New Poll Says Americans Want Higher Taxes On Wealthy And No Entitlement Reform From Super Congress (LINKS)

Selected stories from around the web this morning.

• DOW up 150 points
• NEW POLL - Americans Want Higher Taxes On Wealthy, No Entitlement Reform In Super Congress
• Is There Enough Money Left to Save The World’s Banks? - Bloomberg
• Consumer Confidence drops to lowest level since 1980
• Flash Trading Stub Quote Rule Violations - Letter to SEC Head Mary Schapiro
• FRAUDCLOSURE - Assistant AG resigns after sending memo blasting Pam Bondi
• Fool Me Twice: Bank of America Plays Hide And Seek Using Fannie Mae - FORBES
• Zero GDP growth for French economy in second quarter
• Italy to pass tough austerity measures today
• SEVERE Funding Problems At European Banks Causing Liquidity Crisis
• Retail sales post biggest gain in four months
• BofA struggles to sell China Bank stake - FT
• Need Answers On Banks? Don't Bother Asking Auditors - FORBES

Comments

[Wil Martindale]

"Americans Want Higher Taxes On Wealthy And No Entitlement Reform From Super Congress"

Of course they do, and in our lifetimes, that and many other things will never change in America.
"The “easy money” alliance between debtors, lenders and politicians creates a multi-class super-structure which preys upon the “hard money” producer/saver class."

See how the alliance sells the culture of entitlement through government interventionism to the debtor class? See it even in the banner ad in the post linked below. Mises was almost right. He just never met the likes of Bernanke.
http://letthemfail.us/archives/10416

[John Mack]

"You can only ask for sacrifices from your citizens if they feel that these efforts are going to be equally shared." ... D. Moisi, on riots in he UK, Financial Times, 8-12-2011

The rich have show that they will refuse any sacrifice in nation's interest, whether by having their children serve in the military, or paying their fair share of taxes, or by keeping jobs in America and wages decent. They are shameless exploiters.

[john]

Appeals Court Finds Obamacare Mandate For Individual Health Insurance Unconstitutional

http://www.zerohedge.com/news/appeals-court-finds-obamacare-mandate-individual-health-insurance-unconstitutional

[Sagebrush]

"The “easy money” alliance between debtors, lenders and politicians"

Wil, is that a politically correct metaphor for cooperative feeding frenzy by different species of corrupt, possibly criminal, bloodsucking parasites?

[Wil Martindale]

I don't think Bernanke would find it politically correct, but your metaphor of a "cooperative feeding frenzy by different species of corrupt, possibly criminal, bloodsucking parasites" is SPOT ON.
;0)

[Ken]

Come on people. This is a no brainer. Ron Paul has always spoken upfront what is wrong with government today yet the main stream media refuses to give him any press time like they did during the last election. This is a shame because he wants to "fix" things, get the country on the right track and get the "retreads" out of their cush jobs.
I honestly believe that he can do "just that". No reform for the entitlement programs...(we already paid for that) and yes, the wealthy need to be taxed because I feel that their money was conceived by "ill gains" and shady accountants.

[Mike]

In the post-war era, the US was manufacturing cars, and had exports. This period allowed the US to surpass the USSR, militarily, and the rest of the world, technologically. This golden era placed men on the moon. Truly the crowning achievement of the USA in the 20th century.

Of course, in the 50s and 60s, the wealthiest people paid 90% income tax. They paid their way, and for the privilege of success, and all that comes with it, in the United States. Then in the Reagan years, these rich "dynasties" were allowed to prosper, but at the expense of "regular" Americans, when Reagan lowered the highest tax rates to 50 and then 28%,

It's time that the rich AGAIN paid for the privilege in what has now become an uneven field. We can do this through taxes, incrementally, or we can do it in spontaneous riots of "wealth redistribution" as presently seen in the UK and elsewhere.

[Steve Hudson]

Much better than a supercongress of insider professional politicians would be a committee of randomly picked citizens -- maybe 1200 instead of 12 -- then the results would reflect the will of the people. We get precious little real representation from congress anyway, which is more than anything the representative of the banks and rich and foreign interests, and as such is the enemy of the people. This would be a step in the direction of democracy instead of away from it.

[john]

"If the people were to ever find out what we have done, we would be chased down the streets and lynched."

-- George Bush, cited in the June, 1992 Sarah McClendon Newsletter

[Not wealthy]

Who will define "wealthy"?
If you have a good year income-wise, that does not make you wealthy, but the tax desired is on income.
If you want to tax the wealthy, impose a sliding, high scale on estates and limit the charitable deduction.
Let me run the country.
I am not wealthy

[DailyBail]

Short-sellers pounce on U.S. bank stocks after Europe ban: Bove

http://blogs.marketwatch.com/thetell/2011/08/12/short-sellers-pounce-on-u-s-bank-stocks-after-europe-ban-bove/