My rant on why progressives are good for your wealth and freedom !

I made some rants on youtube but it won't let me post links. On my message board I can embed youtube in my posts.

Search youtube for vernon9998 and check out the "LastLiberal" vids.

Keep demand alive !

 

[ame=http://www.youtube.com/watch?v=NFVRLxXOHc4]YouTube - LastLiberal2.MPG[/ame]

Nice to meetcha, Vernon.

 

I think he meant this one.

[ame=http://www.youtube.com/watch?v=YT2wQ9rH1p0]YouTube - TheLastLiberal.MPG[/ame]

 

Thanks for posting them. I guess I need 15 posts before I can do that !

 

Vernon, you have a hellava lot to learn about economics and the way the world really works. But kudos for putting yourself out there in the firing line.

We do agree that demand drives the real goods and services economy.

You might not be as aware that Wall Street couldn't give a shit, nor could the career politicos of the dem's and repub's parties.

Wall street has it's own distinct secondary economy called the finance economy with a life of it's own, independent of the goods and services, bread and gasoline economy that ordinary people experience.

If Wall Street prospers and Main Street dies very few politicos of either stripe will mourn. The real economy is just not important among the powers that be.

In fact it is to be raped for profits at every opportunity.

Bendoverbuddy!

 

I agree that Wall Street does not give a shit.

I guess I am trying to bring some clear view of what we need to return to a semblance of growth. Some think we need more tax breaks for rich people to aid in investment and capital formation. I think that New York City is awash in capital. 41 percent of corporate profits are generated in the financial sector - you know, arbitrage and the manipulation of capital. There is so much money sloshing around that in 2008 they took control of the worlds oil supply and bid the price up to $150 a barrel. We have the capital to finance endless trading of equities and futures in just about anything. If you are big and rich and you need more capital for your speculation you can borrow it at 0.25%. There is no shortage of capacity to produce anything. There is a years supply of houses; go to a car dealer and they have lots of cars. You won't be told that they are waiting for a tax cut so they can invest in an assembly line, hire workers, and build you one.

We obviously need demand - so regardless of who might be lazy - take some money from the rich and redistribute it. The rich, since they own the means of production, will rapidly get that money back and the flow of that money through the system will restart growth. Money always returns to those who own the means of production - the problem is that right now those trillions are just sitting there stagnating.

 

90+% top marginal tax rate above $400,000.00 in the 50's?

$400k in 1952 dollars would be comparable to about $3.3 million today. I don't know that I'd want to go as high as 90% today, but if the first $3.3 million was tax free I'd be willing to up the top marginal rate from where it is now.

 

Absolutely right.

That's the BIG imbalance today, it isn't taxes so much as wealth and income is wrongly distributed to encourage growth.

But even if we addressed that the forces driving wages down for "labor" (middle class) and up for management and above are those of corporatization and globalization. Only to the degree that we embrace these global policies are they domestic issues.

The world is awash in excess labor and even excess skilled labor. The world is flush with unexploited capacity. And mechanization expands the value of capital while reducing the power of labor to bargain.

Tax rates only enter the picture in terms of meeting our obligations. We need to raise taxes to do so, and cut spending. And that involves political problems that defy simple solutions. So in that regard we must raise taxes for the upper quintile regardless, simply because only they have the disposable income to be taxed. But it isn't a solution, just a band-aid.

 

My rant on why progressives are good for your wealth and freedom !



Forgive me, but I find the premise laughable. On so many levels.

 

I find that you think we should consider your opinions valid, laughable. Work on that and THEN we'll talk forgiveness!