penetration was 9% of American households. By 1955 it was 64.5%.
You can't compare an immature technology (1950 tv) with a mature one (1950 automobile).
To make a similar and honest comparison with automobiles, you'd have to rewind the clock back to before the Ford Model-T debuted in 1908.
There is a large untapped market for a car marker who builds the same model of car, with no changes other than manufacturing refinements, for 7-15 years, direct to consumers.
VW is notorious for selling its old models in foreign countries.
The original VW Beetle was manufactured in Mexico until 2003.
The VW Bus is finally getting canceled in Brazil (and that's being fought).
The 2nd gen VW Passat was sold in China for almost 30 years until it was updated.
a. cheap credit money which makes it cheaper to buy a new car than to maintain and run older cars,
b. regulatory creep which increases requirements continually and
a. it's never cheaper to buy a new car.
b. One of those regulatory agencies crash tested a 1959 Chevy Bel Air with a 2009 Malibu
This video speaks for itself.
c. consumers willing to spend a large slice of their income on flashy cars and status symbols.
Now you're just arguing with a straw man.
We're talking about the cheapest car of 1970 and the two cheapest cars of 2014.
Surely you've noticed that all the products of technology get cheaper every year except cars?
After adjusting for inflation, a 1970 VW Beetle with optional AC is about the same price as a 2014 Nissan Versa or Chevy Spark (both come standard with AC).
That's 34 years of technology (including air bags, ABS brakes, and traction control) for almost exactly the same price as a 34 year old car.
There's more to life than just Federal taxes.
The State, County, and your local municipality all have their own taxes.
These taxes impact the working poor much more than the 1%.
Things like payroll and sales taxes (aka flat taxes) are regressive
The EITC? It's like you're intentionally missing the point I was trying to make.
From the IRS: "Donâ(TM)t miss out if you made, less than $51,567"
I reiterate: More people would pay income taxes if they had income to tax.
Making so little money that you don't owe income taxes is not the American dream.
3 & 4 & your concluding remark: If Warren Buffet pays a lower percentage tax rate than his secretary,
I don't see how you can honestly claim taxes are progressive.
When you adjust for inflation, the top tax rates are at historical lows.
That's before factoring in the tax avoidance strategies utilized by the 1%.
Everything you've shown merely highlights the very narrow lens you're using to look at the situation.
You know when the top effective tax rate peaked?
During the Clinton years. And we had a budget surplus.
I would LOVE to see the data that backs that claim, because what I see is that the top 1% have consistently paid a MUCH higher income tax rate than their share of income would dictate.
There are several things going wrong with this sentence:
1. Income taxes aren't the only taxes paid.
2. More people would pay income taxes if they had income to tax.
3. The growth in income could not be described as even slightly balanced.
4. Accumulated income turns into wealth, which can generate more income.
I won't even get started on the additional "taxes" that come with poverty.
Books have been written on the subject.
How is that considered undertaxed?
Look up "progressive taxation"
It's a concept that even those communist liberals "the Founding Fathers" advocated.
Everyone knows the real money is in Girl Scout Cookies.
Those things are like crack, except your grandmother would buy 'em for you.
By the way, taxing the rich won't cut it -- taxing 100% of the rich's income would gain you an additional $500 billion a year (assuming they continue to work for free, good luck with that and keeping their salaries pointlessly high). This is still hundreds of billions a year short.
The richest have been undertaxed for decades.
So you're right, taxing them at 100% won't fix the problem, because it was a problem decades in the making.
These types of budget problems cannot be fixed overnight, they require long term planning and gradual change.
Oh, and they require higher taxes.
And no, even if you got some sort of explicit ToS waiver from the original purchaser of the car, that doesn't extend to any used car buyer.
Now they're going to update all the onboard systems to display an "accept ToS" screen on every start up.
Thanks msauve. You've made the world a slightly more aggravating place.