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Thread: Census finds record gap between rich and poor

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Animus View Post
    ...When they give you back tax money that you are not entitled to...
    ***SIGH***

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by FederalRepublic View Post
    ***SIGH***
    Scary, isn't it?

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Moot View Post
    We the people do with our votes. If the tea party can vote in favor of the wealthy and against their own best interests, then those same people will vote against the wealthy when they realize the wealthy don't give a rats ass about them.

    Thats right, tax cuts for the rich is just like stealing from everyone else who have to earn their money from their own labor instead of betting against others people's mortgages and retirement funds.
    You've stumbled upon something profound, but I'm not sure you'll be able to see through the haze of class warfare you're surrounded by. Let's try:

    What is a mortgage? It's a loan that allows you to use some rich retired persons money to buy something you otherwise would not be able to afford. You obviously benefit from the transaction in the fact that you now have a place to live, so the rich retired person has performed a service for you, for which you owe them interest in return. If rich people spent every dime they earned, not only would there not be such a thing as a mortgage, they would not have any retirement income other than what they get from the government, which you'll have to pay for.

    So, I'll ask you this question. Which is better for the economy: 1-Rich retired person saves more money, allowing them to perform a service for you by lending you said money for mortgages, starting businesses, etc or 2-Raise taxes on rich retired person, decreasing funds available for loans and/or capital for creating jobs?

    Or are you really going to say that Barack Obama knows more about good investments than someone like...Warren Buffet?

    I suspect this effort was a waste of time, but it wasn't much effort.

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    Re: Census finds record gap between rich and poor

    This entire thread reminded me of a oldie but a goodie:

    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by FederalRepublic View Post
    You've stumbled upon something profound, but I'm not sure you'll be able to see through the haze of class warfare you're surrounded by. Let's try:

    What is a mortgage? It's a loan that allows you to use some rich retired persons money to buy something you otherwise would not be able to afford. You obviously benefit from the transaction in the fact that you now have a place to live, so the rich retired person has performed a service for you, for which you owe them interest in return. If rich people spent every dime they earned, not only would there not be such a thing as a mortgage, they would not have any retirement income other than what they get from the government, which you'll have to pay for.
    Baloney. Retired people have very little to do with it. The fact is we have a fractional reserve banking system where the banks borrow money from the government to lend to borrowers. It's just like a ponzi scheme, the banks borrow say a thousand dollars from the Feds and keep 10% in reserves and then lends out the remaining $900. As the money is paid back in deposits with interest, the bank can lend out the same $900 again and again and again. It's called the money mulitplier effect and that is how money is expanded through the economy. The game is rigged in favor of the wealthy who have thousands of well paid lobbyists to suck the governments teet dry just to enrich themselves. So you might ask yourself, what the heck are you getting out of it?

    So, I'll ask you this question. Which is better for the economy: 1-Rich retired person saves more money, allowing them to perform a service for you by lending you said money for mortgages, starting businesses, etc or 2-Raise taxes on rich retired person, decreasing funds available for loans and/or capital for creating jobs?
    I'll ask you a question, why aren't the banks lending?

    Or are you really going to say that Barack Obama knows more about good investments than someone like...Warren Buffet?
    LAMO, Warren Buffet is one of Obama's economic advisors.

    I suspect this effort was a waste of time, but it wasn't much effort.
    Likewise, I'm sure.

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by FederalRepublic View Post
    I'm not sure I should even bother trying to tell you you're wrong. You need to work on your chart reading skills...I'll leave it at that.
    Well, you haven't exactly convinced anyone you know how to read a chart, so why don't you give a try and tell us what that chart says?

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by FederalRepublic View Post
    ***SIGH***
    Its a good illustration of the mentality that has caused this country to fade



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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Moot View Post
    Well, you haven't exactly convinced anyone you know how to read a chart, so why don't you give a try and tell us what that chart says?
    Well, if I were trying to argue that Bill Clinton reduced the debt and I posted a chart to prove my point, I would start by reading the title of the chart. Since I know that debt and debt-to-GDP ratio are two different quantities and that my position is not supported by reality, I would stop trying to make said argument. But that's just what I would do...

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by FederalRepublic View Post
    Well, if I were trying to argue that Bill Clinton reduced the debt and I posted a chart to prove my point, I would start by reading the title of the chart. Since I know that debt and debt-to-GDP ratio are two different quantities and that my position is not supported by reality, I would stop trying to make said argument. But that's just what I would do...
    Moot has a tendency to go mute when confronted with actual facts. I posted the actual debt to the penny but Moot only recognizes the public debt and not total debt in her arguments. then as you pointed out debt is quite a bit different than debt to GDP ratio and there is no evidence that Clinton lower the debt and in fact increased the debt each year during his term.

    There really is a passion these days to divert from the mess we have in D.C. today and the three trillion Obama has added to the debt in just two years but for some reason Reagan is brought into the debate for increasing the debt 1.7 trillion in 8 years. Don't know about you but I would take 1.7 trillion in 8 years over 3 trillion in two any day.

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    Re: Census finds record gap between rich and poor

    Quote Originally Posted by Moot View Post
    Baloney. Retired people have very little to do with it. The fact is we have a fractional reserve banking system where the banks borrow money from the government to lend to borrowers. It's just like a ponzi scheme, the banks borrow say a thousand dollars from the Feds and keep 10% in reserves and then lends out the remaining $900. As the money is paid back in deposits with interest, the bank can lend out the same $900 again and again and again. It's called the money mulitplier effect and that is how money is expanded through the economy. The game is rigged in favor of the wealthy who have thousands of well paid lobbyists to suck the governments teet dry just to enrich themselves. So you might ask yourself, what the heck are you getting out of it?
    What am I getting out of it besides the ability to get loans? You are aware what a bank is, right? If I deposit my money into it, they can loan it to you. You pay them interest, they take their cut, and then they pay me interest. It's not just a holding tank where rich people hide their money to keep it away from the riff-raff like. I know the current banking system allows them to lend more than what they have in deposits, but their deposits still determine how much they can ultimately lend. If all the rich people took all their money out of the banks, they'd be out of business. Why do you think we have the FDIC? Answer: to reduce the risk and encourage rich people keep their savings in a bank so that the money can be used to expand the economy.

    Quote Originally Posted by Moot View Post
    I'll ask you a question, why aren't the banks lending?
    Because people who qualify for loans don't want to borrow any money right now. I'm about to test that theory personally in the next few weeks. If I'm wrong and I can't get a home loan, I'll come back and say you were right...

    Quote Originally Posted by Moot View Post
    LAMO, Warren Buffet is one of Obama's economic advisors.
    My point is that Warren Buffet has forgotten more about the economy in the last 5 minutes than Obama will ever know, and he doesn't need Obama to invest his money for him (and neither do you or I).

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