Thursday, December 22, 2011

Matt Taibbi: "A Christmas Message From America's Rich" (with video)

Matt Taibbi with video (00:08):
But out of Abelson’s collection of doleful woe-is-us complaints from the offended rich, the one that deserves the most attention is Schwarzman’s line about lower-income folks lacking “skin in the game.” This incredible statement gets right to the heart of why these people suck.

Why? It's not because Schwarzman is factually wrong about lower-income people having no “skin in the game,” ignoring the fact that everyone pays sales taxes, and most everyone pays payroll taxes, and of course there are property taxes for even the lowliest subprime mortgage holders, and so on.

It’s not even because Schwarzman probably himself pays close to zero in income tax – as a private equity chief, he doesn’t pay income tax but tax on carried interest, which carries a maximum 15% tax rate, half the rate of a New York City firefighter.

The real issue has to do with the context of Schwarzman’s quote. MORE...
Howie P.S.: Here's the video's double entendre dialogue:
The people are revolting.
You said it, they stink on ice.

1 comment:

Gail Kruger Snyder said...

A Face in the Crowd circa 1957 with Patrivia Neal,, Any Griffith has another good overall message regarding corporatism, politics, media etc.= GREED, worth rewatching, which I did a few days ago.