Two Republicans broke party ranks and voted in the Senate to allow movement on a bill that might help the little guy for a change. The procedural vote cleared the way for the creation of a 30 billion fund to help small banks in lending to credit starved small businesses. Sen. George LeMieux of Florida and Sen. George Voinovich of Ohio, voted with 57 Democrats and two independents to advance the bill.
Sen. Voinovich of Ohio is retiring and has decided to do the right thing for once. He’s been quoted as saying, “I hate banks. If I could strangle [the big] banks, I would.”
Sen. LeMieux is not running for the seat that he was appointed to by Gov. Charlie Crist who is running for the same Senate seat as an independent. Apparently LeMieux is sticking his thumb in the eye of the Republicans and will join his old boss Crist in taking a more populist stand.
The NYSE was up early on modestly improved retail sales numbers but fell in late trading to finish up only slightly. The Tokyo market fell as the Yen continues to rise against the USD hurting Japan’s exports. Gold set a new record high and US Treasuries were also up as investors look for some place safe to park their money.
The Senate Republicans have said they won’t allow the tax cuts for the rich expire at all costs. You can hardly blame them with all the suffering the rich go through to keep body and soul together. The latest numbers for the very put upon 1/10th of one percent at the top show that they only take home 11% of all household income in the United States. That’s 13,000 struggling families out of 115 million households that must make do with just 11% of all the income leaving the 99.9% to hog 79% for themselves.
Wealth distribution is even more skewed toward the masses with only 43% of financial wealth being held by the top 1% and 50% of wealth held by the next 19% and the bottom 80% is hogging 7% of the wealth. These are 2007 numbers and don’t reflect the boom the middle class has been enjoying over the last three years.
Don’t worry rich people, even with the defection of John the Boner of Orange who says he really isn‘t in bed with all those lobbyists and won’t fight for your tax cut, the Senate Republicans have pledged to hold the line against the greedy masses. www.prairie2.com