Christmas Was Yesterday-- But It's Never Too Late For These Words Of Warning From The AFL-CIO

The New York State AFL-CIO did the above video in regard to their own state. But there isn't a state in the Union that it doesn't apply to. Where is this not relevant: "We need to start looking at things from the perspective of the workers who call our state home, not the corporations who call Ne York their tax break layover." And they offer solutions that aren't in the forefront of politicians who cater to the 1%-- the entire Republican Party and the whole Republican wing of the Democratic Party-- Blue Dogs, New Dems, Third Wayers, et al. "We need to develop industries that create opportunities from one generation to the next [and insure] that there are basic standards when tax dollars are invested so that we create family-sustaining jobs. Remember, no one is forcing private companies to take public money. If businesses choose to do so, it is incumbent upon us to expect more than the bare minimum in return… We can't afford to subsidize businesses that fail to create-- or even promise to create-- jobs. If businesses don't live up to their end of the bargain, then we need a way to recoup our money."

The video goes on to attempt to de-demonize taxes-- something conservatives have invested a great deal into embedding into the conventional "wisdom"-- by showing what vital services they actually pay for to make a civilization livable for everyone. This week the Detroit Free Press reported that U.S. Bankruptcy Judge Steven Rhodes questioned whether a loan deal with the city was too generous for the banks and ordered both sides to renegotiate. This is great news for the residents of Detroit, who are likely to wind up with more services than what the plutocrats at the head of the line had in mind for them.

Rhodes questioned the amount the city will pay two banks as part of an agreement to refinance a debt deal gone sour. He indefinitely suspended the trial over whether to approve the deal and related bankruptcy financing between the city and UBS and Bank of America Merrill Lynch, adding that a deal paying the banks 75 cents on the dollar is too generous.

“I would encourage that as strongly as I can,” Rhodes said.

...The decision had the dual effect of dealing a setback to a settlement that Detroit’s bankruptcy attorneys described as crucial to the city’s recovery while giving the city ammunition to convince the banks to offer a better deal.

The judge was clear that 75 cents on the dollars for the banksters was too much and unfair. “Every transaction," he said, "that the city has entered into in connection with these swaps … has been with a gun to its head. That has to stop.” And now Detroit seems ready to sue the avaricious, predatory banks.

The City of Detroit threatened to sue Bank of America and UBS if the banks don’t agree to a better settlement over a disastrous 2005 debt deal that helped plunge the city into Chapter 9 bankruptcy.

Jones Day lawyer Thomas Cullen told Judge Steven Rhodes on Friday that the city already has notified the banks that it may sue them by questioning the legality of the deal if they don’t agree to settlement terms that are more favorable to the city.

“We are doing whatever is necessary to protect the city, its residents and its interests,” Cullen said.

The New York AFL-CIO wants to make sure Wall Street doesn't do to NYC what it has done to Detroit. God knows, the politicians won't. New York's congressional delegation, most of it heavily supported by Labor in general and the AFL-CIO in particular are far more sensitive to Wall Street than to working families. When examining the legalistic bribes the Securities and Investment Industry (i.e., Wall Street banksters) have paid out to Members of Congress-- both Houses-- since 1990, among the top 20 we find 5 New Yorkers, each one a notorious Wall Street whore:

• Hillary Clinton (D-$11,043,896)
• Chuck Schumer (D-$9,478,485)
• Kirsten Gillibrand (D-$3,449,280)
• Alfonse D'Amato (R-$2,524,748)
• Rick Lazio (R-$2,466,018)

Other powerful NY House Members who have been bought off, to one degree or another, by Wall Street include Nita Lowey (D-$1,847,456), Charlie Rangel (D-$1,351,948), Joe Crowley (D-$1,244,792), Carolyn Maloney (D-$1,241,188), and, of course, Steve Israel (D-$800,019). Note: we hear Lazio is talking about running against Israel for his old seat in 2016. That will be a tough one for the banksters!