Very well done piece done by al Jazeera English: http://www.youtube.com/watch?v=XdVODFombco&feature=player_embedded#at=48

It's essentially a 25-minute version of Warren Buffett's great quote about class warfare: "There's class warfare, all right, but it's my class, the rich class, that's making war, and we're winning."

Or maybe it's a 25-minute version of my not-so-great quote: "Paul Ryan is a fool." I can't believe that we are following that dishonest, not-very-bright, arrogant fool down this rabbit hole.

To my knowledge, nobody is standing in Warren Buffett's way as he gives billions to Bill & Melinda Gates' charity. Good for him. But it's none of my business what he spends his fortune on. Or what you spend your money on. Etc.

If Mr Buffett feels guilty about his wealth and position, he can do something about it all on his own.

Who said anything about feeling guilty?

You, apparently, missed his point. The point isn't to get Warren Buffett to pay more. The point is to change the system so that it doesn't benefit such a small group at the expense of so many. Last time wealth was this concentrated was back around 1929. Hmm? Why does that date ring a bell?

You apparently missed the point.

The point is that it's nobody's business how much wealth you have or I have. Be concerned with your own life. The point is to change the system to get the gov to live within its means and stay the hell out of my life.

As part of my job I end up in a lot of different houses, in different areas.

I don't consider myself rich, and don't live in an extravagant house. I have seen and been in my share of extravagant houses so I know what real money looks like. But compared to what some people have I might as well be Buffett.

Anyway I'm constantly amazed by how poorly some people live, a lot of Americans are down right poor. They make about $30k-$40k a year and the interior of their homes is spartan. Mattress's on the ground, no furniture, older kitchens, nothing really valuable inside. I guess after there debt service, ie mortgage, student loans, maybe car payment their isn't anything left to save, or buy decent furniture with.

Also most are broke, I doubt to many could write a $5k or $10k check for something if they needed too.

Their is definitely a pretty big divide forming and I don't know if its healthy for the republic.

__________________
1999 SL500
1969 280SE
2023 Ram 1500
2007 Tiara 3200

Real money or real credit?

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Never a dull moment at Berry Hill Farm.

The Rich Are Different Than You and Me

From last month's Atlantic:

Between 2002 and 2007, 65 percent of all income growth in the U.S. went to the richest 1 percent of the population. That lopsided distribution means that today, half of the national income goes to the richest 10 percent. In 2007, the top 1 percent controlled 34.6 percent of the wealth—significantly more than the bottom 90 percent, who controlled just 26.9 percent.

. . .

Many of today’s super-rich started out in the middle and make most of their money through work, not inheritance. Ninety-five years ago, the richest 1 percent of Americans received only 20 percent of their income from paid work; in 2004, that income proportion had tripled, to 60 percent.

Who said otherwise?

It's not my business how much money you have, but if you and your wealthy 2% echelon just sit on all your money, and fail to pumping it back into the economy, then what?

__________________
1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma

way to try change the issue. not!

you must have been the star of your high school debate/rhetoric class. sadly -for you - the rest of us caught up and passed you long ago.

america, a nation of working class people, who think they are upper middle class.

and yes, wealth does not get created in vacuum. odd, that a believer in jesus had such uncharitable beliefs.

King James Bible
And now abideth faith, hope, charity, these three; but the greatest of these is charity.

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"The law, in its majestic equality, forbids the rich as well as the poor to sleep under bridges, to beg in the streets, and to steal bread."

You are correct. My wife and I are not quite in that category but we are not far above it.

Well I certainly fit in that category.

It isn't. The republic is probably going to suffer severly as a result in the future. Especially given the new economic reality we will be living thru for the forseeable future.

- Peter.

__________________
2021 Chevrolet Spark
Formerly...
2000 GMC Sonoma
1981 240D 4spd stick. 347000 miles. Deceased Feb 14 2021
2002 Kia Rio. Worst crap on four wheels
1981 240D 4spd stick. 389000 miles.
1984 123 200
1979 116 280S
1972 Cadillac Sedan DeVille
1971 108 280S

I suggest that this is an indicator that there still is significant opportunity in our economy.

I am much more interested in equality of opportunity than equality of results.

I'm sure the poorer 20% of are nation are significantly better off (economically) than the poorer 20% were 1 or 2 or 3 generations ago.

I experienced a massive economic shift about 12 years ago. I transitioned from upper-middle-class to lower-middle-class and had a medical condition that could not be diagnosed.

Lost my wife, the business, my wealth, etc. Affter a 2 year struggle I started to recover. I worked at $7/hr to $10/hr driving a van and delivering restaurant supplies to pizzeria. I was not an employee but received a 1099 which means I had no benefits and paid all my taxes.

My take-home cash was less than $1,000/month. I never considered nor applied for any gov't assistance. I lived on the edge of crime-infested neighborhood. I would step on needles and condoms each day as I walked out to my car ('81 300D) and go to work.

As I healed and grew I would be asked if I could find others who would work. There was no one, not one person, who lived in my neighborhood who was the least bit interested in working and they would ridicule me as I busted my but and they received more money sitting around all day doing nothing.

Besides a one time gift of $600 from family the only other material assistance I received (which were very important to me) was from a small church I joined.

I worked, prayed, struggled and grew. Three years ago stage 3 colo-rectal cancer struck. I worked, prayed, struggled and grew. Barring an unexpected development I will be a millionaire within three years, be providing employment to others and significant taxes to the gov't.

Every word I say here is true. And I'll bet you may average income over those critical early years was less than those that hetterasguy mentioned in his posting.

It's not money that is needed for others to succeed, it's gumption.

Now what have I done that others can't? What do I need the gov't to do to allow others to pursue the same path?

BTW - When I visited some friends recently from those times I noticed that my laughing neighbors are still back where they were 12 years ago talking about how it was the 'man' or the 'system' that was holding them back.

Congratulations on your success and good luck in the future.

What you say makes sense, but is it reasonable to expect young people whose parents, grandparents, peers, and role models are all a bunch of losers to all of a sudden figure out how to succeed? I'm sure some will break out of that hole, but they will be the exception. Of course, that problem goes back farther than the current bad economy and budget problems. The more immediate issue is why people who would have been middle class a generation or two ago are busting their rear ends and getting nowhere. With those people we are heading backwards.

Point is its their money....and smart people put money aside for emergencies....even smart poor people a few bucks a week adds up over years and even a poor person can afford to do that.

I grew up poor...my mother taught me to take at least a few dollars of EVERY check no matter how small and put it in the bank...

Many of the "poor" wouldn't be so poor if they followed that advice....and adjusted their lifestyle to live within their budget at all times....ever hear the quote...."Chamaign taste but a beer budget"?

I've been there....there is nothing inaccurate about it....in fact I learned my lesson the hard way about assuming the next check will be as much as your previous one. Or that any downturn isn't longterm and not readjust your lifestyle.

When things look bad the smart people hold on to their money......poor and rich alike. And with the Democrats blaming the rich for everything....who can blame them for really holding on tight. When you see a possible mugger coming at you...you don't throw your checkbook and wallet at them.....you take steps to protect whats yours.

__________________
Proud owner of ....
1971 280SE W108
1979 300SD W116
1983 300D W123
1975 Ironhead Sportster chopper
1987 GMC 3/4 ton 4X4 Diesel
1989 Honda Civic (Heavily modified)
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Section 609 MVAC Certified
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"He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you." - Friedrich Nietzsche

The affluent middle class we all knew and loved and grew up with was an anomaly. It was largely made possible by aggressive taxation on wealth (top rate was 90+% back in the 1960s) and lack of international competition. As we all know, those factors have changed permanently. People who expect to get ahead doing what their middle class parents did will be very disappointed.

Still the basic rule of capitalism applies: Find a need and fill it. Folks will just have to be more creative and resourceful in order to find success.

__________________
1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma