What economic crisis? The 500 wealthiest people in the world are $852 billion richer this...

[p51d007]

We all come into the world, we all go out of the world the same way.
It's just how big your funeral is, and the place where they put the body.

 

[axiomatic13]

Man, did you miss the boat on me and my comment. The avatar proudly proclaims "Trump Indicted". And so do I.

And yes, everyone knows it was tRUMP that put those cuts in place and caused the national debt to jump higher in 4 years than the previous 247 (except Civil war and WW2) years combined.

Yikes, friendly fire. Sorry man. I'm not too proud to own up to a goof. Apologies!

 

[hover389]

Thats irrelevant because money isnt a zero sum gain. If they make X more dollars this year than us it doesnt mean we get X less dollars

 

[sorten]

oh yes the trickle down theory when the super rich bribe politicians and supreme court judges to tax them less to socialise their costs like destroying peoples health , land and water
yes the markets are good for pension funds - yes full employment means it slightly harder to exploit workers.
<snip>

Hey kiwigraeme. interesting post. Not sure how it relates to my post. My only points were that we're not in an economic crisis and it shouldn't be surprising that the rich are getting richer.

 

[kiwigraeme]

Hey kiwigraeme. interesting post. Not sure how it relates to my post. My only points were that we're not in an economic crisis and it shouldn't be surprising that the rich are getting richer.

fair enough -
[HEADING=2]The richest Americans became 40% richer during the pandemic.[/HEADING]
Generally rich have ways to make money in good times and bad

 

[scavengerspc]

Yikes, friendly fire. Sorry man. I'm not too proud to own up to a goof. Apologies!

No sweat brother. It happens.
And I'm ecstatic that we both hate the Orange!!

 

[wiyosaya]

Says the guy with the avatar picture of who set up all those tax breaks for the uber-rich.

Most people understand that tRump was a veritable dolt of a leader, and at least @scavengerspc and I do, and like he said, he celebrates his indictment, and likely imprisonment, with that avatar as do I.

Many people have no clue that US Citizens were paying tRump's tariffs that tRump imposed on China - not the Chinese, thus I rest my case for tRump being a "dolt leader". During that forgettable time, I bought some transistors and electronic parts from www.digikey.com On my invoice were line items imposing the "Trump grand and glorious retribution on China," I.e., import tariffs, on ME. Not the Chinese.

 

[wiyosaya]

No sweat brother. It happens.
And I'm ecstatic that we both hate the Orange!! BUFFOON

FTFY -

 

[McMurdeR]

History teaches us that it's never wise to allow so much of the wealth to be concentrated amongst so few. It always ends in disaster.

 

[wiyosaya]

History teaches us that it's never wise to allow so much of the wealth to be concentrated amongst so few. It always ends in disaster.

Ah. A sensible post. Will Musk crash on Mars?????

 

[wiyosaya]

Is this some meme/joke? I dont get it. Explain pls.

The article did say that Musk's wealth surpassed the GDP of Belgium.

 

[wiyosaya]

FIRST - note that all systems that use money or capital as their means of exchange of investment are capitalism therefore even Marxism and socialism are also forms of capitalism. (The only system that is not capitalism would be barter.)

Second - Free market capitalism and its introduction into locations where such inequalities exist because of Marxism, Socialism, or feudalism has done MORE to lift people out of poverty than ANY OTHER SYSTEM the world has ever seen!

Third - the problem is that where huge disparities exist the cause is that the system is NOT "free-market" nor "free-enterprise" capitalism.

The problem with calling everything that you currently see that is corrupt as "capitalism" is that you are not defining the TYPE of capitalism you see. Most of what you call "capitalism" is actually oligarchy.
This lack of understanding can be laid at the feet of many different institutions such as high-school, colleges, and news outlets.

So, I see the primary problem as Greed whether you want to call that oligarchy or not. Obviously, Musk does not need $247 Billion dollars, and believe it or not, has really done nothing to earn it. He did not invent the cars that Tesla produces - investigate this if you don't believe me.

I also think that if you look up the supposedly happiest country in the world, Finland, you will find it does have elements of socialism in its politics. Me thinks you are calling the kettle black with the generalities that you cite. However, before you jump to conclusions, again, about my thoughts, in no way do I support Marxism or feudalism - in fact, I think that most "western" economies are no more than an advanced form of feudalism as do others - https://americanaffairsjournal.org/2019/11/americas-drift-toward-feudalism/

Despite what the article implies, I don't see the US as in an economic down-turn. In fact, there are indications that things are heading in the opposite direction.

 

[GettCouped]

Agreeing with you: wealthy people are better at managing money and understanding how investments and the economy work than less wealthy or poor people are. It's virtually a tautology. The reason they are wealthy is because they are better at managing wealth than other people. If they were bad at managing wealth, they wouldn't have it. (how many athletes and one-hit musicians with multi-million dollar paydays have filed for bankruptcy or are selling real estate to get by after their short careers are over? --- lots)

The wealthy who have built their wealth from managing lesser wealth don't sell in downturns (or don't have to), they invest and buy at the right times. They have put themselves, or been put in a position to play the wealth game better than everyone else, but they also actually play the game better too - if they didn't they would be unknown or forgotten as bankrupts, not constantly climbing the wealth charts.

The better they get, the bigger the numbers get. Lots of people, tens of millions of them, increased their net worth by 13% in the past year, same as Musk did... its just that their 13% isn't 110 billion.

They are better at HIRING people who can manage their money. Don't be fooled. Sure there are many of them who are brilliant, have rich parents or just had the right thing at the time, BUT they don't manage ****. They pay brilliant people to do it for them.

 

[Aranarth]

So, I see the primary problem as Greed whether you want to call that oligarchy or not. Obviously, Musk does not need $247 Billion dollars, and believe it or not, has really done nothing to earn it. He did not invent the cars that Tesla produces - investigate this if you don't believe me.

I also think that if you look up the supposedly happiest country in the world, Finland, you will find it does have elements of socialism in its politics. Me thinks you are calling the kettle black with the generalities that you cite. However, before you jump to conclusions, again, about my thoughts, in no way do I support Marxism or feudalism - in fact, I think that most "western" economies are no more than an advanced form of feudalism as do others - https://americanaffairsjournal.org/2019/11/americas-drift-toward-feudalism/

Despite what the article implies, I don't see the US as in an economic down-turn. In fact, there are indications that things are heading in the opposite direction.

He does not HAVE $247B, he has STOCK and other assets that is worth $247B.

He likely only has a couple million in cash or less, everything is either unsold assets or unrealized gains.

If he were to sell or liquidate he would likely not get any where near that amount because his stock value would plummet as there wouldn't be anyone who could give him cash or other equivalents to be able to liquidate that much. Which is why companies that buy each other do stock swaps, you can't liquidate that much value.

Be sure you understand what the word oligarchy means: https://www.merriam-webster.com/dictionary/oligarchy

Depending on your viewpoint, very rich people who use their wealth to get their way would be considered an oligarch.

Next it is not greed as much as wealth attracts wealth.

 

[scavengerspc]

Don't be fooled. Sure there are many of them who are brilliant, have rich parents or just had the right thing at the time, BUT they don't manage ****. They pay brilliant people to do it for them.

I noticed that you forgot what is still the majority reason for big success. Busting ones a**.
But I realize that has fallen out of style for some that think working hard is icky.

 

[himindedlolife]

Yeah tech stocks went to the moon this year on AI hype which you, albeit a small amount in the grand scheme, helped fuel by running story after story about ChatGPT. Now you're shocked that people with huge tech stock holdings are seeing their paper wealth balloon. *shocked*