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Wed Oct 24, 2012, 12:49 PM

They Must Really Be Afraid Of Obama Winning A Second Term.....

Trump, Adelson and all the big money donors to Rmoney's campaign. Why are these guys that are so rich - so threatened by PBO? Are they that greedy that they are worried that they will be taxed so much more? How much do they need? Or are they worried that some illegal shennanigans will be uncovered and they'll be implicated?

I just don't understand rich people and why they are so reluctant to give back and help those less fortunate - the ones that probably made them rich in the first place - by using their products, services, etc.

Their pushing back on PBO and supporting Rmoney - makes me all the more want to make sure that PBO has a second term.

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Response to global1 (Original post)

Wed Oct 24, 2012, 12:51 PM

1. They are afraid of having the facade ripped off

There is this myth that they know how to run a business from the ground up - that they are JUST like the machine shop, iron works, hair stylist salon, diner owners . . .

But they aren't. And those folks one by one are seeing that - and it will become a written in stone truth in a second Obama administration.

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Response to global1 (Original post)

Wed Oct 24, 2012, 12:53 PM

2. This isn't just a referendum on the President . . .

I think this isn't just a referendum on the President. I think it's directed at all of us that are not of the 1%. I believe they are well and truly scared that the peasants will rise up and demand that the robber barons be stopped.

I don't think it's just about taxes either. OWS really hit a nerve with the banksters!

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Response to fleur-de-lisa (Reply #2)

Wed Oct 24, 2012, 01:54 PM

12. Are we going to need a guillotine?

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Response to global1 (Original post)

Wed Oct 24, 2012, 12:59 PM

3. The billionaires are scared that they're going to lose their investment in Rmoney.

The stupid, it hurts. Now we are seeing them start to foam at the mouth.

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Response to global1 (Original post)

Wed Oct 24, 2012, 01:02 PM

4. I don't think they even care about that anymore. They simply don't want to lose.

That's why their positions and philosophies morph with each passing week.

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Response to global1 (Original post)

Wed Oct 24, 2012, 01:15 PM

5. I think this is all about who nominates the next supreme court justices.

If the Republican take over then citizens united stands. If that happens billionaires have more control of the country.

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Response to global1 (Original post)

Wed Oct 24, 2012, 01:19 PM

6. You should have heard Donald Trump on the History Channel

I was watching the new History Channel show "The men who built America" last night.

Donald Trump was interviewed and said there are "plenty of opportunities in bad times." I wish I could remember his exact quote.

He seem to relish economic slumps as a buying opportunity.

Kind of odd of him to say that since he's been dissing Obama about the economy while taking advantage of the "opportunities" at the same time.

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Response to rightsideout (Reply #6)

Wed Oct 24, 2012, 01:23 PM

7. I watched that history channel show as well

What struck me most is the mindset that they never have enough money...just a scorecard they want to endlessly run up.

PBO will get in the way of their running up the $$$ in their column.

Plain and simple, twisted morals, greed...

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Response to GitRDun (Reply #7)

Wed Oct 24, 2012, 04:39 PM

13. This is the period of history that they would like to go back to - when the Robber Barons

had free reign. They didn't just crush the working class - their individual greed made them want to compete with and destroy their economic peers. They possess a ruthless drive to act as predators against anyone or anything perceived as thwarting them from having everything they want.

I believe they are severely impaired people - having power and possessions is what gives their lives meaning. Their lives have a pattern of never being completely satisfied with what they have.

They are the characters in fairy tales and creatures in Aesop's Fables whose pathetic lack of humanity for others leads to tragedy and destruction.

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Response to global1 (Original post)

Wed Oct 24, 2012, 01:26 PM

8. Time to break monopolies and raise the minimum wage!

You know one thing that could be done today to seriously reduce our share of paid-out welfare? If places like Wal-Mart had to pay their poor employees a living wage! FORWARD TO CHANGE!

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Response to global1 (Original post)

Wed Oct 24, 2012, 01:28 PM

9. maybe some war crime prosecutions too...

hey, I can dream.

I don't think just the Tax issue would make them all go so squirrely but financial reform on top of that would.

can I have war crime prosecutions anyway?

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Response to global1 (Original post)

Wed Oct 24, 2012, 01:28 PM

10. Billionaire, it turns out, is a form of mental illness that is never treated.

Because no one wants to offend someone with so much money.

Remember poor crazy Howard Hughes.

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Response to global1 (Original post)

Wed Oct 24, 2012, 01:42 PM

11. About the rich...

 

Since I'm not, I have no qualification to talk about them. Leave that to modern anthropologists in the style of Thorsten Veblen to write the 21st century version of The Theory of the Leisure Class (1899). Perhaps there are many research papers and publications out there that I don't know.

However, I had the opportunities to brush with a few in the 1% bracket. Of the few I had chance to observe, none are so brutal and compassion-less like those RW plutocrats or scrooges we know about. Some are very decent and do give money to charities (in the style of Gates and Buffet). Some are a bit harsher, who can be generous but want to do it under their own power, their own call, not being taxed by Government. In fact, one particular wealthy man is conservative about taxation, but gave probably several 10s of millions over the years to charities and social causes, which is probably much more than any small increase in tax he complaint about. It is more about "I do it on my own, and of my choice" than "Gov takes my money and do it".

More interestingly, I once witnessed an interesting discussion. One 1%-er was a brilliant intellectual, former rocket scientist (expert of Black-Scholes stuffs) who made $ as a Wall street quant (before the Credit Default Swap collapse). He argued that there was no fundamental law or empirical rule to say how much a progressive tax should be. If a person say, 50% tax rate for income >$10 M, the question is, where does that number comes from and how to prove that is fair? why not 42% or 61.79%? at least flat rate taxation has a starting point basis: everyone pays the same percentage.

That was 5 years ago, and recently, Bloomberg said almost the same thing.

Even though I'm liberal and believe in progressive tax rate, I think it will be a very very difficult problem for economists to derive and prove a certain progressive tax schedule as optimal for the society as a whole. That's why the tax issue will always be there and never go away. Like death and tax.

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