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Thread: Social Security Payouts Are Already Crippling The Government This Year

  1. #61
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    Re: Social Security Payouts Are Already Crippling The Government This Year

    Quote Originally Posted by Chuz Life View Post
    What bothers me most by what you just said there is how so few people actually understand or appreciate how money flows through a society and/or economy. (I'm not directing this at you,... you just opened an old wound)

    I want to shake them and ask them "THINK" where do rich people get their money?

    Answer; (I usually have to answer for them) They get it from YOU and ME.

    They make money off your labor if you work for them.

    They make money off their products by buying low and marking them up and selling them for more than they paid. etc.

    So, if you tax a rich guy,... guess where the money HAS to come from.

    YOU.

    And ME.

    The same place the government gets all ITS money from.

    "Do people really think rich people get rich by taking it in the shorts every time the ****ing government needs more money?"

    Arrrrrggggghhhhh!
    Agreed, and following that same logic, if the average worker is getting their money from a "rich" person by working for them, when taxes on the "rich" go up, that leaves less money to come down the pipe to pay your wages.

  2. #62
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    Re: Social Security Payouts Are Already Crippling The Government This Year

    Quote Originally Posted by RightinNYC View Post
    Everyone agrees that the "rich" need to pay more in taxes,...
    Not everyone.

    See my post #59 above.

    Some of us know that a tax on the rich is actually a tax on the people who buy their goods and services.

  3. #63
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    Re: Social Security Payouts Are Already Crippling The Government This Year

    Quote Originally Posted by NolaMan View Post
    Yea, but they also lose a ton of their clients when they lose money for you, putting them out of a job.



    Bernie Madoff is not the typical "financial advisor."
    What he did was no secret to a lot of people, but the culture on Wall Street is such that a lot of people "got in on it" rather than go to the Feds. And the few who did go to the Feds? They were ignored. We have to believe one of 2 things here, that the govt is incredibly incompetent, or blatantly corrupt. Wait, maybe both....
    As for losing their jobs? Hey, if I could get away with ripping off my clients to the tune of millions of dollars, plus get a golden parachute when I get fired, I would be begging to be fired....
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    Re: Social Security Payouts Are Already Crippling The Government This Year

    Quote Originally Posted by NolaMan View Post
    Agreed, and following that same logic, if the average worker is getting their money from a "rich" person by working for them, when taxes on the "rich" go up, that leaves less money to come down the pipe to pay your wages.
    You got it!

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    Re: Social Security Payouts Are Already Crippling The Government This Year

    Quote Originally Posted by UtahBill View Post
    What he did was no secret to a lot of people, but the culture on Wall Street is such that a lot of people "got in on it" rather than go to the Feds. And the few who did go to the Feds? They were ignored. We have to believe one of 2 things here, that the govt is incredibly incompetent, or blatantly corrupt. Wait, maybe both....
    As for losing their jobs? Hey, if I could get away with ripping off my clients to the tune of millions of dollars, plus get a golden parachute when I get fired, I would be begging to be fired....
    I mean, they don't make millions doing it, except in those very rare circumstances.

    I have gone through a number of financial advisors myself, fired the latest after the BP rig explosion. I hold a lot of Anadarko stock (they own a 25% operating interest in that rig) and I was following it pretty closely the days after the explosion, sold a bit myself, then called my advisor to see if he agreed with my research. He was unaware that Anadarko even had this stake in the rig, so I moved on in a hurry from him.

    I certainly did not pay him "millions" however.

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    Re: Social Security Payouts Are Already Crippling The Government This Year

    Quote Originally Posted by RightinNYC View Post
    My point was that there are people who might look at you and your situation and say that you haven't paid your fair share in taxes, much like you look at others and say the same thing. I presume that you would think the people criticizing you are wrong, so what makes your criticism more right?

    Everyone agrees that the "rich" need to pay more in taxes, the problem is that everyone defines "rich" as someone making more than themselves.



    Where are you getting the idea that there are all these "financial advisors" out there making millions without doing any work? I know a dozen or so people on wall street. They were all toward the top of their class at good colleges, work 60-80 hour weeks, and earn between $65k and $120k, while living in NYC

    If there were really jobs out there that paid millions for no work, don't you think more people would be doing them? Hell, I know I would.

    Wall street has plenty of problems, but the idea that it's mostly criminals is just ridiculous.
    I have been offered tax avoidance schemes in the past. I tell them I would rather pay the taxes. My govt has done things for me. One "advisor" tried to convince me to borrow money against my home equity and invest it with him. He even brought up the tax deduction of the interest I would be paying, like giving money away in interest is a good thing !!!
    Some of their logic totally escapes me. Another wanted me to buy an insurance policy that was part of an IRA. It ended with an annuity, that paid til I died, but THEN THEY KEPT THE PRINCIPAL, which would have been almost a million bucks. They were going to pay me 5% on my own money, then keep the principal when I die. If that isn't a criminal enterprise, I don't know what is....
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    Re: Social Security Payouts Are Already Crippling The Government This Year

    [QUOTE=NolaMan;1058801341]I mean, they don't make millions doing it, except in those very rare circumstances.

    I have gone through a number of financial advisors myself, fired the latest after the BP rig explosion. I hold a lot of Anadarko stock (they own a 25% operating interest in that rig) and I was following it pretty closely the days after the explosion, sold a bit myself, then called my advisor to see if he agreed with my research. He was unaware that Anadarko even had this stake in the rig, so I moved on in a hurry from him.

    I certainly did not pay him "millions" however.[/QUOTE] IF he rips off $1000 each from a thousand clients, there is his first milliion in just one year......
    They nibble away at YOUR assets.
    Granted, not all are doing it, but plenty of them are. And most of them have lots of fees.
    One of my neighbors who can't keep a job even with a CPA license called me last week wanting me to invest thru him. I told him that my investment strategy for the next 20 years is to spend it all and I don't need an advisor for that....
    We have grandkids to put thru college, that is where most of it will go...

    I have been around long enough to know quite a few people who trusted someone else with their money, and lost much of it....
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    Re: Social Security Payouts Are Already Crippling The Government This Year

    Quote Originally Posted by UtahBill View Post
    IF he rips off $1000 each from a thousand clients, there is his first milliion in just one year......
    They nibble away at YOUR assets.
    Granted, not all are doing it, but plenty of them are. And most of them have lots of fees.
    One of my neighbors who can't keep a job even with a CPA license called me last week wanting me to invest thru him. I told him that my investment strategy for the next 20 years is to spend it all and I don't need an advisor for that....
    We have grandkids to put thru college, that is where most of it will go...

    I have been around long enough to know quite a few people who trusted someone else with their money, and lost much of it....
    I don't know, I have always had enough invested with them to where most of the fees were waived.

    Not to mention, you don't have to hire an advisor if you don't want one, you can invest on your own.

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    Re: Social Security Payouts Are Already Crippling The Government This Year

    Quote Originally Posted by NolaMan View Post
    I don't know, I have always had enough invested with them to where most of the fees were waived.

    Not to mention, you don't have to hire an advisor if you don't want one, you can invest on your own.
    Tried that, I suck at it....
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    Re: Social Security Payouts Are Already Crippling The Government This Year

    Quote Originally Posted by NolaMan View Post
    Eliminating social security would devalue the dollar? How exactly?
    If you don't understand, then you need to study some macroeconomics.

    If SS was in Al Gore's magical "lock-box", then giving it back would have no impact on the dollar. But it's part of the gov't's budget; thus it would be nothing more than another liquidation. It's printing more money. If you gave every SS dollar back to everyone owed, it would be SOOOOO much money that it would completely devalue the dollar. If you think the bailout was a disaster, your plan would make the bailout look like "brother can you spare a dime".

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