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No, I'd be right and if you're going to dismiss me, you should at least prove you're actually educated in the topic. Chase has had to settle class action lawsu

No, I'd be right and if you're going to dismiss me, you should at least prove you're actually educated in the topic. Chase has had to settle class action lawsuits due to the predatory way they handled overdraft fees [1] so don't feed me that bullshit. It was something I personally experienced and saw my parents struggle through due to the way they were paid and Chases scummy behavior. As for pre-existing conditions that is literally how they worked before and is something that insurance companies constant lobby to go back to. Because when my mother had her stroke her insurance denied her immediately because they determined the stroke was somehow a pre-existing condition. And ultimately your logic is incredibly flawed because profits and productivity has gone up while pay for the workers has not kept up. This isn't wealth transfer, this is the rich deciding to underpay their workers to the point that they can't survive working for them, which then gets billed to the government. Your logic also offers zero explanation why wealth is concentrating towards the wealthy because wealth transfer would imply that, you know, it's actually going to the poor people. [1] https://bucks.blogs.nytimes.com/2012/02/06/chase-agrees-to-settle-lawsuit-on-overdraft-fees https://bucks.blogs.nytimes.com/2012/02/06/chase-agrees-to-s...

wang_li 7y ago
I don't see why you think I'm not educated on the topic. I, at least, can discern what's relevant to the question of which way wealth is transferred. I am aware of the complaints about how banks process transactions in and out of customer accounts. It's a moot point for two reasons. First, the complaint boils down to whether a bank making a checking account available is also an agreement to extend small value, short term loans to people. If you don't try to float checks then you will not be hit with overdraft fees. It's as simple as that. Second, it's irrelevant where someone spends their money. If someone doesn't earn more than it costs to maintain their lifestyle their spending habits only impact how much they get from others, not how wealthy they are. As far as preexisting conditions go, denial of coverage on that basis has been illegal for ten years. The only reason to bring it up is because you want to prompt an emotional response from people who are ignorant. Profits and productivity are, again, irrelevant. If the question is "Which way does wealth transfer?" The answer is simple to discern and simply requires that we know how much it costs to survive and how much a person earns. We know both of this things on average nationally and wealth is transferred from the top 40% to the bottom 60%. I linked to the government report that demonstrates this. As far as this unrelated statement goes: >Your logic also offers zero explanation why wealth is concentrating towards the wealthy because wealth transfer would imply that, you know, it's actually going to the poor people. Someone can create $1000/year in value, and another person comes up short by $300/year in survival. The first person transfers wealth down to the second person while still becoming wealthier. This is pretty basic stuff.
- fzeroracer 7y ago
  First, I can tell that you've never experienced poverty in your life because saying it's 'as simple as that' ignores the times when poor people need to purchase something right away. They deposit a check into their account, then go shopping because that money SHOULD BE IN THEIR ACCOUNT and they desperately need things like food or basic amenities. Then they get pinged with overdraft fees because the bank decided not to cash that check right away, instead delaying it so they can collect overdraft fees. As for your second point, calling 'profit and productivity irrelevant' is ridiculously flippant because profit and productivity doesn't come from the void. It's generated by people. So let me illustrate: Person A is 'creating' $1000/year in value. Person B is 'short' $300/year in order to survive. Person A employs Person B. The reason why Person B is short of funds is because Person A is earning their value from Person B and not properly distributing that wealth down through labor to Person B. Ergo, the situation isn't some sort of 'wealth transfer', it's the result of someone not being fairly compensated for their work. What you're calling 'wealth transfer' is the result of money accumulating towards the top, which results in the wealthy having to either pay more to support the bottom percent or let them die. Software engineers generate many more times their income in value to the companies that employ them. Which means money floats to the top as companies try to depress wages to maximize profit margins.
  - UnpossibleJim 7y ago
    I don't think you can describe a person's life experience just because they don't react emotionally in a single online discussion board. That's horribly unfair and a bit out of line, to be honest.
    - fzeroracer 7y ago
      As opposed to painting people in poverty with a broad brush, saying that they either destroy value or don't generate life-sustaining value? Considering I grew up in abject poverty, I'm sorry but I'm not going to let remarks like that fly. That doesn't deserve a pass.
      - 7y ago

wang_li 7y ago

I don't see why you think I'm not educated on the topic. I, at least, can discern what's relevant to the question of which way wealth is transferred. I am aware of the complaints about how banks process transactions in and out of customer accounts. It's a moot point for two reasons. First, the complaint boils down to whether a bank making a checking account available is also an agreement to extend small value, short term loans to people. If you don't try to float checks then you will not be hit with overdraft fees. It's as simple as that. Second, it's irrelevant where someone spends their money. If someone doesn't earn more than it costs to maintain their lifestyle their spending habits only impact how much they get from others, not how wealthy they are. As far as preexisting conditions go, denial of coverage on that basis has been illegal for ten years. The only reason to bring it up is because you want to prompt an emotional response from people who are ignorant. Profits and productivity are, again, irrelevant. If the question is "Which way does wealth transfer?" The answer is simple to discern and simply requires that we know how much it costs to survive and how much a person earns. We know both of this things on average nationally and wealth is transferred from the top 40% to the bottom 60%. I linked to the government report that demonstrates this. As far as this unrelated statement goes: >Your logic also offers zero explanation why wealth is concentrating towards the wealthy because wealth transfer would imply that, you know, it's actually going to the poor people. Someone can create $1000/year in value, and another person comes up short by $300/year in survival. The first person transfers wealth down to the second person while still becoming wealthier. This is pretty basic stuff.

fzeroracer 7y ago
First, I can tell that you've never experienced poverty in your life because saying it's 'as simple as that' ignores the times when poor people need to purchase something right away. They deposit a check into their account, then go shopping because that money SHOULD BE IN THEIR ACCOUNT and they desperately need things like food or basic amenities. Then they get pinged with overdraft fees because the bank decided not to cash that check right away, instead delaying it so they can collect overdraft fees. As for your second point, calling 'profit and productivity irrelevant' is ridiculously flippant because profit and productivity doesn't come from the void. It's generated by people. So let me illustrate: Person A is 'creating' $1000/year in value. Person B is 'short' $300/year in order to survive. Person A employs Person B. The reason why Person B is short of funds is because Person A is earning their value from Person B and not properly distributing that wealth down through labor to Person B. Ergo, the situation isn't some sort of 'wealth transfer', it's the result of someone not being fairly compensated for their work. What you're calling 'wealth transfer' is the result of money accumulating towards the top, which results in the wealthy having to either pay more to support the bottom percent or let them die. Software engineers generate many more times their income in value to the companies that employ them. Which means money floats to the top as companies try to depress wages to maximize profit margins.
- UnpossibleJim 7y ago
  I don't think you can describe a person's life experience just because they don't react emotionally in a single online discussion board. That's horribly unfair and a bit out of line, to be honest.
  - fzeroracer 7y ago
    As opposed to painting people in poverty with a broad brush, saying that they either destroy value or don't generate life-sustaining value? Considering I grew up in abject poverty, I'm sorry but I'm not going to let remarks like that fly. That doesn't deserve a pass.
    - 7y ago