A 10% pay in rate uncapped would do so much. Currently breakdown is 2.9% Medicare and 5% SS (I believe) so could bump SS retirement portion to 6% and still raise Medicare portion from 2.9 all the way to 4%. Those amounts uncapped on 100% of all income not just wages would be enormous….

Probably more politically expedient not to have an absolute cap but still favor it at some point. Using the hedge fund manager example and greatly simplifying it lets say he pays into SS a true 500 million (10% of 5 billion not counting portion going to Medicare). Even at bent 15% his payout if top 40 quarters were at that rate would be almost 75 million per year which would not be acceptable at all lol….

What is needed is a visit from OBAMA on the Saturday before the election on the steps of the Capital with 150,000 screaming, cheering anti Walker people in attendence (don’t laugh over 100k attended rallies during Wisconsin WINTER) and during his appearance Obama needs to stick up a leg to show off a nice pair of “walking shoes”. Would be classic and a great background for tons of OBAMA campaign commercials for the fall. If he doesn’t show up and we lose to Walker expect many progressives to “sit one out” in November as they will be confirmed that it truely is tweedle dee and tweedle dum. Get it together national DEMS starting with the Pres or lose Wisconsin forever. (like Iceman in Top Gun)

SS has 2.6 trillion in US obligations in it right now and is currently fully funded until roughly 2032 (less every year that we give a 2% payroll holiday on it). SS fund has zero to do with the debt and anyone who claims so is an out and out liar.

SS/Medicare is the most progressive tax we have in America. With a true Medicare for all it would be even more so as since you would pay (hypothetically 10%) on all income (wages and dividends and capital gains) those who were wealthier would apy more in real dollars for the exact same care. Medicare is meant to be a base coverage thing so those who wanted more could always go the supplimental route. As far as SS am sure there would be a need test administered so that even though someone would pay in it 10% on all income would be some diminshing return on benefit payout as SS is not meant as a full retirement program but more a base anti poverty program. Example I would give was that not matter how much paid in maybe a cap of $48,000 paid out or $4000 per month. Now that hedge fund manager making 5 billion per year and geting to pay in to FICA at 10% rate or 500 million per year may not like his 48k per year payout plus free base medical coverage thru medicare for all but think he can soldier on through with his remaining 4.5 billion per year before Federal income tax which COULD be lowered to starve defense expenditures.

Know I could do a better job than the corporate whore who is there now in my sleep lol.

By the way re-instate Glass Steagull and Full one page no exemption Voecker rule TODAY. A bank should be either a commercial bank (with access to fed window and guaranties) or an investment bank BUTNEVER should be allowed to be both. GS was main culprit in getting those changes and should be criminally punished for it. Most Wall Streets bigs should be in stripes and I don’t mean pinstripes. Dimon and the boys are the essence of what is wrong in corporate culture today. And why I am at it when is the media going to finally get down to the difference between private equity (ie Leveraged Buy Out firms) and venture capital (investment in quality start-ups). The difference is huge and is the difference betwee “angel” investing to build business and vulture capitalism which destroys it.

For the record I own a business (one of Boehners “Job Creators”)and know it is simply absurd that I would not hire an additional worker if it cost me an extra $3 per $100 of income (the rate going from 35% to 38%). Any none lying business person would say the same.

Whether or not its over $100k or over $250k to let tax cuts expire misses the main point. Most business people do not pay themselves a huge amount in wages (so they can avoid FICA taxes). Much of their salary per say is in stock options, or dividends or capital gains and that is where we need tax reform.

Since it is a talking point and we don’t want to have tax austerity I believe that Bush tax cuts should end for those above $250 k per year in income. But more importantly all income whether it be from work or didvidend or capital gain NEEDS to be treated as regular income for federal and FICA tax purposes.

Fox news is prone to say that 40% of Americans don’t pay tax when what they mean is no federal income tax. I say that 100% of wealthy Americans don’t pay their fair share of FICA tax-which funds Social Security and Medicare. Count all wages not just wages from work for FICA tax and eliminate the special treatment of capital gains and dividends for Federal tax purposes (ie all income taxed as REGULAR income) and we go a long way toward tax equality.

The best move would be to tax everyone at a base 10% rate (from current 7.9% rate) for FICA and have no cap on it and tax capital gains and dividends as regular income and we are really moving forward. If that happened then we suddenly are fully funded FOREVER, we could immediately lower full retirement age to 62 (and partial down to 60) which would open million of jobs to the younger people entering the job force and MOST importantly we could immediately go to MEDICARE for all which would actually be very positive for true American grown business’s. Oh and by the way, since corporations are people too (according to Romney) they should be allowed to pay the full new 10% Fica tax on their own gross income (like worker do) since they get the same rights politically as individuals.

Bottom line let all Bush tax cuts expire (including special treatment on dividends and capital gains) and at start of 2013 propose a tax cut for those under 250k or better yet under 150k. While doing it propose taking cap off Social Security portion (cap already off Medicare portion) and treating all income as regular income for SS and Medicare purposes.And since Corps have right of individual they also should pay FICA tax on themselves. NOW THAT WOULD BE SOME TAX FAIRNESS.

An Obama rally on the steps of the capitol in Madison would do more to ignite the base again than anything else. Could guarantee 100,000 plus on the Memorial day Saturday or Saturday before election. Would get HUGE press nationwide and would b a perfect backdrop to hundreds of Obama campaign ads as nothing quite says like a 100,000 people screaming like banishees on a beautiful spring day in Wisconsin. If the Obama re-elect team does not see the opportunity there as well as completion of a promise (I’ll put on a comfortable pair of shoes and join you—-yea when?????)then there will be no hope for the PRES in Wisconsin this fall.

Just do it-hell he stops in 5 states a day-spend an afternoon where it will do some good Barry. We’ll leave the light on for you. A presidential rally against Walker would galvinize the troops in oh so many ways…..

There was a reason GS was so interested in getting rid of Glass stegull and it was two fold. 1.Bailout when not if things went bad 2.Ability to belly up to Fed giveaway.

Separate investment rom commercial takes the free money away from investment side and makes the money that fed loans out so cheap go for what it was intended to do-invest in business in US companies. Why would the big boys loan to small business at piddly 6-8% rates when they throw it all into derivatives and cds’s and with leverage get 200-300% returns except for that occasion when their whale bets not only don’t move the market but get known by market that makes its fortune by turning on and eating its own. JPM deal went sour when size of its bets got known and got attacked since every good wall street shark knows to attack when it has the advantage. The actual loss will not turn out to be 2 billion or even 4 billion. Once totally unwound my guess will be 10 billion plus. If they show 2 billion the real number is a mutiple from that.

The real answer is state bank charters for the 49 states not currently succeeding with them. If the gov is going to backstop at least let the gov also have the upside. Its not hard. Its already working right now and even in America.

Would rather be a bit disappointed than the alternative which is thoroughly disgusted. A bit disappointed means at least some expectations were met. Unless you are willing to go armed into the street what we have is what we have to work from. Demand better always and everday and after a while it might just happen. Give up and you are worse than the opposition since you have NO spine.

When ever I am on FDL with its dripping sarcasm and ironic humor all I ever can think of is Claude Raines in Casablanca.

I have seen the enemy and it is us. Quit talking FDLers and go raise some hell. If everything is pointless as some of you claim then please do us a favor and end it for yourself. Some of your witty points are actually quite pathetic excuses if you ask me. Lead, follow or get the fuck out of the way.

Allan-you are so right. Never has one (the one) had so much and done so little.

When O got to office he had the house and nearly a fillibuster proof senate and yet all we got was crap Obamacare-not even a public option to say nothing of the true answer-Medicare for all.

Reduced presence in Iraq while expanding Afghanistan…

A watered down wall street reform that doesn’t do crap. Not even Glass Steagull re-enacted which is what is nescessary. To say nothing of immediate bring back of Voecker rule.

Well at least he evolved a bit on gay rights (mainly as a fund raising strategy)

A willingness to sell both SS and medicare down the river when solutions are very easy indeed. Don’t mean to be cynical but can’t we do better than this???

+1 your getting closer to the truth than you think lol.

Let me try Rafe:

Walker defeated-the people have spoken. Good has triumphed over evil.

Walker wins–democracy is over in America due to Citizens United. Already being outspent over 20-1 and yet about even in polls. DNC should committ $ millions and thousands of on the ground help. And…due it THIS WEEK!!!!!

Its over in 3 weeks—–time is a wasting……

I’ll tell you why the OBAMA led DNC might care is if Walker wins in June Obama has no chance in November in Wisconsin. Many progressives here have not been thrilled with Obama’s lack of “comfortable shoes” to wear to help before and if all stops aren’t pulled out to win in June do not be surprised if many activist don’t sit november out. The time to turn the tide is now not later.

At best Obama is a liberal republican in democrat clothing at worst he is the enemy. The enthusiasm gap is not just a Republican problem and it will get very much worse if Obama and the DNC don’t get a little more supportive and quickly. What a nice photo op for the Obama group- a rally on the steps of the Wisconsin capital with over 100,000 roaring their approval. Magic……

I’m pretty familiar with the inteligence of the average Wisconsin voter since I am from Wis Rapids, wife is from LaCrosse and we’ve lived just outside of Madison for around 30 years. Am very aware that outside of Dane and Milwaukee counties and a couple of other spots that Wisconsin is very much like Iowa (ie conservative).

But you forget a couple of things. Mainly is fact that almost 1 million cared enough to sign a recall petition and that 900,000 plus will surely vote. Since vote estimates are in the 2,100,000 range it appears we only need roughly 150,000 more votes than those who already signed the recall. We will get the 900,000 base plus another 300,000 or so to win 1,200,000 to 900,000.

1.2 million out of 2.1 million is 57%. Now knowing that the Repubs will cheet in any way possible figure they figure out a way to steal 5% or so (they have Kathy Nichols after all)which leaves us with a final result of 52-48. just saying……

Walker loses 52-48. mark it down. Wiscosnin does not use Devott voting and the Waukesha results will be closely monitored by in place casual observers to keep shenanigans to a minimum. Rumor has it the criminal investigation might have some startling revelations before election day that don’t help the candidate from Kochsville. It would be fitting…

From ZERO Hedge over a year ago:

We’ve been over the numerous BS excuses that US Dollar destroyer extraordinaire Ben Bernanke has made for QE enough times that today I’d rather simply focus on the REAL reason he continues to funnel TRILLIONS of Dollars into the Wall Street Banks.

I’ve written this analysis before. But given the enormity of what it entails, it’s worth repeating. The following paragraphs are the REAL reason Bernanke does what he does no matter what any other media outlet, book, investment expert, or guru tell you.

Bernanke is printing money and funneling it into the Wall Street banks for one reason and one reason only. That reason is: DERIVATIVES.

According to the Office of the Comptroller of the Currency’s Quarterly Report on Bank Trading and Derivatives Activities for the Second Quarter 2010 (most recent), the notional value of derivatives held by U.S. commercial banks is around $223.4 TRILLION.

Five banks account for 95% of this. Can you guess which five?

click to enlarge

Looks a lot like a list of the banks that Ben Bernanke has focused on bailing out/ backstopping/ funneling cash since the Financial Crisis began, doesn’t it? When you consider the insane level of risk exposure here, you can see why the TRILLIONS he’s funneled into these institutions has failed to bring them even to pre-Lehman bankruptcy levels.

Ben Bernanke is a stooge and a fraud, but he is at least partially honest in his explanations of why he wants to keep printing money. The reason is to try to keep interest rates low. Granted, he’s failing miserably at this, but at least he understands the goal.

Of course, Bernanke tells the public and Congress that the reason we need low interest rates is to support housing prices. He doesn’t mention that $188 TRILLION of the $223 TRILLION in notional value of derivatives sitting on the Big Banks’ balance sheets is related to interest rates.

Yes, $188 TRILLION. That’s thirteen times the US’ entire GDP, and nearly four times WORLD GDP.

Now, of course, not ALL of this money is “at risk,” since the same derivatives can be traded/spread out dozens of ways by different banks as a means of dispersing risk.

However, given the amount of money at stake, if even 4% of this money is “at risk” and 10% of that 4% goes wrong, you’ve wiped out ALL of the equity at the top five banks.

Put another way, Bank of America (BAC), JP Morgan (JPM), Goldman (GS), and Citibank (C) would CEASE to exist.

If you think that I’m making this up or that Bernanke doesn’t know about this, consider that his predecessor, Alan Greenspan, knew as early as 1999 that the derivative market, if forced into the open and through a public clearing house, would “implode” the market. This is DOCUMENTED. And you better believe Greenspan told Bernanke this.

In this light, all of Bernanke’s monetary policies and efforts are focused on doing one thing and one thing only: trying to shore up the overleveraged, derivative-riddled balance sheets of the Too Big to Fails, or Too Bloated to Exist, as I like to call them.

The fact that the bank executives taking this money and using it to pay themselves and their employees record bonuses only confirms that these folks have NO interest in taking care of shareholders or their businesses. They’re just going to take the money and run for as long as this scheme works.

I don’t know when this will come unraveled. But it WILL. At some point the $600+ TRILLION behemoth that is the derivatives market will implode again. When it does, no amount of money printing will save the Too Bloated To Exist banks’ balance sheets.

At that point, it’s game over for Wall Street and the Fed

The mayor of Milwaukee, Wisconsin, Tom Barrett, was beaten bloody on Saturday night as he rescued a grandmother and 1-year-old girl from a young man who police described as a violent and vicious thug and a “local knucklehead”.

Barrett today is recovering in hospital from head and hand wounds, with local media speculating he received the latter after punching his assailant. Milwaukee police have arrested 20-year-old Anthony Peters in the attack, though he has not been charged. The mother of Peters’s ex-girlfriend and his baby daughter were unhurt.

On Saturday night Barrett was leaving the Wisconsin state fair with his sister, niece and two daughters when he heard a woman crying for help. Barrett, who was walking to his car, instructed his sister to take the children out of harms way, then confronted the intoxicated man and tried to calm him. The man had threatened to shoot himself and others, police said.

When Barrett took out his mobile phone to call authorities, the man attacked him with a pipe, police said. Barrett’s niece retrieved the phone and called police. The attacker fled upon hearing police sirens.

Peters, who police said has a long criminal record, was arrested 13 hours later. Police said the attacker did not know who Barrett was. The assault occurred in West Allis, a Milwaukee suburb.

“Tom stepped up and did the right thing,” Barrett’s brother John Barrett said Sunday, choking back tears. “Tom’s efforts protected the woman and the child. His efforts also protected members of our family. We are extremely proud of Tom’s selflessness and his courage.”

Tom was hospitalised after the attack. He is expected fully to recover.

“Last night he acted like the good citizen that he is,” Milwaukee’s police chief, Edward Flynn, told reporters yesterday. “He not only risked serious injury but he endured serious injury in order to defend somebody who was weaker than their assailant.”

Barrett, a 55-year-old former state legislator and five-term US congressman, was first elected in 2004 and was re-elected in 2008 with 79% of the vote. Milwaukee, a former brewing capital, has a population of about 600,000. It is about 80 miles north of Chicago in the US mid-west.

A friend of Peters told the Milwaukee Journal Sentinel newspaper that Peters had attended a high school for Native American students.

“Most people probably don’t have the chance to even meet the mayor, and he goes and beats him up,”

The take here in Madison (which will go strongly Falk by the way)is too kind of lay low and not get to into a primary fight with everyone itching to get to the main bout which starts tommorrow. Although Falk is most progressive the feeling is that Barrett has it in the bag. He probably has the better chance of beating Walker so thats not all bad. Read up on how he almost lost his life trying to defend a woman who was being abused.He was literally beaten almost to death. Its a genuine hero story which is the opposite of that pussy Walker who hasn’t even got the guts to print out a schedule of his appearances and even hides the location of his campaign offices. One month tell Walker gets his walking papers. Count on it…

People are beginning to wise up. The inevitable death march of the EURO has begun. In the end it will be the curreny of only Germany much like the old deutch MARK.

The examples of Argentina and Iceland will come more and more to the fore. My opinion–F### the big bankers.As I see it, we had an opportunity to rid ourselves of the big bank/wall street scum a few years ago and blew it. Next time will be the last time.