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Old 08-29-2018, 11:10 PM
 
Location: midwest
1,349 posts, read 951,650 times
Reputation: 800

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Quote:
Originally Posted by ddm2k View Post
Don't you just hate when people keep saying this? There should be a fine assessed.
Yeah, it so accurately describes the diamond market.

Brainwash consumers to boost Demand, control distribution with a cartel to reduce Supply, and overcharge for worthless junk.

https://www.huffingtonpost.com/rohin...b_3708562.html

Then listen to economists talk about how rational consumers are.
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Old 08-30-2018, 07:33 AM
 
195 posts, read 37,361 times
Reputation: 285
Quote:
Originally Posted by COcheesehead View Post
I hate it that a lot of folks still dont understand it.
Me too. There is no credibility to the statement. Just like most things we are taught, it is a bunch of made up dribble with an occasional sprinkling of the truth just to allow enough spin if questioned.
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Old 08-30-2018, 02:20 PM
 
17,749 posts, read 15,023,452 times
Reputation: 6377
Quote:
Originally Posted by psikeyhackr View Post
Yeah, it so accurately describes the diamond market.

Brainwash consumers to boost Demand, control distribution with a cartel to reduce Supply, and overcharge for worthless junk.

https://www.huffingtonpost.com/rohin...b_3708562.html

Then listen to economists talk about how rational consumers are.
An interesting example. You have just described a strange mixture of acting rationally upon an irrational assumption. One must first profile the compartmentalization process of the subject to understand when being rational is applied.
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Old 08-30-2018, 02:35 PM
 
2,240 posts, read 1,385,700 times
Reputation: 4894
Quote:
Originally Posted by psikeyhackr View Post
Yeah, it so accurately describes the diamond market.

Brainwash consumers to boost Demand, control distribution with a cartel to reduce Supply, and overcharge for worthless junk.

https://www.huffingtonpost.com/rohin...b_3708562.html

Then listen to economists talk about how rational consumers are.
Marriage starts with a heart and a diamond And ends with a club and a spade.
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Old 08-30-2018, 05:09 PM
 
2,360 posts, read 1,026,502 times
Reputation: 2071
Quote:
Originally Posted by Larry Caldwell View Post
One of the greatest times in American economic history was the great leap in productivity following the invention of the assembly line. There was rapid inflation of wages coupled with rapid deflation in consumer goods. Unfortunately, it turned out to be too much of a good thing. Like 2007, people were convinced the good times would roll forever, so they overextended their debt in an attempt to get rich. With no bank regulation, the whole economic structure collapsed and took a long time to recover.

In our current economy, our great leap in productivity has not accrued to the workers, because of the vast oversupply of capital. The assumption is that money will make money, and labor won't. Instead of investing to produce more, investment is oriented to reduce labor.
But investing in labor can make you or break you.
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Old 08-30-2018, 08:24 PM
 
Location: Holly Neighborhood, AUSTINtx
3,455 posts, read 5,090,042 times
Reputation: 2048
Quote:
Originally Posted by psikeyhackr View Post
Yeah, it so accurately describes the diamond market.

Brainwash consumers to boost Demand, control distribution with a cartel to reduce Supply, and overcharge for worthless junk.

https://www.huffingtonpost.com/rohin...b_3708562.html

Then listen to economists talk about how rational consumers are.
You are assuming that all consumers should value this commodity to the same degree you do; that they cannot derive value from this dense hunk of carbon. From that line of thinking why would anyone pay more than the cost of supplies for a painting?
Consumers can buy diamonds from Canada (and I’m sure other countries) if they don’t want to support DeBeers.
Anyone brainwashed by a Zales commercial probably has a lot of bigger issues with which they need to deal.
If diamonds are worthless why do pawn shops and others buy them?
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Old 08-30-2018, 08:28 PM
 
12,628 posts, read 12,065,272 times
Reputation: 17277
Quote:
Originally Posted by verybadgnome View Post
But that is the great thing about capitalism: you as a consumer don't have to contribute a cent* towards LeBron's $35M salary as no one is forcing you to buy basketball tickets or embroidered teepee. How can you quibble about a system that gives you these choices, while also skimming (aka taxing) LeBron's salary for the public good? If your neighbor wants to buy season tickets for the Lakers to help old LeBron out how does that (1) negatively affect you; or (2) how is it even any of your business how your neighbor spends his discretionary income? Would it somehow be preferable to live in a country without professional sports teams so people like you can feel smug and egalitarian? If anything this thread have made me more adamant in my beliefs as the motivations and arguments of the naysayers seem to be arising from envy and lack of understanding how markets work than anything approaching a workable system.

As far as the $15/hr EMTs are concerned that is an issue, but not one that has anything to do with LeBron. It is not a zero sum game where every extra dollar LeBron makes is somehow taken away from EMTs. It has more to do with the health care industry so that is probably where you want to do your inquiries.

* - Unless your local city council decides they want to subsidize the stadium he will play in, but that is where the voting booth comes into play
Except when tax payers pay for stadiums...
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Old 08-30-2018, 08:31 PM
 
12,628 posts, read 12,065,272 times
Reputation: 17277
Quote:
Originally Posted by verybadgnome View Post
LeBron is not overpaid. He may make what you consider an unfathomable amount, but the fact is he gets paid $35M because his employer expects to make at least that much off of his labor. If his employer thought his labor was worth say $10M why in the world would they pay him 3.5 times that amount? The bottom line is that in a country of over 320M people less there are less than a handful that can play his game at that level. It is his degree of talent - along with the demand and willingness of others to pay to see it - that translates into his salary. Sorry if you are looking for an injustice in this world you will have to find another stone to turn over......And really you should thank him. He pays many, many times the taxes you pay and subsidizes you and not the other way around.
Collusion not allowed in the NBA? Because they could cut 25% from everyone's salary and they would still play all the same.
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Old 08-31-2018, 08:52 AM
 
2,360 posts, read 1,026,502 times
Reputation: 2071
Quote:
Originally Posted by boxus View Post
Except when tax payers pay for stadiums...
exactly.. and the tax payer still has to pay to play..
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