Rich people are hoarding cash, and wealth managers are getting frustrated

Discussion in 'Current Events' started by Quantum Nerd, Sep 10, 2019.

  1. FreshAir

    FreshAir Well-Known Member Past Donor

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    you mean like not buying health insurance or healthy food cause they can't afford it, that kinda thing?

    the reality is, when the rich hoard their money, Americans are poorer, used to be the rich felt they had a duty to spend, times have changed

    this could definitely hurt the Trump economy
     
    Last edited: Sep 11, 2019
  2. FreshAir

    FreshAir Well-Known Member Past Donor

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    Trump doesn't think he can stop hiring them without a wall?

    how rich does a billionaire like Trump have to become before they stop being greedy I wonder
     
    Last edited: Sep 11, 2019
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  3. Quantum Nerd

    Quantum Nerd Well-Known Member

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    Well, maybe you can inform us what your disagreement with the OP is? THEN, it may be possible to have an actual discussion?
     
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  4. Quantum Nerd

    Quantum Nerd Well-Known Member

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    I don't know, maybe taking on loans to move for another job is taking on risk? Or driving to a job everyday with a beater car that can break down any moment? And then there is health care risk that the minimum wage employers have absolved themselves off?

    In any case, the point is not whether the poor take on risk or now, the point is that the economy benefits when the maximum amount of people innovate. Right now, the majority of the people can't innovate because they don;t have the capital, and the small minority of the people who have the capital don't innovate because they don't have to and they see no benefit in a demand-limited economy. Again, this is over simplified, to make the point.
     
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  5. Quantum Nerd

    Quantum Nerd Well-Known Member

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    There is a misconception here: I wasn't pointing out the change in investment behavior since the tax cuts. I was pointing out that before AND after the tax cuts the ultra rich have most of their investments in safe havens. ONLY 25% in EQUITIES, the rest in cash or fixed income. How is that stimulating the economy? How is giving them tax cuts to do more hoarding going to stimulate the economy?
     
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  6. Russ103

    Russ103 Well-Known Member Past Donor

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    Innovators (inventors, idea creators, etc.) are very far and few in between.

    There are plenty of high earning people with 7 figure incomes who are doing the 9-5 grind just like most people, with a higher salary, and more stress and work hours typically.
     
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  7. struth

    struth Well-Known Member

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    um we have medicaid, WIC, and Food Stamps....poor people that aren't using those resources are the ones taking the risk all on their own. A total unnecessary risk given the welfare programs provided.

    The rich are spending their money. They spend a ton of it. The OP is from a foreign bank, with foreign investors, and moreover the poster doesn't understand the fin defination of cash equivalents
     
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  8. jcarlilesiu

    jcarlilesiu Well-Known Member Past Donor

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    Poor and middle class people, working jobs, are not the ones responsible for economic growth, production yes, growth no.

    The person who hires them, and 10 other people to build that new widget is. He is most likely "rich".
     
  9. struth

    struth Well-Known Member

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    Yeah, but this is at UBS, a foreign bank, with foreign investors....did all those foreign countries cut taxes? How many of these investors at UBS are United States citizens? If you can't answer that question, then your point is meaningless
     
  10. Quantum Nerd

    Quantum Nerd Well-Known Member

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    You don't read, do you? I said that the point isn't about what happened after the tax cuts, the point is that rich people hoard cash, whether in the US or abroad. Is there a problem you have with this point?
     
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  11. Quantum Nerd

    Quantum Nerd Well-Known Member

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    Ah, here comes the condescending attitude about what poor and middle class people can or can't do. Why don't you just set up a temple to pray to our great rich growth creator overlords, without who we all would be in the poor house? LOL!

    I'd say that many more people would have the ability to innovate, if we provide the opportunities. Working for a generational wealth oligarch as gardener or house maid is not providing opportunity. Yet, that's the direction where the regressives want us to go, all in the name of "keep more of your own money".
     
    Last edited: Sep 11, 2019
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  12. Mac-7

    Mac-7 Well-Known Member

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    You think rich people are actually hoarding money in the mattress?

    That so typically lib of you

    Your own chart says they are putting the money in alternative investments
     
  13. struth

    struth Well-Known Member

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    You specifically said "since the tax cuts" for one, and two....investing in cash equivalents isn't hiding cash under your bed, as you already said. It's investing in more liquid investing...ie so you can get the cash out faster to spend it!

    Moreover, the OP pie chart talks about people with already a million plus in all those investments!
     
  14. jcarlilesiu

    jcarlilesiu Well-Known Member Past Donor

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    If reality is condenscending... it is what it is.

    Your disdain for others wealth disallows you from being objective.

    People have those opportunities. The wealthy are typically the ones that did innovate, take risk, and build something. As soon as they do, they are considered evil wealthy elite.

    Anybody could have done what Jeff Bezos did. Except they didnt. Now he is Evil. Greedy. And holding the small man down.

    Calling reality reality is not regressive. And following a ideology in which those who actually grow the economy by measurable terms are somehow being unfair is ridiculous. Fact is, majority of rich people took actions that made wealth and grew the economy. Worker bees, not nearly the same. I am sorry that's an inconvenient truth for you.
     
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  15. Professor Peabody

    Professor Peabody Well-Known Member Past Donor

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    Absurd.
     
  16. Bluesguy

    Bluesguy Well-Known Member Donor

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    Dodge noted.
     
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  17. Bluesguy

    Bluesguy Well-Known Member Donor

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    Why don't "the rich" pay everyone minimum wage then instead of only about 10%.

    My "the rich" biases pay me quite well and I pay a lot of taxes.
     
    Last edited: Sep 11, 2019
  18. drluggit

    drluggit Well-Known Member

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    I love when liberals do math... The actual decrease here is ~22% decrease in unemployment in absolute terms.. But hey, you tried... Sorry no participation trophy for you today....
     
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  19. Professor Peabody

    Professor Peabody Well-Known Member Past Donor

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    I call BS!

    You must not go shopping do you?

    McDonald's Happy Meal $2.99 - $3.49 to feed 4 kids $11.96 + tax.

    Potatoes $.39 a pound, 8oz portion $.19
    Carrots $.80 a pound, 8oz portion $.40
    Frozen chicken breast 2.99 per pound. 8oz portion $1.49


    $1.49
    $0.20
    $0.19
    ------
    $1.88

    Generous portions of Chicken, Carrots and a Baked Potato $1.88, to feed 4 kids this meal......$7.52, sorry, no toy.
     
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  20. Paul7

    Paul7 Well-Known Member

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    Poor people can be just as greedy as rich people. It is a LW myth that rich people got that way by being greedy, most got that way by serving other people.
     
    Last edited: Sep 11, 2019
  21. fmw

    fmw Well-Known Member

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    Nobody rational did that. The federal government did it.
     
  22. fmw

    fmw Well-Known Member

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    Most got that way by making good financial decisions.
     
  23. Quantum Nerd

    Quantum Nerd Well-Known Member

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    Read my post again: "I'm not talking about the changes since the tax cut." Do you see the "NOT" in there?

    And yes, the pie chart talks about people with high net worth. That's the point. Those people hoard cash instead of promoting growth through investment or spending.
     
  24. Quantum Nerd

    Quantum Nerd Well-Known Member

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    Doubling down on the condescending rhetoric, while mixing in the "disdain" for the wealthy accusation. I wonder why you didn't pull out the "jealousy" card that is often used in these arguments.

    I don't disdain the wealthy (actually, maybe i DO disdain Paris Hilton). What I disdain is using the wealth to lobby for conditions that allow for multi-generational wealth generation and inheritance instead of actually becoming wealthy the old fashioned way: Working hard and innovating. The latter benefits everyone. The former benefits only the wealthy at the expense of everyone else.
     
    Last edited: Sep 11, 2019
  25. perdidochas

    perdidochas Well-Known Member

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    And that's the problem with having an expansive government. There is much money to be made by manipulating it. A smaller government wouldn't be worth manipulating. The majority of the population has health care.
     
    Last edited: Sep 11, 2019

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