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American Middle Class "Wealth" Worse Than Every Nation But Russia & Indonesia


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American Middle Class "Wealth" Worse Than Every Nation But Russia & Indonesia

  #1 (permalink)
 Cloudy 
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https://www.zerohedge.com/news/2014-11-07/american-middle-class-wealth-worse-every-nation-russia-indonesia
"Oh, and if you’re wondering how the American middle class ranks in the latest data, it improved two spots to #25. Just behind Greece."


https://billmoyers.com/2014/11/04/infuriating-facts-disappearing-middle-class-wealth/


Interesting comments following the billmoyers.com article. an "FTT" (Financial Transactions Tax) tax would be the end of retail trading as well. If the financial revolt comes, retail trading could be one of the first casualties, but I guess that would end the "snake oil" retail trading products industry also.

"
Anonymous

That’s it, Financial Transaction Tax. That would solve the Multi Trillion dollar wealth accumulated globally. It indiscriminately targets securities market under the assumption that the 1% make their money constantly buying and selling in financial services. Mr. Buchheit should get a better understanding of how the 1% make money before coming up with a solution.
https://myioffice.com/ Tom Simon

Pray tell inform us vjmali how do the 1% make money?
HReardon

By first financing the reelections of candidates that make the laws.
Then they use their power to manipulate the regulatory and tax codes in
their favor. Finally they make sure that the new taxes target activity
such as earning income and transactions on your small brokerage account
instead of targeting accumulated wealth. If they are in banking they
have the added bonus of being able to borrow money from the privately
owned federal Reserve at near 0% interest with which they purchase rent
seeking hard assets that the middle class must use.
Anonymous

So many Americans don’t know what is going on. I think that deep down Americans realize that we’re being screwed, yet the coporate owned “librul media” will NOT tell the real truth about what’s been happening. The Plutocrats are draining US (& the world) and have the nerve to pretend “they earned it themselves”, and because Americans don’t yet have a clue as to the massive levels of welfare that these Plutocrats receive, the people fight against and vote against their own best economic interests!
https://myioffice.com/ Tom Simon

Well stated sir. It would seem though the FTT would be a step in the right direction.
Anonymous

They rarely sell what they buy in the short run. mostly cause they don’t need to. Much of their wealth comes from Capital Gains. That is why capital gains are taxed much lower than income. (As eluded by HReardon). They have the advantage of getting information before others do. City council will let them know where are the plans for future development. People generally follow them, which puts them ahead of others. they are offered discounts just to put their name to a deal. People and govt officials do them favors just to get close to them. They have powerful lawyers to protect their interest. They don’t go to prison for crimes. All these things starts to generate wealth for them even if they did not try. Koch brother’s wealth did not increase by 12 Billion in 2013 by trading stocks.
https://myioffice.com/ Tom Simon

Spot on – such a pleasure to find intelligent thinking delivered with such respect for others. Thank you both for renewing my hope that there is still an American electorate capable of speaking truth to power.
Michael R.

Capital Gains (CGs) and “carried interest”. But that is another tax / fee issue. The idea of a FTT is to tax continuous economic (global) activity that amounts to trillions of trades made daily (globally speaking). A 1%-er’s CGs can rise and fall, but the market peseveres. Consider how much will accumulate in a year with just 1/4 of a cent tax on every buy or sell order…! The money should then go into a global fund (or perhaps separate funds according to nation of origin of the investors) that is run by a public non-profit to administer zero % loans or grants to countries seeking sustainable solutions to poverty, energy needs (e.g., induction stoves to the 1.4 billion without access to electricity), sanitation engineering projects, climate change resilience/mitigation measures, ecological restoration, and job creation.

This is so obvious (even many wealthy folks would go along with it), it amazes me that there is any opposition or inertia to it; something happens to the brain when a person becomes rich (and super rich): they cease to feel needful of and connected to others (and thus responsible to or for others); a form of emotional detachment, I suppose…coupled with an addiction to wealth and power (the worst form of drug addiction).
GregoryC

Unregulated derivatives estimated at over $1.2 quadrillion globally within the shadow banking system. The same derivatives that destroyed the global economy in 2007-2008 requiring tens of trillions of dollars of guarantees for global banks.
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  #2 (permalink)
 Cloudy 
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some related zerohedge articles since:

The [AUTOLINK]Fed[/AUTOLINK] Won: America's 0.1% Are Now Wealthier Than The Bottom 90% | Zero Hedge
https://www.zerohedge.com/news/2014-11-14/and-10th-most-prosperous-nation-world
"No, Taxes Are Not What We Pay For Civilized Society" | Zero Hedge
The Reason Small Businesses Are Disappearing, As Explained By A Small Business Owner | Zero Hedge
Bread, Circuses, & Bombs - Decline Of The American Empire, Part 2 | Zero Hedge'

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  #3 (permalink)
 Cloudy 
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Exclusive: America's part-time economy - Nov. 21, 2014
Owning a home no longer the American Dream - Jun. 4, 2014

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  #4 (permalink)
 Cloudy 
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Posts: 2,124 since Jul 2011
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https://finance.yahoo.com/news/new-hope-for-middle-class-workers-160112283.html

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