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Watch Bernanke's Speech At The Committee For A Responsible Federal Budget [No, Really] Live
We know our readers are excited to watch a speech headlining the Chairsatan and moderated by Steve Liesman. Which is precisely what will happen at 2:30pm at the Committee for a Responsible Federal Budget ("bipartisan group of budget experts concerned about this nation's fiscal future."). You can watch the webcast live below. The full chairsatanic speech can be found here.
From the CRFB:
This year, we are opening the roundtable conference to an
invitation-only audience. The remarkable line-up at the roundtable
includes:
- OPENING REMARKS: Chairman Ben Bernanke, Chairman of the Federal Reserve System
- The Honorable Paul Ryan, Chairman of the House Budget Committee?
- The Honorable Gene Sperling, Director of the National Economic Council
- The Honorable Mark Warner, Senator from Virginia
- The Honorable Mike Crapo, Senator from Idaho
- The Honorable Alan Simpson, Former Senator from Wyoming and Co-chair
of the National Commission on Fiscal Responsibility and Reform - The Honorable Jim Nussle, Former Director of the Office of
Management and Budget and Former Chairman of the House Budget Committee - The Honorable Bill Frenzel, Former Ranking Member of the House Budget Committee
- Bob Reischauer, Former Director of the Congressional Budget Office
- The Honorable John Spratt, Former Chairman of the House Budget Committee
- The Honorable Larry Lindsey, Former Director of the National Economic Council
- Ruth Marcus, Opinion Writer for The Washington Post
- Andy Stern, Former President of the Service Employees International Union
- John Engler, President of Business Roundtable
- David Brooks, Op-Ed Columnist for The New York Times
- Maya MacGuineas, President of the Committee for a Responsible Federal Budget
- MODERATOR: Steve Liesman, Senior Economics Reporter for CNBC
»
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he knows he will be the last FED chairman
This Paul Ryan sounds like an idiot. He wants to pay off the debt... Really??? Someone tell him that would effectively eliminate all USD as we currently value it. This guy is suppose to be our best hope? Sigh...
he is a fraud and his plan is a piece of crap.
Time to make Wallstreet pay for the Depression they created!
Greenpan was a level of fail of arguably unprecedented levels in American Economics and Monetary Policy. Bernanke = Greenspan level of fail on steroids.
What Is Wrong With The U.S. Economy? Here Are 10 Economic Charts tha will Blow Your Mind
Well that may be true.However watched it 4 times and it´s utterly confusing.Can anyone help me with the translation since this seems to be something happening in a parallel universe in an alien language...
Economics is surely not a science...No controlled experiments etc just backwardlooking econometrics made to fit whatever bias you have.
How on God´s Earth can anyone believe that retrospective, statistically massaged datapoints from a crisis 70 years ago has any bearing on what may or may not be happening today?
And I have to say - Americans talk way too much! I always end up confused with this barrage of words,views and "sentiment" crap.U.S academic education seems good for learning indirect BS , hour on end.And not much else.
Princeton isn´t that far from NYC bot nuthin´seems to have rubbed off. Can´t anyone responsible give him strict orders to keep any and all sentences to a 8 word maximum??
Like we´re f-d. I am OK but you are f-d.Here´s why you are f-d.Would be much more interesting and have an inherent educational value.
In contrast;
GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE
ASKED ABOUT TALKS ON A GREEK FINANCING PLAN:
"There has been no result."
Bernanke's incredible forecasting record (a mere sample of the tragedy that it truly is), in his own, quivering words:
YouTube - BernankeI'm glad the Honorable Dr. Ben S. Bernanke has accepted this invitation. Maybe his sage words will reassure all the doomers who really think the federal budget is on a "crash course".
Bernanke is 'honorable' where, the bowels of hell?
It's an official title, dipshit. And yes, he is considered honorable among the crème de la crème of society.
Crème de la crème is not in our price range these days, Hamy.
Please define "society". Would that be the general population, who struggle to get by day-by-day with $4 gasoline and food prices increasing?
Or would your "society" be all the other white collar criminal banksters that have gotten free handouts from you, I, and my neighbor?
More like he's the Crème de la crème of Scumbags.
'Official title' YES among those in the 7th ring of HELL!
You have done a good job riding the wave, but, why dont you admit that it is all a ponzi scheme and it is all bullshit
Because he's Hamy, not Harry.
Hey, you`re messing with my infotainment.
Yeap, Bernank is our hero.. Bears get real good
bite in the A$$ today.. Don't fight the FED, Bernanke
still got higher IQ, than all doomsters on this board
combine.. :))) Good day!..
Get back on your tractor, farmer. This isn't a board about combines.
How is trading in my US dollars for PM's a "bearish bite in the A$$"?
This ship is going down. The three stooges steering it, Oscama, Benocide, and Timmay are in way over their heads. Pulling a policy decision out of a hat to flood the market with liquidity using 1930 as an example is Benocides biggest mistake.
If this isn't another depression, then why did he use the Great Depression as a yardstick for his policy decisions since 2008?
The guy is a failure. He trembles and stutters when he talks. He, himself, doesn't even feel comfortable with what comes out of his mouth. How are we supposed to feel?
His policies would have worked if we were back in the 1930s when America still was pretty undeveloped and had abundant resources. If, for example, America's oil production hadn't peaked yet, real economic growth wouldn't really be that difficult to accomplish through monetary policy, especially if we had plenty of other real/raw resources to do it within our borders.
I've noticed the trembling and stuttering too. But, I think that's just the way he talks.
Lots of people think it's some type of conspiracy. It's also possible that he really doesn't understand the implications of what he's doing in a world and in an America completely different than the one in the 1930s. I kind of find the conspiracy more comforting. If he really doesn't understand how flawed his policies are, then wow.
When I get really depressed, usually after coming down from a really high high, this song helps me: http://www.youtube.com/watch?v=0714IbwC3HA
I don't know how, but I do know that everything will be fine in the end, if not before. This world is temporary - that's what makes it so beautiful and precious but also what makes it okay when bad things happen.
So you are suggesting that the peoples of Africa should print their way to success?
http://www.youtube.com/watch?v=7ubJp6rmUYM
FYI--monetary policy CAN NOT produce wealth. It can only transfer it. And the process of transfer is sloppy, and creates inefficiencies. The ONLY way to grow ANY economy is with honest money.
So simple, a caveman could do it: http://freedom-school.com/money/how-...nomy-grows.pdf
Hey go easy on the farmers then Tmos, as by your definition they create wealth; this isn`t a board about toothpaste you know.
(I kid: I know that without whole teeth, food would be worthless as no one would be able to eat it; unlike gold.)
the bears closed their shorts yesterday and are just waiting to short the bounce
If Bernanke came out and said, "I am monetizing the nation's debt as we speak. There is no way to stop doing this without major, drastic, draconian budget cuts that will lead to riots and civil unrest. Unfortunately, by continuing to monetize the nation's debt, we also cannot avoid riots and civil unrest when we experience a currency crisis of unprecedented proportions and the real value of peoples' 401ks and pensions becomes as worthless as the statements Bernie Madoff sent out. It's easier, for the time being, to just print money and hope that Jesus lets John Maynard Keynes come back and grant us three wishes than it is to admit there is no easy answer anymore. I cannot tell Congress what I'm doing because most of them are too stupid to understand it, anyway. Thank you. Screw you guys; I'm goin' to Australia on my G6."
Everything would fall apart right now. The world would sell its dollar-denominated assets. He is running around keeping the plates spinning. It's only a matter of time, either way.
Raise the debt ceiling or don't. It doesn't matter. In fact, I've concluded they should raise it. If they don't, the Republicans will be blamed for causing the collapse. If they do, both parties will be blamed.
Its not that they should, its the only option they have. They can either raise interest rates, or print money, no ifs ands or buts about it. The problem is that they'll have to keep printing at an exponential rate, thats the nature of expanding debt. Its either that or go into a deflationary collapse with no liquidity. Implosion or explosion, its really up to them, they both suck equally IMO. If only there were a way to deflate the economy while simultaneously inflating the currency to service existing debt, all the while manipulating the prices of commodity's and consumer goods to mask the external inflation... or is thats whats going on?
MisterAmbassador - FWIW I think both your comments are spot on.
Seriously. Couldn't have said it better myself.
You must be a bankster. Bernanke is honorable only in the company of his fellow thieves where of course their is no honor. This guy is the puppet who does the dirty work for the pspsychopath globalist Bilderberg banksters. He should be HANGED in Times Square for treason immediately.
There is no honor among thieves.
See Steve. See Steve lie. Lie Steve lie.
Who is Steve Liesman? Does he have a high school diploma? Who cares what he has to say.
Bernanke sure got out of there quick. Even after trembling and stuttering like a bumbling fool talking about "confidence in the US as a credit worthy nation", I still don't have confidence. But thanks for trying, Benocide.
And how are those cooked inflation numbers coming along? Can't wait to see the end of "transitory".
What I wouldn't give to have the microphones and earpieces of all these idiots explode when they say "transitory", "soft patch", "going forward", or "game changer".
Liesman is a professional reacharound artist and nothing more. Watching CNBS is hard, but seeing the constant state of painful shame on Becky Quick's face almost makes it worth it sometimes. Her expression is like she was gangbanged in college at a Star Wars party and her best friend just sent her a link to the video. Or a link to the video of Buffett and Munger splitting her down the middle at 30k feet. The perfect example of how each and every one of those Wall Street fluffers must feel.
LiesMan moderating a deal...imaging that....hmmmm....
LiesMan moderating a deal...imaging that....hmmmm....
sounds like you are building a Center of Excellence!
Who is Steve Liesman? He is the idiot brother of Richard Trethewey, plumber guy on "ask this old house"
Will Liesman be wearing his pink shirt and vein blue tie foreskin costume?
Whatever he wears his catching mitt will be in place, as always.
Liesman reminds me of the fat guy in "Deliverence".....
weeee..weeeeee..weeeeeeeee..weeeeeeeeeeeee..
too late
So who is the monkey and who is the football?
"This dynamic is clearly unsustainable" - No shit Ben, now you are going to tell the truth?
Oh now theyre gonna stop printing trillions of dollars to transfer the the top 1/10th of 1% and have a 'responsible budget' now? Wow this is the best clownshow in history, really it is. Bernank may as well just give a speech about how the FED will write every american a check for $10 million dollars. Fuck it, I think Id ust rather gobble blue pills by the handfulls than see more of this ongoing lunacy.
HFT algos gonna go nutzor now!
brutal video stream..
yup...awful
Audio fail. JPM is attempting to manipulate Silver again because we all know Silver and Gold prices jump higher every time he speaks.
It baffles me that a meeting about a "responsible federal budget" includes any current or former members of Congress, except perhaps as cautionary tales.
Actually former senator Alan Simpson has a pretty good grip on the situation. Listen to the interview on FSN with Jim Puplava:
http://www.financialsense.com/financial-sense-newshour/big-picture/2011/05/21/2/alan-k-simpson/america-moment-of-truth
"Raise the debt ceiling or I will tank the markets and blame you all".
The funny part about that is if I was a congressclown and he presented me with that threat, I'd tell him to bring it on! Then proceed to make a bunch of public speeches about what a criminal Bernank is.
But we know no one in clowngress can do that, theyve all been bribed off so many times theyre just as bad as Bernank, if not actually worse traitors.
Sounds like hate speech to me.
Very perceptive HarryWanq!
We know he's a Jew. No need to bring your lib-speak in here.
Liesman is such a central bankster butt-boy.
And make no mistake, he catches.
There he is! He is out in the open! Would the Sargent at Arms please quickly slap the cuffs on him?
$7 trillion in two years...squandered...and he still refers to this as a "fragile economic recovery." It is quite obvious that economic recovery is WAAAAAAY out of our price range.
AH...well the pink mist of a .308 projectile traveling thru his cranium would be good enough for me! And hardly costs $1 !
Ooops...and on the note, "History makes clear" there was the audible shakey McShakes again.
And also, I heard him talking about the "confidence of investors." What investors? Is he talking about Netflix traders? Can anyone see any strings protruding from Ben's back?
Cuff him...quick!
Im guessing he meant algo robots have high confidence reflected in their blinking lights feedback loop or something.
So if all is well, we dont need any more money then Bernank!
Yep, confidence in the blinky robots is high. The Blinky Bots are not afraid of the Crocodile Algorithm. Nope.
And the confidence of "investors" shall not be shaken by such prudent things as folk stopping their digging when they hit lava.
Everything is fine. Greece is fine. Unemployed people are fine. Interest rates are indicating everything is fine. All is good...
...to which a more curious person might say...well then what the fuck has all this terrorizing jabber jabber and money printing been about? Someone...anyone?
Sargent in Arms! Who the fuck do these guys think they are talking to right now? Is anybody else hearing this nonstop train of bullshit...or have I gone off the tracks down the fucking cosmic bunny hole again?
Hellooooooooooooooooo
They cannot even keep their "trillions" straight as they bumble through projections that are either $2 trillion shy...or $6 trillion...depending on which part of the bumbling statement you catch....or which imaginary budget page they might be looking at.
Who are they talking to right now...anyone? Me? This cannot be for me.
"Realities are much, much more serious." Than what? An asteroid hitting the Eccles building and disrupting money printing?
Good thing everyone is yucking it up at this meeting of...what...Blinky Bot gods?
WHAT THE FUCK IS GOING ON HERE? SARGENT AT ARMS! DO YOUR JOB!
Well...that unscientific poll of the Blinky Bots gods, when asked how many thought the debt ceiling would be raised, did not go over so well.
But who cares? Government issued unicorndew on the way, price fixed. Abercrombie t-shirt fans...not so much good news for you.
And here comes Mutual Fund Redemption on the outside rail. Fuck me.
Drop your stocks and grab your cocks...'cause the Bernanke has it all under control...and certainly he will deflect the giant asteroid heading for all of us right now with his amazing ability to lie like a mother fucker...while simultaneously creating lose lose lose situations.
Sargent at Arms...I implore you to arrest him.
Fuck it. Blue pill please....
Pretty funny when Liesman mentioned the "bond vigilantes".
LMAO. Reminds you who the Smartest Guys in the Room are these days.
This is without a doubt the best rant I have read in ove a week. Thank you sir.
I junked you because I value TD's work and believe that it is placed in jeopardy by blatant threats of violence to public figures which provide an excellent excuse for closing this blog down.
Bernanke has terrible judgement and has been wrong almost continuously since he took office, but a headshot is not the solution. Another puppet would take his place. Grow up.
...Another puppet with perhaps slightly more trepidation about continuing down the same path as his headless predecessor.
Not that I would condone that sort of thing.
Video - ECRI says prolonged U.S. slowdown ahead. (true)
Bernanke immediately shouts LIES! (ok I made that part up)
10 minute video
http://www.fundmymutualfund.com/2011/06/video-ecris-achuthan-prolonged-u...
Raise the limit! (or Die). Don't raise the debt limit! (or Die). Sounds like a great plan Ben!
(1) Raise the debt limit
(2) Reduce defense and entitlement spending
(3) Raise taxes
(4) Get voted out of office in a landslide
(5) Be proud that you did your duty
/meeting
Give me more power by raising the debt limit or I kill you.
Tyler please don't degrade zh by making up stories. That can't possibly be the name of the committee and now way if that exists is Ben speaking and it's beyond plausible that liesman is moderating.
WHERE IS THE MONEY, CONGRESS?! VEE CUT OFF YO JJJOHNSON!
Excellent! Thanks for the laugh.
Now if only we could see that bald douche running around in a red jumpsuit with oversized scissors........
he is always sooooo nervous! His voice is so shakey that it would never pass any kind of stress-test lie detector.
not necessarily, lie detectors don`t function at all well on sociopaths...
Ben is a financial terrorist. "Raise the debt ceiling or I will destroy the markets". Fuck it, bring it. The debt is a fraud.
Ben is a financial terrorist. "Raise the debt ceiling or I will destroy the markets".
Is that copyrighted or do u mind if i retweet, bc far be it from me to infringe on copyright
I will steal all Government employee retirement funds if necessary.
Raise the debt limit....I dont know how youll do this but it is your job as congresscritters to hand me free money when I say so, fuck the people you work for me and me alone.
...wait, this is scary, is he not laying it all out in public?!
As he is speaking, I am doing reloads and drinking whiskey. I am consuming. Hope it helps!
http://www.youtube.com/watch?v=81FzgGnNcTg
The Bernank and Liesman, u got to be f*cking kidding me.
"All Stars"??? LMAO!
Theyre STARS wow!!! Cant even make this crap up.
This whole event is sickening.
"Truly an all star cast"
Hold me smithers...
The fed wants to be independent of congress but not for the congress to be independent from the bernank. I don't think that word means what they think it means. lulz
yeah, noticed that
Liesman just said "brainpower" and I promptly did a faceplant into my keyboard.
He probably meant to say 'brain fart'.
Bernank: How can I monetize if the gubbermint won't take on more debt? Youse guyz iz ruining mah plan! WAA!
SO anyway....whatever happened to that 'Bernank will let the markets tank so we'll all squeel and beg for QE3'....looks like a 300 point DOW day to me...resume melt-up all is well PARTY!
The organization that is putting on the event "The New America Foundation" is funded by George Soros organization Open Society Institute..... http://www.newamerica.net/about/funding.
Other sponsors are: Bank of Palestine, Foundation to Promote Open Society, Free Press, London School of Economics (aka Fabion society), along with many others that are socialist organizations or business's in bed with government........
So under a "payment prioritization" scheme, bondholders would still get paid and so would congress and the administration.
Social Security, Medicare, and the Military, not so much
What happens if Yanks move to a payment prioritization scheme in August, and MAD doesn't occur?
Amused that the non-politicized Fed is NOW begging for a clean debt ceiling bill. Of course because we are all praying at the alter of a "fragile recovery". Nothing must get in the way of the recovery........
So under a "payment prioritization" scheme, bondholders would still get paid and so would congress and the administration.
Social Security, Medicare, and the Military, not so much
Sickening, huh? But honestly, we didn't really think it would be any other way, did we?
"You can't fix this if you don't have growth"
Ah yes, the old infinite growth on a finite world plan. Good luck with that.
http://www.federalreserve.gov/ has been down for a few hours now (at least for me). Anon in action?
Works for me. Perhaps Homeland Security is monitoring and limiting you....
bernie is all in, take a look at some charts and insight on www.thetrader.se
reducing taxes is certainly a good idea - nothing learned
Not having an income tax is contitutional
Yes...blathering Colorado politician...what the people want more than ANYTHING ELSE is "bipartisanship." Uh huh. And also, we are clamouring for status quo, rising debt, and the always firming concrete of the TWO PARTIES.
Wow...bright bulb there. Totally in tune with "the people."
Sargent at Arms! Sargent at Arms! Do you duty...or renounce your pension.
Totally in tune with "the people."
He DID use the term "crystal clear" in reference to his understanding of it.
</end sarcasm>
Listen up U.S. citizens, the PR man of your Jew overlords speaks.
not sure why you got junked...
... i take that back
Ghastly sight on air
Liesman fellates Bernanke
Swallow at finish
http://youtu.be/RP-7bhrh0PU
http://www.youtube.com/watch?v=jMqVrUSz62o
for market insight during European and US hours, check www.thetrader.se
Passing the hot potato.
Raise the fucking debt ceiling or watch the market go into abyss.
Is this some joke Andy Stern is invited and not me???
"bipartisan group of budget experts concerned about keeping the ponzi going at all costs while TPTB continue to skim rent off the top with zero value added."
Fixed.
We keep you alive to serve this ship. So row well and live
Arias.... Ben-Hur
The organization that is putting on the event "The New America Foundation" is funded by Evil George Soros organization Open Society Institute..... http://www.newamerica.net/about/funding.
Other sponsors are: Bank of Palestine, Foundation to Promote Open Society, Free Press, London School of Economics (aka Fabion society), along with many others that are socialist organizations or business's in bed with government........
What is the point of Congress if one man can hold this much power over the whole of them? Fuck Bernanke ... a complete and utter asshole failure.
Congress is now irrelevant, that combined with a puppet for a president...
Sorry but I can't look at that coxxukker without imagining crosshairs on his forehead.
Imagining crosshairs is (perhaps) OK. But if someone else puts actual crosshairs on that forehead this blog will be shut down immediately and your post and the others like it will be the reason given.
I'm listending to Larry Lindsey... we are so #ucked, it's not even funny. He is right... rates are going to be kept artificially low... until foreign markets wake up and force rates up.
Lindsay: Well, there it is. "Interest rates need to stay near zero or we incur 6T more interest cost in next ten year period (if we return to normalcy)." Diminmus return for your life, grandpa. So sorry.
Obama Signed the Law Raising Public Debt Limit to $14.3 Trillion on Feb 12 last year.
They had over a year to prepare for this. What is it about a clear and definite plan that Bernanke and the White house can't see?
How much clearer can it get?
This is the same thing Greece is doing...
Planet of the Apes - It's a Madhouse!
http://www.youtube.com/watch?v=SWv53OJ-ydI
is CNBC in on this? Becky had to explain to Joe how China raising rates stimulates the world economy...wait, at least that what Warren told her...i think
gathering to establish that treason is so ubiquitous
as to render it legal and actually a magically
patriotic past time. why should the american taxpayer
not finance the european bond vigilantes and ultimately
the usa vigilantes? if not the fiat federal note then
what?
Well at least the beatings will continue until morale improves.
The summer of "Defaulting with the Stars".
Fiscal Sustainability is an oxymoron perpetuated by the Fed. by keeping easy money and low interest rates for long periods of time without taking any responsibility for deficit reduction. With only two or three budget surpluses over the past 40 yeaars and deficits in the $100Trillion range we have reached economic unsustainability.
Wow. Raise the debt ceiling and continue to engage in massive deficit spending whilst the Fed promotes inflation and destroys the wealth of savers who want to keep their money in fixed-income securities. That sounds like wonderful advice.
The Great Chairsatan = the enemy of the people
Remind me what will happen if the debt ceiling have officially increased, economically?
Leesman "How many of you think i'm full of shit? Please raise your hand..."
off with their heads
Does the BGOBECATNFF (bipartisan group of budget experts concerned about this nation's fiscal future) still get paid if they dont raise the debt ceiling?
The Gang of 6 Raising the Retirement Age & Reducing Social Security Benefits http://goo.gl/Aix0y / http://goo.gl/m8QMq All for the Surplus $
http://www.dickipedia.org/dick.php?title=The_Gang_of_Six Reducing Social Security Benefits http://goo.gl/m8QMq All for YOUR! Surplus Money!
Sen. Ben Nelson [D(ick)-Neb.]
Gang of 6 Member Nelson, Ben (D-NE) $14 Million Dollar Lobby Whore http://goo.gl/i29tJ And! who owns him http://goo.gl/DvBWP
http://www.opensecrets.org/politicians/summary.php?cycle=Career&type=I&cid=N00005329&newMem=N
Sen. Mary Landrieu [D(ick)-La.]
Gang of 6 Member Landrieu, Mary L (D-LA) $24 Million Dollar Lobby Whore http://goo.gl/dwFxO And! who owns her http://goo.gl/tM3bG
http://www.opensecrets.org/politicians/summary.php?cycle=Career&type=I&cid=N00005395&newMem=N
Sen. Ron Wyden [D(ick)-Ore.]
Gang of 6 Member Wyden, Ron (D-OR) $23 Million Dollar Lobby Whore http://goo.gl/GnQKf And! who owns him http://goo.gl/zNRvN
http://www.opensecrets.org/politicians/summary.php?cycle=Career&type=I&cid=N00007724&newMem=N
Independent Dick Sen. Joe Lieberman, from Connectidick
Gang of 6 Member Lieberman, Joe (I-Conn) $49 Million Dollar Lobby Whore http://goo.gl/C7tSk And! who owns him http://goo.gl/XospA
http://www.opensecrets.org/politicians/summary.php?cycle=Career&type=I&cid=N00000616&newMem=N
Sen. Olympia Snowe [R(eally big dick)-Me.]
Gang of 6 Member Snowe, Olympia J (R-ME) $10 Million Dollar Lobby Whore http://goo.gl/5ArgP And! who owns her http://goo.gl/zj2JJ
http://www.opensecrets.org/politicians/summary.php?cycle=Career&type=I&cid=N00000480&newMem=N
Sen. Susan Collins [R(eally big dick)-Me.]
Gang of 6 Member Collins, Susan, M (R-ME) $14 Million Dollar Lobby Whore http://goo.gl/X8I73 And! who owns her http://goo.gl/1dcLY
http://www.opensecrets.org/politicians/summary.php?cycle=Career&type=I&cid=N00000491&newMem=N
Here is Sen. Sanders’ list of the 10 worst corporate income tax avoiders:
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings. (Source: Exxon Mobil’s 2009 shareholder report filed with the SEC here.)
2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion. (Source: Forbes.com here, ProPublica here and Treasury here.)
3) General Electric made $26 billion in profits in the United States over the past five years and, thanks to clever use of loopholes, paid no taxes.(Source: Citizens for Tax Justice here and The New York Times here. Note: despite rumors to the contrary, the Times has stood by its story.)
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009. (Source: See 2009 Chevron annual report here. Note 15 on page FS-46 of this report shows a U.S. federal income tax liability of $128 million, but that it was able to defer $147 million for a U.S. federal income tax liability of negative $19 million.)
5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year. (Source: Paul Buchheit, professor, DePaul University, here and Citizens for Tax Justice here.)
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year, received a $157 million tax refund check from the IRS and, over the past three years, received a $134 million tax break from the oil and gas manufacturing tax deduction. (Source: the company’s 2009 annual report, pg. 112, here.)
7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department. (Source: Bloomberg News here, ProPublica here, Treasury Department here.)
8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury. (Source: Paul Buchheit, professor, DePaul University, here, ProPublica here, Treasury Department here.)
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2006 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction. (Sources: Profits can be found here. The deduction can be found on the company’s 2010 SEC 10-K report to shareholders on 2009 finances, pg. 127, here.)
10) Carnival Cruise Lines made more than $11 billion in profits over the past five years, but its federal income tax rate during those years was just 1.1 percent. (Source: The New York Times here.)
http://www.greenpartywatch.org/2011/04/30/top-10-corporations-who-paid-no-taxes/
and...
‘Dutch Sandwich’ saves Google billions in taxes Internet giant uses complex structure to keep its overseas tax rate at 2.4%http://www.msnbc.msn.com/id/39784907/ns/business-us_business/t/dutch-sandwich-saves-google-billions-taxes/
and..
Microsoft’s purchase of Skype for $8.5 billion provides a perfect illustration of why adopting a true worldwide corporate income tax system is critical to our economic future.
According to the Wall Street Journal, the cash for Microsoft’s purchase of Skype (a Luxembourg-based company) will come out of its $42 billion in liquid assets held in foreign subsidiaries.
Because it is purchasing a foreign company with its overseas assets, Microsoft can avoid paying any U.S. tax that would be due if it had repatriated foreign earnings in order to purchase a US company for the same amount. Based on the company's effective foreign income tax rate disclosed in their most recent SEC filings, a repatriation of $8.5 billion dollars would cost Microsoft somewhere in the neighborhood of $1.1 billion in U.S. tax.
As a Forbes commentator opines, the Microsoft-Skype deal demonstrates the harmful incentive created in our current system that encourages companies to invest in overseas companies rather than domestic ones. The fear is that this deal may just be “a harbinger of things to come.”
http://www.ctj.org/taxjusticedigest/archive/federal_tax_issues/tax_avoidance_tax_evasion_and/offshore_abuses/
Republicans to roll out new tax-cut proposal: WSJ
25 May 2011, by Michael Kitchen - Los Angeles (MarketWatch)
http://www.marketwatch.com/story/republicans-to-roll-out-new-tax-cut-proposal-wsj-2011-05-25
Republicans in the U.S. House of Representatives are set to unveil a new economic proposal Thursday that will cut taxes for multinational corporations and lower other tax rates.
ridiculous really.
Fascism - just about the only truly "bipartisan" thing CONgress promotes these days.
the solution is simple. increased taxation, (only
on those making less than 250/yr.)
elimination of representation and austerity for
the working class so that the leadership can
bailout the speculative insanity of the european
criminal class of rapists, along with their domestic
accessories, to seize and corrupt, with fed fiat
based derivatives used as gambling chips to wager
on which sovereign nations can be destroyed first.
the new bipartisan american opportunity!
common ground folks! wave the flag, hoist that rag
.
Tom Waits -'Hoist That Rag'
http://www.youtube.com/watch?v=YQlo5HxbRxk
Keep it simple. Flat tax on gross income. 15% ???
simpler, end the fed and the fed note
and introduce a treasury note and reduce
tax to 0%.
Start by taking away that damn printing press, and giving it to POTUS.
Exactly! Even the Blindman can see it!
The non-interest bearing Treasury Department's United States Note that in all other appearances looks identical to the private sector's federal reserve note should immediately be issued for circulation as legal tender to supplant ben's ethreal "conFederate" dollars.
These newly issued US notes should also be issued so as to be redeemable on demand for intrinsiically valuable coinage in such weights and measures as established by the US legislature with dates commensurate with the dated notes. It won't matter if such coinage is zinc, iron, copper or bronze to start with. So long as it has an on par exchange value, we'll at least have a solid foundation on which to build until Ag/Au can assume a position of something other than "collectible".
As for taxes, yes, let any entity other than the government and the US citizen pay the US Treasury tribute for the privilege of conducting commerce with the US sovereign citizenry.
Paul Ryan is the only one I have any respect for. Even Alan Simpson has gotten to be too big of an ass.
Bernanke talks about what will happen when the rates go up because of the US credit risk.
Yet, the higher the debt in the US that should in itself be a credit risk and raise rates.
What happens when we increase the Debt Ceiling by 2 Trillion , which the Fed will promptly trade over to the Banks and then the Interest rates go up?
It is bad enough if rates rise on the existing Debt. What happens when the Debt is 2 Trillion higher. How much more will that cost the US Citizen? Will that push the US into Debt Default and the loss of Sovereignty? If we lose Sovereignty will all Americans become Debt Slaves to the IMF?
If we lose Sovereignty will all Americans become Debt Slaves to the IMF?...
Please tell me you're joking, right? If the US pays an interest rate of .000001 to anyone for the task of issuing legal tender, the only possible outcome will always and inevitably be servitude.
Interest paying automatically defines the payer as slave and payee as owner of the slave. How the US acquiesced to the Jekyll Islanders a mere 48+ years after the civil war that supposedly ended involuntary servitude remains a mystery to me.
So, how many of our National Parks, Roads, Bridges, Parking Meteres, will we have to sell to pay off the National Debt to the Banks and the Federal Reserve? That by the way was caused by the irresponsibility of the Banks.
None of those here (thank God). It's the printing press that will save them. Now; The dollar??
who will buy my ....
http://www.youtube.com/watch?v=OFNI6M7G5-c
none of the people at this conference
know anything about the nature of man
or the nature of "money". not one.
steve keen and michael hudson could solve
this problem over lunch. it is pathetic
that the taxpayers are paying for this gathering.
they should all be homeless.
Sorry but, I think they are very smart. It's that they don't give a damn about America, or the people in it.