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#301748 - 06/18/17 03:57 PM The Hoarding of the American Dream
NW Ponderer Offline
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Carpal Tunnel

Registered: 09/09/11
Posts: 15566
The Hoarding of the American Dream. While I don't agree with all of the author's conclusions, he makes a valid point about "wealth advantage." Those that has, gets. Unlike him, though, I don't think economics is a zero-sum game.

I am one that has hovered on the edge of the top quintile for most of my career. I'm not rich, but comfortable. I live in the same modest house I've lived in for nearly 30 years (but never missed a payment). I drive low-end cars for 10+ years (but can buy new, for cash). As I've matured, my income has transitioned from wages to fixed-plus-investments. I've retired early, but don't really "scrimp." I provided college for both my children with only a few outstanding loans (although earned that through the GI Bill).

I've always supported higher taxes even when that is to my disadvantage. I "invest" in local public institutions - PBS, NPR, zoos, museums. The ACLU, Human Rights Campaign, Planned Parenthood, UNCF, Red Cross, and my alma maters count on me for modest, but regular, contributions. I was active in PTA and school support activities for my local schools. I buy locally as much as I can.

I don't think I'm an aberation. I think I'm a patriotic American.
_________________________
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich

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#301778 - 06/19/17 03:34 PM Re: The Hoarding of the American Dream [Re: NW Ponderer]
NW Ponderer Offline
Moderator
Carpal Tunnel

Registered: 09/09/11
Posts: 15566
<bumpity-bump-bump>
_________________________
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich

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#303045 - 09/08/17 12:43 PM Re: The Hoarding of the American Dream [Re: NW Ponderer]
logtroll Offline
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Registered: 04/26/10
Posts: 8647
Loc: New Mexico (not old Mexico)
Public control of money creation
Quote:
The power to create new money is something that the government could feasibly control and administer itself, for the benefit of all. But governments have surrendered their power of seignorage to the private banking system and its investors.

This has far-reaching, negative impact because, as Mellor explains, “It is the private, bank-issued money system that leaves us with a pernicious cycle of debt and growth. Money could encourage socially and ecologically sustainable production and consumption, but only if it ceases to be a creature of the market and is reclaimed as a social and public representation of value.”

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"You can't fix a problem until you understand what the problem is." Logtroll

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#303188 - 09/21/17 12:48 PM Re: The Hoarding of the American Dream [Re: logtroll]
logtroll Offline
veteran

Registered: 04/26/10
Posts: 8647
Loc: New Mexico (not old Mexico)
Another take on Universal Basic Income:

UBI could fire the imagination
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"You can't fix a problem until you understand what the problem is." Logtroll

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#303198 - 09/22/17 01:49 PM Re: The Hoarding of the American Dream [Re: logtroll]
logtroll Offline
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Registered: 04/26/10
Posts: 8647
Loc: New Mexico (not old Mexico)
Quote:
So here’s a partisan YouGov poll on whether people think they could survive the apocalypse. Republicans think they’re more likely to survive the apocalypse than other people in their communities. Democrats and independents, less so. What do you guys think?

Rs or Ds more likely to survive the Apocalypse?

I think this indicates the most basic difference between Cons and Libs. Cons think in terms of defending what's theirs from others, Libs think in terms of cooperating to better survive.

Tendencies... not to be taken as a black and white absolute fact.
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"You can't fix a problem until you understand what the problem is." Logtroll

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#303204 - 09/23/17 03:38 AM Re: The Hoarding of the American Dream [Re: NW Ponderer]
pondering_it_all Offline
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Registered: 02/27/06
Posts: 7139
Loc: North San Diego County
But I thought Apocalypse includes Rapture. Why would all those Conservatives even care what happens on Earth once they are taken up by Jesus into heaven. Or do they not really believe they will be included? Christianity kind sucks if you know you will not be saved. Might as well be a hedonist, smoke pot, and go to orgies.

But I can tell you, with all the Conservatives up in heaven, us Liberals are all going to have a great time down here on Earth. We'll make the US a Democratic-Socialist paradise: Health care for all, be as gay as you want, legal pot, free abortion on demand (send those babies directly to heaven), Queer Jewish Woman for President, etc.

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#303286 - 10/02/17 11:33 AM Re: The Hoarding of the American Dream [Re: NW Ponderer]
logtroll Offline
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Registered: 04/26/10
Posts: 8647
Loc: New Mexico (not old Mexico)
_________________________
"You can't fix a problem until you understand what the problem is." Logtroll

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#303293 - 10/02/17 06:59 PM Re: The Hoarding of the American Dream [Re: NW Ponderer]
NW Ponderer Offline
Moderator
Carpal Tunnel

Registered: 09/09/11
Posts: 15566
The central quote:
Quote:
Adam Smith, the father of modern capitalism, envisioned financial services (and I stress the word “service”) as an industry that didn’t exist as an end in itself, but rather as a helpmeet to other types of business. Yet lending to Main Street is now a minority of what the largest banks in the country do. In the 1970s, most of their financial flows, which of course come directly from our savings, would have been funneled into new business investment. Today, only about 15 percent of the money coming out of the largest financial institutions goes to that purpose. The rest exists in a closed loop of trading; institutions facilitate and engage in the buying and selling of stocks, bonds, real estate and other assets that mainly enriches the 20 percent of the population that owns 80 percent of that asset base. This doesn’t help growth, but it does fuel the wealth gap.
_________________________
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich

Top
#303304 - 10/02/17 11:54 PM Re: The Hoarding of the American Dream [Re: NW Ponderer]
pondering_it_all Offline
veteran

Registered: 02/27/06
Posts: 7139
Loc: North San Diego County
I just heard a funny story on PBS radio: Republicans want to "unleash the economy" by cutting taxes of business and the rich, but this kind of move will drive up prices and wages, spurring inflation.

Yellen and the Fed have been doing their best to keep inflation down and say the economy is doing pretty well. So Republican fiscal policy is fighting Fed policy!

The truly ironic thing about this is that people with dollars (IE. the rich) HATE inflation because it drains the value out of their assets over time. The rich should support Yellen and disavow Republican plans to fiddle with taxes to increase inflation. The poor and working class (with fixed rate mortgages) should love this plan because it makes their mortgages smaller in terms of their income.

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#303326 - 10/03/17 05:47 PM Re: The Hoarding of the American Dream [Re: NW Ponderer]
NW Ponderer Offline
Moderator
Carpal Tunnel

Registered: 09/09/11
Posts: 15566
Big banks and investment "advisors" (i.e. finance industry) LOVE inflation. They thrive on "churn" - the rapid turnover of assets - because they make their inordinate money on transactions, not holding assets. Inflation increases turnover, hence their bottom line. That's why they're promoting Kevin Warsh as Yellen's replacement as Fed chair. It would not be good for Trump, though, so if be skeptical (since the bulk of Trump's money comes from borrowing).
_________________________
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich

Top
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