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Sunday, December 5, 2010

And So It Goes (with thanks to Kurt Vonnegut)

Earlier this year, The Wall Street Journal started a weekly magazine called "The Week", which I find interesting. Here are two numbers from the Friday issue that I am sure all of your unemployed friends and relatives will find interesting.

In the third quarter, U.S. businesses recorded a record $1.659 Trillion in profits.

That was a $44.4 Billion increase over the second quarter.

Of that $44.4 Billion, $33.3 Billion went to Wall Street banks.

Yes, the same Wall Street banks that in September, 2008 said they needed Billions of your dollars to stay in business.

Bye the way, bonuses on Wall Street are scheduled to rise 15% for 2010.

And More So It Goes

On Saturday (yesterday) a bill was introduced in the Senate to extend the Bush tax cuts only to families earning less than $250,000 (a quarter of a Million). It as defeated 53 to 36.

Then a bill was introduced to extend the Bush tax cuts to families earning less than $1 Million. It was defeated 53 to 37.

If you think any of this stinks, read the post that precedes this one and take the time to watch Larry Lessig explain the basic problem and to suggest a remedy.

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