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How Comcast Is REALLY Spending Tax Break Money - YouTube
Channel: The Young Turks
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>>SINCE THE TRUMP TAX CUTS
PASSED WE HAVE BEEN COVERING HOW
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SOME OF THE BIGGEST
BENEFICIARIES, THESE HUGE
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CORPORATIONS, ARE USING THE
MONEY.
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BOTH IN TERMS OF WHAT
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THEY SAY, THE BIG ANNOUNCEMENTS
THEY MAKE ABOUT BONUSES AND THE
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P.R.
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THEY ARE GETTING FROM ALL
THESE PUBLIC RELATIONS
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CAMPAIGNS, BUT MOST IMPORTANTLY
BEHIND-THE-SCENES WHAT ARE THEY
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DOING THAT IS NOT GETTING AS
MUCH COVERAGE, THAT THEY ARE
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TOUTING FOR THE MEDIA TO COVER?
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TODAY WE HAVE AN EXAMPLE OF THE
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STARK DIFFERENCE BETWEEN THOSE
TWO THINGS, HAVING TO DO WITH
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COMCAST.
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COMCAST ANNOUNCED THEY
WOULD BE GIVING $1000 BONUSES TO
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100,000 WORKERS, THEY GOT A LOT
OF GOOD PRESS FOR THAT, AND IF
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YOU GET THAT MONEY THAT'S
CERTAINLY NICE, BUT DOES IT
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REALLY HAS ANYTHING TO DO WITH
THE TAX CUTS?
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PERHAPS NOT, WE
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WILL TALK ABOUT SOME OF THE
OTHER THINGS THEY HAVE GOTTEN UP
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TO WITH THAT MONEY AND A LOT OF
THIS IS COMING FROM A LOT OF
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INFOGRAPHICS PRODUCED BY THINK
THINKPROGRESS --
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>>NOW, IF WE COMPARE THE
ANNOUNCED BONUSES WITH TODAY'S
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ANNOUNCED STOCK BUYBACK IN
DIVIDENDS --
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>>THAT MIGHT BE HARD TO
VISUALIZE, SO LET'S TAKE A LOOK
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AT THIS GRAPHIC, YOU WILL SEE
IT'S BIGGER.
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IT'S A LOT BIGGER.
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>>WHOA.
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>>ALSO UNDERSTAND THAT
BEHIND-THE-SCENES, AND THIS IS
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SOMETHING WE HAVE TOLD YOU
BEFORE, THE COMPANY LAID OFF
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MORE THAN 500 SALES EMPLOYEES AT
THE SAME TIME THEY WERE
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ANNOUNCING THOSE BONUSES, AND
THEY AREN'T THE ONLY COMPANY.
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AT&T ALSO TOUTED BONUSES AND
FIRED THOUSANDS AT THE SAME
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TIME.
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NOW, WE WILL FOCUS ON
COMCAST IN THIS STORY BUT IF YOU
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TAKE A LOOK AT THIS LAST CHART
IT WILL COMPARE ALL OF THE
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ANNOUNCED BONUSES WE HAVE BEEN
TALKING ABOUT, AND SOME WE
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HAVEN'T, COMPARED TO THE COST OF
THE ENTIRE TAX CUT PLAN.
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IT'S
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DIFFICULT TO SEE IN A GRAPHIC,
BUT IT'S .13% OF THE BENEFIT TO
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CORPORATIONS SPECIFICALLY COMING
FROM THIS TAX PLAN, AND IS IT
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GETTING .13% OF THE PRESS?
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I WOULD ARGUE IT'S GETTING
SLIGHTLY MORE.
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>>LET'S BREAK ALL THAT DOWN.
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OVER 99.8% OF THE CUTS ARE GOING
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TO GO STRAIGHT INTO THE
CORPORATE POCKETS, AND WHEN THEY
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DO THE BUYBACKS AND DIVIDENDS
YES IT GOES TO SOME SHAREHOLDERS
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BUT IT ALSO GOES TO EXECUTIVES
WHOSE STOCK PRICES GO UP, THEY
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HAVE A LOT OF STOCK OPTIONS, SO
THEY WILL MAKE MILLIONS UPON
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MILLIONS OF DOLLARS.
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A TINY,
TINY SLIVER OF THAT, AS JOHN
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POINTED OUT, 0.13%, WILL GO TO
WORKERS.
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AND THEY ARE BRAGGING,
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WE ARE GIVING IT TO THE WORKERS.
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IT SOUNDS LIKE THEY ARE JUST
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GIVING IT STRAIGHT TO THE
WORKERS.
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NO, THEY ARE GIVING
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99.87% TO THEMSELVES.
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THIS HAS
LAYERS TO IT.
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IS A COMPANY
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ALLOWED TO DO DIVIDENDS AND
STOCK BUYBACKS?
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OF COURSE,
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THAT'S THEIR CALL.
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NOW, DO SOME
EXECUTIVES WANT TO DO THAT
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BECAUSE IT ARTIFICIALLY DRIVES
UP THE STOCK PRICE?
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BECAUSE WHEN
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YOU ARE BUYING BACK SHARES,
BECAUSE OF LAWS OF SUPPLY AND
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DEMAND, YOUR PRICES GO UP -- BUT
IT'S NOT BECAUSE YOUR COMPANY
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GOT ANY BETTER, IT'S NOT THAT
YOU HAD MORE CUSTOMERS OR YOUR
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BOTTOM LINE WAS BETTER, IT'S
JUST THAT YOUR STOCK PRICE IS
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HIGHER BECAUSE YOU ARE BUYING
BACK STOCK.
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IF YOUR STOCK PRICE
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IS HIGHER AND YOU HAVE AN
EXECUTIVE WITH TONS OF OPTIONS,
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HE JUST MADE TENS OF MILLIONS OF
DOLLARS BY THINK HE INITIATED
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BECAUSE OF THE TAX CUTS.
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AND
THEN THEY DO A CUTE LITTLE
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TRICK.
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I BET YOU COULD FIND ONE
EXECUTIVE THAT HAS MADE THAT
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HUNDRED MILLION DOLLARS BY
HIMSELF, THAT THEY DISTRIBUTED
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TO THE EMPLOYEES.
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THAN THEY DO
THE CUTE PROPAGANDA OF, OH, WE
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GAVE IT TO THE WORKERS.
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THIS WAS
ALL TO CREATE JOBS.
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THEN THEY
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CUT JOBS.
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THAT WE CAN'T ABIDE,
BUT WHEN YOU COST AMERICAN
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TAXPAYERS $1 TRILLION AND YOU
ARE GOING TO SHIFT THAT BURDEN
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ONTO THE AVERAGE AMERICAN WHO IS
WORKING HIS ASS OFF, THEN YOU
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PRETEND IT'S TO CREATE JOBS,
THAT IS THE THING WE CAN'T
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STAND.
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>>THERE IS THE STOCK
PURCHASING, THERE IS ALSO THE
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DIVIDENDS.
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HYPOTHETICALLY I
COULD BUY THE STOCK, YOU COULD,
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AND YOU MIGHT MAKE A LITTLE
MONEY OFF OF IT, YOU WON'T MAKE
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ANYTHING LIKE WHAT THOSE WHO OWN
MILLIONS OR HUNDREDS OF MILLIONS
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OF DOLLARS IN THIS DOCUMENT, BUT
YOU CAN MAKE A LITTLE BIT OF
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MONEY HYPOTHETICALLY.
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BUT WHEN
THEY ARE DOING THIS AS THEIR
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STRATEGY, THE HUGE PERCENTAGE OF
THE MONEY THEY ARE MAKING WILL
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GO INTO THAT, IT LETS YOU KNOW
WHAT THEY THINK IS LIKELY TO
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HAPPEN TO THE COMPANY IN THE
FUTURE.
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IF THEY THOUGHT GROWTH
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WAS COMING THEY WOULD INVEST IT
INTO THE COMPANY, HIRE MORE
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PEOPLE, ALL OF THAT, BUT THEY
AREN'T.
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THEY ARE ACTING AS IF WE
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PROBABLY ARE GOING TO DO AS WELL
AS WE HAVE ALWAYS DONE BUT
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ARTIFICIALLY, AS CENK POINTED
OUT, INCREASE THE PRICE OF OUR
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STOCK.
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THEY ARE PUTTING THIS
MONEY INTO HIGHER WAGES, THE
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BONUSES SOUND GOOD BUT THERE'S A
BIG DIFFERENCE BETWEEN A $1000
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BONUS AND A $1000 RAISE.
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THE
RATES YOU GET EVERY YEAR, SO
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WHAT WILL HAPPEN NEXT YEAR WHEN
THE MEDIA IS LESS FOCUSED ON
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THIS?
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PROBABLY NOTHING.
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AND THIS
IS JUST ONE CASE STUDY IN
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COMCAST, WE HAVE TALKED
PREVIOUSLY ABOUT AT&T AND A
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NUMBER OF BANKS AS WELL, AND IF
YOU GO OUTSIDE OF
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TELECOMMUNICATIONS AND BANKING
AND ALL THAT YOU WILL PROBABLY
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SEE THINGS LIKE THIS IN OTHER
INDUSTRIES.
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OR WORSE.
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>>LAST COUPLE OF THINGS, JOHN
MAKES A GREAT POINT -- IF THEY
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TOOK THE MONEY AND INVESTED IT
IN THE ECONOMY AS THEY CLAIMED
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THEY WERE GOING TO DO, THAT
MIGHT BE SLIGHTLY DIFFERENT.
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I
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STILL DON'T THINK THE TAX CUTS
WOULD BE WORTH IT BECAUSE OF ALL
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THE OTHER DAMAGE IT DOES, BUT AT
LEAST THEY WOULD BE PUTTING --
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CREATING NEW PLANS, MAYBE EVEN
CREATING NEW JOBS.
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BUT IF YOU
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TAKE THE MONEY AND ALL YOU DO
WITH IT IS INFLATOR STOCK PRICE,
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AND BY THE WAY THAT'S WHAT TRUMP
IS BRAGGING ABOUT, THE STOCK
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MARKET IS DOING GREAT -- THIS IS
PART OF WHY IT'S DOING GREAT,
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THEY ARE BUYING THE STOCK BACK
AND DRIVING UP OTHER PRICES.
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AND
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WHEN YOU DO THAT, YOU DON'T HELP
THE ECONOMY AT ALL AND IT'S
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POINTLESS.
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THAT I GO TO A SECOND
NUMBER, THE ONE JOHN MENTIONED.
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56 TIMES MORE IN BUYBACKS AND
DIVIDENDS THAN GIVING OUT
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BONUSES.
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THE BONUSES, PEOPLE
WILL ACTUALLY SPEND BECAUSE THEY
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DON'T MAKE THAT MUCH MONEY, THE
AVERAGE WORKER WILL PROBABLY
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SPEND THAT $1000 AND RECIRCULATE
IT IN THE ECONOMY WHICH IS GOOD
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FOR ALL OF US.
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BUT THE TENS OF
MILLIONS EXECUTIVES AND
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SHAREHOLDERS ARE MAKING THEY
LIKELY WILL SAVE, WHICH DOESN'T
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HELP THE ECONOMY.
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AND IN TERMS
OF THE MEDIA COVERAGE, ALL THE
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STORIES YOU HEAR, OH MY GOD,
THEY ARE GIVING BONUSES --
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IMAGINE IF THEY HAD AND 56 TIMES
THAT MUCH COVERAGE ON THE
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BUYBACKS AND DIVIDENDS.
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THAT'S
ALL YOU WOULD SEE ON TV.
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>> BY THE TENS OF MILLIONS OF
DOLLARS THAT EXECUTIVES ARE
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MAKING, THEY LIKELY WILL SAVE
WHICH DOESN'T HELP THE ECONOMY.
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THINK ABOUT IT IN TERMS OF THE
MEDIA COVERAGE.
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IMAGINE IF THEY HAD DONE 56
TIMES THAT COVERAGE ON THE
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BUYBACKS AND THE DIVIDENDS?
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THAT'S ALL YOU WOULD SEE ON
TELEVISION.
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THAT GIVES YOU A SENSE OF HOW
DISPROPORTIONATE IT IS AND
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WHEN YOU HAVE A DISPROPORTIONATE
COVERAGE IT GIVES A MISLEADING
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SENSE OF WHAT IS GOING ON IN THE
COUNTRY AND HELPS THE PEOPLE
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ATTEMPTING TO DECEIVE YOU.
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LUCKILY THERE IS A THING CALLED
THE INTERNET WHICH LEADS ME TO
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MY LAST NUMBER, AT THE END OF
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ALL THIS PROPAGANDA A COUPLE OF
DAYS BEFORE THEY PASSED IT IT
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WAS A TERRIBLY UNPOPULAR
PLAN ONLY 24%
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OF AMERICANS THOUGHT IT WAS
A GOOD IDEA.
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THAT IS DISASTROUS.
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NO MATTER HOW MUCH TELEVISION
SET THE JOBS ON THE BONUSES 帽
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ALL THE MONEY IS GOING TO THE
RICH AND THE POWERFUL EXCEPT FOR
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THE 25% WHO ARE BASICALLY TRUMP
SHEEP, THE REST OF THE COUNTRY
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UNDERSTANDS MONEY WAS NEVER
MEANT FOR US.
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