The wealth gap.

The question "where is all the money" is a good one. It is not mostly in stocks though .. the bond market is much bigger than the stock market. Not sure about Land.

If you google Stat Street - "State Street" State Street Corporation is an American[3] financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 15th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$2.511 trillion under management and US$31.62 trillion under custody and administration. It is the second largest custodian bank in the world"

So to put things into perspective - the largest hedge fund "Bridgewater" - has around 150 Billion under management - invested in Stocks and Bonds. This is roughly as much as the supposed richest man in the world -

State Street has 2.5 Trillion under management .. this is a good chunk of the entire value of the stock market

But wait - stop the presses. This bank has 31 Trillion under "custody and administration. If you walk across the street to the Bank of "Mellon" you will find the same amounts 2.5 T under management - 31 Trillion under C&A and same over at Morgan Stanly ... for a total of roughly 93 Trillion under C&A - this is pretty much "All the Money in the World" in case you were wondering how much money that is.

As for the 7.5 Trillion under Management - that is a big chunk of the entire stock market.

So who's money is this ? This is "Old Money" - and it is owned by the Old Families. There are families out there worth many Trillions..and these are the real lifestyles of the rich - but not so famous.

 

IF your parents left you nothing, why don't you blame your parents? They are the ones that could have made it different.
We all started off with nothing, but then I'm not very wealthy by comparison to Trump. My parents taught us how to work, to produce, to manage, to care- and that was more valuable than cash. Still, only three of the six in my family have become millionaires so far. I think that will soon be four, but life is so hard that it may not.
However, if you are not given inherited wealth you have a good excuse to carry on the tradition, so your children will inherit nothing and can blame society too.

Coveting what other people have built while you watched is perhaps the best definition of- Greed.

 

I don't quite follow your logic. Why a wage-earner able to negotiate a higher wage due to improved labor market conditions and increased bargaining power should become responsible for covering losses?

He is still a wage earner, albeit with a higher wage, he is no a co-owner, nothing is really changing.

 

Are you trying for a wrong record?

 

Borat, I once had an employee, a job foreman, who was very good but came from a union background.
On a particular job, he installed 12,000 sq ft of flooring in a supermarket- with a pattern 90 degrees off the plan, because he laid the plan down with the "North" arrow pointing east. It all had to be removed and replaced, and of course the job lost money.
Later we had a job that exceeded projected profit, and he asked for a bonus share. ?? Why?
He explained that when a job was profitable, it was because of good labor.
So, I asked him about that first job.
He explained that losses are different, they are due to bad management.

Humans have a special kind of creative capacity they can invoke to overcome logic and common sense when needed.

 

Libs blaming the China virus on Trump is their way of acknowledging that they are out of arguments.

PS The US economy has weathered the pandemic better by far than virtually any comparable western economy, better than Germany, better than Japan, better than the UK... (despite the sabotage by democrat governors and mayors)

PS 33.1% GDP growth... how about that?

 

Except for the fact that didn't, nice try though.

 

Typical con generalization.

 

Trump is responsible for US policy on handling Covid-19 in the US.

 

-the per capita death rate not exceeding that of the overwhelming majorities of comparable western European countries
-everyone who needed a hospital bed had a hospital bed, everyone who needed a ventilator had a ventilator
-Testing among highest in the world
-3 vaccines in record time (warp speed) while the rest of the world has developed none
-the strongest and fastest economic recovery in the entire western world

the federal handling of the pandemic was amazing, if only we did not have idiot democrat governors and mayors...

 

So what country is that?

 

Lets reduce the "generalization", and point out that this particular ability seems to be far more prevalent in a few specific ideological groups-
and they aren't republicans or conservatives.

 

Yes they are.

 

After a 33% fall?
I'm not impressed.
How about those Chinese?

 

Wow- your tunnel vision is impressive. Probably even telescopic!!
Too bad the view from the place you're at is so limited.

 

That isn't what was said. It was stated that employees should get a portion of the profits. That is something different than the justified wage from the labor market.

 

Not a generalization at all.

People want to share in the profit and check out when losses occur.

 

The problem does exist.

Too much of the total wealth of the nation
has drifted into too few hands at the cost
of a Middle Class.

A strong Middle Class has been and is a stabilizing influence.

In the fifties there were rich people who could afford more & better.
Since then it has become obscene.
The mechanism for creating this obscenity was tax law reform diluting the Eisenhower Tax code.

The current concentration of wealth is most similar to the
late 1800's.
The cure was a truly progressive tax code.


Moi
cuppa coffee low currently

 

Such people do exist, though I would argue they are less than claimed.
However I think we have to accept that there have always been those who are unemployable, I've had a few, less lazy, more inept. Historically they would have been tinkers or casual farm labourers living winters in shacks on unwanted land.
But we now make that impossible, the land is all owned, the jobs mapped, so we have to feed them some other way....

 

Not avoiding this Crank, but I don't think I understand your point here. Please clarify.

 

Is there a direct connection between the two? Seems to me its a convenient coincidence.

 

Agreed. More expensive staff tend to has risen to their positions and proved their worth, they also tend to be the ones most time and training has been invested in.

 

If you really want to know the cause of the "wealth gap" begin by studying the creation of the Fed and the subsequent policies it out into place.

 

You are ignoring my points above, repeating your claims on a solution, and moving the goal posts for the problem.

The problem is not that money is drifting into a few hands. That would be outcome of the problem. The problem is that far too many people are failing to gain wealth.

What you are failing to discuss is the cause, and jumping straight to the solution you feel fixes the issue.

And?

Obscene is an emotionally driven subjective word.

So you think the 80% of first generation millionaires are a result of a tax code adjustment?

Subsidize those that don't perform by penalizing those that do?