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Thread: 5 tycoons who want to close the wealth gap

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    5 tycoons who want to close the wealth gap

    5 tycoons who want to close the wealth gap

    These advocates point to notions of fairness and admit to twinges of guilt, but the core concern driving all of them left, right and libertarian is a belief that the economy doesn't function efficiently when the wealth gap is wide.

    "Names like Carnegie, Mellon and Rockefeller the (Warren) Buffet and (Bill) Gates of their days grace universities, museums and medical centers in part because the originators of those fortunes gave back," Norton said. "In the same way that some businesspeople are now taking steps to address climate change due to its effects on costs and revenues ... the notion that inequality can be bad not just for ethical reasons, but for financial reasons, is one that is increasingly embraced by businesspeople."


    Five billionaires that GET IT, that if average people don't have enough money, they can't buy their products.



    Warren BUFFETT: THE BILLIONAIRE PIED PIPER

    Buffet advocated for a progressive estate tax before members of Congress, saying in 2007, "Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward plutocracy."

    Ron UNZ: THE REPUBLICAN WHO FAVORS A RAISE

    Frustrated with the gridlock in Congress, Unz is pouring his own money into a November ballot measure that would increase the minimum wage in California to $12 an hour in 2016.

    At that level, he said in an interview with The Associated Press, "every full-time worker would be earning almost exactly $25,000 and every full-time worker couple $50,000. Under normal family circumstances, those income levels are sufficiently above the poverty threshold that households would lose their eligibility for a substantial fraction of the various social welfare payments they currently receive, including earned-income tax credit checks, food stamps and housing subsidies."

    Unz, whose fortune comes from founding Wall Street Analytics Inc., argues that by not paying a living wage, companies are forcing the government to subsidize them through massive welfare spending.

    Nick HANAUER: HELPING PEOPLE BUY WHAT AMAZON SELLS

    Seattle venture capitalist Nick Hanauer believes the growing wealth gap threatens the economic system that has given him his wealth.

    If no one can afford to buy what he's selling, the jobs his companies create will evaporate, he reasons. In his view, what the nation needs is more money in the hands of regular consumers.

    "A higher minimum wage is a very simple and elegant solution to the death spiral of falling demand that is the signature feature of our economy," he said in an interview with the AP last summer.

    Steve SILBERSTEIN: THE QUIET ADVOCATE

    Silberstein took a step into the spotlight when he produced the documentary "Inequality for All," featuring former U.S. Labor Secretary Robert Reich. It premiered last year at the Sundance Film Festival.

    "He's one of the quiet leaders of the entire movement toward wider prosperity," Reich said. "An increasing number of wealthy businesspeople are becoming concerned that the economy can't function without a strong middle class to keep it going."

    Silberstein told the AP his views are not so different from that original American industrialist, Henry Ford, who famously paid his factory workers enough to purchase one of the cars that came off his assembly line.

    "As a result he became rich," Silberstein said. "If the economy goes well, everybody does well, including the wealthy."

    Leo HINDERY: THE TITAN WHO WANTS TO PAY MORE TAXES

    The 66-year-old argues that giving rich people tax breaks makes no economic sense because people like him don't put their extra dollars back into the economy.

    "Do you think I don't own every piece of clothing, every automobile? I already have it. You spend money. Rich people just get richer," he told the AP.

    Hindery credits his Jesuit upbringing with giving him the tools to look beyond his own economic advantages.

    "How can we believe in the American dream when 10 percent of the people have half the nation's income? It's immoral, I think it's unethical, but I also think that it's bad economics," Hindery said. "The only people who can take exception to this argument are people who want to get super rich and don't care what happens to the nation as a whole."



    More politicians should read this article, to get a hint at what's wrong with the economy.
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    Re: 5 tycoons who want to close the wealth gap

    Buffets buys and sells companies. Unz sells market analysis software. Amazon sells everything and advertising, and people have no problem affording it (as evidenced by Hanueres wealth). Silberstein sells automated library systems. Hinderey buys and sells companies. In short no average person could ever afford what they sell (except amazon which people have no problems buying from).

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    Re: 5 tycoons who want to close the wealth gap

    Great idea - how about if he's so concerned about disparity, pay the people of the companies you own a better wage.

    Don't tell others what they should do.

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    Re: 5 tycoons who want to close the wealth gap

    Quote Originally Posted by grip View Post
    5 tycoons who want to close the wealth gap





    Five billionaires that GET IT, that if average people don't have enough money, they can't buy their products.



    Warren BUFFETT: THE BILLIONAIRE PIED PIPER

    Buffet advocated for a progressive estate tax before members of Congress, saying in 2007, "Dynastic wealth, the enemy of a meritocracy, is on the rise. Equality of opportunity has been on the decline. A progressive and meaningful estate tax is needed to curb the movement of a democracy toward plutocracy."

    Ron UNZ: THE REPUBLICAN WHO FAVORS A RAISE

    Frustrated with the gridlock in Congress, Unz is pouring his own money into a November ballot measure that would increase the minimum wage in California to $12 an hour in 2016.

    At that level, he said in an interview with The Associated Press, "every full-time worker would be earning almost exactly $25,000 and every full-time worker couple $50,000. Under normal family circumstances, those income levels are sufficiently above the poverty threshold that households would lose their eligibility for a substantial fraction of the various social welfare payments they currently receive, including earned-income tax credit checks, food stamps and housing subsidies."

    Unz, whose fortune comes from founding Wall Street Analytics Inc., argues that by not paying a living wage, companies are forcing the government to subsidize them through massive welfare spending.

    Nick HANAUER: HELPING PEOPLE BUY WHAT AMAZON SELLS

    Seattle venture capitalist Nick Hanauer believes the growing wealth gap threatens the economic system that has given him his wealth.

    If no one can afford to buy what he's selling, the jobs his companies create will evaporate, he reasons. In his view, what the nation needs is more money in the hands of regular consumers.

    "A higher minimum wage is a very simple and elegant solution to the death spiral of falling demand that is the signature feature of our economy," he said in an interview with the AP last summer.

    Steve SILBERSTEIN: THE QUIET ADVOCATE

    Silberstein took a step into the spotlight when he produced the documentary "Inequality for All," featuring former U.S. Labor Secretary Robert Reich. It premiered last year at the Sundance Film Festival.

    "He's one of the quiet leaders of the entire movement toward wider prosperity," Reich said. "An increasing number of wealthy businesspeople are becoming concerned that the economy can't function without a strong middle class to keep it going."

    Silberstein told the AP his views are not so different from that original American industrialist, Henry Ford, who famously paid his factory workers enough to purchase one of the cars that came off his assembly line.

    "As a result he became rich," Silberstein said. "If the economy goes well, everybody does well, including the wealthy."

    Leo HINDERY: THE TITAN WHO WANTS TO PAY MORE TAXES

    The 66-year-old argues that giving rich people tax breaks makes no economic sense because people like him don't put their extra dollars back into the economy.

    "Do you think I don't own every piece of clothing, every automobile? I already have it. You spend money. Rich people just get richer," he told the AP.

    Hindery credits his Jesuit upbringing with giving him the tools to look beyond his own economic advantages.

    "How can we believe in the American dream when 10 percent of the people have half the nation's income? It's immoral, I think it's unethical, but I also think that it's bad economics," Hindery said. "The only people who can take exception to this argument are people who want to get super rich and don't care what happens to the nation as a whole."



    More politicians should read this article, to get a hint at what's wrong with the economy.
    When I see them voluntarily signing over the majority of their wealth to low income groups or voluntarily paying more on their taxes then they are required to, perhaps I'll bother to listen to them.

    Until then, it's just a droning in my ears.
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    Re: 5 tycoons who want to close the wealth gap

    It's not that I oppose closing the wealth gap, it's that I oppose their hypocrisy.
    "The misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all" - Joan Robinson
    "The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries" - Winston Churchill

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    Re: 5 tycoons who want to close the wealth gap

    Quote Originally Posted by Gipper View Post
    Great idea - how about if he's so concerned about disparity, pay the people of the companies you own a better wage.

    Don't tell others what they should do.
    Assuming you have set a good example, what is wrong with suggesting (not "telling") others of your philosophies?

    If you only invest in yourself, and not your society, you may be within your rights but in the long term, you may share a common regret.

    I'd rather be a rich man in a rich nation instead of a rich man in a poor nation. We can see how badly this has worked in other countries.

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    Re: 5 tycoons who want to close the wealth gap

    Those people have argued for and obtained every possible tax break and exemption in the tax code. In short, they are lying and pure hypocrites.

    Nor is this anything ANY Democratic politician or Republican can talk about. The debt reduction committee - bipartisan senior retired members of both political parties - explained that the super rich write the tax code so talking about the tax rates is irrelevant. That is why they proposed a no-exceptions flat tax.

    The Democratic Party and Republican Party totally rejected the idea because they would significantly reduce how much the politicians of both parties can profit by prostituting themselves personally and politically.

    Nor would inheritance taxes change anything for the super rich. All talk of taxing the rich always come out in real terms meaning more taxes against home and pop businesses and the upper middle class.

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    Re: 5 tycoons who want to close the wealth gap

    Taxes people more does not increase the income of the poor or anyone.

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    Re: 5 tycoons who want to close the wealth gap

    Quote Originally Posted by specklebang View Post
    Assuming you have set a good example, what is wrong with suggesting (not "telling") others of your philosophies?

    If you only invest in yourself, and not your society, you may be within your rights but in the long term, you may share a common regret.

    I'd rather be a rich man in a rich nation instead of a rich man in a poor nation. We can see how badly this has worked in other countries.
    Where are you seeing "suggestions"? They're trying to legislate policy.

    On what planet is that a suggestion? Can I choose which laws to follow?

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    Re: 5 tycoons who want to close the wealth gap

    Quote Originally Posted by Gipper View Post
    Where are you seeing "suggestions"? They're trying to legislate policy.

    On what planet is that a suggestion? Can I choose which laws to follow?
    They spend tens of millions lobbying for these 'suggestions' too, instead of spending it on actually helping people.

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