A Hedge Fund Republic?

[Ducimus]

http://www.nytimes.com/2010/11/18/op...stof.html?_r=1

So many big words...........he must be smart or...hiding his not so smart.

The folks would rather be spoken to like people than pussified ivy league.

People are tired of being talked down to.

[Takeda Shingen]

Yes, if he'd only use 'refudiate'.

[mookiemookie]

Originally Posted by Ducimus

http://www.nytimes.com/2010/11/18/op...stof.html?_r=1

And if you want to know why politics is the way it is, you simply follow the money.

I heartily recomment Matt Taibbi's Griftopia. Reading it now and loving it:

The financial crisis that exploded in 2008 isn’t past but prologue. The stunning rise, fall, and rescue of Wall Street in the bubble-and-bailout era was the coming-out party for the network of looters who sit at the nexus of American political and economic power. The grifter class—made up of the largest players in the financial industry and the politicians who do their bidding—has been growing in power for a generation, transferring wealth upward through increasingly complex financial mechanisms and political maneuvers. The crisis was only one terrifying manifestation of how they’ve hijacked America’s political and economic life.

Originally Posted by Takeda Shingen

Yes, if he'd only use 'refudiate'.

Or that there are 57 states.

[tater]

Pretty stupid op-ed.

One way to examine that decision is to put aside all ethical considerations and simply look at where tax dollars will do more to stimulate the economy. There the conclusion is clear: You get much more bang for the buck putting money in the hands of unemployed people because they will promptly spend it.

In contrast, tax cuts for the wealthy are partly saved — that’s both basic economic theory and recent history — so they are much less effective in creating jobs.

The unemployed will spend it at walmart—your fave place. I guess that stimulates China to buy more T-bills, so maybe he's right.

The rich, he says, will "save" the money, not "spend" it. How, pray tell, will the rich save the money? Stuff it into fine linen mattresses? Cause that's what they'd have to do for it not to be spent. That MUST be what he means. If they invest the money it is spent by the companies to grow their business (you know, hire people, buy raw materials, etc). Maybe they WILL waste it by putting it someplace safe—like T-bills or munis. What else might they spend their disposable money on (it is THEIR money, after all we are talking about, just money not confiscated by the feds)? Another house? Who remodels the house? Who builds the furniture? Do they buy stuff to furnish from China at walmart? Do they buy chinese melamine cabinets at lowes? No, they hire a cabinet maker. They buy higher end stuff—the stuff expensive enough that Americans can make money doing the work—craftspeople.

That article is rubbish.

[Takeda Shingen]

Bottom line is that if that an op-ed on the problem is too difficult for you to read, you probably don't have any business discussing it.

[mookiemookie]

Originally Posted by tater

Pretty stupid op-ed.



The unemployed will spend it at walmart—your fave place. I guess that stimulates China to buy more T-bills, so maybe he's right.

The rich, he says, will "save" the money, not "spend" it. How, pray tell, will the rich save the money? Stuff it into fine linen mattresses? Cause that's what they'd have to do for it not to be spent. That MUST be what he means. If they invest the money it is spent by the companies to grow their business (you know, hire people, buy raw materials, etc). Maybe they WILL waste it by putting it someplace safe—like T-bills or munis. What else might they spend their disposable money on (it is THEIR money, after all we are talking about, just money not confiscated by the feds)? Another house? Who remodels the house? Who builds the furniture? Do they buy stuff to furnish from China at walmart? Do they buy chinese melamine cabinets at lowes? No, they hire a cabinet maker. They buy higher end stuff—the stuff expensive enough that Americans can make money doing the work—craftspeople.

That article is rubbish.

The idea that trickle down economics works is rubbish.

[Ducimus]

Just tossing it up here out of boredom. That and it sort of pisses on the upper 1%, which i like. Then again, i like anything that pisses on the upper 1%. (that happens when your scared, angry, bitter, and have no chance of ever owning your own place)

[tater]

Originally Posted by mookiemookie

The idea that trickle down economics works is rubbish.

It works just fine. That's how all economies would be naturally. Any other system is only possible at gunpoint. Black markets are "natural" economies. What do they look like?

My definition of "works" of course is likely different. I have no particular social goal in mind at all other than people get to keep what they earn.

[Ducimus]

I have to admit, i don't see how trickle down works. Not when your 401K match is stopped. You recieve no more raises, no more bonuses, no more nothing. Meanwhile, the big exec types are rolling in clover. Explain that trickle down to me again? Oh right.. i should be grateful im employed at all. I could be in a cardboard box.

Bottom line is if you don't know how many states are in the union you are more than queer. It is much worse than coining refudiate.

[tater]

In the context of STIMULUS, (the OP op-ed's point re: tax dollars), then I think trickle down is spot on. The poor will spend the money on cheap crap, disproportionately imported from China (even FOOD these days).

This doesn't help the American economy much IMO.

Maybe it's because I have friends who do work like kitchen remodels, or cabinet makers, artists, tile makers, yard work, etc. Their customer base is all people with disposable income, and they and their employees have kids to feed.

I'd be interested to see the breakdown of what % of a given dollar value spent stays in the US for given income ranges, and if it leaves, to which countries... that would be fascinating.

[Takeda Shingen]

Originally Posted by The Third Man

Bottom line is if you don't know how many states are in the union you are more than queer. It is much worse than coining refudiate.

Hey, you're the one whining about big words. Refudiate that.

[Ducimus]

Originally Posted by tater

Maybe it's because I have friends who do work like kitchen remodels, or cabinet makers, artists, tile makers, yard work, etc. Their customer base is all people with disposable income, and they and their employees have kids to feed.

I'd be interested to see the breakdown of what % of a given dollar value spent stays in the US for given income ranges, and if it leaves, to which countries... that would be fascinating.

Goes to Mexico or China. Nobody hires craftsmen in california. They hire jose who works under the table for dirt cheap. Hell, even Governor candidates do that here. *Cough* meg whiteman *cough*