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Wealth doesn't trickle down, it just floods offshore

By tovarichpeter   Follow   Sun, 22 Jul 2012, 10:17am   10,856 views   14 comments
In South San Francisco CA 94080   Watch (1)   Share   Quote   Permalink   Like (2)   Dislike  

http://www.guardian.co.uk/business/2012/jul/21/offshore-wealth-global-economy-tax-havens

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1. HEY YOU Follow Befriend (4) 328 threads 913 comments

   1   3:59pm Sun 22 Jul 2012   Share   Quote   Permalink   Like (2)   Dislike   Now I'm Pissed! I've been waiting for my trickle down check.

2. New Renter Follow Befriend (3) 13 threads 2,189 comments San Jose, CA Premium

   2   5:18pm Sun 22 Jul 2012   Share   Quote   Permalink   Like (1)   Dislike   HEY YOU says Now I'm Pissed! I've been waiting for my trickle down check. You do realize the ONLY trickle down you will get from the rich IS their piss don't you?

3. zzyzzx Follow Befriend (9) 410 threads 4,107 comments Baltimore, MD

   3   7:05am Mon 23 Jul 2012   Share   Quote   Permalink   Like   Dislike (1)   I still don't understand how paying people to buy a car that's made in Korea or Japan helps the US economy.

4. New Renter Follow Befriend (3) 13 threads 2,189 comments San Jose, CA Premium

   4   10:42am Mon 23 Jul 2012   Share   Quote   Permalink   Like   Dislike   Ruki says zzyzzx says I still don't understand how paying people to buy a car that's made in Korea or Japan helps the US economy. If it is cheaper or better than building it here, it makes sense actually. As for Japan and Korea, they all have plants building here now. Hardly any cars are being imported anymore. China's sixty-nine cents per hour labor rates still make worthwhile to import from there, though. Soon we'll have Cherry and other models flooding in here like the Toyotas, Hondas and Hyundais of old. Give HRHMedia access to patrick.net...and he'll masturbate with it. Only if they can make cars to pass US safety standards. Even if they do that does not mean people will buy them. Remember the Yugo? That was cheap too and yes they did sell - for a while, not so much later as the reputation for poor quality spread. There has been a parade of other cheap but poorly built cars enter and exit the US market. Mexican built Fords and VWs didn't do so well either. Of course Hyundai was pretty lousy in the beginning too. Kudos for them for learning from their mistakes and making strides to improve quality.

5. New Renter Follow Befriend (3) 13 threads 2,189 comments San Jose, CA Premium

   5   1:23pm Mon 23 Jul 2012   Share   Quote   Permalink   Like   Dislike   Ruki says New renter says Only if they can make cars to pass US safety standards. Even if they do that does not mean people will buy them. Remember the Yugo? That was cheap too and yes they did sell - for a while, not so much later as the reputation for poor quality spread. There has been a parade of other cheap but poorly built cars enter and exit the US market. Mexican built Fords and VWs didn't do so well either. Of course Hyundai was pretty lousy in the beginning too. Kudos for them for learning from their mistakes and making strides to improve quality. Of course imported products have to survive competition in the market place. That doesn't change. The Yugo example is a good one about that. Give HRHMedia access to patrick.net...and he'll masturbate with it. Of course the Pinto did pretty well for its time despite its shortcomings...

6. Honest Abe Follow Befriend (41) 91 threads 1,806 comments

   6   4:42pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike (1)   Wealth doesn't trickle down, its created. One common way is to satisfy other peoples needs or wants. By providing goods or services, a profit may result. If enough profit accumulates, it could be considered wealth. Wealth is an abundance of material possessions...homes, cars and cash are obvious examples. As one motivational speaker said "You can get everything you want if you help enough people get what they want" (no libs need to pay attention to that).

7. New Renter Follow Befriend (3) 13 threads 2,189 comments San Jose, CA Premium

   7   10:49pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Ruki says New renter says Of course the Pinto did pretty well for its time despite its shortcomings... Yes, in fact it did. My grandfather had one. Give HRHMedia access to patrick.net...and he'll masturbate with it. AS did we, two in fact.

8. New Renter Follow Befriend (3) 13 threads 2,189 comments San Jose, CA Premium

   8   10:53pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Honest Abe says Wealth doesn't trickle down, its created. One common way is to satisfy other peoples needs or wants. By providing goods or services, a profit may result. If enough profit accumulates, it could be considered wealth. Wealth is an abundance of material possessions...homes, cars and cash are obvious examples. As one motivational speaker said "You can get everything you want if you help enough people get what they want" (no libs need to pay attention to that). Perhaps but what happens when enough people is far far more than you can accomplish? What happens when what they want is in direct competition with what you want (e.g. housing)?

9. thomaswong.1986 Follow Befriend 14 threads 2,815 comments

   9   11:24pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Ruki says As for Japan and Korea, they all have plants building here now. Hardly any cars are being imported anymore. As we (Ford and GM) have plants in Europe building cars for the Euro market. http://www.ford.co.uk/Cars/Mondeo http://www.ford.de/Nutzfahrzeuge/FordTransitEuroline/ImUeberblick http://www.ford.de/Pkw-Modelle/FordFiesta not bad a ford fiesta for 11K euros... woof!

10. Bellingham Bill Follow Befriend 29 threads 1,473 comments Bellingham, WA Premium

    10   11:25pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   zzyzzx says I still don't understand how paying people to buy a car that's made in Korea or Japan helps the US economy. Instead of paying $30,000 we can get the same consumer good for $20,000, saving $10,000 to spend on something else. Unfortunately, that's not the end of the story, since both Japan and Korea also enjoy trade surpluses against us. Now, Japan is just breaking even on trade overall, so their trade with us is a textbook Triffin Dilemma problem http://en.wikipedia.org/wiki/Triffin_dilemma ROK is more mercantile: http://www.daijiworld.com/news/news_disp.asp?n_id=143865 with a global trade surplus of $10B for 1H12, $8B of that is trade surplus against us. With both of these examples consumers benefit from buying cheaper foreign goods, but thanks to these persistent trade deficits the domestic economy overall does not, as $50B or so has left our paycheck economy and gone off to ROK and Japan this year thus far. (This analysis isn't looking at service sector trade, which does bring some amount of money back to our economy.) But I don't really know what I'm talking about with this, the above is just my general gut feeling on trade imbalances.

11. Bellingham Bill Follow Befriend 29 threads 1,473 comments Bellingham, WA Premium

    11   11:31pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Honest Abe says Wealth doesn't trickle down, its created. One common way is to satisfy other peoples needs or wants. By providing goods or services, a profit may result. If enough profit accumulates, it could be considered wealth. Wealth is an abundance of material possessions...homes, cars and cash are obvious examples. Actually, wealth is exactly that which satisfies needs and wants. We call that what can be used to create wealth capital wealth (capital wealth can also be intermediate goods in process towards being end goods). Cash does not satisfy needs and wants, so it is not wealth per se. As money, it is only a claim check on wealth. Profit is not wealth. Profits held as savings is not wealth, though as savings can support production, savings can be considered capital wealth too as they are used to support production. > (no libs need to pay attention to that). LOL. There's really something wrong with you, man.

12. Bellingham Bill Follow Befriend 29 threads 1,473 comments Bellingham, WA Premium

    12   11:34pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Ruki As for Japan and Korea, they all have plants building here now. Hardly any cars are being imported anymore. "Automotive is another category where the U.S. ran a trade deficit in 2011. It imported $235 billion worth of cars, trucks and auto parts, while only exporting $125 billion, running a deficit of $110 billion."

13. Bellingham Bill Follow Befriend 29 threads 1,473 comments Bellingham, WA Premium

    13   11:41pm Tue 24 Jul 2012   Share   Quote   Permalink   Like   Dislike   Honest Abe says Wealth doesn't trickle down, its created. And it is confiscated via economic rents. Over $1T per year via the real estate sector. Much of the profits here are not coming from "wealth creation" -- the housing good was built a long long time ago and the land itself predates us all. Around that in the medical sector -- we are paying $4000 per capita more than the rest of the OECD for health care. Hundreds of billions in resource rents -- the average annual gasoline bill is $4000/household. Not sure how much excess profits are in television and telecommunications -- if 100M household are paying $200/mo each, that's only $20B in total sales, so rents here can't be that big in the scheme of things.

14. Honest Abe Follow Befriend (41) 91 threads 1,806 comments

    14   2:21pm Wed 25 Jul 2012   Share   Quote   Permalink   Like   Dislike (2)   Ok, Delurking, I see that you're a Vict-ocrat (A victim who votes democRat). All those evil companies that make a profit - lets be sure to hate on them. They're all holding us down, right? The 1%'rs are greedy, "The Man" holds me down, "the Rich" don't pay their fair share...oh poor me. Why don't you stop whining. What you haven't learned, yet, is that the entity which holds people back, and keeps them down (in exchange for votes) is the democRatic party. If the dem's REALLY wanted people to prosper they would re-establish capitalism - you know, FREE ENTERPRISE. Thats the system that created the greatest amount of financial benefit the world has ever seen. Until it was systematically dismantled by RINO's and democRats. Wealth isn't confiscated via economic rents, its confiscated via TAXES.