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(CNBC)   Who knew the casino was owned by the house?   (cnbc.com) divider line
    More: Obvious, Stock market, Stock, new investors, wealth inequality, U.S. stocks, Mutual fund, stock market's role, record high  
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1216 clicks; posted to Business » on 18 Oct 2021 at 12:37 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



41 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-10-18 11:29:23 AM  
The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic.

We're all farked.

Time to start bartering, as there's no chance they'll share the actual money.
 
2021-10-18 11:47:46 AM  
So how long till the shiat hits the fan?
 
2021-10-18 12:49:29 PM  

Cafe Threads: The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic.

We're all farked.

Time to start bartering, as there's no chance they'll share the actual money.


The 1% owns the wall street casino.

Them and their sit at home stockowners
 
2021-10-18 12:53:49 PM  

Linux_Yes: Cafe Threads: The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic.

We're all farked.

Time to start bartering, as there's no chance they'll share the actual money.

The 1% owns the wall street casino.

Them and their sit at home stockowners


With all of the money you've saved over the years by only using FOSS you should have had a ton of money to invest in the markets yourself.

Unless you're just here to troll and complain about how other people spend/invest their money.
 
2021-10-18 12:53:52 PM  

Cafe Threads: The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic.

We're all farked.

Time to start bartering, as there's no chance they'll share the actual money.


Wealth, at least in this context, does not mean actual money.

Still, fark them. At the start of this pandemic I really thought we would see some wealth distribution. I wasn't wrong about that, just on the direction it went.
 
2021-10-18 1:11:03 PM  
And this 10% are the same people who constantly complain how poor Tyrone sitting on the corner waving a paper cup around for loose change is ruining their lives.
 
2021-10-18 1:21:11 PM  
That's why the stock market was all TFG cared about in his 4 years.  He wanted to be a part of that 10%.
 
2021-10-18 1:46:03 PM  
Here's the really farked up part: If you have a net worth of $0, you're not at at the bottom of the wealth ladder. You're ahead of the 10% of the population who has negative net worth. (From 2020)

https://dqydj.com/average-median-top-​n​et-worth-percentiles/
 
2021-10-18 1:53:04 PM  

robbrie: Here's the really farked up part: If you have a net worth of $0, you're not at at the bottom of the wealth ladder. You're ahead of the 10% of the population who has negative net worth. (From 2020)

https://dqydj.com/average-median-top-n​et-worth-percentiles/


I'm honestly surprised it's only 10%, I thought it was more like 50% had a negative net worth.
 
2021-10-18 2:02:52 PM  

Enigmamf: robbrie: Here's the really farked up part: If you have a net worth of $0, you're not at at the bottom of the wealth ladder. You're ahead of the 10% of the population who has negative net worth. (From 2020)

https://dqydj.com/average-median-top-n​et-worth-percentiles/

I'm honestly surprised it's only 10%, I thought it was more like 50% had a negative net worth.


10% feels about right.  You're basically looking at the number of people who are too young to have any kind of retirement savings, own no property, and (probably) have student loans - especially the people with $96,000+ in debt.  It's unlikely that anyone with property would be net negative - especially after 2020.  Even an underwater car loan will only be under water on the order of several thousand dollars.
 
2021-10-18 2:06:21 PM  

NuclearPenguins: Linux_Yes: Cafe Threads: The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic.

We're all farked.

Time to start bartering, as there's no chance they'll share the actual money.

The 1% owns the wall street casino.

Them and their sit at home stockowners

With all of the money you've saved over the years by only using FOSS you should have had a ton of money to invest in the markets yourself.

Unless you're just here to troll and complain about how other people spend/invest their money.


The Irony of capitalism

I dont run Linux bec its free
I run it because its faster, more secure, and doesnt snoop like corporate software does.

Used XP for many years.  Moved to Linux and forgot abt windows

Didnt know wht i was missing
 
2021-10-18 2:08:06 PM  
Yes but your retirement represents 0.00005% of the market and any move to reform anything would clearly be devastating to you
 
2021-10-18 2:09:29 PM  

webct_god: Cafe Threads: The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic.

We're all farked.

Time to start bartering, as there's no chance they'll share the actual money.

Wealth, at least in this context, does not mean actual money.

Still, fark them. At the start of this pandemic I really thought we would see some wealth distribution. I wasn't wrong about that, just on the direction it went.


Its all abt the 1% and the stock owners now.

Everyone else can fuk off
 
2021-10-18 2:16:12 PM  
Well the Courier surely did.
Fark user imageView Full Size

/The House always wins.
 
2021-10-18 2:16:46 PM  
Clearly the only way to rectify this is to have the Fed print more money for the banks to give to rich people. I'm sure at some point they'll actually create growth for most of the population instead of just using their newfound cash to bid up the prices of equities to insane levels and to engage in rentierism.
 
2021-10-18 2:31:40 PM  
You want to eat the rich, wreck the market.
 
2021-10-18 2:41:37 PM  
remember this the next time the QOP starts screaming about capital gains and death taxes on people with multi-million dollar portfolios or when your kids' school has to have multiple bake sales to pay for playground equipment or classroom improvements.
 
2021-10-18 2:42:03 PM  

edmo: You want to eat the rich, wreck the market.


And the average person has just enough interest in the market (via pension plans and personal savings) to vote on the short-term interests of their stock portfolio, rather than the long-term interests of national growth - so doing anything to really fix the long-term trend is political suicide.
 
2021-10-18 2:52:41 PM  

edmo: You want to eat the rich, wreck the market.


How, exactly? Remember GME and AMC... that didn't end well, or at least didn't have the intended consequences for the rich.

Plus, wrecking the market will ruin the average person's retirement more than it would ruin the wealthy.

I don't care that the rich are rich; The problem is it's never enough. If I had millions in wealth, that'll be good enough for me. Stop playing farking games with stocks and ruining it for the common person who has their future and livelihood (retirement) tied to it.
 
2021-10-18 2:56:47 PM  

webct_god: comment irrelevant


OMG your username. I just want to say that the student registration system our university users is so resistant to change that we have to maintain a redirect from our old WebCT hostname to Canvas, so that the WebCT link they include for each class in every student's schedule goes to the right place.
 
2021-10-18 3:05:27 PM  
B-b-b-but the stock market is mostly regular people's retirement accoutns!!!1!
 
2021-10-18 3:13:35 PM  

webct_god: How, exactly? Remember GME and AMC... that didn't end well, or at least didn't have the intended consequences for the rich.


The silly thing about those two is that anyone who got in before the lunacy cashed out and left.  Everyone else is enduring a sunk cost fallacy and telling each other that "the GME turnaround plan looks good" as if GME will return to a breakout based on sound valuation and future earnings.  The best you can hope for with any of these is that they continue to go sideways for the next 10 years.  Meanwhile, your money could be providing a return somewhere else.
 
2021-10-18 3:20:20 PM  
The article is talking about wealth, not income.

A household in the top 10% has $1.2 million dollars in cash, property, cars, investments, and retirement savings. Not a lot of 25 year olds fall into that group, but a lot of people who are 50 and work a regular job do. MANY homeowners in California fall into that group despite not having much money in the bank. I'm in that group and I've never made more than $90k in a year, but I am 50.

Here's the issue. I'm not planning on spending that money for a long time. It is to live on after I retire (and maybe to help the kids out with college). The billionaires aren't spending theirs either. Stop worrying about 'wealth'. Instead stay focused on income and how the wealthy keep from realizing income by living off their businesses using tax-deductible expenses.
 
2021-10-18 3:20:23 PM  

Cafe Threads: The top 1% gained over $6.5 trillion in corporate equities and mutual fund wealth during the pandemic.

We're all farked.

Time to start bartering, as there's no chance they'll share the actual money.


This.  The top 10% includes Americans living off of wages, think professionals.  It starts at around $150k.
The massive income growth has been in the top 0.1% who essentially have no taxes and eight figure plus annual incomes. They horde stonks, bonds, and other assets.  The majority inherited that wealth BTW, and can pass it on to the next generation in perpetuity.
1) Introduce a marginal tax rate of 70% on all income > $1 million per year regardless of the source of income.
2) Place a 10 year, non-transferable limit on trust funds to prevent the establishment of an American aristocracy.  The same limit congress placed on inherited IRAs and 401ks for middle class families by the way.
3) Stop electing wealthy people to Congress.
 
2021-10-18 3:22:09 PM  
This explains why Federal Tax revenue surged by the most in 44 years. https://www.politico.com/news/2021/10​/​12/tax-revenue-surge-pandemic-515792

Individual income taxes were up 27.5 percent, CBO estimates. Those too are disproportionately paid by the well-to-do, with 80 percent coming from the top 10 percent of earners.

At $370 billion, the corporate tax haul would be the biggest, at least in nominal terms, since 2007.

Thank Biden's enhanced enforcement efforts. All it took was an Administration willing to actually enforce the tax laws.
 
2021-10-18 3:27:28 PM  

Enigmamf: webct_god: comment irrelevant

OMG your username. I just want to say that the student registration system our university users is so resistant to change that we have to maintain a redirect from our old WebCT hostname to Canvas, so that the WebCT link they include for each class in every student's schedule goes to the right place.


Ha! If I changed my username as many times as I changed LMSs I manage,  I'd have more alts than fingers to count them with.

Blackboard_god
moodle_god
and my personal favorite... angel_god

Currently I'm a canvas_god

Oh, and that's why you don't use the name of the service in the host name. Getting this through the thick skulls of the administration is tough. Goes something like this:

"Let's not use canvas.institution.edu. How about online.institution.edu or similar"
"Why?"
"In case we switch to some other vendor later?"
"We won't."
"That's what you said about Moodle. And Blackboard before that, And WebCT before that..."
 
2021-10-18 3:37:17 PM  

CCNP: This explains why Federal Tax revenue surged by the most in 44 years. https://www.politico.com/news/2021/10/​12/tax-revenue-surge-pandemic-515792

Individual income taxes were up 27.5 percent, CBO estimates. Those too are disproportionately paid by the well-to-do, with 80 percent coming from the top 10 percent of earners.

At $370 billion, the corporate tax haul would be the biggest, at least in nominal terms, since 2007.

Thank Biden's enhanced enforcement efforts. All it took was an Administration willing to actually enforce the tax laws.


It should be much higher as real GDP has increased since the 1970s yet taxes on the top 0.1% have plummeted and in many cases are 0.
The opposite has happened to economic rents on the bottom 95%, where total compensation has plummeted by as much as 70% and the cost of education has dramatically increased while housing has also increased relative to the wages of the middle.
In other words, we have become a hockey stick shape rather than a normal distribution country for total income.  Only the top 5% now live like the middle did fifty years ago.
 
2021-10-18 3:52:55 PM  

Northern: It should be much higher as real GDP has increased since the 1970s yet taxes on the top 0.1% have plummeted and in many cases are 0.


I agree. It's gotten so bad that the top 1% only pay 40% of all income taxes. This is lower than any other OECD country. I believe its 60% in most other developed countries.  https://taxfoundation.org​/federal-inco​me-tax-data-2021/

In 2018, the top 50 percent of all taxpayers paid 97.1 percent of all individual income taxes, while the bottom 50 percent paid the remaining 2.9 percent.

But this was probably before Trump's tax cuts, and the ratios are likely reversed now.
 
2021-10-18 3:59:40 PM  

Northern: Only the top 5% now live like the middle did fifty years ago.


I would agree with that statement. On paper I am in the top 94th percentile for wealth, but I live on a budget. I'm thrilled to do most of my grocery shopping at Sam's Club where I can get chicken breasts for $1.79/# and 90% lean ground beef for $3.59/#. The local grocery store charges almost twice that now. I'm not poor, but I still 'think' poor. My wife and I also still have 4.5 year old smartphones that don't work as well as they used to. Just not interested in dropping almost a grand to replace them with something that isn't worse than what we have.
 
2021-10-18 5:05:14 PM  
The wealthiest 10% of Americans now own 89% of all U.S. stocks held by households

Thus ignoring pension funds and other institutional investors that would end up making a much less inflammatory case for "THE RICH HAVE EVERYTHING!".
 
2021-10-18 5:37:28 PM  

webct_god: Oh, and that's why you don't use the name of the service in the host name. Getting this through the thick skulls of the administration is tough. Goes something like this:

"Let's not use canvas.institution.edu. How about online.institution.edu or similar"
"Why?"
"In case we switch to some other vendor later?"
"We won't."
"That's what you said about Moodle. And Blackboard before that, And WebCT before that..."


We did that when we transitioned from webct to blackboard. But the name we chose happened to become globally famous brand in a pseudo-academic context, so we had to change it to reduce confusion. When Canvas came along it was decided to switch back to canvas.institution.com.
 
2021-10-18 5:42:59 PM  

webct_god: Ha! If I changed my username as many times as I changed LMSs I manage, I'd have more alts than fingers to count them with.

Blackboard_god
moodle_god
and my personal favorite... angel_god

Currently I'm a canvas_god


Oh and we were a cat's breath away from switching to Moodle before we were merged under campus central IT, and placed under a CIO who ran a consulting business on the side that provided LMS needs requirement surveys designed to prove that Canvas was the LMS you need.

That business was hired and its highly-paid consultants managed such a study for us, but their study failed to prove that Canvas was the right choice for us - a fact you'd never realize if you only read the top-line conclusions that stated the opposite of what the data concluded.

That was followed by an RFP, where Blackboard outscored Canvas. We conducted an emergency meeting to determine how to fix the scoring, but Blackboard's score improved instead.

So of course we're running Canvas now.
 
2021-10-18 8:18:32 PM  

Enigmamf: robbrie: Here's the really farked up part: If you have a net worth of $0, you're not at at the bottom of the wealth ladder. You're ahead of the 10% of the population who has negative net worth. (From 2020)

https://dqydj.com/average-median-top-n​et-worth-percentiles/

I'm honestly surprised it's only 10%, I thought it was more like 50% had a negative net worth.


I could've swore I saw numbers not terribly long ago that said either 20 or 30% of 'muricuns had negative wealth. Admittedly, I thought it seemed high, but could swear I read it somewhere (not on FB, Faux, or similar).

In any event, the massive disparity doesn't seem like it can end in anything but bad times.
 
2021-10-18 8:26:01 PM  

jjorsett: The wealthiest 10% of Americans now own 89% of all U.S. stocks held by households

Thus ignoring pension funds and other institutional investors that would end up making a much less inflammatory case for "THE RICH HAVE EVERYTHING!".


Much less, like China is "much less" authoritarian than North Korea. Case stands strong.
 
2021-10-18 9:30:17 PM  
FTFA:

The top 10% saw the value of their stocks gain 43% between January 2020 and June of 2021, according to the Fed. The bottom 90% saw stock wealth rise at a lower rate - 33%.

Eh, during that period, VTI, an ETF that tracks the entire stock market, had a 39 percent return. The bottom 90 percent needs to change their investment strategy.
 
2021-10-18 9:50:26 PM  

tom baker's scarf: remember this the next time the QOP starts screaming about capital gains and death taxes on people with multi-million dollar portfolios or when your kids' school has to have multiple bake sales to pay for playground equipment or classroom improvements.


This guy gets it.

Complaining about the stock market misses the forest for the trees.

The marketing isn't creating wealth inequality and screwing the poor. It's policies pushed by Republicans that helps the rich shield their money from taxes, which in turn provides less money for infrastructure, schools, food stamps, public safety, etc.
 
2021-10-18 10:00:33 PM  

thornhill: tom baker's scarf: remember this the next time the QOP starts screaming about capital gains and death taxes on people with multi-million dollar portfolios or when your kids' school has to have multiple bake sales to pay for playground equipment or classroom improvements.

This guy gets it.

Complaining about the stock market misses the forest for the trees.

The marketing isn't creating wealth inequality and screwing the poor. It's policies pushed by Republicans that helps the rich shield their money from taxes, which in turn provides less money for infrastructure, schools, food stamps, public safety, etc.


Yup.  The best trick they've got is to get the poor to fight with the living comfortable who will fight with the well-off but still work for a living.

In other words, the fight isn't between the janitor and the dentist, it's between a couple dozen mega-wealthy, and everyone else.
 
2021-10-18 10:07:27 PM  
Who knew? I did.

And it still does. The house still wins.

One way the scheme can just continue indefinitely is to keep people thinking that this is their pension. And it will be. Until it isn't. And then what?

Well. It all had to end somehow. The widows and orphans will be poor alongside the Wall Street wise guys, just like they used to be.
 
2021-10-18 11:47:06 PM  
And yet, curiously enough, one would be prosecuted for applying a guillotine to the neck of a billionaire.
 
2021-10-19 12:09:55 AM  
Fark user imageView Full Size

"We own Las Vegas." -The Fed
 
2021-10-19 12:32:47 AM  
So, I guess I should keep selling cocaine to rich people, and dumping it in a Vanguard then?

Seems like a good retirement plan. I call it a 401g. 401 grams at $100 into a Vanguard and I might be able to afford a Corolla as my vehicle of choice before I die.
 
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