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Jim

wrote:
On Thu, 22 Jul 2010 06:30:16 -0400, bpuharic wrote:

it's greed. there's a reason the financial sector accounted for 40% of
GDP in 2007 while the US did NOT become more competitive in world
markets. the financial sector added NOTHING to US assets

Where do you think the money for your retirement will be coming from?

The whole basis for everyone's pension, 401k and IRA is that Wall
Street sector you seem to hate. Retirees are by definition not adding
anything to the economy, they are living off of it.
The same is true of everyone on Social Security. You better hope Wall
Street stays 40% of the economy if you want your 401k to be worth
anything when you start sucking off the public tit.

All of my retirement money is from savings and SS.
Just like my grand dad.
Not a god damned thing to do with Wall Street.
Wall Street taking over the economy is recent.
And now Wall Street banks get interest free money from the Fed,
then buy gov bonds with it and the taxpayers pay them interest.
The Fed keeps interest rates low to help Wall Street, but it hurts
savers. Lucky for them there's no inflation.
Channels 401k to equities, because money markets pay squat.
Only early boomers made out in the Wall Street Ponzi scheme.
Now it's a sucker's bet. But the gov is keeping it alive because Wall
Street owns them.
Won't last too much longer.
bpuharic is right about the redistribution of wealth.
He has no idea about what "middle class" means.
Not sure myself, since that's a moving target.
I considered myself "working class" then "middle class" and by the time
I was making still less than the money bpuharic said he makes "upper
middle class."
In today's economy I consider bpuharic at least "upper middle class."
Maybe "rich." hehe.
Maybe he doesn't know how lucky he is, or maybe he's just ****ed at
what's going on, as we all should be.
The "wealth" disparity is getting crazy and the economy HAS been
manipulated by the "rich" to their benefit.
But he still doesn't get it that Clinton and Obama are in the Wall
Street pocket as much as anybody. Maybe Obama not so deep.
Real capitalism has nothing to do with Wall Street socialism.
Unfortunately, real capitalism probably flourishes best in Commie China
and Somalia. It's run it's course here unless consumer and labor
markets get protected by the gov. We're going downhill fast.

Jim - Removing my thinking cap now.