US income inequality at record high

[Unrepresented]

According to all-knowing Wikipedia, Glass-Steagall was enacted in 1933. There have been some newer measures that fall under the rubric of "truth in lending," but still no regulation that I know of to force bankers to act on behalf of consumers.

Oh good. Then it must still be going strong and protecting us. [irony smiley]

 

[Ziltoid]

Changed it for ya.

Calm down, this is talkbass, not a colloquium

 

[oniman7]

Then tell some of those amazing stories! I admire Bill Gates.

For the sake of their privacy, I don't tell stories about my family. But I'll bet that almost all of us have grandparents or parents who made it through the Great Depression, or through worse things happening overseas.

My great grandfather started a book binding business and paid his way through college during the Great Depression. He also played college sports.

He was a machinist until he retired. Really great guy.

I've always thought that I can't consider myself a victim of circumstance following that example.

 

[fdeck]

Calm down, this is talkbass, not a colloquium

Good, then I'll feel free to crack open a beer.

Wait a minute, I always felt free to crack open a beer at colloquium.

 

[LiquidMidnight]

Calm down, this is talkbass, not a colloquium

Ahh, so the definitions of words are often amorphous depending upon the cultural situations in which people find themselves?

So you are a constructionist/anti-positivist after all!

 

[Ziltoid]

Ahh, so the definitions of words are often amorphous depending upon the cultural situations in which people find themselves?

So you are a constructionist/anti-positivist after all!

Never! I do science

 

[fdeck]

Never! I do science

It's not science if nothing blows up.

 

[Munjibunga]

You are of a different socioeconomic range if you're using an attorney regularly (assuming you're doing it out of choice). Our mariachi musician probably doesn't even know an attorney.

You're privileged if you're interacting with certain people. Money isn't the only thing that separates people it's also social savoir faire. Just as there is social knowledge specific to lower income levels, middle and upper levels have income and social specific knowledge of how and who to speak to.

I would probably embarrass myself eating caviar in public, or engaging in appropriate demeanor at a country club. Knowledge of financial planning is the same way.

I expect the bank to be a better financial planner than the consumer. That's their job. Literally.

First, investments are gambling. All a bank's financial planners can do is help you find places to gamble. There are no guarantees that their bets are going to be any better than a roll of the dice.

Second, harking back to a common theme of mine, banks are businesses. Their first fiduciary responsibility is to their investors.

Finally, developing the savoir faire to comfortably eat caviar at a country club is the result of personal decisions made by the individual. Speaking proper English is a good first step toward that. Getting an education is another. Being self-confident is another. Developing interpersonal skills is yet another. These things can be learned, but too many people want the benefits they bring without putting forth the effort to accomplish them. Those privileges are earned. I grew up poor and, deciding that it sucked, I took the steps necessary to remedy the situation.

You will be proud of me though, now that I am on the government dole. But fear not - there isn't enough time for me to get back everything I've paid in over my last 50 years or so of employment. So some of you will get part of mine, if there's any left from the pillaging.

While it's not particularly politically correct, being financially and socially successful often means breaking out of long-held cultural constraints (those uncomfortable with that concept may refer to it as "selling out to the man"). If you want to get outrageous piercings and wear hoodies and pants on the ground, don't bitch about not being the Executive Vice President of Standard Oil.

BTW, I don't care for caviar.

 

[Kaa]

While it's not particularly politically correct, being financially and socially successful often means breaking out of long-held cultural constraints (those uncomfortable with that concept may refer to it as "selling out to the man"). If you want to get outrageous piercings and wear hoodies and pants on the ground, don't bitch about not being the Executive Vice President of Standard Oil.

well put.

 

[knumbskull]

While it's not particularly politically correct, being financially and socially successful often means breaking out of long-held cultural constraints (those uncomfortable with that concept may refer to it as "selling out to the man"). If you want to get outrageous piercings and wear hoodies and pants on the ground, don't bitch about not being the Executive Vice President of Standard Oil.

that's why the mullet was invented. business in front, party in back.

 

[edpal]

You are of a different socioeconomic range if you're using an attorney regularly (assuming you're doing it out of choice). Our mariachi musician probably doesn't even know an attorney.

You're privileged if you're interacting with certain people. Money isn't the only thing that separates people it's also social savoir faire. Just as there is social knowledge specific to lower income levels, middle and upper levels have income and social specific knowledge of how and who to speak to.

First one is a gross assumption - many poor people call an attorney over very trivial problems, I mean heck the "first consultation is free".

THe second: many people never TRY to get out of their social-economic class. They are just too comfortable with what they know, it's too comfortable hating on people of slightly better means so they reject learning the ways of "the man". Growing up our family often went months without a car, I never had a new winter coat(Michigan no less) until I moved away from home. Neither did my older brother the attorney . I now have no problem moving between people at homeless shelters where I volunteer and people worth millions. Like twofingers I don't buy myself expensive cars or other such to impress people even though I could. My previous car until 9 months ago was a 1999 Grand Am pushing 200k, missing most of the front end.

Many are poor by choice. My brother the attorney and I were talking about this a few days ago and referenced our oldest brother who is a lowlife who has been living off the government dole since about 30. Attorney bro, "Joe has a lot less stressful life than us". Me, "not really. We set a mental bar of how low we will let ourselves go and that causes stress. But we can get in our cars, go to the store, pull out cash or a credit card and get what we need or want. He can't." I'll always opt for being as close to an autonomous individual as I can. I consider working class very classy - you earn your keep honestly.

While it's not particularly politically correct, being financially and socially successful often means breaking out of long-held cultural constraints (those uncomfortable with that concept may refer to it as "selling out to the man"). If you want to get outrageous piercings and wear hoodies and pants on the ground, don't bitch about not being the Executive Vice President of Standard Oil.

Exactly.

BTW, I don't care for caviar.

Those with jaded palates will usually offer way too much cavier to a first time(I understand some just don't like seafood like that). Extremely small amounts are the trick. I buy $8-10 worth a few time a year but indulge at maybe $0.50 worth at a time. On a cracker with cream cheese or 1/2 teaspoon in some scrambled eggs. Sorry if I made you puke in your mouth. Cavier is just sardines/anchovies(in flavor) for people willing to spend their money that direction.

 

[Ziltoid]

It's not science if nothing blows up.

Elitist.

 

[Truktek2]

If you want to get outrageous piercings and wear hoodies and pants on the ground, don't bitch about not being the Executive Vice President of Standard Oil.

While I agree with you 100%, he may not
http://www.space.com/19739-nasa-mohawk-guy-state-of-the-union.html

I consider working class very classy - you earn your keep honestly.

Thank you for that. Seriously.

 

[Unrepresented]

First, investments are gambling. All a bank's financial planners can do is help you find places to gamble. There are no guarantees that their bets are going to be any better than a roll of the dice.

Second, harking back to a common theme of mine, banks are businesses. Their first fiduciary responsibility is to their investors.

I find myself occasionally reminded of the loyalty to their investors over their customers when dealing with my bank.

Finally, developing the savoir faire to comfortably eat caviar at a country club is the result of personal decisions made by the individual. Speaking proper English is a good first step toward that. Getting an education is another. Being self-confident is another. Developing interpersonal skills is yet another. These things can be learned, but too many people want the benefits they bring without putting forth the effort to accomplish them. Those privileges are earned. I grew up poor and, deciding that it sucked, I took the steps necessary to remedy the situation.

I'm not saying it's impossible, obviously there are people who are able to transcend the perils of being rich to become comfortably middle class and vice versa. We're built to be adaptable. It is still a barrier to entry when you're acclimated to the micro-society you've spent your life exposed to.

You will be proud of me though, now that I am on the government dole. But fear not - there isn't enough time for me to get back everything I've paid in over my last 50 years or so of employment. So some of you will get part of mine, if there's any left from the pillaging.

While it's not particularly politically correct, being financially and socially successful often means breaking out of long-held cultural constraints (those uncomfortable with that concept may refer to it as "selling out to the man"). If you want to get outrageous piercings and wear hoodies and pants on the ground, don't bitch about not being the Executive Vice President of Standard Oil.

BTW, I don't care for caviar.

It's good to know you've joined the rest of us bottom dwellers suckling the government teat. Freeing isn't it?

For the record, everyone is living off the gov't. None of us would be able to amass all the things that we get from the organization, safety, and convenience the government provides us with. Donald Trump would spend ridiculous amounts of capital providing the 13 years of schooling all of his employees and potential employees receive, or building roads that lead to his properties, or providing a consistent currency so that transactions are quick, safe, and simple, etc.

As for being the executive of Standard Oil, our society is set up so that only a few of us will ultimately attain reaching the executive class. Is it fair that our system is currently designed to give so much to so few? Beyond the questionable assumptions of meritocracy, this doesn't feel so far removed from the monarchies of old when a handful of people control so much of the nation's wealth.

 

[Unrepresented]

First one is a gross assumption - many poor people call an attorney over very trivial problems, I mean heck the "first consultation is free".

There is a difference in social class between calling an attorney when you've been injured and calling an attorney to review financial documents. One is retroactive and the other is proactive. I'm making assumptions here, but I'd venture to guess they're fairly accurate.

THe second: many people never TRY to get out of their social-economic class. They are just too comfortable with what they know, it's too comfortable hating on people of slightly better means so they reject learning the ways of "the man". Growing up our family often went months without a car, I never had a new winter coat(Michigan no less) until I moved away from home. Neither did my older brother the attorney . I now have no problem moving between people at homeless shelters where I volunteer and people worth millions. Like twofingers I don't buy myself expensive cars or other such to impress people even though I could. My previous car until 9 months ago was a 1999 Grand Am pushing 200k, missing most of the front end.

Many are poor by choice. My brother the attorney and I were talking about this a few days ago and referenced our oldest brother who is a lowlife who has been living off the government dole since about 30. Attorney bro, "Joe has a lot less stressful life than us". Me, "not really. We set a mental bar of how low we will let ourselves go and that causes stress. But we can get in our cars, go to the store, pull out cash or a credit card and get what we need or want. He can't." I'll always opt for being as close to an autonomous individual as I can. I consider working class very classy - you earn your keep honestly.

Your "old" car is 10 years newer than my car.

I agree that there is comfort in your native environment, and that is one pressure that keeps people from moving upwards, but it's absolutely not the only one.

 

[BawanaRik]

[Invalid or Expired Link Removed]

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[gard0300]

There is a lot inequality with basses on here. Maybe someone should have the government help me out by redistributing some of these 4000.00 basses listed on TB.

 

[Tony Flow MMMM]

There is a lot inequality with basses on here. Maybe someone should have the government help me out by redistributing some of these 4000.00 basses listed on TB.

Just don't, you've joined too late for the witty comments section

 

[NWB]

I find it interesting that there are so many people who regard the mountain of court documents, financial filings, investigative reporting, etc. pointing to fraud and irregularities at the top of the banking and financial industry as questionable evidence suggesting nothing more than class-envy from the economic losers, but one made-up story about a mariachi singer with a dodgy mortgage is enough evidence to condemn every person who has ever foreclosed on a house as lazy and greedy. There is something really frightening to me about folks who pathologically direct their ire only at those who are further down the economic ladder than they are.

That story was not made up. If you wish, I can cite the Seattle Times story with the singer. The singer was just one small example of thousands of extremely risky mortgages taken on by WAMU. The post was completely misinterpreted as being all about said mariachi singer and his purported greed, when my intent was to shed light on the complete lack of risk analysis being done by a large bank which then led to bankruptcy and huge investor losses.

You could extend the WAMU story to corporations like Lehman Brothers as well.

 

[aborgman]

Machinists making $15 an hour. Really...... They should all move. Pretty much anywhere but where you are they would have a better life. In fact, tell them to come here. I'll open my own shop and pay them that much and let them play whatever radio station they want all day.

Here in Michigan you're looking at (in most cases) <$20/hr.

My dad has run every machining operation you can name, has lots of experience with NC and CNC (including massive multistation tool-wheeled Haas and Milwaukee units)... and he can't even get a job as a machinist.

He's working a $15/hr assembly line job.

Of course - the shops around here will tell you they are desperate for machinists, but not if they're over about 45 years of age.