Why do you hate the rich?

[StreetScooby 5]

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Because they got it by screwing the 99%.

How so?

We are all engines of karma

[StreetScooby 5]

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Examples include hedge fund managers who are paid millions of $$/year, but are taxed on that income at a rate far lower than anybody whose income is through a salary or hourly wage.

Do you know the difference between "white paper" and "green paper"? These guys are being taxed on "white paper", which haven't been realized into "green paper" via gains/losses.

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[Amazon 7]

StreetScooby

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Because they got it by screwing the 99%.

How so?

Ever heard of vulture capitalists.. how many lives do you think Rmoney and his fellow vultures destroyed in their rush to riches???

[Coreece 190]

Ok, so everybody basically hates crooks and respects hard workers. We all despise the Bernie Madoffs, but throughout history our culture seems to have a peculiar fascination with the the Bonnie and Clydes, the Mickey and Mallory Knoxes, the Gordon Gekkos, and the Frank Underwoods of the world.

It seems as though we hate the reality of ill gotten gain, but deep down are infatuated with the idea of it, that somehow stirs our emotions with excitement, as if it's an innate desire yet to be fulfilled.

Do people only hate crooks that don't have some type of sophisticated style that appeals to our intellect and/or sexuality?

Stock brokers across the country engage in a form a legal front running. They've invested hundreds of millions of dollars into sophisticated software and hi-speed fiber optic networks. It's a pretty complex system that, among other things, can track trends and predict buyer activity....but the balls of the system is an automated process that allows the broker's network to "front-run" any transactions in a fraction of a second, thus jacking the price and selling it back to the "previous" buyer for a few pennies profit....mega-skim, lol...and it's legal!

Does anybody hate these people?

Personally, I think the ability to orchestrate the process is rather impressive... and I don't mean to laugh, but there is a silver lining. In the past, the crooks were always a few moves ahead and eventually able to "beat" the system...But now, trust is a big commodity creating new companies who are hip to the vulnerabilities and willing to make an investment into preventative security.

We just made a commercial last month for a company that strictly provides people with a detailed history of their current or prospective financial advisors...It's just like CarFax, but for your money.

It now actually pays to be trustworthy...

Your secrets are the true reflection of who you really are...

[kelpdiver 2]

Coreece

Stock brokers across the country engage in a form a legal front running. They've invested hundreds of millions of dollars into sophisticated software and hi-speed fiber optic networks. It's a pretty complex system that, among other things, can track trends and predict buyer activity....but the balls of the system is an automated process that allows the broker's network to "front-run" any transactions in a fraction of a second, thus jacking the price and selling it back to the "previous" buyer for a few pennies profit....mega-skim, lol...and it's legal!

limit orders are your friend in this. Placing market orders just tells these traders you'll take their action.

And let's not forget very recent history when the buy/ask spread was no less than 1/8th of a dollar, and commissions could be hundreds of dollars. Now you're getting 'taken' for a penny or two per share.

[StreetScooby 5]

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Stock brokers across the country engage in a form a legal front running. They've invested hundreds of millions of dollars into sophisticated software and hi-speed fiber optic networks. It's a pretty complex system that, among other things, can track trends and predict buyer activity....but the balls of the system is an automated process that allows the broker's network to "front-run" any transactions in a fraction of a second, thus jacking the price and selling it back to the "previous" buyer for a few pennies profit....mega-skim, lol...and it's legal!

There are already laws against front running. What these guys are doing is getting closer to an execution price than others, and doing that faster. In itself, this it not illegal. Do you remember when the Nasdaq used to have a 25 cent spread? That's gone now. How many times have you bought stocks from your broker and checked your execution price? Do you actually think the broker went to the market and executed your order? More than likely, they dipped into their own inventory and sold to you at a marked up price. Those days are pretty much gone now, especially for folks using electronic trading systems.

We are all engines of karma

[StreetScooby 5]

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how many lives do you think Rmoney

I think Romney created far more wealth than he destroyed. Just look at the companies he was directly involved in making very successful (e.g., Staples).

What about all those liberal-funding lawyers that are the real vultures in our society?

We are all engines of karma

[kelpdiver 2]

StreetScooby

There are already laws against front running. What these guys are doing is getting closer to an execution price than others, and doing that faster.

if you submit a market order, you're vulnerable to exactly what he describes. They're moving the execution price in a manner than doesn't favor you. The impact you is quite miniscule, and as you also noted, the spreads of the past were far greater, but they are basically stealing pennies from the take a penny jar without offering anything tangible in return. (They lost their liquidity/stability argument with the various flash crashes of the past 17 years).

[StreetScooby 5]

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if you submit a market order, you're vulnerable to exactly what he describes. They're moving the execution price in a manner than doesn't favor you.

Understood. My point is - this is not front running. If you're going to properly address a problem, you need to define it properly. Your solution (using limit orders) is imminently reasonable because your using the correct vocabulary, IMO.

We are all engines of karma

[Skyrad 0]

normiss

I've always thought it was simple envy.

I don't understand it either.

I'm not sure there is anything else to understand, think you've hit the nail on the head.... Actually thinking about it, yes I think you are right but also rich and successful people (Not always the same thing) also are disliked by some people because they hold a mirror up to them, its easier to cause the rich person of being a crook than it is to say, 'If I'd made sacrifices and worked harder and smarter I could have been in their position'. Rich and successful people remove excuses from people who'd rather blame others for their circumstance.

When an author is too meticulous about his style, you may presume that his mind is frivolous and his content flimsy.
Lucius Annaeus Seneca

[Skyrad 0]

champu

It's not about the rich. It's not about gays, people who get abortions, oil companies, religious people, atheists, illegal immigrants, gun owners, muslims, or people in unions.

It's about demanding change from a group of people you're not a member of after convincing yourself said change will improve the world... you can make a difference and all you have to do is bitch and vote for a politician who will stick it to that group.

Always easier for people to demand others change than be the change themselves.

When an author is too meticulous about his style, you may presume that his mind is frivolous and his content flimsy.
Lucius Annaeus Seneca

[Skyrad 0]

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I know quite a few rich folk that do not have much money at all. IMO those who hate the rich have bought into the liberal lie that the pie is finite. If someone gets a big slice it means someone else got a smaller slice. Baloney! Well, in a free market capitalist society the pie is infinite.

Except that its not infinite Ron, its nothing to do with being a liberal, conservative or commie pinko, its simple fact. Look at the US debt, that debt has to be serviced, it has to be purchased from somewhere and it comes with interest rates. Sooner or later either the lender will stop lending because they will never get the money back or the interest rates will rise to offset the risk. Either way its not infinite. The Earth is also a closed system with a finite amount of resources so I fail to understand why you think wealth is infinite?

When an author is too meticulous about his style, you may presume that his mind is frivolous and his content flimsy.
Lucius Annaeus Seneca

[SkyDekker 1,155]

I don't hate the rich.

I do think that the growing divide between the very rich and the rest of society will result in significant problems down the road.

I do believe a plutocracy is a very dangerous thing.

Speaking in favour of policies that I believe will counter the possibility of a plutocracy doesn't mean I hate the rich, doesn't mean I am jealous, doesn't mean I resent them.

[RonD1120 58]

Skyrad

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I know quite a few rich folk that do not have much money at all. IMO those who hate the rich have bought into the liberal lie that the pie is finite. If someone gets a big slice it means someone else got a smaller slice. Baloney! Well, in a free market capitalist society the pie is infinite.

Except that its not infinite Ron, its nothing to do with being a liberal, conservative or commie pinko, its simple fact. Look at the US debt, that debt has to be serviced, it has to be purchased from somewhere and it comes with interest rates. Sooner or later either the lender will stop lending because they will never get the money back or the interest rates will rise to offset the risk. Either way its not infinite. The Earth is also a closed system with a finite amount of resources so I fail to understand why you think wealth is infinite?

I was thinking more on the microcosm level. I would classify your response as macrocosm.

I'm no economist but, to me there is a difference between debt servicing/debt management and supply and demand.

I came from an area known for strawberry farming. My neighbor was one of two mega berry farmers in the county. My neighbor increases the size of his acreage just about every year. I believe he wants to be numero uno. Guess what? None of the other farmers produce less and they do not make less income.

Look for the shiny things of God revealed by the Holy Spirit. They only last for an instant but it is a Holy Instant. Let your soul absorb them.

[Amazon 7]

SkyDekker

I don't hate the rich.

I do think that the growing divide between the very rich and the rest of society will result in significant problems down the road.

I do believe a plutocracy is a very dangerous thing.

Speaking in favour of policies that I believe will counter the possibility of a plutocracy doesn't mean I hate the rich, doesn't mean I am jealous, doesn't mean I resent them.

^^^This^^^

A functioning society in the modern world means that everyone needs to be invested in that society. It would be best for those with MOST of everything to remember the history of those with nothing and nothing to lose.

[wmw999 2,175]

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A functioning society in the modern world means that everyone needs to be invested in that society. It would be best for those with MOST of everything to remember the history of those with nothing and nothing to lose.

This. A thousand times this.

People with nothing to lose take different risks, and don't take others into account. The more people have a stake in the status quo, the more who will cooperating in keeping it that way.

Wendy P.

There is nothing more dangerous than breaking a basic safety rule and getting away with it. It removes fear of the consequences and builds false confidence. (tbrown)

[quade 3]

Coreece

Ok, so everybody basically hates crooks and respects hard workers. We all despise the Bernie Madoffs, but throughout history our culture seems to have a peculiar fascination with the the Bonnie and Clydes, the Mickey and Mallory Knoxes, the Gordon Gekkos, and the Frank Underwoods of the world.

It seems as though we hate the reality of ill gotten gain, but deep down are infatuated with the idea of it, that somehow stirs our emotions with excitement, as if it's an innate desire yet to be fulfilled.

I don't think so. If you look at 99% of crime stories you'll notice one very specific thing happens at the end; the criminal are ultimately brought to justice. That is the psychological basis of pretty much every crime story; reassurance that the "system" ultimately works.

quade -
The World's Most Boring Skydiver

[base698 1]

http://www.econtalk.org/archives/2013/09/taleb_on_skin_i.html

https://www.youtube.com/watch?v=0Uc4DI-BF28

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When decision makers have skin in the game--when they share in the costs and benefits of their decisions that might affect others--they are more likely to make prudent decisions than in cases where decision-makers can impose costs on others.

Ie. When wall street takes huge risks and win they profit and win they lose get bailed out. This is a case where they don't have skin in the game--only upside. There should be reward for risk taking, but when that risk goes south then ill effects should be transferred to the one taking the risk.

[StreetScooby 5]

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There should be reward for risk taking, but when that risk goes south then ill effects should be transferred to the one taking the risk.

+1

We are all engines of karma

[Andy9o8 0]

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Why do you hate the rich?

I'll tell you why. Unlike the Third World, in which the rich are corpulent and the poor are scrawny, here in the West, the poor tend to be the porkers, while the rich are svelte. Of course, I believe in eating the rich, preferably after they've been freshly guillotined. But being skinny, they tend to be tough and stringy, and not well-marbled. And I hate that.

[Amazon 7]

Andy9o8

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Why do you hate the rich?

I'll tell you why. Unlike the Third World, in which the rich are corpulent and the poor are scrawny, here in the West, the poor tend to be the porkers, while the rich are svelte. Of course, I believe in eating the rich, preferably after they've been freshly guillotined. But being skinny, they tend to be tough and stringy, and not well-marbled. And I hate that.

Use em for stew meat

[Tink1717 2]

I'll take a stab here.

I hate them because they have evolved from the kind of persons they were when I was a kid. Back in the day of the 60's/70's, most of the 1% were content to just hang out in their country clubs and thier yacht clubs, golf clubs and social clubs and just do things like that. Then, when Ronnie boy got elected, they en masse shifted. It was no longer enough for them to just have their fortunes and be happy, they wanted more. It was no longer enough for them to make good for themselves, they had to do that and then close the door behind them. They began an overt campaign to price the tools of upward mobility oput of reach for all but a chosen few. They began a movement to purchase the government. They sought and are seeking to dismantle and privatize the public assests, starting with schools. They are co opting the state and the states to become nothing more than an income steam for themselves. They are turning resources ito commodities, commodities into money and taking that money out of the market. They have open contempt for those not in their class and they feel they have a right to loot my money and property for their gain and my loss, all while taking delight in my downfall. They bask in the facade of patriotism, yet undermine the state in many ways, some overt, some covert. they have no loyalty to the land that gave them everything and seem to think it owes them more. They are insatiable and will think nothing of it if it will get them another short term gain.


So, yeah, I hate the rich.

Editied due to auto correct.

Skydivers don't knock on Death's door. They ring the bell and runaway... It really pisses him off.
-The World Famous Tink. (I never heard of you either!!)
AA #2069 ASA#33 POPS#8808 Swooo 1717

[grue 1]

I don't hate them, but I won't pretend that I'm not exceptionally jealous of them.

Every time I see someone younger than me driving a nice car to his nice house (or a young jumper with brand new gear buying infinite jump tickets and infinite tunnel time), I die a little inside.

I firmly believe that every single problem in my life could be fixed if my bank balance wasn't pathetic.

cavete terrae.

[quade 3]

grue

I firmly believe that every single problem in my life could be fixed if my bank balance wasn't pathetic.

Because, you know . . .

"FIRST you get the money, THEN you get the power, THEN you get the woman."

quade -
The World's Most Boring Skydiver

[kelpdiver 2]

grue

Every time I see someone younger than me driving a nice car to his nice house (or a young jumper with brand new gear buying infinite jump tickets and infinite tunnel time), I die a little inside.

I firmly believe that every single problem in my life could be fixed if my bank balance wasn't pathetic.

Are you sure their's are better?