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View Diary: What's Happenin'? Ham & Egg Justice Week 12.10.12 (54 comments)

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  •  I should explain (7+ / 0-)

    why I put those quotes about the stock market in the diary and about profit taking, etc.

    A lot of people are wondering why the Democrats don't just go over the cliff, let the Bush tax cuts expire, and then start the year with a much stronger hand.

    Well capital gains taxes are on the table and the 1% is uncertain about what the exact situation will be with capital gains next year and beyond.  

    They have to decide whether or not to sell their Apple stocks and other things that are bulging with profit right now.  If the capital gains taxes are going up, they want to sell now so that the gains will be taxed at a lower rate.  God forbid they have to give up a bigger slice of those profits to taxes.

    So is this enough of a reason to cause Obama to give up a huge bargaining advantage for the rest of us?

    I think it is.  And all the talk about the chaos it will cause to go over the fiscal cliff for a few minutes or a few days isn't really about tax withholding technicalities or anything else, IMHO. Everybody knows that Geithner can just keep the withholding rates the same -- that he has that power as Sec. of Treasury.  Everybody knows that it income taxes for the year don't have to be paid on the first of the year.

    The big time pressure from the "markets", the big guns in the financial world, maybe the ratings agencies, will start really soon.  

    And when Republican Senators are saying, okay, let's just raise the taxes on the 2% without anything in return, you know that something is up.  Some have admitted that they don't have much leverage and their real bargaining chip is the debt ceiling and they are willing to wait until the budget process or the debt ceiling process to take the country hostage and extract blood.  But I tend not to trust them at all (neither side actually).  Because we know that one of the things that TPTB fear the most is uprisings, people in the streets.  So I do always wonder if they are trying to keep everybody calm, 'oh we're not going to cut those programs at the end of the year, we don't have enough time' so that there will be no quickly organized marches on the White House and the Capitol.  Then come in at the 11th hour and put some of those things in the bill at the last minute when there is absolutely no time to protest.

    Then again, where are  the valiant grassroots Left organizing protests anyway?  Oh that's right, they are still tied up in the veal pen, more concerned about their access and their budgets than about the people they supposedly represent.  Almost as quiet as church mice. They've probably had their off the record visits to the White House too.

    "Justice is a commodity"

    by joanneleon on Mon Dec 10, 2012 at 06:47:42 AM PST

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