Free Lunch for the Rich

I happened to catch the tag end of an npr interview with David K. Johnson whose book, Free Lunch, has just been published. In it he details the many schemes and scams by which our rich have become _incredibly_ rich, our poor poorer, and the rest of us left struggling to get by. As one trained in property theory, I have watched over the years the patterns of favoritism for the rich and penalties for the rest of us being built into our economy by various devious devices accompanied by appropriate slogans -- "cut your taxes," "death" taxes, "fair" taxes. etc. The site below offers a run through by another blogger who heard the same interview, apparently. One example that the author used was the enrichment of our president. He borrowed $600,000 to purchase 2% of his baseball team. Then we was awarded 10% by his fellow owners which he turned around and sold for $17 million on which he paid only capital gains taxes (25%) although he should have paid income tax rates (35%) as he was awarded the extras for his 'work' organizing the deal. No IRS audit.

Yes, we are all being ripped off by 'deregulation' which allows corporations to play any dirty tricks they can think up. Tried to collect repayment from your medical insurance recently? Had your credit card interest rates bounced sky high without notice or reason apart from the fact that they have you hooked? Join the club of us being ripped off by the free lunch crowd!

http://www.topix.com/forum/topstories/T65BEAF1EJIHLBM83
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