Do people still believe in their elected officials? Vol: Rich get richer, the poor get poorer...

[unkletomcruze]

Why do you still vote? I mean do you believe that when elected, these officials will have your best interest at heart?

[h1]Members of US Congress Get Richer Despite Sour Economy[/h1]

On Wednesday November 17, 2010, 5:30 pm EST

Despite a long and deep recession, the collective personal wealth of congressional members increased by more than 16 percent between 2008 and 2009, according to a study released Wednesday by the Center for Responsive Politics.

The study also indicates that a significant number of members owned shares of major players in the health-care and financial-services sectors, which were the subject of major reform legislation during the period.

The findings-based on federal financial disclosure data released earlier this year-paint a wealthy bunch in Congress, with more than half of all members-261-were millionaires.

About one in five of those had average calculated wealth in 2009 of at least $10 million. Eight of the 261 were in the $100 million-plus range.

Rep. Darrell Issa (R-Calif.) ranked No. 1 in personal wealth-$303.5 million. (See related slideshow.)

In contrast, U.S. median household income dropped 3 percent to $50,221 between 2008 and 2009, the second straight decline, according to the Census Dept. In terms of millionaires, only about 1 percent of the overall population qualifies.

The CRP study comes amid a growing public outcry about the size of government and rising employee salaries when the economy-and most taxpayers-are struggling like never before, with unemployment stuck at 9.5 percent and wages and benefits flat in many sectors.

"Congressional representatives on balance rank among the wealthiest of wealthy Americans and boast financial portfolios that are all but unattainable for most of their constituents," said Sheila Krumholz, the Center's executive director.

The period covered is December 2008 to December 2009.

The median wealth of a representative was $765,010, up from $645,503 in 2008, while that of a senator was almost $2.38 million, versus $2.27 million the previous year.

That is sizable considering that by law members of each chamber receive an annual salary of $175,000. They do, however, qualify for a number of perks, including paid travel expenses.

Politicos' Portfolios

Stock holdings are among the assets covered in the report, and the investing tastes of Congress appear to be somewhat conventional, with large-cap, Dow 30 companies dominating the widely-held list of members (see slideshow.)

General Electric (NYSE: ge), parent company of CNBC, is No. 1, with 82 current members of Congress listing it. Rounding out the top five are: Bank of America (NYSE: bac) (63), Cisco Systems (NASDAQ: csco) (61), Proctor & Gamble (NYSE: pg) (61) and Microsoft (54).

In another context, however, Beltway watchers might find it unsettling that some of the most widely-held stocks are those of companies at the center of the financial crisis in 2008-2009.

"The most popular investment among congressional members reads as a who's who list of the most powerful corporate political forces in Washington, D.C. -- companies that each spend millions, if not tens of millions of dollars each year lobbying federal officials," states the CRP report.

In addition to Bank of America, Goldman Sachs (NYSE: gs) , Wells Fargo(NYSE: wfc) , JPMorgan Chase (NYSE:JPM - News) and Citigroup(NYSE: c) were popular holdings. All of them received funding under the TARP. Morgan Stanley, General Motors and AIG are not on the list.

Another big sector is health care-drugs, which, like financial services, was the subject of major reform legislation in 2009.

Drug industry giants like Pfizer (NYSE: pfe) , for instance, ranked seventh on the list, with 49 members disclosing ownership. Rivals Johnson & Johnson (NYSE: jnj) and Merck (NYSE: mrk) also made the list of 50 companies.

The study indicates that party affiliation is not a key factor in the increase of lawmakers' personal assets. Twelve Democrats and seven Republicans were among the 20 congressmen with the greatest annual increases.That ratio mirrors the overall party breakdown of the current Congress.

The CRP study is by no means precise science. The group notes: "Members of Congress are only required to report their wealth and liabilities in broad ranges. It's therefore impossible to precisely determine how much value their assets are worth...."

http://finance.yahoo.com/...cnbc-1255923366.html?x=0


These guys/gals are pulling Goldman Sachs salaries + bonuses, minimum.

Frankly, I fail to see how a fellowship of millionaires and pre-millionaires can have the best interest of the middle-class (majority class) at heart. 

This whole system is messed up, and the way I see it, it has everything to do with the fact that America is a capitalistic system (economically and politically speaking).

The rich will indeed get richer, and the poor poorer as long if Capitalism continues to be champion.

...

 

[unkletomcruze]

Why do you still vote? I mean do you believe that when elected, these officials will have your best interest at heart?

[h1]Members of US Congress Get Richer Despite Sour Economy[/h1]

On Wednesday November 17, 2010, 5:30 pm EST

Despite a long and deep recession, the collective personal wealth of congressional members increased by more than 16 percent between 2008 and 2009, according to a study released Wednesday by the Center for Responsive Politics.

The study also indicates that a significant number of members owned shares of major players in the health-care and financial-services sectors, which were the subject of major reform legislation during the period.

The findings-based on federal financial disclosure data released earlier this year-paint a wealthy bunch in Congress, with more than half of all members-261-were millionaires.

About one in five of those had average calculated wealth in 2009 of at least $10 million. Eight of the 261 were in the $100 million-plus range.

Rep. Darrell Issa (R-Calif.) ranked No. 1 in personal wealth-$303.5 million. (See related slideshow.)

In contrast, U.S. median household income dropped 3 percent to $50,221 between 2008 and 2009, the second straight decline, according to the Census Dept. In terms of millionaires, only about 1 percent of the overall population qualifies.

The CRP study comes amid a growing public outcry about the size of government and rising employee salaries when the economy-and most taxpayers-are struggling like never before, with unemployment stuck at 9.5 percent and wages and benefits flat in many sectors.

"Congressional representatives on balance rank among the wealthiest of wealthy Americans and boast financial portfolios that are all but unattainable for most of their constituents," said Sheila Krumholz, the Center's executive director.

The period covered is December 2008 to December 2009.

The median wealth of a representative was $765,010, up from $645,503 in 2008, while that of a senator was almost $2.38 million, versus $2.27 million the previous year.

That is sizable considering that by law members of each chamber receive an annual salary of $175,000. They do, however, qualify for a number of perks, including paid travel expenses.

Politicos' Portfolios

Stock holdings are among the assets covered in the report, and the investing tastes of Congress appear to be somewhat conventional, with large-cap, Dow 30 companies dominating the widely-held list of members (see slideshow.)

General Electric (NYSE: ge), parent company of CNBC, is No. 1, with 82 current members of Congress listing it. Rounding out the top five are: Bank of America (NYSE: bac) (63), Cisco Systems (NASDAQ: csco) (61), Proctor & Gamble (NYSE: pg) (61) and Microsoft (54).

In another context, however, Beltway watchers might find it unsettling that some of the most widely-held stocks are those of companies at the center of the financial crisis in 2008-2009.

"The most popular investment among congressional members reads as a who's who list of the most powerful corporate political forces in Washington, D.C. -- companies that each spend millions, if not tens of millions of dollars each year lobbying federal officials," states the CRP report.

In addition to Bank of America, Goldman Sachs (NYSE: gs) , Wells Fargo(NYSE: wfc) , JPMorgan Chase (NYSE:JPM - News) and Citigroup(NYSE: c) were popular holdings. All of them received funding under the TARP. Morgan Stanley, General Motors and AIG are not on the list.

Another big sector is health care-drugs, which, like financial services, was the subject of major reform legislation in 2009.

Drug industry giants like Pfizer (NYSE: pfe) , for instance, ranked seventh on the list, with 49 members disclosing ownership. Rivals Johnson & Johnson (NYSE: jnj) and Merck (NYSE: mrk) also made the list of 50 companies.

The study indicates that party affiliation is not a key factor in the increase of lawmakers' personal assets. Twelve Democrats and seven Republicans were among the 20 congressmen with the greatest annual increases.That ratio mirrors the overall party breakdown of the current Congress.

The CRP study is by no means precise science. The group notes: "Members of Congress are only required to report their wealth and liabilities in broad ranges. It's therefore impossible to precisely determine how much value their assets are worth...."

http://finance.yahoo.com/...cnbc-1255923366.html?x=0


These guys/gals are pulling Goldman Sachs salaries + bonuses, minimum.

Frankly, I fail to see how a fellowship of millionaires and pre-millionaires can have the best interest of the middle-class (majority class) at heart. 

This whole system is messed up, and the way I see it, it has everything to do with the fact that America is a capitalistic system (economically and politically speaking).

The rich will indeed get richer, and the poor poorer as long if Capitalism continues to be champion.

...

 

[jasoner27]

MJ::All I gotta say is that they dont really care about us::MJ

I haven't voted in a while....Govt' is corrupted so theres really no point

 

[jasoner27]

MJ::All I gotta say is that they dont really care about us::MJ

I haven't voted in a while....Govt' is corrupted so theres really no point

 

[hizzle]

I have no faith in it. They do just enough to keep the majority of people from being angered enough to do anything about it. These people have their own incentives and they don't align with what's best for the majority. They have no real incentive to make great strides to help the majority because there's very little repercussions and accountability for poor performance. If something goes wrong they always have something else to blame it on. And people eat it up with all the freedom and "our elders died so we could vote" rhetoric. Now start paying these people based on performance and you might see real change.

 

[hizzle]

I have no faith in it. They do just enough to keep the majority of people from being angered enough to do anything about it. These people have their own incentives and they don't align with what's best for the majority. They have no real incentive to make great strides to help the majority because there's very little repercussions and accountability for poor performance. If something goes wrong they always have something else to blame it on. And people eat it up with all the freedom and "our elders died so we could vote" rhetoric. Now start paying these people based on performance and you might see real change.

 

[rashi]

Originally Posted by UnkleTomCruze

1. Why do you still vote? I mean do you believe that when elected, these officials will have your best interest at heart?
2. The rich will indeed get richer, and the poor poorer as long if Capitalism continues to be champion

1. Because we have people in this country who believe in this BS...

Both parties to their own extents are in bed with lobbyists.. But I'll choose the one that will still keep one foot fighting for us, and tries to break ties with corruption, instead of the party who is so obviously bought and sold by big banks, big health care, big oil, and big corporations to fight against any legislation that will benefit Americans...



Translation: "I know and don't care that the Democrat Party is as corrupt as Republicans, they make it seem they are 'for' the people. I'll vote for them anyway because the democractic process is so perfect and great."


2. What does Capitalism have to do with what you posted? The size of government grows and their buddies are getting broke off. There is a very big differrence between Corportism and Laissez-Faire, but if you subscribe to morons like Michael Moore, you would'nt know that.  

 

[rashi]

Originally Posted by UnkleTomCruze

1. Why do you still vote? I mean do you believe that when elected, these officials will have your best interest at heart?
2. The rich will indeed get richer, and the poor poorer as long if Capitalism continues to be champion

1. Because we have people in this country who believe in this BS...

Both parties to their own extents are in bed with lobbyists.. But I'll choose the one that will still keep one foot fighting for us, and tries to break ties with corruption, instead of the party who is so obviously bought and sold by big banks, big health care, big oil, and big corporations to fight against any legislation that will benefit Americans...



Translation: "I know and don't care that the Democrat Party is as corrupt as Republicans, they make it seem they are 'for' the people. I'll vote for them anyway because the democractic process is so perfect and great."


2. What does Capitalism have to do with what you posted? The size of government grows and their buddies are getting broke off. There is a very big differrence between Corportism and Laissez-Faire, but if you subscribe to morons like Michael Moore, you would'nt know that.  

 

[selrahc123]

Get over it.

 

[selrahc123]

Get over it.

 

[sundoobie]

Why do you still vote?


If I don't vote, then a certain group of Americans will elect their chosen elected officials whom will write laws that directly affect me, my friends, my family, my job, my future, etc....


Are you OK with Sarah Palin as President signing anti-abortion laws?

 

[sundoobie]

Why do you still vote?


If I don't vote, then a certain group of Americans will elect their chosen elected officials whom will write laws that directly affect me, my friends, my family, my job, my future, etc....


Are you OK with Sarah Palin as President signing anti-abortion laws?

 

[TheGift23]

Illuminati. 

 

[TheGift23]

Illuminati. 

 

[youngmoney]

 

[youngmoney]

 

[djprestige21]

Based off a quick summation of that article.



Those people are elected officials because of the past business reputations that proceed them, they obviously didn't make their fortunes while they were in congress.

 

[djprestige21]

Based off a quick summation of that article.



Those people are elected officials because of the past business reputations that proceed them, they obviously didn't make their fortunes while they were in congress.

 

[djprestige21]

Originally Posted by rashi

Originally Posted by UnkleTomCruze

1. Why do you still vote? I mean do you believe that when elected, these officials will have your best interest at heart?

1. Because we have people in this country who believe in this BS...

Its a shame some people are so naive in having this stigma where people in office are some fictional demons, and no they aren't perfect.



Look at it this way, view yourself in office making tough decisions everyday that represent a body of people. You aren't going to go into office everyday saying "YEAH I GET TO *@@* SOME PEOPLE OVER TODAY" then give yourself double guns while smirking in the mirror with no sense of pressure what so ever. 




Yes there are your rare exceptions (Bell County, etc.), but elected officials are definitely in it for the best interest of the people. Its just easier to buy into the myth, its more appealing to the senses.

 

[djprestige21]

Originally Posted by rashi

Originally Posted by UnkleTomCruze

1. Why do you still vote? I mean do you believe that when elected, these officials will have your best interest at heart?

1. Because we have people in this country who believe in this BS...

Its a shame some people are so naive in having this stigma where people in office are some fictional demons, and no they aren't perfect.



Look at it this way, view yourself in office making tough decisions everyday that represent a body of people. You aren't going to go into office everyday saying "YEAH I GET TO *@@* SOME PEOPLE OVER TODAY" then give yourself double guns while smirking in the mirror with no sense of pressure what so ever. 




Yes there are your rare exceptions (Bell County, etc.), but elected officials are definitely in it for the best interest of the people. Its just easier to buy into the myth, its more appealing to the senses.

 

[ryda421]

 

[ryda421]

 

[antonlavey]

I have zero faith in politics....I'll just leave it at that.

 

[antonlavey]

I have zero faith in politics....I'll just leave it at that.

 

[jthagreat]

I see your point, and I agree 99% of them doint give two S!!!s about me and my struggle, but I realize I prefer some politicians way of thinkin over the next...so that's one of the reasons I vote