Financial News

[Chisoxfn]

1 hour ago, caulfield12 said:

Jeff Bezos’s $150 Billion Fortune Is a Policy Failure

Growing inequality in the United States shows that the game is rigged

https://medium.com/the-atlantic/jeff-bezoss-150-billion-fortune-is-a-policy-failure-f569af2f77dc

The result of these decades of trends and policy choices is that Jeff Bezos has accumulated a $150 billion fortune while the average American family is poorer than it was when the Great Recession hit. Concerns about such astonishing levels of inequality are not just about fairness, nor are they just sour-grapesing about runaway success. The point is not that Jeff Bezos himself has done wrong by accumulating such wealth, or creating such profitable and world-changing businesses. But wealth concentration is bad for the economy and the country itself, and the government has failed to counter it. Rising inequality fuels political polarization and partisan gridlock. It slows economic growth, and implies a lack of competition that fuels economic sclerosis. It makes the government less responsive to the demands of normal people, potentially putting our very democracy at risk. Bezos’s extraordinary fortune shows that the game is rigged. He just happened to play it better than anyone else.

Why does Bezos being worth an absurd amount of money prove that the game is rigged?  I don't believe he was raised in an affluent setting so it isn't like he had everything handed to him? His mom had him as a teenager, was divorced a year later, remarried to a cuban immigrant when he was 4?  Last I looked Bezos was an entrepeneur who created a business that has become extremely successful. We can debate the goods vs. bads of amazon (as it obviously has put many competitors out of business), but the Company has made a lot of money and employees a heck of a lot of people and in general has driven major shifts in our culture (the whole concept of procuring goods has shifted due to amazon).   

This whole article reeks of a push towards socialism (vs. capitalism).  One constant has been the consistent FAILURE of socialism...yet we have so many pushing for it vs. focusing on ways to better prepare our workforce and population to be independent with the right skills and talents to succeed & adapt in this modern economy and drive value.  

[caulfield12]

7 hours ago, Chisoxfn said:

Why does Bezos being worth an absurd amount of money prove that the game is rigged?  I don't believe he was raised in an affluent setting so it isn't like he had everything handed to him? His mom had him as a teenager, was divorced a year later, remarried to a cuban immigrant when he was 4?  Last I looked Bezos was an entrepeneur who created a business that has become extremely successful. We can debate the goods vs. bads of amazon (as it obviously has put many competitors out of business), but the Company has made a lot of money and employees a heck of a lot of people and in general has driven major shifts in our culture (the whole concept of procuring goods has shifted due to amazon).   

This whole article reeks of a push towards socialism (vs. capitalism).  One constant has been the consistent FAILURE of socialism...yet we have so many pushing for it vs. focusing on ways to better prepare our workforce and population to be independent with the right skills and talents to succeed & adapt in this modern economy and drive value.  

Part of it is the whole generational wealth issue...we’ve seen it with Trump, Gates, etc.

If his parents weren’t around to invest $200-300,000 into Amazon in the mid 90’s (Now worth $30 billion today), he wouldn’t have ever gotten it off the ground.

If you look at most of these guys like Kalanick (Uber), Zuckerberg, Musk...their empathy gene seems to be missing.  Most importantly, there’s no reason you should pay workers below market rates when you’re the richest person in the world.  If you want to read about the opposite kind of story, read In-N-Out Burger by Stacy Perman, ethical companies that treat employees well but still are immensely profitable do exist in America today.

Edited August 7, 2018 by caulfield12

[GoSox05]

12 hours ago, Chisoxfn said:

Why does Bezos being worth an absurd amount of money prove that the game is rigged?  I don't believe he was raised in an affluent setting so it isn't like he had everything handed to him? His mom had him as a teenager, was divorced a year later, remarried to a cuban immigrant when he was 4?  Last I looked Bezos was an entrepeneur who created a business that has become extremely successful. We can debate the goods vs. bads of amazon (as it obviously has put many competitors out of business), but the Company has made a lot of money and employees a heck of a lot of people and in general has driven major shifts in our culture (the whole concept of procuring goods has shifted due to amazon).   

This whole article reeks of a push towards socialism (vs. capitalism).  One constant has been the consistent FAILURE of socialism...yet we have so many pushing for it vs. focusing on ways to better prepare our workforce and population to be independent with the right skills and talents to succeed & adapt in this modern economy and drive value.  

 

Socialism has never been as popular in America as it has in other countries.  So the fact that it is gaining ground should say something about our current system now.

[caulfield12]

The comeback is why do the happiest countries in the world (Iceland, Norway, Sweden, Finland, Denmark, Canada, Australia and NZ) have these EXACT same socialist tendencies in terms of education, health care, environmental protection/green jobs and taxation rates/income inequality?

The answer will invariably be...well, we simply can't do that in America...it's too big, it's too diverse, etc.

That's fine, if we continue on in this current path, lots of Millenials are simply going to give up...keep piling up debt on their credit cards for travelling and "unique" Instagramable experiences...quitting jobs they don't enjoy at least 80% of what they do, etc.  If I was 20-25 again, looking at the $21 trillion Federal debt, the increasing costs of higher education and rate of student loan defaults and the fact that Social Security and Medicare would be cut (thanks Rubio, for suggesting we "borrow" from SS for Family/Medical Leave, brilliant!) dramatically or non-existent by the time I retired, I might be tempted to say "screw it!" too.

 

Before we say that Venezuela, Bolivia, USSR or China failed....it was the leadership in those countries, not the system, per se.  Unless we're willing to call what China has done the last 30+ years as a socialist/Communist country a failure?

In the end, no country is pure 100% free market (Hong Kong and Singapore are usually mentioned) because the government still has tight controls on many aspects of their economies.   Same thing is true in Vietnam today.   These countries are mostly hybrids, with both tendencies.   In some ways, China is just as much a capitalistic as it in a "socialist" country.   The key point is balancing the two sides.  In America, we've gone way too far to the right the last 40 years (Clinton and Obama were inarguably centrists) and the pendulum is naturally swinging back in the other direction, just as it did in the US after Democrats for 28 years out of 36 (FDR, Truman, Ike, JFK, LBJ) or 32 out of 40 if you add on Jimmy Carter.

[Jenksismyhero]

22 hours ago, GoSox05 said:

 

Socialism has never been as popular in America as it has in other countries.  So the fact that it is gaining ground should say something about our current system now.

Source on this? Perhaps among the young, but that will change when they get older and start making more money. 

[GoSox05]

21 minutes ago, Jenksismyhero said:

Source on this? Perhaps among the young, but that will change when they get older and start making more money. 

The Radical Left’s Agenda Is More Popular Than the Mainstream GOP’s

Socialist polices are becoming more popular.  It's not just young people.

 

[Jenksismyhero]

Eh, those aren't exactly hot button socialist platforms like a single payer health care system, free college for all, living wages/guaranteed income, etc. Also, you'll always find those studies flawed in the sense that you're asking people "would you like X?" without the corresponding "if it costs you Y." In theory I love the idea that everyone gets free healthcare and free education and we're all wealthy. And then reality kicks in and I realize there is no way to pay for it/implement it without destroying the country and/or screwing me out of something. 

I'll also fill the roll of SS and Balta and state that the study was conducted by a progressive group and therefore its findings are biased and unfounded.

 

[GoSox05]

We are the richest country in the world.  I just don't see how we apparently can't afford anything.  That money is always there when we need to expand the military and start another war or when the rich want another tax break. 

I guess we could could always just continue with the way things are going.  Seems to be going great.

[caulfield12]

On 8/9/2018 at 2:26 AM, Jenksismyhero said:

Eh, those aren't exactly hot button socialist platforms like a single payer health care system, free college for all, living wages/guaranteed income, etc. Also, you'll always find those studies flawed in the sense that you're asking people "would you like X?" without the corresponding "if it costs you Y." In theory I love the idea that everyone gets free healthcare and free education and we're all wealthy. And then reality kicks in and I realize there is no way to pay for it/implement it without destroying the country and/or screwing me out of something. 

I'll also fill the roll of SS and Balta and state that the study was conducted by a progressive group and therefore its findings are biased and unfounded.

 

Like the rich and corporations said they sure would love SOME huge tax cuts, and then pretend they’re going to pay for themselves even though supply side economics has been debunked over and over again since the Reagan/David Stockman years.

Edited August 13, 2018 by caulfield12

[StrangeSox]

On 8/8/2018 at 11:39 AM, Jenksismyhero said:

Source on this? Perhaps among the young, but that will change when they get older and start making more money. 

Lol if you don't become increasingly leftist as you age and better understand the world around you. Not everyone practices FYIGM politics.

More seriously, that pearl of wisdom isn't true. People's political beliefs sort of ossify in their mid twenties or so usually depending on what is going on in the world around them. They'll largely hold these beliefs as they get older, so you get generational tides if political alignment rather than "everyone gets more conservative as they get older and make money." I'd also peep the gigantic gender chasm opening up for younger women. Not that it wasn't already, but the GOP is becoming almost entirely the party of white men.

[Jenksismyhero]

On 8/10/2018 at 9:21 PM, StrangeSox said:

Lol if you don't become increasingly leftist as you age and better understand the world around you. Not everyone practices FYIGM politics.

More seriously, that pearl of wisdom isn't true. People's political beliefs sort of ossify in their mid twenties or so usually depending on what is going on in the world around them. They'll largely hold these beliefs as they get older, so you get generational tides if political alignment rather than "everyone gets more conservative as they get older and make money." I'd also peep the gigantic gender chasm opening up for younger women. Not that it wasn't already, but the GOP is becoming almost entirely the party of white men.

Yeah, I've been told that the GOP is dying for 15-20 years now and it hasn't. Certainly socially we are becoming more progressive, but the #1 driver of voting is the economy and your pocket book and when push comes to shove people will vote for their own self-interest. But like the Dem party generally, keep believing that the majority of people want socialist policies and lose elections because of it. 

Frankly, it's pathetic that liberals don't own the federal government. The GOP has been a shit show for the last decade. If the GOP dies it will be because of self-inflicted wounds, not a change in the electorate.

Edited August 13, 2018 by Jenksismyhero

[StrangeSox]

I didn't really say "the GOP is dying" there. I said people generally don't actually get more conservative as they age.

http://www.people-press.org/2018/03/20/1-trends-in-party-affiliation-among-demographic-groups/

Look at these graphs. Party affiliation by generation is nearly flat for everyone but Silent (did get more conservative) and millenials (getting much less GOP friendly). I also don't think as many people love FYIGM politics, or at least the GOP's version of "fuck you, more money for the rich and no public services" politics as you might assume. There's a reason why voter suppression and gerrymandering are key parts of the GOP's electoral strategies!

 

 

and the gender gap for millenial aged women (22-37 yo's) is gigantic. Maybe that means "the GOP is dead/dying," maybe it doesn't, maybe it isn't even particularly relevant but I think it's interesting!

 

[caulfield12]

The gap with women is particularly important because who do you think will have the biggest impact on the beliefs of children and grandchildren (especially in single-parent) homes?

[StrangeSox]

gonna start feeling that trickle down any minute...

 

e:

 

Edited August 15, 2018 by StrangeSox

[caulfield12]

https://www.cnn.com/2018/08/15/opinions/billionaires-reach-for-the-stars-while-world-suffers-sachs/index.html

[GoSox05]

A teacher battling cancer ran out of sick days. School employees showered him with theirs.

The teacher took the bus to reach school. Then a student’s parents bought her a car

It really is surprising that people are turning away from capitalism......

[StrangeSox]

Seems like musk might be in a world of legal and financial trouble over a dumb weed joke

 

 

 

[ptatc]

On 8/16/2018 at 8:27 AM, GoSox05 said:

A teacher battling cancer ran out of sick days. School employees showered him with theirs.

The teacher took the bus to reach school. Then a student’s parents bought her a car

It really is surprising that people are turning away from capitalism......

Eh, it's just like the 60's. Once people get tired of having nothing for the next decade, it will swing back around like the 70's into the 80's. The people who bought the teacher a car probably like capitalism because they could afford to do it.

for the sick time, most of us donate extra sick day to a bank that people with long term issues can draw from. it's nothing unique or special.

[southsider2k5]

2 hours ago, StrangeSox said:

Seems like musk might be in a world of legal and financial trouble over a dumb weed joke

 

 

 

When he made the tweet, I said he was going to be in trouble for it.  You can't make these types of forward statements in the position he is in, without having everything nailed down.

[Balta1701]

5 hours ago, southsider2k5 said:

When he made the tweet, I said he was going to be in trouble for it.  You can't make these types of forward statements in the position he is in, without having everything nailed down.

In this country no one cares if you cheat and steal from the proles, but he moved the stock price with that tweet which means he cheated and stole from people who are important. 

[caulfield12]

Trump moves the stock market nearly everyday...surely lots of insiders are in a position to strike pre-emptively.

unfortunately, most are able to get away with it better than the Colllins family.

[bmags]

Most of the people i knew obssessed with crypto last year have moved on to cannibus stocks and stopped talking about crypto (and I think this is better for them).

 

edit: is there a term for the stocks like tilray?

[Soxbadger]

31 minutes ago, bmags said:

Most of the people i knew obssessed with crypto last year have moved on to cannibus stocks and stopped talking about crypto (and I think this is better for them).

 

edit: is there a term for the stocks like tilray?

Not sure if there is a term, I just refer to them as marijuana stocks.

I bought Cronos a few weeks back. Tilray and Canopy Growth are also good, I just felt they had already popped a bit. 

Edited September 7, 2018 by Soxbadger

[bmags]

7 minutes ago, Soxbadger said:

Not sure if there is a term, I just refer to them as marijuana stocks.

I bought Kronos a few weeks back. Tilray and Canopy Growth are also good, I just felt they had already popped a bit. 

Yeah I feel much better that they won't lose their money, I found the overlap funny though.

[southsider2k5]

14 minutes ago, Soxbadger said:

Not sure if there is a term, I just refer to them as marijuana stocks.

I bought Kronos a few weeks back. Tilray and Canopy Growth are also good, I just felt they had already popped a bit. 

Seems like a bad time period to me with the Trump team in the White House and talking about cracking down again.  If they decide to start enforcing federal law in states that have legal status, this could get ugly.