Author Topic: Wealth Disparities in U.S. Approaching 1920's Levels  (Read 43604 times)

0 Members and 1 Guest are viewing this topic.

Offline TahoeBlue

  • Global Moderator
  • Member
  • *****
  • Posts: 20,104
Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #40 on: November 06, 2013, 05:00:14 pm »
The Stock market goes up as Americans get poorer?

http://hosted.ap.org/dynamic/stories/U/US_CENSUS_POVERTY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-11-06-13-38-44
Nov 6, 1:38 PM EST
Nation's poor at 49.7M, higher than official rate

By HOPE YEN
Associated Press

WASHINGTON (AP) -- The number of poor people in America is 3 million higher than the official count, encompassing 1 in 6 residents due to out-of-pocket medical costs and work-related expenses, according to a revised census measure released Wednesday.

The new measure is aimed at providing a fuller picture of poverty, but does not replace the official government numbers. Put in place two years ago by the Obama administration, it generally is considered more reliable by social scientists because it factors in living expenses as well as the effects of government aid, such as food stamps and tax credits.
...
The latest numbers come as more working-age adults picked up low-wage jobs in the slowly improving economy but still struggled to pay living expenses. Americans 65 and older had the largest increases in poverty under the revised formula, from 9.1 percent to 14.8 percent, because of medical expenses such as Medicare premiums, deductibles and other costs not accounted for in the official rate.
...

http://www.usatoday.com/story/money/markets/2013/11/06/stocks-wednesday/3451291/
Stocks: Dow hits new closing high, Nasdaq slips
November 6, 2013

NEW YORK -- The U.S. stock market continued its record-setting pace, with the Dow Jones industrial average setting a new high at the close.

The Dow ended up 0.8%, rising 129 points to close at 15,746.88 -- well above its Oct. 29 record close of 15,680.35. In earlier trading, the S&P 500 also topped its previous closing peak of 1771.95, gaining 0.6%, before settling back a bit. It ended up 0.4%
...
Some analysts say investors remain cautious ahead of possible market moving data and policy meetings this week.

They include the European Central Bank meeting on Thursday where it may foreshadow a further reduction to record low interest rates and the advance estimate of U.S. third quarter economic growth due the same day. U.S. October jobs figures are due on Friday.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

  • Global Moderator
  • Member
  • *****
  • Posts: 20,104
Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #41 on: November 19, 2013, 10:00:28 am »
So the Dow hit 16000 - good luck ....

http://www.businessinsider.com/carl-icahn-a-lot-of-recent-earnings-are-a-mirage-2013-11
CARL ICAHN: A Lot Of Recent Earnings 'Are A Mirage'
CARL ICAHN: A Lot Of Recent Earnings 'Are A Mirage'
Svea Herbst-Bayliss and Jennifer Ablan, Reuters Nov. 19, 2013, 6:56 AM 1,936 1
REUTERS/ Chip East

Hedge fund titan Carl Icahn

(Reuters) - Activist investor Carl Icahn on Monday said there was a chance the stock market could suffer a big decline, saying valuations are rich and earnings at many companies are fueled more by low borrowing costs than management's efforts to boost results.

Unnerved by Icahn's prognosis, investors pushed stocks lower. The S&P 500, which was trading near unchanged before Icahn spoke, closed down 0.4 percent.

"I am very cautious on equities today. This market could easily have a big drop," Icahn said.

He said share buybacks are driving results, not profitability.

"Very simplistically put, a lot of the earnings are a mirage," Icahn told the Reuters Global Investment Outlook Summit. "They are not coming because the companies are well run but because of low interest rates."

Read more: http://www.businessinsider.com/carl-icahn-a-lot-of-recent-earnings-are-a-mirage-2013-11#ixzz2l6k41Ljs


http://dealbook.nytimes.com/2013/11/18/justice-department-poised-to-announce-mortgage-deal-with-jpmorgan/?_r=0
U.S. Poised to Announce $13 Billion JPMorgan Settlement
 November 18, 2013

The Justice Department is set to announce a $13 billion settlement with JPMorgan Chase over the bank’s questionable [Fraudulent ] mortgage practices in the run-up to the financial crisis, people briefed on the deal said on Monday, as prosecutors and the bank hashed out the final details of the deal.

The announcement, expected as soon as Tuesday, will detail how the government will divide the record $13 billion payout, with $4 billion directed to struggling homeowners. Under the settlement, the people briefed on the deal said, JPMorgan will have to hire an independent monitor to oversee the distribution of the $4 billion in relief, a black mark for a bank once considered one of Wall Street’s most trusted institutions.
...

http://www.youtube.com/watch?v=yCK0tlMP3ZA
Financial Critics - Jp Morgan Out Of Control Too Big To Jail Tapeworm-Banksters  
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

  • Global Moderator
  • Member
  • *****
  • Posts: 20,104
Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #42 on: July 10, 2015, 12:31:01 pm »
Thanx Obama !!!



http://gabriel-zucman.eu/files/SaezZucman2014.pdf
http://www.nber.org/papers/w20625
Wealth Inequality in the United States since 1913: Evidence from Capitalized Income Tax Data

Wealth concentration has followed a U-shaped evolution over the last 100 years: It was high in the beginning of the twentieth century, fell from 1929 to 1978, and has continuously increased since then.

The rise of wealth inequality is almost entirely due to the rise of the top 0.1% wealth share
, from 7% in 1979 to 22% in 2012--a level almost as high as in 1929.

The bottom 90% wealth share first increased up to the mid-1980s and then steadily declined. The increase in wealth concentration is due to the surge of top incomes combined with an increase in saving rate inequality. Top wealth-holders are younger today than in the 1960s and earn a higher fraction of total labor income in the economy. We explain how our findings can be reconciled with Survey of Consumer Finances and estate tax data.


http://fortune.com/2014/10/31/inequality-wealth-income-us/
Wealth inequality in America: It's worse than you think
by  Chris Matthews 
  @crobmatthews    October 31, 2014, 11:06 AM EDT

A new study shows that the gap in the wealth that different American households have accumulated is more extreme than any at time since the Great Depression

For the true believers in laissez faire economic policy, the recent and ongoing national discussion over income and wealth inequality probably seems like it was started as a cynical ploy for those on the left to gain a political advantage. After all, if rising inequality is a problem, you would be hard pressed to find any solutions offered by the right wing.

It would be laughable to argue that left-leaning politicians aren’t using the issue for political advantage.
{ haha hahahahaha ]
...

Saez and Zucman released another working paper this week, which studies capitalized income data to get a picture of how wealth inequality in America, rather than income inequality, has evolved since 1913. (Income inequality describes the gap in how much individuals earn from the work they do and the investments they make. Wealth inequality measures the difference in how much money and other assets individuals have accumulated altogether.) In a blog post at the London School of Economics explaining the paper, Saez and Zucman write:


“There is no dispute that income inequality has been on the rise in the United States for the past four decades. The share of total income earned by the top 1 percent of families was less than 10 percent in the late 1970s but now exceeds 20 percent as of the end of 2012. A large portion of this increase is due to an upsurge in the labor incomes earned by senior company executives and successful entrepreneurs. But is the rise in U.S. economic inequality purely a matter of rising labor compensation at the top, or did wealth inequality rise as well?

The advent of the income tax has made measuring income much easier for economists, but measuring wealth is not as easy. To solve the problem of not having detailed government records of wealth, Saez and Zucman developed a method of capitalizing income records to estimate wealth distribution. They write:

“Wealth inequality, it turns out, has followed a spectacular U-shape evolution over the past 100 years. From the Great Depression in the 1930s through the late 1970s there was a substantial democratization of wealth. The trend then inverted, with the share of total household wealth owned by the top 0.1 percent increasing to 22 percent in 2012 from 7 percent in the late 1970s. The top 0.1 percent includes 160,000 families with total net assets of more than $20 million in 2012.



Saez and Zucman show that, in America, the wealthiest 160,000 families own as much wealth as the poorest 145 million families, and that wealth is about 10 times as unequal as income. They argue that the drastic rise in wealth inequality has occurred for the same reasons as income inequality; namely, the trend of making taxes less progressive since the 1970s, and a changing job market that has forced many blue collar workers to compete with cheaper labor abroad. But wealth inequality specifically is affected by a lack of saving by the middle class. Stagnant wage growth makes it difficult for middle and lower class workers to set aside money ...

...
Furthermore, there’s reason to believe that such levels of inequality can have even worse consequences. The late historian Tony Judt addressed these effects in Ill Fares the Land, a book on the consequences of the financial crisis, writing:

There has been a collapse in intergenerational mobility: in contrast to their parents and grandparents, children today in the UK as in the US have very little expectation of improving upon the condition into which they were born. The poor stay poor.

Economic disadvantage for the overwhelming majority translates into ill health, missed educational opportunity, and—increasingly—the familiar symptoms of depression: alcoholism, obesity, gambling, and minor criminality.
...

In other words, there’s evidence that rising inequality and many other intractable social problems are related. Not only is rising inequality bad for business, it’s bad for society, too.

| - - - - -

Thanx Obama!!!
http://www.nytimes.com/2014/12/18/business/economy/us-wealth-gap-widest-in-at-least-30-years-pew-study-says.html?_r=0
Fueled by Recession, U.S. Wealth Gap Is Widest in Decades, Study Finds
By PATRICIA COHEN DEC. 17, 2014



The wealthy are getting wealthier. As for everyone else, no such luck.

A report released on Wednesday by the Pew Research Center [  http://www.pewresearch.org/fact-tank/2014/12/17/wealth-gap-upper-middle-income/ ]   found that the wealth gap between the country’s top 20 percent of earners and the rest of America had stretched to its widest point in at least three decades.

Last year, the median net worth of upper-income families reached $639,400, nearly seven times as much of those in the middle, and nearly 70 times the level of those at the bottom of the income ladder.

There has been growing attention to the issue of income inequality, particularly the plight of those earning the federal minimum wage of $7.25 an hour or close to it.

But while income and wealth are related (the more you make, the more you can save and invest), the wealth gap zeros in on a different aspect of financial well-being: how much money and other assets you have accumulated over time, including the value of your home and car plus any investments in stocks, bonds and the like.
...

| - - - -

http://www.cnbc.com/2015/07/10/fed-chair-janet-yellen-interest-rate-hike-to-come-later-this-year.html
Fed Chair Janet Yellen: Interest rate hike to come 'later this year'
Jeff Cox   | @JeffCoxCNBCcom
1 Hour Ago

As Wall Street frets over when the first interest rate hike in nine years will come, Federal Reserve Chair Janet Yellen is sticking to the script.

In a speech delivered Friday to the City Club of Cleveland, the U.S. central bank chief reiterated familiar Fed talking points: The economy is improving, unemployment is dropping, inflation is getting close to healthy levels.

However, she left herself and her fellow Fed Open Market Committee members enough wiggle room on rates, which probably, but not definitely will be increasing before year's end.

"Based on my outlook, I expect that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy," Yellen said in prepared remarks. "I want to emphasize that the course of the economy and inflation remains highly uncertain, and unanticipated developments could delay or accelerate this first step."
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

  • Global Moderator
  • Member
  • *****
  • Posts: 20,104
Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #43 on: August 24, 2015, 11:05:22 am »
Home ownership rate falls to 50 year low...

http://www.weeklystandard.com/blogs/way-we-live-now_1015845.html
The Way We Live Now
12:01 AM, Aug 22, 2015 By IRWIN M. STELZER

...
Retailing is not the only sector in which the rules of engagement with consumers, who account for about 70 percent of the nation’s GDP, are changing. Americans’ choice of what sort of roof to put over their heads in very different from it once was.

 Only about a decade ago, in 2004, 69.2 percent of all homes were occupied by their owners; the home ownership rate has since fallen to 63.4 percent, the lowest in almost fifty years despite some of the most attractive mortgage interest rates on record.

In part this is due to the difficulty young couples have in qualifying for a mortgage, as once-burned, twice-fined and increasingly risk-averse banks, looking over their shoulders at their regulators, raise their lending standards.
 
But even a further loosening of credit standards that have already been relaxed for “jumbo” loans (in excess of $417,000 and $625,500, depending on the region) is unlikely to change the trend towards renting rather than owning, last month’s increase in construction of single-family homes notwithstanding. Jordan Rappaport and Daniel Molling, economists at the Federal Reserve Bank of Kansas, find that adults in their 20s and early 30s, so called millennials, are not alone in preferring to rent rather than buy. Ageing baby boomers, now in their 50s and 60s, have tired of mowing, hunting for plumbers, fixing leaky roofs and coping with the nightmares that accompany realization of the one-time American dream of home ownership. They have accounted for the bulk of new renters, and are likely to continue to “be the main drivers of multifamily [apartment] construction as they age through their senior years,” conclude the Bank’s economists.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

  • Global Moderator
  • Member
  • *****
  • Posts: 20,104
Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #44 on: August 24, 2015, 11:07:47 am »
So the Dow hit 16000 - good luck ....

drudgereport.com:

DRAMA: Dow sees 1,000-point plunge at open...
'BLACK MONDAY'...
FLASHBACK: TREASURY SEC. SAYS CHINA MARKETS AREN'T 'LINKED' TO REST OF WORLD... WORLD INDEXES...
Angry investors capture exchange chief...
OIL FRESH LOWS...
APPLE BOUNCES OFF $100...
Tech suffers huge selloff, led by NETFLIX...
BLOOMBERG: LIVE...
NYSE will suspend trading if index plunges 7%...
Investors report problems with TD AMERITRADE, SCOTTRADE amid selloff...
'Stock up on canned goods and bottled water'...

http://www.kitco.com/charts/livegold.html
DJIA 16,190.69 -269.06
[ dow low was around 15500 ... ]

http://www.wsj.com/articles/u-s-stocks-set-to-tumble-again-as-global-market-selloff-continues-1440418890
Dow Pares Losses After 1,089-Point Plunge But Still Down Sharply in Global Rout
Growth fears spook investors around the world
....

The drop in Dow marked its largest one-day point decline ever on an intraday basis, as intensifying growth fears sparked steep stock-market losses world-wide.

...
The New York Stock Exchange operator NYSE Group Inc. invoked the rarely used “Rule 48,” which relaxes some trading rules in a bid to ensure a smooth opening to trading. The rule is instituted when trading before the start of the regular session is especially volatile.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline Geniocrat

  • Member
  • *****
  • Posts: 1,874
Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #45 on: August 26, 2015, 01:14:42 pm »
Well whose fault is that ?

We had the Constitution Party option and Americans didn't vote for it  !!!!!

Just imagine how prosperous Americans are living in the CP-Timeline where Chuck Baldwin and Darrell Castle are President and Vice President, the Federal-Reserve is but a memory, and debt free money is in circulation and the middle class is making a 1950s comeback.

Now we are skewed into this Obama/Globalist timeline and Americans are bitchy.....

Katy Perry needs tpo write another song.....

I voted stupidly and I regret it.....  4 years of unemployemt....

https://www.youtube.com/watch?v=tAp9BKosZXs

...and no I am not gay I have a niece who is into Katy Perry....

Offline TahoeBlue

  • Global Moderator
  • Member
  • *****
  • Posts: 20,104
Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #46 on: September 06, 2015, 05:22:03 pm »
http://www.zerohedge.com/news/2015-09-06/we-made-it-wider-hank-paulson-bursts-out-laughing-when-asked-about-wealth-inequality
...

Speaking of Goldman Sachs and income inequality, back in April, Hank Paulson and Robert Rubin sat down with Sheryl Sandberg and Tim Geithner at an event hosted by Michael Milken (no less), to discuss a variety of topics. Around a half hour into the discussion, Sandberg asks Paulson about income inequality. Here’s what happens next:

Sandberg: “Yeah, so let’s follow up on a bunch of the things we were [talking about]. Let’s start with income inequality.”

Paulson: “Ok, well.. income inequality. I think this is something we’ve all thought about. You know I was working on that topic when I was still at Goldman Sachs..”

Rubin: “In which direction? You were working on increasing it.”

Paulson then bursts out laughing: "Yeah! We were making it wider!"


Here’s the clip:

https://youtu.be/XZfXqxdGOB4
https://youtu.be/XZfXqxdGOB4?t=2151


Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline windyacres

  • Member
  • *****
  • Posts: 3,152
  • 2+2=4
Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #47 on: September 08, 2015, 12:55:42 am »
Put all these elitists in  the hood of Los Angeles and see if
they laugh then about widening the "income inequality" gap.
None of these mamby pamby men could make it in the real
world without their buddy systems enriching their wallets.
They aren't men, they're worms with male gender status.
(Polite version)
Be Prepared

Offline TahoeBlue

  • Global Moderator
  • Member
  • *****
  • Posts: 20,104
Re: Wealth Disparities in U.S. Approaching 1920's Levels
« Reply #48 on: September 27, 2016, 01:06:22 pm »
wow globalists tell you why disparity is GOOD ...
Be a happy slave ...


http://www.cnbc.com/2015/06/15/why-wealth-inequality-isnt-a-bad-thing-commentary.html
Why wealth inequality isn't a bad thing

Jim Iuorio   | @jimiuorio
Monday, 15 Jun 2015 | 10:55 AM ET

The phrase "wealth inequality" is fast becoming the mantra of the 2016 presidential election.

...

Wealth inequality is not a bad thing.

As a matter of fact, wealth inequality is a healthy and necessary component of a growing economy. An economy that has no wealth inequality will, most certainly, stagnate and die leaving widespread poverty behind. We want and need the right amount of wealth inequality to fuel the creative ambition that leads people to seek a better financial future.

...



just keep reaching for that fake  brass ring
...

Sell out:

http://www.cnbc.com/jim-iuorio/
Jim Iuorio
   
Managing Director, TJM Institutional Services
...
Jim Iuorio is a managing director of TJM Institutional Services and a veteran futures and options trader.


The majority of Jim's career has been spent brokering futures and options trades for large institutional clients in equity indexes, interest rate products, commodities and foreign exchange.

/...
Jim is a 1987 graduate of the University of Illinois with a B.A. in economics and is a frequent guest presenter at financial conferences and events.
...
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5