World's Richest Now Richer Than Before Great Recession

[Quantum Windbag]

This is great news. Turning the economy around starts at the top.

So you think things are headed in the right direction? Under Obama?


This is where you get to look like a hypocrite...and Go!

If you read the link you would see that they are talking about the entire planet. Are you trying to give Obama credit for what is going right in Europe, Africa, Mexico, and every other country in the world? If so, can we blame him for Greece, the drug wars in Mexico, Syria, and every other bad thing that is happening in the world?

Does that make you a hypocrite?

 

[Quantum Windbag]

Just more proof that in todays economy it is geared towards making the rich, richer while the middle class shrinks and struggle more and more every day. It's many of the people on this site that fall in to that last group but many of them have been convinced that by increasing the wealth of the wealthy will somehow help them too. It's an amazing thing to watch really. Theres a sucker born every minute is probably an understatement.

If that were true there would not be 11,000,000 super rich people in the world.

 

[Quantum Windbag]

You mean we're not all in this together?

Not if you're among the "high net worth individuals" (HNWIs) who've not only made back what they lost in the fall of '08, now they are richer than ever and there are more of them - nearly 11 more - than before the recession struck.

"According to the annual world wealth report by Merrill Lynch and Capgemini, the wealth of HNWIs around the world reached $42.7tn (£26.5tn) in 2010, rising nearly 10% in a year and surpassing the peak of $40.7tn reached in 2007, even as austerity budgets were implemented by many governments in the developed world..."

The rich get richer because the poor get austerity budgets.

World's Wealthiest People Now Richer than Before the Credit Crunch | Common Dreams

Holy shit? Starting another class envy troll thread?
Quite frankly, we're tired of this bullshit.
The mods should close this idiotic thread.

According to an annual report by Merrill Lynch and Capgemini the wealth of "high net worth individuals" globally reached $42.7 trillion in 2010, two years after the onset of the Great Recession. Between 2009 and 2010 the HNWIs saw their incomes rise nearly 10%.

Does that sound like shared sacrifice to you?
Or are the rich getting richer by inflicting austerity budgets on everyone else?

The "Great Recession" was in 2008? Since when?

 

[Quantum Windbag]

Witnessing working class rightwingers defend the Rich is like watching poor people buy lottery tickets.

We are not defending the rich, we are defending the right to get rich.

 

[Quantum Windbag]

Did anyone read how the status was conferred, "high net worth individuals" ... defined as people who have more than $1m (£620,000) of free cash." Free cash? I'd like to know they figured that out, and considering some businesses deal in cash for obvious reasons, what did they do, ask how much money they had in the piggy bank?

It is not that hard to determine how much cash someone has on hand when you understand basic accounting, you just add up all the money in the bank accounts.

 

[Lars]

Thanks Federal Reserve, let's have some more quantitative easing up in this bitch.

 

[Lars]

I find it kind of funny when the RWers call it "class envy" when you are sticking up for the bottom 97%...

The majority of the 97% fucking suck anyway, just think more than half of them are skidding by on an IQ of 100 or lower. Having a government that caters to their short term impulsive desires is fucking suicidal, look at the shit shape the country is in at this point because of the "democratic process".

 

[auditor0007]

So the Money Bush and Obma spent worked then?

Never forget the contribution of the Federal Reserve.

Some of the rebound the rich have enjoyed has come from borrowing at next-to-zero Fed interest rates and using the money to speculate on oil and food.

Not that Bush or Obama have any problem with that.

And now that housing prices have close to bottomed out and nobody can get a mortgage to buy one, the very wealthy have begun buying up properties by the handful. Eventually housing prices will jump upwards again. Investors will need to rent these properties out in the meantime, but in the long run, as the population increases, these homes and properties will increase substantially in value. Real estate is a great long term investment right now if you have cash and can manage the properties for ten years or so.

 

[Steelplate]

Oh how cute! Shoot all the people that know how to do things! What a smart idea! I wonder how long it would take you to starve to death because you are not capable of taking care of yourself? My guess is you would be shot by one of the better prepared and skilled folks out there so they could take whatever valuable things you have that they want.

You don't expressly say "fair" anywhere that is true but then you reveal your true colors with this missive...
They all ought to be lined up and shot, their assets taken, dispersed across America and start the fuck over, and let the cream rise to the top legitimately. No "special favors", no Washington Lobbyists... just pure competition.

Once again, there is no "fair" someone allways figures out a better way, or works harder then the others and rises to the top and the cycle begins again because people are people.
I despise Dems and Repubs alike if they are corrupt. If they are honest then I choose the one I think will do the job the best and will be least susceptible to corruption. That's the best you can do.

You folks on the other hand allways vote Dem because they use propaganda that you fall for over and over and over again. Grow up and educate yourself with more then one source of info. Learn what the other side has to say too, you might be surprised that they have ideas that are good too.

Well I was being flippant... kind of like telling anyone who is a progressive to go get a job and stop living of "Our" taxes. Or implying that we just want to live on the government dime, or any of the MYRIAD of Bullshit things you assholes come up with... but I get it, it's OK when your side does it... right?

I despise Dems and Repubs if they are corrupt too. Go to the Weinergate thread... or the one about Weiner that got moved to somewhere in the Flame Zone after he stepped down.... and that had nothing to do with Corruption. I feel the same way about Blago in Illinois and Rangel in NY.... and anyone else that has used the power given to them by the PEOPLE.

Don't tell me to grow up son, I'm probably older than you and have seen more shit than you. The only thing I see from the right is a false disgust about our debt and the BRILLIANT Idea that the Middle Class has to pay for it, while the rich keeps getting their taxes cut in order for them to have an even bigger slice of the pie to invest abroad while our own country dies a slow death.

Those fuckers that outsourced our jobs, hide their assets in Tax Haven Countries, rake in huge profits which aren't getting invested back into the FUCKING COUNTRY that allowed them their success... but into Communist Countries like China and the like.... are fucking traitors in my book.

 

[Steelplate]

I find it kind of funny when the RWers call it "class envy" when you are sticking up for the bottom 97%...

The majority of the 97% fucking suck anyway, just think more than half of them are skidding by on an IQ of 100 or lower. Having a government that caters to their short term impulsive desires is fucking suicidal, look at the shit shape the country is in at this point because of the "democratic process".

Hey Lars... I'd be willing to be that you are one of those guys you speak of... both in income level and intelligence.

 

[NYcarbineer]

I find it kind of funny when the RWers call it "class envy" when you are sticking up for the bottom 97%...

They don't seem to know or care that class warfare was started by the Rich.

 

[NYcarbineer]

Too many Takers and not enough Producers always leads to Third World Misery. That's what California & New York are beginning to find out. They demonized and punished their Producers (Businesses),and now those Producers are leaving in droves. So who's gonna pay for all the Takers now? The Takers will always stay & take more. But when the Producers go,everything crumbles. Massive Welfare requires massive Government revenue. Where are California & New York gonna get all that revenue in the future? It's a question our Federal Government is going to have to answer very soon as well. A 14.5 Trillion Debt isn't gonna just magically disappear.

New York has a lower unemployment rate and a 30% higher average income than Texas.

Not as many chicken plucking factories though.

New York & California's problems are only just beginning. They're well on their way to permanent Third World Misery. Takers will always Take. And when the Producers leave,there's no one left to pay for all the Taking. I just don't see a very bright future for New York & California.

Like I said, New York has lower unemployment and we make more money than Texans.

Texas, with its preponderance of minimum wage jobs, its lack of healthcare, its suppression of worker's rights...

...Texas is the one on the road to third world misery.

 

[California Girl]

So the Money Bush and Obma spent worked then?

Only if you can prove that the money directly impacted on their wealth. I would suggest you can not. Therefore, one cannot assume that the stimulus did anything than letting the market fix itself would have done.

 

[California Girl]

I find it kind of funny when the RWers call it "class envy" when you are sticking up for the bottom 97%...

They don't seem to know or care that class warfare was started by the Rich.

Actually, this mythical 'class warfare' was created by politicians..... in order to distract fools from actual issues. Congratulations on falling for it, idiot.

 

[NYcarbineer]

Too many Takers and not enough Producers always leads to Third World Misery. That's what California & New York are beginning to find out. They demonized and punished their Producers (Businesses),and now those Producers are leaving in droves. So who's gonna pay for all the Takers now? The Takers will always stay & take more. But when the Producers go,everything crumbles. Massive Welfare requires massive Government revenue. Where are California & New York gonna get all that revenue in the future? It's a question our Federal Government is going to have to answer very soon as well. A 14.5 Trillion Debt isn't gonna just magically disappear.

New York has a lower unemployment rate and a 30% higher average income than Texas.

Not as many chicken plucking factories though.

Well of course NY is going to have a higher average income Every investment bank and brokerage company in the woprld has a base there....you know the very people who are raping the middle class. Dude you really need to learn something.

You need a lesson in geography.

 

[NYcarbineer]

Witnessing working class rightwingers defend the Rich is like watching poor people buy lottery tickets.

We are not defending the rich, we are defending the right to get rich.

How does a 39% top marginal tax rate deny someone the right to get rich?

 

[georgephillip]

Too many Takers and not enough Producers always leads to Third World Misery. That's what California & New York are beginning to find out. They demonized and punished their Producers (Businesses),and now those Producers are leaving in droves. So who's gonna pay for all the Takers now? The Takers will always stay & take more. But when the Producers go,everything crumbles. Massive Welfare requires massive Government revenue. Where are California & New York gonna get all that revenue in the future? It's a question our Federal Government is going to have to answer very soon as well. A 14.5 Trillion Debt isn't gonna just magically disappear.

New York has a lower unemployment rate and a 30% higher average income than Texas.

Not as many chicken plucking factories though.

New York & California's problems are only just beginning. They're well on their way to permanent Third World Misery. Takers will always Take. And when the Producers leave,there's no one left to pay for all the Taking. I just don't see a very bright future for New York & California.

The problems that California and all other states (except one) are facing today don't stem from too much spending or too little taxation. They stem from Wall Street. The credit freeze imposed in the wake of the 2009 market collapse curtailed lending more sharply than any year since 1942, "driving massive unemployment and causing local tax revenues to plummet."

"The logical solution, then, is to restore credit to the local economy.

"But how?

"The Federal Reserve could provide the capital and liquidity necessary to create bank credit, in the same way that it provided $12.3 trillion in liquidity and short-term loans to the large money center banks.

"But Fed Chairman Ben Bernanke declared in January 2011 that the Fed had no intention of doing that — not because it would be too costly (the total deficit of all the states comes to less than 2% of the credit advanced for the bank bailout) but because it is not part of the Fed’s mandate. If Congress wants the Fed to advance credit to local governments, he said, it will have to change the law."

The solution is for California to follow North Dakota's lead and cut Wall Street out of the picture:

"One measure that is drawing increasing interest is the creation of a bank modeled on the Bank of North Dakota (BND), currently the only state-owned bank in the country. The BND has a 92-year history of safe, secure and highly profitable banking. North Dakota has the lowest unemployment rate in the country; and in 2009, when other states were floundering, it had the largest budget surplus it had ever had."

KEEPING THE STATE

 

[georgephillip]

You mean we're not all in this together?

Not if you're among the "high net worth individuals" (HNWIs) who've not only made back what they lost in the fall of '08, now they are richer than ever and there are more of them - nearly 11 more - than before the recession struck.

"According to the annual world wealth report by Merrill Lynch and Capgemini, the wealth of HNWIs around the world reached $42.7tn (£26.5tn) in 2010, rising nearly 10% in a year and surpassing the peak of $40.7tn reached in 2007, even as austerity budgets were implemented by many governments in the developed world..."

The rich get richer because the poor get austerity budgets.

World's Wealthiest People Now Richer than Before the Credit Crunch | Common Dreams

But a new report shows the world's wealthiest people are getting more prosperous – and more numerous – by the day.

Did you notice that the HNWIs have more wealth than existed before the great recession? That there are 11 million HNWIs today, which is about 10% of the US population in 1930. Are you aware that wealth is not a limited resource?

Are you aware money is a commodity?

The HNWIs have more wealth today precisely because those they depend upon for investment advice manufactured and popped a housing/credit bubble.

Greed is also "not a limited resource."

 

[KissMy]

According to an annual report by Merrill Lynch and Capgemini the wealth of "high net worth individuals" globally reached $42.7 trillion in 2010, two years after the onset of the Great Recession. Between 2009 and 2010 the HNWIs saw their incomes rise nearly 10%.

Does that sound like shared sacrifice to you?
Or are the rich getting richer by inflicting austerity budgets on everyone else?

How in the hell can you blame austerity budgets for making the rich richer?

We have yet to have any austerity budgets go into action in this country. The STIMULUS & BAILOUTS is what made the rich richer.

 

[Mr. Shaman]

Just more proof that in todays economy it is geared towards making the rich, richer while the middle class shrinks and struggle more and more every day. It's many of the people on this site that fall in to that last group but many of them have been convinced that by increasing the wealth of the wealthy will somehow help them too.

Yeah.....it's a moral-imperative that the 1%ers keep as much cash as is possible!!! It's their Christian-duty!!​

"This is the kind of person Republicans would leave by the side of the road in order to, as my friend Bob Creamer put it, “protect tax loopholes for CEOs who fly corporate jets.” They would devastate Medicaid and programs for the disabled, so that the wealthiest most powerful people in America would not have to pay a single extra dime in taxes."

What Does America Stand For?​