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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.
My rant on why progressives are good for your wealth and freedom !
Forgive me, but I find the premise laughable. On so many levels.
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!
My rant on why progressives are good for your wealth and freedom !
Forgive me, but I find the premise laughable. On so many levels.
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'm assuming his vids are full of sarcasm and Irony from the title of the thread.
I haven't watched yet so i'm not sure.
Fact, stock market does .5% better under democratic presidents.
Fact, stock market does .5% better under democratic presidents.
Statistically insignificant
The thing we need most is time for the economy to recovery. We have had plenty of stimulus which has done it's job of keeping the bottom from falling out of the labor market. We have a small business tax cut that should pass congress very soon. Corporate America has plenty of capital to invest. Profits are up and interest rates are low. With all the cuts, business productivity is up. We don't have to increase or decrease taxes. The only thing missing is confidence to start the ball rolling. That confidence might come from higher exports, realization that the debt crisis in European countries is under control, lower taxes, election results,..... I know it's politically popular to take the position that government should do this or that, but I say do nothing.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.
I'm certainly no expert on financial things, but it seems to me that during the last ten years the rich have gotten richer and, instead of spurning growth with their profits, they simply loaned it to consumers who, in order to maintain the lives they were accustomed to, borrowed way too much. To make matters worse, the lending laws changed that allowed common people to get even further into debt at even higher interest rates. Eventually, that madness had to end and it did in a catastrophic way.
So, it seems to me when rich people have alot of extra money, they just loan it to the people who consume goods and services. The real answer is to make sure the engine of our economy, the regular working people, have enough money to continue buying goods and services from each other without spending half of their paychecks on credit card interest.
The argument that "people should know not to get in so much debt" doesn't really work because, if they didn't borrow the money, they just would do without the goods or services which would hurt our economy. Higher taxes on the super wealthy and lower taxes on the middle class makes absolute perfect sense for our times.