5 ms·

I made millions out of the last debt crisis. Now the wealthy stand to win again

tengbretson 6y ago
> I'm not going to make any prescriptions about how the money be spent, but the important part is that you take it away from those damn rich people!
- Supermancho 6y ago
  You can't take a capitalist society's costs from the poor unless you want to dispense with the whole idea, eventually, anyway.
- RandomBacon 6y ago
  That statement reminds me of this saying: "If I can't have it, neither can you." I just did an internet search, and it's called "crab mentality" https://en.wikipedia.org/wiki/Crab_mentality https://en.wikipedia.org/wiki/Crab_mentality > While any one crab could easily escape, its efforts will be undermined by others, ensuring the group's collective demise.
- klmadfejno 6y ago
  People feel really entitled to what they earned, because, they earned it. The thing is, their ability to earn it is predicated on society being set up in such a way that the resources available to them make that path of earning possible. It's hardly unreasonable to think that one should pay extra back to society to accommodate that.
glofish 6y ago
the author complains that the stock market is up since its lows and labels that as fat cats getting rich again. > It is not right that society’s richest people profit from this crisis while millions fall into desperate poverty. I include myself in this. there is an easy way to start rectifying this injustice, if the author truly believes it is not fair. He can donate his wealth to the government - yes that is a thing. Will he do it? After all he argues it is fundamentally unfair. Writing an editorial is just talk, time he does the walk.
- narak 6y ago
  This has always been a shit argument. Injustice has to be fixed across the board, otherwise it's a tax on just the honest/moral people.
  - glofish 6y ago
    I am talking about the choice of word and testing wether he means it or not. If he said that the would not mind paying more for taxes, that is ok. Saying "it is not fair" is just populist BS - would you keep money that you honestly thought was given unfairly to you?
    - Nevermark 6y ago
      You are being pedantic. Think: a sincere declaration of a willingness to cooperatively sacrifice to solve a group problem, if others do too. Don't think: an offer to individually self-immolate, which would not solve the problem. That is a straw man test of whether someone "means" business.
- colejohnson66 6y ago
  Ah yes, because a millionaire is gonna make a dent in the multi-trillion dollar deficit. No. What will help fix wealth inequality is not donations from rich people; it’s the government. There’s more non-philanthropic rich people than philanthropic ones.
- mthoms 6y ago
  This is such a tired and lazy argument. 1) The "easy way" is not the same as the "correct and effective way". 2) He's young, retired, enormously wealthy, and can do anything he wants. But still donated his time/energy to help educate people about wealth inequality. To you, it may be "just talk" but he's already doing way more than 99.9% of people in his position.
  - DamnYuppie 6y ago
    So he will preach about wealth inequality but won't go and give his wealth to the poor, but will instead donate his time and energy telling everyone how other wealthy people should pay more.
kristianp 6y ago
This guy is saying taxing the rich is the solution, but the problem is the way governments try to stimulate the economy. By lowering rates and supplying money to the rich, they make the rich richer more than they stimulate the economy.
- kyuudou 6y ago
  The income tax just barely services the national debt, IIRC. None of it goes to pay for any services. The whole thing is very ugly. There's a great infograph "Death and Taxes" that shows where the budget goes (not what pays for it, or anything about black budgets), good start. The whole "my taxes pay for" meme is just off. Your taxes just service some numbered debt. It's depressing to think about.

> I'm not going to make any prescriptions about how the money be spent, but the important part is that you take it away from those damn rich people!

Supermancho 6y ago
You can't take a capitalist society's costs from the poor unless you want to dispense with the whole idea, eventually, anyway.
RandomBacon 6y ago
That statement reminds me of this saying: "If I can't have it, neither can you." I just did an internet search, and it's called "crab mentality" https://en.wikipedia.org/wiki/Crab_mentality https://en.wikipedia.org/wiki/Crab_mentality > While any one crab could easily escape, its efforts will be undermined by others, ensuring the group's collective demise.
klmadfejno 6y ago
People feel really entitled to what they earned, because, they earned it. The thing is, their ability to earn it is predicated on society being set up in such a way that the resources available to them make that path of earning possible. It's hardly unreasonable to think that one should pay extra back to society to accommodate that.

glofish 6y ago

the author complains that the stock market is up since its lows and labels that as fat cats getting rich again. > It is not right that society’s richest people profit from this crisis while millions fall into desperate poverty. I include myself in this. there is an easy way to start rectifying this injustice, if the author truly believes it is not fair. He can donate his wealth to the government - yes that is a thing. Will he do it? After all he argues it is fundamentally unfair. Writing an editorial is just talk, time he does the walk.

narak 6y ago
This has always been a shit argument. Injustice has to be fixed across the board, otherwise it's a tax on just the honest/moral people.
- glofish 6y ago
  I am talking about the choice of word and testing wether he means it or not. If he said that the would not mind paying more for taxes, that is ok. Saying "it is not fair" is just populist BS - would you keep money that you honestly thought was given unfairly to you?
  - Nevermark 6y ago
    You are being pedantic. Think: a sincere declaration of a willingness to cooperatively sacrifice to solve a group problem, if others do too. Don't think: an offer to individually self-immolate, which would not solve the problem. That is a straw man test of whether someone "means" business.
colejohnson66 6y ago
Ah yes, because a millionaire is gonna make a dent in the multi-trillion dollar deficit. No. What will help fix wealth inequality is not donations from rich people; it’s the government. There’s more non-philanthropic rich people than philanthropic ones.
mthoms 6y ago
This is such a tired and lazy argument. 1) The "easy way" is not the same as the "correct and effective way". 2) He's young, retired, enormously wealthy, and can do anything he wants. But still donated his time/energy to help educate people about wealth inequality. To you, it may be "just talk" but he's already doing way more than 99.9% of people in his position.
- DamnYuppie 6y ago
  So he will preach about wealth inequality but won't go and give his wealth to the poor, but will instead donate his time and energy telling everyone how other wealthy people should pay more.

kristianp 6y ago

This guy is saying taxing the rich is the solution, but the problem is the way governments try to stimulate the economy. By lowering rates and supplying money to the rich, they make the rich richer more than they stimulate the economy.

kyuudou 6y ago
The income tax just barely services the national debt, IIRC. None of it goes to pay for any services. The whole thing is very ugly. There's a great infograph "Death and Taxes" that shows where the budget goes (not what pays for it, or anything about black budgets), good start. The whole "my taxes pay for" meme is just off. Your taxes just service some numbered debt. It's depressing to think about.