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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFive Ways Deregulation Is Ripping America Apart
http://www.commondreams.org/view/2012/10/15***SNIP
(1) The tax loss from one scheming businessman could have paid the salaries of 30,000 nurses
The lack of regulation in the financial industry allowed hedge fund manager John Paulson to conspire with Goldman Sachs in a plan to create packages of risky subprime mortgages and then short-sell (bet against) the sure-to-fail financial instruments. The ploy paid him $3.7 billion. Deregulation in the tax code allowed him to call his income "carried interest," which is taxed at a 15% rate. More deregulation allowed him to defer his profits indefinitely.
***SNIP
(2) The 10 richest Americans made enough money last year to feed every hungry person on earth for a year
The richest 10 Americans increased their wealth by over $50 billion in one year. That's enough, according to 2008 estimates by the Food and Agriculture Organization and the UN's World Food Program, to feed the 870 million people in the world who are lacking sufficient food.
***SNIP
(3) Avoided taxes could pay off the deficit -- or pay for 20 million jobs
The backlash against government regulation has led to tax abuses that cost us almost a trillion dollars a year.
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Five Ways Deregulation Is Ripping America Apart (Original Post)
xchrom
Oct 2012
OP
lalalu
(1,663 posts)1. The fungal meningitis scare has members of congress
demanding why the FDA didn't do more. How ironic since the FDA doesn't really have any jurisdiction or power in these areas thanks to congress. Deregulation will literally kill us.
Tippy
(4,610 posts)2. Thanks for posting this....Deregulation the cause...death the outcome....
Wednesdays
(17,408 posts)3. K & R
Initech
(100,102 posts)4. Deregulation is ultimately going to be the end of humanity.
The greediest of the greedy (Kochs, etc) will get it all and we'll get nothing.
porphyrian
(18,530 posts)5. Let's take back Congress and fix it. n/t
galaxyS3
(19 posts)6. And we will still have these problems 10 years from now.
If it hasn't changed yet, I'm not holding my breath for it to change anytime soon.
librechik
(30,676 posts)7. wait, you forgot that last string around your neck
that all the other strings were saving you from.
Perfect!