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

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estesbob said:
Why should I care if the rich make a lot more than me?
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It depends on how they got the money. For example, if they got it through rent seeking activities, such as when the banks got bailed out, or through things such as occupational licensing restrictions that keep out competition, then there would be reason to care about how much people are making.
 
Michael_Mayo said:
For one practical thing, it is bad for the economy. It hardly takes any research at all to know that.

forbes.com/sites/frederickallen/2012/10/02/how-income-inequality-is-damaging-the-u-s/

businessweek.com/magazine/how-inequality-hurts-the-economy-11162011.html

uscatholic.org/articles/201306/economics-inequality-why-wealth-gap-bad-everyone-27421
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Your articles prove nothing.I repeat-I could not care less how much more money someone else makes than me. This obsession with other people’s wealth by so many harms our culture far more than income equality does.
 
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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Two problems with this:

1 Not without money circulating in the economy, they don’t.
2. Create a growing class that is dependent upon government support and they will not innovate, generate wealth or stimulate the economy.

Look into the Federal Reserve. He who controls the money supply controls the economy. Too much money in circulation? Sell bonds and tighten it up. Too little cash in the economy? Buy those bonds back with cash.

Government cannot create an economy. It can only strangle and kill it.
 
po18guy said:
Two problems with this:

1 Not without money circulating in the economy, they don’t.
2. Create a growing class that is dependent upon government support and they will not innovate, generate wealth or stimulate the economy.

Look into the Federal Reserve. He who controls the money supply controls the economy. Too much money in circulation? Sell bonds and tighten it up. Too little cash in the economy? Buy those bonds back with cash.

Government cannot create an economy. It can only strangle and kill it.
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  1. Yes, they are 90% of the economy and need the money to circulate.
  2. Who is talking about “government support”? And who now controls the money supply?
 
There is really no defense for our current system. Unless of course we actually exist to serve the wealthiest. In that case, we are certainly on the right course.

ATB
 
estesbob said:
Your articles prove nothing.I repeat-I could not care less how much more money someone else makes than me. This obsession with other people’s wealth by so many harms our culture far more than income equality does.
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I would say that rent seeking activities and corporate welfare also harm our society and we are right to be concerned about them.
 
sallybutler said:
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?
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Do you only produce things for the rich? Do you any thing that uses Microsoft products? If you do, you are giving money to Micresoft. Do you think that a buyer should get a product that does not fit their needs because it is not a Microsoft product? Do you wish that the Gates give some of their money to you? :confused: Maybe, God allows the rich and super rich get that way so they can help others. 🤷
 
Michael_Mayo said:
  1. Yes, they are 90% of the economy and need the money to circulate. 2. Who is talking about “government support”? And who now controls the money supply?
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But, where do they get it if it is too expensive to borrow, due to scarcity? The source of that scarcity is generally attributed to the monetary policy of the Federal Reserve.
 
Michael_Mayo said:
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.
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You have not proven to me that the top 10% are getting weathier while the rest of us are staying at the same level that they were at. (thinks for the pretty graphs) :)🙂
 
edwest2 said:
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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Some of the ‘unneeded’ employees were really unneeded and others were ‘let go’ because their jobs were taken over by others in the company. Would you do any different? 🤷
 
stinkcat_14 said:
It depends on how they got the money. For example, if they got it through rent seeking activities, such as when the banks got bailed out, or through things such as occupational licensing restrictions that keep out competition, then there would be reason to care about how much people are making.
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I doubt there are many are pro government bail outs. 🤷
 
Mickey_Finn said:
There is really no defense for our current system. Unless of course we actually exist to serve the wealthiest. In that case, we are certainly on the right course.

ATB
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There is even less defense for any system other then our current system. 🙂
 
I don’t think it can be pinned on the rich. Society as a whole advocates selfishness these days. The rich people have more opportunities to be selfish, but I believe the majority of the population would be just as bad if they became rich suddenly. We can wonder why it wasn’t as bad in the past though. My theory is that humanity continually becomes worse over the years. People become more selfish through the generations, so the people in power exercise that power to benefit themselves over others. There are ups and downs of course, but the general trend is that society will always get worse. Only God can change things as he did in the Old Testament punishing the Israelites. It was only a temporary fix. The permanent fix will be at the end of the world with the final judgment.
 
Aelred_Minor said:
Our economic system, on both the national and global levels, is clearly misallocating the world’s wealth.
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Where in the world did you get the idea wealth is “allocated”? Wealth is created when we apply our God given faculties to create a value added good or service. The only way wealth can be allocated is if it is forcefully taken away from those who created it.
 
tabycat said:
Do you only produce things for the rich? Do you any thing that uses Microsoft products? If you do, you are giving money to Micresoft. Do you think that a buyer should get a product that does not fit their needs because it is not a Microsoft product? Do you wish that the Gates give some of their money to you? :confused: Maybe, God allows the rich and super rich get that way so they can help others. 🤷
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I have always worked for companies that provide products for a broad range of customers, not just the 10%. Not only do they buy Microsoft products, but so do I (I don’t like Apple).

If they lost those customers, they would go out of business. Then I would not buy any Microsoft products. If that happened to a lot of companies, even Gates would be affected. However, if only the 10% stopped buying , Microsoft would not be affected. Wal-Mart wouldn’t be affected if the super rich stopped shopping there. Oh wait, they don’t shop there now.

And guess what, the poor help others. So do the middle class.

So, does your employer have customers not in the 10% If your employer only sells to other companies, who are their customers? If you sell to Wal-Mart, what would happen to your job if the 90% stopped buying at Wal-Mart? You’d be out of a job. So it is most likely that those customers are responsible for your job.
 
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