Dow Jones has been setting new records a lot lately. My retirement account is doing very well. You know, it’s funny that no matter how much the 1%, or more accurately the 0.1% are held up by the right as persecuted, unfairly demonized, and over-taxed, there seems to be no great reluctance among people in general to join or remain in that unfortunate minority. Unless you believe that are actually young people out there who are discouraged from trying to get ahead by the fear that they may one day be faced with higher marginal tax rates on the upper portions of their incomes. Eric Cantor liked to talk about such young people, with tears in his eyes.
OK, I’ll try once more..Harley, I think I can speak for many others here, in that we do NOT think all wealthy people are evil, or crooks. Hell, who would wish they could be wealthy (moneywise)? I certainly would. But, there is abundant evidence that MANY, not necessarily all, who pervert the system. I’ll give you one example.. Before 2008, when Wall Street traders were selling and gobbling up worthless derivative packages, were cheating some of their own clients to favor bigger spenders (Goldman Sachs), there was a multi-billionaire called Paulson, or Peterson (I forget which name). This guy had direct access to the White House and leading members of congress. He was buying up as many of these derivatives as he could, ones that were insured by AIG. When they were all bought up, he even got G-S to make up some new packages for him alone. He KNEW that the bubble in Real Estate was going to burst soon, and was taking advantage of it. Did he call George W. Bush, or the SEC, or any member of congress, to warn them that the crash might soon come down, and that they should prepare for it? No. He sat back, watched the meltdown, cashed in on his insured holdings. TARP money went to AIG, the insurer, and BILLIONS of that TARP cash, YOUR AND MY cash, went right from AIG to his pockets!!! .I call that evil. There are many others just like him.
Try’the memory hole’ thememoryhole dot com<:or/somesuch. They tryed to save many things that were deleated from the web and as such from ppl’s memory. Ha,haa. When ‘we’ die all will be lost to future generations. Thus,there has always been war with eurasa,oceana,etc,etc.no ice at the poles,ever. :) Peace.
“…explain to me why there is no trickle down. I thought that making the rich richer was supposed to raise all boats.”.I’m libertarian so hopefully I qualify..My theory is 2 prong. .First: The best engine for a good economy is a strong middle class, they are the best at moving money around effectively and starting new businesses. With the regulatory burdens of the ACA has slowed everything down and extended the recession..Second: The big money people have not been really hurt by the regulatory and financial burdens of the ACA, but looking at the impact that the recession had, they started to pull back. As one pulled back, the other pulled back, as one cut wages, the other cut wages and without the threat of smaller businesses putting the hurt on they kept it up and kept racking the cash.
Hmm, on the list of wealthiest 50 in Congress, Issa is the top of the list. But, more intersting is that the list I saw was their MNIUMUM net worth, not actual totals, which don’t actually have to be specifically stated. Even MORE intersting is where that wealth resides or came from. A lot of the Dems, owe it to spouses, as do some of the Repubicans. What’s really noticable though is on the Republican side, how much of that “wealth” is in TAX FREE bonds and/or “trusts”, as in inherited wealth, not “worked for”, or “earned” in the sense of actual labor output.(physical or mental)
If you look at the 1% and the female side, almost all are inherited, as is a significant number of the males. Yes, there are the occasional Jobs or Gates who had the right ideas at the right time, or the Buffets, who are just smart, the truth remains that the vast majority of the wealth in this country is still controlled by those who inherited wealth and/or position- like well “the Donald”, who wouldn’t have recovered from his first bankruptcy, if not for his position, which he inherited.
Dtroutma over 9 years ago
And he figures he’s bought a car with Cruz control. But sadly, that car has no brain.
Doughfoot over 9 years ago
Dow Jones has been setting new records a lot lately. My retirement account is doing very well. You know, it’s funny that no matter how much the 1%, or more accurately the 0.1% are held up by the right as persecuted, unfairly demonized, and over-taxed, there seems to be no great reluctance among people in general to join or remain in that unfortunate minority. Unless you believe that are actually young people out there who are discouraged from trying to get ahead by the fear that they may one day be faced with higher marginal tax rates on the upper portions of their incomes. Eric Cantor liked to talk about such young people, with tears in his eyes.
moosemin over 9 years ago
Spot on, Tom!
Odon Premium Member over 9 years ago
I think “BEST” is a bit of an overstatement.
moosemin over 9 years ago
OK, I’ll try once more..Harley, I think I can speak for many others here, in that we do NOT think all wealthy people are evil, or crooks. Hell, who would wish they could be wealthy (moneywise)? I certainly would. But, there is abundant evidence that MANY, not necessarily all, who pervert the system. I’ll give you one example.. Before 2008, when Wall Street traders were selling and gobbling up worthless derivative packages, were cheating some of their own clients to favor bigger spenders (Goldman Sachs), there was a multi-billionaire called Paulson, or Peterson (I forget which name). This guy had direct access to the White House and leading members of congress. He was buying up as many of these derivatives as he could, ones that were insured by AIG. When they were all bought up, he even got G-S to make up some new packages for him alone. He KNEW that the bubble in Real Estate was going to burst soon, and was taking advantage of it. Did he call George W. Bush, or the SEC, or any member of congress, to warn them that the crash might soon come down, and that they should prepare for it? No. He sat back, watched the meltdown, cashed in on his insured holdings. TARP money went to AIG, the insurer, and BILLIONS of that TARP cash, YOUR AND MY cash, went right from AIG to his pockets!!! .I call that evil. There are many others just like him.
damifid0 over 9 years ago
Try’the memory hole’ thememoryhole dot com<:or/somesuch. They tryed to save many things that were deleated from the web and as such from ppl’s memory. Ha,haa. When ‘we’ die all will be lost to future generations. Thus,there has always been war with eurasa,oceana,etc,etc.no ice at the poles,ever. :) Peace.
echoraven over 9 years ago
“…explain to me why there is no trickle down. I thought that making the rich richer was supposed to raise all boats.”.I’m libertarian so hopefully I qualify..My theory is 2 prong. .First: The best engine for a good economy is a strong middle class, they are the best at moving money around effectively and starting new businesses. With the regulatory burdens of the ACA has slowed everything down and extended the recession..Second: The big money people have not been really hurt by the regulatory and financial burdens of the ACA, but looking at the impact that the recession had, they started to pull back. As one pulled back, the other pulled back, as one cut wages, the other cut wages and without the threat of smaller businesses putting the hurt on they kept it up and kept racking the cash.
Dtroutma over 9 years ago
Hmm, on the list of wealthiest 50 in Congress, Issa is the top of the list. But, more intersting is that the list I saw was their MNIUMUM net worth, not actual totals, which don’t actually have to be specifically stated. Even MORE intersting is where that wealth resides or came from. A lot of the Dems, owe it to spouses, as do some of the Repubicans. What’s really noticable though is on the Republican side, how much of that “wealth” is in TAX FREE bonds and/or “trusts”, as in inherited wealth, not “worked for”, or “earned” in the sense of actual labor output.(physical or mental)
If you look at the 1% and the female side, almost all are inherited, as is a significant number of the males. Yes, there are the occasional Jobs or Gates who had the right ideas at the right time, or the Buffets, who are just smart, the truth remains that the vast majority of the wealth in this country is still controlled by those who inherited wealth and/or position- like well “the Donald”, who wouldn’t have recovered from his first bankruptcy, if not for his position, which he inherited.
attarian over 9 years ago
Funny how quickly the reactionaries roll out the moral equivalence fallacy
attarian over 9 years ago
Again the only answer is the moral equivalence fallacy.
attarian over 9 years ago
Again the moral equivalence fallacy when cornered