The 9.9% - The New American Aristocracy - Atlantic Article

[HI Bill]

I'm not sure how far off-topic I'm getting, but to me Jeff Bezos, and Elon Musk are modern day American heroes. They've created things and opportunities and visions that no one else had, and no one else dared to do (Space X landing used rocket boosters on floating platforms in the ocean for reuse...even NASA never tried that!). I for one am grateful to Amazon for allowing more price-competition, and the availability of almost everything I need or want, in Hawaii, and now with Amazon flights here daily. Amazon has made it possible for hundreds of thousands of folks to have virtual "Amazon Marketplaces", to sell their own products. I don't begrudge Bezos any of the profits he's made from me, or anyone else. The risks he's taken, and the things he's accomplished, and the jobs he's created...made life better for most in the US, Japan, and elsewhere.

 

[RAE]

To me, the point in discussing the growing disparity in incomes and wealth in our nation is that the less-advantaged the lower 90% is, means the less economically advantaged our nation is as a whole.

MY LIFE is improved by having a well-educated, informed, productive population. The better that the 90% can do, means the better our economies do. People can buy the products of our industry, can eat out more, vacation more, contribute more in payroll taxes, FICA.

I say a good income for everyone else makes me happier and more secure.

+1, I feel the same way.

 

[NW-Bound]

To me, the point in discussing the growing disparity in incomes and wealth in our nation is that the less-advantaged the lower 90% is, means the less economically advantaged our nation is as a whole.

MY LIFE is improved by having a well-educated, informed, productive population. The better that the 90% can do, means the better our economies do. People can buy the products of our industry, can eat out more, vacation more, contribute more in payroll taxes, FICA.

I say a good income for everyone else makes me happier and more secure.

Nobody disputes that.

The question is on the method to get us there.

 

[Clone]

The question is on the method to get us there.

And that is the $64 question. In the meantime, the author implores us that we should all feel guilt about how unfair it is that we have done well...

When you have lived as long as I have, you will have seen some people do shitty things.

A quote from my 35 year old niece. We should watch our backs!

 

[NW-Bound]

And that is the $64 question. In the meantime, the author implores us that we should all feel guilt about how unfair it is that we have done well...

His motive is a political one. In order to push the agenda, they need more votes, and pushing the guilt button is one way to get votes from the 9.9%.

About the lack of upward mobility, if you ask the recent immigrants I talked about earlier, who did well with their kids becoming medical professionals within a few years of landing in the US, they would ask back in confusion: "What roadblocks?". They are ebullient about the opportunity they had.

What is the truth?

 

[Cut-Throat]

His motive is a political one. In order to push the agenda, they need more votes, and pushing the guilt button is one way to get votes from the 9.9%.

About the lack of upward mobility, if you ask the recent immigrants I talked about earlier, who did well with their kids becoming medical professionals within a few years of landing in the US, they would ask back in confusion: "What roadblocks?". They are ebullient about the opportunity they had.

What is the truth?

The truth is: That like the immigrants that become medical professionals within a few years, they are the brilliant exceptions and are not in the 90% of have nots. They don't see the roadblocks, just as most of the people in the top 9.9% don't see them.



During the 2008 financial collapse, the top 9.9% got a mortgage that was not rigged to fail, and were responsible in making their payments and LBTM... However that alone did not prevent the Mortgage Collapse of the U.S. -- The folks in the 90% that got these 'Rigged to fail' mortgages managed to drive the Stock Market to a 50% drop (It was unprecedented and breathtaking) and just about collapsed the entire World economy in 10 days. No one saw this 'Roadblock' coming in 2007.


So, I don't think the author is 'Looking for Votes', as he is not running for office. (And again, you need to read the entire article). He is mostly trying to educate the reader. He is pointing out the perils of having such a large (90%) of 'Have-Nots' in the country. The author also points out that the 'Solution' will eventually come and will be driven by the 9.9% (Us) -- And this solution will come when WE are uncomfortable. Just like the solution to the 2008 Financial Collapse came from the 9.9% (Us) also. We gave Tax Money to the .1% (The very people that organized the Collapse) because these Banks were 'Too big to Fail'. And this solution came 'Lightning Fast' with almost complete Bi-Partisan Support in less than a week.


The dots are just not that hard to connect. You and most others here keep pointing the exceptions of excellence, like all of us here, and the immigrants . Patting yourselves on the back for your Intelligence, Hard Work, responsible Lives and financial savvy. But that won't stop the 90% of being able to drag you down. And then there will come another 'Lightning fast solution'.



The author is telling you to pay attention, rather than 'pushing the guilt button'. Did we really need to give the top One Percent 83% of a Trillion Dollar Tax Cut (that the treasury did not have) when the economy was doing just fine this year?

 

[I was misinformed]

Thanks for the heads up.

But Guillotines on the Capital steps are [-]pretty[/-] really, really low on my worry list.

Of course social moods can shift dramatically, particularly among the younger folks. I expect that most of us here are too young to have really experienced the 1960's, but here is a small anecdote to show how much things have changed. There was a prominent N.J. moderate *Republican* politician named William T. Cahill (ended as governor from 1970-74). When he died in 1996 I remember the obituaries basically recalled him as a very standard moderate politician of his time, while lamenting the subsequent decline of "moderate Republicans" like him etc. But one article was a little more personal and recalled Cahill attending barbecues in wealthy north Jersey towns in the wake of the Newark riots and telling folks that they better get behind President Johnson's social programs or the next riots wouldn't stop at the Newark city borders!

Anyways I don't expect a revolution in the US anytime soon, but perhaps it may not be unreasonable to see Occupy Wall Street, Bernie Sanders, Elizabeth Warren (all much more popular with young people than older folks) as harbingers of a major shift in national mood that will drive significant changes in politics and economics going forward.

 

[marko]

I expect that most of us here are too young to have really experienced the 1960's,

I did experience the 60's. As I mentioned several posts ago, I was told back in 1968 that 'Come the revolution, you'll be sorry'. That was a half century ago and I'm still waiting. In a weird way, I've seen this all before. Anyone remember the Paris riots where they tore up the streets in '68?

A few of the folks I knew back then touting revolution at the time are now stockbrokers living in the Hamptons.

 

[pjigar]

His motive is a political one. In order to push the agenda, they need more votes, and pushing the guilt button is one way to get votes from the 9.9%.

About the lack of upward mobility, if you ask the recent immigrants I talked about earlier, who did well with their kids becoming medical professionals within a few years of landing in the US, they would ask back in confusion: "What roadblocks?". They are ebullient about the opportunity they had.

What is the truth?

I am one of those immigrants! I have not seen any roadblocks but loads of opportunities all around. I started with debt when I landed 20 years ago and made it into top quintile. Our kids are set for hitting even higher trajectories. I think education, hardwork and motivation are key ingredients for success in this country. In fact, I have even seen lots of uneducated hardworking immigrants make into top quintile. I think the biggest ingredient is motivation.

 

[Amethyst]

KiAt work I had a WSJ subscription... articles only, no stock pages. Anyway, back in 2003 they ran an editorial saying the government needed to stop hounding banks to give easy loans to people who couldn't afford them. Supposedly the banks were keeping people from their rightful place as homeowners, and the government wanted that corrected. We know what happened a few short years later. There are many points of view.

 

[FIREd]

Thanks for everyone's participation.