Author Topic: Wealth Inequality in American [viral video]  (Read 1993 times)

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Offline DCPatriot

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Wealth Inequality in American [viral video]
« on: March 04, 2013, 08:26:12 PM »
<a href="http://www.youtube.com/watch?feature=player_embedded&amp;v=QPKKQnijnsM" target="_blank" class="aeva_link bbc_link new_win">http://www.youtube.com/watch?feature=player_embedded&amp;v=QPKKQnijnsM</a>




Could there be a French-style Revolution coming to America?
"It aint what you don't know that kills you.  It's what you know that aint so!" ...Theodore Sturgeon

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Offline happyg

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Re: Wealth Inequality in American [viral video]
« Reply #1 on: March 04, 2013, 08:39:46 PM »
Most of the poor average $67K per year when all the benefits are added, that the chart neglected. Even so, I'm far from rich and am in the lower middle class right now. Heck, I might be considered poor. I don't know and don't care. I have food, shelter, friends, and family, and just enough to get by on. I don't care how rich someone is because I am content with what I have.

Offline AbaraXas

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Re: Wealth Inequality in American [viral video]
« Reply #2 on: March 04, 2013, 09:31:48 PM »
I've seen several lib friends post this on Facebook tonight.
I'm going to start going back to my old standby comment for them:

You aren't poor because they are rich.
It isn't your money.

Offline sinkspur

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Re: Wealth Inequality in American [viral video]
« Reply #3 on: March 04, 2013, 09:52:26 PM »
Oh, please.

How do these moony-eyed socialists propose that wealth be "distributed"? 

Taking from those who have and giving to those who don't have is the definition of socialism.  That's all this is.  And it doesn't work.

Those who have will always have more because they do what it takes to have more. 

Envy is one of the seven deadly sins for a reason.
Roy Moore's "spiritual warfare" is driving past a junior high without stopping.

Offline Cincinnatus

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Re: Wealth Inequality in American [viral video]
« Reply #4 on: March 04, 2013, 10:13:36 PM »
I don't care how rich someone is because I am content with what I have.

And that, Happyg, makes you one of the richest people alive.
We shall never be abandoned by Heaven while we act worthy of its aid ~~ Samuel Adams

famousdayandyear

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Re: Wealth Inequality in American [viral video]
« Reply #5 on: March 04, 2013, 10:27:36 PM »
I couldn't read the footnotes at the end of the video; but am suspect of any studies/data originating from Harvard U.

In any case, it is my view that Steve Jobs, singly in his lifetime, created 38,000X more jobs than I ever did.  He earned every dollar he had.

Offline Rapunzel

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Re: Wealth Inequality in American [viral video]
« Reply #6 on: March 05, 2013, 01:10:10 AM »
I absolutely abhor this us vs them mentality starting to take over our country. If a person wants to be rich then get off their @ss and get an education and then work 18 hours a day without a break and then, if they are really good and really lucky they.... too... can be rich.

Offline raml

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Re: Wealth Inequality in American [viral video]
« Reply #7 on: March 05, 2013, 03:36:04 AM »
I don't care if the rich made there own money or inherit their money it is theirs and they deserve it no one else does. I have never been envious of the rich. I was lucky for most of my life I lived in the upper middle class but now being retired and single I do not I am more lower middle class it doesn't matter to me though as long as I have enough to pay the bills and I have family close by. I live within my budget what ever it has been over the years and I had a pretty wonderful life. Other peoples money never impressed me nor did I ever covet it. When I was working in sales I found out I could make what ever I wanted as long as I did the work to earn it so I was happy with the profession I had. I was happy raising 4 children and staying home for almost 20yrs too. Life is what you make it and happiness is in the head not your bank account.

Offline massadvj

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Re: Wealth Inequality in American [viral video]
« Reply #8 on: March 05, 2013, 08:21:57 AM »
If they really want to redistribute wealth more equitably they should go back to free market capitalism.

The evolution of the skewed wealth curve coincides almost perfectly with the evolution of socialism in the USA.  The more power, taxes and regulation imposed on the people the worse the problem gets.  There are many sound and rational reasons why, and anyone trained in classical economics can explain them.  All one need do is to look at the history of a typical Latin American country to see what happens when socialism takes over.  The people support it because it's supposed to make their lives "better" but all it breeds is corruption.

There is no better mechanism for equitable distribution of wealth than competition and capitalism.  That simple fact is so obvious from history, it should not even be questioned.  And yet, the consensus opinion in uneducated countries is the opposite: capitalism is to blame.

And so democracy limits capitalism, corruption reigns, and the socialists end up redistributing the wealth only to those wealthy enough to pay the tribute.  The French Revolution and modern day America in a nutshell.
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Offline happyg

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Re: Wealth Inequality in American [viral video]
« Reply #9 on: March 05, 2013, 08:54:18 AM »
I would rather be poor in America than anywhere else on earth. A friend on FB posted this earlier:

Quote
"
Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom." ~ Alexis de Tocqueville
 

Offline Relic

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Re: Wealth Inequality in American [viral video]
« Reply #10 on: March 05, 2013, 09:49:40 AM »
Since there is more liberty in capitalism, the quality of person that society produces has a direct effect on the structure. America has lost it's moral compass. As opposed to when I was growing up, we don't have a cohesive set of "national values". I'm just calling it "national values", I know that's not the proper term, and it was more of an illusion than a fact. However, it did set before us, an ideal. Watch a re-run of "The Rilfeman" sometime. At the end of every episode, there's a little "moral of the story" between Lucas and Mark. That would be ridiculed today. But, it influenced us back then.

We now have a nation filled with self centered people, many of them with little to no character. They have the attitude that making as much as they possibly can, regardless of who it harms, is the way it's done. What this video points out, is that capitalism has flaws, just like any other system. Unlike socialism/communism, under capitalism, a worker has a chance to better his or her circumstance, but it requires a good measure of skill, work and luck.

One of the flaws of capitalism American style is the incestuous relationship between senior management and boards of directors. No one can justify the golden parachutes for CEOs who virtually wiped out thriving companies. But it happens. Compensation for senior management is approved by the board. The CEO of company A gets a huge compensation package. Coincidentally the CEO of company B is on the board for company A. Guess who's on the board for company B? The CEO of company A. Get the picture? And the losers are the shareholders.

Capitalism, when run by people with damaged or even no morals, looks like what we see. Put those people in key positions in a socialist/communist society, and it looks even worse.

Capitalism is a better system, but it's not perfect. And the people we have in the system exploit the flaws.

Offline massadvj

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Re: Wealth Inequality in American [viral video]
« Reply #11 on: March 05, 2013, 10:56:50 AM »
Capitalism, when run by people with damaged or even no morals, looks like what we see.

I disagree.  Capitalists have a moral responsibility to make money in anticipation of change.  They are like vultures, yes.  But vultures have a way of cleaning up the environment.  Blaming capitalists for the current state of the economy is like blaming the vultures for the dead deer on the side of the road.

The system we have is not capitalist, and it hasn't been for some time.  It's government-enabled commerce, and that is why it is so corrupt.


"She only coughs when she lies."

Offline Relic

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Re: Wealth Inequality in American [viral video]
« Reply #12 on: March 05, 2013, 11:08:31 AM »
I disagree.  Capitalists have a moral responsibility to make money in anticipation of change.  They are like vultures, yes.  But vultures have a way of cleaning up the environment.  Blaming capitalists for the current state of the economy is like blaming the vultures for the dead deer on the side of the road.

The system we have is not capitalist, and it hasn't been for some time.  It's government-enabled commerce, and that is why it is so corrupt.

I agree our system is not pure capitalist. But then, true forms of any system don't exist. People tend to screw things up. If it weren't for the problem of having humans involved, socialism or communism are better than capitalism.

While a capitalist is charged to make money for the corporation, it does not absolve him or her from being human. Unrestrained pursuit of profit, regardless of the human cost is unacceptable. In business there are legalities, morals, and ethics. Only legalities are enforced.

To accept a system such as we have in place now, and to say the proprietors have no concern other than profit is to accept the coming backlash.

Offline massadvj

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Re: Wealth Inequality in American [viral video]
« Reply #13 on: March 05, 2013, 12:50:41 PM »
In business there are legalities, morals, and ethics. Only legalities are enforced.

In a free market, the demands of consumers and the threat of competition do far more to enforce ethics than any government.  By regulating, government relieves consumers (or investors) from doing due diligence with their money or capital, and this encourages a false sense of security that is actually unhealthy for a free economy.

If people stood a chance of losing their pensions, they'd pay more attention to what boards of directors are doing.  Instead, we assume the SEC or Fed or some other agency must be looking at them, so we neglect to hold them accountable.

I don't blame the execs for taking the golden parachutes and huge bonuses.  They are doing what comes naturally (ie, like the vultures at the side of the road).  It's government and the people who are screwing everything up.
"She only coughs when she lies."

Offline Relic

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Re: Wealth Inequality in American [viral video]
« Reply #14 on: March 05, 2013, 01:46:34 PM »
I don't blame the execs for taking the golden parachutes and huge bonuses.  They are doing what comes naturally (ie, like the vultures at the side of the road).  It's government and the people who are screwing everything up.

A conservative value would be that there is an absolute right and wrong, not a moral relativism. You know the saying: Character is what you do when no one is looking.

Looting a company and it's shareholders simply because you can, is unacceptable, to a conservative.

Offline massadvj

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Re: Wealth Inequality in American [viral video]
« Reply #15 on: March 05, 2013, 02:15:34 PM »
A conservative value would be that there is an absolute right and wrong, not a moral relativism. You know the saying: Character is what you do when no one is looking.

Looting a company and it's shareholders simply because you can, is unacceptable, to a conservative.

Spelling "its" incorrectly is unacceptable to a linguist.  But people do it.   
"She only coughs when she lies."

Offline Relic

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Re: Wealth Inequality in American [viral video]
« Reply #16 on: March 05, 2013, 02:28:39 PM »
Spelling "its" incorrectly is unacceptable to a linguist.  But people do it.

Acceptance is a tacit form of agreement.

Offline truth_seeker

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Re: Wealth Inequality in American [viral video]
« Reply #17 on: March 05, 2013, 04:08:19 PM »
Whether true or not, the perception in the US that the weathy are getting more so, and the rest are not, is fueling the voters.

The GOP has lost 5 of the last 6 presidential popular vote counts.

It is known the economy crashed, largely due to wild-and-crazy lending. Mortgage bankers, stock brokers, bond brokers, securities lawyers, rating agencies, made money and ruined the lives of millions of Americans. (and have received virtually no consequences)

And the GOP hasn't won the presidency since.

I'm a capitalist and conservative, but pro-business is one thing, whereas pro-crooked business is quite another.

Cronnyism between private and public sector increases costs to us all, making a few very rich along the way.

Ask yourself: If health care costs are high, do you mind paying a great doctor a lot of money? But how do you feel about paying an administrator a great deal of money, to design and operate our present system?

Then how do you feel about the high ranking government employees, that go into private health care insurance employment, due to their few years govt. service, then make very big money due to cronnyism?

Etc. In defense, civil contracting, legal, computers & systems, the system is corrupted.


"God must love the common man, he made so many of them.�  Abe Lincoln

Offline massadvj

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Re: Wealth Inequality in American [viral video]
« Reply #18 on: March 05, 2013, 04:47:03 PM »
It is known the economy crashed, largely due to wild-and-crazy lending. Mortgage bankers, stock brokers, bond brokers, securities lawyers, rating agencies, made money and ruined the lives of millions of Americans. (and have received virtually no consequences)

This was enabled by political cronyism.  In a free market economy, there would never have been such ridiculously unsound lending practices as banks would not have had the advantage of bundling their mortgages with government-guaranteed securities and then selling the mortgage bonds and derivatives on the open market.

Unfortunately, the politicians have succeeded in convincing the public that capitalism is to blame, when the truth is 180 degrees from that.


Etc. In defense, civil contracting, legal, computers & systems, the system is corrupted.

I dare say there are very few industries today that are not corrupted by government regulation.  Therefore, the honest capitalist has two options: pay the political patronage or stop being a capitalist.  Personally, I don't blame the capitalist for paying off politicians any more than I blame the banks for making risky loans during the housing bubble.

If the game is rigged and you know it, you pay off the house and take what you can.  The universal and unlimited greed of humans is the assumption of capitalism, and it is not a false assumption.  It can only be constrained by consumers and competitors acting in their best interests, as opposed to government appointing winners and losers.

The reason no one has been tried and convicted for the housing scandal is that there were no criminals; only lenders doing what they were encouraged to do by the laws they were operating under at the time.  If anything, most of the political pressure at that time was being brought to bear on the lenders by politicians who accused the banks of being too stringent in their underwriting.

Today, the same pressure is being brought to bear yet again as marginal buyers are being encouraged to borrow and buy more than they can afford.
"She only coughs when she lies."

Offline jmyrlefuller

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Re: Wealth Inequality in American [viral video]
« Reply #19 on: March 05, 2013, 05:31:28 PM »
I couldn't read the footnotes at the end of the video; but am suspect of any studies/data originating from Harvard U.
Fuller's Rule of Life #4: never trust anything and anyone from Harvard.

Anyway, what these people don't understand is that much of the wealth of the super rich is not real. It is an estimated value, and the more it is spent or cashed in, the less valuable it becomes. He can't just go buy a bunch of stuff without causing a price spike and/or shortage.


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