More Evidence That Extreme Wealth Is Totally Indefensible

[GnauzBookOfRhymes]

shoutout to this murderer :jaymelo:

Original founding member of the H.O.H Society.

 

[DEAD7]

I was never interested in their income, their wealth is unnatural. I want their wealth.

Tax their wealth at 97%, and tax their income at 50%.

We've seen this tried and the rich simply take their money and leave.

 

[Pressure]

It seems that she works in finance. The comments on the original story include other people also working in finance who talk about reaching similar baseline salaries in a very short amount of time. Read up and you'll see that "Financial Services" is considered the #1 sector to become a millionaire and is an ever-increasing percentage of the American economy.



The 16 Industries most likely to make you a millionaire

"1. Financial Services — There's a reason bankers are generally very rich. 35.7% of respondents to the World Wealth Report said that finance was in their top three sectors most likely to create more millionaires. With senior bankers on Wall Street and the City of London paid well above £1 million ($1.3 million) on average according to the Guardian, it's still the best industry to get into if you want to make a lot of money — and are willing to work hard for it."


How Billionaires Get Rich: Which Industries Make The Most Mega-Fortunes

"The best industry for building billions: finance and investments, which makes up 267, or about 15%, of the world’s 1,810 billionaires. This includes mutual fund and brokerage company founders (and their families), like Charles and Rupert Johnson (behind Franklin Templeton) and Charles Schwab, plus hedge fund managers like David Tepper and George Soros. The principle here is simple: making money for others, especially people who already have a lot of money, can lead to huge fortunes."



And it's literally just rich people pushing around other rich people's money in order to make them even richer. That's a noble pursuit today.

No doubt. I have a couple buddies who work in Finance. All the ones who work for big firms here and in NY are raking in the money.

One thing of note, they're not just pushing around rich people's money. They're also pushing around money for Unions, your 401k, retirement accounts, etc. They're also making a come up off regular people too.

 

[Jhoon]

We've seen this tried and the rich simply take their money and leave.

How about we take their money and let them be with their maker. I hear God’s riches are awesome.

 

[DEAD7]

How about we take their money and let them be with their maker. I hear God’s riches are awesome.

 

[GnauzBookOfRhymes]

Just raise the amount of income subject to social security tax to $1,000,000.

No way to avoid that.

 

[ogc163]

It's their money,the finance industry is bloated but you would be surprised how financially illiterate even wealthy people are. And so as a result of not wanting the burden of managing their own money they pay institutions a shyt load of money...who then pay their employees crazy bread.

I wrote a paper last year about the disparity in financial knowledge between wealthy clients and money managers, but also the disparity between corporate attorneys working on finance cases and those same money managers. Furthermore in terms of penalties/punishment the system is setup that they avoid liability when shyt goes south even if/when they are going up against a wealthy former client. I should have taken my ass to business school instead of law school

 

[re'up]

The argument is never that isn't their money, it's more about 1), how it was acquired, and , 2) how better it could be used for society overall, not the impulses of very selfish, shallow, hateful people.

 

[Starman]

The argument is never that isn't their money, it's more about 1), how it was acquired, and , 2) how better it could be used for society overall, not the impulses of very selfish, shallow, hateful people.

1) Assuming it's legal, what's it to you?
2) I'm sure I could think of better uses for your money, but does that give me the right to it?

 

[DEAD7]

The argument is never that isn't their money, it's more about 1), how it was acquired, and , 2) how better it could be used for society overall, not the impulses of very selfish, shallow, hateful people.

1)Exactly how does taxing individuals based on income/setting rates based on income take into consideration how the wealth was acquired?

2)"Selfish, shallow, hateful people"?
You hate "the rich" with a passion.

 

[Professor Emeritus]

It's their money,the finance industry is bloated but you would be surprised how financially illiterate even wealthy people are. And so as a result of not wanting the burden of managing their own money they pay institutions a shyt load of money...who then pay their employees crazy bread.

You're acting like "managing their own money" is some innocent thing. The suddenly ingrained idea that "managing your money" means that you should become wealthier and wealthier due to the mere fact that you own more money than other people is where a lot of the poison in society resides. Money isn't created in a vacuum. In our system, all created money is in the form of loans meant to transfer wealth from borrowers to creditors. The system is perfectly designed so that the borrowers will always get further and further behind, the nation as a whole will go deeper and deeper into debt (personal debts, though I don't doubt something about national debt is related to this), and the rich people will gradually control more and more of the wealth simply because they started out with more in the first place.


Can you imagine a basketball game where the refs periodically just gave more points to whichever team was ahead? A political system which gave extra votes to whatever party was already in power? That's how stupid our financial system is.

The system is designed, from the top, to give an interest premium to those who own money. I'm not talking about the cost of making loans and the risk premium and all that - there is a constant additional premium that always ensures that those who are giving loans will profit more than those who are borrowing. Thus, over time, the people with money get further and further ahead due to the mere fact that they own an arbitrary store of value we call money.


For thousands of years, nearly everyone felt that profiting off of mere interest was in some sense dirty and wrong. The Jews were against it. The Christians were against it. The Muslims were against it. Secular philosophers like Aristotle were against it. Until the Capitalist Age you can find anti-interest statements and laws in virtually every society across the globe. It was completely obvious that the mere injustice of "some people have way more money than other people" should not naturally lead to "and thus they should be given more and more money by that mere fact."

A system set up such that people with a meaningless advantage in an arbitrary marker of wealth storage will therefore be able to control more and more and more is a terrible system on multiple levels. The only reason we have that system is due to the fact that the wealthiest people control the Fed and other markers of financial distribution. They ensure that interest rates and fiscal policy are set such that wealthy people will become progressively more and more wealthy over time, merely by the fact that they have piles of wealth. That's why the top 1% in the United States now own more than the bottom 90% combined, and why it will continually grow worse and worse.

It's a terrible system for the environment too. It's a terrible system for public morality too. It's terrible for communities. The ONLY thing that the system does well is encourage constant economic growth (which is not a moral good when 90% of the commodities driving that growth are useless crap or things that used to be free) and make the rich richer.

 

[☑︎#VoteDemocrat]

Who wrote this shyt

And I fukk with Current Affairs, but this is trash.

 

[Jimi Swagger]

Americans worship the wealthy and despise the poor

nothing will change until this mentality changes. I hope the younger generations see through this

Indeed.

A Bipartisan Plea: Stop 'Othering' People Living in Poverty

 

[Berniewood Hogan]

"In spite of the holy promise of all people to banish war, once and for all, in spite of the cry of millions 'Never a war again,' in spite of all the hopes for a better future, I have this to say: If the present monetary system, based on interest and compound interest, remains in operation, I dare to predict today, that it will take less than 25 years for us to have a new and even worse war. I can foresee the coming development clearly. The present degree of technological advancement will quickly result in a record performance of industry. The buildup of capital will be rapid in spite of the enormous losses during the war, and through its over-supply will lower the interest rate. Money will then be hoarded. Economic activities will diminish and increasing numbers of unemployed persons will roam the streets ... within the discontented masses, wild, revolutionary ideas will arise and also the poisonous plant called "Super-Nationalism" will proliferate. No country will understand the other, and the end can only be war again."

That's Silvio Gesell, writing in 1919. You should read up on him. Of course, the world has already declared him a prophet once, but the crazy thing is to watch the cycle simply repeat itself again.

 

[Meta Reign]

It's their money

I say tax the super wealthy way more but you can't tell them how to spend what they have

So rob them. Then tell them do what they want.

First off the folks in the article hardly sound super wealthy. 1.2M a year certainly isnt Rockerfeller money.

These arent the people screwing over the economy. These are easy targets. This is propaganda.