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As Food Stamp Recipients Hit New Record, 400 Americans Account For 10% Of Capital Gains

Tyler Durden's picture





 

Today SNAP released the most recent food stamp numbers. Not surprisingly, we just saw another all time high 44.2 million poverty-level Americans relying on government funding for day to day sustenance. Granted the number appears to be plateauing, so all those who bought the change if not the ho[y]pe, can rejoice as it may start declining next month: a development that is sure to be herald for Obama a 4th Putin-esque term. That said, another number that has to be kept in perspective and for which we have to thank none other than Pauly-K is that offsetting these 44.2 million of impoverished Americans who can get a tax refund for writing off the American dream, are 400 Americans who accounted for 10%, or $91 billion of total, in capital gains taxes, or said otherwise, 400 US taxpayers account for 10% of all capital gains in 2007! We are currently going through old issues of Pravda to see if the Communist empire ever achieved this kind of social disparity between the nomenklatura and the proletariat (it didn't). If we find confirmation we will post it, and lose a sizable bet which will certainly deny us any possibility of every being among the abovementioned 400.

First, the latest SNAP:

And second, at a factor of 110,500 to 1, here are the 400 people who not only account for 10% of all US capital gains taxes (Taleb was right), but end up paying a whopping (sarcasm inluded) 17% in taxes on it.

One of the more interesting documents published by the IRS is its report on the income and taxes of the top 400 taxpayers (pdf). A lot of attention gets focused, rightly, on the remarkably low average tax rate these people pay — less than 17 percent in 2007, the lowest on record. But I was struck by something else: in several years during the last decade the top 400 accounted for more than 10 percent of all capital gains income in America. Just 400 people!

Visually, this is presented below: of the $907 billion in capital gains paid in 2007, only 400 taxpayers accounted for $91 billion:

That's right ladies and gents, 400 US citizens are the primary beneficiaries of the Weimar rally so insiduously orchestrated by Chairsatan Benzebub. Or, in other words, 44.2 million to 400. And now you know that "democracy" can withstand even odds worse than 100k to 1.

h/t JLohman and MM

 


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Tue, 05/03/2011 - 00:46 | Link to Comment Ahmeexnal
Ahmeexnal's picture

"4 more years! 4 more years!"

Tue, 05/03/2011 - 00:50 | Link to Comment Out9922
Out9922's picture

Yes We Can!

Tue, 05/03/2011 - 01:06 | Link to Comment Missiondweller
Missiondweller's picture

Yes we can.........make you dependent on food stamps!

Tue, 05/03/2011 - 02:32 | Link to Comment Michael
Michael's picture

Barack Hussein Obama is the second coming of Christ.

Obama is God!

All hail the second coming of the Christ child.

God dwells in Obama.

BO is God!

How may people are losing unemployment benefits this year?

Tue, 05/03/2011 - 02:49 | Link to Comment Michael
Michael's picture

What are the American sheeple going to think when they are informed they have been played by their government on this whole Bin Laden situation?

Tue, 05/03/2011 - 03:02 | Link to Comment Michael
Michael's picture
Al Jazeera English: Live Stream Al Jazeera English: Live Stream Al Jazeera English: Live Stream

http://english.aljazeera.net/watch_now/

Tue, 05/03/2011 - 03:18 | Link to Comment Michael
Michael's picture

I just thank God the pain and suffering the American sheeple are going to go through in the complete and total economic collapse of their country, is going to be immense. They deserve to experience the greatest depression that will make the great depression look like a picnic. America has become the idiocracy only an elitist master supreme could have imagined.

Tue, 05/03/2011 - 04:10 | Link to Comment downwiththebanks
downwiththebanks's picture

What a sick fucking human being you are.  It's hardly the fault of the 'American' people that Capitalism has failed to provide for the public's needs on a GLOBAL scale.

Yet you blame the victims rather than the system:

Have you given any thought to killing yourself?  

Tue, 05/03/2011 - 04:26 | Link to Comment Holodomor2012
Holodomor2012's picture

Nope.  I have to agree with the Michael and Dr. Pierce here. 

My God! If there ever was a country asking to be struck dead by lightning, it's America today.

 (Quote at 4:23 @ http://www.youtube.com/watch?v=q61jRmd6ga0)

Tue, 05/03/2011 - 09:35 | Link to Comment Green Leader
Green Leader's picture

Interesting video.

 

Tue, 05/03/2011 - 04:53 | Link to Comment Rynak
Rynak's picture

Oh, what a hypocritical apologist you are..... when you are cheated once behind your back, you can claim that you couldn't do anything about it. When you are cheated a few tenthousand times for dozens of years, and DEFEND those people, AND ridicule the few who are trying to inform what is going on AND actually positively DEMAND that this shit continues (do you have any idea with how many americans i have talked who SUPPORTED much of the shit, including the disgusting idea, that it is okay for the FED to rob the world, BECAUSE WE CAN (we are the reserve currency, so we can))...... when all this applies, then you fucking deserve to fall on your face really hard.... you earned it!

Tue, 05/03/2011 - 07:47 | Link to Comment Harlequin001
Harlequin001's picture

Well I would have said the same thing bit would not wish to be labelled as anti American in doing so. I am not anti American, but it is hard to see how you can will fully ignore this and yet claim to be innocent. Same for anyone else who stood by and said/did nothing or sat back and acted like the world owed them a living...

 

Tue, 05/03/2011 - 07:29 | Link to Comment HoofHearted
HoofHearted's picture

Where have we seen capitalism? This is nothing but Keynesian transfer of wealth. Without the perverse incentives that inflation and the fairy tale that growth can always increase, we don't have the problem. The victims are exactly the ones voting for this garbage.

Tue, 05/03/2011 - 07:38 | Link to Comment Chuck Walla
Chuck Walla's picture

What Capitalism? This over-regulated, over-taxed behemoth?  The one where government provides the livings of 20%(now more than ever) of its citizens?  You mean THAT Capitalism?  Go back to your school and get a refund, they taught you nothing.

 

Americans lost the Dream because they were lied to and accepted that. They were guilt tripped without debate. They were victims of the same educational system you obviously were.

 

Because of the  lack of our diligence, we should be called the SLEEPLE!

Tue, 05/03/2011 - 08:02 | Link to Comment Orly
Orly's picture

Excellent points, Chuck.

The masses have been dumbed-down and stepped on...on purpose.  Thieves- one and all.

Oh, but we're waking up now, believe.

Tue, 05/03/2011 - 09:08 | Link to Comment WallStreetClass...
WallStreetClassAction.com's picture

No, the "over-regulated" capitalism of Wall Street cluster fck. The over-regulated Capitalism of Glass-Steagall Act repeal, sponsored by the Wall Street. THAT Capitalism. Go jump off a roof somewhere, you MORON!

Tue, 05/03/2011 - 08:13 | Link to Comment CH1
CH1's picture

Guys: These two live (are probably paid) to be time-wasters.

Tue, 05/03/2011 - 02:39 | Link to Comment jomama
jomama's picture

si se puede!

Tue, 05/03/2011 - 02:52 | Link to Comment akak
akak's picture

Por que no "Si podemos"?

Eso seria mas cerca de la frase inglesa "Yes we can", verdad?

Tue, 05/03/2011 - 07:57 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Pero ya esta chingado el pais.

The country is already fucked.

Tue, 05/03/2011 - 08:08 | Link to Comment WizDumb
WizDumb's picture

agreed...why ??

Tue, 05/03/2011 - 06:29 | Link to Comment MarketTruth
MarketTruth's picture

As the Anointed One says:

"Chains you can bereave in."

Tue, 05/03/2011 - 01:04 | Link to Comment vxpatel
vxpatel's picture

i've read your other posts...and am a bit surprised your into partisan politics...

Tue, 05/03/2011 - 01:09 | Link to Comment Ahmeexnal
Ahmeexnal's picture

I am not. Forgot to /sarc that comment.

Whomever gets elected, it will be 4 more years of the same.

Tue, 05/03/2011 - 01:46 | Link to Comment Oh regional Indian
Oh regional Indian's picture

4 years

More years

Could have been

Gore years

4 years Agore, if someone had said that two hands are better in the Bush, I would of said oh Mama. But it's been 8. And it's getting late.

Lock the gate.

After you!

ORI

http://aadivaahan.wordpress.com/2011/05/02/aaaahhhve-bin-laden-see-i-ave/

Tue, 05/03/2011 - 02:12 | Link to Comment vxpatel
vxpatel's picture

glad to hear it...just checking...one day the sheeple will realize changing the politician doesn't change the system,it simply changes the politician....

 

 

Tue, 05/03/2011 - 07:11 | Link to Comment anynonmous
anynonmous's picture

The need to /sarc a comment reveals a great deal about the reader. 

Tue, 05/03/2011 - 09:11 | Link to Comment WallStreetClass...
WallStreetClassAction.com's picture

Yes, I agree. There will be years of what Wall Street wants us to do. They have completely hi-jacked the government.

Tue, 05/03/2011 - 03:24 | Link to Comment AnAnonymous
AnAnonymous's picture

One half of the issue is reported for the year 2007. So before Obama took office.

Tue, 05/03/2011 - 04:10 | Link to Comment downwiththebanks
downwiththebanks's picture

While I'm not a fan, it's hardly the puppet-in-chief's fault that the banker-gangsters who put him in power have ratfucked the economy.

A failed economic system is the cause of this sick, sick phenomenon.

Time for something different.

Tue, 05/03/2011 - 08:07 | Link to Comment Orly
Orly's picture

Like he's not part and parcel to the whole kit and kaboodle?

Wake up, man!

Tue, 05/03/2011 - 11:01 | Link to Comment MilleniumJane
MilleniumJane's picture

Need to stop making excuses for the man.  The banksters bankrolled his campaign and he has been their lapdog ever since.  Three years now and still no fundamental changes to this plutocracy.  'Nuff said.

Tue, 05/03/2011 - 00:49 | Link to Comment tickhound
tickhound's picture

Clearly the food stamp bubble is rolling over.  I'll wait for the inevitable correction before I start scoopin'.

Nuthin' goes up in a straight line, but once the Chinese start sellin' US paper... this charts goin' to the moon! 

Free food bitchez!

Tue, 05/03/2011 - 00:58 | Link to Comment redpill
redpill's picture

When does ProShares release its Ultrashort Foodstamps ETF?

Tue, 05/03/2011 - 01:04 | Link to Comment tickhound
tickhound's picture

Hell ya!  Then go long with leverage on top of leverage... best to get back in and ride the wave before the rate hikes come.

Tue, 05/03/2011 - 07:44 | Link to Comment Saxxon
Saxxon's picture

LOL redpill; yes there must be a secondary market to exploit here somewhere; around 25 million Mexicans do it every day...

Tue, 05/03/2011 - 00:59 | Link to Comment caconhma
caconhma's picture

"Free food bitchez!" ?

No, it will be rather a famine, a starvation, and a revolution.

PS

Farmers will not feed fucking Obama parasites for free.

Finally, the comrade Lenin said that "intellectuals are POS that has to be flushed". I like this brand of socialism.

Tue, 05/03/2011 - 01:03 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Some heads are gonna roll.

400 heads to be precise.

Tue, 05/03/2011 - 01:09 | Link to Comment goldfish1
goldfish1's picture

"HOLODOMOR"  is Ukrainian word for  "FAMINE-GENOCIDE"

Tue, 05/03/2011 - 02:58 | Link to Comment Holodomor2012
Holodomor2012's picture

Did someone call for a marxist engineered famine?

Tue, 05/03/2011 - 10:18 | Link to Comment Green Leader
Green Leader's picture

This time around is a bio-geo-engineered famine.

Chemtrails spiked with bio-agents and geoengineering have been damaging crops--starting with my plantain plants. They're gone.

There is a rampant cassava virus in Africa which attacks varieties developed for high yields. I was given some Colombian CM-3311 high yielding cassava twigs and they never took off, as the leaves just looked like the ones infected in Africa.

Right now USA's military is drying up the Caribbean and Central America, extracting moisture with chemtrails spraying and using scalar/microwave energy antennas to dump it in the mid Atlantic, where rain is induced via artificial cyclones. Anyone can see that in the NOAA Water Vapor Loop Satellite imaging:

http://www.ssd.noaa.gov/goes/east/tatl/loop-wv.html

Famine is coming soon.

In the meantime, Russia and China are watching closely.

 

 

Tue, 05/03/2011 - 11:13 | Link to Comment Holodomor2012
Holodomor2012's picture

great link. thanks

Tue, 05/03/2011 - 01:31 | Link to Comment tickhound
tickhound's picture

relax Einstein, its a joke.

Tue, 05/03/2011 - 07:43 | Link to Comment Chuck Walla
Chuck Walla's picture

Of course, Lenin was an intellectual. He knew of what he spoke and Trotsky agreed, to his detriment.

Tue, 05/03/2011 - 08:10 | Link to Comment Orly
Orly's picture

The Holodomor was perpetuated by Stalin, not Lenin.

http://en.wikipedia.org/wiki/Holodomor

Tue, 05/03/2011 - 09:10 | Link to Comment WallStreetClass...
WallStreetClassAction.com's picture

Farmers are subsidized by the same govimint.

Tue, 05/03/2011 - 00:48 | Link to Comment Phaderus
Phaderus's picture

Sorry, but the government is creating this poverty not the rich, try again.

Tue, 05/03/2011 - 01:10 | Link to Comment jeff montanye
jeff montanye's picture

oh stop it.  they work as a team.

and p.s. the richest 400 work very hard (actually their minions do) to avoid paying capital gains tax, that is why appreciated assets have their purchase price changed to date of death value when passed on.  there are many, many other dodges available to the wealthy that the rest never know about or use (they own mutual funds which distribute capital gains without the retail holder even selling).

the story is wrong:  10% capital gains taxes paid does not imply 10% capital gains.  the actual figure is far, far higher.  it pays the rich to minimize taxes.  the little people not so much.

Tue, 05/03/2011 - 03:49 | Link to Comment Urban Redneck
Urban Redneck's picture

It is not the richest 400, it is the 400 with the highest incomes, there is a huge difference. 

Also, the average annual capital gains which receive preferred tax treatment exceeds total average annual capital gains- e.g. look at IPO's and LBO's as the source of capital gains (and the sample size is only 400).  Managed money (Hedge, LLC, LLP, etc) is going to show on a pass-through entity (p4 of the IRS document).

Krugman's usual brain fart in his piece occurred when he tried to make the leap that the argument that capital gains tax reductions helping small business people is bogus because the top 400 receive an out sized benefit.  This will happen in ANY non-graduated tax.  The simple solution is tier the capital gains tax structure, not punish a huge number of small business people in order to get to a subset of 400.  As usual, his writing attempts allegation by insinuation, instead of completing the argument and opening himself to direct refutation.

Tue, 05/03/2011 - 07:28 | Link to Comment Old Poor Richard
Old Poor Richard's picture

Thanks for some real analysis.

The two obvious answers are to quit treating different forms of income differently, and to get rid of cost basis resets. 

We need a FLAT TAX that treats all forms of income the same, including inheritances.  If it's 'new to you' you pay the same tax rate on it whatever the source.

Tue, 05/03/2011 - 08:12 | Link to Comment WizDumb
WizDumb's picture

yep. equality in these united states of America? gtfoh man...lol...

ahhhh but to dream

Tue, 05/03/2011 - 14:34 | Link to Comment malek
malek's picture

Excellent points.

And on top of that the Krugman clown conveniently fails to mention that a lot of these capital gains were/are made possible only by the bubble blowing Keynesian approach.

Tue, 05/03/2011 - 07:45 | Link to Comment Chuck Walla
Chuck Walla's picture

You are so right! The Obama's paid a rate of 26% vs. the 35% they should have if they didn't take all the breaks.  Hmm, irony is a bitch when you are a Socialist propagandist.  He should have paying the maximum and donating more to the IRS, its the duty of the wealthy to "give something back".  And, as John Kerry would agree, it's patriotic even though he tried to evade yacht taxes.

Tue, 05/03/2011 - 05:35 | Link to Comment Mountainview
Mountainview's picture

I am not so sure...who decides do dislocate good industrial jobs to low cost countries...maybe not the rich

themselves but at least their choosen chief executives (if they are not rich as well)...

Tue, 05/03/2011 - 00:51 | Link to Comment Id fight Gandhi
Id fight Gandhi's picture

Where's all the comments?

Tue, 05/03/2011 - 00:52 | Link to Comment I am Jobe
I am Jobe's picture

Agreed. The Server is eating the messages. Tyler do you have a Bio Server which is evolving? Check the server dude. TIA

Tue, 05/03/2011 - 00:56 | Link to Comment jeff montanye
jeff montanye's picture

ate my reply, said access denied.

Tue, 05/03/2011 - 01:12 | Link to Comment Raynja
Raynja's picture

stars is here to stay

Tue, 05/03/2011 - 06:44 | Link to Comment Arkadaba
Arkadaba's picture

oh, oh

Tue, 05/03/2011 - 00:51 | Link to Comment nah
nah's picture

poverty is cheap... we should buy more of it

Tue, 05/03/2011 - 00:53 | Link to Comment Akrunner907
Akrunner907's picture

So the number is peaking, but is this a temporary stage?  if the CPI is being controlled, the income levels to qualify will not be adjusted to expand the number that qualify, unless wages deteriorate.  Perplexing. 

Tue, 05/03/2011 - 00:56 | Link to Comment Creed
Creed's picture

Where's all the comments?

 

no kidding, someone wiped all the previous comments

Tue, 05/03/2011 - 00:57 | Link to Comment I am Jobe
I am Jobe's picture

DHS reading ZH?

Tue, 05/03/2011 - 01:04 | Link to Comment serotonindumptruck
serotonindumptruck's picture

Maybe Tyler has a hack.

Tue, 05/03/2011 - 04:43 | Link to Comment Moe Howard
Moe Howard's picture
Guru Meditation:

XID: 985915398

Tue, 05/03/2011 - 00:54 | Link to Comment Fantasy Planet
Fantasy Planet's picture

"Food Stamps" sounds so old school and Obamao is all about change.   So, please refer to the program as "Hunger for Clunkers" going forward.  Thank you.   

Tue, 05/03/2011 - 00:58 | Link to Comment Gubbmint Cheese
Gubbmint Cheese's picture

We deserve the injustices we tolerate....

Tue, 05/03/2011 - 01:14 | Link to Comment JW n FL
JW n FL's picture

Not Until the Ignorant Masses become Hungry will we be able to educate them in a way that sticks to their stomachs!

 

No one cares as long as they are fat and entitled, rich or poor alike.. but when the 3rd world hunger and nationalizations start.. rut ro! everyone will want to know how did we get there?? how do we get back?? just like all those union people who are anti-abortion and listened to thier preachers tell them Bush was sent by God! just like all those others who believed Obama would save the poor and was sent by God! in both cases the only people that mattered to either were the lobbyists and thier dollars!

 

Let the pain begin, then we (all of us here) will be rounded up as Home Grown Terrorists! lol

 

http://goo.gl/3bto9 Use Twitter? Do you Blog? Do you Chat? YOU! are a Home Grown Terrorist(s) Per Home Land Security! See Link(s) and Official Report(s).

 

All of us are Osama part duex! didnt you know? you were the next big threat? lmfao! its true see the links.. all official links! no bullshit!

Tue, 05/03/2011 - 01:34 | Link to Comment i-dog
i-dog's picture

+1. So very true.

"how do we get back?? "

According to many on here (we can call them "the sheeple's representatives"), it is just a matter of changing a few "rules" and replacing a politician or two! Fucking retards!

The way to avoid the waterfall is to NOT float down the same river on a slightly different raft.

Dismantle the Federal Government before they dismember you, people.

Tue, 05/03/2011 - 00:56 | Link to Comment RobotTrader
RobotTrader's picture

No doubt, there is a huge black market to be able to exchange food stamps for airline tickets.  Last flight I was on from Boca Raton looked like the passengers of a Greyhound Bus out of Macon, GA.

How else do you explain the unbelievable ramp job in PCLN?

$75 to $550 in just two years.

You would never see a gold stock make that kind of move.

Never.

 

Tue, 05/03/2011 - 01:20 | Link to Comment Bastiat
Bastiat's picture

Never say "never."

Tue, 05/03/2011 - 02:50 | Link to Comment BooMushroom
BooMushroom's picture

Scamming the food stamp program (and the people on it) is a growth industry, bitchez!

 

Green shoots!

Tue, 05/03/2011 - 07:34 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Food stamps are a growing form of currency.  Wonder what that implies?  I guess things other than FRNs can be used as currency.  I could be wrong.  After all you can't eat food stamps.

Tue, 05/03/2011 - 09:57 | Link to Comment Green Leader
Green Leader's picture

Watch as the Dollar hyperinflates people being issued those 'smart cards'. The experiment has already started and the cards could allot x amount of food, x amount of 'cash' and x amount of gasoline plus serving also as your medical insurance card. A chip under the skin is not needed. The experiment is also being done with the free cell phones, too! In Haiti people are already buying food with them, making elecrtronic transactions in stores.

Tue, 05/03/2011 - 08:40 | Link to Comment tmosley
tmosley's picture

Must have lived under a rock in the late 70's.

Tue, 05/03/2011 - 01:11 | Link to Comment Milton Waddams
Milton Waddams's picture

I must say that it is nice that America has rediscovered its roots.  Everyday my domestic servants thank me for keeping them employed, as they should; I treat them very well. The fringe benefit is I get to shag their of-age daughters.  On Binky's insistance, some of them have even taken up a home schooling outfit in one section of the manor.  There is hope. 

Tue, 05/03/2011 - 01:24 | Link to Comment Bastiat
Bastiat's picture

Often it works the other way -- when I was young, I shagged the daughters of the very rich. 

Tue, 05/03/2011 - 01:17 | Link to Comment idoubtit
idoubtit's picture

And I bet the 400 bitched and whined about every penny.

Tue, 05/03/2011 - 01:27 | Link to Comment JustPrintMoreDuh
JustPrintMoreDuh's picture

Well fed slaves tend not to revolt.

Tue, 05/03/2011 - 02:18 | Link to Comment TumblingDice
TumblingDice's picture

...and be more productive.

Tue, 05/03/2011 - 01:30 | Link to Comment blunderdog
blunderdog's picture

So these 400 are going to be reinvesting, starting businesses, and creating jobs any day now, right?

Tue, 05/03/2011 - 03:08 | Link to Comment Bob
Bob's picture

Not until they get some real austerity from the masses--they've got principles, ya know: YAD (Your Assured Destruction.)

Tue, 05/03/2011 - 01:35 | Link to Comment pitbull pappa
pitbull pappa's picture

The more people on food stamps... the more $$$ JPM makes

Tue, 05/03/2011 - 01:43 | Link to Comment Dan The Man
Dan The Man's picture

 

they should just write the check to wallymart...that's who's getting it anyway.

Tue, 05/03/2011 - 01:55 | Link to Comment celticgold
celticgold's picture

i 2 shagged the daughters of the rich , then i shagged the daughters of the poor . guess what , ....... rich pussy feels just like poor pussy, it just costs more.

Tue, 05/03/2011 - 02:04 | Link to Comment AldoHux_IV
AldoHux_IV's picture

But they got Osama-- after all these human lives, billions of dollars, and the sacrifice of individual rights and liberties + 10 years we finally got him so mission accomplished.

Also JPM is the beneficiary of the fact that more people are reliant upon the food stamp proogram thus making them systemically important for our economy and market.

Damn, even the sarcastic tone has lost its cathartic effect-- this is just plain fucking sad.

Tue, 05/03/2011 - 02:09 | Link to Comment pasttense
pasttense's picture

Don't worry, House Budget Committee Chairman Paul Ryan has a plan to cut food stamp benefits 20%

http://www.jewishjournal.com/politics/article/budget_threat_to_food_stam...

 

Tue, 05/03/2011 - 03:04 | Link to Comment Holodomor2012
Holodomor2012's picture

From link: 

But Social Security — dubbed the “third rail” of politics

And here I thought Israel was the third rail. 

Tue, 05/03/2011 - 03:43 | Link to Comment akak
akak's picture

No, here's how it really works:

Social Security = 3rd rail

Israel = 4th rail

Acknowledging that Israel is the 4th rail = 5th rail

 

Now, if you want to go a bit further:

Recognizing the moral and practical failure of the "War on Drugs" = 6th rail

Recognizing the inherently aggressive and imperial nature of US foreign policy = 7th rail

Discussing the Ponzi-scheme nature of SS and Medicare = 8th rail

Acknowledging the equivalence of the so-called two parties, and the sham of of an open and challengeable American political establishment = 9th rail

Tue, 05/03/2011 - 04:08 | Link to Comment Holodomor2012
Holodomor2012's picture

With that many rails going you could practically flood a nation with immigrants.  I just hit the 10th rail didnt I?

Tue, 05/03/2011 - 02:12 | Link to Comment The Phu
The Phu's picture

Tonight, while standing in line at the grocery store, I waited for a female customer who spoke very little English.  She had a cart full of groceries, but as she was paying, I noticed that she had two orders.  The first had basics like veggies, bread, milk, etc.  She paid for these items using a WIC or SNAP voucher - couldn't clearly see.  The next set of items included Crystal Light mix, Snapple juice/tea containers, Jello, some candy and a few other things.  For those items, she used cash.  Clearly, she was destitute.

 

At the register, the grocery store had a little coupon that if scanned, added $1, $5, or $10 for Red Cross Japan Aid relief (well known for their efficiency in getting donated funds directly routed to victims of tragedies).  It warmed my heart to see someone so clearly destitute as to barely afford basic food items be so generous that she could give $10 to Japan aid relief.  I was struck, no, floored, but such a gracious gesture of humanity an goodwill. Here I am grappling with higher food costs and trying to stretch my dollars, and someone with so little can afford to be so generous.  But then, I guess she wasn't really generous with her own money... rather, I think she was generous with my money... She probably had to sacrifice another case of Snapple, or maybe it was a bag or two of Doritos, to provide for the poor children of Japan.  In the meantime, I guess I'll get the honor and privilege of supporting her children here.  Hope they don't choke on a chunk of candy and then we get to be really generous to her with a free trip to the ER!

“When you have made evil the means of survival, do not expect men to remain good. Do not expect them to stay moral and lose their lives for the purpose of becoming the fodder of the immoral. Do not expect them to produce, when production is punished and looting rewarded. Do not ask, ‘Who is destroying the world? You are."  Ayn Rand, Atlas Shrugged

 

Tue, 05/03/2011 - 02:30 | Link to Comment theopco
theopco's picture

Nice story.

http://www.alternet.org/teaparty/149721/ayn_rand_railed_against_governme...

 

I really think the whole red team blue team idiological thing is getting a bit stale. These models describe a world that hasn't existed for a hundered years, if it ever did at all. Don't forget that capitalism/socialism are economic models created by economists to describe the world. That does not bode well for either being correct.

Perhaps it's the private-public partnership which is the problem. Joe sees crony capitalism, Jane sees commies. The reality is that they're looking at the same beast.

 

Tue, 05/03/2011 - 07:28 | Link to Comment hardcleareye
hardcleareye's picture

"Joe sees crony capitalism, Jane sees commies. The reality is that they're looking at the same beast."

Very well put!!!!

Tue, 05/03/2011 - 03:03 | Link to Comment Bob
Bob's picture

Memo to Galt: Your fancifully moralized story makes no sense.  The "cash" items you cite are covered by food stamps just as the "groceries" are, while the veggies you lump with the latter are not covered by WIC.  

Tue, 05/03/2011 - 03:12 | Link to Comment theopco
theopco's picture

I knew there was something wrong with that artifice. Thanks for pointing out what it was.

Tue, 05/03/2011 - 03:18 | Link to Comment Bob
Bob's picture

I may be in error wrt WIC--seems vegetables are covered:

http://www.mass.gov/?pageID=eohhs2terminal&L=5&L0=Home&L1=Consumer&L2=Ba...

Tue, 05/03/2011 - 03:25 | Link to Comment theopco
theopco's picture

okay, it's something else then- like maybe the fact that it's a pastiche of MSM talking points. Appreciate the integrity, BTW. Something we've (mostly) lost.

Tue, 05/03/2011 - 03:43 | Link to Comment Bob
Bob's picture

Could it be the reliance upon high minded "Randian" morality to condemn the "unproductive" poor having food to eat as "evil" that is the tip off? 

Tue, 05/03/2011 - 07:27 | Link to Comment hardcleareye
hardcleareye's picture

Thank you for the first chuckle of the morning. lololol

Tue, 05/03/2011 - 09:23 | Link to Comment Dr. Impossible
Dr. Impossible's picture

...a helping hand UP......is much different then a hand out....give a man a fish, you feed him for a day...teach a man to fish, feed him for a life time....

.."unproductivity to destitution" is a choice.. being popularized by a dieing government model..i wonder why.

what does it mean if a person is a "Conscript"? i may be to young to understand this however. I have found people all around me that have been.

a lack of laws enforced, allowing rampant financial fraud...destroying the populations ability to make trade for basic necessities...creating destitution across the masses can have a devastating moral effect. and futher destroy internal drive to be self sufficient, now thier lives are dependant leaving them with but few choices(working hard to get out is a choice..but but but its so hard to..JUST DO IT! is an option few are willing to part take in. food for free is a great tool)...as gold and silver are the people's money...all others are the perpetuated dreams of tyrants

Cometh the Furor, buddy....cometh the Furor.

maybe i should start handing out fish......at intrest of course.

Tue, 05/03/2011 - 03:19 | Link to Comment hurdygurdypauli...
hurdygurdypauliepoodle's picture

Dear God, you trash someone for "something you couldn't see" but are sure she was a welfare queen on the dole, and then quote Rand?   *ayup*

Tue, 05/03/2011 - 03:29 | Link to Comment AnAnonymous
AnAnonymous's picture

But then, I guess she wasn't really generous with her own money... rather, I think she was generous with my money...

 

The kind of story I love and on this site. With all the story about bank(st)ers...

 

That was not your money. You dont own money. That is money the bankers loan to you.

Of course, this little fact forces a reality check that destroys totally the story.

But still, I enjoy so much those duplicitous US citizens who like to claim they have their money while in other parts, they scream and admit it is the banks' money.

 

Well done. Such a failure.

Tue, 05/03/2011 - 04:17 | Link to Comment downwiththebanks
downwiththebanks's picture

It's quaint that you think money going into the pockets of the Red Cross goes to Japan because they say it does.

Tue, 05/03/2011 - 06:51 | Link to Comment Arkadaba
Arkadaba's picture

Almost every place I shop has a contribute thingy at the cash.And I have no issue with saying no. I may contribute but through valid sites. 

Tue, 05/03/2011 - 02:14 | Link to Comment bankonzhongguo
bankonzhongguo's picture

Names and addresses.  Names and addresses.

People have come from all over the world for hundreds of years to America to escape the impossibility to get ahead in their homeland and otherwise reinvent themselves.  People work hard to make ends meet, but also to get rich.  Nobody begrudges someone that gets ahead by the character of hard work.

However, the vast concentration of wealth by such a small minority describes an obviously uneven playing field, in that corporations are treated as if they are voting citizens and their power to influence the very laws we live under has created fake markets, massive fraud, uncertainty and poisonous distrust of our government and its motives.

Time to re-read the Declaration of Independence and make of list of grievances against our government that regrettably we can no longer be certain is a representative democracy.

 

Tue, 05/03/2011 - 08:02 | Link to Comment Harlequin001
Harlequin001's picture

'However, the vast concentration of wealth by such a small minority describes an obviously uneven playing field' - it describes a capitalist society that has obviously run its course and needs to restart and begin afresh...

Tue, 05/03/2011 - 02:34 | Link to Comment Seymour Butt
Seymour Butt's picture

 

Here is the list of top ten states with the highest food stamp participation rates:

10. Maine:                        17.28 out of 100 receive food stamps

9. New Mexico:                  17.33 out of 100 receive food stamps

8. Kentucky:                       17.9 out of 100 receive food stamps

7. Michigan:                       18 out 100 receive food stamps

6. Louisiana:                      18.2 out of 100 receive food stamps

5. Oregon:                         18.4 out of 100 receive food stamps

4. West Virginia:                18.41 out of 100 receive food stamps

3. Tennessee:                    19.3 out of 100 receive food stamps

2. Mississippi:                    19.4 out of 100 receive food stamps

1. District of Columbia: 19.7 out of 100 receive food stamps

 

And the biggest welfare queen of them all, JP Morgan, is making a profit These parasites scums are contracted by the Government to process food stamp payments.

The taxpayer is being double screwed.

 

Tue, 05/03/2011 - 02:33 | Link to Comment theopco
theopco's picture

Wow I would not have guessed Oregon.

Tue, 05/03/2011 - 04:19 | Link to Comment downwiththebanks
downwiththebanks's picture

I remember visiting Portland a few years ago (the 'boom' times) stunned at the amount of homelessness.

Looks like Capitalism has failed there, too ... just like it has everywhere else.

Tue, 05/03/2011 - 02:57 | Link to Comment BooMushroom
BooMushroom's picture

Percentage rates are deceiving - there are 3.6 million people on SNAP in California, more than any other state in the Union.  That's 30x the number in DC.

 

Also interesting: usage has gone up in every state.

http://www.fns.usda.gov/pd/29SNAPcurrPP.htm

Tue, 05/03/2011 - 02:40 | Link to Comment theopco
theopco's picture

That's wierd. The timestamp of my reply is before the post I was responding to.

Tue, 05/03/2011 - 02:57 | Link to Comment akak
akak's picture

At the signpost up ahead, your next stop --- The Twilight Zone.

Tue, 05/03/2011 - 02:53 | Link to Comment Ivar Kreuger
Ivar Kreuger's picture

Oregon has some special Cletus type WT folks.

I like beer, cheese, weed and forests though, so it's still a great state.

***************

To the rabid Randians here...

The problem is not rich folks or greed in general, it is the parasitic nature of rentier capital.

Fictitious capital and interest claims on real capital are slowly grinding the real encomy to dust under the heel of the exponential function and the law of diminishing returns.

Go back to the claisscs: Smith, Ricardo, etc. all say to tax the shit outta that ficticuios capital to keep it in check.  

Also, Tyler is killing it with those SNAP charts, New Gilded Age Bitches!

Tue, 05/03/2011 - 03:38 | Link to Comment AnAnonymous
AnAnonymous's picture

The problem is not rich folks or greed in general, it is the parasitic nature of rentier capital.

 

Rent is so pervasive, is so insinuated everywhere, especially since free marketers requalified bodies as a capital to varnish their failed ideology with fake credibility, that you get nowhere with that statement.

 

US citizens have forced a world working on a few principles like extorting the weak and farming the poor. And now that their exterior is running out of targets to apply on, and that their way of doing is best expressed and expanded at home, well, they shout foul.

Tue, 05/03/2011 - 08:07 | Link to Comment Incubus
Incubus's picture

I'm not shouting foul:  I'll gladly serve my time in an American purgatory.

So, I'll "pay" for the "sins" of arrogant peoples from decades past, whatever.  I'll persevere, and I think a humble America will be a much better place to be.  

Too much of an ego is never a good thing, so it's time to be brought down a few notches.

 

 

Tue, 05/03/2011 - 04:25 | Link to Comment downwiththebanks
downwiththebanks's picture

Don't you dare tax the banker-gangsters gambling addiction.

Instead, cut people who do REAL WORK from social security and food stamps, fire them outright, deny them the right to unemployment benefits or collectively bargain.

"JUST DON'T TAX MY OPIUM!" say the most crazed of the ZeroHedge derivative addicts.

Tue, 05/03/2011 - 06:53 | Link to Comment topcallingtroll
topcallingtroll's picture

Tax all the opium you want.

The problem is that taxing earned income heavily can cause productivity to take a big hit.

Especially mine.

Tue, 05/03/2011 - 07:20 | Link to Comment cartonero
cartonero's picture

Proceeds from betting at the casino are not earned income.

Tue, 05/03/2011 - 02:51 | Link to Comment nathan1234
nathan1234's picture

Very Nice

While 44 million Americans ( if you count only those on food stamps)have no capital at all , 400 Americans paid 10% of the capital gains.

Truly the makings of a revolution.

No wonder they have built all these Fema camps and have the Patriot Act invoked.

 

 

 

Tue, 05/03/2011 - 04:16 | Link to Comment pitbull pappa
pitbull pappa's picture

I wonder if they'll make happy propagandish fun FEMA camp videos like the nazis did with interment camps.

 

 

Tue, 05/03/2011 - 04:17 | Link to Comment downwiththebanks
downwiththebanks's picture

Or Uncle Sam did with its internment camps.

Tue, 05/03/2011 - 04:35 | Link to Comment akak
akak's picture

Yes, we should ask some of the hundreds of thousands of Japanese who were forced to live in squalor as "internees" during WWII for no reason other than racist hysteria.

Or some of the hundreds of Aleuts who were forcibly evacuated from their homes of millenia (which US forces later trashed and largely destroyed) and essentially held prisoner while forced to starve, suffer and die in even worse disease-ridden squalor at abandoned lumber camps in Southeast Alaska during the same war, under the guise of "protecting" them from a wildly unlikely Japanese occupation of the entire Aleutian and Bering Sea islands of Alaska --- a shameful story known by very few Americans.

Tue, 05/03/2011 - 04:39 | Link to Comment TheGreatPonzi
TheGreatPonzi's picture

I'd add that the Americans fought "racism" during WWII, but they actually were the most racist. Jessie Owens said in his memoirs that he was better treated in Germany than in the US. 

Eternal hypocrisy of Christian Americans who one day praise Jesus, and the other applaud Nagasaki and Hiroshima. 

Tue, 05/03/2011 - 04:49 | Link to Comment akak
akak's picture

To be fair, the Japanese during WWII were almost mind-bogglingly racist, to a degree which would probably have made most Nazis blush, as indeed they largely remain today.  And the German, or at least Nazi, attitudes toward the untermenschen are still so well-known as to need no recounting here.  Now the Russian communists, on the other hand, were equal-opportunity sociopaths, killing their own people with as much disregard and casual contempt as anyone else.

Tue, 05/03/2011 - 06:52 | Link to Comment topcallingtroll
topcallingtroll's picture

The russians talked their talk and even attempted to walk the walk. Universality of mankind and all that.

Tue, 05/03/2011 - 07:27 | Link to Comment Holodomor2012
Holodomor2012's picture

I lived in Tokyo.  They are extremely racist, great in bed, and wonderfully well mannered.  So +1 for racism and +1 for them.  +1 for you as well for mentioning the sociopathic horrors of Bolshevism.  -1 for Lev Bronstein for inventing the word racism. 

Tue, 05/03/2011 - 09:52 | Link to Comment Dr. Impossible
Dr. Impossible's picture

so the old adage..."tall fences makes good neighbors" applies in other places then the US?

 

Tue, 05/03/2011 - 10:29 | Link to Comment MachoMan
MachoMan's picture

You fucked enough of a cross section of Japan to determine that they're good in the sack?

Tue, 05/03/2011 - 11:15 | Link to Comment Holodomor2012
Holodomor2012's picture

It's all a cross section.  Get it? Get it? ok that was racist.

Tue, 05/03/2011 - 10:08 | Link to Comment vened
vened's picture

Majority of the original communists were

as "Russian" as Karl Marx or "Russian" Mafia

of Brighton Beach.  They had no qualms

in killing their "own" people.

Tue, 05/03/2011 - 04:23 | Link to Comment downwiththebanks
downwiththebanks's picture

Way to produce jobs, private sector.  You're doing real work for the people of the world.

Here's a chant for the NEXT Wisconsin:  "This is what an rancid economic system in terminal decay looks like!"

Tue, 05/03/2011 - 05:13 | Link to Comment linrom
linrom's picture

Making sense out of data and numbers

• In 2007 2/3rds of Individual Income Tax was made up of unearned income

• In 2007 only 1/3 rd of Individual Income Tax was collected on earned income

If one raised capital gains tax rate in 2007 from 15% to 30%, Fed revenues would increase by $900 billion.

For every $1 earned by folks that actually collect a paycheck by working, $2 is extracted by asset appreciation. With this kind of windfall from dividends and capital gains, why would anyone in US bother to hire anyone or toil at a job?

The more recent data for years 2009-2010, must be off the charts for capital gains with all the free and 0% interest seed money given out to the elites.

Tue, 05/03/2011 - 05:25 | Link to Comment Zero Govt
Zero Govt's picture

how many of the 400 Americans are profiting from the expansion of the Food Stamps programme, a nice little profit centre for Jamie Dimons JP Morgan 'Profit from Poverty' Department?

...nice to see the Democrats breeding social dependency while also feeding profits into JPM and then JPM funding the Democrats Party ...it's a Win-Win-Win scheme (scam) who in their right mind could knock "Doing Gods Work"

...the finest example yet of ethical investing eh Jamie?

Tue, 05/03/2011 - 05:34 | Link to Comment Urban Redneck
Urban Redneck's picture

Waterfall TALF Opportunity Fund, LLC isn't going to show up on Jamie's 1040 as a capital gain, unless he flips it to some dumb schmucks in a private placement or IPO.  In which case, it might also add a fraction of cent to his existing unrealized gain on JPM stock through the placement fees. 

Tue, 05/03/2011 - 06:23 | Link to Comment Zero Govt
Zero Govt's picture

beats me how any of these Execs who've driven their banks into the sewer get any bonuses, book any profits, especially as all of it is effectively back-stopped and funded by taxpayers

i suppose it's another example of Wall Streets national lead in 'ethical investing'  ...JP Morgans profiting from poverty in the socialists food stamps programme is the finest example i've ever seen to date of doing Gods work and turning a fast buck

..and just like the Democrats meddling (subsidising) in US property (causing a bubble) for 'social housing' and the corn-ethanol (inflating price bubble) to 'save the world' these food stamps to 'help poverty' are driving inflation and bubble prices into the food chain

The real bubble is in meddling suicide socialists and a massive bubble in them being repetitively stupid vandalising one market after another... food stamp subsidies are inflating food prices and as we see with the Democrats peak stupidity and peak Pump & Dump with their banking buddies it ends is complete disaster (see US property)

..but for JP Morgan it's great while the property and food bubbles last ...another perfect social(ist) scheme/scam, carrying zero risk and a new Govt-gifted money machine and profit centre ...helping poverty while Jamie helps himself swimming in zero risk profits... what could possibly be more ethical?

Tue, 05/03/2011 - 10:32 | Link to Comment MachoMan
MachoMan's picture

Crony capture...  the board members that vote to do so are all buddies...  and all interconnected...  or, at the very least, as easily swayed as others...

The entities are no longer real businesses (if ever)...  they're just vehicles for pillage and plunder...  the real trick is to watch the money flowing out the other side, not the entities.  This is why the bonuses are given...  it reflects their true nature.

Tue, 05/03/2011 - 05:37 | Link to Comment anony
anony's picture

Sometimes you go too far. 

The comparison you make in th disparity between the nomenklatura and the Russian people, and the 400 and ours is specious and hyper.

On its best days none of us would have wanted to live in Russia during that time (or now).  Even with the differences there now, i don't know a soul who would actually prefer Russia to most of the states here.

Please don't misunderstand. The disparity here is unconscionable, but to make your point you need to maintain the credibility for which this site is known.  Using this kind of hyperbolicity to make it, is eroding it.

Tue, 05/03/2011 - 06:16 | Link to Comment Hephasteus
Hephasteus's picture

Let me guess. You're in advertising?

http://www.youtube.com/watch?v=9iI2mOK8h34

Tue, 05/03/2011 - 06:42 | Link to Comment anony
anony's picture

Nope, I'm into common sense.

Tue, 05/03/2011 - 07:30 | Link to Comment Hephasteus
Hephasteus's picture

And hipocracy. As your post was a hyperbolic rant about a hyperbolic story.

Are you against all hyperbole or are you wanting it to be monopolized?

Would it piss you off I told you that you give me a body that can handle russia with lots of brown fat cells for staying warm and I'd be about as happy there as I am here.

I don't know who the fuck these tylers are or where the hell they came from or where the hell they are going. But I sure like to watch people try to control them. It's the same old tact. Assertion of some wrong doing that the world is literally drowning in with a complaint about how if they keep it up the negative reviews will cut them off from any ability to spread or disseminate ideas.

If you just project and assert enough onto the outside world and keep something for yourself it's a great way to keep and maintain an imbalance.

So i'll tell ya what. If you really don't like this hyperbole thing then let's go kill it. We'll get together and stop it at coca cola who really doesn't want to teach the world to sing in perfect harmony they really want to poison people with corn syrup and artificial sweetners, and we'll just go all over and keep stamping out hyperbole all over the planet and then we'll even work on that banzai guy who does a tad bit of hyperoble and characturization.

If you see bullshit being employed it's because force and abuse has already been employed. If you see force and abuse being employed they will soon be relegated to bullshit. It's a way to make denial a preferable state of existance. A herding. Now I've been damaged the fuck up concerning gang violence. If i get a wiff of being ganged up on and forced into something I'll go the shit that gives jeffery dahmer nightmares on your ass.

Now if you've been damaged concerning hyperbole and twisting of judgement and you are being focused to blame it on zero hedge and even banzai then why don't you log the fuck out and watch some TV commercials and get a fucking clue on where that shit is coming from and where it's concentrated at. Instead of blindly blaming a lesser transgressor. Because that's the main problem in the world and the true source of injustice. Weakening people and making them judge thier fights based on what they feel can be killed or stopped by being supported by some larger collective forces who want all that focused and concentrated on lesser transgressors. Thereby minimalizing thier own transgressions and amplifying lessor ones. Same thing as when a monster fucking thief gets fined 2 percent of what they stole while lessor thiefs get fined double or triple what they stole.

So I guess what I'm saying is you're punitive, critical and clueless. Or as you call it common sense. There is no comming to conciousness without pain. But some people aren't going to do it because nothing is ever going to force them into it.

Tue, 05/03/2011 - 07:55 | Link to Comment topcallingtroll
topcallingtroll's picture

I guess the old saying is true.

One mans hyperbole is another mans excuse to goof off at work.

Dammit you guys made me late again and its all your fault

Tue, 05/03/2011 - 11:01 | Link to Comment anony
anony's picture

Actually it would make me happy if you went to Russia, preferably Siberia, or a bit further north. But i'm gonna go out on a limb here and say that you're deluded, a liar, or plain nuts to think you will be 'about' as happy there as you are here.  Give it 9 to 1.

TD has been doing an excellent job of raising issues that I am confounded to understand how he (she, they) get such great information and I've been eating it up for over a year or more without the necessity of them to reach hyperbole, since what they uncover is terrible enough on its own to be truly horrendous. 

Wb7 is the "Doonesbury" to me, here, in the context of the overall information overload. No need to kill hype, anymore than I would stop reading and thoroughly enjoying the 'fuse' that WB7 provides between me and blowing out on the awfulness of so much bullshit in the world today.

I don't guess what I am saying.  What I am saying is your sentence about not coming to consciousness without pain is absolutely correct. However, even the jews found a way to humor themselves in the concentration camps as a way to endure the tortures of the holocaust. So can we.

It sounds like you might be in prison, an institution for anger management or for sure on a dead reckoning journey there.  I'd be a bit more careful or you might find yourself in a gulag, should you move to Minsk.

 

Tue, 05/03/2011 - 06:27 | Link to Comment topcallingtroll
topcallingtroll's picture

You are not a communist now, are you?

That experiment didnt work out so well

More civil rights attorneys disappearing in china by the way.

Tue, 05/03/2011 - 06:32 | Link to Comment gkm
gkm's picture

Hmmm, was Hank Paulsen one of the 400?  Oh that's right.  He didn't pay any tax!  Probably didn't have to file a return that way.

They need to get themselves down to 300 and (although they won't be playing themselves of course) the last showdown can begin.

Tue, 05/03/2011 - 06:36 | Link to Comment Zero Govt
Zero Govt's picture

it's 'Wank' Paulson by the way

Tue, 05/03/2011 - 08:17 | Link to Comment Harlequin001
Harlequin001's picture

I think you're both right actually, it's Hank with a silent 'W'...

Tue, 05/03/2011 - 06:57 | Link to Comment Arkadaba
Arkadaba's picture

And ....http://www.nytimes.com/2011/05/03/world/americas/03canada.html?partner=rss&emc=rss

 

‎"Throughout the campaign, Mr. Harper limited his public exposure to a small number of tightly controlled events. Reporters traveling with him were restricted to a total of four questions a day, although they did not necessarily receive four corresponding answers. Sometimes when reporters asked contentious questions, partisan crowds were whipped up into cheers to drown them out."

 

Tue, 05/03/2011 - 07:16 | Link to Comment qmhedging
qmhedging's picture

“British police arrested five people near Sellafield nuclear power station under anti-terrorism laws Monday.” If they nuke Europe, more people will buy US debt.Problem solved.

Tue, 05/03/2011 - 08:19 | Link to Comment Harlequin001
Harlequin001's picture

so we won't be seeing 'them' for six weeks then...

Tue, 05/03/2011 - 07:16 | Link to Comment max2205
max2205's picture

That was 2007 under gwb. Imagine what the number is today 2008 - 10

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