[FoRK] 2009 Distribution of Wealth in the US

Bill Stoddard 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.
>
> http://krugman.blogs.nytimes.com/2010/11/08/more-fredding/
>
> Krugman has over and over again diproved the arguments of the inflation
> hawks with hard data...
>
> http://krugman.blogs.nytimes.com/2009/11/16/the-madness-of-the-inflation-hawks/
>
>   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
> hardball...
>
> 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.

An aside...
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...
> cheers!
> --Wulf
>
>
>> --- 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:
>>>
>> http://www.zerohedge.com/sites/default/files/images/user5/imageroot/gono/After%20Tax%20Income%20On%20Food.jpg
>>> Only about 50% inflation to go and it's not a problem
>>> anymore, not that we haven't already had lots of inflation:
>>>
>>> http://money.cnn.com/data/commodities/
>>>
>>> It's great that throughout history the poor have been so
>>> happy to accept inflation and starve quietly and calmly.
>>>
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