The rich get richer and the poor get screwed - again

RNG

Former Staff
Jan 2015
14,121
9,878
Left coast
From a detailed NYT analysis of the current S&P bull market that just hit its 10th anniversary.

More than $30 trillion: That's the amount of wealth generated by stocks' 10-year bull run, per the N.Y. Times' Matt Phillips.

  • "Adjusted for inflation, that is the most created during any bull run on record, edging out the $25 trillion in gains during the epic streak from December 1987 to March 2000, which ended with the bursting of the dot-com bubble."
The fruits went mostly to the rich, per The Times:

  • The net worth of the wealthiest 10% of American families grew by double-digit %s.
  • Median American family wealth dropped 34%.
In particular, look at that last sentence.

This is from the Axios AM newsletter but the links are in the quote above.
 
Sep 2007
23,397
16,310
N48 51.489 E2 17.67119
From a detailed NYT analysis of the current S&P bull market that just hit its 10th anniversary.

More than $30 trillion: That's the amount of wealth generated by stocks' 10-year bull run, per the N.Y. Times' Matt Phillips.

  • "Adjusted for inflation, that is the most created during any bull run on record, edging out the $25 trillion in gains during the epic streak from December 1987 to March 2000, which ended with the bursting of the dot-com bubble."
The fruits went mostly to the rich, per The Times:

  • The net worth of the wealthiest 10% of American families grew by double-digit %s.
  • Median American family wealth dropped 34%.
In particular, look at that last sentence.

This is from the Axios AM newsletter but the links are in the quote above.
Let's reiterate this in a another way:
Total household net worth in the fourth quarter of 2018 dropped by the largest amount since the fourth quarter of 2008 when the country was amid a steep recession, according to data released Thursday by the Federal Reserve.
Total household net worth is a measure of the assets — such as homes, stocks and bank accounts — owned by American families and nonprofits minus their debts. In the fourth quarter of 2018, it fell by about $3.7 trillion, a 3.5 percent quarterly decline. Going back to 1952, the start of the Fed’s data, only three quarters — the third and fourth quarters of 2008, and the second quarter of 1962 — posted bigger declines in household net worth, percentage-wise.
... most of the household wealth in the United States is owned by the country’s richest families. In 2016, for instance, the top 1 percent of families owned 40 percent of all household wealth, with the next 9 percent of families holding an additional 39 percent. That leaves 21 percent of the country’s net worth for the remaining 90 percent of American families.
Household net worth falls by largest amount since the Great Recession, new Fed data shows
 
Nov 2016
10,799
11,221
USA
Funny how the right, always lapsing into sky-is-falling hysteria about “socialist” income redistribution to benefit all, is so silent about the inexorable upwards income redistribution we’ve been experiencing for some time now.
 
Jul 2013
59,356
66,258
Nashville, TN
Funny how the right, always lapsing into sky-is-falling hysteria about “socialist” income redistribution to benefit all, is so silent about the inexorable upwards income redistribution we’ve been experiencing for some time now.
The have dedicated themselves to be total lackeys of the rich.
 
Jan 2016
57,388
54,210
Colorado
Funny how the right, always lapsing into sky-is-falling hysteria about “socialist” income redistribution to benefit all, is so silent about the inexorable upwards income redistribution we’ve been experiencing for some time now.
None of the posters screaming about 'Socialism' are participating in this thread, it would seem.

Fascinating. As Mr. Spock might say.
 
Sep 2014
5,201
1,671
South FL
Its very simple really. All you need to do is to look at Elon Musk and Tesla. Over the past ten years Tesla's market capitilization has increased by some ridiculous factor. That's because Tesla has created wealth. And one of the results of course is that Elon Musk is extraordinarily wealthy. And that's self-evidently a good thing because wealth, for the most part, and particularly the wealth held in public stock companies isn't a mountain of consumable stuff somewhere. Elon Musks' net worth is probably 1,000 times greater than my own. But he can't consume 1,000 times more goods and services (though he might smoke 1,000 times more pot) but he clearly invests the vast majority of his wealth. And by investing this wealth, Musk mamade Tesla capable of building and improving its capital stock, for funding research and development/producing the Model 3, etc and for supplying seed money for his other entrepreneurial start-ups. But I must say you socialists never give up and between Liz Warren's wealth tax and AOC's 70% tax on high incomes, they'll make sure the likes of Elon Musk will never be able to start Tesla at all. Because after all, the government surely has better plans on how to invest, right? To the extent that the economy is planned by government, the plans of private people – not just Elon Musk -- consumers, other firms, etc spending their own money – are overridden by politicians and bureaucrats spending other peoples' money. By stomping out plans at the individual level – plans brought into coordination with each other through the competitive market and price system – economic planning by the state substitutes the force and stupidity of the giant, who is ignorant of important details, for the voluntary decision-making and intelligence of legions of ordinary people.

At the end of the day Elon Musk knows what to do with money and the government fucking doesn't.
 
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Libertine

Moderator
Apr 2015
16,516
3,274
Katmandu
From a detailed NYT analysis of the current S&P bull market that just hit its 10th anniversary.

More than $30 trillion: That's the amount of wealth generated by stocks' 10-year bull run, per the N.Y. Times' Matt Phillips.

  • "Adjusted for inflation, that is the most created during any bull run on record, edging out the $25 trillion in gains during the epic streak from December 1987 to March 2000, which ended with the bursting of the dot-com bubble."
The fruits went mostly to the rich, per The Times:

  • The net worth of the wealthiest 10% of American families grew by double-digit %s.
  • Median American family wealth dropped 34%.
In particular, look at that last sentence.

This is from the Axios AM newsletter but the links are in the quote above.
So here you are posting from Trump hating Axios using cherry picked data from partisan time fences to make mis-leading partisan claims.

Which is strange from someone whose livelihood depends on US stock market performance?

Of course if you started from Obama's second term when the stock market finally rebounded to 2007 levels, it's a completely different story.
 
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Libertine

Moderator
Apr 2015
16,516
3,274
Katmandu
Its very simple really. All you need to do is to look at Elon Musk and Tesla. Over the past ten years Tesla's market capitilization has increased by some ridiculous factor. That's because Tesla has created wealth. And one of the results of course is that Elon Musk is extraordinarily wealthy. And that's self-evidently a good thing because wealth, for the most part, and particularly the wealth held in public stock companies isn't a mountain of consumable stuff somewhere. Elon Musks' net worth is probably 1,000 times greater than my own. But he can't consume 1,000 times more goods and services (though he might smoke 1,000 times more pot) but he clearly invests the vast majority of his wealth. And by investing this wealth, Musk mamade Tesla capable of building and improving its capital stock, for funding research and development/producing the Model 3, etc and for supplying seed money for his other entrepreneurial start-ups. But I must say you socialists never give up and between Liz Warren's wealth tax and AOC's 70% tax on high incomes, they'll make sure the likes of Elon Musk will never be able to start Tesla at all. Because after all, the government surely has better plans on how to invest, right? To the extent that the economy is planned by government, the plans of private people – not just Elon Musk -- consumers, other firms, etc spending their own money – are overridden by politicians and bureaucrats spending other peoples' money. By stomping out plans at the individual level – plans brought into coordination with each other through the competitive market and price system – economic planning by the state substitutes the force and stupidity of the giant, who is ignorant of important details, for the voluntary decision-making and intelligence of legions of ordinary people.

At the end of the day Elon Musk knows what to do with money and the government fucking doesn't.
Tesla would have gone tits up years ago if it had not been for the old green government deal. Without the billions of taxpayer cash Tesla has received it would have faded away as it should have.
 
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