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WMARKW

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  • The rich have indeed gotten richer over the last three decades - and the very rich have gotten very richer - far outpacing the middle class, according to a new CBO study. The top 1% of households saw after-tax household income grow by 275% from 1979 to 2007, while income for the 60% in the middle of the scale rose by less than 40%; for the lowest quintile, the gain was just 18%.  [View news story]
    So, 30 years ago was 1981.

    I would venture to say that.

    1. We have more people in the country today than 30 years ago, so we probably made 1 million new yearly millionaire income makers since 1981. That's an increase of 50%. Does that sound like we are restricting opportunity.

    2. In the last 30 years we have seen a large number of tech and healthcare companies created that didn't exist in 1981. How many millionaires did Microsoft and Google create?

    3. Someone tell me what the inflation adjust nominal increase gets downward to in terms of real dollars.

    If the top 1% saw their incomes grow by 275% over the past 28 years, what kind of nominal annual increase did they realize?

    10% - nope. That would yield a 1442% change.

    How about 5%? Naaaaaaah. That would yield a 392% change.

    And the winner is - 3.7%.

    Those rich b-tards gave themselves a 3.7% annual increase each of the last 28 years. OMG that's ....... well it almost kept up with real inflation numbers, not the bogus CPI numbers.

    By the way.....I wonder how the autoworkers union wage increases would compare?

    Oh and one more thing....did income increase 275% or did it grow by 275%. The outcomes are different. Try writing a quarterly report for a public company without drawing the distinction.
    Oct 27 05:32 AM | 1 Like Like |Link to Comment
  • The rich have indeed gotten richer over the last three decades - and the very rich have gotten very richer - far outpacing the middle class, according to a new CBO study. The top 1% of households saw after-tax household income grow by 275% from 1979 to 2007, while income for the 60% in the middle of the scale rose by less than 40%; for the lowest quintile, the gain was just 18%.  [View news story]
    Terry can never accept any evidence contrary to her way of thinking.
    Oct 27 05:15 AM | Likes Like |Link to Comment
  • QE3 is not the answer, says CNNMoney's Paul La Monica. Fed-heads Janet Yellen, Daniel Tarullo and William Dudley are all hinting in speeches lately that another QE3 could be possible, but more liquidity is not the answer. In fact, we seem to have lost touch with the fact that the hole we've created for ourselves today, was dug in part by similar bouts of easy money in the not-so-distant past.  [View news story]
    I have absolutely zero, no confidence whatsoever that the Fed has any ability to help us in this situation right now. The concept of a QE3 would not help in any way. What's required in the current situation is a massive fiscal stimulus package. But the Dunces in DC have no clue or ability to make that happen....
    Oct 27 04:57 AM | Likes Like |Link to Comment
  • Stocks end higher on reports of help for Europe [View article]
    Spencer.....do you really think that Europe will be able to solve this debt crisis. There is no solution to this crisis. They will simply hide the debt pea under another shell and then move it around. For all I know it will wind up under the polar ice cap somewhere.

    They will paper this issue over for a while and then it will return with greater vengence, only next time.....it will rise up and swallow the whole system into a black hole. Weeks...months....years. I don't know...I just know the end cannot be avoided.
    Oct 27 03:27 AM | Likes Like |Link to Comment
  • There are three things government can do right now to spur our ailing economy, Jamie Dimon says. First, fix the antiquated tax code, because businesses are paralyzed by confusing tax policies and pending regulation. Second, stop demonizing business, it's our economic engine. The third and most important step, Dimon adds, is that we need to devise an all-new “Marshall Plan."  [View news story]
    I have advocated the same here for the past year. Walk with your feet away from a TBTF bank and guess what.....they will have to downsize. The will have no choice. Go local. Credit Unions are a great alternative in the state where I live.
    Oct 27 02:55 AM | 1 Like Like |Link to Comment
  • Short Seller Looks Back At Silvercorp [View article]
    Oldpilot....are you saying that's where Obama was trained in these tactics.
    Oct 27 12:43 AM | 2 Likes Like |Link to Comment
  • Boomer Demographics: The Shift Ahead [View article]
    @ sethmcs - ironic that your avatar Alfred E. Newman is a Boomer. Born in 1952.
    Oct 26 09:53 AM | Likes Like |Link to Comment
  • Merkel presses private bondholders on Greece [View article]
    Caladesi.....I am sure glad the USA has a printing press....we can always bail our own selves out.....whew!!! (not being facetious)
    Oct 26 09:11 AM | Likes Like |Link to Comment
  • ECB loans euro56.9 billion to banks for 1 year [View article]
    Wow......now I feel so much better. This should make the market go skyrocketing. It sounds line the plan they were planning to make. [sarcasm]
    Oct 26 07:20 AM | Likes Like |Link to Comment
  • Implications Of The Bevilacqua Ruling [View article]
    "When the potentially millions of lawsuits are added to the complaints filed by investors in MBS, we think the banks will finally be revealed as wholly insolvent."

    Wow...this gives one a huge PAUSE to reflect !!! And....this seems to be one of those things where the light will come on for 90% of the people all at once.....
    Oct 26 05:40 AM | 1 Like Like |Link to Comment
  • There are three things government can do right now to spur our ailing economy, Jamie Dimon says. First, fix the antiquated tax code, because businesses are paralyzed by confusing tax policies and pending regulation. Second, stop demonizing business, it's our economic engine. The third and most important step, Dimon adds, is that we need to devise an all-new “Marshall Plan."  [View news story]
    Somehow I get the feeling from more than 200 years of experience in the US, that there is NO way to "Fix" the government. Their mission and the people's mission for them seems largely incompatible - example immigration.

    Do you think the US population in a poll would vote more or less than 50% to bring troops home from Germany, Italy, England, etc. My guess is more than 1/2 would say we shouldn't be there, but the WDC crowd has a different view point.
    Oct 26 05:22 AM | 1 Like Like |Link to Comment
  • There are three things government can do right now to spur our ailing economy, Jamie Dimon says. First, fix the antiquated tax code, because businesses are paralyzed by confusing tax policies and pending regulation. Second, stop demonizing business, it's our economic engine. The third and most important step, Dimon adds, is that we need to devise an all-new “Marshall Plan."  [View news story]
    I'm actually quite happy with my Credit Union. Not much of a need for any "Services". So let's assume we all switch to our local credit union, then the only depositors JPM will have will be corporate users. Sure, they have lots of money.....but they don't use credit cards that charge 24%. So.....then what happens to JPM and the brotherhood.
    Oct 26 05:19 AM | Likes Like |Link to Comment
  • Gold's Haven Status Is Back On [View article]
    Are you saying gold is schizophrenic? Is it haven or not haven? Is it only haven when the stuff threatens to hit the fan or is it haven when all is well.

    Here's my view. Murphy's law works in only ONE direction. You can be driving down the street and someone hits your car and wrecks it. But I have never seen a piece of junk wreck magically fix itself. My wife can lose her diamond wring down the drain, but she never comes to me and says one appeared at the bottom of the sink.

    Thus....the haven is there for the unexpected car accident. The things you don't think could happen, but just when you are not looking, a Tsunami appears and devastation occurs. Gold is my insurance policy...it's always a safe haven.
    Oct 26 02:13 AM | 4 Likes Like |Link to Comment
  • Boomer Demographics: The Shift Ahead [View article]
    sethmcs...when they fade...perhaps you will be left with no inheritance...oh well...no problem.

    I guess it would be meaningless to complain that I will never get out of SS what I could have gotten from my own had I put that money into my own "retirement" fund. They would basically have to "double" what I am currently expected to receive from my "security" check. What a joke.
    Oct 26 02:05 AM | Likes Like |Link to Comment
  • Boomer Demographics: The Shift Ahead [View article]
    All this concern about SS when the Treasury has a printing press? What's up?
    Oct 26 02:03 AM | 1 Like Like |Link to Comment
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