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Old 02-11-2018, 09:45 AM
 
2,700 posts, read 3,750,512 times
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Quote:
Originally Posted by Troyfan View Post
I heard that 20% of the people eat 80% of the peanut butter. I wonder if it's the same 80%? There's obviously some overlap.
Or is it that 80% of statistics are understood by only 20% of the people?
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Old 02-11-2018, 10:34 AM
 
Location: Aurora Denveralis
3,017 posts, read 1,028,996 times
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Quote:
Originally Posted by Teak View Post
Or is it that 80% of statistics are understood by only 20% of the people?

Ladies, gentlemen, bots and the rest of you, the great Todd Snider:

https://www.youtube.com/watch?v=BMQdtyot38s
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Old 02-11-2018, 12:10 PM
 
8,563 posts, read 2,397,860 times
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Rand - wasn't she a fiction writer?
Wasn't she a confident/friend of Greenspan when the Great Recession happened?

The Era of Trump is nothing new. Many people have always marched behind the mantle of Fiction.
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Old 02-11-2018, 12:18 PM
 
Location: East Coast of the United States
15,669 posts, read 18,223,008 times
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Quote:
Originally Posted by k374 View Post
https://www.nytimes.com/2018/02/08/b...s-economy.html

is this stat even valid? This seems ridiculously skewed to me. I thought 50% of Americans owned some stocks and the average balance was about $100k
Look at it this way:

If you put $1000 in a stock market index and it goes up 10%, then you made 100 dollars.

If you put $1,000,000 in the same stock market index, then you just made 100 THOUSAND dollars.

In other words, rich people can get richer much faster.
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Old 02-11-2018, 12:20 PM
 
Location: Aurora Denveralis
3,017 posts, read 1,028,996 times
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Quote:
Originally Posted by craigiri View Post
Rand - wasn't she a fiction writer?
A-yup.

Her cult reminds me a lot of the rabid Heinlein aficionados I've known - read the fiction, forget the context, babble wildly about ideas that make absolutely no sense outside the context of the fiction. And, funny thing, a lot of them are big-L Libertarians, too. Seems to be a reality issue with that crowd.

Quote:
Wasn't she a confident/friend of Greenspan when the Great Recession happened?
Died just a tad before that (like, 25 years), but there were certainly Randites spouting in that era, too.

You can't win against them online, since everyone is whatever they say they are, but they're a category I love to make fools of in personal encounters. Most of them ignorant as rocks outside Rand and whatever STEM major they took.
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Old 02-11-2018, 01:01 PM
 
Location: Silicon Valley
2,760 posts, read 1,214,346 times
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Quote:
Originally Posted by Marc Paolella View Post
Lack of stock ownership is a personal problem to be solved by the individual. I can recommend E-trade to solve this personal problem. You log on, give them some money that you have earned and own, and then you proceed to select a stock or mutual fund. Click add to cart. Checkout.


Done. Now the personal problem of lack of stock ownership is solved and you can proceed with your day.
While I agree there is no legal barrier to market entry, there is an underlying issue at play that has merit. People should buy stocks with money they can afford to lose. I've known several people that catch a break or get a small bonus and they'll ask me....I have $2000 that I don't need to spend, I want to invest it for 10 months. How much can I get....

They're just hitting the point of temporary surplus. They'll need the money again. It's not in their best interests to invest because that $2000 could be $1600 when they need the money back. According to Murphy, that will be nudged right between two weeks where it was at $2200.

So it is hard for someone who's basically at their earning potential, and maybe their surplus is $25 a week. It's easy to see how the saving isn't getting them anywhere. Easy to rationalize how they'll never be the rich aunt, but could remember to buy a little one a present.

I've got a relative that's a lifer at a non-union grocery store. What's awesome about this store is that they give all of their employees a retirement contribution regardless of the employees putting anything in, and it's % wise, a decent amount. They also have an additional match. When they first put it in, she said her colleagues mostly didn't trust it, but of course they'd take free money, so they had to go through the exercise of saying where they wanted it allocated. The most popular option was cash holdings. She didn't know, so she put it all in the first fund listed. The next year she put it in the second one listed. Finally by year 4 she wanted someone to look because she said....I really have no idea what these are. So I just try them to see how they work. I'm sure I'm doing it wrong...please look.

Lucky for her, the first ones were different stock funds appropriate for her age. And they started growing. And since everyone knew what the company paid in, they'd compare...and her amounts were bigger...plus she could get more.

Suddenly that extra $25 has a place to go where it WILL matter. Forced involvement forced her to seek advice on how to do it. As she saw the rewards of investing and the balance getting bigger, she got excited, as we all do and she got motivated to try and capture the entire match amount.

Now I doubt she's going to have a balance when she retires that will shock and awe the world....she'll never be in the 10%....but she'll have enough, because her consumption is very low. She won't need a million dollars to retire.

At any rate, while I'm usually conservative sounding on this board, but there's a very real way employers can help their employees start saving. The important number here is hopefully 80% of Americans have retirement plan assets of some kind. Hopefully we don't lose too many in the market gyrations to come.
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Old 02-11-2018, 01:08 PM
 
Location: Northern NJ
7,405 posts, read 7,365,248 times
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Quote:
Rand - wasn't she a fiction writer?

Quote:
Originally Posted by Quietude View Post
A-yup.

Her cult reminds me a lot of the rabid Heinlein aficionados I've known - read the fiction, forget the context, babble wildly about ideas that make absolutely no sense outside the context of the fiction. And, funny thing, a lot of them are big-L Libertarians, too. Seems to be a reality issue with that crowd.


Died just a tad before that (like, 25 years), but there were certainly Randites spouting in that era, too.

You can't win against them online, since everyone is whatever they say they are, but they're a category I love to make fools of in personal encounters. Most of them ignorant as rocks outside Rand and whatever STEM major they took.

A-nope.


Before making fools of them, you might want to familiarize yourself with her non-fiction. I'd start with Introduction to Objectivist Epistemology. That will help you understand how you lost every argument with those rocks that you'd thought you won.
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Old 02-11-2018, 01:13 PM
 
Location: Pennsylvania
9,000 posts, read 3,127,688 times
Reputation: 7082
Quote:
Originally Posted by Quietude View Post
The article is pretty clear in establishing that yes, they are talking about everyone's 401k's etc. I don't find the number particularly shocking; if some vast amount of wealth is concentrated in a very small percentage of holders, that money has to be somewhere... and stocks are a primary place.

The NYT is neither given to hysteria nor clickbait BS (playground namecalling by the orangutan-in-chief notwithstanding).
Very ironic that you call Trump a name caller - and then proceed to call him your own very special name.
Irony.
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Old 02-11-2018, 01:18 PM
 
Location: Aurora Denveralis
3,017 posts, read 1,028,996 times
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Quote:
Originally Posted by BeerGeek40 View Post
Very ironic that you call Trump a name caller - and then proceed to call him your own very special name.
Irony.
We live in an iron world, my friend. When he shuts up and even pretends to act like a chief executive, we'll ut away the files.
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Old 02-11-2018, 01:20 PM
 
Location: Aurora Denveralis
3,017 posts, read 1,028,996 times
Reputation: 3849
Quote:
Originally Posted by Marc Paolella View Post
[color=blue]Before making fools of them, you might want to familiarize yourself with her non-fiction.
All written decades after her fiction, just like the encyclopedias of Middle Earth. Nothing like getting drunk on your own Kool-Aid, eh?
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