Easy way to double the net worth of 60% of all US households

[futurecurrents]

Quote from Tsing Tao:

Why don't you point out what he's delusional about? Go ahead, I'll sit back and watch him gut you like the whelp you are.

Look I know you agree with this statement that he made, but that just proves you also are delusional.

"He despises the middle class as that class of people does NOT exist in the northeast where he lives. To him, the middle class is this group of religious white people who live in the flyover states and shop at Walmart and watch Leno and he WANTS their money so it can go to the rich oligarchs of the northeast and to the poor of the northeast."

The above statement is just the rantings of a delusional right wing nut job.

 

[Maverick74]

Quote from Tsing Tao:

One time wealth confiscation. What a laugh.

Stalin was serious when he said this too.

 

[Tsing Tao]

Quote from futurecurrents:

Look I know you agree with this statement that he made, but that just proves you also are delusional.

"He despises the middle class as that class of people does NOT exist in the northeast where he lives. To him, the middle class is this group of religious white people who live in the flyover states and shop at Walmart and watch Leno and he WANTS their money so it can go to the rich oligarchs of the northeast and to the poor of the northeast."

The above statement is just the rantings of a delusional right wing nut job.

\

Krugman supports the biggest wealth confiscation in the history of the world with the Federal Reserve's policies. Yeah, I'd say he's pretty much against the middle class.

 

[Ricter]

Quote from Maverick74:

Not false. And I NEVER said we would get rid of the Fed. Not to worry Ricter, the gap between the rich and the poor will keep widening just like you want. You have nothing to worry about. The Fed is not going anywhere.

While Fed policy can be sufficient condition for asset inflation, it is not a necessary condition. In fact, most asset inflation occurs for reasons other than central banking. Overlaying charts for asset prices and Fed policy over the decades shows nearly no correlation.

As for getting rid of the Fed, I'm glad you have a post-adolescent attitude about it after all, the proof of the pudding is in the tasting: every society on the planet has a central bank or proxy. Since having one is a choice, one would presume it's a necessary one. Getting rid of central banks is like "getting rid of all the guns".

 

[Money Trust]

Funny how people always talk about the wealth gap but never the productivity gap.

 

[Lucrum]

Quote from Ricter:

...Since having one is a choice, one would presume it's a necessary one...

"Necessary" for whom?

 

[Tsing Tao]

Quote from Ricter:

While Fed policy can be sufficient condition for asset inflation, it is not a necessary condition. In fact, most asset inflation occurs for reasons other than central banking. Overlaying charts for asset prices and Fed policy over the decades shows nearly no correlation.

Overlaying them in the past 20 years shows significant correlation. In the past decade, it's frighteningly close. The fact that central banking was more or less stable pre-2000 speaks volumes to your argument, but against it.

Quote from Ricter:


As for getting rid of the Fed, I'm glad you have a post-adolescent attitude about it after all, the proof of the pudding is in the tasting: every society on the planet has a central bank or proxy. Since having one is a choice, one would presume it's a necessary one. Getting rid of central banks is like "getting rid of all the guns".

No one truly believes you can do away with the central bank. Many of us argue it SHOULD be done, as it's responsibilities could be managed by a computer and not unelected, appointed officials who have no real world experience in many cases and who can be politically induced to behavior.

As for your argument on every country in the world having a central bank, I will ask you the question you never answer when we go down this road: Why is it our central bank has a dual mandate and the others do not?

 

[wjk]

Quote from Tsing Tao:

Why is it our central bank has a dual mandate and the others do not?

Additional justification for it's actions would be my guess.

 

[Ricter]

Quote from Tsing Tao:



As for your argument on every country in the world having a central bank, I will ask you the question you never answer when we go down this road: Why is it our central bank has a dual mandate and the others do not?

If you're referring to our CB's formal dual mandate, that's because its policy objectives were formally amended. Other CBs do also attempt, apparently informally, to influence employment. We're smarter, we've learned that high unemployment/low inflation equilibriums occur and naturally are undesirable.

 

[Ricter]

But is inequality really a problem?

Bret Stephens of the WSJ, in response to Obama's claim: "The top 10 percent no longer takes in one-third of our income -- it now takes half..."


"Stephens declared this statement incorrect in several ways:

"Here is a factual error, marred by an analytical error, compounded by a moral error. It's the top 20% that take in just over half of aggregate income, according to the Census Bureau, not the top 10%. That figure is essentially unchanged since the mid-1990s, when Bill Clinton was president. And it isn't dramatically different from 1979, when the top fifth took in 44% of aggregate income.

"Besides which, so what? In 1979 the mean household income of the bottom 20% was $4,006. By 2012, it was $11,490. That's an increase of 186%. For the middle class, the increase was 211%. For the top fifth it's 320%. The richer have outpaced the poorer in growing their incomes, just as runners will outpace joggers who will, in turn, outpace walkers. But, as James Taylor might say, the walking man walks."