Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Guidance and Visibility -- Ignore unavailable to you. Want to Upgrade?

To: DebtBomb who wrote (62900)	7/27/2002 10:03:31 PM
From: SirRealist	Read Replies (3) \| Respond to of 208838

Btw, here's something I never heard before in my US History education. It hasta do with that lovely pillar of finance, JPM.... 1933 Roosevelt inaugurated; begins 'First 100 Days'; of intensive legislative activity. A third banking panic occurs in March. Roosevelt declares a Bank Holiday; closes financial institutions to stop a run on banks. Alarmed by Roosevelt's plan to redistribute wealth from the rich to the poor, a group of millionaire businessmen, led by the Du Pont and J.P. Morgan empires, plans to overthrow Roosevelt with a military coup and install a fascist government modelled after Mussolini's regime in Italy. The businessmen try to recruit General Smedley Butler, promising him an army of 500,000, unlimited financial backing and generous media spin control. The plot is foiled when Butler reports it to Congress. _____________________ My question is, what happened to those businessmen? And why do those empires continue today? The type of reforms needed to restore the markets: a)unrepeal the repeal of the Glass-Steagall Act b)raise tax rates on the wealthiest. Double the top rate. c)major deficit spending by the feds. (Keynes) I'll get pilloried by those in the top income brackets for saying "up the taxes", but it's true. Tax cuts stimulate investment, but 90% of the benefits of that flows to that same top 10%. Dya think Dubya'll do this? Or most Dems even? Not a chance. See ya on the breadlines...