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Old 12-22-2016, 02:29 PM
 
33,016 posts, read 27,328,196 times
Reputation: 9074

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Quote:
Originally Posted by petch751 View Post
Do you actually think anyone would get out of bed and go to work if they had to pay 90% of their income to government? And that would be SLAVERY.

By the way, back then they didn't have credit cards, the few that did exist wasn't common. They didn't have computers, everything was CASH and paper. The first universal credit card, which could be used at a variety of establishments, was introduced by the Diners' Club, Inc., in 1950. Another major card of this type, known as a travel and entertainment card, was established by the American Express Company in 1958. The majority of people paid CASH.

??? Does Monopoly Man (the fictional one) get out of bed and go to work when he owns all that real estate?
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Old 12-22-2016, 02:29 PM
 
Location: Houston
26,979 posts, read 15,804,036 times
Reputation: 11259
It is amazing how many people imply stocks are just held by the rich. Most Americans with any snap are invested in the stock market. If you think the rich got an advantage...emulate them. Buy stocks.

Hell, at least be bright enough to put at least what ever your company will match in the 401K. Amazing how many people at my workplace, earning pretty much what I make, do not do that. Turning down a 4.5% raise just because they won't save 6%.

Just upped my contribution %, on a modest one earner income, to 14%. Of course the house is paid off. That took sacrifice too. Only bought one new vehicle, a 1991 S-10, in my entire life. Mostly 2500 buck cash cars til I was 33.
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Old 12-22-2016, 02:29 PM
 
26 posts, read 9,837 times
Reputation: 12
Quote:
Originally Posted by petch751 View Post
This is where many go wrong. Most people are not lucky enough to inherit a lot of money and of those who do, many spend it frivolously. People who are smart with their money invest / build wealth. There is no magic wand no matter what anyone including politicians tell you and no matter how much you b*tch nothing is going to change it either.

I'll help you out.... think of it this way.... every time you spend your money frivolously, every time you use debt to buy something that takes money out of your pocket and loses value, you're making some else richer.
Nonsense. The ultra wealthy did work hard, but factors beyond their control led to the outsized gains.

Very few people work harder than the Mexican immigrants in the nation and very few are smarter than the folks who score perfect on SAT's.

Neither of the two groups dominate the top wealth lists.
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Old 12-22-2016, 02:30 PM
 
Location: Houston
26,979 posts, read 15,804,036 times
Reputation: 11259
Quote:
Originally Posted by Camaro5 View Post
The stock market goes up and the liberals complain about it. That is as asinine as it gets.
They want people entirely dependent on government.
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Old 12-22-2016, 02:30 PM
 
41,111 posts, read 25,593,492 times
Reputation: 13868
Quote:
Originally Posted by whogo View Post
It is amazing how many people imply stocks are just held by the rich. Most Americans with any snap are invested in the stock market. If you think the rich got an advantage...emulate them. Buy stocks.

Hell, at least be bright enough to put at least what ever your company will match in the 401K. Amazing how many people at my workplace, earning pretty much what I make, do not do that. Turning down a 4.5% raise just because they won't save 6%.

Just upped my contribution %, on a modest one earner income, to 14%. Of course the house is paid off. That took sacrifice too. Only bought one new vehicle, a 1991 S-10, in my entire life. Mostly 2500 buck cash cars til I was 33.
Yep, a lot of middle class people got richer during this bump. That's not to say the value of their stock will go down and back up and down and back up.

It's risk, and anyone who doesn't take risks loses.
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Old 12-22-2016, 02:31 PM
 
26 posts, read 9,837 times
Reputation: 12
Quote:
Originally Posted by whogo View Post
It is amazing how many people imply stocks are just held by the rich. Most Americans with any snap are invested in the stock market. If you think the rich got an advantage...emulate them. Buy stocks.

Hell, at least be bright enough to put at least what ever your company will match in the 401K. Amazing how many people at my workplace, earning pretty much what I make, do not do that. Turning down a 4.5% raise just because they won't save 6%.

Just upped my contribution %, on a modest one earner income, to 14%. Of course the house is paid off. That took sacrifice too. Only bought one new vehicle, a 1991 S-10, in my entire life. Mostly 2500 buck cash cars til I was 33.
As you may wish to ignore, Donald J Trump, the president elect, claims roughly half the nation is unemployed.
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Old 12-22-2016, 02:32 PM
 
Location: Houston
26,979 posts, read 15,804,036 times
Reputation: 11259
Quote:
Originally Posted by snufftherooster View Post
As you may wish to ignore, Donald J Trump, the president elect, claims roughly half the nation is unemployed.
Trump is an idiot almost as bad as Obama.
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Old 12-22-2016, 02:33 PM
 
41,111 posts, read 25,593,492 times
Reputation: 13868
Quote:
Originally Posted by snufftherooster View Post
Nonsense. The ultra wealthy did work hard, but factors beyond their control led to the outsized gains.

Very few people work harder than the Mexican immigrants in the nation and very few are smarter than the folks who score perfect on SAT's.

Neither of the two groups dominate the top wealth lists.
I never said ultra wealthy didn't work hard. And I do hear that Mexican immigrants are very hard working, harder than many Americans who are spoiled and don't realize they are lucky to be born in a country where they can improve their financial standing unlike in many other countries. Then again, I didn't say anything about Mexicans either?

How in the world did you draw the conclusions you did from my post? Here, I'm reposting the post you responded to below.

Quote:
Originally Posted by petch751 View Post
This is where many go wrong. Most people are not lucky enough to inherit a lot of money and of those who do, many spend it frivolously. People who are smart with their money invest / build wealth. There is no magic wand no matter what anyone including politicians tell you and no matter how much you b*tch nothing is going to change it either.

I'll help you out.... think of it this way.... every time you spend your money frivolously, every time you use debt to buy something that takes money out of your pocket and loses value, you're making some else richer.
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Old 12-22-2016, 02:36 PM
 
26 posts, read 9,837 times
Reputation: 12
Quote:
Originally Posted by whogo View Post
Trump is an idiot almost as bad as Obama.
I agree. Anyone who would want the job of Presidency during the final years of a empire/nation are not really smart.

Back to the topic - Suppose Trump is correct. If half the county is without capital market access, how can a any market boom benefit them?

Trickle down is the only way.
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Old 12-22-2016, 02:37 PM
 
45,315 posts, read 26,834,676 times
Reputation: 23680
Quote:
Originally Posted by Freak80 View Post
Nobody is suggesting that the government should try to force equal outcomes. That's a straw man created by far-right media outlets. What government must do is prevent the excessive concentration of wealth.

In all societies, the rich get richer and the poor get poorer, without some kind of government intervention. Wealth redistribution exists to prevent the formation of a permanent aristocracy/ plutocracy that would threaten our democracy.

Too much wealth in too few hands inevitably leads to corruption of government, as concentrated wealth is used to buy politicians. That was exactly the situation in the late 1800s: the country was effectively ruled by a few ultra-wealthy individuals (Rockefeller, Carnegie, etc). It wasn't until Franklin D. Roosevelt that the plutocracy was finally broken.

The most prosperous period of our nation's history (the 1950s and 1960s) had a top marginal tax rate of 90%. Imagine a president trying to do that today! If Dwight D. Eisenhower were running for office today, he'd be branded a "socialist" or a "communist."
The OP was complaining because outcomes were not equal.

If the rich are cheating and breaking laws, or buying influence to skew the laws - then deal with them.

If the rich are making wise decisions based on the rules at hand - then good for them.

Income tax rates have nothing to do with creating prosperity. Question... what were the corporate tax rates back then? How stifling were regulations back then? How involved was government in the revenue stream of businesses back then? All of that plays into prosperity because it affects how much it costs to run a business, which affects prosperity.
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