The poor and the needy are selfish and greedy …

Companies steal close to 10 billion dollars annually in unpaid overtime.”

It takes an emotional toll, it takes a mental toll, it takes a physical toll.”

“College students are facing a roughly $20 billion increase in the cost of their federal loans.”

“When you hear a politician promising to exempt the retired and near retired from changes to Social Security, while offering to make it more ‘secure’ for future generations, you now know the game plan.”

People are talking about Niagara Falls as a living destination, and obviously are interested in what we are doing.”

Whoever says meritocracy says oligarchy.”

Read the first 38 chapters of the book of Job if you would like a critique of this kind of thinking.”

“That tension between these two very different views of what it means to be ‘elite’ has inflected our history for over 400 years.”

Libertarians, please study harder for the next test.”

“Here are 8 ways our corporations, politicians and courts are trying to recreate the Gilded Age.”

“City privatizes its beach lifeguarding. The company does what companies do.”

“The easiest and simplest way for the government to create jobs is simply for the government to stop firing people.”

“Nicholas Shaxson delves into the murky world of offshore finance, revealing loopholes that allow the very wealthy to skirt tax laws, and investigating just how much of Romney’s fortune (with $30 million in Bain Capital funds in the Cayman Islands alone?) looks pretty strange for a presidential candidate.”

“President Obama is betting on America and American workers, and Mitt Romney is betting his resources in the Cayman Islands, in Bermuda, in Switzerland and God only knows where else he is putting his resources.”

“Unlike in past elections, in which even the most conservative Republicans argued that we should ‘ensure that all Americans would have affordable, quality, private health coverage,’ voters this year will choose between one party that supports universal health care and one that doesn’t, with health insurance for as many as 50 million voters hanging in the balance.”

“The prophets leave the comfort and familiarity of home and hearth and even their own country to report and point and scream and jump up and down and shock the kings and queens with discomforting stories.”

I sort of tell them … to go [expletive] themselves.”

  • Lori

    I’ve been doing this:

  • Albanaeon

     I’ve spent 7 hours on a calc test so I don’t really have the patience to break down your points, except for this one.

    “at .05 % ?”

    Mitt Romney’s estimated (officially) worth $225 million.  So taking out our handy dandy Interest Calculator

    A=P(1+r/n)^(nt)

    So initial (P) is 225, rate (r) is .005, n is once per year, and t is one year.

    A=225(1+.005/1)^(1×1)
    A=225(1.05)
    A=226

    Which means that if Romney just stuck it in a bank with .o5% interest, he would still make one million dollars, which is over 28 times the poverty wage, and 17 times the average wage for a year. 

    In short, when you’re dealing with numbers as large as what we are talking, yes they can make money by doing basically nothing. 

    Or even shorter, learn math.

  • http://twitter.com/lesterhalfjr Chris Hadrick

    They could make alot more money if they put their savings in a bank and the interest rate was higher.

    everyone would appreciate more yield in their savings account. The scale is meaningless, everything rich people have is on scale more than poor people.  soda costs the same for everyone, but it’s less of rich peoples total savings. 

    If we embrace people like Paul Krugman or Matt yglesies’s call for more inflation you know who will benefit? ME and other libertarians who have most of our savings in commodities. Do you want that?

  • Lori

     

    everyone would appreciate more yield in their savings account.  

    This would depend entirely on what they had to trade to get it.

     

    ME and other libertarians who have most of our savings in commodities.    

    You have most of your saving in commodities? You mean you’re a customer of GoldLine?

  • http://www.facebook.com/chrisalgoo Chris Algoo

    his point was our revenues are similar to what we got in the 90′s when adjusted for inflation.  It wasn’t about tax levels.


    GOVERNMENT GETS REVENUE FROM TAXES.

    Chris, do you actually care about people’s savings accounts, their jobs or their lives? If  so, why?

  • AnonymousSam

    As a sociopath myself, I’m starting to get that same feeling of disgust and dissociation that I get from particularly rude atheists.

  • Kubricks_Rube

    They could make alot more money if they put their savings in a bank and the interest rate was higher.

    So what you’re saying is that with interest rates so low it is the time to invest instead of save? But the super-rational actors of the super-rational market aren’t doing so?

    everyone would appreciate more yield in their savings account.

    Not “everyone” has anything to put in a savings account. What we want is for all the money that is sitting and stagnating to be pumped into the economy so people can get jobs and have some money to spend and to get out of debt. For many people saving is a luxury.

    soda costs the same for everyone, but it’s less of rich peoples total savings.

    Thank you for summing up the logic behind progressive taxation. It wasn’t your intent, but well done.

  • Raj1point618

    You mean he didn’t win you over with his Libertarian charm? Free market forces didn’t align in his favor?

  • http://apocalypsereview.wordpress.com/ Invisible Neutrino

    Keynes as long ago as 1936 pointed out the problem with assuming that savings is the originating vehicle for economic growth: Savers tend to be less numerous in the aggregate than spenders, because of a non-equal distribution of income (as well as wealth).

    The way banks make up for this discrepancy is to substitute loanable funds from fractional reserve banking in order to aid in fixed capital investment. This then exposes the overall economy (since the banking system now is highly geared, and is a necessary component to the flow of funds) to enhanced pro-cyclical behavior, in which a boom tends to feed on itself by means of loosened credit due to the way banks assess security for loans, and busts tend to feed on themselves as well due to tightened credit, again because of how banks must protect their own balance sheets by ensuring that any assets that secure their loans are of sufficient value.

    That’s fine if assets have a fixed value, such as a certifed authentic painting with an appraised value, but less fine when the assets are variable – like houses. And businesses, who often obtain lines of credit, or who obtain long-term loans on the basis of forecasts of future profits.

    Such future profits must necessarily come from demand, not supply.

    In short, from spenders, not savers.

  • http://apocalypsereview.wordpress.com/ Invisible Neutrino

    I’ll grant you the gold purchases, but it likely is for a different reason than you think.

    1. “goldbug” is a colloquial term that refers to people who want to restore a gold standard (like, pre-1930s gold standard, not the Bretton Woods hybrid standard where gold was exchangeable for US dollars on the international market, but not within the US). You are misusing the term.

    2. Central banks are likely diversifying or altering their forex holdings. This could be for any number of reasons, but likely includes doing the equivalent of the strategic petroleum reserve: pushing down the price of gold down the road by increasing the supply on the market. It’s been done before.

    3. While I know people like the SGS and iTulip folks are fond of pushing the idea of a hyperinflation, the factor they’re ignoring is that the distribution of income and wealth is so lopsided in the USA, exacerbated by the recent economic troubles, that money velocity is likely slowed way down to the point where any money that gets pushed into the USA from the Fed’s Quantitative Easing sessions is likely to just end up in the hands of the rich anyway, who have little benefit from spending that money instead of speculating with it in markets not accessible to ordinary people*.

    * Please, don’t pretend the stock or forex markets represent anything close to “People’s Capitalism”.

  • http://twitter.com/lesterhalfjr Chris Hadrick

    kubricks- that’s the danger with artificially lowered interest rates. They don’t reflect reality.

    “For many people saving is a luxury.”

    There are plenty of rich people who spend alot of money too believe it or not!  and poor people who save. There is no class of savers that’s rich or poor. The eldery are hit hard by inflation. They aren’t jerks because they don’t want to starve.

    Do you want to charge rich people more for soda?? If not it’s an argument AGAINST progressive taxation.  Any flat tax rate is progressive anyway in the sense that 20 percent of a rich person’s income is more than 20% of a poor persons.

    Lori- I got mine elsewhere. If there is another round of Quantitative easing  gold will likely go up around 2000 an ounce.   If I wanted to be Scrooge mc Duck I’d be pushing the Krugman plan.  kind of weird isn’t it? Krugman and those guys detest gold yet their policies make it go higher while libertarian “goldbugs” favor policies that would lose them money a great deal of money if they were implemented (in general). 

    Chris algoo-  I had said  that our government has plenty of revenue, it just spends too much. He said our revenue wasn’t any higher than it was in the 90′s.  My point was we didn’t have these problems in the 90′s. Obviously 90′s levels of revenue were 3enough for the 90′s. So to say we have 90′s level revenues implies there was some sort of horror show in the 90′s and there wasn’t.

    neutrino- “Savers tend to be less numerous in the aggregate than spenders, because of a non-equal distribution of income”

    We want more savers not less though. Punishing savers with artificially low interest rates will not create more savers.

    goldbug is a general term used for people who are into the gold thing. Yes they are certainly diversifying their holdings out of dollars and into gold.   They are all net buyers not sellers  from what I understand.

    I agree QE will not do what that sort of thing has historically been credited with doing because of the current landscape. They have no choice though.

  • Consumer Unit 5012

    but being Libertarians, other people’s suffering didn’t matter to them in the face of the Great and Holy Free Market.

    “The Free Market is like Cthulhu:  it doesn’t actually exist, but its cultists are okay with making human sacrifices in hopes of summoning it.”

  • Consumer Unit 5012

    At some point the entire stock exchange will just be several hundred
    computer programs all frantically chasing numbers around and round, with
    what possible connection to the real economy?

    The ability to order CEOs to sabotage their companies in the long-term to make short-term stock profits, of course. 

  • Consumer Unit 5012

     Out of morbid curiosity, where do you think banks get the money they pay in interest on savings accounts?

  • Consumer Unit 5012

     “My point was we didn’t have these problems in the 90′s.”

    …And the bridge was fine until it collapsed.  Your point?

  • http://twitter.com/lesterhalfjr Chris Hadrick

    banks get their money from deposits.

    No, the point is saying we are only taking in as much revenue as we did in the 90′s is just saying we are taking in as much as we normally do.  The revenues and the budgets are much much higher than the 90′s  in 99 the budget was like 1.8 trillion now it’s got to be double that.

  • Mark Z.

    “banks get their money from deposits.”

    Banks get their money by charging interest on loans.

  • AnonymousSam

    And stealing houses. <.<

  • http://twitter.com/lesterhalfjr Chris Hadrick

    banks get their money from both. They wouldn’t have money to loan out if they didn’t have deposits though.

    if anyone’s still reading this this book is incredible http://www.amazon.com/The-Pyramid-Ismail-Kadare/dp/1559703148

  • http://apocalypsereview.wordpress.com/ Invisible Neutrino

    There is no way rich people’s spending can possibly match the spending done by 80%+ of the people in the USA. It’s just not going to happen. There’s actualy a simple back of the envelope calculation done by Ravi Batra that demonstrates this at the order-of-magnitude level.

  • http://twitter.com/lesterhalfjr Chris Hadrick

    neutrino- I should learn some keynesian economics at some point. I followed one on twitter for a while. You can’t imagine what  an ivory tower putz he was.

  • http://apocalypsereview.wordpress.com/ Invisible Neutrino

    For all who’re interested, I found the back of the envelope calculation Ravi Batra did.

    http://uploadhero.com/dl/wjJF1k1U

    The site’s apparently run by Anonymous as a replacement for MegaUpload. I assert fair use as a defence for the creation of the PDF of four pages of Batra’s book.

  • http://apocalypsereview.wordpress.com/ Invisible Neutrino

    Yes, perhaps you should learn about the thing you keep criticizing, shouldn’t you?

  • http://twitter.com/lesterhalfjr Chris Hadrick

    I doubt Krugman has read Human Action either.


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