Smart Man Discusses Income Inequality

[LoneLaugher]

How can we explain the unwillingness of many lower and middle class Americans to recognize the value in preventing the toxic inequality that we now face?

Anyone with an ability to understand English and an interest in the subject matter cannot watch the two videos that I posted here and come away with a careless attitude regarding income inequality unless they have some issues with reality.

 

[zeke]

How can we explain the unwillingness of many lower and middle class Americans to recognize the value in preventing the toxic inequality that we now face?

Anyone with an ability to understand English and an interest in the subject matter cannot watch the two videos that I posted here and come away with a careless attitude regarding income inequality unless they have some issues with reality.

Lone, I think you are asking for a level of comprehension and understanding that the asshole rethugs who visit this site are incapable of giving.

Nice try though.

btw, how is your team looking? You coaching this year?

 

[t_polkow]

Capitalism is dead, credit new king, says Duncan

HONG KONG (MarketWatch) — The world needs to clue in to changes to its economic system, including the death of capitalism, according to noted financial author Richard Duncan, who warns that attempts to turn back the clock on our credit-driven economies could be cataclysmic

What’s evolved is a new global economic paradigm that no longer follows the old script and won’t respond favorably to fiscal austerity, says Duncan, who believes the global economy has remained on the brink since the global crisis.

“I think this represents a new economic system,” Duncan told Marketwatch in a telephone interview from his office in Bangkok. “The biggest impediment the world faces in overcoming this crisis is the broadly held misconception that we are operating in a capitalist system.”

Recognizing that the world operates on a different set of rules from the laissez-faire capitalism of the 19th century is among the key arguments in Duncan’s 2012 book, “The New Depression: The Breakdown of the Paper Money Economy.”


While it might seem like an arcane economic question, Duncan said that, in fact, the stakes are huge.

Global policy makers are running out of time to take advantage of opportunities offered up by the new system to help resolve the crisis, or otherwise face sliding into a corrosive period of economic contraction and rising geopolitical tensions, he said.

“The danger is that this new economic paradigm will collapse through debt deflation,” Duncan said.

Stuck with ‘creditism’
Duncan sees the global economy as having undergone a fundamental transformation during the past 43 years. Since changes in 1968 that freed the Federal Reserve from holding physical gold in reserve against dollars in circulation, total global credit has expanded 50 times, or from about $1 trillion to $50 trillion in 2007.

Over that period, credit creation and consumption, or what Duncan calls “creditism,” took hold as the growth dynamic behind the global economy, displacing capitalism, which he says relied upon sound money, hard work and capital accumulation.

Attempts to break the global economy’s reliance on credit creation as a driver and reboot back to earlier ways won’t work, said Duncan, who sees “sound money” policy recommendations as a recipe for disaster.

Underscoring the system’s dependence upon credit is the fact that there were only nine occasions in the past five decades when total system credit in the U.S. grew less than 2% annually.

However, each one of the slower credit-growth years was accompanied by a recession that ultimately was brought to an end by another round of massive credit creation, Duncan said.

Duncan believes that true capitalism died in 1914, when nations across Europe abandoned gold-backed currencies, running up huge deficits in preparation for what would come to be known as the Great War.

 

[LoneLaugher]

How can we explain the unwillingness of many lower and middle class Americans to recognize the value in preventing the toxic inequality that we now face?

Anyone with an ability to understand English and an interest in the subject matter cannot watch the two videos that I posted here and come away with a careless attitude regarding income inequality unless they have some issues with reality.

Lone, I think you are asking for a level of comprehension and understanding that the asshole rethugs who visit this site are incapable of giving.

Nice try though.

btw, how is your team looking? You coaching this year?

Spring prep ball is in season.......I am a spectator at the moment. My daughter's team is doing well. Was undefeated until Monday when they lost to another undefeated team. Proud to say that my son was asked to be an assistant coach with his former HS team. Thanks for asking.

 

[editec]

The BANSTERS and the tools that love then so dearly want to couch the debate as between them (capitalism) and everyone else who they claim is a socialist.

And there, citizens is the BIG LIE of our age.

What the FED and its BANSTERS represent is NOT capitalism, it's monetarism.

Our society is not remotely run like a classical capitalist society.

If it were then fractal banking would not be allowed as that system creates money/debt out of thin air.

If we'd been a capitalist society, most of the worlds major banks would now be OUT OF BUSINESS, too.

 

[mudwhistle]

There will always be income equality for the simple fact that not everyone is equal.

The income distribution graph should form a smooth bell curve with most of the wealth in the hands of most of the people and where both the extremely wealthy and the poor are adequately represented.

This wealth redistribution mess is nonsense. I remember when Obama tried to destroy Joe The Plumber when Obama was caught on camera talking about wealth redistribution to him. Now it's actually being discussed in the open like it's a legitimate policy.

I've got a better idea; Study in school, work hard, keep at it and maybe you'll get a good payday. In other words, let's keep America free instead of turning it into one big money grab that chases all of the wealth out of the country.

 

[zeke]

How can we explain the unwillingness of many lower and middle class Americans to recognize the value in preventing the toxic inequality that we now face?

Anyone with an ability to understand English and an interest in the subject matter cannot watch the two videos that I posted here and come away with a careless attitude regarding income inequality unless they have some issues with reality.

Lone, I think you are asking for a level of comprehension and understanding that the asshole rethugs who visit this site are incapable of giving.

Nice try though.

btw, how is your team looking? You coaching this year?

Spring prep ball is in season.......I am a spectator at the moment. My daughter's team is doing well. Was undefeated until Monday when they lost to another undefeated team. Proud to say that my son was asked to be an assistant coach with his former HS team. Thanks for asking.

Outstanding. My son says his fast ball is clipping the low 80ties (he only weighs 150) and his breaking ball is devastating. Change up coming along. First game March 21. Being a senior, he may get to pitch opening day. Unfortunately he (son) had a hernia operation earlier this year and that has slowed down his conditioning.

And my Reds. World Series bound. As soon as they win a spring training game.

I am so glad it's baseball time again. Congrats to your son. He'll have a blast.

 

[LoneLaugher]

Lone, I think you are asking for a level of comprehension and understanding that the asshole rethugs who visit this site are incapable of giving.

Nice try though.

btw, how is your team looking? You coaching this year?

Spring prep ball is in season.......I am a spectator at the moment. My daughter's team is doing well. Was undefeated until Monday when they lost to another undefeated team. Proud to say that my son was asked to be an assistant coach with his former HS team. Thanks for asking.

Outstanding. My son says his fast ball is clipping the low 80ties (he only weighs 150) and his breaking ball is devastating. Change up coming along. First game March 21. Being a senior, he may get to pitch opening day. Unfortunately he (son) had a hernia operation earlier this year and that has slowed down his conditioning.

And my Reds. World Series bound. As soon as they win a spring training game.

I am so glad it's baseball time again. Congrats to your son. He'll have a blast.

Yes! Mets-Reds battle it out for NL crown. LOL

 

[zeke]

There will always be income equality for the simple fact that not everyone is equal.

The income distribution graph should form a smooth bell curve with most of the wealth in the hands of most of the people and where both the extremely wealthy and the poor are adequately represented.

This wealth redistribution mess is nonsense. I remember when Obama tried to destroy Joe The Plumber when Obama was caught on camera talking about wealth redistribution to him. Now it's actually being discussed in the open like it's a legitimate policy.

I've got a better idea; Study in school, work hard, keep at it and maybe you'll get a good payday. In other words, let's keep America free instead of turning it into one big money grab that chases all of the wealth out of the country.

And there is the problem muddy and you are to stupid to understand it. Used to be, when you did all the things you mentioned; school, work hard, etc, you would most assuredly find a decent to excellent job. Not that bullshit of "maybe you'll get a good payday"

Now that the rethugs have pretty much destroyed that ability to find a good paying job,
the dream turns into a nightmare. A college degree with 40 thousand in debt and a 9 dollar an hour job is not the American Dream I grew up on.

Maybe it is for you.

 

[zeke]

Spring prep ball is in season.......I am a spectator at the moment. My daughter's team is doing well. Was undefeated until Monday when they lost to another undefeated team. Proud to say that my son was asked to be an assistant coach with his former HS team. Thanks for asking.

Outstanding. My son says his fast ball is clipping the low 80ties (he only weighs 150) and his breaking ball is devastating. Change up coming along. First game March 21. Being a senior, he may get to pitch opening day. Unfortunately he (son) had a hernia operation earlier this year and that has slowed down his conditioning.

And my Reds. World Series bound. As soon as they win a spring training game.

I am so glad it's baseball time again. Congrats to your son. He'll have a blast.

Yes! Mets-Reds battle it out for NL crown. LOL

Dreamer. It will be the Nationals. I thought you were a Cubs fan. (I understand if you changed teams)

 

[rightwinger]

There will always be income equality for the simple fact that not everyone is equal.

It's not inequality per se, but the size of the inequality, that's the point.

What's the magic number where it goes from being bad to good? The fact is it's not the difference in incomes that matters, it's how those incomes are obtained. If they rich get their money by voluntary exchange of goods and services for cash, that's all to the good. If they get it by greasing the palms of politicians, sucking up to government bureaucrats or being an Obama campaign donor, then that is harmful to society.

Is there a magic number? Of course not
Is a severe disparity of wealth good for the country? Of course not

The question is ....We have been executing policies that encourage income and wealth to go to the "job creators" with an understanding that it would trickle down in terms of jobs and a surging economy. It didn't work

So why aren't we dismantling those policies?

 

[zeke]

It's not inequality per se, but the size of the inequality, that's the point.

What's the magic number where it goes from being bad to good? The fact is it's not the difference in incomes that matters, it's how those incomes are obtained. If they rich get their money by voluntary exchange of goods and services for cash, that's all to the good. If they get it by greasing the palms of politicians, sucking up to government bureaucrats or being an Obama campaign donor, then that is harmful to society.

Is there a magic number? Of course not
Is a severe disparity of wealth good for the country? Of course not

The question is ....We have been executing policies that encourage income and wealth to go to the "job creators" with an understanding that it would trickle down in terms of jobs and a surging economy. It didn't work

So why aren't we dismantling those policies?

Good question. And what the ignorant rethugs don't understand is that IF the ultra wealthy were getting more and more wealthy BECAUSE the rest of the nation was getting more and more wealthy, no one I know would complain.

But it ain't happening that way. The middle and lower class have had no real increase in earnings for years, yet productivity has skyrocketed. The middle has lost equity in homes, retirement accounts and are now being asked to pony up even more by accepting a decrease in SSI and Medicare. As well as discussing things like taking away tax deductions and such.

And all this is being asked so that the ultra wealthy don't have to contribute any more and in fact, the rethugs want to reduce their tax rates even further.

No, us in the middle have been lied to long enough about this trickle down bull shit and I predict that very soon we will have had enough of taking it in the ass.

Then the good times will roll. Or some heads will.

 

[DiamondDave]

There will always be income equality for the simple fact that not everyone is equal.

It's not inequality per se, but the size of the inequality, that's the point.

I don't care if I earn eleventy gajillion times less... that is on ME... it is not the job of government to do anything at all to help equalize outcome.. only to allow all of us the freedoms to succeed or fail all on our own, apply to any job we want (not get it), quit for whatever reason we want, be free to ask for more money (and be prepared for the company to use their freedom to say yes or no)

This thought that government is supposed to pat you on the back, make you feel better, make companies pay, etc is fucking ludicrous

 

[mudwhistle]

What's the magic number where it goes from being bad to good? The fact is it's not the difference in incomes that matters, it's how those incomes are obtained. If they rich get their money by voluntary exchange of goods and services for cash, that's all to the good. If they get it by greasing the palms of politicians, sucking up to government bureaucrats or being an Obama campaign donor, then that is harmful to society.

Is there a magic number? Of course not
Is a severe disparity of wealth good for the country? Of course not

The question is ....We have been executing policies that encourage income and wealth to go to the "job creators" with an understanding that it would trickle down in terms of jobs and a surging economy. It didn't work

So why aren't we dismantling those policies?

Good question. And what the ignorant rethugs don't understand is that IF the ultra wealthy were getting more and more wealthy BECAUSE the rest of the nation was getting more and more wealthy, no one I know would complain.

But it ain't happening that way. The middle and lower class have had no real increase in earnings for years, yet productivity has skyrocketed. The middle has lost equity in homes, retirement accounts and are now being asked to pony up even more by accepting a decrease in SSI and Medicare. As well as discussing things like taking away tax deductions and such.

And all this is being asked so that the ultra wealthy don't have to contribute any more and in fact, the rethugs want to reduce their tax rates even further.

No, us in the middle have been lied to long enough about this trickle down bull shit and I predict that very soon we will have had enough of taking it in the ass.

Then the good times will roll. Or some heads will.

I guess you numb-nuts have already forgotten about the $600 billion tax increase Obama got a few weeks ago.

What have you guys been smoking?

 

[rightwinger]

Is there a magic number? Of course not
Is a severe disparity of wealth good for the country? Of course not

The question is ....We have been executing policies that encourage income and wealth to go to the "job creators" with an understanding that it would trickle down in terms of jobs and a surging economy. It didn't work

So why aren't we dismantling those policies?

Good question. And what the ignorant rethugs don't understand is that IF the ultra wealthy were getting more and more wealthy BECAUSE the rest of the nation was getting more and more wealthy, no one I know would complain.

But it ain't happening that way. The middle and lower class have had no real increase in earnings for years, yet productivity has skyrocketed. The middle has lost equity in homes, retirement accounts and are now being asked to pony up even more by accepting a decrease in SSI and Medicare. As well as discussing things like taking away tax deductions and such.

And all this is being asked so that the ultra wealthy don't have to contribute any more and in fact, the rethugs want to reduce their tax rates even further.

No, us in the middle have been lied to long enough about this trickle down bull shit and I predict that very soon we will have had enough of taking it in the ass.

Then the good times will roll. Or some heads will.

I guess you numb-nuts have already forgotten about the $600 billion tax increase Obama got a few weeks ago.

What have you guys been smoking?

That just brings us back to where we were before the Bush tax cuts. We have 30 years of capital gains cuts, subsidies, loopholes, deregulation all aimed at helping the "Job Creators"

Unless someone can prove they are creating jobs.....lets cut them

 

[zeke]

Is there a magic number? Of course not
Is a severe disparity of wealth good for the country? Of course not

The question is ....We have been executing policies that encourage income and wealth to go to the "job creators" with an understanding that it would trickle down in terms of jobs and a surging economy. It didn't work

So why aren't we dismantling those policies?

Good question. And what the ignorant rethugs don't understand is that IF the ultra wealthy were getting more and more wealthy BECAUSE the rest of the nation was getting more and more wealthy, no one I know would complain.

But it ain't happening that way. The middle and lower class have had no real increase in earnings for years, yet productivity has skyrocketed. The middle has lost equity in homes, retirement accounts and are now being asked to pony up even more by accepting a decrease in SSI and Medicare. As well as discussing things like taking away tax deductions and such.

And all this is being asked so that the ultra wealthy don't have to contribute any more and in fact, the rethugs want to reduce their tax rates even further.

No, us in the middle have been lied to long enough about this trickle down bull shit and I predict that very soon we will have had enough of taking it in the ass.

Then the good times will roll. Or some heads will.

I guess you numb-nuts have already forgotten about the $600 billion tax increase Obama got a few weeks ago.

What have you guys been smoking?

You can't even stay on the topic. What the fuk have you been smoking?

And the 600 billion was chump change downpayment. And you didn't pay a dime of it. WTF you bitching about?

 

[Article 15]

Massive gaps in income inequality eventually lead to an uprising, and not the kind that the USMB Right Wing Nuts fantasize about.

 

[zeke]

There will always be income equality for the simple fact that not everyone is equal.

It's not inequality per se, but the size of the inequality, that's the point.

I don't care if I earn eleventy gajillion times less... that is on ME... it is not the job of government to do anything at all to help equalize outcome.. only to allow all of us the freedoms to succeed or fail all on our own, apply to any job we want (not get it), quit for whatever reason we want, be free to ask for more money (and be prepared for the company to use their freedom to say yes or no)

This thought that government is supposed to pat you on the back, make you feel better, make companies pay, etc is fucking ludicrous

And I don't care if you live in poverty for the rest of your miserable life. But it is the job of government to tax the ultra wealthy at a level where they are paying for all the benes they have bought with bribes, I mean campaign contributions, from the Federal Government.

Cause it sure as fuk ain't my job to suck it up so the ultra wealthy can have more.
If you want to give the ultra wealthy your pay check, have at it. No ones stopping you from sending them a check. Just pick one out and send them money. They won't mind.

 

[Article 15]

There will always be income equality for the simple fact that not everyone is equal.

It's not inequality per se, but the size of the inequality, that's the point.

I don't care if I earn eleventy gajillion times less... that is on ME... it is not the job of government to do anything at all to help equalize outcome.. only to allow all of us the freedoms to succeed or fail all on our own, apply to any job we want (not get it), quit for whatever reason we want, be free to ask for more money (and be prepared for the company to use their freedom to say yes or no)

This thought that government is supposed to pat you on the back, make you feel better, make companies pay, etc is fucking ludicrous

It is if they want to avoid massive uprisings.

 

[The Rabbi]

It's not inequality per se, but the size of the inequality, that's the point.

What's the magic number where it goes from being bad to good? The fact is it's not the difference in incomes that matters, it's how those incomes are obtained. If they rich get their money by voluntary exchange of goods and services for cash, that's all to the good. If they get it by greasing the palms of politicians, sucking up to government bureaucrats or being an Obama campaign donor, then that is harmful to society.

Is there a magic number? Of course not
Is a severe disparity of wealth good for the country? Of course not

The question is ....We have been executing policies that encourage income and wealth to go to the "job creators" with an understanding that it would trickle down in terms of jobs and a surging economy. It didn't work

So why aren't we dismantling those policies?

Why don't you explain what "severe disparity f wealth" means and why it is bad for the country?

This should be amusing. Cue images of banana republics.