Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Is America at the Point of No Return?
Old 04-20-2011, 09:41 AM   #1
Full time employment: Posting here.
Retire Soon's Avatar
 
Join Date: Nov 2005
Posts: 655
Is America at the Point of No Return?

The gap between the "Super Rich 1%" of the U.S. population and the other 99% is now greater than it was before the stock market crash of 1929. Jack Bogle has warned that the "Invisible Hand" no longer serves the people. Instead, Wall Street is obsessed with restoring the unregulated market that brought the world to its knees in 2008. With many of the 261,0000 lobbyists in Washington D.C. serving the super rich, they can get what they want in terms of regulations, tax loopholes, and earmarks at the expense of the general public.

Average investors are simply no match for the gambling that goes on in the derivative casinos by Wall Street Insiders. The rich have an insatiable appetite for wealth that can never be satisfied.

Paul Farrell offers some compelling arguments supporting his theory that America is being destroyed by the misuse of capitalism by the Super Rich in his article, "10 Doomsday Trends America can't Survive."

10 Doomsday trends America can
__________________

__________________
"I went to the woods because I wished to live deliberately... and not, when I came to die, discover that I had not lived."

--Henry David Thoreau
Retire Soon is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-20-2011, 10:19 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,385
Quote:
Originally Posted by Retire Soon View Post
The rich have an insatiable appetite for wealth that can never be satisfied.
This ought to lead to a nice, fact filled, highly informative ER.org discussion.

Ha
__________________

__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 04-20-2011, 10:26 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Round up the usual suspects...
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 04-20-2011, 10:42 AM   #4
Thinks s/he gets paid by the post
Bimmerbill's Avatar
 
Join Date: Jan 2006
Posts: 1,631
Is the American Dream dead? I don't think so. I still believe if you work hard you can have a great life.
__________________
Bimmerbill is offline   Reply With Quote
Old 04-20-2011, 10:54 AM   #5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,107
Good grief, another doomsday article by Paul B Farrell, the world leader in Chicken Little journalism. Don't you know he's a lot of fun to hang around with...
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 04-20-2011, 11:27 AM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,408
Hmmm - how about everyone go to the library and reread Mark Twain's The Gilded Age. We all read it once as kids - Right?

And then make up your own mind whether we have been down the tubes for a long time and just didn't know it.

heh heh heh - been a while but 'God Looks After Drunkards, Fools, and The United States of America.'
__________________
unclemick is offline   Reply With Quote
Old 04-20-2011, 11:28 AM   #7
Recycles dryer sheets
 
Join Date: Mar 2006
Posts: 81
I am increasingly becoming a skepticNotes from an undergrad on the vanishing American Dream | The Daily Mississippian. My sister forwarded this article from a local college town newspaper.

Though it doesn't reflect the behavior of most of the people on this forum (or they wouldn't be here), I continue to observe "bad financial behavior" among older boomers who think that they are "entitled".
__________________
molly is offline   Reply With Quote
Old 04-20-2011, 11:34 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,615
Yep, Farrell strikes again. I wonder if he'll soon concatenate, CamelCase, and copyright the word "SuperRich©?" Conveniently for his future poetic career, it already rhymes with "sonofabitch."
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is online now   Reply With Quote
Old 04-20-2011, 11:34 AM   #9
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,456
This is at least the 3rd time the American dream has died since I graduated from college. It just won't stay dead!

The American dream dies if nothing changes. If we look back, recently or long ago, it becomes clear that things will change, and the dream will be there again, for those that adapt or evolve.
__________________
MichaelB is online now   Reply With Quote
Old 04-20-2011, 11:37 AM   #10
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,456
Quote:
Originally Posted by unclemick View Post
heh heh heh - been a while but 'God Looks After Drunkards, Fools, and The United States of America.'
Hey, UM, how'ya been?

Thanks for posting that. It reminds me that I have God looking after me from multiple perspectives...
__________________
MichaelB is online now   Reply With Quote
Old 04-20-2011, 11:38 AM   #11
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by MichaelB View Post
The American dream dies if nothing changes. If we look back, recently or long ago, it becomes clear that things will change, and the dream will be there again, for those that adapt or evolve.
I agree.

The only problem is if we lose the "American Spirit" for innovation, change, and willingness to accept the premise that nothing remains the same...
__________________
rescueme is offline   Reply With Quote
Old 04-20-2011, 11:40 AM   #12
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
Quote:
Originally Posted by molly View Post
I am increasingly becoming a skepticNotes from an undergrad on the vanishing American Dream | The Daily Mississippian. My sister forwarded this article from a local college town newspaper.

Though it doesn't reflect the behavior of most of the people on this forum (or they wouldn't be here), I continue to observe "bad financial behavior" among older boomers who think that they are "entitled".
The article states the obvious about the vast unfairness of taking on that kind of debt to fund boomers retirement and leaving it for the younguns to deal with.

generational accounting is the technical term the author should reference.
__________________
MasterBlaster is offline   Reply With Quote
Old 04-20-2011, 11:51 AM   #13
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Quote:
Originally Posted by Retire Soon View Post
...With many of the 261,0000 lobbyists in Washington D.C. serving the super rich, they can get what they want in terms of regulations, tax loopholes, and earmarks at the expense of the general public. ....
Shoot, obviously the solution is to go become one of those 2 million lobbyists in DC! Jobs for everyone!
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 04-20-2011, 12:16 PM   #14
Thinks s/he gets paid by the post
MasterBlaster's Avatar
 
Join Date: Jun 2005
Posts: 4,359
rescueMe:

You missed the point. Fair or not, the US can't afford what has been promised.

The true un-fairness would be to keep going as we have been, ignoring the burden we place on others.
__________________
MasterBlaster is offline   Reply With Quote
Old 04-20-2011, 12:41 PM   #15
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,044
I don't know about America, but Paul Farrell seems to be at the point of no return.
__________________
FIREd is offline   Reply With Quote
Old 04-20-2011, 12:43 PM   #16
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by FD View Post
I don't know about America, but Paul Farrell seems to be at the point of no return.
+1

I most certainly agree. He's one person I consider "off the wall"...
__________________
rescueme is offline   Reply With Quote
Old 04-20-2011, 12:43 PM   #17
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
Quote:
Originally Posted by MasterBlaster View Post
rescueMe:

You missed the point. Fair or not, the US can't afford what has been promised.
OK, I deleted my rant (I don't want to get in trouble two days in a row )...
__________________
rescueme is offline   Reply With Quote
Old 04-20-2011, 12:47 PM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
...how about the point of know return...

__________________
There's no need to complicate, our time is short..
bbbamI is offline   Reply With Quote
Old 04-20-2011, 12:53 PM   #19
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by Retire Soon View Post
The gap between the "Super Rich 1%" of the U.S. population and the other 99% is now greater than it was before the stock market crash of 1929.
Paul Farrell offers some compelling arguments supporting his theory that America is being destroyed by the misuse of capitalism by the Super Rich in his article, "10 Doomsday Trends America can't Survive."
I'm a little confused on the concept of "misuse of capitalism". Seems to me that the Super Rich are using the heck out of it. Imagine how they'd do if they turned out to be just misusing it now! Why, with a little motivation and some hard work...

I think having to give back the money is the real misuse of capitalism. I still haven't made up my mind whether it's better to be a sterling philanthropist giving people a hand up, or a filthy money-grubbing capitalist giving people a job.

I'm also surprised this thread is still open.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 04-20-2011, 01:13 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,643
Quote:
Originally Posted by Retire Soon View Post
Jack Bogle has warned that the "Invisible Hand" no longer serves the people. Instead, Wall Street is obsessed with restoring the unregulated market that brought the world to its knees in 2008. With many of the 261,0000 lobbyists in Washington D.C. serving the super rich,
I agree with Bogle but you are off by an order of magnitude on the number of lobbyists. Two orders of magnitude if your last zero isn't a typo I have lobbyists in the familiy so I gotta defend them
__________________

__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Point Me in the Right Direction SDCAKMenig FIRE and Money 2 03-23-2011 02:53 AM
cut off point Khan FIRE and Money 43 10-18-2010 03:47 PM
Nothing Wrong With America That Can't Be Fixed By What's Right With America Danny Other topics 12 02-18-2007 12:06 AM
Half a point? cute fuzzy bunny FIRE and Money 27 03-08-2006 07:40 PM
The tipping point: When to get out Traveler Other topics 29 05-05-2004 06:22 PM

 

 
All times are GMT -6. The time now is 06:25 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.