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Old 12-22-2011, 07:38 AM
 
4,255 posts, read 3,335,965 times
Reputation: 991

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Quote:
Originally Posted by Cletus Awreetus-Awrightus View Post
I believe that the severity of income inequality is rather great.

However, my beef has more to do with how that happened, not just the fact that incomes are severely inequal. If I felt bankers and the financial elite had actually earned that wealth, then it wouldn't be a big deal.

However, the combination of
a. Fractional Reserve banking
b. Lack of accounting standards
c. Bailouts
d. Tax preferences

has given me the impression that many, many of these folks didn't earn a damn thing.

c is the biggest. Plenty of smaller banks struggled thru it on their own only to have to compete with larger ones that y all right should no longer be in business.
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Old 12-22-2011, 07:38 AM
 
Location: Central Texas
13,719 posts, read 29,185,415 times
Reputation: 9259
Quote:
Originally Posted by Workaholic? View Post
Rick Santorum said this in Iowa and got lots of people angry: "I’m for income inequality. I think some people should make more than other people, because some people work harder and have better ideas and take more risk, and they should be rewarded for it. I have no problem with income inequality."

What do you think? Is he right that a logical person should believe that some people should make significantly more money than others based on how society views their contribution. Should an Accountant sitting in a comfortable office make twice what someone working road construction in the rain, heat and wind makes? Many people think the road construction worker should make more money because he is working harder than the Accountant.

So... what do you think? Do you believe in income inequality?
I have no problem with income inequality. There is no reason to believe otherwise. The reality of your example is that almost anyone can do road construction while far fewer can do accounting. Since there is a need for accountants, they are paid more.

Two people doing the same job equally well should be paid the same.
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Old 12-22-2011, 07:40 AM
 
4,428 posts, read 4,301,935 times
Reputation: 1356
Good Morning.

We The People keep on discussing problems and solutions.


Remember this -

Washington isn't listening.


The Senate is on vacation. Just as effective as when they're there.
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Old 12-22-2011, 07:41 AM
 
20,950 posts, read 18,253,406 times
Reputation: 10270
Quote:
Originally Posted by hoffdano View Post
The owner of the factory doesn't do anything?

You mean running the payroll, marketing the company to keep it vital and alive, dealing with regulations, paying insurance, safety inspections, leading the key people in the company that run each department, firing bad employees, hiring good ones, paying taxes, etc is doing nothing?
Not to mention having the pleasure of dealing with the unions.
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Old 12-22-2011, 07:42 AM
 
20,950 posts, read 18,253,406 times
Reputation: 10270
Quote:
Originally Posted by hoffdano View Post
I have no problem with income inequality. There is no reason to believe otherwise. The reality of your example is that almost anyone can do road construction while far fewer can do accounting. Since there is a need for accountants, they are paid more.

Two people doing the same job equally well should be paid the same.
Maybe one of the two offers more intangibles?
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Old 12-22-2011, 07:43 AM
 
4,428 posts, read 4,301,935 times
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Quote:
Originally Posted by alphamale View Post
Not to mention having the pleasure of dealing with the unions.

Unions distort what someone is worth.


Push a button - make $30 per hour.
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Old 12-22-2011, 07:43 AM
 
3,457 posts, read 3,471,734 times
Reputation: 1544
Quote:
Originally Posted by waterboy7375 View Post
c is the biggest. Plenty of smaller banks struggled thru it on their own only to have to compete with larger ones that y all right should no longer be in business.
"Bailout" is too vague a term to describe the "big problem". Most people associate that word "bailout" with TARP, and TARP wasn't sh*t in the grand scheme of things.

EconoMonitor : Great Leap Forward » BERNANKE

We have a policy of GIVING more and more money to large, well connnected financial institutions, to invest or loan out. This policy has been slowly creeping up on us for decades. It creates "paper wealth" for certain folks, at the expensive of the actual "Main Street economy."
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Old 12-22-2011, 07:44 AM
 
Location: Maryland
7,477 posts, read 5,842,422 times
Reputation: 9395
Quote:
Originally Posted by GregW View Post
My problen is with the guy that owns the factory and lives off the profit created by your brother and cousin without having to actually do anything.
They get paid a salary in return for the service that they agreed to do. End of Transaction. There is nothing more that is owed to them.
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Old 12-22-2011, 07:45 AM
 
Location: Texas
14,967 posts, read 15,701,938 times
Reputation: 4583
Quote:
Originally Posted by Yooperkat View Post
Unions distort what someone is worth.


Push a button - make $30 per hour.
No kidding. And then because they insist on "$30 per hour" for the person pushing a button, the business is not able to hire three people for $10 per hour or one person for $10 per hour and one skilled person for $20 per hour. But militant unions don't get this very common sense fact. I guess they're incapable of common sense or of any rational thought.
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Old 12-22-2011, 07:46 AM
 
4,255 posts, read 3,335,965 times
Reputation: 991
Quote:
Originally Posted by Yooperkat View Post
Unions distort what someone is worth.


Push a button - make $30 per hour.

Fixed salaries breed stagnation. When the hustler see's the slacker making the same , his incentive to hustle goes away.
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