Thursday, October 27, 2005

The Rich Have Too Much Money

f

By Elaine Meinel Supkis

Our "rich" nation has to suck up all available funds from the world's savings pool and on top of that, the rich here don't want to pay taxes. They waste money on goofy things while soaking up this supposed "savings glut". This is a big problem.

From the NY Daily News:
He's a married Internet mogul who ran up a $241,000 tab at Scores and then stiffed American Express on the bill - claiming it was more padded than one of the strip club's busty beauties, according to a lawsuit.

Savvis Communications chief executive Robert McCormick, who hails from the "Show-Me State" of Missouri, allegedly charged the mind-blowing sum to his corporate card two years ago.

But when the bill came due, the father of three girls refused to pay, insisting he didn't spend more than $20,000 at the East Side pleasure palace.

Now Amex is suing Savvis and McCormick, claiming Scores turned over signed documents that suggest the bottom line - the cost of a condo or a Ferrari - is legit.

"He was celebrating a big billion-dollar deal - that's a B for billion," Scores spokesman Lonnie Hanover said of McCormick's one-night stand.

"We can't go to a customer and say, 'Are you sure you want to spend another $50,000?' He would be insulted. If they are millionaires and they are sober, they are free to spend."
Our President isn't sober. Neither is our Congress. Nor are our industry captains nor seemingly anyone. Drunk on open credit, endless looting of the world's savings, careening along, charging everything to the credit cards, refusing to pay taxes to keep things afloat, obviously, they have way too much money and way too much credit to spend.

Bennett blew his way through the entire profits he made off of his goofy "Virtues" books, gambling naked in Vegas. One CEO spent all his company's money on birthday parties. Another recently was caught stealing $400 million for fancy houses and artwork. They all have not only gigantic salaries, they have this open ended need to throw money away just to show off that they can do it. This human need to show off has infected everything.

DeLay of Texas can't keep track of all the loot pouring through his pockets, for example. His daughter conducted champagne hot tub parties in Vegas. The Bush twins spend a fortune drinking, too, for that matter. All the lobbyists and GOPers spend money like crazy, they think, there is no limit, why not?

Now they are telling us there is no more money and they have to eliminate heating help, medicines and educations for those who have no money to burn. We are told, we can't raise taxes on these party boys, they need every penny of it for champagne and lap dancers! And gambling. Whatever. Far from being responsible people leading the world to a better future, these jack asses are party boys playing with Monopoly Money. Whoo hoo. Buy a girl!

Corporate America's contribution to keeping things going has plummetted. As Social Security funds are raided, their contribution has dropped to the single digits and down. Their goal is zero taxes on the corporate entity that is giving these open ended credit cards to bosses and the bosses want near zero taxes on their personal incomes to boot. Meanwhile, we spend our public fortune on war and casino building. Casinos exist to suck money from people's pockets as fast as possible. It produces nothing and adds little. Oh, I forgot, it increases embezzlements and suicides as well as theft. Great by-product!

To return to homepage click here

To read more financial news click here
|

Links to this post:

Create a Link

<< Home