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Richest Americans got richer last year. Thanks, Obama!

Discussion in 'Sports and News' started by poindexter, Oct 20, 2015.

  1. poindexter

    poindexter Well-Known Member

    Rich Americans got a lot richer last year

    Some 134 Americans raked in more than $50 million last year, according to data released Tuesday by the Social Security Administration. The total rose about 20 percent from 110 in 2013.

    The number of Americans making between $20 million and $50 million also jumped, hitting 776 in 2014. That marked an increase from 565 in the previous year.
  2. micropolitan guy

    micropolitan guy Well-Known Member

    Socialism works!
  3. The Big Ragu

    The Big Ragu Moderator Staff Member

    This will be a pointless thread.

    But thank the Federal Reserve. They have boosted asset prices by suppressing interest rates -- we have been at 0 percent on the overnight rate for 7 years. And through three rounds of quantitative easing which is like heroin to risk assets -- they drove down yields by buying the bonds themselves and bloating their balance sheet. It ostensibly was meant to helicopter money into an economy they messed up in the first place. ... which was supposed to help "Main Street" Americans. Of course, it does nothing of the sort. It actually takes a crisis they created. ... and kicks the can down the road in favor of an even bigger crisis later.

    What it has done is lift the stock market, bond markets (junk bonds in particular, as people have to reach for yield to find any income in the manipulated world), real estate markets, art markets, rare wine market, etc. They took the risk out of risk assets, which made anyone who owned those things wealthier -- and pretty much risk free, in hindsight.

    Of course, the only people who can afford those appreciating assets are people who already had money -- and aren't struggling to meet expenses. So the rich are getting richer thanks to our monetary overlords.

    If it makes you feel any better, there are a lot of people with wealth on paper who are going to see it disappear like a fart in the wind at some point -- likely sooner rather than later, although who knows how long they can keep the house of cards they built from collapsing. It's all artificial and is going to come crashing down at some point -- likely when the market takes back the yield curve from the Federal Reserve, which is now backed into a corner.
  4. Twirling Time

    Twirling Time Well-Known Member

    They had a better year.
    old_tony likes this.
  5. Paynendearse

    Paynendearse Member

    Obama got richer too. And dagnabbit, Middle Class Joe isn't coming to the rescue.
  6. BDC99

    BDC99 Well-Known Member

    What about Joe the Plumber?
  7. Sea Bass

    Sea Bass Well-Known Member

    I'm actually surprised only 910 Americans made $20 million last year.
  8. dixiehack

    dixiehack Well-Known Member

    Half of them work for Draft Kings/FanDuel
    BTExpress and doctorquant like this.
  9. da man

    da man Well-Known Member

    The other half won their millions through Draft Kings/FanDuel.
  10. BDC99

    BDC99 Well-Known Member

    And they only deposited 35 dollars.
  11. hondo

    hondo Well-Known Member

    57 of the 134 are backup infielders hitting .220 and middle relievers.
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