Zone1 The Undeserving Rich, Bank Bailouts, And America's Soaring Inequality

[Oddball]

This thread is in the Clean Debate Zone. There are no insults permitted. If you can't discuss like an adult you don't belong here.

Why is the OP not participating?

It's his usual drive-by spam that is undeserving of such a status.

 

[easyt65]

They took an UNSECURED risk and lost. US citizens should not have to pay so they can get all of their money back.

Go to Vegas.
Find the busiest Roulette table.
Walk up to it.
Place a $1,000 bet on RED.

When you loose, start whining and tell everyone else around the table THEY have to bail you out / have to chip in to pay you back the $1,000.

(OR put yourself in the shoes of one of the people being asked to contribute money to pay this loser back - WOULD YOU?)

Uh-huh...good luck with that.

 

[Orangecat]

The standard conservative explanation for why inequality has widened is that individuals are paid what they’re “worth” — and that a few Americans at the top are now worth extraordinary sums while most Americans are not.

The people who now hold a record share of the nation’s wealth justify their wealth (and their low tax rates) by utilizing three myths.

The first is trickle-down economics. They claim that their wealth trickles down to everyone else as they invest it and create jobs. Yet for over 40 years, as wealth at the top has soared, almost nothing has trickled down. (Trump provided a giant tax cut to the wealthiest Americans, promising it would generate $4,000 in increased income for everyone else. Did you receive it?)


The super-wealthy do not create jobs or increase wages. Jobs are created when average working people earn enough money to buy all the goods and services they produce, forcing companies to hire more people and pay them higher wages.

The second myth is the “free market.” As I noted above, the ultra-rich claim they’re being rewarded by the impersonal market for creating and doing what people are willing to pay them for. The wages of other Americans have stagnated, they say, because most Americans are worth less in the market now that new technologies and globalization have made their jobs redundant.

Rubbish. There’s no reason why the “free market” would reward vast multiples of what the rich were rewarded decades ago. Besides, the market can induce great feats of invention and entrepreneurialism with lures of hundreds of thousands or even millions of dollars — not billions.


The ultra-wealthy have rigged the so-called “free market” in America for their own benefit. Billionaires’ campaign contributions have soared from a relatively modest $31 million in the 2010 elections to $1.2 billion in the most recent presidential cycle — a nearly 40-fold increase. What have they got for their money? Tax cuts, freedom to bash unions and monopolize markets, and government bailouts. Their pockets have been further lined by privatization and deregulation.

The third myth is that they’re superior human beings — rugged individuals who “did it on their own” and therefore deserve their billions.

Baloney. Sixty percent of America’s billionaires are heirs to fortunes passed on to them by wealthy ancestors. Others had the advantages that come with wealthy parents.

There is no moral justification for today’s extraordinary concentration of wealth at the very top. It is distorting our politics, rigging our markets, and granting unprecedented power to a handful of people.

The undeserving rich, the bank bailouts and America's soaring inequality

Last week’s bailout of small banks (and it was a bank bailout) needs to be seen in the larger context of America’s soaring inequality. The standard conservative explanation for why inequality has widened is that individuals are paid what they’re “worth” — and that a few Americans at the top are...

www.rawstory.com

Why do you care if someone has more money than you?

 

[easyt65]

Why do you care if someone has more money than you?

I care when some of the 'more money' they have was taken from me and given to them.

 

[Orangecat]

I care when some of the 'more money' they have was taken from me and given to them.

Gotta buy that poor-folk vote with something.

 

[easyt65]

Gotta buy that poor-folk vote with something.

Its sad when they are trying to
buy poor folks' votes with the poor folks' own money stolen / taken from them.

They get screwed three times - money taken from them, conned into believing the money they are getting is 'extra' (not theirs), and end up with a shitty politician who wil work against their best interests / welfare.

 

[Staidhup]

Are you flippin kidding me? What a dumbass. Treasuries will tank if Republican's refuse to increase the debt limit. We default, them suckers will drop like a lead balloon.

The GOP will not in your wildest dreams fail to increase the debt limit.
The issue should be when will the Dimbos stop spending what we don’t have? Milton Friedman, and others, warned this country decades ago and yet it fell on death ears. Now you’re a smart person, ask yourself one question, if you were to raise taxes and tax all assets at market value would it make a difference? The answer is no, furthermore the financial impact would flip this country upside down. It’s hard to pay taxes when you don’t have any income.

 

[Winston]

It goes on the balance sheet when the fed monetizes the debt, which is what is happening since there's no increased revenue.

First I refer you to the CBO scoring that evaluated the debt created by the BBB bill at 367 billion over ten years. There are multiple tax increases within the BBB and those were evaluated by the CBO. What wasn't calculated was the increase in revenue from additional IRS enforcement measures. Estimates for that revenue are in the 203 billion range over ten years.

Are 87,000 New IRS Agents Coming for Your Tax Dollars?

New IRS agents and IRS audits are in the news because of a GOP pledge to abolish the IRS and repeal $80 billion in funding for the agency.

www.kiplinger.com

Now we got the projected, and note the word "projected", deficit contribution of BBB at 164 billion over ten years, a far cry from two trillion. And the same thing applies as to what I said before, the money has to be spend, or at least about to be spent, in order for the Treasury to sell bonds to cover the cost. The majority of the spending in BBB has yet to come.

 

[Winston]

They took an UNSECURED risk and lost. US citizens should not have to pay so they can get all of their money back.

Go to Vegas.
Find the busiest Roulette table.
Walk up to it.
Place a $1,000 bet on RED.

When you loose, start whining and tell everyone else around the table THEY have to bail you out / have to chip in to pay you back the $1,000.

(OR put yourself in the shoes of one of the people being asked to contribute money to pay this loser back - WOULD YOU?)

Uh-huh...good luck with that.

No tax dollars are being used in the bailout of SVB and Signature Bank.

Wall Street â not taxpayers â will pay for the SVB and Signature deposit relief plans

The funds to reimburse depositors will be paid out of the Deposit Insurance Fund, which is made up of quarterly fees assessed on financial institutions.

www.cnbc.com

 

[Oddball]

First I refer you to the CBO scoring that evaluated the debt created by the BBB bill at 367 billion over ten years. There are multiple tax increases within the BBB and those were evaluated by the CBO. What wasn't calculated was the increase in revenue from additional IRS enforcement measures. Estimates for that revenue are in the 203 billion range over ten years.

Are 87,000 New IRS Agents Coming for Your Tax Dollars?

New IRS agents and IRS audits are in the news because of a GOP pledge to abolish the IRS and repeal $80 billion in funding for the agency.

www.kiplinger.com

Now we got the projected, and note the word "projected", deficit contribution of BBB at 164 billion over ten years, a far cry from two trillion. And the same thing applies as to what I said before, the money has to be spend, or at least about to be spent, in order for the Treasury to sell bonds to cover the cost. The majority of the spending in BBB has yet to come.

Don't GAF what the hacks flying cover for the ruling class say....Prices don't lie.

 

[Oddball]

No tax dollars are being used in the bailout of SVB and Signature Bank.

Wall Street â not taxpayers â will pay for the SVB and Signature deposit relief plans

The funds to reimburse depositors will be paid out of the Deposit Insurance Fund, which is made up of quarterly fees assessed on financial institutions.

www.cnbc.com

Lie of omission....They're "paying it" with inflation.....Inflation is a back door tax, that hardest hits those least able to weather it.

 

[Resnic]

There have been a very few ultra rich and a majority of people being middle class with a decent chunk being the lowest class. Always been that way since recorded history of man. Way back when the ultra rich were kings and queens.

In today's world if it weren't for the ultra rich you wouldn't be able to sit on a toilet 35000 feet in the sky going 300mph taking a shit while watching YouTube videos on your phone. The competitiveness and greediness of the few ultra rich made that possible. Most of our advancements have been because of greed in power and money.

If you take away greed we wouldn't advance because those few people born with the skill sets, potential and ambition to create these giant companies would have no reason to create them.

Being richer and more powerful is what drives them to develop, push for more innovations, to do more than their competition and so on.

If life was fair and equal no one would do much of anything. We would stagnate. Our greed and pursuit even of the middle class is what keeps us going.

Besides you can't complain when you aren't giving your money and possessions to the lower class. To them you're super rich and yours super poor compared to Elon musk.

Besides who cares? I can afford my mortgage, food, a nice car, high speed internet, video games and a decent life. I don't give a shit if someone has 20 trillion dollars.

One day I'm going to be dead and nothing in life will have mattered at all so while I'm alive I'm happy to be a blue collar guy and enjoy my life.

 

[sartre play]

Always blame the other political party.
Any one ever notice that all this stuff that helps the politicians and their monied supporters THEY vote yes on. But not your average citizen?
New one this week, pay raise for there lunches, but guess who voted no on school lunch for kids...