Did wallstreet finally get an epithany?

[debian0001]

http://www.rawstory.com/rs/2014/08/...hat-income-inequality-is-bad-for-wall-street/

Maybe it will trickle to the top....

 

[dank69]

Conservatives can only deny reality for so long. Hopefully it isn't too little, too late. Good luck convincing the Wall Street types to extract less and stop lobbying for more tax relief even after this epiphany. An epiphany that idiot liberals have been screaming about for decades.

 

[soulcougher73]

This is nothing new. But i do agree with it. Trickle down LOL

 

[JTsyo]

Conservatives can only deny reality for so long. Hopefully it isn't too little, too late. Good luck convincing the Wall Street types to extract less and stop lobbying for more tax relief even after this epiphany. An epiphany that idiot liberals have been screaming about for decades.

This goes against the capitalist philosophy though. Everyone needs to be greedy and look after their self-interest and everything will work out in the end.

 

[Newell Steamer]

Yeah, but, they won't change anything; the goals of Wall Street have always been short term - get lots of money, really quick and get the fuck out before whatever you did is discovered or it goes sour.

The mentality of Wall Street has always been high rewards for high risk - but, the latter is always mitigated (prime example is the bail out of 2008) by those who actually orchestrated the money grab. So, no one in Wall Street really suffers from their own actions. Every trade/investment/scheme is full disclosed as possibly failing - and, we still dump out money into the market. Our retirement has even gone to the commercial markets!

The very flaws of human nature need an overhaul - no law, plea or protest will ever change that. So, this epiphany is fake.

 

[sm625]

They post no evidence to back up the assertion that income inequality is bad for wall street. It's only bad if the peasants revolt and burn down wall street. Up to that point, income inequality is a boon for wall street.

 

[thraashman]

So Wallstreet is finally figuring out what those of us with even the most basic understanding of economics has known for years.


...Also the word is epiphany.

 

[Sonikku]

This marks a new beginning. A beginning of wallstreet making sound investments for the sake of long term gain and prosperity. Republicans and Democrats will join together to pass regulations on the worse kinds of abuse that address the problem, not the symptom. They will hold the worst responsible for their actions, sending them to prison. What will emerge will be a new America. A better America. With healthcare for all, balanced budgets and American Eagles flying overhead. Truly, it will be wondrous.

 

[BUnit1701]

*Sigh* yes, because once these guys have bought their mansions, yachts, and fancy cars, they take the rest of the money and bury it in the back yard where it rots...

 

[mirageracerx]

not all conservatives believe in trickle down economics. just like not all liberals are vegan feminazis.

 

[HomerJS]

Kind of self serving by Wall Street. They don't think income should shrink for all of us at the bottom. Their empathy is for the overall economy.

"I can't buy a second yacht because the economy isn't strong enough"

They never had this kind of concern...
"Wow the only people who have had substantial gains in the last 20-30 years are the top 1%. We need to address the others"

 

[dank69]

Kind of self serving by Wall Street. They don't think income should shrink for all of us at the bottom. Their empathy is for the overall economy.

"I can't buy a second yacht because the economy isn't strong enough"

They never had this kind of concern...
"Wow the only people who have had substantial gains in the last 20-30 years are the top 1%. We need to address the others"

I think the bolded isn't the correct interpretation. The article makes it more like "I don't need any more yachts, I can't even use all the ones I have already."

 

[trenchfoot]

Well, from what I've come to know of Wall Street's culture and behavior from the outside looking in, even a revolt will not change the core mindset of Wall Street, as that mindset is hardwired to escape, evade, overcome or alter any threat to its survival as an extraction and alchemy device far more efficient than any goose that could lay a golden egg.

The mechanism that perpetuates the grand old scheme where "wealth begets even more wealth" is time honored and as old as selling sex for fun and profit. There's nothing that will ever alter that avenue to prosperity.

This idea that wealth is only meant to be used to get more of it has, IMO, only weaponized the process and inescapably leads to the forming of an oligrachic or plutocratic form of government.

This peculiar form of warfare where the most motivated and ruthless who are driven by insatiable greed gets to own and alter his/her society in his/her own image is anathema to the very framework that our nation was ideologically based on.

One could say that our guiding principles that allow for "all men to be equal" and "life, liberty and the pursuit of happiness" has turned on itself and is creating the opposite effect.

Weird.

 

[glenn1]

They post no evidence to back up the assertion that income inequality is bad for wall street. It's only bad if the peasants revolt and burn down wall street. Up to that point, income inequality is a boon for wall street.

It is bad, but not because of the reasons that the left thinks. The left thinks if you just take money away from the rich and give to the poor that will improve things when actually it would only make it worse. The true reason inequality is bad because the poor aren't living up to their economic potential and contribute little of value to the economy. Improving their motivation, skill sets, and ability to physically move to where the opportunities are would be great for everyone involved as well as reducing minimum wage requirements at job entry to allow more lower-skilled people to get employed even if it is for a lower wage. Instead of "trickle down" it should be "push up from the bottom." Things like work requirements for welfare are good examples, and future unemployment extensions should be more about moving people to where jobs are rather than letting them linger in place for 99 weeks or more.

 

[piasabird]

I would not call people on wall street conservatives. Plenty of rich liberals too. Don't be so simple minded. This all rich people are conservatives is a bit on the hate monger side.

 

[ivwshane]

It is bad, but not because of the reasons that the left thinks. The left thinks if you just take money away from the rich and give to the poor that will improve things when actually it would only make it worse. The true reason inequality is bad because the poor aren't living up to their economic potential and contribute little of value to the economy. Improving their motivation, skill sets, and ability to physically move to where the opportunities are would be great for everyone involved as well as reducing minimum wage requirements at job entry to allow more lower-skilled people to get employed even if it is for a lower wage. Instead of "trickle down" it should be "push up from the bottom." Things like work requirements for welfare are good examples, and future unemployment extensions should be more about moving people to where jobs are rather than letting them linger in place for 99 weeks or more.

That should be easy to prove. As income inequality has grown we should see the poor becoming less educated and less and less entry level jobs, productivity should also show a steady decline.

Feel free to back up your bullshit post with any facts or studies.

 

[ivwshane]

I would not call people on wall street conservatives. Plenty of rich liberals too. Don't be so simple minded. This all rich people are conservatives is a bit on the hate monger side.

No ones saying people on Wall Street are conservatives, they are saying people who make policy and who have ignored the "a rising tide lifts all boats" mantra and those that support "trickle down" policies are conservative.

 

[glenn1]

That should be easy to prove. As income inequality has grown we should see the poor becoming less educated and less and less entry level jobs, productivity should also show a steady decline.

Feel free to back up your bullshit post with any facts or studies.

Don't need studies since you have the causal relationship exactly backwards. Productivity is a factor of output divided by labor hours, so by definition productivity will go up as there are less entry level jobs and less low-education and low skills people filling them. The entire point is that we need to purposely fit unproductive labor into to the system so they can contribute whatever small amount of economic value they can, rather than minimum wage pricing them out of the market and having them create no value at all.

 

[bshole]

Don't need studies since you have the causal relationship exactly backwards. Productivity is a factor of output divided by labor hours, so by definition productivity will go up as there are less entry level jobs and less low-education and low skills people filling them. The entire point is that we need to purposely fit unproductive labor into to the system so they can contribute whatever small amount of economic value they can, rather than minimum wage pricing them out of the market and having them create no value at all.

How about paying them to beat the shit out of the uber-wealthy? Bahahahahaha!!!! Lol.

 

[glenn1]

How about paying them to beat the shit out of the uber-wealthy? Bahahahahaha!!!! Lol.

So create a pro league for what they already do as amateurs? Besides, who would hire them? The people who hate the rich are either relatively well-off themselves or can't even support themselves much less pay an employee.