[FoRK] 2009 Distribution of Wealth in the US
wgstoddard at gmail.com
Mon Nov 8 17:55:42 PST 2010
On 11/8/10 1:50 PM, Wulf Losee wrote:
> I suppose I should be amused by the economic pundits who regularly post on
> FORK, but this current round of delusional thinking is so obviously
> counter-factual that I can't resist commenting. I suppose it's not
> delusional, but people (like Adam Beberg) seem to have been brainwashed by
> Freshwater economic dogma. It's kind of sad to see so many otherwise
> intelligent people get it so wrong -- especially when there's all sorts of
> data out there that shows how wrong they really are.
> Here's a nice graph from Krugman today showing that both core and CPI price
> indexes have been trending downward since this recession took hold.
> Krugman has over and over again diproved the arguments of the inflation
> hawks with hard data...
> Money is cheap right now. Print more money. Let the dollar devalue. The
> Chinese, EU, and Japanese are all keeping their currencies devalued at the
> expense of the US economy. We've actually got stronger economic fundamentals
> right now than Asia or Europe. It's the perfect time to play economic
> With 10 percent unemployment (probably much higher due to the way the Feds
> measure it), we've got a long way to go before we need to worry about
> buggaboos like inflation.
fwiw, I completely agree. Deflation is the big worry now. Banks are
not lending to small businesses and I suspect not many small biz are
interested in taking a loan to expand in this environment. Credit is
being destroyed faster than money is being printed.
Inflation -will- come and if you can get the timing right, you might be
able to make money on it. The trick is (as always in investing) getting
the timing right.
I am protesting against the role the banks played in this downturn by
paying off all my debt. I will never again buy a car, or a house or
anything else on credit. I'm not giving them the opportunity to make
another $.01 on me. I wish more people would do the same. Just sayin...
>> --- On Sat, 11/6/10, Adam L Beberg<beberg at mithral.com> wrote:
>>> That will go up soon soon, because the lower 20% are about
>>> to die of starvation in the cold thanks to the money
>>> printing, so there will be a higher percentage of rich
>>> people, hurray!
>>> From BLS via JPMorgan:
>>> Only about 50% inflation to go and it's not a problem
>>> anymore, not that we haven't already had lots of inflation:
>>> It's great that throughout history the poor have been so
>>> happy to accept inflation and starve quietly and calmly.
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