Comments on: Very Wealthy Man Argues that Our Growing Income Inequality Means Our Economy is Working http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/ Everything About Money You Were Too Polite To Ask Tue, 18 Jun 2013 22:59:02 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: whateverlolawants http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-7368 whateverlolawants Wed, 20 Jun 2012 15:12:40 +0000 http://thebillfold.com/?p=3197#comment-7368 Other people have given more academic take-downs of this nonsense. I'm just here to say that the economy is not "working" when people routinely stay at bad jobs so they don't lose their health insurance, when they're afraid to start a business or freelance due to the lack of a safety net, when 1 in 6 kids deals with hunger, when responsible people are underwater in their mortgages, when credit card companies and student lenders charge usurious rates, when veterans and the mentally ill end up on the streets, and when the majority of bankruptcies are due to medical bills. Other people have given more academic take-downs of this nonsense. I’m just here to say that the economy is not “working” when people routinely stay at bad jobs so they don’t lose their health insurance, when they’re afraid to start a business or freelance due to the lack of a safety net, when 1 in 6 kids deals with hunger, when responsible people are underwater in their mortgages, when credit card companies and student lenders charge usurious rates, when veterans and the mentally ill end up on the streets, and when the majority of bankruptcies are due to medical bills.

]]> By: mouthalmighty http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-1987 mouthalmighty Thu, 03 May 2012 17:41:53 +0000 http://thebillfold.com/?p=3197#comment-1987 Everything I read about/from wealthy economists makes my head hurt. Why so ridiculous? Everything I read about/from wealthy economists makes my head hurt. Why so ridiculous?

]]> By: Fig. 1 http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-1968 Fig. 1 Thu, 03 May 2012 16:20:24 +0000 http://thebillfold.com/?p=3197#comment-1968 This is relevant to my interests. This is relevant to my interests.

]]> By: sony_b http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-1948 sony_b Thu, 03 May 2012 14:06:59 +0000 http://thebillfold.com/?p=3197#comment-1948 @cmcm Me too. What a joke. Let them eat bootstraps. @cmcm Me too. What a joke. Let them eat bootstraps.

]]> By: stuffisthings http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-1943 stuffisthings Thu, 03 May 2012 13:19:48 +0000 http://thebillfold.com/?p=3197#comment-1943 Where'd this guy get his economics degree, the University of Stupid? Seriously though, in addition to unforgivably waving off the issue of rent seeking, I don't see a very good argument here that the distribution of wealth affects the overall level of investment in the economy. Is there's an argument for why an economy where investment is conducted by sound, well-regulated banks holding the savings of broad swathes of the population somehow less desirable than one where investment is controlled by the whims of a few ultra-rich individuals, I haven't heard it. It seems like his argument boils down to: in our country, at this moment, most investment capital is controlled by a few superrich individuals. Ergo, without superrich individuals there would be no investment. Where’d this guy get his economics degree, the University of Stupid?

Seriously though, in addition to unforgivably waving off the issue of rent seeking, I don’t see a very good argument here that the distribution of wealth affects the overall level of investment in the economy. Is there’s an argument for why an economy where investment is conducted by sound, well-regulated banks holding the savings of broad swathes of the population somehow less desirable than one where investment is controlled by the whims of a few ultra-rich individuals, I haven’t heard it.

It seems like his argument boils down to: in our country, at this moment, most investment capital is controlled by a few superrich individuals. Ergo, without superrich individuals there would be no investment.

]]> By: cmcm http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-1940 cmcm Thu, 03 May 2012 11:14:37 +0000 http://thebillfold.com/?p=3197#comment-1940 Also - this book! http://amzn.to/KVkmo7 which is full of FACTS and comes to exactly the opposite conclusion of this twat. Ew. I hate him so much. I hate this book for existing. Also – this book! http://amzn.to/KVkmo7 which is full of FACTS and comes to exactly the opposite conclusion of this twat. Ew. I hate him so much. I hate this book for existing.

]]> By: cmcm http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-1939 cmcm Thu, 03 May 2012 11:11:54 +0000 http://thebillfold.com/?p=3197#comment-1939 I will be unable to read this without flying into a violent rage. I will be unable to read this without flying into a violent rage.

]]> By: myrna.minkoff http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-1933 myrna.minkoff Thu, 03 May 2012 02:37:45 +0000 http://thebillfold.com/?p=3197#comment-1933 @nerd alert aw, come on! In a pinch you can just borrow that capital from your parents! Pick up those bootstraps. @nerd alert aw, come on! In a pinch you can just borrow that capital from your parents! Pick up those bootstraps.

]]> By: nerd alert http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-1917 nerd alert Wed, 02 May 2012 22:24:28 +0000 http://thebillfold.com/?p=3197#comment-1917 It's also really important to note how it's basically impossible for the average American to participate in the investment economy. In order to open a portfolio with Bain, you need one million dollars in seed investment. And the point of investment banking is to make money, not jobs- and nearly half of Bain's businesss launched have gone bankrupt, leaching the original owners assets back to Bain, so it made them money. I would suggest that after you read this book (I will probably spite read it too, we can do a book club!), you should read David Harvey's Enigma of Capital. It talks about how the modern rentier economy functions from a Marxist perspective. It’s also really important to note how it’s basically impossible for the average American to participate in the investment economy. In order to open a portfolio with Bain, you need one million dollars in seed investment. And the point of investment banking is to make money, not jobs- and nearly half of Bain’s businesss launched have gone bankrupt, leaching the original owners assets back to Bain, so it made them money. I would suggest that after you read this book (I will probably spite read it too, we can do a book club!), you should read David Harvey’s Enigma of Capital. It talks about how the modern rentier economy functions from a Marxist perspective.

]]> By: Mike Dang http://thebillfold.com/2012/05/very-wealthy-man-argues-that-our-growing-income-inequality-means-our-economy-is-working/#comment-1913 Mike Dang Wed, 02 May 2012 22:10:17 +0000 http://thebillfold.com/?p=3197#comment-1913 @Jenn No clue what happened, but I've been told that this has been fixed. @Jenn No clue what happened, but I’ve been told that this has been fixed.

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