Month: January 2009

Another $5 billion giveaway by the Bush administration By Ben Armbruster on Jan 30th, 2009 Bloomberg reports that, according to recently released IRS data, “the average tax rate paid by the richest 400 Americans fell by a third to 17.2 percent through the first six years of the Bush administration and their average income doubled to $263.3 million.” Much of their income came from capital gains resulting from the Bush. . . CONTINUE

Bush’s $350 billion corporate “giveaway”: Bailout to Banks, Not Borrowers By MIKE McINTIRE, nytimes Published: January 17, 2009 A Congressional oversight panel reported on Jan. 9 that it found no evidence the bailout program had been used to prevent foreclosures, raising questions about whether the Treasury has complied with the law’s requirement that it develop a “plan that seeks to maximize assistance for homeowners.” An overwhelming majority of banks see. . . CONTINUE