I’ve been saying this for years. The only way to make money from “investments” is if you have money in the first place. Only through large investment pools do you see a comparable return on investment. Throwing $100 or even $1000 at the market does relatively speaking nothing for you.
I would argue the mental relief and satisfaction you get from spending $200 on a posh dinner out is worth more than “investing” it for the vast majority of people in this country. Only by having 6 figures to put into the market will you actually gain a worth while ROI.
Additionally top earner pay has only gone up year over year to such a disproportionate degree compared to common labor or white collar wages, that there is nearly zero possibility that it will ever balance out.
The messed up thing is there is always and always has to be rich and poor. There will always be haves and have-nots. What made this nation so strong was that the middle cut of the cut was so large. The in-between middle class was so vast and so strong that it minimized the divide between the rich and the poor. That section of society has grown so small now that we feel and see the divide immensely.
All you need do is compare average blue collar, white collar, and executive compensation from 1965 to today. All 3 have certainly grown yes; however, the first two have grown by an infinitesimal percent compared to the gaudy percentage growth of executive compensation. Its disgusting to see that an executive went from making $200k-300k to $20mil-30mil.
I’ve always been annoyed at how people confabulate wealth with money. This economic downturn seems to motivate more of us to notice the difference.
This guy’s narrative dovetails perfectly with Richard Wolff’s. His video is what I keep coming back to when someone asks how it got this way.
wow - thank you that is amazing.
Excellent explanation, and perfectly understandable to the layperson. I had my eyes rudely opened by the money scene in ‘Network’.
A creepy aspect of all of this is how the “credit rating” has become a de facto “moral standing” measurement against which a variety of general worthiness measures are extrapolated. Failed to pay back the bank, you must be a shiftless, bloodsucking loser. And how do you become/prove yourself to be a more credit-worthy (and thus more evidently moral) person? Borrow, borrow and borrow again. He without a credit card has something to hide.
I’ve always thought of it as the MBA-ification of the world. If the thing can’t be squeezed for some cash, then that thing is not worth having on the face of the planet.
In college, I lost a couple friends to Financialism…
I’m sick of them and their false idol
showing up at my door and bothering me on the street…
I’m confused – Falcor ate Richard Wolff?
Popped up (briefly) on one of the Gamergate threads yesterday:
Ah, got it, thanks. Interesting choice of names, that.
Is this the pitch for the next young adult dystopia novel you are writing?
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