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(NBC News)   The future of our economy depended on how many homes, cars, boats, PlayStation's, scuba outfits, hobby farms, book collections, crystal dinner sets, Afghan Yak rugs, Peruvian llama skin dust ruffles and baby seal mittens a One Percenter can own   (nbcnews.com) divider line 39
    More: Obvious, Peruvians, PlayStation, pinnipeds, dust, sidelines, boats, consumer economy, skin  
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1594 clicks; posted to Business » on 30 Apr 2013 at 12:23 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



39 Comments   (+0 »)
   
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Archived thread
 
2013-04-30 12:25:37 PM  
You left out opulent baby giraffes.
 
2013-04-30 12:39:21 PM  
Wealth effect. If the stock market gives up its gains, it will disappear.
 
2013-04-30 12:42:24 PM  
Certainly wouldn't want to spend any of those obscene fortunes on......oh I dunno, creating jobs??

Yeah. I know. Jobs are socialism.
 
2013-04-30 12:45:04 PM  
How about a pay raise boss? No? ok sorry.... you got your wealth through hard work.... MY HARD WORK.

t2.gstatic.com
 
2013-04-30 12:52:41 PM  
"the wealthy plan to increase their spending despite higher taxes and a generally skeptical view of economic growth and government. "

I cannot accept this statement since it contradicts what my GOP overlords preach.

/There are quite a few comments in the article that seem to contradict a lot of what the GOP preaches.

25.media.tumblr.com\
/oblig
 
2013-04-30 01:10:30 PM  

Hyjamon: "the wealthy plan to increase their spending despite higher taxes and a generally skeptical view of economic growth and government. "

I cannot accept this statement since it contradicts what my GOP overlords preach.

/There are quite a few comments in the article that seem to contradict a lot of what the GOP preaches.

[25.media.tumblr.com image 750x600]\
/oblig


But it's right in line with what Moody's has found.

"The Moody's research covering couples earning more than $210,000 found that spending by the wealthy is more likely to be influenced by the ups and downs of the stock market than changes in income-tax rates.
Stock-market performance is the "primary factor that is driving the savings of the top 5 percent of households," said Mustafa Akcay, economist and co-researcher of the savings data."
 
2013-04-30 01:17:14 PM  

meat0918: Hyjamon: "the wealthy plan to increase their spending despite higher taxes and a generally skeptical view of economic growth and government. "

I cannot accept this statement since it contradicts what my GOP overlords preach.

/There are quite a few comments in the article that seem to contradict a lot of what the GOP preaches.

[25.media.tumblr.com image 750x600]\
/oblig

But it's right in line with what Moody's has found.

"The Moody's research covering couples earning more than $210,000 found that spending by the wealthy is more likely to be influenced by the ups and downs of the stock market than changes in income-tax rates.
Stock-market performance is the "primary factor that is driving the savings of the top 5 percent of households," said Mustafa Akcay, economist and co-researcher of the savings data."


I can easily see how if the majority of your wealth comes from the health of the stock market, then when the market is up, your wealth is up and you can afford more; and vice versa.  Maybe we should link taxes to the stock market.  Stock market up; capital taxes go up.  Stock market crashes, capital gains taxes go down.
 
2013-04-30 01:19:46 PM  
I can see it trickling down on me!
 
2013-04-30 01:20:54 PM  

Hyjamon: I can easily see how if the majority of your wealth comes from the health of the stock market, then when the market is up, your wealth is up and you can afford more; and vice versa.  Maybe we should link taxes to the stock market.  Stock market up; capital taxes go up.  Stock market crashes, capital gains taxes go down.


Brilliant. Because no administration or Congress would enact polices and engage in activities that would cause short-term stock market bubbles as a way to raise revenue, and leave their successors holding the bag when it crashes.
 
2013-04-30 01:21:40 PM  
Capitalism will work this time... we promise!
 
2013-04-30 01:25:58 PM  
Jobs are the worst kind of socialism.
 
2013-04-30 01:29:15 PM  

Hyjamon: meat0918: Hyjamon: "the wealthy plan to increase their spending despite higher taxes and a generally skeptical view of economic growth and government. "

I cannot accept this statement since it contradicts what my GOP overlords preach.

/There are quite a few comments in the article that seem to contradict a lot of what the GOP preaches.

[25.media.tumblr.com image 750x600]\
/oblig

But it's right in line with what Moody's has found.

"The Moody's research covering couples earning more than $210,000 found that spending by the wealthy is more likely to be influenced by the ups and downs of the stock market than changes in income-tax rates.
Stock-market performance is the "primary factor that is driving the savings of the top 5 percent of households," said Mustafa Akcay, economist and co-researcher of the savings data."

I can easily see how if the majority of your wealth comes from the health of the stock market, then when the market is up, your wealth is up and you can afford more; and vice versa.  Maybe we should link taxes to the stock market.  Stock market up; capital taxes go up.  Stock market crashes, capital gains taxes go down.


That's a bad idea.

Tax rates should be lower during bad times, and higher during good times to make up for the costs incurred during the bad times.

Hell, it's even in that book the GOP puts so much stock in.  Save during the good times so you can handle the bad times.

//God was a Keynesian.
 
2013-04-30 01:31:16 PM  

TV's Vinnie: Certainly wouldn't want to spend any of those obscene fortunes on......oh I dunno, creating jobs??

Yeah. I know. Jobs are socialism.


Consumption creates jobs.  Learn how to build yachts.
 
2013-04-30 01:45:21 PM  

meat0918: Hyjamon: meat0918: Hyjamon: "the wealthy plan to increase their spending despite higher taxes and a generally skeptical view of economic growth and government. "

I cannot accept this statement since it contradicts what my GOP overlords preach.

/There are quite a few comments in the article that seem to contradict a lot of what the GOP preaches.

[25.media.tumblr.com image 750x600]\
/oblig

But it's right in line with what Moody's has found.

"The Moody's research covering couples earning more than $210,000 found that spending by the wealthy is more likely to be influenced by the ups and downs of the stock market than changes in income-tax rates.
Stock-market performance is the "primary factor that is driving the savings of the top 5 percent of households," said Mustafa Akcay, economist and co-researcher of the savings data."

I can easily see how if the majority of your wealth comes from the health of the stock market, then when the market is up, your wealth is up and you can afford more; and vice versa.  Maybe we should link taxes to the stock market.  Stock market up; capital taxes go up.  Stock market crashes, capital gains taxes go down.

That's a bad idea.

Tax rates should be lower during bad times, and higher during good times to make up for the costs incurred during the bad times.

Hell, it's even in that book the GOP puts so much stock in.  Save during the good times so you can handle the bad times.

//God was a Keynesian.


the idea was just off the top of my head, I didn't process it much, but I am confused by your statement that it is a bad idea.

Doesn't my idea subscribe to what you mention:  raise taxes when times are good; lower them when times are bad?
 
2013-04-30 01:52:33 PM  
cdn3.fiverrcdn.com

All Americans are just down on their luck millionaires. It would all turn around for us if we just WORK HARDER!!!
(Remind me when I get my time machine working to first thing, kill all the puritans.)
 
2013-04-30 02:04:57 PM  

FarkedOver: Capitalism will work this time... we promise!


What is your alternative to capitalism? Communism has completely and utterly failed and will never come back.

Despite the ups and downs, captialism has and will continue to work. You (well, 99% of americans) are far, far better off than they would be absent capitalism. Just because your house is worth less than it was in 2006 doesnt mean capitalism doesn't work.
 
2013-04-30 02:09:43 PM  
Thanks subby, I needed some bile this morning.
 
2013-04-30 02:12:38 PM  

Hyjamon: he idea was just off the top of my head, I didn't process it much, but I am confused by your statement that it is a bad idea.

Doesn't my idea subscribe to what you mention: raise taxes when times are good; lower them when times are bad?


Directly tying them to stock market performance would have some unintended consequences, but who knows, maybe it would reign in some excesses as well.

How do we set the rate?

Base it on the Dow, S&P500, or NASDAQ?  They reorg those so it appears lower, but the stock market is cruising along just as fine as fine can be.

We'd probably be better off if we just taxed capital gains at the same rate as regular income.
 
2013-04-30 02:15:28 PM  

minnesotaboy: [cdn3.fiverrcdn.com image 380x265]

All Americans are just down on their luck millionaires. It would all turn around for us if we just WORK HARDER!!!
(Remind me when I get my time machine working to first thing, kill all the puritans.)


Bah, wrong book to buy. Need "The Millionaire Next Door." Much better explanation of what the rich do to actually get rich.
/between that and Peter Lynch's books (One Up on Wall Street, Beat the Street), I'm guaranteed to be a millionaire in 50 years. Now it's just a matter of seeing how much quicker I can get there.
 
2013-04-30 02:23:05 PM  

Debeo Summa Credo: What is your alternative to capitalism? Communism has completely and utterly failed and will never come back.

Despite the ups and downs, captialism has and will continue to work. You (well, 99% of americans) are far, far better off than they would be absent capitalism. Just because your house is worth less than it was in 2006 doesnt mean capitalism doesn't work.


Socialism.  Workers controlling the means of production (not the state).  The state would protect the workers from those trying to exploit their labor, i.e. owners.
 
kab
2013-04-30 02:30:43 PM  

BarkingUnicorn: Consumption creates jobs.


I thought the almighty job creators created jobs?
 
2013-04-30 02:41:42 PM  
Wealthy people can only buy so many things.  They mainly buy things that make them more money.  That and people.

This is why we need a middle class.
 
2013-04-30 02:45:24 PM  

FarkedOver: Debeo Summa Credo: What is your alternative to capitalism? Communism has completely and utterly failed and will never come back.

Despite the ups and downs, captialism has and will continue to work. You (well, 99% of americans) are far, far better off than they would be absent capitalism. Just because your house is worth less than it was in 2006 doesnt mean capitalism doesn't work.

Socialism.  Workers controlling the means of production (not the state).  The state would protect the workers from those trying to exploit their labor, i.e. owners.


Workers controlling the means of production is communism. And it failed, spectacularly.

And every society has some degree of socialism, including ours.
 
2013-04-30 02:55:47 PM  
I'm covered in wealth by-products!
 
2013-04-30 02:57:44 PM  

Debeo Summa Credo: Workers controlling the means of production is communism. And it failed, spectacularly.


Not really.  Communism is a little more in depth than that.  Communism is a classless, stateless society. What I described above is better described as syndicalism.
 
2013-04-30 03:25:02 PM  
If you're a one percenter you should be buying GTX Titans, not Playstations.
 
2013-04-30 03:42:47 PM  
Subby, please tell my why you pluralized everything correctly, except "Playstations".
 
2013-04-30 03:46:29 PM  

Peki: minnesotaboy: [cdn3.fiverrcdn.com image 380x265]

All Americans are just down on their luck millionaires. It would all turn around for us if we just WORK HARDER!!!
(Remind me when I get my time machine working to first thing, kill all the puritans.)

Bah, wrong book to buy. Need "The Millionaire Next Door." Much better explanation of what the rich do to actually get rich.
/between that and Peter Lynch's books (One Up on Wall Street, Beat the Street), I'm guaranteed to be a millionaire in 50 years. Now it's just a matter of seeing how much quicker I can get there.


I just saw this guy's blog posted here yesterday. Been reading it ever since. It's a very interesting read.

http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to- he ro-in-one-blog-post/

I already do a lot of what he says, but I'm thinking I may put some of his other tidbits into practice soon.
 
2013-04-30 03:51:59 PM  
Feel that wealth just trickle down!!
 
2013-04-30 04:10:20 PM  

dchurch0: Peki: minnesotaboy: [cdn3.fiverrcdn.com image 380x265]

All Americans are just down on their luck millionaires. It would all turn around for us if we just WORK HARDER!!!
(Remind me when I get my time machine working to first thing, kill all the puritans.)

Bah, wrong book to buy. Need "The Millionaire Next Door." Much better explanation of what the rich do to actually get rich.
/between that and Peter Lynch's books (One Up on Wall Street, Beat the Street), I'm guaranteed to be a millionaire in 50 years. Now it's just a matter of seeing how much quicker I can get there.

I just saw this guy's blog posted here yesterday. Been reading it ever since. It's a very interesting read.

http://www.mrmoneymustache.com/2013/02/22/getting-rich-from-zero-to- he ro-in-one-blog-post/

I already do a lot of what he says, but I'm thinking I may put some of his other tidbits into practice soon.


Yup, sounds good.

Bottom line really: If you want to be rich, do what the rich do (hint: it isn't winning lotteries).
 
2013-04-30 04:48:03 PM  

FormlessOne: I can see it trickling down on me!


content.animalnewyork.com
 
2013-04-30 05:27:42 PM  
filipspagnoli.files.wordpress.com
 
2013-04-30 06:20:54 PM  

FarkedOver: Not really. Communism is a little more in depth than that. Communism is a classless, stateless society. What I described above is better described as syndicalism.


I already know how this is going to go. Because Best Korea has "Democratic Republic" in the name, you support everything Stalin did, and any attempt at pointing out how actual socialist or syndicalist policies should/would work is derided as "No True Scotsman.
 
2013-04-30 07:09:56 PM  
It's almost that time isn't it?  Generally when disparity gets this bad, bad things happen.   Historically, the people at the top get killed by the mass of people below them.  Correct me if I'm wrong.

You need to treat the plebians well.   The mob is Rome after all.   You can only manipulate it for so long with social media and various other distractions before the people recognize that their is no money in the bank, no future for their children and no food in their bellies.  That's when heads start rolling.
 
2013-04-30 07:29:04 PM  
That will not sustain an economy at least not  for long. It will collapse, there will be a revolution and people will be eaten.
I appologize in advance but in all fairness you did it to yourself.

The general public
I call dibs on the  large screen TV.
 
2013-04-30 07:43:10 PM  

meat0918: Hyjamon: "the wealthy plan to increase their spending despite higher taxes and a generally skeptical view of economic growth and government. "

I cannot accept this statement since it contradicts what my GOP overlords preach.

/There are quite a few comments in the article that seem to contradict a lot of what the GOP preaches.

[25.media.tumblr.com image 750x600]\
/oblig

But it's right in line with what Moody's has found.

"The Moody's research covering couples earning more than $210,000 found that spending by the wealthy is more likely to be influenced by the ups and downs of the stock market than changes in income-tax rates.
Stock-market performance is the "primary factor that is driving the savings of the top 5 percent of households," said Mustafa Akcay, economist and co-researcher of the savings data."


But... but.. but at least the argument about taxes is vaguely logical: less take-home money = less to spend. Unless they sold their stocks that would mean their spending is influenced by potential gains of potential money that they don't actually have.

/i miss the days when I assumed at least some people in the financial industry knew what they were doing
 
2013-04-30 09:24:16 PM  
A Playstation's like $200. The hell is it doing on the list?
 
2013-04-30 11:00:11 PM  
What, these guys just got around to reading the plutonomy memos?

"Why as equity investors do we care about these issues? Despite being in great shape, we
think that global capitalists are going to be getting an even greater share of the wealth pie
over the next few years, as capitalists benefit disproportionately from globalization and the
productivity boom, at the relative expense of labor. "

bromah: It's almost that time isn't it?  Generally when disparity gets this bad, bad things happen.   Historically, the people at the top get killed by the mass of people below them.  Correct me if I'm wrong.

You need to treat the plebians well.   The mob is Rome after all.   You can only manipulate it for so long with social media and various other distractions before the people recognize that their is no money in the bank, no future for their children and no food in their bellies.  That's when heads start rolling.


The plebs are taken care of.  They have refrigerators to keep them happy, and an army of last-place-aversioneers to keep them down.
 
2013-05-01 02:31:14 AM  

bromah: It's almost that time isn't it?  Generally when disparity gets this bad, bad things happen.   Historically, the people at the top get killed by the mass of people below them.  Correct me if I'm wrong.

You need to treat the plebians well.   The mob is Rome after all.   You can only manipulate it for so long with social media and various other distractions before the people recognize that their is no money in the bank, no future for their children and no food in their bellies.  That's when heads start rolling.


won't happen in america, at least not any time soon. in the land of firearms people tolerate huge injustices week after week. corporate scumbags never see a day in prison, the church protects child rapists, dying people are denied medical benefits so insurance companies can post record breaking profits year after year. the great unwashed are lost in a sea of retardation, amused by pro sports, alcohol, internet porn - you name it. most have a roof overhead and a full belly. that's all most happy assholes could ever want.
 
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