Capitalism, The Fed and Economic Policy

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  • mickeyrat said:
    It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
    Aaaaand it's guys like him that make the market move and controls pricing.  He's there to make money so people suffering is the best way for him.

    No amount of money is enough.  Insatiable.

    He also has a point.  The marginal workers that don't do too much are expecting the world whereas the doers should be getting those accolades.  

    Big business will keep raising prices if they still have to pay people
    Who do you include as a “marginal worker?”
    Anyone that doesn't pull their weight.

    That's all you got out of that?
  • mickeyrat said:
    It's insane how many plebes I know (I am also a plebe btw) think like this - or at least have like a 1000x more sympathy for Capitalism and the owner/employer position and not the labor force in which they reside. It's crazy town.
    Aaaaand it's guys like him that make the market move and controls pricing.  He's there to make money so people suffering is the best way for him.

    No amount of money is enough.  Insatiable.

    He also has a point.  The marginal workers that don't do too much are expecting the world whereas the doers should be getting those accolades.  

    Big business will keep raising prices if they still have to pay people
    Sorry this is so incredibly inaccurate on many fronts. But the most important one I'll stick to is: wage growth will always be worth the price increases. Full stop. And I wholeheartedly believe the pro-labor market is not done, based on demographics alone.

    And the bolded above is exactly what I'm talking about in my previous comment - like this idea that the majority of workers are loafers, welfare queens, etc. looking to milk the tit. Which is on its own absolutely ridiculous and no where near the truth, but yet there are people out there (like the above) that perpetuate this in the broader consciousness. It's amazing how many people do not grasp the idea of solidarity just to not lose this irrational grip on individualism.

    Can't promote enough the Naomi Klein interview on WTF:
    https://community.pearljam.com/discussion/248470/wtf-podcast-with-marc-maron/p16

    So I'll explain.  I work for a company that has people in the industry that want to make huge money right out of the gate.  No experience or work history but want to make 6 figures.

    We also have the people that do just enough to keep their jobs and don't want to make strides in their profession but still want to get paid a ton.

    I'm in construction management and not sure what industry you're in but this is what I see and I should have made that clear as it might not happen where you are at.

    I agree on wage increases but it is always lagging behind the prices it seems.
  • mickeyratmickeyrat up my ass, like Chadwick was up his Posts: 32,215
    gift article....


    By David Yaffe-Bellany

    David Yaffe-Bellany covers the crypto industry and has written extensively about the collapse of FTX.

    Sept. 14, 2023

    Sign up for The Ethicist newsletter, for Times subscribers only.  Advice on life’s trickiest situations and moral dilemmas from the philosopher Kwame Anthony Appiah. Get it in your inbox.

    At the end of a 15,000-word Twitter thread he never posted, Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, offered a blunt assessment of his predicament.

    “I’m broke and wearing an ankle monitor and one of the most hated people in the world,” he wrote. “There will probably never be anything I can do to make my lifetime impact net positive.”

    He added: “And the truth is that I did what I thought was right.”

    After Mr. Bankman-Fried was arrested, charged with fraud over FTX’s collapse and placed in home detention in December, he wrote hundreds of pages of sometimes rambling self-justifications, ranging from childhood memories to mathematical calculations.

    In a draft of his unsent posts, which he formatted as a series of tweets spanning roughly 70 typed pages, he criticized some of his closest colleagues, interspersing his arguments with photos from his high school years and stock images of popcorn and a garden maze. Every few pages, a key moment in the narrative is accompanied with a link to a music video by Alicia Keys, Katy Perry or Rihanna.


    continues.....


    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • mickeyrat said:
    gift article....


    By David Yaffe-Bellany

    David Yaffe-Bellany covers the crypto industry and has written extensively about the collapse of FTX.

    Sept. 14, 2023

    Sign up for The Ethicist newsletter, for Times subscribers only.  Advice on life’s trickiest situations and moral dilemmas from the philosopher Kwame Anthony Appiah. Get it in your inbox.

    At the end of a 15,000-word Twitter thread he never posted, Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, offered a blunt assessment of his predicament.

    “I’m broke and wearing an ankle monitor and one of the most hated people in the world,” he wrote. “There will probably never be anything I can do to make my lifetime impact net positive.”

    He added: “And the truth is that I did what I thought was right.”

    After Mr. Bankman-Fried was arrested, charged with fraud over FTX’s collapse and placed in home detention in December, he wrote hundreds of pages of sometimes rambling self-justifications, ranging from childhood memories to mathematical calculations.

    In a draft of his unsent posts, which he formatted as a series of tweets spanning roughly 70 typed pages, he criticized some of his closest colleagues, interspersing his arguments with photos from his high school years and stock images of popcorn and a garden maze. Every few pages, a key moment in the narrative is accompanied with a link to a music video by Alicia Keys, Katy Perry or Rihanna.


    continues.....


    Dude needed a better soundtrack to his life.
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  • mickeyratmickeyrat up my ass, like Chadwick was up his Posts: 32,215

     

    Census Bureau releases new poverty numbers

    September 18, 2023 4:30 am

    (Photo by Spencer Platt/Getty Images)

    On Tuesday, the U.S. Census Bureau released its annual report on the state of poverty in the United States. Every year, this is the biggest moment in poverty statistics as we get a snapshot of what poverty looked like in the previous year.

    While statewide information is forthcoming, with the national numbers we can come away with some important takeaways.


    continues.....


    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • Tax credit removed and child poverty raises.

    That must be one important tax credit.
  • mickeyratmickeyrat up my ass, like Chadwick was up his Posts: 32,215
    Tax credit removed and child poverty raises.

    That must be one important tax credit.

    absolute game changer. BUT the multi-millionaire Senator from WVa didnt want his grandkids with the multi-millionaire mother/parents paying for it.
    _____________________________________SIGNATURE________________________________________________

    Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
    you're finally here and I'm a mess................................................... nationwide arena columbus '10
    memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
    another man ..... moved by sleight of hand...................................... joe louis arena detroit '14
  • mickeyrat said:
    Tax credit removed and child poverty raises.

    That must be one important tax credit.

    absolute game changer. BUT the multi-millionaire Senator from WVa didnt want his grandkids with the multi-millionaire mother/parents paying for it.
    The ever shrinking middle class pays for it ,not his 1% ass.

  • Time to pay up. From Letter From an American:

    Workers accepted major concessions in 2007, when it appeared that auto manufacturers would go under. They agreed to accept a two-tier pay system in which workers hired after 2007 would have lower pay and worse benefits than those hired before 2007. But then the industry recovered, and automakers’ profits skyrocketed: Ford, for example, made more than $10 billion in profits in 2022.

    Automakers’ chief executive officers’ pay has soared—GM CEO Mary Barra made almost $29 million in 2022—but workers’ wages and benefits have not. Barra, for example, makes 362 times the median GM employee’s paycheck, while autoworkers’ pay has fallen behind inflation by 19%. 

    The new UAW president, Shawn Fain, ran on a promise to demand a rollback of the 2007 concessions in this summer’s contract negotiations. He wants a cap on temporary workers, pay increases of more than 40% to match the salary increases of the CEOs, a 32-hour workweek, cost of living adjustments, and an elimination of the tier system. 


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