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Wealth concentration returning to ‘levels last seen during the Roaring Twenties' (1 Viewer)
- Thread starter Otis
- Start date
The General
Footballguy
That this is going to get moved in the political forum toot sweet.
And, it is a huge issue.
And, it is a huge issue.
Otis
Footballguy
Leroy Hoard
Footballguy
Thanks, Trump.
The General
Footballguy
I don’t see how this is discussed without a political angle being introduced.
I guess Chet jokes and such.
The political forum isn’t bad. Don’t be scared.
Otis
Footballguy
If the test is "anything that has a political angle," just rename the FFA the PSF?
Binky The Doormat
Footballguy
The General
Footballguy
baymen
Footballguy
Not sure how this is political since this wealth concentration has been progressing through multiple administrations. Federal Reserve policy probably has more to do with it than anything.
I keep getting richer every day/week/year outside market corrections. It's been over a decade since our net worth has gone down.
The General
Footballguy
The General
Footballguy
Good example of the excess of wealth today: This Miami Condo features a $1.5M Pagani Zonda race car as a room divider.
rockaction
Footballguy
The General
Footballguy
gianmarco
Footballguy
Ridiculous. That Zonda could be helping a poor family get around town instead. So selfish.
Juxtatarot
Footballguy
GoBirds
Footballguy
Oats,
Won't let me read the link as I'm not a subscriber. Does it mention the money printing that occurred during and after the recession inflating values? If you didn't own assets be it real estate or stocks the Fed did you no favors with their excessive money printing.
GoBirds
Footballguy
Courtjester
The Town Drunk
Its horrible....I waded in there after an absence for a while, I don't understand how FBGs can be so bad to one another.
I mean Trump or not--it saddens me what has become of this place. This used to be our fun place where we could disagree but at the end of the day, still all laugh if off.
Maybe I am just naive or drunk (I am guessing the later
) 
AAABatteries
Footballguy
@timschochet
“Those 400 Americans own more of the country’s riches than the 150 million adults in the bottom 60 percent of the wealth distribution”
This is where we have gotten and it’s only getting worse.
“Those 400 Americans own more of the country’s riches than the 150 million adults in the bottom 60 percent of the wealth distribution”
This is where we have gotten and it’s only getting worse.
GoBirds
Footballguy
They are like hungry coyotes trying to lure this back to the pack......keep it on the economy and in FFA. I think you are correct a lot of it’s on Fed policy.
The General
Footballguy
I post and read in there quite a bit. There are a handful of folks that argue in weird ways after that I find it pretty good place to have back and forth.Its horrible....I waded in there after an absence for a while, I don't understand how FBGs can be so bad to one another.
I mean Trump or not--it saddens me what has become of this place. This used to be our fun place where we could disagree but at the end of the day, still all laugh if off.
Maybe I am just naive or drunk (I am guessing the later
baymen
Footballguy
Fed policy and tech innovation are behind this. Trickle down and centrist policies since then as well. Wall Street allowing Bezos to kill retail didn’t help and letting the waltons do it before as the rationale is not the appropriate answer.
Otis
Footballguy
How did Wall Street allow this? There’s nothing that could have been done to stop it is there?
fantasycurse42
Footballguy Jr.
It’s gonna trickle down, just ask anyone at the Federal Reserve.
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Otis
Footballguy
It’s not about me; I’m not in that wealth bracket.
My view on it has always been pretty simple. People outside the one percent, and even in the one percent, who have to work for a living to make money, to pay a mortgage, to save for college etc.? Those people should be taxed within a certain range and this includes high earners. But those truly rich dudes who make money off of other money — the trust fund babies, the ones amassing wealth just by virtue of having wealth through enormous amounts of investment income—should be taxed at a far far higher rate.
Where is the cutoff before that second range should hit? I don’t know. $5MM income per year? $10MM? You’d have to set it high enough such that you don’t impact a “regular guy” who has busted his butt to save money and who lives a “normal” or modest life off the interest he’s saved. But let’s tax the #### out of the guy taking regular helicopter rides to his luxury condo that has a supercar doubling as a room divider.
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James Daulton
Footballguy
Agree with this. The math alone combined with capitalism natural inclination to hold down wages can lead to no other outcome without some kind of intervention by government.
Sorry, but our country should be beyond having a few people earn tens of millions annually while many more barely make ends meet and kids who go hungry.
Punxsutawney Phil
Footballguy
The Green egg in the outdoor grill is like Gatsby's green light.
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AAABatteries
Footballguy
I’m going to quote this again just because it’s an astounding thing to read:
”Those 400 Americans own more of the country’s riches than the 150 million adults in the bottom 60 percent of the wealth distribution”
”Those 400 Americans own more of the country’s riches than the 150 million adults in the bottom 60 percent of the wealth distribution”
Otis
Footballguy
Crazy. That means if you halved the income of those 400 people, you could double the income of the 60% of the country that needs it most.
parasaurolophus
Footballguy
The Commish
Footballguy
Our tax code has been altered in such a way that it makes protecting wealth rather easy. One could probably make a justification for The Fed, but I think our tax policy has been significantly more problematic. It has not adapted as we shift from a manufacturing country to a consumer driven country and the changes that HAVE been made are really for those who are really rich, not necessarily to make more money but to easily keep what they have been given.
rockaction
Footballguy
Short Corner
Footballguy
Ramsay Hunt Experience
Footballguy
In fairness, using it that way at least shows an appropriate concern for climate change.
Rhythmdoctor
Footballguy
Super rich people are the worst.
wikkidpissah
Footballguy
The middle class, not a factor the last time we crashed, is going to be interesting to watch next time. But, then again, it's pretty much their fault. In the first decade or so of post-war prosperity, there was a lot more focus on sharing (if you were white, that is) among the new middle class, because folks were well familiar with the deprivations of depression & war and there was a lot of "there but for the grace of God" and a lot more community/parish identity. But, as confidence grew, people who'd grown up poor felt more that they deserved this & more and America became the Land of Wealth instead of Land of Opportunity. The "ingratitude" of the counterculture made the silent majority more insular and, by the time "Morning in America" arrived, our country was rooting for wealth & greed & opulence a lot more than for a nation that was only as strong as its weakest link. And, of course, the entire point of media - another non-entity last time around but a more important factor than perhaps even the distribution of wealth these days - became the conversion of citizenship to customerhood
Now, we have two full generations who really have no idea what privation or sacrifice (or cooperation) is. They will be the dominoes in the next collapse and it will be compelling & heartbreaking to hear how loudly they clack.
Now, we have two full generations who really have no idea what privation or sacrifice (or cooperation) is. They will be the dominoes in the next collapse and it will be compelling & heartbreaking to hear how loudly they clack.
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siffoin
Footballguy
If we could travel back in time to when Bezos was fulfilling Amazon orders driving them in his Civic to the Post Office and ask him: "In 20 years years you will be the worlds richest man, but you will have to pay 90% in taxes." I'm sure he'd say: "If that's the case, I'll just keep my day job."
Short Corner
Footballguy
Juxtatarot
Footballguy
Otis
Footballguy
Exactly. The concern about disincentivizing people like him is stupid. He’s going to do what he did regardless of taxes. The bigger problem is the stranglehold the super rich have on politics and our government.
CletiusMaximus
Footballguy
If we could travel back in time to 1976 when Steve Jobs and Woz first met and started Apple, and ask him: "In 30 years years you will be one of the worlds richest men, but you will die of cancer in 2011 at age 56." I'm sure he'd say: "If that's the case, I'll just keep my day job."
wikkidpissah
Footballguy
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