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Old 11-10-2009, 04:44 PM
 
Location: Maine
3,536 posts, read 2,856,260 times
Reputation: 6839

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Quote:
Originally Posted by Traderx View Post
Every study I've ever seen says otherwise. I think you need a new excuse for your failure.

The Decline of Inherited Money - The Wealth Report - WSJ
Wow trader sounds like I struck a nerve, so where did you get your seed money to get started in life? collecting bottles and cans? or did Mumzy and daddy give you a little leg up the ole ladder?
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Old 11-10-2009, 06:44 PM
 
Location: rain city
2,957 posts, read 12,721,752 times
Reputation: 4973
I'm really quite surprised more people aren't outraged at the idea of their government representatives being the elite wealthy, living a life of money and privilege most Americans cannot and will never share.

How well represented are we by legislators so out of touch with our reality? Nearly half of Congress is a millionaire? These people are representing exactly who in the American public? The other one percent of American millionaires?

If nobody really cares that a bunch of rich guys who managed to outspend their rivals in the media race to buy a seat in Congress, while we little people are left to grab the $6,500 homebuyer straws extended to the peasantry to prop up the balance sheets of the banks they are invested in....as long as the people are willing to watch these manipulations and not be angry.....

It may be that we have the *government* we deserve.
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Old 11-10-2009, 07:16 PM
 
Location: Heartland Florida
9,324 posts, read 26,741,743 times
Reputation: 5038
The average American has been subdued with a steady stream of propaganda. Give them sex, give them circus and leave the elite to grab everything. If the average person had the character and intelligence to save this country we would have swept out all the career politicians and have filled Congress and the senate with the best and brightest with character. What scares me is what will happen next. Once the average American is hungry, homeless or just slaves of the system, a revolt will usher in a dictator who will promise help for the little people, but turn the country into the USSR Venezuela or Cuba.

Short of assassination, there is no way that the average American will be able to affect the future of the country. They do not "represent" us. Your business, Finance and investing have been hijacked by the garbage at the top. We are getting angrier and angrier. "When people lose everything and they have nothing else to lose they lose it".
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Old 11-10-2009, 09:15 PM
 
975 posts, read 1,754,550 times
Reputation: 524
Quote:
Originally Posted by roadrat View Post
Wow trader sounds like I struck a nerve, so where did you get your seed money to get started in life? collecting bottles and cans? or did Mumzy and daddy give you a little leg up the ole ladder?
4K and a credit card punk. Whats your excuse now?

And the only nerve you struck was my hatred for lazy, whinney people who ***** and moan about how everyone whos better off got there by some other way than working their ass off in ways you're not willing to do.
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Old 11-11-2009, 11:12 AM
 
Location: Seattle
1,369 posts, read 3,309,429 times
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Quote:
Originally Posted by sonarrat View Post
I'm surprised there aren't more.
Me too actually. Considering being a member of congress is a six figure job and sets up some absolutely lucrative consulting gigs and other business opportunities, I find it stunning they aren't all millionaires.
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Old 11-11-2009, 05:49 PM
 
Location: Maine
3,536 posts, read 2,856,260 times
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Quote:
Originally Posted by Traderx View Post
4K and a credit card punk. Whats your excuse now?

And the only nerve you struck was my hatred for lazy, whinney people who ***** and moan about how everyone whos better off got there by some other way than working their ass off in ways you're not willing to do.
"punk" LOL oh I struck a nerve alright , Now don't get your panties in a bunch trader, but your rags to riches story is starting to smell a little fishy




The punk!
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Old 11-11-2009, 05:57 PM
 
975 posts, read 1,754,550 times
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Quote:
Originally Posted by roadrat View Post
"punk" LOL oh I struck a nerve alright , Now don't get your panties in a bunch trader, but your rags to riches story is starting to smell a little fishy




The punk!
I never claimed to be rags to riches. Just lower middle class to secure. 1 million, or even 5 isn't very much and well within the reach of anyone regardless of who their parents were.

Still, this notion of your's that most people inherit wealth is a fallacy. The sad thing is we no longer admire those who succeed instead we blame them for our lack of success. To me thats about as anti American as it gets not to mention stupid.
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Old 11-11-2009, 06:02 PM
 
12,867 posts, read 14,909,539 times
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interesting article!

what needs to be stopped is this though:

Some lawmakers have profited from investments in companies that have received federal bailouts; dozens of lawmakers are invested in Wells Fargo, Citigroup, Goldman Sachs and Bank of America. that is a conflict of interest and they are clearly going to side with their investments over the public. (as they have demonstrated).

Among executive branch officials, CRP says the richest is Securities and Exchange Commission Chairwoman Mary L. Schapiro, with a net worth estimated at $26 million.

the SEC is not going to do any enforcing with her at the helm. she is going to have too many conflicting interests to be effective in her role.

i also question these figures: (maybe we have more tax evaders)
Vice President Joe Biden has often tagged himself as an original blue collar man. The CRP backs him up, putting his net worth at just $27,000.

He’s hardly the worst off.

Rep. Alcee Hastings (D-Fla.), freshman Rep. Harry Teague (D-N.M.), Rep. Jeff Fortenberry (R-Neb.), Rep. John Salazar (D-Colo.) and Rep. Sander Levin (D-Mich.) each a net worth of less than zero, CRP says.

really, all worth less than zero?
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Old 11-13-2009, 04:07 AM
 
5,758 posts, read 11,632,418 times
Reputation: 3870
Quote:
And the only nerve you struck was my hatred for lazy, whinney people who ***** and moan about how everyone whos better off got there by some other way than working their ass off in ways you're not willing to do.
Well, it's true that wealth begets wealth. I recall reading that less than 7% of undergraduates at Harvard were eligible for Pell Grants - which is to say more or less that 90% of Harvard undergrads came from households that were at or above the median American income.

Of course, you don't have to go to Harvard or some other elite college to be successful... but, like family wealth, it certainly helps!
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Old 11-13-2009, 08:13 AM
 
Location: Londonderry, NH
41,479 posts, read 59,761,940 times
Reputation: 24863
I don't know if Congresswoman Carol Shea-Porter D-NH is a millionaire but I doubt it. The first consideration of campaigning for office is that you cannot spend any time doing anything else like earning a living. If you do not have at least two years household expenses saved that you are willing to risk you cannot afford to even start. This fact definitely limits the pool of potential candidates.

The unfortunate truth is the US government has been hijacked by a self protecting financial elite more concerned with protecting wealth and privilege instead of creating real prosperity for all.

BTW - I wonder how many get up and go getters find a stress related death before or shortly after they get the millions. Some things are not worth working for.
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