I Wish I Were a Rich Man!

Photo of is Richard D. Fairbank, CEO of Capital One Financial. Mr. Fairbank is a good CEO so far as Capital One is concerned; so good that he was ranked #1 in CEO compensation in 2006 by Forbes magazine.

How much did Mr. Fairbank make in 2006? $249.42 million.


Rich men (and women) have it made under George W. Bush's administration.

In seven years, the Bushites have decimated the middle class. In the United States there are now two economic classes: the "rich" and the "rest."

The latest edition of The Hightower Lowdown by Jim Hightower deals with "What 8 years of BushCheney have done to our economy." Under the headings of "Living" and "Homeowners and Renters," Hightower highlights how George has hit the rest of us:

People living in poverty in 2001: 31.6 million. In 2008: 36.5 million.
Americans going hungry in 2001: 31 million. In 2008: 38.2 million.
Cost of a gallon of milk in 2001: $3.00. In 2008: $3.79.
Rental on a 2-bedroom home in Los Angeles in 2001: $1,453. In 2008: $2,229.
Total consumer credit debt in 2001: $7.65 trillion. In 2008: $12.8 trillion
Personal savings rate in 2001: +2.3%. In 2008: -0.5%


Increase in number of home foreclosures from 2006: 68%
Households currently at risk of foreclosure: 2 million
Households paying more than 1/2 their income for housing: 13 million
Households unable to afford even the lowest-priced rentals: 2.8 million


Here's how Mr. Bush plans to help deal with the housing crisis:

1. Cut the number of housing vouchers that help the very poor pay their rent by 100,000!
2. Cut the budget for housing for poor, elderly people by 27%!
3. Cut the budget for housing for people with disabilities by 32%!
4. Cut the fund for repair and maintenance of public housing by 17% and eliminate funding to repair public housing damaged by natural disasters!
5. Cut the lead-hazard reduction funds by 20%!
6. Cut the block grants to cities and states for housing and community-development programs by 18%!
7. Cut low-income energy assistance by 20%!


Our Congress is not much better. The U.S. Senate approved a bill last week (the Foreclosure Prevention Act...ha, ha!) which is supposed to help American homeowners. It doesn't! Mainly it puts billions of dollars in tax breaks into the hands of the very rich - the very corporate bosses that created the mess to begin with!!!

The Republican Right likes to castigate "liberals" for being too socialistic. They are referring to the fact that liberals and/or some Democrats believe the government has an obligation to provide assistance to citizens in need.

The truth is that members of the Republican Right are actually more "socialistic" than liberals ever were; it's just that the object of their largess is different. The Republican Right cares little for the average citizen, but they do favor government handouts to big business, along with a reduction in competition, regulation, and responsibility of those big businesses in order to unfetter their ability to rake in obscene profits on the backs of those who labor for a pittance.

About this Senate bill: The biggest home builders in our country will be allowed to "claim millions in tax refunds by charging their current losses against the huge profits they made three or four years ago. Other struggling industries would benefit from this provision," these "struggling industries" being the financial-services industries.

But, as Suzanne Barlyn asks, "Why use taxpayer money to aid industries whose practices wreaked havoc on our nation's economy?"

And "What about the rest of us? Do we get to count our stock-market losses against the capital-gains taxes we may have incurred when the economy was booming?" Hell, no!


Our poor automobile manufacturers will also be blessed by this Senate bill by being given a tax break which "would let them collect alternative minimum tax credits, also known as AMT, that otherwise would be out of reach because they did not pay enough taxes in recent years to claim a rebate.

"If the provision becomes law, it could mean checks up to $40 million for the automakers, as long as the companies had made investments in plant of equipment in that amount."

This neat little tax break would also be a boon for our domestic airlines and other manufacturers: American Airlines, Northwest Airlines and Goodyear.

Okay, now we've seen what the "rich" are gonna get (if the bill passes). Where are the breaks for the "rest" of us?

Well, this Senate bill does give a grant of $7,000 tax credit to buyers of foreclosed homes, or homes involved in foreclosure proceedings" ... wait, how does that help me when I have to decide between paying my mortgage and buying food for my kids?

It doesn't.

Again from Ms. Barlyn. This bill does "squat" for the homeowner.

Maybe the House of Representatives will fix it, but I doubt it. They need the big bucks from these corporations to get re-elected, too.

The "rich" will get theirs, the "rest" will get squat!