Report on City Club meeting about the state budget

On June 22, I attended a public forum, “Law and Politics:The State Budget—Searching for Long-Term Sustainability”, at the Rainier Square Atrium in downtown Seattle. The panelists were Representative Reuven Carlyle (D-36), Washington State Legislature Representative Bruce Dammier (R-25), Washington State Legislature Paul Guppy, vice president for research, Washington Policy Center Marty Loesch, director of external…

Stratospheric Wall Street compensation, tax avoidance by corporations

“The top five U.S. banks paid staff a combined $119 billion for 2010, according to bank consolidated income statements.”  from this Reuters article: Compensation seen rising among bankers: poll.  Add in Goldman Sachs and the compensation comes to about $140 billion. According to Dollars&Sense Wall Street financiers received $20.8 billion in bonuses last year on…

Return to Prudent Banking

Last weekend I hosted a free screening of the movie Inside Job at the Kent Library. This documentary shows us how the financial industry pillaged the American economy during the Banking Crisis of 2008. One of the key causes of the Great Recession was the transfer of assets from the balance sheet of banks to…

LA Times: Obama compromised early again on the deficit limit battle

According to this LA Times article Deficit battle shaping up as GOP victory President Obama began his bargaining about raising the deficit limit from a position that already gave Republicans most of what they want:   way more spending cuts than tax increases. Even if Obama were to gain all the tax-law changes he wants,…

Tax avoidance schemes that enrich the rich, Krugman's prescience

While Republicans maneuver to slash social programs, they ignore the tax avoidance schemes that keep the rich rich. “America’s largest global corporations are holding $1.5 trillion dollars in profits overseas in order to avoid US taxes.” (source) After Taking A $10 Billion Bailout, Goldman Sachs Announces It Will Outsource 1,000 Jobs To Singapore. America’s largest…

Should Dennis Kucinich run for Congress in Washington State?

Dennis Kucinich’s congressional district in Ohio is being dissolved, and Kucinich is apparently considering a run in Washington State. He has been visiting Washington State a lot recently giving speeches.  But State Democratic Party Chair Dwight Pelz is opposed to Kucinich running here. “I am alarmed at the spoiler role Rep. Kucinich could play should…