That happens if you bust the unions, see also https://markets.businessinsider.com/news/stocks/how-economic...
America's 1% Has Taken $50T From the Bottom 90%
821–830 of 961 posts
Re: America's 1% Has Taken $50T From the Bottom 90%
#822I'm surprised to see so many negative comments here. I didn't expect so many readers of Hackernews belong to America's top 1% in wealth.
Re: America's 1% Has Taken $50T From the Bottom 90%
#823Earlier quoted context omitted.
This is one of the worst takes I've read in awhile. First off, there is no general consensus about the exact cause of the Great Depression and the cause of the recovery. If you're going to make an attempt at a history lesson, at least get it right. We know that the stock market crash and banking panics played a large role in the contraction of economic activity, but there is absolutely no general consensus for the ex…
Everything you just said is basically wrong. There IS a consensus understanding to what caused the Great Depression, they only folks who disagree tend to be charlatans pushing Gold or other deflationary bubbles such as Bitcoin. The world is not going to adopt deflationary currency away from central banks - that would be suicidal.
I upvoted you
Re: America's 1% Has Taken $50T From the Bottom 90%
#824Earlier quoted context omitted.
BLM was far from grassroots, Mueller investigation revealed us how it was propped up by Russian trolls. Heck they ran their biggest social media pages.
From what I’ve seen over various parts of the Internet, BLM’s pretty complicated. I’ve come to the conclusion that it’s a combination of actual people fed up with their neighborhood’s policing and wrecking shit up, along with some progressives who wanted the protest to be peaceful and instead hoped for policy-wide changes (through electorialism) from this, along with neoliberal shills (corporations and mainstream pol…
I'm on mobile right now but when you open the Mueller investigations pdf control+F finds it easy.
Re: America's 1% Has Taken $50T From the Bottom 90%
#825Earlier quoted context omitted.
It might be related to the gold standard, but I'd argue that WW2 was a bigger factor. The US was already the strongest economy and the competition was devastated by war. Add on to that the development of the intermodal shipping container and it was suddenly possible for the US to transport their goods cheaply. The reason this golden age ended is that other countries had finally recovered from the devastation of war.
How do other countries devastated by war have to do with US economic equality? Shipping technology has only gotten better since than too but that just hurts mom&pops and helps online retailers.
>How do other countries devastated by war have to do with US economic equality?
Because there was less competition on the international stage for the goods produced in the US. This meant that production companies could pay their workers more since they were earning more. Relatively low skilled labor would earn a lot more money. This lifted up the poor. Eventually those jobs started moving away from the US, because other countries could produce the same goods at lower cost since they could pay workers less.
>Shipping technology has only gotten better since than too but that just hurts mom&pops and helps online retailers.
None of it has been as revolutionary as the intermodal shipping container. Before that it took days and sometimes weeks to load cargo onto a ship. The main point with the shipping container is that it made international trade significantly cheaper.
Re: America's 1% Has Taken $50T From the Bottom 90%
#826Earlier quoted context omitted.
As opposed to having the government do what? Have a great COVID response? Have a coherent industrial policy? Have great fiscal management? Have financial integrity? Grant monopolies to service provides (ahem Comcast) instead of building proper infrastructure? Not building sufficient electrical infrastructure? Enticing poor young people to make terrible money decisions relative to school and then saddling them with no…
> Moderna created a vaccine in less than a day. Moderna benefited immensely from decades of publicly funded research as does most of Pharma, as well as direct aid from Emory University, NIAID, etc Look, if you believe the market works as the best mechanism for allocating goods and services, then you've also got to believe it won't work properly if prices are distorted, otherwise Garbage In, Garbage Out. If a firm is…
This is my view which is why I am vehemently anti libertarian and pro social democrat.
Re: America's 1% Has Taken $50T From the Bottom 90%
#827Earlier quoted context omitted.
> Moderna created a vaccine in less than a day. Moderna benefited immensely from decades of publicly funded research as does most of Pharma, as well as direct aid from Emory University, NIAID, etc Look, if you believe the market works as the best mechanism for allocating goods and services, then you've also got to believe it won't work properly if prices are distorted, otherwise Garbage In, Garbage Out. If a firm is…
Great post! Thanks for taking the time to write it. It's a shame its so far down the page! I do believe in capitalism, and I _am_ in favor of strongly policing the system so that it's fair for everybody. Some call it "big government" a bit off topic, but it really bugs me when people talk about government like its some big external hostile force. It's our collective power, we should take ownership of it. If its not w…
Part of libertarian marketing is that if you don’t enjoy the system or see opportunities in destroying it, that is ok. Bitcoin fits into a larger fantasy narrative which is that instead of working together inside the actually closed system in which we all exist, you can endlessly fragment the social space and opt out into smaller and smaller volitional communities. The idea seems intuitive until you start to hit limits, or when collective action is needed in the form of governance. Or when your crypto nationalism runs into the same problems we have been dealing with since the dark ages ended.
Re: America's 1% Has Taken $50T From the Bottom 90%
#828Correction: The Fed's policies have taken $50T of wealth from the Bottom 90%. When you bail out irresponsibly over-leveraged and nearly bankrupted banks and corporations, and pay for those bailouts with tax-payer money, you steal from the poor and give to the rich. Most importantly, when the Fed decides to print money ad nauseam, they create massive asset inflation, which steals from the poor and gives to the rich. T…
The complete collapse of the financial markets would not have been good for anyone. Why the perpetrators are not in jail is what on my opinion is the true betrayal of the common person. I strongly believe the rise of the alt/far right is a direct byproduct of the complete disintegration of trust in the established political class. All over the world atypical politicians rose in popularity, even when they weren’t popu…
I think it is due to effective marketing techniques employed by big money interests who benefit from mass acceptance of libertarian narratives, and those like the social media who benefit from volatility / uncertainty in the information network.
Re: America's 1% Has Taken $50T From the Bottom 90%
#829Correction: The Fed's policies have taken $50T of wealth from the Bottom 90%. When you bail out irresponsibly over-leveraged and nearly bankrupted banks and corporations, and pay for those bailouts with tax-payer money, you steal from the poor and give to the rich. Most importantly, when the Fed decides to print money ad nauseam, they create massive asset inflation, which steals from the poor and gives to the rich. T…
With so many mentions of the Fed, I find this comment to be extremely antisemitic.
Yes this scares me
Re: America's 1% Has Taken $50T From the Bottom 90%
#830> America's 1% Has Taken $50T From the Bottom 90% Wealth is not a zero-sum game. If I take two lines of code and put them together, I've created something of value that I might be able to sell. Wealth is created all the time out of thin air. It might take the form of an innovative new technology, open source code, or even art. It might be because you bought raw materials and built a house, and the subsequent value of…
I half agree with this. It is about scaling, scaling exploitation of workers. You think Bezos actually made his money fairly? Or does it matter to anyone since the winners just pull wool over everyones eyes?
How this privileged viewpoint came to prevail is most likely from decades of brainwash. Wealth has power to keep that message strong and alive.
This keeps coming up in almost every thread because of so many blinded by acquiring capital. The Myth of the Temporarily Embarassed Millionaire. Shine on