Talk, like Ray Dalio's is cheap. To know what you are doing is wrong, dangerous to the economic well being of the Country in which you live; is truly disgusting. Nick Hanauer said much the same thing, as did Warren Buffett. But they still take those irresponsible tax breaks and loopholes, they still keep their fortunes, and they still buy politicians.
Oh Fay, yep, those rich guys who whine that they aren't being taxed enough, don't stop and donate more tax money. They are hypocrites who want to look like they are really the good guys. They are not. They are just a bit less than some of the worst.
These sociopaths understand what they are doing is not fair, yet are daring all of us with, "What are YOU going to do about it?" THEY will NOT change a system that overwhelmingly benefits THEM. They have purchased the political system with the great wealth they have acquired through changing the tax codes and have had industries de-regulated. They are daring US to fix this system. THEY will continue to do what they are doing because, frankly, they cannot help themselves from the addiction of great wealth with a media that fawns over them in the "race to the top" of who has the most wealth. You have seen it. "Bezos is now the richest man on the planet!" Followed a month later with, "Musk is the richest man on the planet!" (Though most of us, living within these confines would more accurately describe it as the "race to the bottom".) As I have asked before, in California there are Propositions that can be placed on the ballot if enough registered voters sign the Proposition. How can we go around the majority of "owned" congresspeople and get some type of national people's proposition on the ballot that would appear on ALL States ballots to selectively change laws to reign in their financial terror? I believe this may be the only way to take back our own government from these very same sociopaths we are talking about. Even the Supreme Court has been purchased through DARK MONEY and SHELL COMPANIES by an, there is no other word to describe him, evil Leonard Leo. YouTube Sheldon Whitehouse, "The Scheme" and discover how this was accomplished. There are about twenty episodes as he describes it on the floor of the Senate.
Great idea Jim, I too, am a Californian. The proposition isn't faultless, in that the "rich rubes" can place horrible propositions and spend so much money for TV blurbs and our total population here is as lacking in critical thinking as the total Country. Campaign financing and the ridiculous length of campaigning need to be changed. It used to be that politicians for whom we could vote were the only ones appealing to us, for maybe three months every two years, now the day after the polls close I get emails and texts from across the country begging for the next election which is 2, 4, or even 6 years away. Campaigns need to be restricted to no more than three months before the general election and 6 weeks before the primaries.
When you’ve leveraged the pension funds of others to generate billions of dollars to own ALL the politicians, squeeze the juice out of ALL the assets to the detriment of others, and pay a lower tax rate than the folks you leveraged are paying, will you ever be satisfied?
When do you have enough?
Is there no joy in leaving the planet or the lives of other humans better off? Life’s short and you can’t take the billions with you when you die.
There must be more to life than counting how many billions you have. What about your impact on society and the planet?
Rupert Murdoch & the Dominion litigation comes to mind. From reading the transcript, money & the profit motive are the ONLY things that matter.
Amazing that the impact on their audience of the deliberate lies & deception are a non-issue.
Marlene Green : If the 'common man' was educated in economics, there would be a much bigger impact. There would be more pushback, when the average worker knows what is going on.
Concerned Citizen ; Obviously, in some communities, there is some control by the locals of school boards and state funding. But when money buys seats and there are agendas against certain things being taught; priorities do not serve the interests of the 'common man'. In my area, civics and history and financial literacy are all taught. This is not true everywhere.
Marlene, you are right, this is sad and disturbing. We have in our midst a bunch of people who have been struggling for years noticing how rich some people are and dreaming that someday they, too will be that rich and will be able to do something awful (they are not sure exactly what) to those people they think kept them struggling, not realizing that the people whose ranks they wish to join are the ones who kept them down and if they get the money they think they want, they will never have enough to even touch the perpetrators of their suffering. Yes, struggle is hard, but if we drop the desire to be rich, we can avoid the addiction to hatred, fear, anger, and resentment of others, and actually be happy that we are alive and working to make a positive difference in the world, at least in our own little corner of it. How do we get that message across when everything those suffering people see call them to the false dream and the addiction that look so comforting?
This enlightening piece made my stomach turn. I am so sick and tired of this capitalistic greed. So many of us have struggled hard just to keep a roof over our heads and food in our tummies, and watched as million/billionaires hoard their dollars and pay not a red cent in taxes! Meanwhile our own pitiable bank accounts dwindle and the prospect of retirement becomes further and further away… *sigh* I am sick and tired of being sick and tired of the greed in this country. 🌻
Heather, I am not sure the men who run the banks, hedgefunds et al are all corrupt, but enough of them are that we are all at the mercy of their actions. We don't have to be, but since so many in our own government and in many other governments are addicted to the power and money they have accumulated, it will be hard to get help from the rich. They like things just as they are and they are buying people who will forget and agree. That's what addiction does to people.
I was part of that environment in the 1990's and anyone who had a shred of integrity or decency found it hard to exist in that environment.
The majority who were 'the old hands' were ruthless, lacked thought for any new ideas and the few who did show me some decency I looked at askance......at that time I held a Class 2 Securities License and the regulatory environment was heavy, and from what I can gather now it's all been tossed out the door with the minimum left in place........now the majority are paid a salary in addition to their commissions, in my day commission only hence the need to work 90 hours weeks for that decade.
I believe you are on the right track Heather. As to the role of "central banks" & specifically in the US the role of the Fed's monetary action by massively buying up debt & the associated risk at low or nearly zero interest rates. I thought Dalio had already publicly conceded that 'MODERN MONETARY THEORY' (MMT) was "inevitable" & that Paul Krugman was & is correct.
Rather than get into the thicket of MMT in the United States circa the last important 14 years, I will attempt a metaphor. It is something like Uncle Sam intervening in a wild poker game & buying up everyone's risk so the Game-goes-on and everyone still has Chips to play ... lots of Chips.
I would appreciate it if someone or Profeesor Robert R would take over & rescue my effort to simplify MMT. [ Thank you Ruth, your comment to Heather helps. ]
Ditto to that, I hope that Professor Robert Reich does just that to simplify it a little more, the only reason people baulk at change for anything is that it requires a leap of faith and trust, in yourself and your capacity to follow thru with what must be done and learn to think for yourself, and that's hard work!
Professor Robert Reich is the best example that I can think of with regards to the last sentence, a living example of question what you don't know and why don't you know it?
As for "Opportunities" as Madame C.J. Walker said "I had to make my own living and my own opportunity....Don't sit down and wait for opportunities to come, you have to get up and make them" which is true, however having the right environment also makes a huge difference, not disenfranchising the very people you rely on.
We know. We see. And still nothing will change until money’s taken out of politics - the key lies there. Then it’ll be a clear path to taxing the rich and closing the loopholes.
This is exactly why Capitalism is out of control and the greed of these companies/ corporations may be responsible for the collapse of capitalism worldwide
What I most have a problem with is all these mostly white entitled guys choosing where to put their do-good $$ ....think Gates, Dallo, Musk, Buffet, Branson etc. Few make the 'right" choices. But the $$ they make and spend are at the expense of everyone else. So rather than society getting to make decisions on where best to spend those $$, these guys get to make that choice all by themselves. So far, not so good.
I'm with you on that one, Robert. There is so much that should be axed in financial markets, in fact, and this is going to sound totally naïve, why not get rid of financial markets altogether. Excuse me while I scuttle for cover!
David ; Your ideas make sense in a country with a Constitution and a Bill of Rights that mention the 'Pursuit of happiness' and equality for all. The reality is far and away from the ideals we were taught as young students. It is not surprising that one would be considered naive. I have heard people scoff at those who 'haven't a clue' calling them 'rubes who just fell off the turnip truck'. Those who do the scoffing and laughing may someday have the smiles wiped off their faces! Unsustainability has consequences that are not immediately apparent ; at least not to those blindly grabbing for more and more than their 'share'.
Thank you, Brian Sean McKown.! With Professor Reich's assistance ; We in this forum may be able to turn things around, or, make sense of things, at the very least!
David, no "cover" is needed; thank you. There are major players in 'financial markets' other than the 'rich' particularly cental banks worlwide and the role of impactful meetings such as the yearly Late Summer gathering with a spectacular vista of a national park. Don't forget to give the Fed Chair a prominent speech assignment.
the more money that accumulates in the pockets of the ultra-wealthy elites, the fewer dollars the working poor and disappearing middle class have to spend on daily necessities like rent, food, heat and health care. you are right: there is a revolution coming and sadly, not even biden can stop it. the big question is: who will win? will the people win, or will the oligarchs win? my bet is that the oligarchs will win and they will reinforce their iron-fisted grip over their new sort of modern slavery, almost like what we saw in the hunger games.
Sad but I’m afraid you’re right. I fear for my daughter who is not sure she even wants to bring children into this world for all the reasons you state.
What will they do with no one left to serve them or provide cash.
Maybe we should withhold pension/401K cash now. Start the revolution.
I suspect the declining birth rate in this country reflects what you suggest: that enough of us are making the painful decision to not bring anymore passengers onto our sinking ship.
Actually the government could mint and put in people's pockets, $100,000 each......they own the printing press. The very rich wouldn't like it because inflation eats away at them big time. But the little guys would be in much, much better shape.... which would be a loss for the oligarchs .....even with inflation......they're used to getting by on much less.
"While Chinese-owned debt is frequently drummed up as a political talking point, there's nothing particularly sinister about an export-oriented economy investing in Treasury securities. In fact, Treasuries are a logical investment for a country with high foreign currency reserves. China currently holds almost 11.96% of U.S. foreign debt." They are #2 behind Japan and followed by UK, Belgium and Luxembourg at #3, #4, #5.
And yes, China owns their own presses as well. Unfortunately they don't own the stellar record that the US has, having never ever defaulted. Still true unless the Republicans screw us all by not raising the debt ceiling.
Robert Reich has put out several YouTube videos that go a long way toward understanding how Macro economies work. (as opposed the checkbook economy everyone pictures). Any country that has its own currency is in a macro economy. The Euro Dollar is in a special category which is why the UK and several nordic countries didn't sign up. http://keynesforkids.com/
And this is pretty good to know as well: How we think about the deficit is mostly wrong.
There is always a revolution on the horizon . There is never a safe TIME the Rich have a monopoly and they want to keep. Kill one monopoly and others spring up. Change is the only constant ie PuTIN wants to keep the status quo of his day against the changes that are constantly marching on. He is the ultimate conservative fighting change killing people to distract the masses.
Crooks are Crooks all for them and dribbled of money to the rest of us.
I like Ray. Who knows, maybe he will use the insane money he’s arranged for himself to do something about climate change. But yeah these hedge fund managers should rethink how their roles (and paychecks) affect everyday Americans.
I don't like Ray. Just another white entitled rich guy who got there by gaming the system. He talks but he doesn't walk the walk. Hypocrites and injustice go hand in hand.
He's been doing it for most of his life. How long do you propose waiting? Isn't this like Republicans saying right after a mass murder that now isn't the time to pass gun regulation? We're too caught up in the moment? Forever is how long we'll wait for Ray and his buddies to do the right thing. Please don't sound like an apologist for the 1%
Thanks for your knowledge and insight into this horrible manipulation of money. It's all so wrong and I hope Biden and Dems will do something about it!
Sad to say, but expecting Biden or the Democrats or anybody, including the Republicans, to do anything about what amounts to legal thievery is wishful thinking. They are all subservient to these oligarchs. So what is a realistic and effective solution???
A progressive wealth tax, if the lawmakers aren't already too compromised to enact such a thing. Bernie is right -- there's no legitimate reason for anyone to be a billionaire. Money is a public utility provided by the federal government to conduct the nation's commerce. It's not meant to be hoarded by a relative few to the extent that it can't serve its function.
Thomas Piketty, the French economist who has compiled the historical data on inequality and its economic impact, has stated quite simply that the answer is in taxation. No matter what the source of income, above a certain level it must be returned to the overall society. Nobody is producing a billion dollars a year. We are doing that with our labor and our consumption and through providing the overarching structure in which economic activity takes place. Simply go back to the taxes of the 1950s with no carve outs for investment income. Also, limit corporate pay gaps between workers and owners and include stock income. Enough already. The democrats need to publicize the reality of the magnitude of what is being stolen from all of us. It is truly inconceivable. Try to put a dot on a piece of paper for every dollar Jeff Bezos raked in during a Covid year. You might die first. Take some pictures of their multiple mansions (castles) cars, yachts, planes, estates…. They are living beyond the kings of the past by a long shot. Poor people don’t even know what is happening here. We all need to see the problem clearly in real terms. Expose the reality graphically. This is a big game and we the people are losing.
I agree, though it would be a miracle for a Democrat to expose this corruption. These billionaires through Dark Money and other means have "purchased" the majority of "our" Representatives in Congress. The current Republicans are beyond redemption. The Democrats are teetering on the edge. The wealthy can always "pick off" (through their enormous wealth) a couple of votes (Sinema, Manchin) they require to keep things as they want them. They have even taken the majority of the Supreme Court. YouTube Senator Sheldon Whitehouse, "The Scheme". There are about twenty episodes where he speaks of how this was done on the floor of the Senate. The people MUST find a way to go around the current corrupt system to enforce change for the sake of saving the United States and Democracy.
I agree. We are in treacherous waters. It is time for a bigger response. Truly I am frightened as these people lie to our faces and strip us of voting rights, bodily rights…. We need a media outlet on par with the big players. Can we come together to create it?
As a retired teacher with my hard-won earnings invested (as required) in the very Pennsylvania State Employees Retirement System you mention, please tell me what people like me can do to change this. I’m not being sarcastic here: I sincerely want to know what, aside from voting for the right candidates (which you state has done nothing to help anyway) I can do.
Talk, like Ray Dalio's is cheap. To know what you are doing is wrong, dangerous to the economic well being of the Country in which you live; is truly disgusting. Nick Hanauer said much the same thing, as did Warren Buffett. But they still take those irresponsible tax breaks and loopholes, they still keep their fortunes, and they still buy politicians.
Oh Fay, yep, those rich guys who whine that they aren't being taxed enough, don't stop and donate more tax money. They are hypocrites who want to look like they are really the good guys. They are not. They are just a bit less than some of the worst.
These sociopaths understand what they are doing is not fair, yet are daring all of us with, "What are YOU going to do about it?" THEY will NOT change a system that overwhelmingly benefits THEM. They have purchased the political system with the great wealth they have acquired through changing the tax codes and have had industries de-regulated. They are daring US to fix this system. THEY will continue to do what they are doing because, frankly, they cannot help themselves from the addiction of great wealth with a media that fawns over them in the "race to the top" of who has the most wealth. You have seen it. "Bezos is now the richest man on the planet!" Followed a month later with, "Musk is the richest man on the planet!" (Though most of us, living within these confines would more accurately describe it as the "race to the bottom".) As I have asked before, in California there are Propositions that can be placed on the ballot if enough registered voters sign the Proposition. How can we go around the majority of "owned" congresspeople and get some type of national people's proposition on the ballot that would appear on ALL States ballots to selectively change laws to reign in their financial terror? I believe this may be the only way to take back our own government from these very same sociopaths we are talking about. Even the Supreme Court has been purchased through DARK MONEY and SHELL COMPANIES by an, there is no other word to describe him, evil Leonard Leo. YouTube Sheldon Whitehouse, "The Scheme" and discover how this was accomplished. There are about twenty episodes as he describes it on the floor of the Senate.
Great idea Jim, I too, am a Californian. The proposition isn't faultless, in that the "rich rubes" can place horrible propositions and spend so much money for TV blurbs and our total population here is as lacking in critical thinking as the total Country. Campaign financing and the ridiculous length of campaigning need to be changed. It used to be that politicians for whom we could vote were the only ones appealing to us, for maybe three months every two years, now the day after the polls close I get emails and texts from across the country begging for the next election which is 2, 4, or even 6 years away. Campaigns need to be restricted to no more than three months before the general election and 6 weeks before the primaries.
My thoughts as I read this...
When you’ve leveraged the pension funds of others to generate billions of dollars to own ALL the politicians, squeeze the juice out of ALL the assets to the detriment of others, and pay a lower tax rate than the folks you leveraged are paying, will you ever be satisfied?
When do you have enough?
Is there no joy in leaving the planet or the lives of other humans better off? Life’s short and you can’t take the billions with you when you die.
There must be more to life than counting how many billions you have. What about your impact on society and the planet?
Rupert Murdoch & the Dominion litigation comes to mind. From reading the transcript, money & the profit motive are the ONLY things that matter.
Amazing that the impact on their audience of the deliberate lies & deception are a non-issue.
Marlene Green : If the 'common man' was educated in economics, there would be a much bigger impact. There would be more pushback, when the average worker knows what is going on.
That’s why the GOP wants to keep us uneducated.
Yes, Rose ; It was illegal to educate the slaves, I have read. They don't want us to understand how uneven the 'playing field' is.
You write this as if the party of “the common man” doesn’t own all elements of education from pre-K through university.
Concerned Citizen ; Obviously, in some communities, there is some control by the locals of school boards and state funding. But when money buys seats and there are agendas against certain things being taught; priorities do not serve the interests of the 'common man'. In my area, civics and history and financial literacy are all taught. This is not true everywhere.
Marlene, you are right, this is sad and disturbing. We have in our midst a bunch of people who have been struggling for years noticing how rich some people are and dreaming that someday they, too will be that rich and will be able to do something awful (they are not sure exactly what) to those people they think kept them struggling, not realizing that the people whose ranks they wish to join are the ones who kept them down and if they get the money they think they want, they will never have enough to even touch the perpetrators of their suffering. Yes, struggle is hard, but if we drop the desire to be rich, we can avoid the addiction to hatred, fear, anger, and resentment of others, and actually be happy that we are alive and working to make a positive difference in the world, at least in our own little corner of it. How do we get that message across when everything those suffering people see call them to the false dream and the addiction that look so comforting?
The answer is, never enough.
This enlightening piece made my stomach turn. I am so sick and tired of this capitalistic greed. So many of us have struggled hard just to keep a roof over our heads and food in our tummies, and watched as million/billionaires hoard their dollars and pay not a red cent in taxes! Meanwhile our own pitiable bank accounts dwindle and the prospect of retirement becomes further and further away… *sigh* I am sick and tired of being sick and tired of the greed in this country. 🌻
No one in Finance is to be trusted. In a word, Arbitrage.
From Wall Street, to Central Banks, IMF, World Bank and Banking Institutions, they are all corrupt.
Heather, I am not sure the men who run the banks, hedgefunds et al are all corrupt, but enough of them are that we are all at the mercy of their actions. We don't have to be, but since so many in our own government and in many other governments are addicted to the power and money they have accumulated, it will be hard to get help from the rich. They like things just as they are and they are buying people who will forget and agree. That's what addiction does to people.
I was part of that environment in the 1990's and anyone who had a shred of integrity or decency found it hard to exist in that environment.
The majority who were 'the old hands' were ruthless, lacked thought for any new ideas and the few who did show me some decency I looked at askance......at that time I held a Class 2 Securities License and the regulatory environment was heavy, and from what I can gather now it's all been tossed out the door with the minimum left in place........now the majority are paid a salary in addition to their commissions, in my day commission only hence the need to work 90 hours weeks for that decade.
I believe you are on the right track Heather. As to the role of "central banks" & specifically in the US the role of the Fed's monetary action by massively buying up debt & the associated risk at low or nearly zero interest rates. I thought Dalio had already publicly conceded that 'MODERN MONETARY THEORY' (MMT) was "inevitable" & that Paul Krugman was & is correct.
Rather than get into the thicket of MMT in the United States circa the last important 14 years, I will attempt a metaphor. It is something like Uncle Sam intervening in a wild poker game & buying up everyone's risk so the Game-goes-on and everyone still has Chips to play ... lots of Chips.
I would appreciate it if someone or Profeesor Robert R would take over & rescue my effort to simplify MMT. [ Thank you Ruth, your comment to Heather helps. ]
Ditto to that, I hope that Professor Robert Reich does just that to simplify it a little more, the only reason people baulk at change for anything is that it requires a leap of faith and trust, in yourself and your capacity to follow thru with what must be done and learn to think for yourself, and that's hard work!
Professor Robert Reich is the best example that I can think of with regards to the last sentence, a living example of question what you don't know and why don't you know it?
As for "Opportunities" as Madame C.J. Walker said "I had to make my own living and my own opportunity....Don't sit down and wait for opportunities to come, you have to get up and make them" which is true, however having the right environment also makes a huge difference, not disenfranchising the very people you rely on.
Kyrsten Sinema and only Kyrsten Sinema is to blame for nuking the carried interest loophole. To think she was elected as a progressive!
Do you mean she’s to blame for Not nuking it? She, and the GOP who also could’ve had one single person of conscience among them to vote to nuke it?
We know. We see. And still nothing will change until money’s taken out of politics - the key lies there. Then it’ll be a clear path to taxing the rich and closing the loopholes.
"DEATH TO CITIZENS UNITED"
Indeed!
This is exactly why Capitalism is out of control and the greed of these companies/ corporations may be responsible for the collapse of capitalism worldwide
What I most have a problem with is all these mostly white entitled guys choosing where to put their do-good $$ ....think Gates, Dallo, Musk, Buffet, Branson etc. Few make the 'right" choices. But the $$ they make and spend are at the expense of everyone else. So rather than society getting to make decisions on where best to spend those $$, these guys get to make that choice all by themselves. So far, not so good.
It is called greed. Extreme form of it. The worst kind of humans.
I'm with you on that one, Robert. There is so much that should be axed in financial markets, in fact, and this is going to sound totally naïve, why not get rid of financial markets altogether. Excuse me while I scuttle for cover!
David ; Your ideas make sense in a country with a Constitution and a Bill of Rights that mention the 'Pursuit of happiness' and equality for all. The reality is far and away from the ideals we were taught as young students. It is not surprising that one would be considered naive. I have heard people scoff at those who 'haven't a clue' calling them 'rubes who just fell off the turnip truck'. Those who do the scoffing and laughing may someday have the smiles wiped off their faces! Unsustainability has consequences that are not immediately apparent ; at least not to those blindly grabbing for more and more than their 'share'.
That a 'wow' Laurie 🙏
Thank you, Brian Sean McKown.! With Professor Reich's assistance ; We in this forum may be able to turn things around, or, make sense of things, at the very least!
David, no "cover" is needed; thank you. There are major players in 'financial markets' other than the 'rich' particularly cental banks worlwide and the role of impactful meetings such as the yearly Late Summer gathering with a spectacular vista of a national park. Don't forget to give the Fed Chair a prominent speech assignment.
Bryan Sean McKown ; It would be a short speech. "Yay for raising interest rates!". "We get to be here! and in charge of the 'piggy bank'".
the more money that accumulates in the pockets of the ultra-wealthy elites, the fewer dollars the working poor and disappearing middle class have to spend on daily necessities like rent, food, heat and health care. you are right: there is a revolution coming and sadly, not even biden can stop it. the big question is: who will win? will the people win, or will the oligarchs win? my bet is that the oligarchs will win and they will reinforce their iron-fisted grip over their new sort of modern slavery, almost like what we saw in the hunger games.
Sad but I’m afraid you’re right. I fear for my daughter who is not sure she even wants to bring children into this world for all the reasons you state.
What will they do with no one left to serve them or provide cash.
Maybe we should withhold pension/401K cash now. Start the revolution.
I suspect the declining birth rate in this country reflects what you suggest: that enough of us are making the painful decision to not bring anymore passengers onto our sinking ship.
The smart ones are. The stupid ones keep breeding like crazy! No wonder we've become an idiocracy!
Actually the government could mint and put in people's pockets, $100,000 each......they own the printing press. The very rich wouldn't like it because inflation eats away at them big time. But the little guys would be in much, much better shape.... which would be a loss for the oligarchs .....even with inflation......they're used to getting by on much less.
"While Chinese-owned debt is frequently drummed up as a political talking point, there's nothing particularly sinister about an export-oriented economy investing in Treasury securities. In fact, Treasuries are a logical investment for a country with high foreign currency reserves. China currently holds almost 11.96% of U.S. foreign debt." They are #2 behind Japan and followed by UK, Belgium and Luxembourg at #3, #4, #5.
https://www.investopedia.com/articles/markets-economy/090616/5-countries-own-most-us-debt.asp#:~:text=Japan%20held%20%241.08%20trillion%20in,makes%20holding%20U.S.%20debt%20attractive.
And yes, China owns their own presses as well. Unfortunately they don't own the stellar record that the US has, having never ever defaulted. Still true unless the Republicans screw us all by not raising the debt ceiling.
Robert Reich has put out several YouTube videos that go a long way toward understanding how Macro economies work. (as opposed the checkbook economy everyone pictures). Any country that has its own currency is in a macro economy. The Euro Dollar is in a special category which is why the UK and several nordic countries didn't sign up. http://keynesforkids.com/
And this is pretty good to know as well: How we think about the deficit is mostly wrong.
https://www.nytimes.com/2017/10/05/opinion/deficit-tax-cuts-trump.html? The author also wrote The Deficit Myth which is pretty spot on as well. But our congress people don't seem to read anything except their own press clippings.....especially Republicans....a real Laffer.
"Communist China has a 360 degree different philosophy"
360 degrees is not a different philosophy - 180 degrees is a different philosophy
There is always a revolution on the horizon . There is never a safe TIME the Rich have a monopoly and they want to keep. Kill one monopoly and others spring up. Change is the only constant ie PuTIN wants to keep the status quo of his day against the changes that are constantly marching on. He is the ultimate conservative fighting change killing people to distract the masses.
Crooks are Crooks all for them and dribbled of money to the rest of us.
J
I like Ray. Who knows, maybe he will use the insane money he’s arranged for himself to do something about climate change. But yeah these hedge fund managers should rethink how their roles (and paychecks) affect everyday Americans.
I don't like Ray. Just another white entitled rich guy who got there by gaming the system. He talks but he doesn't walk the walk. Hypocrites and injustice go hand in hand.
Let’s see what he does. At least he’s out there talking about The Problem. Unlike all the other entitled rich white guys.
He's been doing it for most of his life. How long do you propose waiting? Isn't this like Republicans saying right after a mass murder that now isn't the time to pass gun regulation? We're too caught up in the moment? Forever is how long we'll wait for Ray and his buddies to do the right thing. Please don't sound like an apologist for the 1%
You got me there, Terry. At some point hope subsides to anger and action.
Thanks for your knowledge and insight into this horrible manipulation of money. It's all so wrong and I hope Biden and Dems will do something about it!
Sad to say, but expecting Biden or the Democrats or anybody, including the Republicans, to do anything about what amounts to legal thievery is wishful thinking. They are all subservient to these oligarchs. So what is a realistic and effective solution???
A progressive wealth tax, if the lawmakers aren't already too compromised to enact such a thing. Bernie is right -- there's no legitimate reason for anyone to be a billionaire. Money is a public utility provided by the federal government to conduct the nation's commerce. It's not meant to be hoarded by a relative few to the extent that it can't serve its function.
I have not read Bernie’s book, but saw him talk about it on a British news program. As always, he articulated this point well.
Should it be made illegal for hedge funds to be involved in Labour relations?
Thomas Piketty, the French economist who has compiled the historical data on inequality and its economic impact, has stated quite simply that the answer is in taxation. No matter what the source of income, above a certain level it must be returned to the overall society. Nobody is producing a billion dollars a year. We are doing that with our labor and our consumption and through providing the overarching structure in which economic activity takes place. Simply go back to the taxes of the 1950s with no carve outs for investment income. Also, limit corporate pay gaps between workers and owners and include stock income. Enough already. The democrats need to publicize the reality of the magnitude of what is being stolen from all of us. It is truly inconceivable. Try to put a dot on a piece of paper for every dollar Jeff Bezos raked in during a Covid year. You might die first. Take some pictures of their multiple mansions (castles) cars, yachts, planes, estates…. They are living beyond the kings of the past by a long shot. Poor people don’t even know what is happening here. We all need to see the problem clearly in real terms. Expose the reality graphically. This is a big game and we the people are losing.
I agree, though it would be a miracle for a Democrat to expose this corruption. These billionaires through Dark Money and other means have "purchased" the majority of "our" Representatives in Congress. The current Republicans are beyond redemption. The Democrats are teetering on the edge. The wealthy can always "pick off" (through their enormous wealth) a couple of votes (Sinema, Manchin) they require to keep things as they want them. They have even taken the majority of the Supreme Court. YouTube Senator Sheldon Whitehouse, "The Scheme". There are about twenty episodes where he speaks of how this was done on the floor of the Senate. The people MUST find a way to go around the current corrupt system to enforce change for the sake of saving the United States and Democracy.
I agree. We are in treacherous waters. It is time for a bigger response. Truly I am frightened as these people lie to our faces and strip us of voting rights, bodily rights…. We need a media outlet on par with the big players. Can we come together to create it?
As a retired teacher with my hard-won earnings invested (as required) in the very Pennsylvania State Employees Retirement System you mention, please tell me what people like me can do to change this. I’m not being sarcastic here: I sincerely want to know what, aside from voting for the right candidates (which you state has done nothing to help anyway) I can do.
Talk to your union about index-linking your money. Hedge funds are BS.