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Warren Buffett: "Stop Coddling the Rich"

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  • #61
    Originally posted by Maggie
    Aargh,

    To begin with, I understand your frustration. But the French revolution was inspired, in part, by the writings of Rousseau the American Revolution was not (I don’t think many of the Founders, save possibly Jefferson, held Rousseau in high regard) – and there were very different results.

    As for income inequality, usually arguments that Paul Krugman and others make to attempt to demonstrate that we are no longer a “middle-class society” (the rich are getting richer, etc.) are based on household income figures. It is not a serious argument. Households differ over time in size, they differ from one group to another in size, and they differ from one income level to another in size. Over time households have been declining in size – for example if at some point in the past a household had three working adults and now the household has two working adults – and the family is making the same money it always made that is not stagnation it is a 50% increase in per capita income. Which may be why one of those adults left to start his or her own household – he or she could afford to. Household income is utter nonsense. If you are serious you look at per capita income because it always means one person. That is a legitimate comparison, if you are looking to score political points you go to household or family income.

    In any event, I don’t see the “have-nots” revolting in this Country. The most significant political movement in my lifetime has been the Tea Party movement. And from what I can tell these people are the “haves”.

    Do we have an imperfect political system? Yes, we do. Do we have members of Congress who think and act as if they are Royalty? Darn, right we do. But I don’t subscribe to the view that “rich” people run America – be it Soros or the Koch brothers.
    Hey there Good Will Hunting, don't you go quoting authors on political and economic theory. This here's a college sports forum! ;-) :good:
    Livin the dream

    Comment


    • #62
      Originally posted by wufan
      Originally posted by Maggie
      Aargh,

      To begin with, I understand your frustration. But the French revolution was inspired, in part, by the writings of Rousseau the American Revolution was not (I don’t think many of the Founders, save possibly Jefferson, held Rousseau in high regard) – and there were very different results.

      As for income inequality, usually arguments that Paul Krugman and others make to attempt to demonstrate that we are no longer a “middle-class society” (the rich are getting richer, etc.) are based on household income figures. It is not a serious argument. Households differ over time in size, they differ from one group to another in size, and they differ from one income level to another in size. Over time households have been declining in size – for example if at some point in the past a household had three working adults and now the household has two working adults – and the family is making the same money it always made that is not stagnation it is a 50% increase in per capita income. Which may be why one of those adults left to start his or her own household – he or she could afford to. Household income is utter nonsense. If you are serious you look at per capita income because it always means one person. That is a legitimate comparison, if you are looking to score political points you go to household or family income.

      In any event, I don’t see the “have-nots” revolting in this Country. The most significant political movement in my lifetime has been the Tea Party movement. And from what I can tell these people are the “haves”.

      Do we have an imperfect political system? Yes, we do. Do we have members of Congress who think and act as if they are Royalty? Darn, right we do. But I don’t subscribe to the view that “rich” people run America – be it Soros or the Koch brothers.
      Hey there Good Will Hunting, don't you go quoting authors on political and economic theory. This here's a college sports forum! ;-) :good:
      Pop Quiz: What author was my inspiration? Because there is one - he exists. :D

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      • #63
        I am?
        Livin the dream

        Comment


        • #64
          Originally posted by wufan
          I am?
          Nope but I could do worse. :) Focus on the income inequality part - this author has been singing that tune for 30 years. And he is right. The problem is people fall for the fallacy, over and over and over again.

          P.S. he has been in my head for a while now. Which may explain why I am so cranky.

          Comment


          • #65
            I have no idea of which author you speak, but my wild arse guess, based on topic and rough timeframe would be Mr. H. Ross Perot. But he only goes back 20 years or so. I need to think another decade back. Tough...

            No, Perot bought into the income inequality, I'm stumped.
            There are three rules that I live by: never get less than twelve hours sleep; never play cards with a guy who has the same first name as a city; and never get involved with a woman with a tattoo of a dagger on her body. Now you stick to that, and everything else is cream cheese.

            Comment


            • #66
              Originally posted by MoValley John
              I have no idea of which author you speak, but my wild arse guess, based on topic and rough timeframe would be Mr. H. Ross Perot. But he only goes back 20 years or so. I need to think another decade back. Tough...

              No, Perot bought into the income inequality, I'm stumped.
              No, not Perot. It is Thomas Sowell.

              Comment


              • #67
                Originally posted by Maggie
                Originally posted by MoValley John
                I have no idea of which author you speak, but my wild arse guess, based on topic and rough timeframe would be Mr. H. Ross Perot. But he only goes back 20 years or so. I need to think another decade back. Tough...

                No, Perot bought into the income inequality, I'm stumped.
                No, not Perot. It is Thomas Sowell.
                I just clicked back over to post Sowell! I was busy reading this gentlemen's argument, which is in depth and slightly over my head:

                Livin the dream

                Comment


                • #68
                  Originally posted by wufan
                  Originally posted by Maggie
                  Originally posted by MoValley John
                  I have no idea of which author you speak, but my wild arse guess, based on topic and rough timeframe would be Mr. H. Ross Perot. But he only goes back 20 years or so. I need to think another decade back. Tough...

                  No, Perot bought into the income inequality, I'm stumped.
                  No, not Perot. It is Thomas Sowell.
                  I just clicked back over to post Sowell! I was busy reading this gentlemen's argument, which is in depth and slightly over my head:

                  http://www.uspoliticsonline.com/econ...ties-just.html
                  From what I can tell Sowell is a wonderful human being and I know he is a great thinker. He is a former Leftist – even Milton Friedman (he studied under him at the University of Chicago) didn’t change his mind – practical experience did. His “gift” for lack of a better word, among other things, is in my judgment an ability to take complicated theoretical constructs/abstractions and break them down for mass consumption. If I were to recommend books written by Sowell, I would start with Basic Economics (it is an easy read and won’t put you to sleep – but you need a solid foundation) – Intellectuals and Society is also very good.

                  Based upon what I have heard and read – Sowell also thinks this country is going to “hell in a hand basket”. I am usually more optimistic but it is hard, for me anyway, to walk that path.

                  Comment


                  • #69
                    The source for The Daily Show fans, with episodes hosted by Jon Stewart, Ronny Chieng, Jordan Klepper, Dulcé Sloan and more, plus interviews, highlights and The Weekly Show podcast.

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                    • #70
                      so you agree, the free ride should be over for the 51% of American who pay nothing?

                      Comment


                      • #71
                        Originally posted by MoValley John
                        Originally posted by Kung Wu
                        Originally posted by MoValley John
                        Yes, they consume now, they have very nice stuff, but their rate of consumption even now is a far less percentage of their income than it is for Joe Sixpack. The rich could simply reduce their tax burden by not participating in consumption and hoarding their money. A VAT tax would be regressive, possibly moreso than what we currently have.
                        I disagree here, your insight is too short term. Everybody dies. The hoarding rich old man will pass his money down to his children soon enough and it's well known that within a couple of generations the overwhelming percentage of the accumulated wealth will be lost.
                        I understand three generations from the penthouse to the poorhouse, but the question remains, is, and more importantly, can the government wait three generations to receive what they believe to be rightfully theirs? When considering taxation, you have to consider the here and now.
                        If one wealthy person dies per week, then 30 years ago one wealthy person died and his 2nd or 3rd generation heirs are currently spending the fortune carelessly -right now-.
                        Kung Wu say, man who read woman like book, prefer braille!

                        Comment


                        • #72
                          Man, the Buffet/Obama circle jerk is in full swing now, from looking at the articles on Drudge.
                          Kung Wu say, man who read woman like book, prefer braille!

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                          • #73
                            Is Buffett about to become the homeland's version of George Soros?

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                            • #74
                              To put Buffett in the same category with George Soros is what's wrong with the political debate today. Buffett is trying to help democrats win and is relatively new to the political process (being active anyway). This is no more wrong than what wealthy Republicans that could care less about morality issues are doing. Soros is trying to socially engineer the morals of our society ( and has for the past 30 years) with his extensive money. Buffett has argued that the taxes of the wealthy should be raised. Soros has tried to hijack issues regarding abortion, legalizing drugs, illegal immigration, gay marriage, handing out condoms to middle and high school students, etc. in addition to supporting democratic candidates and tearing down people who disagrees with him.

                              Comment


                              • #75
                                Mitt Romney released his tax information for the last two tax-years.



                                His income over those two years? $45 million

                                His effective tax rate? Less than 14%.

                                That tax rate is the equivalent percentage that someone making around $40,000 would pay.
                                The truth will set you free. But first, it will piss you off.

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