From: Buzzflash.com
PAUL BUCHHEIT FOR BUZZFLASH AT TRUTHOUT 
There are many self-serving excuses for greed
There are many self-serving excuses for greed
As we try to grasp the reasoning behind cuts to life-saving programs while billion-dollar incomes and trillion-dollar profits are being made, we must understand that extreme wealth deadens parts of the brain. Empathy and honesty go first. Then rationality, as evidenced by some of the outlandish excuses given by the very rich for their abuses.
Excuses for Inequality
Here's what Goldman Sachs adviser Brian Griffiths said about it: "We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all."
U.S. wealth distribution has become so extreme that nearly half of America has, on the average, ZERO WEALTH (debt exceeds assets). As for income, the richest 1% seemed to perform the impossible from 2009 to 2011, capturing MORE THAN 100% of the new income gains (income decreased for the other 99%).
As irrational as it might seem to find an excuse for all this, the Heritage Foundation is up to the task, claiming that poor Americans are actually doing quite well with their TVs and air conditioners. Never mind that debt for the poorest quintile of Americans averages $27,000 more than their possessions.
Excuses for Bank Fraud
It seems unlikely that anyone would try to justify the lack of punishment for manipulating global interest rates and consorting with drug cartels. But excuses were readily available. Hyperbole made up for incomprehensibility. Treasury Secretary Hank Paulson warned us that without a bailout the world economy would collapse "within 24 hours." Assistant attorney general Lanny Breuer added that with criminal charges "the entire banking system would have been destabilised."
Others questioned whether crimes had really been committed, or whether the people in charge even knew what was happening. In any event, bank backers noted, the financial institutions were fined. Four weeks of profits. And a bank CEO said he was "profoundly sorry."
Excuses for a Dormant Minimum Wage
Despite the logic and fairness of sharing record profits with low-wage workers who helped to make it all possible, a minimum wage increase has long been rejected because of the claim that it will increase unemployment. This has been refuted again and again and again. Yet well-positioned people persevere, armed with the same excuse. Says Paul Ryan: "I think it's inflationary. I think it actually is counterproductive in many ways. You end up costing jobs from people who are the bottom rung of the economic ladder."
The Economic Policy Institute calculated that a minimum wage increase would actually CREATE up to 100,000 jobs by the middle of 2014.
Excuses for Not Paying Taxes
Rather than excuses, corporate heads often take the more aggressive denial route with their comments:
-- A GE spokesperson: "We are committed to acting with integrity in relation to our tax obligations." GE paid 0% from 2008 to 2010.
-- An Exxon spokesperson: "..any claim we don't pay taxes is absurd...ExxonMobil is a leading U.S. taxpayer." Exxon paid 2% from 2008 to 2010. MORE
Excuses for Inequality
Here's what Goldman Sachs adviser Brian Griffiths said about it: "We have to tolerate the inequality as a way to achieve greater prosperity and opportunity for all."
U.S. wealth distribution has become so extreme that nearly half of America has, on the average, ZERO WEALTH (debt exceeds assets). As for income, the richest 1% seemed to perform the impossible from 2009 to 2011, capturing MORE THAN 100% of the new income gains (income decreased for the other 99%).
As irrational as it might seem to find an excuse for all this, the Heritage Foundation is up to the task, claiming that poor Americans are actually doing quite well with their TVs and air conditioners. Never mind that debt for the poorest quintile of Americans averages $27,000 more than their possessions.
Excuses for Bank Fraud
It seems unlikely that anyone would try to justify the lack of punishment for manipulating global interest rates and consorting with drug cartels. But excuses were readily available. Hyperbole made up for incomprehensibility. Treasury Secretary Hank Paulson warned us that without a bailout the world economy would collapse "within 24 hours." Assistant attorney general Lanny Breuer added that with criminal charges "the entire banking system would have been destabilised."
Others questioned whether crimes had really been committed, or whether the people in charge even knew what was happening. In any event, bank backers noted, the financial institutions were fined. Four weeks of profits. And a bank CEO said he was "profoundly sorry."
Excuses for a Dormant Minimum Wage
Despite the logic and fairness of sharing record profits with low-wage workers who helped to make it all possible, a minimum wage increase has long been rejected because of the claim that it will increase unemployment. This has been refuted again and again and again. Yet well-positioned people persevere, armed with the same excuse. Says Paul Ryan: "I think it's inflationary. I think it actually is counterproductive in many ways. You end up costing jobs from people who are the bottom rung of the economic ladder."
The Economic Policy Institute calculated that a minimum wage increase would actually CREATE up to 100,000 jobs by the middle of 2014.
Excuses for Not Paying Taxes
Rather than excuses, corporate heads often take the more aggressive denial route with their comments:
-- A GE spokesperson: "We are committed to acting with integrity in relation to our tax obligations." GE paid 0% from 2008 to 2010.
-- An Exxon spokesperson: "..any claim we don't pay taxes is absurd...ExxonMobil is a leading U.S. taxpayer." Exxon paid 2% from 2008 to 2010. MORE
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