How the top 1% made its money

[Imdanny]

Missrepcut, nothing you are saying fits into my Ayn Rand view of the world. Please cease and disest with your charts and data, and stuff!

 

[MissStepcut]

Missrepcut, nothing you are saying fits into my Ayn Rand view of the world. Please cease and disest with your charts and data, and stuff!

I like Ayn Rand (and the Nietzsche source texts most of her novels are based on) and am quite conservative, that's why it pains me so much that our attempts to make room for free markets have been marred by such unacceptable distortions.

 

[ksinger]

Ksinger, no once said to GUT the system and yes while I use those benefits ie my unemployment for a mere six months, I also paid into the system since I was 15 by working everyday after school. I also am paying my student loans back understanding full well that I am responsible for all the costs I incurred and not expecting my loan be forgiven or a bail out. Much of the blame stems from the banks making terrible loans and people not being responsible on taking those loan. There are many as well who bought well before the 2005 boom and well guess what some did? Refied to take out money and to use it on luxury goods and then when the down turn happen, people walked away and we're in a housing mess.

So don't presume to think I don't want to help people out, you don't know me, and how much money I give to charity or people on the streets. Growing up, my dad worked for a community program (a couple of jobs after his dishwashing career) helping people get back on their feet and get them off the government's money. I have given my share of community service and will continue to do so. I have given my dad's business cards in hopes that people on the streets call him for some work relief /placement program and no one called him!. I understand full well enough the capacity of these programs and I applaud them. So yeah, I understand when it comes to the most destitute social programs are greatly needed.

Sorry all these "Sob" stories bother you so much as it paints a picture of the actual poster and why one view things the way they do.

I'm sorry you took that entire post to apply to you. I was getting personal with DF, not you. As another poster has pointed out, he has a right, which he exercises more than frequently, to show his contempt for the common American and overgeneralising the heck out of them. He trots out that "I'm an immigrant and we work harder than you soft Americans" attitude on a daily basis. And I have a right to be exasperated when he does, (although, you WOULD think I'd ignore him by this point. Even now, after all the water under the bridge he still manages to annoy me. Win one for DF I guess). Sorry you got caught in the crossfire.

 

[Imdanny]

I actually think she misread him but well have to save that topic for another day. In any case, no we don't have "capitalism." it's not a free market when the bankers have hijacked the Fed and use it as their own printng press as well as all corporations having bought and paid for our political process. But what do I know. I'm just an onereducated liberal elitist hippie!

 

[D&T]

Ksinger, no once said to GUT the system and yes while I use those benefits ie my unemployment for a mere six months, I also paid into the system since I was 15 by working everyday after school. I also am paying my student loans back understanding full well that I am responsible for all the costs I incurred and not expecting my loan be forgiven or a bail out. Much of the blame stems from the banks making terrible loans and people not being responsible on taking those loan. There are many as well who bought well before the 2005 boom and well guess what some did? Refied to take out money and to use it on luxury goods and then when the down turn happen, people walked away and we're in a housing mess.

So don't presume to think I don't want to help people out, you don't know me, and how much money I give to charity or people on the streets. Growing up, my dad worked for a community program (a couple of jobs after his dishwashing career) helping people get back on their feet and get them off the government's money. I have given my share of community service and will continue to do so. I have given my dad's business cards in hopes that people on the streets call him for some work relief /placement program and no one called him!. I understand full well enough the capacity of these programs and I applaud them. So yeah, I understand when it comes to the most destitute social programs are greatly needed.

Sorry all these "Sob" stories bother you so much as it paints a picture of the actual poster and why one view things the way they do.

I'm sorry you took that entire post to apply to you. I was getting personal with DF, not you. As another poster has pointed out, he has a right, which he exercises more than frequently, to show his contempt for the common American and overgeneralising the heck out of them. He trots out that "I'm an immigrant and we work harder than you soft Americans" attitude on a daily basis. And I have a right to be exasperated when he does, (although, you WOULD think I'd ignore him by this point. Even now, after all the water under the bridge he still manages to annoy me. Win one for DF I guess). Sorry you got caught in the crossfire.

Ksinger - thank you, and likewise I apologize, this thread has turned and I must apologize to MissStepCut as well ... Continue.

 

[movie zombie]

actually, it was DF that ticked me off as well so you got double caught in cross fire. my apologies for that....i do want to hear other peoples' stories.....but its not just immigrants that had/have to work and did/do so to achieve a good life. also, not all immigrants had it as bad as some make out and some were downright rich when they arrived. tempers do flare on both sides. have a great evening everyone. time to some sleep.

 

[TristanC]

Yup. Best way around it when you get annoyed by idiots enjoying the freedoms of the first amendment is to simply ignore them.

Slight them, and you slight the representative portion of humanity that resembles them which did you no harm. Glad everyone is making nice - this has been one of the most interesting threads on the board in days. Well, at first anyway.

 

[Dancing Fire]

yes,blame everything on DF...

 

[D&T]

MZ- Likewise I apologize for my “assumption” comment as well. I don’t know many immigrants that came with money with the group that we were around but I’m sure you are correct there are those that did. You are right both sides will flare especially talking about money.

I am not making excuses for DF, but I do want to mention that perhaps writing style and at least in my family (I won’t say culture as that is a blanket statement) we are pretty blunt not in a hurtful way. Heck, its even hard for me to type out long post like this one.
I am certain that it’s attainable to many Americans to want to achieve a higher net worth if they really want and have motivation, aspiration and can do anything attitude. Sometimes it means making hard choices, moving, strategic career planning, risk, responsible debt managment, etc.

The owner to my company and my DH’s late grandfather both did it. However, my owner continue to successfully grow the business and DH’s grandfather unfortunately passed on earlier and left the entire business to his spouse which unfortunately didn’t continue to grow it and the kids all took and took from it like it was tree of money and I don’t foresee it sustaining their lifestyle any longer and may not exist for future generations. Both had very remarkable and similar businesses and pretty much within years of each other (different states) Although this was after WWII and the only way to leverage was going to your family and friends(for DH’s grandparent) and My current owner used all of what he had saved up.

I think it is quite a bit harder nowadays unless you have some new innovative ideas, cutting edge technology or something different (services and/or products) that hasn’t already been done before or obviously the easier way (using other people’s money?) There is obviously more investing than there were so times are changing rapidly, using other peoples’ money to make your own and risking others without a risk to yourself?

DH has a very interesting and large family dynamic, he has cousins that are just the nicest super loving and they are perfectly content with their situation (not much money) but I would always say to him, so so would make a great … he would say oh they don’t want to go to school or put in xxx hours or do this and that. Which is perfectly fine for them and I hope they are happy with their decision. He also had coworkers that would moan about their money and job or this and that and how much money the company was making, and if you are complaining about that then I say to him go further your education or go elsewhere to further your income potential -and the Marvelous thing about America, IS that you HAVE choices and abdundant opportunities and resources to utilize.

As Tristan mentioned that no system is perfect and there will be those that will benefit more than others depending on which end you fall towards, and there will always be somebody unfortunately abusing the system.

IDK – as far as changing anything major and being heard really seems to be an uphill battle, heck DH even had a family Politician in the Senate.

But I agree the system is flawed any one decision has specific affects on the economy overall. I would like to see the Top 1% currently sitting on trillions of assets, from banks, corporations, hedgefunds, be able to invest, expand and lend again creating more job growth that we are all waiting for. The previous policies from both party administrations apparently didn't work too well and taxing more will stifle the growth. Both the Bush and Obama stimulus bills apparently didn't work and could be considered by many a waste of taxpayer's dollars.

As for the financial reform? as misstepcut pointed out, overwhelming is correct.


Sorry this is a novel.
Anyways, thank you for letting me say my peace.