1% Close to Surpassing Wealth of Entire Middle Class

[Bruh Man 3,160]

In what world is this ok?

https://www.bloomberg.com/news/articles/2019-11-09/one-percenters-close-to-surpassing-wealth-of-u-s-middle-class

Quote

The U.S.’s historic economic expansion has so enriched one-percenters they now hold almost as much wealth as the middle- and upper-middle classes combined.

The top 1% of American households have enjoyed huge returns in the stock market in the past decade, to the point that they now control more than half of the equity in U.S. public and private companies, according to data from the Federal Reserve. Those fat portfolios have America’s elite gobbling up an ever-bigger piece of the pie.

The very richest had assets of about $35.4 trillion in the second quarter, or just shy of the $36.9 trillion held by the tens of millions of people who make up the 50th percentile to the 90th percentile of Americans -- much of the middle and upper-middle classes.

Chalk up at least part of their good fortune to interest rates, said Stephen Colavito, chief market strategist at Lakeview Capital Partners, an Atlanta-based investment firm for high-net-worth investors. People can’t get much of a return on certificates of deposits and other passive investments, so they’ve pumped money into stocks and propped up the market overall, he said.

In turn, those investments make the wealthy eligible to put money into exclusive hedge funds and private equity funds. Many such funds require $5 million of investments to qualify.

“The wealthier that the wealthy get, the more opportunity they have,” Colavito said.

It may not be long before one-percenters actually surpass the middle and upper-middle classes. Household wealth in the upper-most bracket grew by $650 billion in the second quarter of 2019, while Americans in the 50th to 90th percentiles saw a $210 billion gain.
 

 

[Onboard 2.0 9,083]

In no world is it good.

[workswithseed 2,204]

[Communist] We should obviously eat the rich. [Manifesto] 

 

[bad_teammate 13,522]

It's OK guys, they promise to give it all away!!!!!!!!!!!!!!!

To the foundations they named after themselves that will be run by their kids and future generations where they get fat 6-figure checks for "administering" charities that we are all going to become increasingly dependent on as the wealth becomes almost entirely concentrated up there.

[Onboard 2.0 9,083]

19 hours ago, workswithseed said:

[Communist] We should obviously eat the rich. [Manifesto] 

 

Funny, but that much wealth in the hands of so few is very very bad.  Our middle class has always been our economic strength. Those are the folks who buy the most cars, washing machines, jet skis, etc.

Wages have stagnated, even if inflation has stayed in check, it's a bad situation (SEE: 1929).

Edited November 11, 2019 by Onboard 2.0

[Blotto 24,018]

8 minutes ago, Onboard 2.0 said:

In no world is it good.

Dont you chug GOP cock around here? The same GOP that passed cuts that exacerbated the issue? The same GOP that is trying to reduce benefits to the lower and middle classes, while enriching corporations and Wall St? Or do I have you confused with somebody else?

[Hugo Stiglitz 23,367]

Did Joe the plumber become a billionaire yet?

[Onboard 2.0 9,083]

Just now, Blotto said:

Dont you chug GOP cock around here? Or do I have you confused with somebody else?

Your mom ?

[Blotto 24,018]

As an 85 year old widow with early stage Alzheimers, I doubt Mom is chugging much cock, but if she is I can assure you it wouldn't the GOP variety. She detests you fucking morons. 

I'll take your deflection as confirmation that my original question was accurate.

[Onboard 2.0 9,083]

5 minutes ago, Blotto said:

As an 85 year old widow with early stage Alzheimers, I doubt Mom is chugging much cock, but if she is I can assure you it wouldn't the GOP variety. She detests you fucking morons. 

I'll take your deflection as confirmation that my original question was accurate.

Yes, you better have the right team colors on, and never believe anything other than what your little play book tells you.  What an ignorant tool you are.

[SaucyJack 3,520]

16 minutes ago, Hugo Stiglitz said:

Did Joe the plumber become a billionaire yet?

Nah  He's an UAW member now.  Think he still works for Chrysler.  Never was a licensed plumber. But GOP gonna GOP.

[Blotto 24,018]

2 minutes ago, Onboard 2.0 said:

Yes, you better have the right team colors on, and never believe anything other than what your little play book tells you.  What an ignorant tool you are.

So what specific policies is the GOP currently proposing to reverse this trend? Should be an easy question to answer if you truly believe this is a critical issue in this country. Bonus points if your answer doesn't contain the word Hillary.

[RPM 26,627]

4 minutes ago, SaucyJack said:

Think he still works for Chrysler. 

Well then he's working for Peugeot now. That should please him. 

[atomheartbevo 90,645]

24 minutes ago, Blotto said:

So what specific policies is the GOP currently proposing to reverse this trend? Should be an easy question to answer if you truly believe this is a critical issue in this country. Bonus points if your answer doesn't contain the word Hillary.

They aren’t this self-aware, and they don’t care for book learnin’, so they don’t know that this story usually ends very badly for everybody.

Edited November 10, 2019 by atomheartbevo

[Bruh Man 3,160]

1 hour ago, Hugo Stiglitz said:

Did Joe the plumber become a billionaire yet?

He would have by now if the illegals didn't take all of the plumbing gigs. At least that's what Sean Hannity shoves down his throat every night.  

The plutocrats are going to have a fun time over the next year with the Joe the Plumbers of the world. By the time election time comes around, their propaganda machine will have them believing the wealth tax is going to fund La Raza and BLM. 

Edited November 10, 2019 by Bruh Man

[Degenerate Gardner 4,159]

What you don't understand is that theft in California is a misdemeanor!

[workswithseed 2,204]

2 minutes ago, Degenerate Gardner said:

What you don't understand is that theft in California is a misdemeanor!

What?

[Degenerate Gardner 4,159]

11 minutes ago, workswithseed said:

What?

Vorshtein?

[Biff Tannen 46,165]

1 hour ago, atomheartbevo said:

They aren’t this self-aware, and they don’t care for book learnin’, so they don’t know that this story usually ends very badly for everybody.

[workswithseed 2,204]

24 minutes ago, Biff Tannen said:

That really didn't help the French and the one who was most radical was hated so much he was the very last head to be cut off.

[Goredho 17,655]

Just watched Joker & now this shit.  Put me on team clown.

[Pescado_Rojo 19,587]

1 hour ago, Degenerate Gardner said:

What you don't understand is that theft in California is a misdemeanor!

Sweet, so I can go steal some of that silicon valley 1% money and bang whores while I’m on house arrest?

[Incredulity 11,876]

4 minutes ago, Pescado_Rojo said:

Sweet, so I can go steal some of that silicon valley 1% money and bang whores while I’m on house arrest?

Yes, but no house arrest.  We trust you to just take what you need.

[gmr548 16,698]

That's a lot of wealth. Should start tickling down any minute now, right?

[ChiTownDoc 21,345]

4 hours ago, bad_teammate said:

It's OK guys, they promise to give it all away!!!!!!!!!!!!!!!

 

  Hide contents

To the foundations they named after themselves that will be run by their kids and future generations where they get fat 6-figure checks for "administering" charities that we are all going to become increasingly dependent on as the wealth becomes almost entirely concentrated up there.

 

I think you and I may actually agree in that passing wealth from one generation to the next should be severely limited for billionaires.  There's WAY to many loopholes currently around inheritance taxes.  Close the loopholes and increase the taxes - a lot. 

[ChiTownDoc 21,345]

4 hours ago, Blotto said:

Dont you chug GOP cock around here? The same GOP that passed cuts that exacerbated the issue? The same GOP that is trying to reduce benefits to the lower and middle classes, while enriching corporations and Wall St? Or do I have you confused with somebody else?

Dude - that's what the GOP actually does.  It's not what they say they do.  And millions in the middle class buy into the BS, hook/line/sinker...and here we are.  The R party would not exist if they weren't absolute masters of tricking the masses to vote against their own interests.  It's mind boggling. 

[bad_teammate 13,522]

To avoid the estate tax, just give it all to the foundation, which is managed by your family and operates investment strategies exactly the same as you would have so that, somehow, this foundation's wealth constantly grows.

The foundation needs a few private jets... maybe an island?

[workswithseed 2,204]

19 minutes ago, gmr548 said:

That's a lot of wealth. Should start tickling down any minute now, right?

Tickling down, huh? I'd let an old rich dude tickle me for money.

[WBT 20,972]

The 90-99th percentile just don't count or what?  Doesn't really change the point but seems like the stats are being cherry picked.

[ChiTownDoc 21,345]

54 minutes ago, bad_teammate said:

To avoid the estate tax, just give it all to the foundation, which is managed by your family and operates investment strategies exactly the same as you would have so that, somehow, this foundation's wealth constantly grows.

The foundation needs a few private jets... maybe an island?

Again - there’s ways to monitor foundations, but no matter what it’s very difficult.  You seem to agree.  
 

Hell if they want, a billionaire can just leave the country and go somewhere like Panama that won’t tax them nearly as much.  You have to do the best you can.  
 

They’ll still be able to visit on travel visa’s etc.  I’m starting to see why you want to just guillotine the whole lot.  

[Onboard 2.0 9,083]

10 hours ago, ChiTownDoc said:

Dude - that's what the GOP actually does.  It's not what they say they do.  And millions in the middle class buy into the BS, hook/line/sinker...and here we are.  The R party would not exist if they weren't absolute masters of tricking the masses to vote against their own interests.  It's mind boggling. 

Yeah cause the democrats are a block of honesty like granite....

[Onboard 2.0 9,083]

14 hours ago, Blotto said:

As an 85 year old widow with early stage Alzheimers, I doubt Mom is chugging much cock, but if she is I can assure you it wouldn't the GOP variety. She detests you fucking morons. 

I'll take your deflection as confirmation that my original question was accurate.

You're on board with every position the democrat party takes ?   I don't agree with many positions the GOP takes. I don't agree with many more positions the DNC takes.  

Genuinely sorry too hear about your mom and alzheimers.

[bernorange 8,385]

Quote

...

Chalk up at least part of their good fortune to interest rates, said Stephen Colavito, chief market strategist at Lakeview Capital Partners, an Atlanta-based investment firm for high-net-worth investors. People can’t get much of a return on certificates of deposits and other passive investments, so they’ve pumped money into stocks and propped up the market overall, he said.

...

The real problem here isn't the 1%.  It's our unstable (insane) monetary system.  Central banks are distorting interest rates and QE is fueling this fire.  The market is a bubble (maybe the largest one ever).  It's going to be hell on the 1% (and everyone else) when it bursts.

[bad_teammate 13,522]

10 hours ago, ChiTownDoc said:

Again - there’s ways to monitor foundations, but no matter what it’s very difficult.  You seem to agree.  
 

Hell if they want, a billionaire can just leave the country and go somewhere like Panama that won’t tax them nearly as much.  You have to do the best you can.  
 

They’ll still be able to visit on travel visa’s etc.  I’m starting to see why you want to just guillotine the whole lot.  

Guillotines feel good, but they aren't really a long-term solution.

What we really need is a worldwide dictatorship of the proletariat and a dissolution of nations (because borders only really exist to protect wealth) so that capital wealth has nowhere to escape to and it is forced to stay in the hands of the people, where it does the maximum amount of good for society.

But then that doesn't work because many (most?) people just want to know whose boot to lick and they'll try to make a king out of the next person that inspires them.

Like Moses coming down and seeing his people worshiping a golden calf...

 

[XYZ 2,154]

Murica!

[workswithseed 2,204]

47 minutes ago, bad_teammate said:

Guillotines feel good, but they aren't really a long-term solution.

What we really need is a worldwide dictatorship of the proletariat and a dissolution of nations (because borders only really exist to protect wealth) so that capital wealth has nowhere to escape to and it is forced to stay in the hands of the people, where it does the maximum amount of good for society.

But then that doesn't work because many (most?) people just want to know whose boot to lick and they'll try to make a king out of the next person that inspires them.

Like Moses coming down and seeing his people worshiping a golden calf...

 

This feels like it was tried before. 

[ChiTownDoc 21,345]

2 hours ago, Onboard 2.0 said:

Yeah cause the democrats are a block of honesty like granite....

Democrats are bad at playing politics but at least their voters are being lead to vote for their own interests (you: ‘free stuff’).  
 
Nobody can deny the vast majority of R’s vote against their own pocketbooks.  But the poor faction of the R party believes in fairy tale religion.  You can bet the vast majority of the 1% does not.  They believe in wealth.  

[Onboard 2.0 9,083]

11 hours ago, ChiTownDoc said:

Democrats are bad at playing politics but at least their voters are being lead to vote for their own interests (you: ‘free stuff’).  
 
Nobody can deny the vast majority of R’s vote against their own pocketbooks.  But the poor faction of the R party believes in fairy tale religion.  You can bet the vast majority of the 1% does not.  They believe in wealth.  

Bad at Playing politics ? It's what they've been doing forever. That they're bad at is is because they have to swerve right in election cycles then they swerve left again if voted into office .

Edited November 12, 2019 by Onboard 2.0

[workswithseed 2,204]

4 minutes ago, ChiTownDoc said:

Democrats are bad at playing politics but at least their voters are being lead to vote for their own interests (you: ‘free stuff’).  
 
Nobody can deny the vast majority of R’s vote against their own pocketbooks.  But the poor faction of the R party believes in fairy tale religion.  You can bet the vast majority of the 1% does not.  They believe in wealth.  

I'm sorry you hate the poors so much with thier different opinion.

[ChiTownDoc 21,345]

Just now, workswithseed said:

I'm sorry you hate the poors so much with thier different opinion.

I love em.  They keep throwing more money my way.  I just think it’s sad.  I really don’t need more.  

[ChiTownDoc 21,345]

3 minutes ago, Onboard 2.0 said:

Bad at Playing politics ? It's what they've been doing forever. That they're bad at is is beciae they have to swerve tight in election cycles than they can swerve left again if voted into office .

Yes - they’ve been bad at playing politics almost forever.  I’m not disagreeing w you.  

[workswithseed 2,204]

3 minutes ago, ChiTownDoc said:

I love em.  They keep throwing more money my way.  I just think it’s sad.  I really don’t need more.  

Why don't you just start giving the money you don't need to charity, or the govt?

Edited November 11, 2019 by workswithseed

[ChiTownDoc 21,345]

8 minutes ago, workswithseed said:

Why don't you just start giving the money you don't need to charity, or the govt?

I don’t agree w BT.  Govt doesn’t know what to do with it.  I’m not far left.  The govt needs more in taxes just to function. Neither side is fiscally conservative these days.  R are pathetic w money mgt.

As for me... every penny is earmarked to be given away to charity.  Much of it already goes out the door.  

[hpslugga 4,097]

55 minutes ago, workswithseed said:

This feels like it was tried before. 

Where and when?

[XYZ 2,154]

If you are not part of the 1% it’s because you didn’t pull yourself up by the bootstraps hard enough.

[David Dennison 19,538]

1 minute ago, XYZ said:

If you are not part of the 1% it’s because you didn’t pull yourself up by the bootstraps hard enough.

Or your parents didn't.

Or grandparents.

Slackers.

[lemonlime 5,503]

8 minutes ago, David Dennison said:

Or your parents didn't.

Or grandparents.

Slackers.

We should all be part of the 1%.  Hell, the 99% are all lazy bums.  Every single person in the country should be in the 1%.

And imaginary, lazy ass bums, should teach the 1% children, mow their lawns, clean their houses, maintain their roads, and put out fires at their houses.

s/ the GOP

Edited November 11, 2019 by lemonlime

[Chad Fuck 18,135]

14 minutes ago, David Dennison said:

Or your parents didn't.

Or grandparents.

Slackers.

And your kids won't.

And your grandkids won't.

Unborn losers.  

Edited November 11, 2019 by Chad Fuck

[workswithseed 2,204]

22 minutes ago, hpslugga said:

Where and when?

Ahhh.. the whole it was never really tried before tactic. It must been those pesky dictators, that you need, but then need to somehow throw away? 

[Hank Scorpio 17,924]

The seed man is the personification of the Republican base. He’s out there working In the fields with his seeds but he would gladly die for any billionaire to pay less taxes because America.