Billionaire Ray Dalio Says “Capitalism Is Not Working” for Most People

[CME Observer]

The "tax the rich" bill will have enough riders that the rich still get richer.

Separately, you probably cannot tax the rich enough to close the gap.

In practical terms you’re probably correct but note that the trend towards our current tax regime (easy on the top) only began in the 80’s.

Who knows. Maybe were [im] best with the current regime: I get all the benefits AND I get to feel like an intellectual for questioning it.

 

[newwurldmn]

I’m your typical young Wall Street trash. Born wealthy -> Ivy League -> work at the bank. It has been way too easy for me to position myself to perpetuate this cycle of income inequality. It’s not like my dad called anyone for any quid pro quo, it’s just that I had a lot of access and good role models.

I always thought in undergrad I should take this opinion with a grain of salt, but now that I’ve been paying taxes a while I still don’t see what’s wrong with this argument:
- tax the rich
- increase estate tax and lower the eligibility threshold. Remove all those loopholes my parents had the estate lawyers figure out for my benefit.

I came to this conclusion because:
a) if you look at the consumption function, it’s clear why the rich get richer. The poor spend everything just to put food on the table and still can’t get everything they need. The rich spend only slightly more than the middle class -> they consistently have money left over to save -> they end up hoarding all the money. If the distribution of income was more even, more people would spend enough to meet there needs and you’d get more net economic activity, no?

b) estate tax. Basically my argument is that it’s unfair that systematically people who grow up in the best situations also are due to inherit a lot of money. I can’t imagine how that’s not a recipe for income inequality.

I’m posting this because I want someone like @Scataphagos or @Handle123 to change my opinion. I think if I remember right @newworldmn or whatever likes to take a shot at the “liberal elite” now and then too. I honestly am openminded and came in hopes of getting my mind blown. That was a lot of typing, so hopefully I get a real answer for my troubles.

Don’t besmirch my character. Despite having every reason to be a conservative (other than not being Christian and white), i am very much in the liberal camp.

 

[nooby_mcnoob]

I get all the benefits AND I get to feel like an intellectual for questioning it.

Someone else quoted Jordan Peterson on here, and in such situations, he asks why you aren't doing something. Why aren't you getting people who have had a rough life and bringing them into your circle? Why aren't you giving up your own position for someone else?

Obvious answer is "well fuck, I love my life."

Personally, I think there is a win-win situation here: the people who are better off, who want others to be better off, should spend their own time (and not money) to achieve those goals. Make a difference in one person's life and you change an entire lineage. My father did this for a few families, and though 0% of the offspring are grateful, they have a much better life than they would otherwise.

 

[CME Observer]

Someone else quoted Jordan Peterson on here, and in such situations, he asks why you aren't doing something. Why aren't you getting people who have had a rough life and bringing them into your circle? Why aren't you giving up your own position for someone else?

Obvious answer is "well fuck, I love my life."

Personally, I think there is a win-win situation here: the people who are better off, who want others to be better off, should spend their own time (and not money) to achieve those goals. Make a difference in one person's life and you change an entire lineage. My father did this for a few families, and though 0% of the offspring are grateful, they have a much better life than they would otherwise.

Good point. Why does it have to be about money and why do I need to whine about the status quo until the government fixes it? I’m in favor of equal opportunity, not equal income. Maybe all these kids need to avoid the thug life is an awareness of an alternative and a belief they can obtain it.

This is a little absurd, but I’m actually thinking I may see if there’s an opportunity for me to talk to some at risk teens about why they really ought to want to be on the trading floor. I think the appeal of financial markets is universal. Making markets is a cool hustle. Up there with gangbanging in terms of sex appeal for sure if you ask me.

 

[nooby_mcnoob]

Good point. Why does it have to be about money and why do I need to whine about the status quo until the government fixes it? I’m in favor of equal opportunity, not equal income. Maybe all these kids need to avoid the thug life is an awareness of an alternative and a belief they can obtain it.

This is a little absurd, but I’m actually thinking I may see if there’s an opportunity for me to talk to some at risk teens about why they really ought to want to be on the trading floor. I think the appeal of financial markets is universal. Making markets is a cool hustle. Up there with gangbanging in terms of sex appeal for sure if you ask me.

That's just enough to feel good about yourself but not make any difference. I'd say you mentor one "at risk" teen at the least.

 

[CME Observer]

That's just enough to feel good about yourself but not make any difference. I'd say you mentor one "at risk" teen at the least.

So we concluded the optimal allocation of wealth for our society and now we’re driving rapidly toward figuring out the underlying motivation for all acts of altruism. Productive morning.

 

[nooby_mcnoob]

So we concluded the optimal allocation of wealth for our society and now we’re driving rapidly toward figuring out the underlying motivation for all acts of altruism. Productive morning.

You basically explained modern liberals. Imagine them with a ten foot pole touching the poor people to help them.

 

[kj5159]

Good point. Why does it have to be about money and why do I need to whine about the status quo until the government fixes it? I’m in favor of equal opportunity, not equal income. Maybe all these kids need to avoid the thug life is an awareness of an alternative and a belief they can obtain it.

This is a little absurd, but I’m actually thinking I may see if there’s an opportunity for me to talk to some at risk teens about why they really ought to want to be on the trading floor. I think the appeal of financial markets is universal. Making markets is a cool hustle. Up there with gangbanging in terms of sex appeal for sure if you ask me.

I know you're being glib here, but your point is pretty much spot on. The problem with those kids is that they're typically alone in the worls for all intents and purposes, and quite a few of them literally do not understand that there are other things out there.

I didn't grow up in the hood or any of that stuff, and I spent the first 22 or so years of my life thinking that if you didn't go to college straight from high school at 17-18 years old, then you flat out couldn't go, ever. There are basic things like this that most middle class (including lower middle class) and above people are made aware of that poor people are not made aware of.

Plenty of these kids sincerely believe that their world and the prospects for their life are like 0.01% of what they are in reality.

 

[themickey]

.... I think the appeal of financial markets is universal. Making markets is a cool hustle. Up there with gangbanging in terms of sex appeal for sure if you ask me.

LOL

 

[carrer]

Yes there is. But you do a lot of mental gymnastics to vilify the left.

Like your racism comment in politics - the left uses it as deflection on a losing argument but not trump when he avoided s question citing racism.

And now you talk about Dalio being a socialist but then immediate suggest socialist policies.

Semantics. I don't mind national socialist. But the socialism that is currently being advocated by the left and elite globalists is 'global socialism'. The goal is to form a 'One World Government'.

What I mean by national socialism is whenever there's an excess money in the government's coffers, it could be used to feed the poor and help the poor. Enough for them to survive and hopefully they will find jobs and make a living. I also believe in eliminating job-cutting regulations, etc.

But the current state of socialism is more of communism, where people want everybody to be equal. This will never work because some people work harder, some are smarter and they definitely deserve better.