A Quote by Jay Leno
Yesterday President Obama said, 'We can't continue to treat tax money like monopoly money.' Oh really - how come all those guys on Wall Street got 'get out of jail free' cards?
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Well, "The Washington post" three weeks ago had this investigation and they said that President Obama has now raised more money from Wall Street and the banks for this election cycle than all - than all eight Republicans combined. I don't want to say that, because if that's the truth, that Wall Street already has their man and his name is Barack Obama, then we've got a much bigger problem.
Oh, here's your tax dollars at work. This is what makes people furious. The head of the GSA, a woman named Martha Johnson, has resigned after they found out she spent over $830,000 on a four-day government conference in Las Vegas. And the president is furious. Not President Obama, the president of China. It's his money. It's his money she spent.
Wall Street owns the country. It is no longer a government of the people, for the people and by the people, but a government for Wall Street, by Wall Street, and for Wall Street. The great common people of this country are slaves, and monopoly is the master…Let the bloodhounds of money who have dogged us thus far beware.
One of the tax systems in the US is for wage earners. The government takes money from them out of each paycheck - so it knows how much they make, and those workers can't cheat to any significant degree. But the other tax system is for capital. Those with capital get to tell the government what they want to tell. They may get audited, but if their tax returns are of any size the government doesn't have enough of the smart auditors to figure out what's really going on. And there are the rules that allow you to do things like take in money today and pay taxes on it thirty years from now.
When Occupy Wall Street happened, I took my money out of Citibank. I already had problems with all the banks - Citibank, Bank of America - but I was kind of just too lazy to take my money out until I saw how Citibank responded to Occupy Wall Street.
What Wall Street is, they're market makers. Wall Street's business model is making money on velocity of money. They're a click industry. That's what Wall Street is. They make a lot of money when there's a lot of turnover. And they make a lot of money when that velocity is fast.
I think they got caught up in how much money they could get from each of the city governments as far as tax rebates. But that stuff works when you make money. It's a little bit phantom money.
I heard governor Romney here called me an economic lightweight because I wasn't a Wall Street financier like he was. Do you really believe this country wants to elect a Wall Street financier as the president of the United States? Do you think that's the experience that we need? Someone who's going to take and look after as he did his friends on Wall Street and bail them out at the expense of Main Street America.
I had a lot of preconceived notions going in the Wall Street. It wasn't an industry that I really respected much. My feeling was kind of like look, you're not making anything. You're taking money from one place, putting it in another and taking your cut and that's just not really kind of soul-satisfying at the end of the day, but what I learned is, on a larger scale is how much the Wall Street industry funnels and fuels so many others. There is a lot of good that these guys do, and to lump all traders into a category is as insane as lumping any group of people into one category.
People don't seem to make the connection between their tax money and the benefits that they get from their tax money, like free education, and the fire department, and police protection, and everything else. It drives me bonkers, because it's pretty straightforward to me.
Oh, yesterday, that one, we all cry out. Oh, that one! How rich and possible everything was! How ripe, ready, lavish, and filled with excitement--how hopeful we were on those summer days, under the clean, white racing clouds. Oh, yesterday!
I think the money for the solutions for global poverty is on Wall Street. Wall Street allocates capital. And we need to get capital to the ideas that are successful, whether it's microfinance, whether it's through financial literacy programs, Wall Street can be the engine that makes capital get to the people who need it.
Under President Obama, we have spent more money - he has spent more money than any other president in this history, actually, the combined total from Washington up to George W. Bush. President Obama has racked up more spending, $1 trillion deficits. And it's time that he join us in this effort to get our fiscal house in order.
The basic problem is for a congressman or a president to get elected, they need obscene amounts of money. And the only place you can get obscene amounts of money is from Wall Street and the big corporations who benefit from shipping our jobs and our factories overseas - that's the fundamental political problem.
Obama came in really wanting to change things, but he hit a wall of corporate money, oil and coal money: when he tried to pass the Cap and Trade system of pharmaceutical money, when he tried to pass the Obamacare - which, of course, then got watered down into a much less effective, much less economical, program.
Senior executives can, after a fashion, get a portion of their pay tax-free. You defer part of your income and not have to pay taxes on it, and then when you retire you have the company buy a life insurance policy on you using that money. The company can deduct that money because it is a business expense, and the money will get paid out to your children or grandchildren when you die, so you have effectively given them your money and it's never been taxed.
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