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Drudge Retort: The Other Side of the News
Tuesday, October 19, 2021

The wealthiest 10% of Americans own a record 89% of all U.S. stocks -- The wealthiest 10% of Americans now own 89% of all U.S. stocks, a record high that highlights the stock market's role in increasing wealth inequality.

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Crony capitalism is a system that naturally flows money upwards; it is like a poker game where one player starts with a million bucks, and the other players with 100 bucks. Sooner than later, the millionaire will have most of the bucks.

The idea that capitalism is purely a meritocracy is foolish at best.

#1 | Posted by Corky at 2021-10-19 02:32 PM | Reply | Newsworthy 5

... The wealthiest 10% of Americans own a record 89% of all U.S. stocks ...

Probably why corporations used the Trump Tax Cut For The Wealthy to buy back stocks, effectively raising the price of stocks; instead of using the money to invest in workers, as the GOP had sold it.


#2 | Posted by LampLighter at 2021-10-19 02:49 PM | Reply | Newsworthy 4

Just keep at the grind stone and you'll be on them 10%, amirite?

#3 | Posted by SunTzuMeow at 2021-10-19 05:46 PM | Reply

Peace in our time. Empty soda cans I find. New day sunshine.
Give my blood for a pocket of dud. Motel no contract with tissues for my pud.

#4 | Posted by LesWit at 2021-10-19 06:25 PM | Reply

I am basing this off of stats that are a few years old, but at the time, 75% of American households had less than $10K in savings, around half had enough for 3 months of expenses, and 25% has zero savings.

So, if we back that into the group of people that are able to buy/hold stocks, we are really only taking about the top 25% of households.

So, the split is 89% to the top 40% of households and 11% to the bottom 60% (based on the 25% that can afford to own stocks). Yeah, that seems a bit disproportionate but not really that surprising. If they carved this back more to the stocks owned by the top 1% or the top 0.1%, that is where the disparity would be really seen. However, as the Dems don't want to demonize the billionaire class - they only wish to rape the upper middle class, we don't that split of the data.

If you want to tax people with assets over $1B - please have at it. If you want to tax those with greater than $500M - please have at it. But, taxing the guy more that is trying to save up money to send his kids to private school because the public schools are broken makes no sense.

#5 | Posted by Skeptical at 2021-10-19 11:26 PM | Reply | Funny: 1

This continues to be the best economy rich people have ever seen.

If your prospects don't look bright, you might want to retool.

#6 | Posted by snoofy at 2021-10-20 12:20 AM | Reply

This is what you get when all you have are frat boy candidates and you put them in office waiting for them to do things that trickle down on you.

Thanks Republicl0wns!

#7 | Posted by RightisTrite at 2021-10-20 06:14 AM | Reply

"This continues to be the best economy rich people have ever seen."

It continues to be the best economy that anyone has seen. Rich or otherwise.

#8 | Posted by madbomber at 2021-10-20 06:43 AM | Reply

"#8 | POSTED BY MADBOMBER"

You forget that you are dealing with 95% economic losers on this board. They whine about stock ownership because they own none. They whine about house prices because they don't own a home. What they do have a boatload of student debt that this high inflation is helping them to make it manageable as long as they actually try to have a career. Unfortunately, most on here have given up and are just waiting for the free stuff to be sent to them. Pretty depressing actually.

#9 | Posted by Skeptical at 2021-10-20 06:49 AM | Reply | Funny: 2 | Newsworthy 1

"You forget that you are dealing with 95% economic losers on this board."

Some yes.

But I think that there are more than a few that come from less humble beginnings.

Occupy Wall Street was made up almost entirely of wealthy white people.

Why?

When money is a given, it's easy to think it should be given to everyone. That having wealth is not something that requires work or effort or risk or sacrifice. They feel this way because it was their parents who took that risk.

So I don't think it's as much that they are economic losers as it is that they are economic illiterates. And many of them wear that badge proudly.

#10 | Posted by madbomber at 2021-10-20 07:10 AM | Reply | Funny: 1

"It continues to be the best economy that anyone has seen. Rich or otherwise."

Absolute nonsense. There are many countries where workers earn more and live better than they do here in the U.S. How much does tha average auto worker earn in Germany? When you factor in naitonal healthcare plans the eliminate the need to pay high prices for healthcare insurance their incomes often top incomes here for average workers. It's sort of easy to pontificate while employed by our government, provided healthcare for you and your family by our government, etc. Flag waving fools make me laugh and foreigners are laughing at you every day.

#11 | Posted by danni at 2021-10-20 08:13 AM | Reply | Newsworthy 1

"When money is a given, it's easy to think it should be given to everyone. That having wealth is not something that requires work or effort or risk or sacrifice."

Go ahead, insult every hard working American if it makes you feel superior. I would be shamed by both of my parents if I ever uttered such an insult to hare working class Americans.

#12 | Posted by danni at 2021-10-20 08:15 AM | Reply

"Absolute nonsense. There are many countries where workers earn more and live better than they do here in the U.S. How much does tha average auto worker earn in Germany?"

The average auto worker?

I don't know.

Do you?

#13 | Posted by madbomber at 2021-10-20 08:30 AM | Reply

"When you factor in naitonal healthcare plans the eliminate the need to pay high prices for healthcare insurance their incomes often top incomes here for average workers."

Are you factoring in the VAT that non-US countries levy in order to fund these programs?

#14 | Posted by madbomber at 2021-10-20 08:33 AM | Reply

"Go ahead, insult every hard working American if it makes you feel superior. I would be shamed by both of my parents if I ever uttered such an insult to hare working class Americans."

Then only people I want to insult is those who are perform at a level the is less than what they think they're entitled to. Which is probably you.

#15 | Posted by madbomber at 2021-10-20 08:35 AM | Reply

#9 95%? That's not the impression I get at all.

But I get it, that's the peg you hang your hat on to feel special. Worthy.

The reality, I suspect, isn't that you're more financially successful than most here, but that you're simply a self centered moron who doesn't know empathy, compassion or perspective. Which is why you perceive those traits in posters here as jealousy or bitterness.

#16 | Posted by jpw at 2021-10-20 08:36 AM | Reply | Newsworthy 2

When money is a given, it's easy to think it should be given to everyone. That having wealth is not something that requires work or effort or risk or sacrifice. They feel this way because it was their parents who took that risk.

Yawn.

Nothing like some misty eyed homage to the wealthy.

You have a rather limited view of the world and the people.

#17 | Posted by jpw at 2021-10-20 08:38 AM | Reply | Newsworthy 1

but that you're simply a self centered moron who doesn't know empathy, compassion or perspective. Which is why you perceive those traits in posters here as jealousy or bitterness.

You just hit on 100% of trumptards and 90% of GOP voters.

#18 | Posted by Nixon at 2021-10-20 08:40 AM | Reply

"You have a rather limited view of the world and the people."

Me?

Really?

How many countries other than the US have you lived in? Or even visited?

#19 | Posted by madbomber at 2021-10-20 08:49 AM | Reply

The best way to describe the notion of American exceptionalism is that if one American is rich, all should be rich. And their income should in no way be tied to the value they provide to society.

#20 | Posted by madbomber at 2021-10-20 08:52 AM | Reply

www.statista.com

50.13 euros or $58.34

Vs

www.payscale.com

$17.15

#21 | Posted by truthhurts at 2021-10-20 09:08 AM | Reply

Capitalism, like every system has rules that govern it either inherent or applied

To think that some have more ability to define those rules especially when it comes to the applied rules is moronic

So an ethical society, defined as a system that protects the majority of its citizens, prioritizes protecting the weak and vulnerable AND assuring the rules are applied equitably

#22 | Posted by truthhurts at 2021-10-20 09:13 AM | Reply

The best way to describe the notion of American exceptionalism is that if one American is rich, all should be rich. And their income should in no way be tied to the value they provide to society.

#20 | POSTED BY MADBOMBER

Actually currently American exceptionalism means the direct opposite
The wealthy in America have exceptional power far exceeding their contributions or value

#23 | Posted by truthhurts at 2021-10-20 09:15 AM | Reply

How many countries other than the US have you lived in? Or even visited?

#19 | POSTED BY MADBOMBER

Doesn't mean you know people.

Which is why you swwoooooonn over rich people while applying nothing but negative stereotypes to those critical of them or, often times, the workers themselves.

#24 | Posted by jpw at 2021-10-20 10:18 AM | Reply

And I've only lived in the US. In my third state and region.

Have visited 4 foreign countries.

#25 | Posted by jpw at 2021-10-20 10:21 AM | Reply

This isn't a Democrat/Republican issue, it's a cultural issue in the USA - called greed.

If you want to blame anyone, blame the Boomers. They pulled they pulled their ladders up once they got to the top.

That said, they didn't make it impossible for people to make a good living, they simply made it harder. And this new generation doesn't have a whole lot of love for working hard.

#26 | Posted by BellRinger at 2021-10-20 10:59 AM | Reply | Funny: 1

It continues to be the best economy that anyone has seen. Rich or otherwise.
#8 | POSTED BY MADBOMBER

No it's not.
news.gallup.com
A staggering 95% of workers in low-income households -- defined as those making less than $36,000 per year -- have either been laid off as a result of the coronavirus (37%) or have seen a loss of income (58%). When asked about their current financial situation, 42% in this income group described themselves as spending beyond their income. They are either drawing from savings or taking on debt. Another 37% say they are "just making ends meet," when asked to describe their current financial situation.

#27 | Posted by snoofy at 2021-10-20 10:59 AM | Reply

50.13 euros or $58.34
Vs
www.payscale.com
$17.15
#21 | POSTED BY TRUTHHURTS AT 2021-10-20 09:08 AM | FLAG:

Flag on the play. Bad data. France & South Korea pay the best. Almost $40/hr. It's $33/hr US for your average German assembly plant worker. IG Metall has agreed to a freeze in workers wages to protect current employment levels. In the US you're looking at $24.5/hr, unless it's Tesla then you are looking at $17-$21/hr. In Spain you're making around $21/hr. Source: Society of Motor Manufacturers and Traders. Automotive News.

These workers get to compete with Japan at $15/hr, China at $5.25/hr (but it's really not $5.25 because they're basically slaves with no concept of a 40 hour week). All hail the King, Mexico, at $3/hr. It's where an increasingly large number of automotive parts come from.

#28 | Posted by sitzkrieg at 2021-10-20 11:13 AM | Reply | Newsworthy 3

Germany has a lower cost of living. 13% cheaper overall than the US, with problematic housing shortages somewhat mitigated by lower population growth, only 0.2% on 82 million people vs 0.4% on 330 million.

#29 | Posted by sitzkrieg at 2021-10-20 11:16 AM | Reply

Well, Biden and other Dems have already stated within the last month that all of this is acceptable and people need to lower their standards. Rich people own more than you do, just get used to it according to Dem leaders.

It's funny to watch you kids try to compare economies that are built on different constructs. I find your lack of comprehensiveness disturbing (but definitely predictable based on the history of this site).

#30 | Posted by humtake at 2021-10-20 11:36 AM | Reply | Funny: 1

"I find your lack of comprehensiveness disturbing "

I find your lack of COMPREHENSION telling. You Russian stooge.

#31 | Posted by LegallyYourDead at 2021-10-20 02:26 PM | Reply

"Doesn't mean you know people."

And you do?

#32 | Posted by madbomber at 2021-10-20 05:11 PM | Reply

Life is a meritocracy. Always has been. Society runs Best when everyone provides for themselves. Basic life functions cost. It's when someone else feels entitled to another's assets where the problem comes in. The only reason a communal splitting of assets is attractive to liberals is because they don't to work as hard to attain a living as the producer did. That's cultural.

Trying to shame someone to giving up because some one else didn't plan or work as hard is the rule of the day.

Everyone can own stocks, whether fractional or whole. Problem with liberals is they want it all at once, as children do.

#33 | Posted by boaz at 2021-10-20 06:20 PM | Reply | Funny: 1 | Newsworthy 1

#33 -- posted by Boaz

Elizabeth Warren --- "I hear all this, you know, well this is class warfare, this is, whatever. No. There is nobody in this country who got rich on his own. Nobody. You hired workers the rest of us paid to educate." She said a lot more than that and you are welcome to find the full quote. The point is that corporations should pay more taxes than I do because they benefit a hell of a lot more than I do from all the government services. Not everyone has start up capital or great ideas. We are not in the same boat, and some people begin life on third base.

#34 | Posted by justagirl_idaho at 2021-10-20 06:44 PM | Reply

Life is a meritocracy. Always has been.

LOL

Basic life functions cost.

Who did Jesus charge when he fed the poor?

You live in a fantasy land, and it's not even the one you claim to live in. Pathetic.

#35 | Posted by Alexandrite at 2021-10-20 06:52 PM | Reply

Everyone can own stocks

HAHAHAHAHAHA!

#36 | Posted by Alexandrite at 2021-10-20 06:53 PM | Reply

Everyone can own stocks

Not people living paycheck to paycheck.

#37 | Posted by ClownShack at 2021-10-20 07:32 PM | Reply

Everyone can own stocks

Not people living paycheck to paycheck.

#37 | POSTED BY CLOWNSHACK AT 2021-10-20 07:32 PM

Even those people can, if they really want to.

Are you familiar with "penny stocks"? They are tied to really small companies that recently went public.

Don't get me wrong - I understand the point you are trying to make and my response is admittedly pedantic.

#38 | Posted by BellRinger at 2021-10-20 07:36 PM | Reply | Funny: 1

Are you familiar with "penny stocks"? They are tied to really small companies that recently went public.

Horrible idea - near impossible to find a OTC/penny stock which isn't a dilutive scam via convertible debt. Better idea is to accumulate singles or fractional shares of real companies.

#39 | Posted by GOnoles92 at 2021-10-20 07:48 PM | Reply | Newsworthy 1

Wow. Anyone living paycheck to paycheck definitely do not listen to Belldinger, that's horrible advice, and demonstrates dinger either doesn't invest or is trying to scam you. Either way, she's full of it.

Noles has much better advice. Penny stocks, GTFO!

#40 | Posted by horstngraben at 2021-10-20 08:06 PM | Reply

#40 I wasn't pushing penny stocks - merely acknowledging their existence. Also, I am a "he". I'm a cisgendered white male. I'm also well hung but that is TMI.

#41 | Posted by BellRinger at 2021-10-20 08:12 PM | Reply | Funny: 1

"I'm also well hung"

Oh, please. We all know belles have tiny clappers.

#42 | Posted by Danforth at 2021-10-20 08:28 PM | Reply | Funny: 1

Life is a meritocracy.

That's a line of -------- invented by idiots who didn't earn their keep as much as others but got way more out of it.

And believed by bigger idiots who think they're going to be in that class of people eventually.

#43 | Posted by jpw at 2021-10-20 09:41 PM | Reply

"Life is a meritocracy."

Who decides what qualities are meritorious worth rewarding, Boaz?

It's rich people, right?

You don't even understand what you're saying.

#44 | Posted by snoofy at 2021-10-20 09:45 PM | Reply

"Society runs Best when everyone provides for themselves."

Which societies do this? Just give us an example.

Show me the society where the winemaker doesn't need the cooper to make his barrels, where the brewer doesn't need the farmer to grow his barley.

You are stupid beyond belief.

But what's really unforgivable about you is how proud you are of your own stupidity.

#45 | Posted by snoofy at 2021-10-20 09:51 PM | Reply

"I hear all this, you know, well this is class warfare, this is, whatever. No. There is nobody in this country who got rich on his own. Nobody. You hired workers the rest of us paid to educate."

This agrument is not economically valid. Or rather, it is unimportant.

In any economic venture, those factors of production who contribute to wealth creation are compensated for the role they play in that effort. Suppliers are paid for the supplies they provide. Workers are given a wage or salary. In fact it is only capital that runs the risk of loss or lack of remuneration.

#46 | Posted by madbomber at 2021-10-21 03:09 AM | Reply

"Not people living paycheck to paycheck."

You've never bought penny stocks.

Some of the most successful investors I know are junior enlisted troops who invest and watch their money like a hawk. And their salaries are very low.

#47 | Posted by madbomber at 2021-10-21 03:11 AM | Reply

"That's a line of -------- invented by idiots who didn't earn their keep as much as others but got way more out of it."

How do you figure?

And it's not --------. The rich don't get rich in a vacuum. They get rich because they provide goods or services more effectively than then competition. And we are all the competition.

#48 | Posted by madbomber at 2021-10-21 03:13 AM | Reply

"Show me the society where the winemaker doesn't need the cooper to make his barrels, where the brewer doesn't need the farmer to grow his barley."

Show me the society where the winemaker doesn't pay for the barrels he buys, or the brewer doesn't buy the barley from the farmer.

#49 | Posted by madbomber at 2021-10-21 03:14 AM | Reply

"The rich don't get rich in a vacuum."

You're right: It takes favorable tax rates, favorable investing rates, carried interest, redlining, inheritance rules, GRATs, and stepped-up basis!

Tell us: why does a Trust Fund baby who makes $50,000 in Wal-Mart dividends pay NO income taxes, while a janitor profiting from his sweat-of-the-brow labor pays thousands in income taxes?

(And note: income taxes only. If we included all federal taxes, the TF baby would pay zero, and the janitor would pay over $10,000.)

#50 | Posted by Danforth at 2021-10-21 03:31 AM | Reply

"You're right: It takes favorable tax rates, favorable investing rates, carried interest, redlining, inheritance rules, GRATs, and stepped-up basis!"

Really?

Those things make you rich?

Do I need to send in an application or something, because I'm only reasonably well off.

#51 | Posted by madbomber at 2021-10-21 03:50 AM | Reply

"Tell us: why does a Trust Fund baby who makes $50,000 in Wal-Mart dividends pay NO income taxes."

What does either one have to do with people getting rich?

#52 | Posted by madbomber at 2021-10-21 03:56 AM | Reply

Not people living paycheck to paycheck.

#37 | Posted by ClownShack

Not my problem.

#53 | Posted by boaz at 2021-10-21 08:32 AM | Reply

Tell us: why does a Trust Fund baby who makes $50,000 in Wal-Mart dividends pay NO income taxes, while a janitor profiting from his sweat-of-the-brow labor pays thousands in income taxes?

Because we have a ridiculous tax scheme in this country, that tries to soak those who have and earn more while making the poor feel better and not taxing them at all.

#54 | Posted by boaz at 2021-10-21 08:36 AM | Reply

" making the poor feel better and not taxing them at all."

Not taxing them at all?!? WTF are you talking about? Their payroll taxes overcollections were cited by GWB as the reason for YOUR income tax cuts.

#55 | Posted by Danforth at 2021-10-21 08:38 AM | Reply

Not people living paycheck to paycheck.

#37 | Posted by ClownShack

Not my problem.
#53 | POSTED BY BOAZ AT 2021-10-21 08:32 AM | REPLY

As has been shown countless times in history it inevitably will be

#56 | Posted by truthhurts at 2021-10-21 08:46 AM | Reply

"Society runs Best when everyone provides for themselves."

That sounds like countries like Somalia

Society runs best due to a vast array of factors:
Political stability
Economic opportunity
Abundant resources
Educated populace
Remoteness from foreign intervention
Social safety net
Etc

#57 | Posted by truthhurts at 2021-10-21 08:52 AM | Reply

In any economic venture, those factors of production who contribute to wealth creation are compensated for the role they play in that effort. Suppliers are paid for the supplies they provide. Workers are given a wage or salary. In fact it is only capital that runs the risk of loss or lack of remuneration.
#46 | POSTED BY MADBOMBER

Slaves were given free housing and food
I wouldn't call that a fair or sustainable system

#58 | Posted by truthhurts at 2021-10-21 08:54 AM | Reply

#57,

It's funny that no where in that list did you put culture and Oneness of thought.

Without everyone having the same goals and sense of nationalism, none of any of that matters.

#59 | Posted by boaz at 2021-10-21 08:58 AM | Reply

Smart people invest in stocks, stupid people invest in lottery tickets and 300$ sneakers.

#60 | Posted by visitor_ at 2021-10-21 09:32 AM | Reply

Society runs Best when everyone provides for themselves.
#33 | POSTED BY BOAZ

Please provide a reference for this Libertarian/Capitalist utopia you dream of. As far as I know, there is no such place.

Remember, Ayn Rand wrote fiction.

#61 | Posted by TFDNihilist at 2021-10-21 09:45 AM | Reply

I tried investing in stocks this year, lost $3000. Luckily, I'm not poor.
But somehow folks here believe it's in a poor person's best interest to do the same.

#62 | Posted by TFDNihilist at 2021-10-21 09:48 AM | Reply

I tried investing in stocks this year, lost $3000. Luckily, I'm not poor. #62 | POSTED BY TFDNIHILIST

HODL.
Could use the Buffett approach and buy an index such as S&P - $SPY.

#63 | Posted by GOnoles92 at 2021-10-21 09:51 AM | Reply

It's funny that no where in that list did you put culture and Oneness of thought.

The only people demanding "Oneness of though" are Trumpers demanding loyalty to their cult.

As usual, the caricature of libruls lives in your head while you ignore the obvious reality right in front of your eyes.

#64 | Posted by jpw at 2021-10-21 10:50 AM | Reply

Please, tell me again how the stock market is useful for all Americans.
Next up: how cryptocurrency isn't a pyramid scheme.

#65 | Posted by e1g1 at 2021-10-21 11:29 AM | Reply

Please provide a reference for this Libertarian/Capitalist utopia you dream of. As far as I know, there is no such place.

The U.S. before liberals ruined it.

#66 | Posted by boaz at 2021-10-21 11:40 AM | Reply

Next up: how cryptocurrency isn't a pyramid scheme.

Some cryptocurrencies have valid use cases, like supply tokens. They are the ones with real value.

#67 | Posted by boaz at 2021-10-21 11:41 AM | Reply

The U.S. before liberals ruined it.

#66 | POSTED BY BOAZ

Think you would have been a robber baron, huh?

Or are you just ignorant of US history?

#68 | Posted by jpw at 2021-10-21 11:50 AM | Reply

The U.S. before liberals ruined it.

#66 | POSTED BY BOAZ AT 2021-10-21 11:40 AM | REPLY

That would be 1776

You would have been a Tory at the time

#69 | Posted by truthhurts at 2021-10-21 12:07 PM | Reply

Please provide a reference for this Libertarian/Capitalist utopia you dream of. As far as I know, there is no such place.
The U.S. before liberals ruined it.
#66 | POSTED BY BOAZ

So Make-Believe Land? Got it.

#70 | Posted by Sycophant at 2021-10-21 12:28 PM | Reply

- The U.S. before liberals ruined it.

And yet they despise everything that the 4 time elected FDR stood for.

#71 | Posted by Corky at 2021-10-21 12:31 PM | Reply

The U.S. before liberals ruined it.
#66 | POSTED BY BOAZ AT 2021-10-21 11:40 AM | REPLY

That would be 1776
You would have been a Tory at the time
#69 | POSTED BY TRUTHHURTS

Actually, he would have been a slave.

But at least we have a kind of answer when America was great before. The time of slavery, child labor, before unions and OSHA. When manufacturers could put sawdust in the food and dump their waste in the nearest river. When beating your wife was legal and doctors didn't bother to wash their hands.

Thanks for clearing that up Boaz.

#72 | Posted by TFDNihilist at 2021-10-21 06:09 PM | Reply

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