Discussion in 'Politics & The Economy' started by BISHI, Feb 19, 2014.
I Crashed a Wall Street Secret Society -- Daily Intelligencer
What a bunch of ****s
Pathetic folks really, it's amazing that these fuds make it to the top of the pile, absolutely astounding really.
Seems to be more about the 0.01% rather than the 1 percent....
Among the neophytes were hedge fund billionaire and major Obama donor Marc Lasry and Joe Reece, a high-ranking dealmaker at Credit Suisse.
That's why its possible.
They sound like a group that has become disenchanted with the whole system but are now stuck with it. Equivalent to gambling where every machine is guaranteed to pay out. The risk has been eliminated and the game now completely spoilt and sanitised.
I suspect they also see that its going to end badly but are now powerless to do anything to stop it. The system has developed its own inertia and is too big for anyone to oppose. Might as well ride the wave, but in doing so they are now seen in the same light as those who were beheaded in the French Revolution.
Its a sad and destructive tread mill where everything is flimsy and intangible. I agree with the final comments of that article. They must remember the time when they were seen as giants, strong, intelligent, brave and clever men powering the might of the United States. Now reduced to benefit street bums - all be it with lots of money - but with no direction.
I don't feel sorry for them-far from it- they did this to themselves and destroyed a sacred ideal. They got what they deserved:
Your gold and silver is cankered; and the rust of them shall be a witness against you, and shall eat your flesh as it were fire. Ye have heaped treasure together for the last days.
In that particular party yes perhaps. Whilst in reality I think this "hatred" is much more towards the 1 percent or perhaps even 2 percent (I'm not in that group so can't judge from experience). I still find it very weird, and it being openly practised right here on these forums as well, how there is this anger towards successful people in business.
Yet there is no outcry regarding footballers earning 100K a week, 52x more than the top 1% entry .....
Don't get this desire and drive for mediocracy.
There is outcry about the footballers, check the sport section
Whilst I've not got any great issues with anyone being successful in business per se, it's the stories behind how they became successful that generally piss me off. Not because I'm jealous I wasn't given the opportunities others had etc but more because the rich have made rules in the past to protect the rich and they continue to skew things in their favour.
It's much like the ire I have towards celebrities, how many unblemished 'stars' come through the ranks because of talent compared to how many have come through because of their family ties?
The folks referenced here are just pathetic bastards it's got to be said, who in their right minds (as fully grown adults!) inducts people into your special club by having them dress up in wigs and dresses? That's what is pathetic about the whole thing.
I think people dressing up, drinking, singing and socialising is a natural part of life. What do you find distasteful about it ? Why does it anger you ?
The rich have made rules to protect the rich ?
How have they managed to do that ? There are only two ways to get rich. One is to produce something people want to buy and the other is by predation which is theft.
Rules are made by the Government of the state through the legal system. No individual unilaterally sets any rule to protect their wealth. There is no universality of the individual in a state system.
Blimey, have you ever been part of a university student fraternity? I wish my induction involved dressing up or when I got my first star in the army, I couldn't possibly disclose what the induction was for that.
As Karkus said, it's just human behaviour.
With regards to footballers, fair enough if it remains in the sport section. But that just highlight the issue. It's not important enough to spill over in general chat or be used in the same breath with bankers
Lol I don't even know where to begin with your comments!
You're misunderstanding me if you think I'm angry towards the folks dressing up in dresses etc I think it's pathetic, I'm not angry about it. I'm angered by the history of (most of) the rich and how they have come into their wealth and 'power'
Have never been inducted in any group so don't have a clue. I certainly wouldn't feel the need to try and be inducted to a group who felt they were of a higher worth than me to an extent they feel they could watch me 'audition' to be amongst their ranks.
His many of the "wealthy" (top 1% not top 0.01%) do you think earned their wealth fairly...?
I wouldn't think many at all, but seeing as I don't have a list of them all and haven't done background research on them I can't comment more than just a thought.
Or let's put it differently, how wealthy do have to be to be in the top 1% of earners
How can you forget?
So you haven't been to university and been part of a fraternity. Or gone through any induction and been taking the Michael off?
Man, there is so much to explore in this world before commenting on such things.
A fair bit wealthier than I!
Lol where there you go. Lgs is right. And nicely proves my point.
In your eyes perhaps, I can quite happily comment from the outside though.
So you have no idea, yet you are in some belief on how the top 1% comes to their riches.
You know everyone is entitled to their opinion. I'd really suggest you would do some fact searching as you may be surprised
Ah, so an opinion based on envy and jealousy rather than facts?
Never a strong position to start from....
Yes, that's it exactly, thanks for taking the time to a) read my posts, b) jumping to conclusions and c) start sh*t slinging.
Hatred is a rather strong word, but certainly I do feel anger and despair at the current balance of wealth in the world.
In the UK, the majority of people are working hard and still struggle, yet there are multi millionaires and billionaires driving cars worth more than most peoples houses.
In other parts of the world, people live in shanty towns and children have to beg on the streets just to survive.
There are plenty of jealous people in the world, but there is somewhat rather a difference between being a jealous neighbour who coverts the nicer car and clothes of the chap next door than say a family in rural India who live in a one room mud building and have to defocate in a field being 'jealous' of the mega rich Indian family spending $2 billion dollars on house.
Humans do seem to need motivation and aspirations to succeed and gaining wealth is certainly a good motivation. Industrious people can help create jobs and employement for others less able.
However, when kids are starving on the streets, picking through litter to survive while a billionaire lives in his $2 billion house, is it jealousy or anger at the lack of balance ?
I know some will have very different opinions and arguments for and against the wealthy etc, but I am not interested in going over all that again, this post is merely to express why I personally feel the way I do about the '1%' who have more than they could ever need while others struggle to find food.
The entry point to being in the top 1% of earners is less than 100k. With around 420k people in that category.
I don't think those people inherited assets to give them that income. I think the vast, vast majority will earn that sort of income through their own efforts and hard work.
I don't think someone earning 100k has "more than they would ever need". Of course by definition being in the top 1% it is much more than most people, but it isn't as if people in that category are wiping their arse with tenners.
Incidentally the top earners pay a higher proportion of overall income tax now than has ever been the case before. And the independent GINI coefficient shows that under this government income inequality has fallen at its fastest ever level. After growing to its highest ever level under the previous government.
Well given that you don't even appear to know what income you require to get into the 1% you're hardly speaking from a strong starting point.
Despite me asking a perfectly reasonable question, you were unable to provide a credible response, so my conclusions were inevitable.....
Will have more than they ever need? Really? Honestly?
Totally the wrong attitude to me. We need to strive to help others to attain a standard of living they desire. Not bring others that exceed that down a peg or two
Clearly not true...
As a reminder, when you were in the top 1% (or approaching that level) what did you do to support others?
Just another demonstration about how little you know!
Ah, a strangled question.
At one time we had an asset millionaire on here who helped and supported others. As he is no longer posting (for some reason) he can't give his subjective opinion.
... Mind you, if he did he would have been shot down in flames. Happy days.
1) the asset millionaire that (I think) you are referring to did very little (relatively) to support others but did vociferously give his opinion that other people (plenty of whom were much less wealthy than him) should do more
2) the question is directed at TB given his recent opinions about what the 1% need / should do, when (according) to previous posts he was in or close to the 1% level in the past.
Well obviously ya fudgeing loon or I wouldn't have put the non-bold part of my text in?
Instead of trying to be a smart ****, and failing, why not point me in the direction of a list of the top 1% and I'll start research?
Separate names with a comma.