Jon Stewart interviews Ellen Schultz, an editor at the Wall Street Journal and author of Retirement Heist, who explains how corporations, with the connivance of the government that was willing to provide them with the necessary loopholes, looted the pension funds of 44 million of its workers to enrich their top executives, thus transforming pension fund surpluses of $250 billion into deficits.

The behavior of the oligarchy and their total lack of scruples in destroying the lives of ordinary hard-working people go well beyond greed. They are sociopaths.

The Wall Street Journal has a handy calculator that lets you know.

The median household income is $43,000 while the top 1% consists of those earning over $506,600.

Herman Cain has been getting a lot of mileage about his ‘simple’ 9-9-9 tax plan. Jared Bernstein says that it will result in a big tax increase on the middle class and a huge tax cut for the very wealthy. I have seen similar conclusions reached by other analysts.

While this is a goal of the oligarchy, they would like to achieve their goal in more subtle ways. The very transparency of Cain’s scheme is likely to be the thing that pricks his bubble and sends him back into the ranks of the stragglers for the Republican nomination.

If you were paying close attention, you may have noticed that yesterday Congress, which is supposed to be locked in partisan gridlock that has paralyzed it, managed in a bipartisan manner to pass quite easily and with little fanfare major free-trade agreements with Panama, Colombia, and South Korea. The House passed the South Korea agreement by a vote of 278 to 151, Panama by 300 to 129 and Colombia by 262-167. In the Senate, the South Korean plan passed by a vote of 83 to 15, Panama by 77 to 22 and Colombia by 66 to 33.

Whether one thinks such agreements are good for everyone or not, the oligarchy definitely favors them because anything that enables them to move goods, money, and manufacturing capacity more easily and cheaply across borders enables them to make more money.

These agreements had been negotiated by George W. Bush but had stalled in Congress because of opposition from the labor movement that they would cost jobs here. This time they passed easily, thanks to the support of president Obama, which illustrates once again that the oligarchy can sometimes get more of what it wants under a Democratic administration than under a Republican one. It also illustrates once again how noisy partisan gridlock only comes into play when it comes to doing things that benefit ordinary people, and miraculously melts away when the oligarchy’s interests are involved.

This timeline shows how we arrived at the situation where we now have just a few big banks controlling almost the entire financial sector.

(Via Balloon Juice.)

From political cartoonist Ted Rall, I learn that 15% of Americans are on food stamps and of those, 40% are employed.

It is interesting how people react to such statistics. My reaction was that it showed that there are a large number of poor people in the US (about 45 million) and that employers are paying a lot of workers (about 18 million) far too little.

But I am well aware that there will be others for whom this same statistics will send the message that the government is far too generous with food stamps and should cut back.

Matt Taibbi describes how the Obama administration and the Fed are part of the group trying to put the screws on New York’s attorney general Eric Schneiderman to get him to agree to a sweetheart deal that will let the banksters escape with a slap on the wrist for all their mortgage-backed fraud.

David Atkins explains how the Obama administration and others had Schneiderman removed from a group of state attorneys general that were investigating mortgage abuses because he was not satisfied with the deal being offered. (Thanks to Peter G.)

I wrote about this before here.

I have always been a little puzzled by the obsession in the US with the price of gas. From as long as I can remember, the price of gas has been reported regularly in the news, even when the prices were not fluctuating. NPR news reports on the national average of gas prices on a regular basis. Michele Bachmann has even vowed that she will bring gas prices down to $2 if she is elected president though she does not say how. (Plunge the country into a deep recession? Invade all the oil producing countries?)

Why, among all the commodities, is the price of gas singled out for special mention and monitoring?

I understand that the price of gas influences the price of other things and so is perhaps a proxy for inflation but surely the cost of living index would be a better gauge? I also understand that this is a car culture. When my mother used to write letters (remember those?) to me from Sri Lanka, she would always quote the price of bread and coconuts as indicators of the cost of living. Maybe because it was because she did not own a car and besides, gas prices in Sri Lanka were controlled by the state.

Perhaps gas is focused on here because it is perhaps the only thing that we buy regularly in isolation. When it comes to other staples like bread or milk, which would serve equally well as rough indicators of the cost of living, they are usually bought in conjunction with other groceries and so their price variations do not stand out. Also, gas stations are everywhere and they post their prices in huge signs so you cannot avoid being aware of them.

If you were ask me the price of bread or milk, I probably could not tell you even though I buy them every week. This is because I have no choice but to buy these staples and can afford to, so there seems to be no point in agonizing over their prices. But I do know the price of gas, even though the same conditions apply.

What is looked upon with horror in some circles in the US is viewed as perfectly reasonable in France.

The French government is to impose an extra tax of 3% on annual income above 500,000 euros (£440,000; $721,000).

It is part of a package of measures to try to cut the country’s deficit by 12bn euros over two years.

The tax increase came after some of France’s wealthiest people had called on the government to tackle its deficit by raising taxes on the rich.

See, that wasn’t so hard was it?

Harvey Golub, former CEO of American Express, takes to the opinion pages of the August 22, 2011 issue of the Wall Street Journal to whine about how unfair the current tax system is to rich people like him and that it would be an outrage if his taxes are raised. But he has solutions to the budget deficit! He feels that eliminating the departments of education and energy is better than him paying more taxes.

There is one statement that is flat-out incredible, where he says: “Of my current income this year, I expect to pay 80%-90% in federal income taxes, state income taxes, Social Security and Medicare taxes, and federal and state estate taxes.”

80-90% of his current income goes in taxes? To the calculators, Batman!

I have no idea what Golub’s income is this year is but let’s say it is one million dollars. Let’s be most generous in our calculations in his favor and assume that it is all from salary and that he is a single person and claims no deductions at all.

First off, federal and state estate taxes are not based on income at all, so it is deceitful for him to include that in the list of taxes that are set off against income. Furthermore, aren’t those taxes a one-time thing imposed at death? Does he die at the end of every year, pay the tax, and come back to life the following year? If so, he should really write about that, rather than this bilge.

As for the rest, he would pay federal income tax $327,643, social security tax $11,106 (assuming that he generously pays the employer’s contribution as well), Medicare $29,000 (again picking up the employer’s tab), and state income tax (if he lived in Ohio) $56,464, for a grand total of $424,213, or 42% of his income.

In reality, people like him claim a lot of deductions, have tax shelters, and get a lot of their income from investments that are taxed at a lower rate. I would be surprised if he pays even half that amount.