Bubba on Financial Reform

May 27th, 2011 by Staff

www.wtsp.com — 2008, we saw the financial collapse. Last year the documentary “Inside Job” showed how no one was held accountable.

“There were a number of complex schemes, that were intentionally designed to fool investors, the stock market, and consumers.”

102.5 The Bone’s Bubba the Love Sponge: “Now, some of the same people that caused the 2008 collapse are working for the current administration or as lobbyists for the very industry responsible for the financial collapse to begin with.”

You can hear more of his commentary by clicking on the video.

3 Responses

  1. Dan

    Its about time someone had the courage to publicly address the truth about the crooks. This should be run across the nation.

  2. CocoLoco

    This country is corrupt at the very top and that is why this has been allowed to occur! I’ve been screaming for years that we are being financially raped by American corps and their wall st banking buddies. I agree with Bubba the American people have to share some of the blame as we have taken our eye off the things that should matter to us. We’ve allowed a plutocracy to usurp our rights and wealth from us and I for one am very pissed about it. Our government of the people, for the people, by the people is very quickly becoming extinct. Wake up America before our corporate masters and their lackey politicians put us in a strangle hold there is no escape from!

  3. Mr Chuck

    I tell it like it is, because Bubba is a day late and a dollar short on WTSP.


    In an interview with CBS Evening News, President Obama says he can’t guarantee Social Security checks will go out Aug. 3rd if a debt-ceiling deal is not reached by the Aug. 2nd deadline. Scott Pelley: Can you tell the folks at home no matter what happens that Social Security checks are going to go out on August the 3rd? There are about 20 billion dollars of Social Security checks that have to go out the day after the government is supposed to go into default. Obama: Well this is not just a matter of Social Security checks, these are veterans checks, these are folks on disability, their checks. There are about 70 million checks that go out. Scott Pelley: Can you guarantee as President those checks will go out on August the 3rd?. Obama: I can not guarantee those checks go out on August 3rd if we haven’t resolved this issue because there may simply not be the money in the coffers to do it.

    The top Republican in the Senate proposed on Tuesday giving President Barack Obama sweeping new power to, in effect, unilaterally increase the nation’s debt limit to avoid a first-ever default on U.S. obligations. The new mechanism would take the place of the current White House debt negotiations among congressional leaders and Obama. Those talks over spending cuts and tax increases have grown increasingly acrimonious. Minority Leader Mitch McConnell, R-Ky., offered a new plan to allow the president to demand up to $2.4 trillion in new borrowing authority by the summer of next year in three separate submissions. Those increases in the so-called debt limit would automatically take effect unless both the Republican-controlled House and the Democratic Senate enact legislation specifically disapproving it. Obama would be able to veto such legislation. McConnell said he reluctantly offered the unusual proposal because it has become clear the negotiations with Obama are not going anywhere. The Republican plan would require that Obama submit spending cuts along with his borrowing requests. But unlike the increase in the debt limit, they wouldn’t automatically take effect. Senate Majority Leader Harry Reid, D-Nev., said he had spoken briefly to McConnell about the idea and said he would consider it. The sweeping new power would only be in effect through the remainder of Obama’s term, which ends January 2013. McConnell’s plan would permit an immediate increase in the debt limit of $100 billion while Congress debates whether to disapprove of it. An Aug. 2 deadline looms for Congress to raise the country’s debt limit. Republicans are insisting on major budget cuts to reduce the swollen deficit. Obama and his fellow Democrats are also offering budget cuts but in tandem with tax increases that the Republicans say they won’t support. Both Democratic and Republican leaders agree the U.S. shouldn’t be allowed to default on its obligations, which could skyrocket interest rates, send stock markets plunging and shatter faith in the world’s No. 1 economy. The showdown comes as Obama and lawmakers head into next year’s presidential and congressional elections. McConnell offered the plan just a couple of hours before he was scheduled to go to the White House for the third round of budget talks in as many days.

    In the good ol’ days of the 1950s and 1960s, middle-class Americans could work for a company for 20 or 30 years and get a gracious pension. Couple that with the stable income from Social Security . And your retirement years were well on their way to being picture perfect. Even working-class Americans could get great wages and nice perks from their job, make enough money to support a family, and live a comfortable life. Today, most families need two breadwinners just to stay ahead of the bills. And, even with two people working income is STILL falling behind. In the last 20 years, wages have gone virtually NOWHERE. Even worse, they are falling even further. And yet, that didn’t stop gas prices, food costs, and healthcare expenses from going much, much higher. The middle class is sandwiched between lower wages and higher prices. It’s no wonder that most people view retirement as an uncertain event, at best. $32.5 TRILLION in TOTAL WEALTH was created in the markets since 2009. Guess what, NO ONE paid any taxes nor created any job’s.

    “The Middle Class Is Going Extinct Thanks To The GOP, The Tea Party & the Koch Brother’s”.

    Raise the debt ceiling and taxes on the Koch brother’s and friends. Did you know Bill Maher compares Casey Anthony verdict to Republican thinking. He equated the Casey Anthony verdict with Republican policy with Casey Anthony as Republican politicians and voters as the jury. We’re now being told that multinational corporations bring home their current overseas profits of $1.4 trillion, they’ll only be taxed five percent on it because we’re told it will create jobs. It won’t. It didn’t, just like the last time we tried it in 2004. Companies took the savings and paid it out to themselves in dividends. Yes, Republican base, you are just like that jury. It’s pathetically clear who’s killing the middle class but you keep letting them get away with murder. The jury’s suspicions of Casey Anthony’s father played a role in the decision to acquit the 25-year-old Orlando woman of murder, the panel’s foreman said. The panel foreman said doubts about George Anthony involved his character as well as questions about his involvement in Caylee’s death. The reservations even went as far as to consider George Anthony was responsible for his granddaughter’s death.

    The “BRAIN-FREEZE” GOP and Tea Party jerk’s of the 112th Congress, with their “Puppet Master” The Koch Brother’s pulling their strings, want to crash the Planet and dump all of us under the bus. Failure to raise the debt limit will bring on financial armageddon. We need a combination of spending cuts and tax increases. We don’t need to destroy the world financial system, which is what will happen if we don’t honor the “full faith and credit” of the United States for the very first time in our history. The financial crisis of 2008 will be a day in the park in comparison.

    First off, this did not come from some Robert Bennett, former U.S. Senator from Utah, that is a part-time teacher, researcher and lecturer at the University of Utah’s Hinckley Institute of Politics, if he was so smart, he would still be in Office. It came from us along with common sense. “Cut GOP Pork and Earmark spending!” and “Raise taxes on the rich!.” The rich aren’t hiring anyone, they are outsourcing and paying nothing for wages so they can make even more money. The rich don’t care about the country, they care about being rich. If that is the most important thing in the country fine great they are doing a good job of it, record profits while the rest of the country is suffering. We can paint any picture we want, but that is the bottom line. Let’s look at the GOP growing entitlement programs for BIG BUSINESS and the Koch brothers. The calamitous consequences of default combined with Democratic control of the White House and Senate means that Republicans cannot score a clean victory and use the debt ceiling alone to achieve a laundry list of Pork and Earmark conservative priorities. The entire debate over the debt ceiling is, and will remain, a bad idea. We should be discussing alternative methods by which the Republican party commits suicide. The debt ceiling is a guaranteed lose/lose for the GOP so the wonder is why are the leadership pushing it?. Is the GOP Congress willing to cut both his health insurance coverage and his pension?. He paid for neither and both are in excess of the average American’s entitlements of social security and Medicare – both of which they contributed money all their working lives to have. Odd then if you have paid for it that he would call it an entitlement…most of us would call it a debt. So are tax cuts for the uber rich and for corporations entitlements?. They paid for neither…opps…yes they did…I forgot about those election campaign contributions!. Such duplicity. The government’s borrowing capacity is currently capped at $14.3 trillion and administration officials say the United States will go into default without action by Aug. 2. Boehner needs to be nixed. “RAISE” the taxes on the rich. The elderly should never become prisoners in their homes all alone and broke. By 2050, 1 in 5 Americans will be seniors. Worldwide, almost 2 billion people will be 60 or older, 400 million of them over 80. That’s almost always viewed as a health issue, preparing for the coming wave of Alzheimer’s, or as a political liability, meaning how soon will Social Security go bust?. Combat the social isolation that too easily sneaks up on older adults and it has a huge impact not just on how many years they will live, but how well they live them. Cities and suburbs were designed for younger people, full of stairs and cars. As they become increasingly difficult to navigate, older people gradually retreat. Revamping a lot of infrastructure may not happen in a tough economy. But some communities are building age-friendly changes into planned upgrades or maintenance. Boomers, who are classified as being born from 1946 to 1964, and millennia’s, the children of baby boomers who came of age in the new millennium ultimately want the same things, access to shopping, green space, more freedom from the car. In a statement, Boehner said: “Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes.” The president believes that solving our fiscal problems is an economic imperative. But in order to do that, we cannot ask the middle-class and seniors to bear all the burden of higher costs and budget cuts. A Republican official familiar with the discussions said taxes and the major health and retirement entitlement programs continued to be sticking points. Obama wanted Republicans to accept closing some corporate tax loopholes and subsidies to corporations, ending a tax friendly inventory accounting system for businesses, as well as reducing the value of tax deductions for wealthy taxpayers. If Congress does not raise the debt limit by Aug. 2, U.S. Social Security checks will stop, and people 55 and over will revolt. The “BIG” question. Obama is reportedly seeking deficit cuts of $4 trillion over the next decade which would be about a one-third cut in the cumulative deficits. Where will Washington find $4 trillion in cuts?. There would NOT have to be any cuts, if only the rich would pay their fair share in taxes. Will “The Koch Brother’s” allow that?. They seem to be running the “crash the planet” show again. Koch Industries, Inc. is an American private energy conglomerate based in Wichita, Kansas, with subsidiaries involved in manufacturing, trading and investments. The Patriot Act’s money laundering provisions, where are they today?. The tobacco industry feared The Patriot Act so Rep. Michael Oxley removed a provision involving money laundering from the bill at the behest of the White House and GOP whip Tom DeLay, under pressure from Big Tobacco. More loopholes that allow qualifying Institutions to still serve as conduits for Tax Evasion that report nothing to the IRS for collection. Is this fair taxing to the poor and middleclass ?. “WHO IN CONGRESS” wrote a amendment to add this “BACK” into The Patriot Act to date?. “NO-ONE”, that’s who. CLOSE this loophole, and raise taxes on the rich. The “highly paid” Koch Brother’s Union Maid is Sarah Palin, she to needs to be tossed under the bus. It is hard to understand politics if you are hung up on reality. Politicians leave reality to others. What matters in politics is what you can get the voters to believe, whether it bears any resemblance to reality or not. Not only among politicians, but also among much of the media, and even among some of the public, the quest is not for truth about reality but for talking points that fit a vision or advance an agenda. The current controversy over whether to deal with our massive national debt by cutting spending or raise tax rates on “the rich,” is a classic example of talking points versus reality. Most of those who favor simply raising tax rates on “the rich” show not the slightest interest in the history of what has actually happened when tax rates were raised to high levels on “the rich,” as compared to what has actually happened when there have been “tax cuts for the rich.” This is how we live in the real world. Washington seems less and less real with each new my-way-or-no-way battle to the death. Raise the Debt ceiling. Here’s “WHY” we need to raise taxes on the rich, and have them pay their fair share, just like the rest of us American’s. Let’s be clear what congressional Republicans are talking about when they say that their Democratic colleagues want to raise taxes. GOP is fixated on shielding money of wealthy citizens. The Republicans are so fixated on protecting these wealthy people that in 2010 they refused to vote to extend the Bush tax cuts for the middle class, unless the wealthiest 2 percent were included. What we’re talking about is increasing the tax rate from 35 percent to 39.6 percent for these wealthy people. Like the “Koch Brothers”. But this 2 percent of Americans are the major source of funding for the Republican Party and its candidates, and they will protect them, no matter the consequences for the country or the economy. The world may be seeing the beginning of a gradual change of the old school Nazis and Gestapo’s in control of the Enron Party who are attempting to end Social Security and Medicare, go to more wars, make more tax cuts for the rich only. Reality simply does not have the pizzazz of clever talking points. The GOP Politicians vs. real reality. Raise the debt ceiling, and the taxes on the rich only, let the rich pay their fair share to. Did you know that The President through a Executive Order, can bypass the House and Senate, and have The Federal Reserve borrow what they want to spend. Under the “Fourteenth Amendment to the United States Constitution”. Validity of public debt. Section 4 confirmed the legitimacy of all United States public debt legislated by the Congress. It also confirmed that neither the United States nor any state would pay for the loss of slaves or debts that had been incurred by the Confederacy. (The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave, but all such debts, obligations and claims shall be held illegal and void.) Do you still want to focus on talking points ?. The problem is the Koch Brother’s obsession with deregulation that has had such a hold on the Republican Party and corporate America. End of discussion, it’s time for action.

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