obamas-america-theultra-rich
Come And Get It

By Arthur Piccolo

News Americas, NEW YORK, NY, Fri. Sept. 9, 2016: What do ultra rich Democrats and Republicans have in common?

The Status Quo on Steroids!

Yes, there are two major political parties in America. One for the Rich and the other for the rest of us! This second one is almost useless.

And they should enjoy it. It works well for both Democrats & Republicans.

For those who have not gotten the message – it is hopeless for the rest of us seeking fairness. We need to keep telling the story here.

Our media partner the NY Times made the point well last Sunday.

“For Hillary Clinton a Campaign that Woes the Ultra- Rich”

This is Hillary’s world, this is Barack’s world. This is Trump’s world.

We – you and I – unless you are one of them – are PAWNS in their world.

Background noise, bit actors, an annoyance that must be tolerated!

Does it mean we live in a Third World Country? No, our fate is significantly better than that but not what it should be by a long shot.

Barack Obama proved it early on when he began his first Presidential campaign back in 2008. All the Innocents (i.e. Pawns) believed now we have a candidate who will deliver a body blow – be it a modest one – to the power of the Rich – at least in Presidential elections. The innocents had no doubt and why should they have? Barack Obama was forceful in condemning the influence of wealthy donors to control our elections.

FINALLY here was The Candidate – and even more than that – polls were showing him easily beating his weak old tired Republican opponent John McCain. Obama would refuse the rich and their money and accept the Public Option and get a large pile of public money from the government instead and tell the Rich to take a hike; they would not influence his Presidency.

SORRY! Sucker deal ….

Not that he would have ever accepted the Public Option no matter what he said but the better his prospects looked to win the Presidency it was even less interesting to Obama as he knew the more likely he was to win, Rich Americans would pile on to give him even more to insure their influence. Obama could raise a $ 1 Billion or more for his campaign and did!

After that useful history lesson back to the present…

Let’s go to the NY Times article … and remember these are the same individuals Barack Obama kept raising Big Bucks from.

“Mrs. Clinton has been more than accessible to those who reside in some of the country’s most moneyed enclaves and are willing to spend hundreds of thousands of dollars to see her. In the last two weeks of August, Mrs. Clinton raked in roughly $50 million at 22 fund-raising events, averaging around $150,000 an hour, according to a New York Times tally.”

“And while Mrs. Clinton has faced criticism for her failure to hold a news conference for months, she has fielded hundreds of questions from the ULTRA RICH in places like the Hamptons, Martha’s Vineyard, Beverly Hills and Silicon Valley.”

“It’s the old adage, you go to where the money is,” said Jay S. Jacobs, a prominent New York Democrat.”

Right you are they are her base!

“Mrs. Clinton raised about $143 million in August, the campaign’s best month yet. At a single event on Tuesday in Sagaponack, N.Y., 10 people paid at least $250,000 to meet her, raising $2.5 million.”

Nothing like summer to find the Ultra Rich together in a few exclusive enclaves across the country and ready to “party” with their big checks.

Yes, Obama kept up a heavy fund raising (and golf) schedule after he won his second term even though he had no need for more campaign cash but it is just so, so easy to get those, $20,000, $30,000 and $50,000 checks and even larger ones so why stop? And the Rich are so eager to give more and more.

Back to Barack’s political sister Hillary and our media partner ……

“Mrs. Clinton, often described as warm and personable in small settings, whoever the audience, can be especially relaxed, candid and even joyous in this company.”

Yes among her own kind it is so comfortable.

And this …. “ some of the closest relationships Mrs. Clinton and her husband, former President Bill Clinton, have are with their longstanding contributors. If she feels most at ease around millionaires, within the gilded bubble, it is in part because they are some of her most intimate friends.”

You know what is the time? Time for an ENCORE!!!

“… some of the closest relationships Mrs. Clinton and her husband, former President Bill Clinton, have are with their longstanding contributors. If she feels most at ease around millionaires, within the gilded bubble, it is in part because they are some of her most intimate friends.”

Do any but the hopelessly naïve – that includes most African Americans among many others –  believe Hillary is going to “hurt” her friends once she is in The White House? Really????

Define “hurt” the Rich?  …… doing anything to decrease their wealth.

Let’s go back to Barack to find out what to expect with another recent article from media partner The New York Times titled ..

“ The Obama Years: The Best of Times to Be a Stock Investor”

“President Obama hasn’t boasted much about the performance of the stock market during his time in office, but if he were inclined, he could do so with gusto.”

“The facts are inescapable: The Obama years have been among the best of times to be a stock investor, going all the way back to the dawn of the 20th century.”

BEST OF TIMES for the Rich going back more than 100 years!

BARACK! BARACK!! BARACK!!

WHY isn’t President Obama taking that credit in public???

BECAUSE it is the 1% who are well over 90% of the stock owning class in America and reap all those riches for themselves. 95% of the new wealth generated during the Obama Years has gone to the Ultra Rich. NOT exactly the message he or Hillary wants to deliver to the rest of us.

But for the Ultra Rich, the message could not be better …

“Politicians almost seem embarrassed to talk about the stock market,” said Paul Hickey, co-founder of the Bespoke Investment Group. “It’s not a popular thing right now. But when you look at it, the record of the market under Obama is kind of incredible.”

Yes indeed – INCREDIBLE!!!

So here is where these exclusive fund raisers – both Barack and now Hillary even more than before – are famous for – with nobody but the Ultra Rich there and only in small intimate groups and NO reporters there – they can take credit for what they have – one for the Rich and be handsomely rewarded for making the Richer even Richer still and reassuring them nothing will change in the Clinton Administration as proven by the Obama Administration.

But what about so called” carried interest” by which the Rich pay a much lower income tax on money they “earn” (sic) as hedge fund managers which many but not all of their Rich Friends are? Why worry?
The Rich are not giving to Hillary and to Barack for nothing.

Yes, Hilary has vowed to end the blatant “carried interest” tax loophole. Guess what so did Barack Obama and it is still there 8 years later. But Hillary has gone further she says she will end it by executive order she does not need Republican support or even the many Democrats in Congress who like “carried interest” which Obama could have done but never did even though he is a very, very big fan of issuing other executive orders…….

So let’s give Hillary a giant benefit of the doubt and say YES she will end “carried interest” by executive office once she is President… will that have the Ultra Rich in her camp abandoning her? No, no no …

Let me bring in a brand new media partner the Los Angeles Times…

Their recent story from August 20, 2016,  is titled …

“Why the rich are happy to give up the carried interest loophole: They get to keep a bigger loophole”

YES, YES, YES !!!

The article notes that some of Hilary’s wealthiest supporters agree DOWN with the carried interest tax scam … here is why the article tells us:

“Another super-wealthy investor came out the other day in favor of killing the notorious carried interest tax loophole. The latest public-spirited one-percenter is Alan Patricof, a pioneering venture investor.”

Alan Patricof is a very big Hillary supporter and heavy contributor.

So you ready for The Truth …

“ A closer look at the carried interest tax break reveals an ulterior motive for all the plutocrats who are so eager to throw this particular loophole under the bus: They think it will take the heat off the loophole they really value — the capital gains tax break.

ENCORE ….

“They think it will take the heat off the loophole they really value — the capital gains tax break.”

CAPITAL GAINS .. the mother’s super milk of the Ultra Rich.

The Rich do NOT get most of their wealth or income from working PLEASE get real …. Bill Gates and Steve Jobs as examples did not even bother with the trivia of a pay check .. it was their STOCK that produced their massive wealth and income of course. Same for most of the 1%.

They had and others have another incentive salaried income is taxed at a much higher rate for no good reason. It is the suckers who get all their income from their pay checks who get soaked UNLESS you are among the Elite who reap income from “carried income” which is in fact regular salaried income except it gets taxed at a much lower rate for no good reason. It gets taxes as yes  capital gains even though it is not !

Hocus Pocus the Rich do whatever they want with the Tax Code.

Clinton buddy Alan Patricof is one of them but it still doesn’t matter to those like him because their own investments produce far more wealth and they are taxed at the very low capital gains rate. The biggest tax loophole of all.

Besides who really believes Hillary anyway about ending carried interest. She will find some excuse not to. Barack will tell her how.

So here is this episodes teachable moment …

It does not matter if Obama or Clinton or Trump is President.

The Ultra Rich rule in America.

They always have a Friend in The White House.

So either get Rich or get Screwed.

That is all until next week.

Arthur-Piccolo-ObamasAmerica

 

 

 

 

 About The Writer: Arthur Piccolo is a professional writer and commentator and often writes about Latin America for New Americas.

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