GDP to drop 38%.....rich people get richer

[1jkw]

28 minutes ago, Highmark said:

Same response.   While I didn't agree with him on this or the fed there were valid reason's as to why.   I can only assume you were brighter than Risperidone on this but I guess I was wrong. 

Strange in August 2016, you said "a real economy needs to have at least 3% interest rates" I guess there were no valid reasons then.

[teamgreen02]

1 hour ago, Zambroski said:

That’s not really how this works.  The divide is really a net worth divide.  It’s because most “rich people” are cheap as fuck and live well under their means. Clue: that’s how they’ve become wealthy. Their investments and cash on hand are there when the economy dives and they can afford to pick up stocks and real estate at bargain prices.  See, it’s been my experience that these rich fuckers don’t believe much in being part of the “expendable income” crowd that are blowing their money on $80k trucks and homes that take up the rest of their income.....not to mention other frivolous bullshit because they feel the money comes every paycheck and will be there forever.

 “Rich” is a relative term also.  I knew people during the last downturn That were banking 3-400k a year and were living like they were making a mil.  Leveraged to the edge of disaster.....which is right where they ended up after it all fell apart.  On the flip side, I also knew some modest earners that saved and invested cautiously that were able to pick up a few homes on the cheap to flip or rent out.  

My point is, it’s not what you make, it’s what you do with it.  Some will always be poor because they lack intelligence/skills/ambition but, many get that way because of their feeling that seeking financial advice isn’t worthwhile.  They either think they’ve got the world by the balls or, otherwise feel they don’t make enough to bother getting solid financial advice.  Most of these same people have parents that are living paycheck to paycheck waiting on the Social Security check every month also.  Good advice gets passed down....and so does bad advice.

Not often Zambo comes through with the only competent post in the thread but he delivers here.

[Highmark]

9 minutes ago, 1jkw said:

Strange in August 2016, you said "a real economy needs to have at least 3% interest rates" I guess there were no valid reasons then.

Completely agree!   Doesn't mean I don't understand the reasoning behind some of the fed action.

Is that concept hard for you guys?   I mean seriously.  Have you ever not understood why something was done even though you disagree with it?   Fuck its like talking with 2 yo's. 

[racer254]

54 minutes ago, Anler said:

For sure, if the govt is going to give away trillions of our tax dollars it should only go to billion dollar corporations and NOT tax payers. Most people are stupid and would just waste the money. 

I happen to believe the exact opposite.   But all it takes is a little bit of the pie and most just agree.

[1jkw]

9 minutes ago, Highmark said:

Completely agree!   Doesn't mean I don't understand the reasoning behind some of the fed action.

Is that concept hard for you guys?   I mean seriously.  Have you ever not understood why something was done even though you disagree with it?   Fuck its like talking with 2 yo's. 

I understand fully, you complained endlessly for the prior 8 years and never offered any excuse or reason for things the fed did, when Trump's spending was brought up you deflected or defended saying 60% of spending was fixed costs and out of his hands, just like the prior 8 years NOT.  

 

I understood then and now the reason for the for the bailouts, rate cuts and fed actions, the amount of paper the fed is buying now is unprecedented, you were very upset the prior 8 years when this happened, and it never in history happened at the level it is  now, now you seem to have changed your tune, certainly your level of criticism even though all forms of QE are at record levels.

[1jkw]

Just now, racer254 said:

I happen to believe the exact opposite.   But all it takes is a little bit of the pie and most just agree.

He was joking.

[racer254]

9 minutes ago, 1jkw said:

He was joking.

Good.  It still doesn't change the fact that many people will fall over backward for the 1200 bucks, without having any idea about the fraud that will happen with the big chunk of the pie.  The joke is on all who fall for it.

Edited May 20, 2020 by racer254

[1jkw]

3 minutes ago, racer254 said:

Good.  It still doesn't change the fact that many people will fall over backward for the 1200 bucks, without having any idea about the fraud that will happen with the big chunk of the pie.  The joke is on all who fall for it.

Far more people than you realize know the money is going to the top, they are just happy to get 1200.00 instead of nothing.

[XC.Morrison]

A billion dollars sounds like a lot. But only when you break it down does the true breadth of this kind of wealth become understandable.

Let’s start here: The average annual income of a full-time salaried worker in the United States in 2018 was $46,800. And let’s assume this average worker paid no rent, no bills, no taxes, no expenses of any kind. In fact, let’s pretend this person spends no money at all. They just make money.

By the time their wealth amounted to $1 billion, more than 21,000 years would have passed. That is the amount of time it has taken human civilization to evolve from cave-dwelling to where it is today.

[Anler]

1 hour ago, teamgreen02 said:

Not often Zambo comes through with the only competent post in the thread but he delivers here.

I think he got hacked

[Anler]

7 minutes ago, XC.Morrison said:

A billion dollars sounds like a lot. But only when you break it down does the true breadth of this kind of wealth become understandable.

Let’s start here: The average annual income of a full-time salaried worker in the United States in 2018 was $46,800. And let’s assume this average worker paid no rent, no bills, no taxes, no expenses of any kind. In fact, let’s pretend this person spends no money at all. They just make money.

By the time their wealth amounted to $1 billion, more than 21,000 years would have passed. That is the amount of time it has taken human civilization to evolve from cave-dwelling to where it is today.

Work 3 jobs!

[f7ben]

30 minutes ago, 1jkw said:

I understand fully, you complained endlessly for the prior 8 years and never offered any excuse or reason for things the fed did, when Trump's spending was brought up you deflected or defended saying 60% of spending was fixed costs and out of his hands, just like the prior 8 years NOT.  

 

I understood then and now the reason for the for the bailouts, rate cuts and fed actions, the amount of paper the fed is buying now is unprecedented, you were very upset the prior 8 years when this happened, and it never in history happened at the level it is  now, now you seem to have changed your tune, certainly your level of criticism even though all forms of QE are at record levels.

Smacked that fucking retard right the fuck down

[XC.Morrison]

1 minute ago, Anler said:

Work 3 jobs!

Lol.  In the time it took me to read that, Jeff Bezos just cleared another $2,489

[Angry ginger]

37 minutes ago, XC.Morrison said:

Lol.  In the time it took me to read that, Jeff Bezos just cleared another $2,489

shit thats almost as much as uncle snotty

[Guest]

53 minutes ago, Angry ginger said:

shit thats almost as much as uncle snotty

Up a few dollars for today. 

Edited May 20, 2020 by Guest

[racer254]

1 hour ago, 1jkw said:

Far more people than you realize know the money is going to the top, they are just happy to get 1200.00 instead of nothing.

Glad you seem to be able to justify it.  Hope it makes spending it easier?

Edited May 20, 2020 by racer254

[teamgreen02]

15 minutes ago, Polaris 550 said:

Up 105K for today. 

Total market up 1.81% right now.  Puts you at about $5-6M in your portfolio if true.  

[1jkw]

1 hour ago, racer254 said:

Glad you seem to be able to justify it.  Hope it makes spending it easier?

Put it this way the rich were going to get billions anyway, better to get 1200.00 than nothing.

[Anler]

1 hour ago, Polaris 550 said:

Up a few dollars for today. 

You are going to lose at least 50% of your money come October. Pay Ben the $25k you owe him and spend the rest. 

[AKIQPilot]

TVIX has sure taken a pounding this week. This year actually. Down to 153 now from a high of 800 in February. 

[racer254]

1 hour ago, 1jkw said:

Put it this way the rich were going to get billions anyway, better to get 1200.00 than nothing.

Keep telling yourself that.   They love people who believe this.

[BOHICA]

21 minutes ago, AKIQPilot said:

TVIX has sure taken a pounding this week. This year actually. Down to 153 now from a high of 800 in February. 

Nasdaq hit a 3 month high today I guess.

[1jkw]

27 minutes ago, racer254 said:

Keep telling yourself that.   They love people who believe this.

It is the truth, I don't need to tell myself anything. If you think billions wouldn't have gone to companies even if there was no 1200.00 check, well you are about as smart as everyone thinks you are.

[f7ben]

40 minutes ago, AKIQPilot said:

TVIX has sure taken a pounding this week. This year actually. Down to 153 now from a high of 800 in February. 

It’s still up 400% from January you moron and it hit $1000 in March...

Not sure why you keep bringing it up either way

[Anler]

40 minutes ago, AKIQPilot said:

TVIX has sure taken a pounding this week. This year actually. Down to 153 now from a high of 800 in February. 

Snatch some of that shit up and keep accumulating if it keeps going down. All of the losses are going to hit this fall. 

Hit 1000 back in March. If you woulda bought some at 40 the month prior youd been sitting pretty