Are the Super Rich and there companies to blame for our Economic crisis and plunder?

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edwest2 said:
Tougher regulations are now in place, but sub-prime lending has returned. But even the big fish know they are under greater scrutiny now.

Peace,
Ed
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Yes, and many still see regulation as an evil.🤷
 
WilT said:
I can’t really answer your question but I have read scriptures that the Lord came into the world not in royalty but as poor and humbled peasant. Aren’t we suppose to follow His example There are many blessings spread throughout the scriptures and I remember a few spoken about the rich. One had to do with a camel’s eye example and one about the rich man that was asked about what more he had to do for his salvation. I believe he turned away and left. Jesus said a few more things about it afterwards. Also he did say he loved him in one text.
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The Holy Family was visited by rich (wise) men who brought lavish gifts. When Christ began his ministry had had nothing. He and his disciples depended on wealthy home owners to provide shelter. Christ even had to depend on a rich man for his tomb.

Sure us rich Christians have to work harder for salvation…that’s what makes us very good Christians.
 
Zoltan_Cobalt said:
The Holy Family was visited by rich (wise) men who brought lavish gifts. When Christ began his ministry had had nothing. He and his disciples depended on wealthy home owners to provide shelter. Christ even had to depend on a rich man for his tomb.

Sure us rich Christians have to work harder for salvation…that’s what makes us very good Christians.
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Very good point Zoltan Cobalt.
 
Keeping in mind that this graphically impressive chart comes from the research of Emmanuel Saez, a UC Berkeley professor who engages in what might be called “class warfare.”

His solution of 70-90% taxes on the rich are a sure provocation of recession and a more generalized poverty. The rich don’t buy more mattresses to stuff with cash - they invest in research, productioon and distribution that raises the economy and produces emplloyment.

Tax them heavily and take away jobs. That is effectively what we are doing now. Doesn’t work.

Econ 101.
 
po18guy said:
Keeping in mind that this graphically impressive chart comes from the research of Emmanuel Saez, a UC Berkeley professor who engages in what might be called “class warfare.”

His solution of 70-90% taxes on the rich are a sure provocation of recession and a more generalized poverty. The rich don’t buy more mattresses to stuff with cash - they invest in research, productioon and distribution that raises the economy and produces emplloyment.

Tax them heavily and take away jobs. That is effectively what we are doing now. Doesn’t work.

Econ 101.
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Rather interesting that they are promoting taking money from the rich and giving it to the govt. How does that help the poor?
 
WilT said:
I wonder from your chart Michael what occurred in 1987 that made the chart spiral upwards. Any idea. Reagan or Clinton possibly???
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The top tax rate was lowered from 50% to 28%. The lowest rate was raised from 11% to 15%.

Reagan was president. Bush was elected president in 1988, Clinton in 1992.
 
sallybutler said:
The top tax rate was lowered from 50% to 28%. The lowest rate was raised from 11% to 15%.

Reagan was president. Bush was elected president in 1988, Clinton in 1992.
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The “effective” rate changed little. When the top rate was reduced itemized deductions were also limited and “at risk” rues instituted… you cant just look at one side of the equation when comparing historical taxes
 
po18guy said:
Tax them heavily and take away jobs. That is effectively what we are doing now. Doesn’t work.

Econ 101.
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The real job creators are the consumers who purchase products and services. But if they do not have enough income they cannot do this.
 
Michael_Mayo said:
Yes, and many still see regulation as an evil.🤷
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Alan Greenspan wanted things that way. After the collapse, he was shocked - did I mention shocked? - that this happened. In a political cartoon, he was making statements before a committee while a fire raged behind him. Right on the top of the table he was siting behind was an open box of matches with the word GREED written on it. Mr. Greenspan ignored human nature and the allure of 'profits for increasingly risky reasons." After all, the taxpayer would foot the bill, and others would get real cheap dollars printed and pay fines.

Wall Street - for shame.

Peace,
Ed
 
estesbob said:
The “effective” rate changed little. When the top rate was reduced itemized deductions were also limited and “at risk” rues instituted… you cant just look at one side of the equation when comparing historical taxes
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True. But don’t people who want lower taxes say that will increase the money available for all income levels.

BTW,the deductions that were available to the lower tax rates were also removed I remember being able to deduct sales tax and credit card interest. We used to save our receipts all year.
 
Michael_Mayo said:
The real job creators are the consumers who purchase products and services. But if they do not have enough income they cannot do this.
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The rich buy products and services, invest in others that provide products and services, save money, and give to people who need the money. :eek: Maybe the rich do not do those things, they just sit on their money and spend none of it. :rolleyes:
 
tabycat said:
The rich buy products and services, invest in others that provide products and services, save money, and give to people who need the money. :eek: Maybe the rich do not do those things, they just sit on their money and spend none of it. :rolleyes:
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Then how do you explain the top 10% getting so much wealthier while the rest stay at about the same degree of wealth. Please spare me the :rolleyes:
 
Michael_Mayo said:
Then how do you explain the top 10% getting so much wealthier while the rest stay at about the same degree of wealth. Please spare me the :rolleyes:
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Gates have given away millions, if not more then a billion or more, over the years. This does NOT include all the jobs that they have provided through the companies they have started, the buildings (houses and plants) the Gates have had built, and the people emplied to keep up the Gates’s houses and cars. Many rich (or super rich) have houses, cars, airplanes, and boats; all of witch need people to built, sell, and up keep.
One other thing, no poor person has ever given me, or any one else, a job. :cool: :rolleyes:
 
tabycat said:
Gates have given away millions, if not more then a billion or more, over the years. This does NOT include all the jobs that they have provided through the companies they have started, the buildings (houses and plants) the Gates have had built, and the people emplied to keep up the Gates’s houses and cars. Many rich (or super rich) have houses, cars, airplanes, and boats; all of witch need people to built, sell, and up keep.
One other thing, no poor person has ever given me, or any one else, a job. :cool: :rolleyes:
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It was the 90% buying Microsoft products that allowed Gates to give away so much money. If only the 10% bought Microsoft products, he would not have had so much money.

Do you work in a profession that only produces products for the Uber rich?
 
tabycat said:
Gates have given away millions, if not more then a billion or more, over the years. This does NOT include all the jobs that they have provided through the companies they have started, the buildings (houses and plants) the Gates have had built, and the people emplied to keep up the Gates’s houses and cars. Many rich (or super rich) have houses, cars, airplanes, and boats; all of witch need people to built, sell, and up keep.
One other thing, no poor person has ever given me, or any one else, a job. :cool: :rolleyes:
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You did not answer my question:“Then how do you explain the top 10% getting so much wealthier while the rest stay at about the same degree of wealth.”

As Sallybutler points out,“It was the 90% buying Microsoft products that allowed Gates…” to do anything. They are the job creators.
 
tabycat said:
The rich buy products and services, invest in others that provide products and services, save money, and give to people who need the money. :eek: Maybe the rich do not do those things, they just sit on their money and spend none of it. :rolleyes:
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The rich invest in oil, and in other currencies. Many times I picked up a copy of the Wall Street Journal in the past and for an investment of a quarter of a million dollars in this or that, you could earn tax-free dividends. Isn’t that great? If I want to buy gold bullion from a dealer - and I’m talking pounds of gold - the dealer only has to carry a fraction of the actual gold I invested in. Pretty fun for the rich but generally unknown to those who make 20K or less per year.

The rich buy companies and start laying people off. As soon as their analysts see a young company with a product or service with high growth potential, they just write a check for a few billion. The few founders are rich but the newly purchased company will shed “unneeded” employees based on the pattern of others that have done the same.

Peace,
Ed
 
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