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To understand the importance of banking profits to the members of the deficit council, one need look no further than the two top-ranking members of the Campaign To Fix The Debt's steering committee, former New Hampshire Sen. Judd Gregg (R) and former Pennsylvania Gov. Ed Rendell, a Democrat. Gregg is currently employed as an international adviser to Goldman Sachs, while Rendell collects his paycheck from the boutique investment bank Greenhill & Co.

Following Blankfein's evening news appearance on Monday, Cote, the Honeywell CEO, sat down with the same network on Tuesday, and said essentially the same thing that Blankfein did.

Cote ranked 11th on a list compiled in a recent study conducted by the Institute for Policy Studies of executives who have saved the most from the Bush tax cuts. According to the IPS, Cote's taxable compensation for 2011 was a bit more than $55 million, and he did not pay about $2.5 million thanks to the Bush tax cuts.

After mentioning a few scary-sounding deficit statistics, he suggested the government raise revenue by ending individual tax credits and deductions, which he said amounted to a $1 trillion "giveaway" in 2011. It was clear, however, that Cote hadn't come on the show to talk about taxes.

"The big nut is going to have to be [cuts to] Medicare/Medicaid … especially with the baby boomer generation retiring. It's going to literally crush the system."

But while Cote strongly recommends cutting those benefits, when it comes to the tax obligations of corporations, he's clear about what he wants: a corporate tax rate of zero.

"From a fairness perspective, nobody would be able to stand [a zero tax rate on corporate profits]," but if the U.S. really wanted to create jobs, he said this spring, "we would have the lowest rate possible."

At Honeywell, Cote practices what he preaches. Between 2008-2010, the company avoided paying any taxes at all. Instead, the company got taxpayer-funded rebates of $34 million off of profits totaling nearly $5 billion.

kalm wrote: At Honeywell, Cote practices what he preaches. Between 2008-2010, the company avoided paying any taxes at all. Instead, the company got taxpayer-funded rebates of $34 million off of profits totaling nearly $5 billion.

AZGrizFan wrote:

kalm wrote: At Honeywell, Cote practices what he preaches. Between 2008-2010, the company avoided paying any taxes at all. Instead, the company got taxpayer-funded rebates of $34 million off of profits totaling nearly $5 billion.

So he's doing at Honeywell exactly what 47% of Americans do.

kalm wrote:

AZGrizFan wrote:
So he's doing at Honeywell exactly what 47% of Americans do.

And he feels entitled to it.

Baldy wrote:

kalm wrote:
And he feels entitled to it.

Don't hate the playa, hate the game.

SDHornet wrote:

Baldy wrote: Don't hate the playa, hate the game.

That's what the 47% said.

SDHornet wrote:

Baldy wrote: Don't hate the playa, hate the game.

That's what the 47% said.

kalm wrote:

SDHornet wrote: That's what the 47% said.

I don't hate anyone baldy. But it takes a douche bag of Romney proportions to be actually open their yapper in Cote's situation. Just keep silent, meet in private, and make your billions.

AZGrizFan wrote:

kalm wrote:


I don't hate anyone baldy. But it takes a douche bag of Romney proportions to be actually open their yapper in Cote's situation. Just keep silent, meet in private, and make your billions.

So why can't the 99% just shut their yappers and understand they're taking full advantage of the system as well?

kalm wrote:

AZGrizFan wrote:
So why can't the 99% just shut their yappers and understand they're taking full advantage of the system as well?

Good point. Perhaps when they get invited to congressional meetings for their opinions on the budget, they will.

AZGrizFan wrote:

kalm wrote:
Good point. Perhaps when they get invited to congressional meetings for their opinions on the budget, they will.

Well, you know what they say, Kalm. If you look around the table and can't spot the mark....it's YOU.

kalm wrote:

AZGrizFan wrote:
Well, you know what they say, Kalm. If you look around the table and can't spot the mark....it's YOU.

Exactly.

BTW, who's the mark at the "CEO Fiscal "Leadership" Council" table...or should I attempt dueling shitty analogies with you?

kalm wrote:

SDHornet wrote: That's what the 47% said.

I don't hate anyone baldy. But it takes a douche bag of Romney proportions to be actually open their yapper in Cote's situation. Just keep silent, meet in private, and make your billions.

kalm wrote:

SDHornet wrote: That's what the 47% said.

I don't hate anyone baldy. But it takes a douche bag of Romney proportions to actually open their completely detatched yapper in Cote's situation. Just keep silent, meet in private, and make your billions.

Baldy wrote:

kalm wrote:
And he feels entitled to it.

Don't hate the playa, hate the game.

Ibanez wrote:

OL FU wrote:

Baldy wrote: Don't hate the playa, hate the game.

This is where you mention the Fair Tax, that way everyone pays

Baldy wrote:

OL FU wrote:
This is where you mention the Fair Tax, that way everyone pays

It did cross my mind, but it's more fun getting a rise outta kalm. It worked.

You're right. The elimination of all income, cap gains, death, payroll taxes, etc. and the full implementation of a consumption based tax system would be the best case scenario.

eagleskins wrote:When did a cell phone become a major purchase? Just am wondering why those on welfare, who have a pay by the month cellphone, cause such vitriol? Would you be a 100 times more upset if you found out that welfare recipient drove an 87 Accord? I mean, the car has way more liquid value than a Nokia.

Cluck U wrote:Good enough to post it twice...but in a different way from the posting challenged people above.

Hey Chiz, I found a website you created...I mean, you might like.

http://www.newworldorderwar.com/the-mos ... lds-money/" onclick="window.open(this.href);return false;

"The Most Powerful Company on Earth controls 99% of the worlds money

Posted on September 28, 2011 by admin

There is a busy little private company you probably never have heard about, but which you should. Its name is the Depository Trust & Clearing Corporation. See their website. Looks pretty boring. Some kind of financial service thing, with a positive slogan and out there to make a little business. You can even get a job there. It turns out that this company holds 23 trillion dollars in assets, and had 917 trillion dollars worth of transactions in 2002 alone. That’s trillions, as in thousands of thousands of millions."