Bailouts for the rich; inflation, austerity, taxes increases to hit the poor.

SpeedingBullet (09Nov2012) wrote:

Re thread: Criminalizing Rich People
I know the article below has nothing to do with Singapore, but the context draws some parallels with the way I see some Singaporeans describe rich people here, and how our govt. is trying to rein in property prices, and income-limits for PR applications to appease the public.
The rising voices that speak out against foreigners (which is now borderline xenophobia) and "elites" in Singapore prompted me to start this topic here anyways hehehe
For us, we're in a different situation where we welcome rich people with our unbelievably low taxes. I wanna know what you all think.
Wall Street’s Impotent Billionaires Confront a Second Obama Term
Small excerpt:

No lah, I don't think that we are criminalizing rich people. Just that like the Singapore pledge says, Justice is a principle piece of the Singaporean psyche upon which "one united people" can progress together (regardless of race, language or religion etc etc).

It is now common knowledge that bankers, many associated with rich and powerful families, are the cause of the 2008 financial crisis and principal beneficiaries of the government sponsored USD4.76Trillion bailout (high water mark at USD13.87Trillion) bill already expanded to clean up the mess.

If communist governments are to be blamed for imposing hardship and suffering upon the peoples they have ruled over, then the bankers, who through their creation of the ponzi like collective debt obligation schemes most of which are to be blamed for the sub-prime mortgage crisis (thus the USD4.76T bill (minimum)) socialized amongst all US citizens, both current, unborn and future.

Also, as your excerpted article 'Wall Street’s Impotent Billionaires Confront a Second Obama Term' discloses: "But besides hurt feelings and vague threats, the actual political and financial damage done to the Wall Street elite during Obama's first term was approximately nil. On the contrary, banker bonuses remained high, the Dow Jones Industrial Average nearly doubled, .. Obama continued the Bush-era bailout plans for big banks, and rich people were still the beneficiaries of a friendly tax code, thanks in part to a carried-interest loophole that Obama never got around to rolling back. Their grip on the legislative branch was still strong, thanks to an army of paid lobbyists who were chipping away at Dodd-Frank and other regulation on Capitol Hill."

Whilst the rich have "an army of paid lobbyists", the average and the poor have only their voices and protest marches to highlight the flagrant injustice- and for that, you have charged them with 'xenophobia'.

Your views are most likely prejudiced to say the least.
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09Nov2012: Criminalizing Rich People