I was wrong

[Againsheila]

When I said the top 10% of our nation owns more wealth than the bottom 90% combined, it's actually the top 1%. That's ONE.

FDL News Desk » Goldman Sachs Vice-Chair: People Must “Tolerate the Inequality”

I can’t speak for Britain, but here in America we have been tolerating the inequality for quite a while. In America, the richest 1% hold more wealth than the bottom 90% combined and are making the largest share of national income since right before the stock market crash in 1928. Executives receive one-third of all compensation in the US. Over the last five years, executives received a 48% increase while wages for everyone else were flat. The gap between the rich and the poor tripled between 1979 and 2006. And this trend has continued even during the current recession.

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I think it's passed time for the rest of us to stop putting up with our wealth being stolen from us while the super wealthy get even richer at our expense and the expense of our children. No country can long survive with the majority of it's wealth in the hands of a few. When are we, as Americans going to realize that and actually do something about it?

 

[BasicGreatGuy]

More Socialism rhetoric.

 

[eagleseven]

What do the mega-rich do with their money? They couldn't possibly spend it all.

Invest it into companies, of course. Companies = Jobs

 

[auditor0007]

More Socialism rhetoric.

It has nothing to do with socialism. Most of you who spat off socialism this, socialism that, don't even know what socialism is. You just like throwing around a word you heard. Socialism in its truest form does not work very well. Of course Capitalism in its truest form ( a free market with zero regulation) doesn't work all that well either. And that is why we have a mix of something in between.

The fact is that while the rich continue to accumulate wealth, the middle class is deteriorating. If the middle class loses its standing, then the rich will also, because it is the middle class that purchases everything the rich produce. That is just in basic terms, but the fact is that if no one can afford to buy goods, then the rich will go belly up very fast. And then everyone will be poor.

If we don't change our thinking, much of the rest of the world will pass us by. We won't have to worry about not being number one any longer, because we won't even be in the top ten.

 

[Old Rocks]

What do the mega-rich do with their money? They couldn't possibly spend it all.

Invest it into companies, of course. Companies = Jobs

Why yes, that is exactly what they have been doing. Companies in China, Indonesia, Mexico, and anywhere else they can get labor dirt cheap. Jobs, yes. But not jobs in America.

 

[Old Rocks]

More Socialism rhetoric.

Not at all. This is a basic rot in the framework of the Capitalistic economy. When good work ethics, when improving skills, no longer pays, there is no reason to have or do either. When you have people that are actually driving previously healthy companies into the ground, and getting multi-million dollar bonuses for their efforts, what incentative is there for acountability on the factory floor?

This rot will destroy this nation if it is not stopped.

 

[Vel]

When I said the top 10% of our nation owns more wealth than the bottom 90% combined, it's actually the top 1%. That's ONE.

FDL News Desk » Goldman Sachs Vice-Chair: People Must “Tolerate the Inequality”

I can’t speak for Britain, but here in America we have been tolerating the inequality for quite a while. In America, the richest 1% hold more wealth than the bottom 90% combined and are making the largest share of national income since right before the stock market crash in 1928. Executives receive one-third of all compensation in the US. Over the last five years, executives received a 48% increase while wages for everyone else were flat. The gap between the rich and the poor tripled between 1979 and 2006. And this trend has continued even during the current recession.

<<<

I think it's passed time for the rest of us to stop putting up with our wealth being stolen from us while the super wealthy get even richer at our expense and the expense of our children. No country can long survive with the majority of it's wealth in the hands of a few. When are we, as Americans going to realize that and actually do something about it?

Sheila.. How is your wealth being stolen from you? Please be specific. How are the wealthy taking your wealth away from you?

 

[CryGlennCry]

What do the mega-rich do with their money? They couldn't possibly spend it all.

Invest it into companies, of course. Companies = Jobs

Oh really?
Ya sure they didn't get insanely rich by moving companies OUT of the country?

 

[chanel]

How does one get their wealth stolen from them? Esp. when they pay no taxes. While the rich may be getting richer (or were) so were the poor. How many poor people own cell phones and have cable TV? Do the poor in socialistic countries enjoy these luxuries?

When I was starting out, I worked two minimum wage jobs. It never occurred to me that someone had actually taken the money I never had. Liberal math again.

 

[The T]

What do the mega-rich do with their money? They couldn't possibly spend it all.

Invest it into companies, of course. Companies = Jobs

And what do the Statists (Obama and the Congress) do? Launch wealth envy war against "the Rich" and private companies to kill companies, jobs and ultimately the economy.

 

[JakeStarkey]

Stay on track, T, with the thread. We are talking about the rich, not bogus charges that Obama kills companies. I think that happened under Bush. T, stop it. Look at me, T, look me in the eyes. Yes, that's better. Start talking sense.

 

[Diuretic]

And what is the purpose of an economic system? Is it to deliver immense wealth to 1% of a population? Or is it to make our (this is not located in a particular area) lives generally more pleasant?

 

[Diuretic]

What do the mega-rich do with their money? They couldn't possibly spend it all.

Invest it into companies, of course. Companies = Jobs

And what do the Statists (Obama and the Congress) do? Launch wealth envy war against "the Rich" and private companies to kill companies, jobs and ultimately the economy.

The companies don't care about jobs. Labour is not hired out of charity or a feelgood impulse, it's hired because it's needed to make the wealth for the companies and if it can be hired in Vietnam rather than Virginia then that's fine with them.

And this "Statism" stuff, what the heck is that about anyway? Is it "Statist" to want to look after your own country's citizenry?

 

[pete]

What do the mega-rich do with their money? They couldn't possibly spend it all.

Invest it into companies, of course. Companies = Jobs

And what do the Statists (Obama and the Congress) do? Launch wealth envy war against "the Rich" and private companies to kill companies, jobs and ultimately the economy.

Exactly and the reason for them going over seas. Taxed to death

Create jobs simply by using incentives to keep companies here. Stay over there and then get import taxed to death.

 

[ba1614]

What do the mega-rich do with their money? They couldn't possibly spend it all.

Invest it into companies, of course. Companies = Jobs

And what do the Statists (Obama and the Congress) do? Launch wealth envy war against "the Rich" and private companies to kill companies, jobs and ultimately the economy.

The saddest part is their minions lap it up, not realizing Obama and his "supporters" are lining their pockets with same bullshit that boooooosh and his "supporters" did. Of course that was different I suppose.

 

[Skull Pilot]

wealth is not a zero sum game. Just because one person makes a billion does not mean that someone else or a collective of someone elses loses a billion.

So a rich gut at the in the top 1% is NOT stealing your money from you.

If you have no money, it is no one's fault but your own. So instead of whining that "It's not fair", get off your lazy fucking ass and do something about it.

 

[pete]

wealth is not a zero sum game. Just because one person makes a billion does not mean that someone else or a collective of someone elses loses a billion.

So a rich gut at the in the top 1% is NOT stealing your money from you.

If you have no money, it is no one's fault but your own. So instead of whining that "It's not fair", get off your lazy fucking ass and do something about it.

 

[Diuretic]

The best way to get rich is to own some of the means of production. If you can't do that then choose wealthy parents. If you haven't got the sense to either own some of the means of production or be born to rich parents then stop whining and get on with it.

Damn fools.

 

[ba1614]

The best way to get rich is to own some of the means of production. If you can't do that then choose wealthy parents. If you haven't got the sense to either own some of the means of production or be born to rich parents then stop whining and get on with it.

Damn fools.

Or people could take the effort they put into complaining, and/or coming up with excuses, and put it into bettering themselves.

 

[Diuretic]

The best way to get rich is to own some of the means of production. If you can't do that then choose wealthy parents. If you haven't got the sense to either own some of the means of production or be born to rich parents then stop whining and get on with it.

Damn fools.

Or people could take the effort they put into complaining, and/or coming up with excuses, and put it into bettering themselves.

Right. They need to get off their arses and better themselves. So, if everyone got off their arses and bettered themselves what would happen?