Wealth distribution in the US

Totoe · Mar 4, 2013

Canna Sylvan said:
Poker still has about a 2% house edge no matter how good you are. That "tax" you speak of adds up. It's one of the only games that lets the player have some chance. But in the end you 're still the house bitch, you liberal git.

Poker is played player vs player, there is no house. Subsequent to that there is no house edge because the house is not playing. Are you thinking of blackjack?that has a slight house edge like the one you mention and the house does actively play a part in that game via the whole dealer playing a hand. In poker, the dealer does not play a hand this is why there is no house edge in poker. The house makes money via a rake from every pot. Looks like your diet has led to malnutrition that has led to mental retardation on top of your chemical imbalances.

DMTER · Mar 4, 2013

NoxMetus said:
Take for a random example Steve Jobs. At one point he had some ideas, and those ideas made him some money. From that point, his money paid other people who came up with the ideas. Those people come with ideas, and many contribute a number of hours of their lives equal to what Steve Jobs does to the work, and yet Apple paid Steve Jobs an amount disproportionate to what those other idea generators received.

Were they riding Steve Jobs success?

The look for a better job, rinse, repeat idea is flawed. Imagine if 100% of people followed the get a job, get experience, look for a better job, rinse, repeat method. Regardless of their efforts, there are only so many high paying jobs. Only so many of those people will obtain the money of a CEO, despite everyone else working as hard. Only so many people can open a small business and make their own way. (Example, how many bakeries can be opened before there isn't enough money to be made running a bakery.)

It isn't about handouts. It's that only so many people can obtain large amounts of money, and that money makes them an exorbitant amount of additional money without the need for real effort.

Take a look at what happened to apple without Steve Jobs...poor example I think

UncleBuck · Mar 4, 2013

NLXSK1 said:
Why is there so much hate for the job creators in America?

the wealthy are not job creators. adding jobs is a decision of last resort, ya simpleton.

the biggest driver of job creation in this country is aggregate demand, far and away. and the market is pretty indifferent as to how that money is spent, it is just important that the money be spent.

the job creators are people like you and i.

well, not you, really. the 5 spot you made mowing that last lawn isn't really doing a whole lot to spur demand.

ginwilly · Mar 4, 2013

UncleBuck said:
the biggest driver of job creation in this country is aggregate demand, far and away. and the market is pretty indifferent as to how that money is spent, it is just important that the money be spent.

If only this were true we would have full employment by now. Our government is collecting record receipts, borrowing at historic levels and printing 50B a month. All we need MORE! and we'll really be kickin' some ass. Might even get us down to 7% unemployment if we could just spend enough.

Spending on consumption does not have the same effect as spending on production. If Jobs had invested in hookers and blow instead of Apple the economic factors would be completely different. Please don't explain how the hooker buys jewelry and the dealer buys cars and this has the same multiplier effect as Apple, people will laugh at you and I'll feel bad.

NoxMetus · Mar 4, 2013

NLXSK1 said:
So what? Do you feel these people need to have their wealth re-distributed simply because of this? How many people does Microsoft employ? Does that not count for anything?

Actors and sports atheletes make far more than regular people and employ almost nobody. Yet I cant remember hearing people cry about their exorbitant salaries and how unfair it is...

There are no guarantees in life. In America you have the ability to become wealthy through hard work. It is still possible to do that by starting businesses, etc. The fry guy at McDonalds is not guaranteed to make 70K per year at his job if he stays there for 50 years. If he becomes a manager and eventually an owner he can make good money though.

Why is there so much hate for the job creators in America?

I never mentioned wealth redistribution.

Just because you haven't heard people complain about the salaries of actors or athletes doesn't make it fair.

Again pretend that every fry guy at McDonalds attempts to become a manager or an owner, this is not possible, there aren't enough manager/owner positions.

You call them job creators, I call them overly wealthy.

UncleBuck · Mar 4, 2013

DMTER said:
Great, so you have shown me that Gov made a series of malinvestments that will just perpetuate the business cycles we see. I honestly just see the Gov destroying my savings with that chart you are showing me....and I know I will pay for it sooner or later...maybe...just maybe if the gov was less involved we wouldn't need them around to "fix" our economy...like in the mid 80's when we started seeing those mortgage backed securities....but then again Gov does what is best for us...thank you obama

ginwilly said:
If only this were true we would have full employment by now. Our government is collecting record receipts, borrowing at historic levels and printing 50B a month. All we need MORE! and we'll really be kickin' some ass. Might even get us down to 7% unemployment if we could just spend enough.

Spending on consumption does not have the same effect as spending on production. If Jobs had invested in hookers and blow instead of Apple the economic factors would be completely different. Please don't explain how the hooker buys jewelry and the dealer buys cars and this has the same multiplier effect as Apple, people will laugh at you and I'll feel bad.

how can aggregate demand be anywhere near what it has been if all the wealth is more and more concentrated in the hands of a very few?

we haven't seen income inequality and wealth distribution like this since right before the great depression, you remember the result of that i trust.

DMTER · Mar 4, 2013

^ That is the most ridiculous facial expression I have seen in awhile...

Thanks for the cute charts though!

UncleBuck · Mar 4, 2013

DMTER said:
^ That is the most ridiculous facial expression I have seen in awhile...

Thanks for the cute charts though!

i still fail to see how widening the highway that goes into town or tax breaks for people who work are "malinvestments", like you said.

perhaps you can explain that.

ginwilly · Mar 4, 2013

Totoe said:
In poker, the dealer does not play a hand this is why there is no house edge in poker. The house makes money via a rake from every pot. Looks like your diet has led to malnutrition that has led to mental retardation on top of your chemical imbalances.

I took his post to mean exactly this. The house takes a rake. Any poker player will tell you that you can clean up on fish all day but the trick is to beat the rake. The house wins no matter what.

Rounders fans will tell what the rake is in the game of life.

DMTER · Mar 4, 2013

UncleBuck said:
i still fail to see how widening the highway that goes into town or tax breaks for people who work are "malinvestments", like you said.

perhaps you can explain that.

I concede...the Gov really knows whats best when it comes to economic issues, maybe we could just get rid of free enterprise altogether and all just live off the gov...

***insert meme***

I haven't been around for awhile so just a question for you...do you believe gov is the answer or the problem?

UncleBuck · Mar 4, 2013

DMTER said:
I concede...the Gov really knows whats best when it comes to economic issues, maybe we could just get rid of free enterprise altogether and all just live off the gov...

***insert meme***

I haven't been around for awhile so just a question for you...do you believe gov is the answer or the problem?

my belief is that reaganesque false bifurcations are an easy way to detect a pissbrain in action.

nitro harley · Mar 4, 2013

UncleBuck said:
how can aggregate demand be anywhere near what it has been if all the wealth is more and more concentrated in the hands of a very few?

we haven't seen income inequality and wealth distribution like this since right before the great depression, you remember the result of that i trust.

Hey Buck..

Is that a pic of BarryO's brother inlaw?...Just wondering if you were able to get that pic when you had that presidential dinner engagement you talked about....

DMTER · Mar 4, 2013

UncleBuck said:
my belief is that reaganesque false bifurcations are an easy way to detect a pissbrain in action.

Great so you can use big/obscure words, I'm glad we got that out of the way….

Now what I was eluding to in the post regarding your cute charts is the fact that your Keynesian stimulus was only needed because of gov influence and encouragement in MBS and many other asset bubbles (barely even scratching the surface)…which has a funny kind of symbiotic autarky, when you think about it.

waiting for some more cute charts and memes

Canna Sylvan · Mar 4, 2013

Totoe said:
Poker is played player vs player, there is no house. Subsequent to that there is no house edge because the house is not playing. Are you thinking of blackjack?that has a slight house edge like the one you mention and the house does actively play a part in that game via the whole dealer playing a hand. In poker, the dealer does not play a hand this is why there is no house edge in poker. The house makes money via a rake from every pot. Looks like your diet has led to malnutrition that has led to mental retardation on top of your chemical imbalances.

If I simplified poker so all it was is a game of chance where all players had an equal chance, the rake would eventually, after quite a while, take ALL your money. That's what I was getting at with my initial post. I chummed me a special needs card shark.

My ultimate socialist poker is what happens. The house (government) bleeds you dry with fairness until you die.

See, total fail on your part, pinko.

UncleBuck · Mar 4, 2013

DMTER said:
Great so you can use big/obscure words, I'm glad we got that out of the way….

Now what I was eluding to in the post regarding your cute charts is the fact that your Keynesian stimulus was only needed because of gov influence and encouragement in MBS and many other asset bubbles (barely even scratching the surface)…which has a funny kind of symbiotic autarky, when you think about it.

waiting for some more cute charts and memes

that's a funny way of looking at it.

i tend to take the view that the MBS nonsense was made possible when government got out of the way, namely by repealing glass steagall.

but i guess that doesn't fit your narrative, so we'll have to shit can that one.

too bad.

UncleBuck · Mar 4, 2013

and i had no idea that "bifurcation" was a "big/obscure" word.

should i have said "choosy choice" instead?

DMTER · Mar 4, 2013

UncleBuck said:
that's a funny way of looking at it.

i tend to take the view that the MBS nonsense was made possible when government got out of the way, namely by repealing glass steagall.

but i guess that doesn't fit your narrative, so we'll have to shit can that one.

too bad.

Fed changes to Regulation T, The SMMEA, The Housing and Community Development Act of 1992, Hud encouragement of housing for low income folk.and those wonderful GSE's not to mention when the dot com bubble happened what else did Keynesian economists have to do but create another asset bubble and hold interest rates at record lows and get the housing crises into high gear all while getting good press for the folks in washington cause they where helping the poor people out...in reality just screwing them over...and there is soooooo much more.

but I guess I have to shit can that one, huh?

You should look a lil deeper next time there is more then just high school "great depression" lessons, and spewing that gov deregulated and the private sector ruined it all.

UncleBuck said:
and i had no idea that "bifurcation" was a "big/obscure" word.

should i have said "choosy choice" instead?

That would have been a much better choice

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ginwilly · Mar 4, 2013

UncleBuck said:
i tend to take the view that the MBS nonsense was made possible when government got out of the way, namely by repealing glass steagall.

DMTER said:
Fed changes to Regulation T, The SMMEA, The Housing and Community Development Act of 1992, Hud encouragement of housing for low income folk….and those wonderful GSE's not to mention when the dot com bubble happened what else did Keynesian economists have to do but create another asset bubble and hold interest rates at record lows and get the housing crises into high gear all while getting good press for the folks in washington cause they where helping the poor people out...in reality just screwing them over...and there is soooooo much more.

Both are true.

To be fair, the repeal of Glass-Stegal brought on the banking crisis but government's solution to "too big to fail" was complete and total intervention at 100 cents on the dollar. Then they've enacted legislation that protects those that are too big to fail and make it harder for the smaller banks to compete. That's disgusting.

We were fed the sky is falling if we let these banks fail but the truth is, other banks would have grown by buying the good assets after the sell off and we would have less irresponsible too big to fail banks. We were looking at a world banking collapse, but not the kind we were sold. The bastards that caused the meltdown would have been out and a very important message sent. The Banking cartel in this world made bad bets that affected all of us and instead of being punished they were paid off with our money. We are still paying them at almost a trillion year. This is "free" money to the same banks that caused the housing crisis. I don't get it.

Padawanbater2 · Mar 4, 2013

[youtube]rGDVjYQj-wo[/youtube]

This is just about exactly how I feel about the economic disparity in the United States.

For those of you who oppose the points raised in the clip in the OP, pay particular attention to what he says at 3:08. It isn't about being against capitalism or hating "job creators" just because they're wealthy, it's about the balance and what is right.

cannabineer · Mar 4, 2013

UncleBuck said:
and i had no idea that "bifurcation" was a "big/obscure" word.

should i have said "choosy choice" instead?

There's always "dichotomy". cn

Wealth distribution in the US

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