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When a group of bad under-performing mortgages is highly rated and leveraged at upwards of 100 times their face value the foreclosures cause far more damage than what they were actually worth. This activity that caused such heavy losses were not based on reality and were not regulated by the government.I know what they are for but I also know how they were recklessly used to build wealth with no underlying economic activity. They have to be based on something real and solid or they are nothing but a scam.I did, you just didn't pay attention. All those worthless derivatives and CDOs that nearly made paupers of us all were investments in paper that was worthless except that ratings agencies and AIG made them worth something, until the house of cards fell apart and billions of dollars evaporated into nothingness. Entire sectors of the real economy do not become worthless overnight, just flim-flam investments that are nothing but bubble builders.Ask AIG, they foolishly insured enough worthless shit with no real value to crash the economy. It's the stuff bubbles are made of.
AIG didn't make the claim, you did. So I'm asking you Stop deflecting. You made a claim, man up to backing it up.
You don't know what a derivative is or how it's used, do you?
CDOs were driven under by government policy starting with Clinton and continued by Bush.
What derivative is not based on an underlying economic activity? You're babbling your anti-capitalist crap and you don't know what you are talking about.
The mortgage industry was brought down by bad government policy. The derivatives based on those mortgages had little to do with causing it. If anything they expedited the inevitable, but that was good because the longer it took, the more damage that would have been done. But either way, they are clearly based on an underlying economic activity. That's what derivative means and you haven't given any counter example.
The rich certainly take no ethical or moral relativity when they declare war on other businesses or individuals...So I have no problem with a war against the rich....
The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Wrong! Wealth is NOT finite, it is infinite. People generate wealth through their labor, creativity, talents, etc. This is your key problem, the failure to understand wealth is not finite. When you believe such a fallacy, it causes you to think the wealthy should only become so wealthy else the poor can never become wealthy. It makes you believe there is only so much wealth and the wealthy have it all.
The truth is, wealth is generated, so wealth is limitless. Now the people who are wealthy in a nation, especially a free market economy nation like our own, generally got wealthy because they were smart with their money, were successful at free market capitalism, and had the drive, motivation and ambition to succeed. Many came from abject poverty to become wealthy. Seems to me, the really "smart" person might want to listen to them, learn from them, try to emulate them and find out about how they were successful.
Just total opposite of what you want to do.
How can wealth be infinite. Is the annual GDP number 'infinity'?
A nation can only generate so much wealth per year; the more of it the Rich keep, the less for the rest of us.
When a group of bad under-performing mortgages is highly rated and leveraged at upwards of 100 times their face value the foreclosures cause far more damage than what they were actually worth. This activity that caused such heavy losses were not based on reality and were not regulated by the government.I know what they are for but I also know how they were recklessly used to build wealth with no underlying economic activity. They have to be based on something real and solid or they are nothing but a scam.I did, you just didn't pay attention. All those worthless derivatives and CDOs that nearly made paupers of us all were investments in paper that was worthless except that ratings agencies and AIG made them worth something, until the house of cards fell apart and billions of dollars evaporated into nothingness. Entire sectors of the real economy do not become worthless overnight, just flim-flam investments that are nothing but bubble builders.AIG didn't make the claim, you did. So I'm asking you Stop deflecting. You made a claim, man up to backing it up.
You don't know what a derivative is or how it's used, do you?
CDOs were driven under by government policy starting with Clinton and continued by Bush.
What derivative is not based on an underlying economic activity? You're babbling your anti-capitalist crap and you don't know what you are talking about.
The mortgage industry was brought down by bad government policy. The derivatives based on those mortgages had little to do with causing it. If anything they expedited the inevitable, but that was good because the longer it took, the more damage that would have been done. But either way, they are clearly based on an underlying economic activity. That's what derivative means and you haven't given any counter example.
Lots of people did all that and still lost, the "life isn't fair" dodge is frequently used to cover for reckless policy and predatory business practices, will it ever be time to make the economically powerful accountable for their actions?The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Human speed is "finite" but there are always going to be the fastest runners.
Human intelligence is "finite" but not everyone will reach genius status.
Football games are regulated by time and rules but there can only be one Super Bowl trophy awarded.
Life simply isn't "fair" nor has it ever been. Time to get over it and do the best with what you got. Want more money? Invent something; earn a degree and get a better job; work longer hours; stop spending as much and invest more wisely; etc.
Lots of people did all that and still lost, the "life isn't fair" dodge is frequently used to cover for reckless policy and predatory business practices, will it ever be time to make the economically powerful accountable for their actions?The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Human speed is "finite" but there are always going to be the fastest runners.
Human intelligence is "finite" but not everyone will reach genius status.
Football games are regulated by time and rules but there can only be one Super Bowl trophy awarded.
Life simply isn't "fair" nor has it ever been. Time to get over it and do the best with what you got. Want more money? Invent something; earn a degree and get a better job; work longer hours; stop spending as much and invest more wisely; etc.
No you can do that, I prefer to look at everyone who had a hand in it rather than just a few scapegoat politicians.When a group of bad under-performing mortgages is highly rated and leveraged at upwards of 100 times their face value the foreclosures cause far more damage than what they were actually worth. This activity that caused such heavy losses were not based on reality and were not regulated by the government.I know what they are for but I also know how they were recklessly used to build wealth with no underlying economic activity. They have to be based on something real and solid or they are nothing but a scam.I did, you just didn't pay attention. All those worthless derivatives and CDOs that nearly made paupers of us all were investments in paper that was worthless except that ratings agencies and AIG made them worth something, until the house of cards fell apart and billions of dollars evaporated into nothingness. Entire sectors of the real economy do not become worthless overnight, just flim-flam investments that are nothing but bubble builders.
You don't know what a derivative is or how it's used, do you?
CDOs were driven under by government policy starting with Clinton and continued by Bush.
What derivative is not based on an underlying economic activity? You're babbling your anti-capitalist crap and you don't know what you are talking about.
The mortgage industry was brought down by bad government policy. The derivatives based on those mortgages had little to do with causing it. If anything they expedited the inevitable, but that was good because the longer it took, the more damage that would have been done. But either way, they are clearly based on an underlying economic activity. That's what derivative means and you haven't given any counter example.
You can thank Barney Frank, Jimmy Carter, Bill Clinton and several other darlings of the Dem Party for the housing bubble.
Lots of people did all that and still lost, the "life isn't fair" dodge is frequently used to cover for reckless policy and predatory business practices, will it ever be time to make the economically powerful accountable for their actions?The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Human speed is "finite" but there are always going to be the fastest runners.
Human intelligence is "finite" but not everyone will reach genius status.
Football games are regulated by time and rules but there can only be one Super Bowl trophy awarded.
Life simply isn't "fair" nor has it ever been. Time to get over it and do the best with what you got. Want more money? Invent something; earn a degree and get a better job; work longer hours; stop spending as much and invest more wisely; etc.
And yet the the free marketeers continually claim that hard work, sensible spending and dedication is all you need for success, they claim a kind of inherent fairness in capitalism that does not exist.Lots of people did all that and still lost, the "life isn't fair" dodge is frequently used to cover for reckless policy and predatory business practices, will it ever be time to make the economically powerful accountable for their actions?The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Human speed is "finite" but there are always going to be the fastest runners.
Human intelligence is "finite" but not everyone will reach genius status.
Football games are regulated by time and rules but there can only be one Super Bowl trophy awarded.
Life simply isn't "fair" nor has it ever been. Time to get over it and do the best with what you got. Want more money? Invent something; earn a degree and get a better job; work longer hours; stop spending as much and invest more wisely; etc.
And yet ... life still isn't fair. Not everyone wins the Lotto.
Torn between the desires to steal all the eggs or eat all the hens.Exactly, the fox is on the hen house...Depending on our definition of "socialism" I would argue the socialist wants to build a wall of separation between private wealth and the state while the capitalist, crony or otherwise, doesn't exist without controlling the state.How many of those greedy capitalists collaborated with the Japanese occupation of China? What would you have done in Mao's case, offered to buy some equity?
How many poor people committed crimes in the 1930s? Let's punish them all for that now.
BTW, crony capitalism is a form of socialism, it has nothing to do with capitalism.
The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Wrong! Wealth is NOT finite, it is infinite. People generate wealth through their labor, creativity, talents, etc. This is your key problem, the failure to understand wealth is not finite. When you believe such a fallacy, it causes you to think the wealthy should only become so wealthy else the poor can never become wealthy. It makes you believe there is only so much wealth and the wealthy have it all.
The truth is, wealth is generated, so wealth is limitless. Now the people who are wealthy in a nation, especially a free market economy nation like our own, generally got wealthy because they were smart with their money, were successful at free market capitalism, and had the drive, motivation and ambition to succeed. Many came from abject poverty to become wealthy. Seems to me, the really "smart" person might want to listen to them, learn from them, try to emulate them and find out about how they were successful.
Just total opposite of what you want to do.
How can wealth be infinite. Is the annual GDP number 'infinity'?
A nation can only generate so much wealth per year; the more of it the Rich keep, the less for the rest of us.
The POTENTIAL GDP of any country is absolutely infinity.
You're arguing the wrong argument. If I'm your boss and I have a million dollars , that doesn't mean that you can't also have a million dollars. It probably does mean that I could do more to help you get a million dollars but you could also go elsewhere and get that money.
Lots of people did all that and still lost, the "life isn't fair" dodge is frequently used to cover for reckless policy and predatory business practices, will it ever be time to make the economically powerful accountable for their actions?The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Human speed is "finite" but there are always going to be the fastest runners.
Human intelligence is "finite" but not everyone will reach genius status.
Football games are regulated by time and rules but there can only be one Super Bowl trophy awarded.
Life simply isn't "fair" nor has it ever been. Time to get over it and do the best with what you got. Want more money? Invent something; earn a degree and get a better job; work longer hours; stop spending as much and invest more wisely; etc.
No it is NOT. Wealth is created. Of course there is no use pointing out the hundreds of reasons why your idea is incorrect because you do not hold your premise in logic. Nor can you produce a single fact that it is correct. You can produce a theory or two. Yours has close ties to the Keynesian theory of the zero sum game. That theory has been debunked in do many ways, that it is largely ignored as a socialist fantasy.The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
And yet the the free marketeers continually claim that hard work, sensible spending and dedication is all you need for success, they claim a kind of inherent fairness in capitalism that does not exist.Lots of people did all that and still lost, the "life isn't fair" dodge is frequently used to cover for reckless policy and predatory business practices, will it ever be time to make the economically powerful accountable for their actions?The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Human speed is "finite" but there are always going to be the fastest runners.
Human intelligence is "finite" but not everyone will reach genius status.
Football games are regulated by time and rules but there can only be one Super Bowl trophy awarded.
Life simply isn't "fair" nor has it ever been. Time to get over it and do the best with what you got. Want more money? Invent something; earn a degree and get a better job; work longer hours; stop spending as much and invest more wisely; etc.
And yet ... life still isn't fair. Not everyone wins the Lotto.
Social Darwinism could only possibly work if everyone was honest and not so greedy, they aren't so it's nothing but another dodge. Predatory business practices are the norm not the exception.Lots of people did all that and still lost, the "life isn't fair" dodge is frequently used to cover for reckless policy and predatory business practices, will it ever be time to make the economically powerful accountable for their actions?The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Human speed is "finite" but there are always going to be the fastest runners.
Human intelligence is "finite" but not everyone will reach genius status.
Football games are regulated by time and rules but there can only be one Super Bowl trophy awarded.
Life simply isn't "fair" nor has it ever been. Time to get over it and do the best with what you got. Want more money? Invent something; earn a degree and get a better job; work longer hours; stop spending as much and invest more wisely; etc.
I agree with you. Let's start making people accountable. Let's do away with all forms of welfare, Raise the minimum wage to $20 an hour, and allow companies to indiscriminately fire employees who aren't worth that wage.
Business would be fine, and losers would be starving daily. Accountability right?
Can you think of any government ever conceived that didn't serve its richest citizens first and foremost? Capitalism creates private wealth more effectively than any other economic system yet devised primarily by socializing cost and privatizing profits. Without a wall of separation between private wealth and the state, the gulf between the very rich and the majority can only get wider since your market is "value neutral" and apportions products solely on the basis of how much money one can afford to pay. In other words, capitalists are gangsters in control of the monopoly of violence.Depending on our definition of "socialism" I would argue the socialist wants to build a wall of separation between private wealth and the state while the capitalist, crony or otherwise, doesn't exist without controlling the state.How many of those greedy capitalists collaborated with the Japanese occupation of China? What would you have done in Mao's case, offered to buy some equity?
How many poor people committed crimes in the 1930s? Let's punish them all for that now.
BTW, crony capitalism is a form of socialism, it has nothing to do with capitalism.
Capitalist doesn't exist without controlling the State? What the hell are you talking about? How does my competing in the market place mean I need to control the State? And why does the word "Marxist" bother you so much, Karl?
No it is NOT. Wealth is created. Of course there is no use pointing out the hundreds of reasons why your idea is incorrect because you do not hold your premise in logic. Nor can you produce a single fact that it is correct. You can produce a theory or two. Yours has close ties to the Keynesian theory of the zero sum game. That theory has been debunked in do many ways, that it is largely ignored as a socialist fantasy.The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Plainly spoken, you are a believer in the possibility of a socialist utopia. A place where there is equality of outcome. That every person is entitled to share an equal portion of the efforts of others. So be it.
And yet the the free marketeers continually claim that hard work, sensible spending and dedication is all you need for success, they claim a kind of inherent fairness in capitalism that does not exist.Lots of people did all that and still lost, the "life isn't fair" dodge is frequently used to cover for reckless policy and predatory business practices, will it ever be time to make the economically powerful accountable for their actions?The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Human speed is "finite" but there are always going to be the fastest runners.
Human intelligence is "finite" but not everyone will reach genius status.
Football games are regulated by time and rules but there can only be one Super Bowl trophy awarded.
Life simply isn't "fair" nor has it ever been. Time to get over it and do the best with what you got. Want more money? Invent something; earn a degree and get a better job; work longer hours; stop spending as much and invest more wisely; etc.
And yet ... life still isn't fair. Not everyone wins the Lotto.
A few years ago some people started a sub shop down the road from me. It was very clear that they were dedicated, sensible, and hard working.
They shut down in about a year. Not enough customers. Hard work as the guarantee of success is tripe.
The wealth of any nation is finite. The more of it the rich concentrate in their own hands, the less there is left for everyone else.
Wrong! Wealth is NOT finite, it is infinite. People generate wealth through their labor, creativity, talents, etc. This is your key problem, the failure to understand wealth is not finite. When you believe such a fallacy, it causes you to think the wealthy should only become so wealthy else the poor can never become wealthy. It makes you believe there is only so much wealth and the wealthy have it all.
The truth is, wealth is generated, so wealth is limitless. Now the people who are wealthy in a nation, especially a free market economy nation like our own, generally got wealthy because they were smart with their money, were successful at free market capitalism, and had the drive, motivation and ambition to succeed. Many came from abject poverty to become wealthy. Seems to me, the really "smart" person might want to listen to them, learn from them, try to emulate them and find out about how they were successful.
Just total opposite of what you want to do.
How can wealth be infinite. Is the annual GDP number 'infinity'?
A nation can only generate so much wealth per year; the more of it the Rich keep, the less for the rest of us.
The POTENTIAL GDP of any country is absolutely infinity.
You're arguing the wrong argument. If I'm your boss and I have a million dollars , that doesn't mean that you can't also have a million dollars. It probably does mean that I could do more to help you get a million dollars but you could also go elsewhere and get that money.
That is nonsensical.
You people make the worst arguments trying to defend the indefensible.
You take the words out of context. No one, especially those with heirs dies wealthy. Their wealth is passed on to the succeeding generations."The man who dies rich, dies disgraced." Andrew Carnegie
