The Super Rich and Us

[redwing]

After watching Struggle Street I watched a show on the ABC called "The Super Rich and Us", it's UK based and talked of the post GFC bail outs of big business, tax breaks for the wealthy in the hopes that the money would 'trickle down' and other assumptions that apparently widened the gap

Apparently the super-rich are taking over and doing it at a faster pace, 85 people now own the same wealth as half of the worlds population.

 

[Scott No Mates]

I didn't have a problem with this show either. It provided a very basic outline of the causes of the gfc (selling stinking collateralised debt instruments, global errors in corporate governance, greed etc).

When you start mixing in the right circles you can become immune to the excesses (what do you mean that you don't drink 50 year old single malt Scotch & puff on 1" thick Cuban cigars?).

 

[lizzie]

Not sure if it's the same doco - as can't stream on my very slow bush internet - but watched something recently about the "trickle down" school of thought being a fallacy.

Was really interesting to watch a few of the rich, who were prepared to talk, totally boo-booed the trickle down economics - as one pointed out - he earns over 1000% more than the average wage, but he doesn't spend 1000% more than the average person.

The true economics showed that the effect was actually a "trickle up" from the working class to the rich

 

[Rixter]

Thanks for sharing the link Redwing...was interesting viewing.

 

[zed_kid]

Not sure if it's the same doco - as can't stream on my very slow bush internet - but watched something recently about the "trickle down" school of thought being a fallacy.

Was really interesting to watch a few of the rich, who were prepared to talk, totally boo-booed the trickle down economics - as one pointed out - he earns over 1000% more than the average wage, but he doesn't spend 1000% more than the average person.

The true economics showed that the effect was actually a "trickle up" from the working class to the rich

Was it "Inequality For All" with Robert Reich?

 

[greedy2000]

its all compound interest.

once you have a billion dollars it becomes very hard to spend everything you earn and your wealth just keeps compounding at an ever increasing rate.

The gap between you and the 99.99999999% who don't have a billion dollars just keeps getting bigger and bigger.

pending some sort of global catastrophe or rebellion this will only get worse.

 

[DavidMc]

For those interested in this, I highly recommend the 'Thrive' documentary.

It was originally released on DVD and Bluray, but it now available to watch free online. Over 30 million views! (across all languages).

https://www.youtube.com/watch?v=lEV5AFFcZ-s

I'd recommend people skip to around the 43 min mark 'Follow the Money'. The first 43 mins is quite slow. Also, I'm not convinced about the 'GDA' presented at the end either, but the part in the middle is quite interesting.

It's very similar lines, it shows how wealth and influence is being concentrated into the hands of a few across all areas of our life - finance, health, food, media, etc.

In fact I'm not into many of the theories presented but I certainly see this concentration happening and the negative consequences it enables.

 

[Big Will]

Watched the Super Rich and thought it was interesting. The guy from amazon is scared as hell about the 99% (which I am in).

I wouldn't think it is the 1% vs 99% as I am not looking at rebelling and smashing in windows but I am guessing I'm in the top 50%.

It also makes a point that in medieval times there was kings, queens, dukes etc etc and peasants and society knew their place.

With the capitalist mindset people get upset when they are not at the top but forget we cannot all in the 1% (kings & queens).

 

[topcropper]

but forget we cannot all in the 1% (kings & queens).

Anyone with a house and good job in Australia would be in the top 1% wouldn't they if we are talking on a global scale?


See ya's.

 

[redwing]

Trickle Down...

 

[willair]

Apparently the super-rich are taking over and doing it at a faster pace, 85 people now own the same wealth as half of the worlds population.

If you had a quick look at where their money is linked too,there would not want to be another internet equity meltdown..thanks for the link..

 

[joe13579]

But what effect does this have on the average man? Does it matter if Joe Billionaire owns most of the world's wealth, as long as I'm still making my money and going about my business? (I'm asking this genuinely, not rhetorically!)

 

[DavidMc]

But what effect does this have on the average man? Does it matter if Joe Billionaire owns most of the world's wealth, as long as I'm still making my money and going about my business? (I'm asking this genuinely, not rhetorically!)

It's only really a problem if they have their obtained their wealth at the cost of the middle class. In the US, everyones wages grew in line with GDP up t the 70's, but from then on the middle classes has declined and the 1%'ers have gone through the roof.

It's also a problem when their power and influence is greater than our own governments and this is used for their own benefit (think lobbying).

Scientists in the 70's thought our biggest problem in 2000 would be what to do with all of our free time as we'd be so productive that everyone would only have to work 2 days per week to provide everything we needed...

This doco is on my 'to watch' list - http://inequalityforall.com/ - it has some good infographics on the situation (see 'graphics package').

 

[LibGS]

Was really interesting to watch a few of the rich, who were prepared to talk, totally boo-booed the trickle down economics - as one pointed out - he earns over 1000% more than the average wage, but he doesn't spend 1000% more than the average person.

Which is why consumption taxes such as our GST unfairly place a bigger burden on the lower and middle classes. When the rich hear the governments talk about increasing the GST or "broadening the base", they think about even more expensive cigars for the humidor.

 

[redwing]

Former Treasury head Ken Henry said

a higher GST rate is inevitable