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    • Five Hundred Million Dollar Negative Yield Bond Issued
      No, central banks aren’t screwing the economy up with their purchases: Veolia (Paris:VIE) has issued a 500 million 3-year EUR bond (maturity November 2020) with a negative yield of -0.026 %, which is a first for a BBB issuer. To be clear, central banks didn’t buy those bond, investors did. But central bank purchases of […]
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Money

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In the latest version of the healthcare bill, the tax cuts for the wealthy have been removed. I’m not surprised that the financial backers of Republican house and senate members have dropped their demands for this. It seems unlikely that the incredibly wealthy power brokers who funded the Republican juggernaut were really all that concerned about tax cuts. I mean, sure, they were going to ask for it and Republicans were only too willing to give it them as a thank you present. 

But the people who own Republican legislators spend millions and millions of dollars at fundraisers every year. They probably spend more of their money trying to get politicians elected than they would hope to benefit from a tax cut. 

So what is it they really want? Is it purely ideological? Do they simply think that government has no role in healthcare? Are they zealots for the invisible hand of unfettered capitalism? Do they feel entitled and take for granted that they’ll get everything they demand because it’s worked so well so they’ll keep demanding more and more until we cry uncle?  Or is there an end game here that we’re missing?  

I just want to remind everyone that there are places in the world where people work for very little money, where drinking water isn’t always clean, where parents can’t afford the fees to send kids to school because the public school system is fractured or non-existent and where sick people die regularly because they can’t afford treatment. Think Bangladesh or Indonesia. 

Oh, those poor people, we think as the latest cyclone sweeps them out to sea. Tsk-tsk, so glad we don’t live in a country like that. 

But you know, to the super wealthy, regular Americans indistinguishable from Bangladeshis. We’re all lazy slackers who weren’t clever enough to  figure out how to exploit other suckers for profit. Listen closely to Donald Trump and how he talks about a rich person and not a poor person in charge of the Treasury and you’ll get an idea of how he and his peers think about the rest of us. 

They won’t care what happens to you. It’s your own fault if you fall in hard times. So, we better start looking after our own interests. It’s not a matter of money. It’s just that they don’t want the responsibility. We’re on our own and they have better things to do with their time and money. 

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