Do you believe that the wealthy are the only ones who really understand how the economy works?

by bob Posted 2012/05/21 19:27:40

Loading Demographics... Click an icon to see demographic results Display unknown and private
	I believe that the wealthy are the only ones who really understand how the economy works	6 votes	10%
	I do not believe that the wealthy are the only ones who really understand how the economy works	14 votes	22%
	I believe that the wealthy cause bubbles in the economy that make them money and that they do not care how it affects the working class	13 votes	21%
	A soak-the-rich, high tax strategy inhibits the economy. ... And therefore...	4 votes	6%
	The wealthy buy the Government just like any other commodity	6 votes	10%
	All of the above	1 vote	2%
	None of the above	19 votes	30%

More polls by bob

Kitt1288 2012/05/23 23:11:14

I do not believe that the wealthy are the only ones who really understand how...

+1
I am not wealthy and I feel that I have a pretty good idea how the economy works. I even figured out that Facebook Stock was a bad idea.

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D.C.Verdone 2012/05/23 15:57:03

None of the above

Some of them are because they built themselves from the ground up using that knowlege. Other were just lucky as hell or were born into it.

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merlinskiss 2012/05/22 22:32:27

The wealthy buy the Government just like any other commodity

+1
But some of us make a decent living working the system ourselves. We just don't have the resources and contacts behind us the wealthy do.

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HiYa 2012/05/22 22:32:01

I believe that the wealthy cause bubbles in the economy that make them money ...

+1
It is clear that they understand that the deregulation that they've enjoyed, and are pushing for again is the reason for the recession, and they don't give a damn.

They live by Gordon Gekko's creed, "Greed is Good."

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Jack's Pearl 2012/05/22 22:27:17

I do not believe that the wealthy are the only ones who really understand how...

+1
I believe some of them aren't even really wealthy. Like so many, they owe more then what they earn. External signs of wealth are extremely deceiving.

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none 2012/05/22 18:52:28

None of the above

Most wealthy people got that way by being smart, understanding business and how to succeed in it, knowing what a budget is and sticking to it, not spending foolishly when you don't have the money, and putting people to work who are then able to pay taxes. Too bad Washington doesn't have both Houses full of business men and women that understand this instead of having it mostly made up with damn lawyers.

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frank 2012/05/22 17:37:20

None of the above

Obama is worth around 18 million and he has no clue on how the economy works. He does know how to accept money.

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All American 2012/05/22 12:40:31

I do not believe that the wealthy are the only ones who really understand how...

+1
Just because someone is wealthy doesn't mean they understand the economy, there's very little connection to that. Just look at Hollywood, for example.

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Max7 2012/05/22 04:33:06 (edited)

I believe that the wealthy cause bubbles in the economy that make them money ...

+1
When it comes to money, the Republicans have one concern, that their pockets are full! They have no concern for the poor, there is no middle class any more. You are either rich or poor! If NhyFahl think that the wealthy become wealthy by coming up with ways to make other peoples lives better, is the absolute. Well I have a bridge to sale them. Most wealthy people have come by their wealth by inheirtance. Some come by it by hard work, and then others get their's by hook or crook! Now there are a few acceptions to the rule, like Oprah, Bill Gates and Warren Buffet.

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wtw 2012/05/22 04:04:28

A soak-the-rich, high tax strategy inhibits the economy. ... And therefore...

Obamanomics isn't working and Sweden decided to do the opposite and they are doing better than us!

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my2cents 2012/05/22 04:03:42 (edited)

None of the above

+1
I believe the wealthy understand how to work the economy.

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Disko Pickle 2012/05/22 03:10:04 (edited)

None of the above

+3
Let me put it to you this way: who do you think understands more about how being run over by an SUV, the person being run over or the person who scrapes the carcass off the road and sells it to the local butcher?

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flaca BN-0 2012/05/22 02:27:58

None of the above

+2
No. I know a lot of seriously wealthy people. And no, they don't know how it works. Many of them haven't even been to college. They pay people to tell them how it works.

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goatman112003 2012/05/22 02:01:55

None of the above

The creation of wealth comes from understanding economics but fully. This is why the free enterprise system has both created massive wealth but also a higher standard of living for the society as a whole.

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flaca BN-0 to goatman... 2012/05/22 02:29:12

+2
so how do you explain the ever widening gap between the super rich and everyone else?
Is everyone else uneducated and dumb?

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goatman... to flaca BN-0 2012/05/22 19:11:17

The gap is caused by three things which most people except the educated understand. First is the use of Keynesian economics. This form of economics is for the government to get the monster share of wealth not the individual. You are old enough to go back decades in memory. Have you ever seen prices drop. Approximately 50 years ago I made $5300 in income which was the average which today is $53000 average. Percent of income taxes paid is higher today than it was 50 years ago. This is the hidden inflation which nobody pays attention to because it is out in the open. Second, how does the government get its money, there are 3 ways, they can tax it, they can borrow it or they can print it. If they overly tax, politicians don't get elected, If they overly borrow they get first digs at the funds available which drys up money available for business and consumers raising interest rates so they print it which causes inflation. Third, the government is corrupt. What are lobbyists. Every group has them and all of them say the same thing gimme, gimme. Favors, money special laws etc.. So how did the super rich get ever richer simple. They used the same tools which the government uses to increase their share of wealth. Where did they put their money in items which are limited....

The gap is caused by three things which most people except the educated understand. First is the use of Keynesian economics. This form of economics is for the government to get the monster share of wealth not the individual. You are old enough to go back decades in memory. Have you ever seen prices drop. Approximately 50 years ago I made $5300 in income which was the average which today is $53000 average. Percent of income taxes paid is higher today than it was 50 years ago. This is the hidden inflation which nobody pays attention to because it is out in the open. Second, how does the government get its money, there are 3 ways, they can tax it, they can borrow it or they can print it. If they overly tax, politicians don't get elected, If they overly borrow they get first digs at the funds available which drys up money available for business and consumers raising interest rates so they print it which causes inflation. Third, the government is corrupt. What are lobbyists. Every group has them and all of them say the same thing gimme, gimme. Favors, money special laws etc.. So how did the super rich get ever richer simple. They used the same tools which the government uses to increase their share of wealth. Where did they put their money in items which are limited. So they invested in land, gold, new technology. They use tax laws to minimize costs at all levels. They protect themselves by foreseeing what is coming and have the best information courtesy of the government. I can remember when gold was $50/oz now it's $1700. The gold is the same but the value of the fiat currency has dropped.
(more)

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flaca BN-0 to goatman... 2012/05/23 13:46:15

I though taxes had gone lower according to the charts. 50 years ago the top bracket paid far more than they do now. The reason why taxes have increased for the bulk of the population is not the rate but the decline of their earnings in real purchasing power with stagnancy in wages matching costs, especially in healthcare and gasoline.

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goatman... to flaca BN-0 2012/05/23 18:04:53

Forget the top tax rates as they are meaningless. I say this because loop holes were put in place for everyone. In the 50"s if you smoked you could take the cigarette tax off and if you drove the gasoline tax. The only thing you couldn't take off was alcohol taxes. What you look at is the median income at the time and the percent of it which the government got and extend it out and you will find the government continues to get more of it. Now you claim stagflation as the culprit but what is missed who controls the value of the money. The government. The government whether under Republican or Democratic control has inflation. Inflation has a compounding effect exactly similar to compound interest in a bank account except now in reverse. This is the intent of Keynesian economics and why the rich get richer and the poor poorer. Once you really understand monetary economics then you realize it is the government who causes the problems not any group or class.

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Christopher Kirchen 2012/05/22 01:34:24

I believe that the wealthy are the only ones who really understand how the ec...

If they didn't, they wouldn't be wealthy.

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explorer1618 2012/05/22 00:32:14

I believe that the wealthy are the only ones who really understand how the ec...

You mean " For Them " !

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sockpuppet 2012/05/21 23:59:11

A soak-the-rich, high tax strategy inhibits the economy. ... And therefore...

therefore... let's get the grownups back in office this year.

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bob h. 2012/05/21 23:08:29

The wealthy buy the Government just like any other commodity

+1
Politicians should be made to wear team Jerseys like bikers. Heavy contributors should be written across the back, medium one's on the helmet, small ones on the frame.

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JimmyIIX 2012/05/21 23:06:07 (edited)

None of the above

+1
It's called the Comprehensive Annual Financial Report. And it is EXACTLY how they are screwing us. And CTRF is our only solution. It has to do with the Budgetary Basis and how they are using it to lie and screw us. http://www.sodahead.com/unite...

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aherbert 2012/05/21 22:27:25

I believe that the wealthy cause bubbles in the economy that make them money ...

+2
The majority are born with a silver spoon in their mouth or took advatage of an opporrtunity ... you being at the right place/having the right ideal at the right time.

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Radlad 2012/05/21 22:07:34

I do not believe that the wealthy are the only ones who really understand how...

Obviously the wealthy aren't the only ones. I mean look at how many wealthy liberals there are..........

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Picasso's Cat 2012/05/21 22:02:51

I believe that the wealthy cause bubbles in the economy that make them money ...

+3
The bad thing about people who make it big is that they bend and break all the rules to get there. Then once there, they try to make it impossible for anyone eles to bend and break those same rules they did. They are economic bigots you might say!

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David Lindner 2012/05/21 21:59:41

None of the above

+1
Anyone can know any theory about the economy, but if they can apply it, then they become wealthy, with a little work.

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mind-pilot 2012/05/21 21:47:22

I do not believe that the wealthy are the only ones who really understand how...

+3
I don't believe a claim-jumper understands the gold industry only that killing the rightful owner left them with a lot of gold. I don't believe Potter (Wonderful Life) understood the banking industry he just knew stealing would monopolize his interests so he did. I don't believe Simon Legree understood the real estate market as much as stealing it would make him richer. I don't believe Romney understands the economy, he just made some bucks with the "trick" of taking down the weak. Very few of todays rich earned it the way they say. They stole it the way they brag.

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EdVenture to mind-pilot 2012/05/22 01:25:30

Its called economic piracy.

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mind-pilot to EdVenture 2012/05/24 02:43:43

+1
Thanks. I like that phrase. And piracy is against the law. And a bottle of rum for me. Go Raiders!

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EdVenture to mind-pilot 2012/05/24 03:34:04

I think part of the problem is they covered their tracks with the many loopholes and repeals that were legislated.

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mind-pilot to EdVenture 2012/05/24 14:57:30

+2
But they're not "working" the national economy. They're working their personal economy. Time to get rid of the offshore accounts (hey, they made their bucks hiding profits from corporations not paying taxes on the American free market field). Get rid of the fillibuster also. These creeps are just stealing. The piracy continues with Citizens United. Dump the Super Pac's from buying choices and giving those bad choices to me( did you see what presidential candidate choices I have?). This is monopoly and our constitution protects Americans from monopolies. Go constituitional. Glass-Stiegal needs to be reinstated and repeal the Reagan tax cuts. Repeal the oil companies(since they are a dying, 110 year old industry) $144 billion in tax incentives and give it to solar and wind and other alternative fields of energy. Oil is old. We should be ahead of ourselves by now but we got stuck in LeBrea tar pit with this oil.

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EdVenture to mind-pilot 2012/05/24 15:11:55

Have you heard about and understand the "Territorial Tax" in RYANS BUDGET, not a topic? it adds 1000s of subsidiary companies to be treated virtually tax free off shore without reporting requirements. Another theft that explode the deficit.

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mind-pilot to EdVenture 2012/05/24 15:23:07

+1
That bill is so loaded with corporate theft Ryan should be arrested/executed for treason. And what he wants to do to the old people who paid for their insurances. And their medicare. Their social security and give it to the rich.....EAT THE RICH! Repeal the offshore accounts and Reaganomics. Now! If you want to save America.This schmuck Romney( his dad fleed Amerca and called America unjust) is the Super Pac choice for me? I don't think so!

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EdVenture to mind-pilot 2012/05/24 22:43:46

They are doing everything in their power to destroy this country. Many of their embedded troops, some on this forum, refuse to reason its like talking with a paddle-ball, the moment you jump into details or track changes made to the regulations that fueled our economic woes. Regards

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mind-pilot to EdVenture 2012/05/24 23:11:46

+1
I believe it's a takeover of the republican party by foreign corporations who we sold out to earlier and they've kept the name. These "corporates" feed on the stupid to make them feel smart. From my experience these folks you talk about use "talking points" they probably don't understand but it makes them feel smart to say what the other guy said. Even when it's wrong. But, "hey" you can't fix stupid. Just hold your ground and be honest. It "jacks" them everytime. But, be aware of the foreign corporations who are infiltrating our political system and the dummy's who take the money to do their dirty deeds( that's unAmerican).
It's nice talking with you.

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EdVenture to mind-pilot 2012/05/25 02:44:12

It is a take-over only wish people understood enough to see through it. IMO its a plutocratic take-over full steam ahead. I don't know if your interested but this will give you a perspective on whats happening to our nation. You can download a PDF of this book go to chapt on plutocracy. You will probably get sucked into the book, written by a senator in 1922 before the depression. check it out. LINK

http://books.google.com/books...

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mind-pilot to EdVenture 2012/05/25 02:53:28

+1
Thanks. I'll check it out.

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EdVenture to mind-pilot 2012/05/25 03:04:41

Several presidents including adams, Jefferson, Lincoln, both Rooservelts and others have cautioned the people of this powerfull and commited force. Ther is another pub written by rooservelt which picks up from where the record ends in the one i sent you. Regards

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mind-pilot to EdVenture 2012/05/25 15:24:42

Absolutely. It comes under several, different names. Depending on the banking institutions and economic atmospheres. The Tri-Lateral/ the Illuminade and other names. Even the Mafia is mixed up in diverting American prosperity back to European ownership. With the upswing in the oil industry it incorporated Mideastern barons to purchase English owned American products and convert them into monopolies or outsource them. We should WAKE UP and quit supporting these people who are destroying the republican party! They are infiltrating.

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