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Commentary :: DNC : Education : Organizing : Politics : Social Welfare
PARIS HILTON WAS MORE CONCERNED ABOUT ELITE TAX CUT$ ~ E$TATE TAX ABATEMENT THEN HER OWN BIG $$ ELITE LEGAL FEE$ 2 FREE HER ....
20 Sep 2010
SORRY MUMIA ABU JAMAL, TROY DAVIS & MANNY GONZALES ~ YOU 3 ARE NOT THE ELITE PARIS HILTON AMERICAN TYPES NEEDING TAX CUTS OR LAWYERS TO BUY YOUR FREEDOM !!!
View Translation
by LAWYERS FOR PORO AMERICANS | 09.20.2010
LET THE REST OF little Americans LIVE IN POVERTY WHILE ELITE PARIS HILTONS GET TAX CUTS & ESTATE TAX ABATEMENT !!!

OUR U.S. WEALTHY ELITE CALL THEMSELVES AMERICANS BUT all us little AMERICANS LIVING IN THEIR COUNTRY ALL KNOW BETTER !!



OUR ELITE AMERICAN BILLIONAIRE CABAL ARE NOT ASKING FOR TAX BREAKS & ESTATE TAX ABATEMENT FOR THEMSELVES FAMILY & FRIENDS, THEIR TAKING IT VIA THEIR FIXED 5 CONSERVATIVE U.S. SUPREME COURT JUSTICES DECISION OF ALLOWING UNLIMITED ELECTION $$ TO NOW BE AVAILABLE FROM THEIR CORPORATIONS TO ELECT OR EJECT ANYONE IN OR OUT OF OUR U.S CONGRESS WHO DOES NOT TOE THEIR LINE OF THINKING OR VOTING !!!

** SCARY STUFF CONSIDERING JOHN BOLTON'S CLAIMS OF PRESIDENT HUGO CHAVEZ OF VENEZUELA DOING SIMILIAR ACTIVITIES **



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WASHINGTON INDEPENDENT

One in Seven Americans Lived in Poverty Last Year
Report Shows Record Number of Americans Living in Poverty, Including One in Five Children

By Annie Lowrey 9/16/10 3:13 PM

A Census Report today showed poverty, by some measures, at its highest since the Great Depression. (Flickr/Valerie Everett)

Today, the Census Bureau announced that one in seven Americans lived in poverty last year. Reporting income and poverty statistics for 2009, the Bureau said median income did not change substantially, remaining around $49,800. But the poverty rate climbed to 14.3 from 13.2 percent. That means that during 2009, 43.6 million people lived on less than the equivalent of $21,756 for a family with two adults and two children.

Image by: Matt Mahurin
vote
nowBuzz up!Share“Last year we saw the depths of the recession, including historic losses in employment not witnessed since the Great Depression,” President Obama said in a statement in response. “[The data] illustrates just how tough 2009 was: Along with rising unemployment, incomes failed to rise for the typical household, the percentage of Americans without health insurance rose to 16.7 percent, and the percentage of Americans living in poverty increased.”

He also hailed the Recovery Act, or stimulus, programs that kept 2.3 million Americans above the poverty line.

On a call with reporters, Heidi Shierholz, an economist with the Economic Policy Institute, described the statistics as “yet another reminder of the severity of the Great Recession,” which started at the end of 2007, ended sometime last year and has been followed by a sluggish recovery.

“Most simply, the labor market is the core building block of family incomes,” she said, explaining that the precipitous rise in the unemployment rate has fed the increase in poverty. “The big jumps in poverty and declines in income are no surprise, given the deterioration of the labor market.”

Between 2007 and 2009, the unemployment rate climbed from 5.8 to 9.3 percent — the biggest two-year increase on record. And economists project that the average annual unemployment rate will continue to rise through 2011 — an unprecedented four year, year-on-year increase. For that reason, Shierholz said that the poverty rate will likely increase for the next year or two as well.

The statistics contained within the report are striking. The proportion of Americans living in “deep poverty,” with incomes less than half of the poverty line, hit a record high of 6.3 percent — meaning nearly 20 million Americans live on less than $11,000 a year for a family of four. One third of black children live in poverty, and more than 20 percent of all children live in poverty. The number of people without health insurance increased for the first time ever, to 50.7 million, up more than 4 million since 2008.

The stimulus did help save more than 2 million families from poverty, and most provisions did not come into their full effect until 2010. For instance, the poverty rate declined for the elderly, whose Social Security benefits got a bump in 2009 due to an American Recovery and Reinvestment Act provision. “Today’s report is ugly,” Shierholz said. “Without ARRA it would have been a lot uglier.”

The United States measures poverty by pre-tax income. Therefore, salary, wages and cash income such as unemployment insurance benefits count, but non-cash benefits like food stamps do not. (It should be noted, though, if unemployment insurance is a person’s only income, he or she falls below the poverty line.)

Many social scientists argue the government should make the poverty threshold a function of how much a family or individual spends, rather than how much they make. Say, for instance, both earners in a wealthy two-earner household lost their jobs one year. They might live off of savings, draw down their retirement accounts and take out a line of credit to keep their heads above water. But they would still count in the poverty statistics due to their lack of earnings.

The measure skews the picture in other ways, as well. Bruce Meyer, a professor at the Harris School of Public Policy at the University of Chicago, argues, “[The poverty measure] does not do a good job of capturing differences in well-being across groups. It sharply increases the poverty rate of the elderly, even though other indicators of well-being show that the elderly are better off than other groups. It reduces (at least relative to other groups) the poverty rate of children, although other measures indicate they are more disadvantaged.”

But next year, the government is making the poverty measure more nuanced — adding a supplemental poverty yardstick. The new measure will take into account cost-of-living differences across the country. It will also weigh the cost of utilities, child care and health care, and the amount of federal and state assistance, including non-cash benefits like food stamps, a person or family receives.

That measure is expected to show many more families living in impoverished conditions. Indeed, the last decade has been punishing for lower-income and working-class Americans. In Congressional testimony last year, Rebecca Blank, undersecretary for economic affairs in the Commerce Department, noted that poverty did not fall during the economic expansion of the 2000s.

“[T]he poverty rate always rises steeply during recessions, but falls during expansions,” she said. “[P]overty fell by 1.5 percentage points during the expansion of the 1980s and by almost 3 percentage points during the expansion of the 1990s. In the recession of 2001, poverty went up as anticipated, but never really came down. Rather than falling, poverty rose by eight-tenths of a percentage point during the expansion of the 2000s, so that a higher share of the population was poor in 2007 than in 2001.”

Speaking on a call with reporters today, Lawrence Katz of Harvard concurred. Calling the Census report the “most detailed look to date of the human cost and the severity of this recession,” he noted the extended decline or stall-out in real incomes for most workers.

“For the typical American family,” he said, “a decade has gone by in which real incomes have fallen, and have fallen by five percent.” He noted that only households headed by workers with professional or advanced degrees withstood the period without income declines.

“People talk about a lost decade,” he said. “We’ve already had it.”

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LAWYERS FOR POOR AMERICANS IS A INDEPENDENT WWW VOLUNTEER LOBBY THAT SINGS OUT FOR OUR AMERICAN MIDDLE~CLASS & WORKING POOR AMERICANS LIVING IN OUR WEALTHY ELITE'S COUNTRY.

* WE CAN BE FOUND WITH ANY WEB SEARCH ENGINE BY OUR NAME, TELEPHONE NUMBER OR
E MAIL ADDRESS.

** GOOGLE, YAHOO, AOL, MSN, BING..ETC.. ALL CARRY VARIOUS & DIFFERENT LISTINGS OF OUR PREVIOUS WRITTEN COMMENTARY STUFF.

*** WE ENJOY BRINGING all our fellow little Americans THE GOOD LIFE ON THE WEB.

**** LAWYERS FOR POOR AMERICANS BEGAN WITH THE UNJUST TRIAL , SENTENCE & FEDERAL APPEAL WITH THE MANNY GONZALES CALIFORNIA LEGAL CASE . ( MANNY GONZALES THE KID THAT EVERYONE FORGOT IN THE CA PRISON SYSTEM) CAN BE ENTERED INTO ANY WEB SEARCH ENGINE FOR PURE ENLIGHTENMENT ON HOW OUR WEALTHY ELITE AMERICANS LIKE PARIS HILTON GET A PASS ON JUSTICE & little Americans LIKE MANNY GONZALES GET INJUSTICE & A VERY REAL FACADE OF FEDERAL APPEAL OPPORTUNITIES ...

lawyersforpooreramericans (at) gmail.com
lawyersfropooramericans (at) yahoo.com

424-247-2013





africa: ambazonia canarias estrecho / madiaq nigeria south africa canada: alberta hamilton maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: japan manila qc europe: alacant andorra antwerpen athens austria barcelona belgium belgrade bristol bulgaria croatia cyprus estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege lille madrid marseille nantes netherlands nice norway oost-vlaanderen paris poland portugal romania russia scotland sverige switzerland thessaloniki united kingdom west vlaanderen latin america: argentina bolivia brasil chiapas chile colombia ecuador mexico peru puerto rico qollasuyu rosario santiago sonora tijuana uruguay valparaiso oceania: adelaide aotearoa brisbane darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas atlanta austin baltimore binghamton boston buffalo charlottesville chicago cleveland colorado danbury, ct dc hawaii houston hudson mohawk idaho ithaca kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley san diego san francisco san francisco bay area santa barbara santa cruz, ca seattle st louis tallahassee-red hills tennessee urbana-champaign utah vermont western mass worcester west asia: beirut israel palestine process: discussion fbi/legal updates indymedia faq mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
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News :: Labor
U.S. Socialist Alexander: NBER Offers Christmas Report Regarding U.S. Recession
20 Sep 2010
Alexander says “Working people have not seen any signs of an economic recovery; as many as 22 million Americans are out of work. U.S. home sales plunged to the lowest level in 15 years, millions of working people are in jeopardy of losing their homes, and jobless claims have risen to the highest levels in 9 months. The U.S. is in the deepest recession in the past 80 years and there are no signs of a recovery.”
Read the full article...
Commentary :: Politics
Obama's New Consumer Watchdog
20 Sep 2010
consumers won't be much helped
Read the full article...
LOCAL News :: Organizing : Politics
MASSACHUSETTS VOTERS COULD USE A LAUGH!!!
20 Sep 2010
Modified: 10:42:26 AM
LENNY CLARK, STEVE SWEENEY, JOHNNY PIZZI & SPECIAL GUEST JIMMY TINGLE HEADLINE FUNDRAISER/RALLY FOR COMMITTEE AGAINST REPEAL OF ALCOHOL TAX: VOTE NO ON 1.
Read the full article...
Commentary :: Human Rights
BTL:With Custody Transferred to Baghdad Government, Iraqi Prisoners Suffer Torture and Abuse
20 Sep 2010
BETWEEN THE LINES Syndicated Radio Newsmagazine
Read the full article...
Commentary :: Human Rights
Israel Denies Gazans Access to Their Own Land and Waters
19 Sep 2010
ruthless Israeli repression
Read the full article...
Commentary :: Human Rights
BTL:CIA Torture Victims Denied Access to U.S. Courts
19 Sep 2010
BETWEEN THE LINES Syndicated Radio Newsmagazine
Read the full article...
Commentary :: Politics
Attorney Richard I. Fine Released
19 Sep 2010
Bogusly charged attorney released
Read the full article...
News :: Globalization : International : Labor : Politics : Social Welfare
The Political Consequences of Stagnation
18 Sep 2010
My apologies to T. S. Eliot, but September, not April, is the cruelest month. Before 9/11/2001, there was 9/11/1973, when Gen. Pinochet toppled the Allende government in Chile and ushered in a 17-year reign of terror. More recently, on 9/15/2008, Lehman Brothers went bust and torpedoed the global economy, turning what had been a Wall Street crisis into a near-death experience for the global financial system.
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Commentary :: DNC : Education : International : Organizing : Politics : Social Welfare
ELITE WALL ST ~ BANKERS HAVE TURNED OUR BUSH JR ~ KARL ROVE little American taxpayers TARP BAILOUT $$ INTO MEG WHITMAN POLITICAL MEDIA BUY $$ !!!
18 Sep 2010
SCARY THAT THESE THIEVING WALL ST ~ BANKERS ARE MEG WHITMAN'S POLITICAL & FINANCIAL SUPPORTERS IN THE CALIFORNIA GOVERNORS RACE

View Translation
by LAWYERS FOR POOR AMERICANS | 09.18.2010
WILL THE TEA PARTY EXPRESS please LET THE REST OF AMERICA KNOW IF MEG WHITMAN'S TARP BAILOUT $$ ARE BEING CO~MINGLED WITH HER OWN $$ TO PURCHASE HER BIG MONIED CALIFORNIA ADVERTISING BUYS THIS ELECTION CYCLE ?

CAN ONLY MARVEL AT WHAT THESE MEG WHITMAN WALL ST ~ BANKER POLITICAL & MONEY SUPPORTERS WILL DO 2 CALIFORNIA NEXT IF MEG WHITMAN'S WALL STREET BANKERS TARP $$ PREVAILS ???

WE CONTINUE ASKING MEG WHITMAN TO TELL CALIFORNIA VOTERS & the rest of our little American voters PRIOR NOVEMBER$ ELECTION HOW MUCH HER CALIFORNIA GOVERNORS POLITICAL CAMPAIGN HAS RECEIVED FROM THE BUSH JR ~ KARL ROVE TARP BAILOUT FUNDING $$ CORPORATE
COMMUNITY ?

ALL US little American taxpayers HAVE OBVIOUSLY BEEN DECEIVED BY THESE WALL STREET ~ BANKER POLITICAL & FINANCIAL BACKERS OF MEG WHITMAN !

THEY HAVE TURNED OUR TARP $$ INTO MEG WHITMAN POLITICAL MEDIA BUY $$.

THE PEOPLES U.S. CONGRESS HAS NEVER BEEN ABLE TO AGREE ON THEIR PROPOSED CONGRESSIONAL LEGISLATION PREVENTING THESE BUSH JR ~ KARL ROVE PONZI TARP TAX $$ FROM BEING GIVEN TO CERTAIN POLITICAL CANDIDATES AND UNACCOUNTED FOR PUBLICLY.

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Banks That Got $188 Billion In Bailout Money This Year Paid Out $1.6 Billion To Top Execs Last Year

September 17, 2010 – 5:12 pm

The 116 banks that are receiving billions in taxpayer-provided bailout money this year actually paid out $1.6 billion in compensation and benefits to their top executives last year ” even though the results at some of these institutions were so poor that they would soon have to turn to Washington for a government-engineered rescue.

The $1.6 billion was paid out to nearly 600 executives at the 116 banks that have so far accepted federal money to bolster their financial foundations, The Associated Press concluded after a review of U.S. securities filings. In addition to salary, the compensation included bonuses paid in both cash and stock. The benefits reaped by top executives included the use of company jets for personal purposes, personal chauffeurs, home-security services, country-club memberships and professional-wealth-management services, the news service said.

U.S. Rep. Barney Frank, D-Mass., a longtime critic of the fat pay packages given to U.S. executives, said the bonuses and perks tallied by The AP review amounted to a bribe paid “to get [CEOs] to do the jobs for which they are well paid in the first place.”

“Most of us sign on to do jobs and we do them best we can,” Frank, chairman of the House Financial Services committee, told the news service. But “we’re told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!”

The AP review is just the latest in a series of media investigations that have questioned the effectiveness of ” and banks’ commitment to ” the so-called “Troubled Assets Relief Program” (TARP), part of an overall $700 billion bailout plan that was originally unveiled in late September.

The plan was originally conceived to boost the strength of U.S. financial institutions by having the federal government purchase non-performing mortgages and other bad assets. In November, the Bush administration changed TARP’s objectives, instructing the U.S. Treasury Department to pump tax dollars directly into banks in a bid to prevent wholesale economic collapse.

Ideally, TARP was supposed to jumpstart bank-to-bank and bank-to-consumer lending, helping to unfreeze a credit crisis that may be the worst the U.S. economy has experienced since the Great Depression. But that hasn’t happened. Instead, as a Money Morning investigation has shown, banks are using the money to buy other banks in a dual effort to build market share for when the economy recovers, and to perhaps make themselves “too big to fail” in the interim, many experts say.

TARP did set restrictions on some executive compensation for participating banks, but it did not limit salaries and bonuses unless they had the effect of encouraging excessive risk to the institution. Banks were barred from presenting so-called “golden parachute” financial packages to departing or ousted executives and from deducting some executive pay for tax purposes.

The AP study found that the 116 banks received $188 billion in TARP money. The study also discovered that:

The average amount paid to each of the 116 banks’ top executives was $2.6 million in salary, bonuses and benefits.

Lloyd C. Blankfein, president and chief executive officer of Goldman Sachs Group Inc. (GS), took home nearly $54 million in compensation in 2007. The company’s top five executives received a total of $242 million. On Oct. 28, Goldman received $10 billion in federal bailout money. On Dec. 16, Goldman reported a $2.12 billion quarterly loss, its first since it went public back in 1999. So for 2008, Goldman’s seven top-paid execs will work for their base salaries of $600,000 each, but will forgo any cash and stock bonuses, the company said. Facing increasing concern by its own shareholders on executive payments, the company described its pay plan in a written report back in the spring as being essential to retain and motivate executives “whose efforts and judgments are vital to our continued success, by setting their compensation at appropriate and competitive levels.” Goldman spokesman Ed Canaday would not elaborate beyond that written report.
Even where banks slashed pay, some executives still reaped a payday of seven ” or even eight ” figures. Richard D. Fairbank, the chairman of Capital One Financial Corp. (COF), which received $3.56 billion in bailout money back on Nov. 14, took a $1 million hit in compensation after his company had a disappointing year, but still got $17 million in stock options.

Merrill Lynch & Co. (MER) CEO John A. Thain topped all banking chieftains with more than $83 million in total earnings in 2007. Thain, a former chief operating officer for Goldman Sachs, took over the top job at Merrill in December 2007, avoiding the blame for a year in which Merrill lost $7.8 billion. Since he began work late in the year, he landed a $15 million signing bonus, $57,692 in salary, and an additional $68 million in stock options. Like Goldman, Merrill got $10 billion from taxpayers on Oct. 28. Merrill shareholders have approved its sale to Bank of America Corp. (BAC), though the value of the deal has plunged to $20 billion (from $50 billion at the time the deal was announced) as a result of the stock market decline.BofA will reportedly slash 35,000 jobs as a result of the combination.

JPMorgan Chase & Co. (JPM) CEO James Dimon ran up a $211,182 private jet travel tab last year, because his family lived in Chicago and he was commuting to New York. JP Morgan received $25 billion in bailout funds.

Bank of New York Mellon Corp., (BK) CEO Robert P. Kelly received $66,748 for financial services ” on top of his $975,000 salary and $7.5 million bonus. His car and driver cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling his home in Pittsburgh and purchasing one in Manhattan, the company said. At Goldman, the bill for leased cars and drivers ran as high as $233,000 per executive. The firm told its shareholders this year that financial counseling and chauffeurs are important because it grants executives more time to focus on their jobs.

Wells Fargo & Co. (WFC), which received $25 billion in bailout cash, gave its top executives as much as $20,000 each for personal financial planners.

When asked to justify the personal use of company aircraft for some executives, banks cite security as a key reason. But U.S. Rep. Brad Sherman, D-Calif., questioned that rationale, saying executives visit many locations more vulnerable than the nation’s security-conscious commercial air terminals.

U.S. Rep. Brad Sherman, D-Calif., a member of the House Financial Services Committee, said excessive pay and perks undermines the development of good economic policies at banks and fuels an already problematic pay spiral in the U.S. financial sector. And that’s especially difficult for shareholders and taxpayers to accept when virtually the entire sector needs bailing out [Check out this related story on the growing U.S. CEO pay controversy that appears elsewhere in today's issue of Money Morning].

Sherman told The AP that he wants the banks to appear before Congress, like the automakers did, and spell out their spending plans for the bailout money.

Said Sherman: “The tougher we are on the executives that come to Washington, the fewer will come for a bailout.”

[Editor's Note: The ongoing financial crisis has changed the investing game forever, making uncertainty the norm and creating a whole set of new rules that will help determine who wins and who loses. Investors who ignore this "New Reality" will struggle, and will find their financial forays to be frustrating and unrewarding. But investors who embrace this change will not only survive " they will thrive.

Money Morning Investment Director Keith Fitz-Gerald has already isolated these new rules and has unlocked the key to what he refers to as "The Golden Age of Wealth Creation." But Fitz-Gerald brings more than a realization " and an understanding " to the table, here. After a decade of work, he's also developed a new computerized trading model based on a mathematical concept known as "fractals." This system allows him to predict price movements of broad indexes, or individual stocks, with a high degree of certainty. And it's particularly well suited to the kind of market we're all facing right now. Check out our latest report on these new rules, and this new market environment.]

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LAWYERS FOR POOR AMERICANS IS A INDEPENDENT VOLUNTEER WWW LOBBY THAT SINGS OUR FOR OUR AMERICAN NIDDLE~CLASS & WORKING POOR AMERICANS LIVING IN OUR ELITE'S COUNTRY.

* WE CAN BE FOUND WITH ANY WEB SEARCH ENGINE BY OUR NAME, TELEPHONE NUMBER OR E MAIL ADDRESS.

** GOOGLE, YAHOO, AOL, MSN, BING..ETC.. ALL CARRY VARIOUS & DIFFERENT LISTINGS OF OUR PREVIOUS WRITTEN COMMENTARY STUFF.

*** WE ENJOY BRINGING all our fellow little Americans THE GOOD LIFE ON THE WEB.

lawyersforpooreramericans (at) gmail.com

424-247-2013

africa: ambazonia canarias estrecho / madiaq nigeria south africa canada: alberta hamilton maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: japan manila qc europe: alacant andorra antwerpen athens austria barcelona belgium belgrade bristol bulgaria croatia cyprus estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege lille madrid marseille nantes netherlands nice norway oost-vlaanderen paris poland portugal romania russia scotland sverige switzerland thessaloniki united kingdom west vlaanderen latin america: argentina bolivia brasil chiapas chile colombia ecuador mexico peru puerto rico qollasuyu rosario santiago sonora tijuana uruguay valparaiso oceania: adelaide aotearoa brisbane darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas atlanta austin baltimore binghamton boston buffalo charlottesville chicago cleveland colorado danbury, ct dc hawaii houston hudson mohawk idaho ithaca kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley san diego san francisco san francisco bay area santa barbara santa cruz, ca seattle st louis tallahassee-red hills tennessee urbana-champaign utah vermont western mass worcester west asia: beirut israel palestine process: discussion fbi/legal updates indymedia faq mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech
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