What do you think of this auction?

Of course it did!

It came from the bank.

When I cash my "paycheck" at the bank (from my J-O-B which, unfortunately, does not pay me $250,000 a year), the teller runs into the vault and tears 10 $100 bills off of the money tree!

Didn't you know that? Sheesh! They don;t teach kids anything these days~!

 

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A mistake that Detecto is making is he seems to be under the impression that the wealthy are TAKING the money from the poor. In has examples he has people all starting with the same money so they can all buy the same amount of goods and services. But who are the buying them from? Some one in that group must be providing the goods and services the others are buying. So he winds up with most of the money. A situation that Detecto seems to find abhorrent. Now the only thing I can see to correct that under his rules is that either the money has to be redistributed which means we have to take the money away from the guy who accumulated it and give it back to the other two (But detecto said he didn't intend to just give people money) or we have to stop the one guy from providing the goods and services the others want. In that case everyone has money but it is worthless because there are no goods and services to buy.

The only group TAKING money from people in out society are the politicians. The same people who are the ones who want to redistribute the wealth and the try and solve problems by spending more and more. And of course in order to do so they have to TAKE even more.

If you look at the wealthy as a group they didn't get their money by taking it. They either inherited it, or they created products or services that the public wanted then sold those goods and services and accumulated money. And in the case of those that inherited it if you go back the family tree you will eventually find the person who started that family fortune by providing goods and services to the public. And they don't just accumulate money they roll it back in creating other businesses, providing other goods and services not to mention jobs. As the saying goes it takes money to make money. And that is very true. The more money you have the more opportunities you have.

Then there is that cliche about the rich get richer and the poor get poorer. The usually point to the ever increasing income gap between the rich and poor. Of course it keeps getting bigger Say you have two people, one makes 100K per year and the other makes 1M per year. That is a 900K income gap. Both incomes grow by the same percentage 10%. Now one makes 110K and the other make 1.1M. The income gap is now 990K even though both went up by the same percentage. But both going up the same percentage is not likely because remember it takes money to make money so the higher income persons income is more likely to go up faster because he has more opportunities.

 

The exact same way a 10 year old kid views the game of Monopoly!

 

As scary as it is to admit, I agree with Detecto , to a degree.

First off, capitalism makes for a perfectly acceptable economic system. It drives innovation, productivity, ingenuity, and provides people with realistic dreams for which to strive. It's part of what makes this country great. We operate on the premise that hard work, sacrifice, and dedication can be rewarded with monetary gain. If you are lazy and/or do not do your part, then you should suffer the consequences. However, if you work hard, start a business, and make millions of dollars then that is great. Congratulations, you worked hard and got a bit lucky, you've achieved the American dream for which we all strive :thumb:.

But then there are a few issues. Take for instance corporate executives that make 10's of millions annually in salary and bonuses. I'm all for people getting rewarded for their work, but this makes absolutely no sense! There is not a job in the world that a person could possibly do that would justify this kind of money! I don't care if the person is uniquely qualified and works their butt off 130 hours a week all year long, their work cannot justify the income. Include professional athletes, movie stars, etc. in this group.

And then there is the other issue, billionaires. There are people in this country sitting on 50 billion dollars. I don't think that people really grasp just HOW MUCH money this is. If a person spent $1 Million every day, it would take them 137 years to spend $50 Billion. People should be free to accumulate as much wealth as they possibly can, but who could possibly need $50 Billion?! It falls outside of the bounds of reason! I do not think that limiting salaries would be a reasonable thing to do, but I can certainly see the point of limiting total wealth. People should still be allowed to become obscenely rich, say $500M. They also shouldn't have money taken away, they would be expected to spend the excess such that the total hard wealth did not exceed the cap. Can you imagine how much extra money would be injected into the economy every year? It would put a hard cap on greed, and make things a little better for all.

 

I need $50 billion.

 

1/10 of that should keep me in coins for the rest of my life!

 

So Apple has to decide, if it costs 50 million to design the next iphone, is the risk worth it for 250k? Is the drug company going to risk a billion dollars on the cure for cancer when the financial risk for the ceo/board is so much greater then the financial benefit?

Oh wait, these people no longer have the financial ability to attempt these things, they have only made 250k a year.

Motivation, many find it in wealth.

 

Well, I just bid 7 cents each on 2 lots with a total of 800 wheats. I went that high because the last time I won mixed wheats at this guys auction, I got that awesome 24D, and I have a feeling this auction is from the same consignor. That's as high as I want to go, and in order to prevent myself from getting caught up in a gut feeling, I'm going to take my dog to the park and not come back until the auction is over.

 

Or buy a few islands, high rise buildings, a handful of sport franchises, a few cruise lines, and very generous donations to your favorite charities and it could all be gone in 1 day

-LTB

 

"To have"..."to have"...."to have"... Not once did you say EARN and I find this to be very telling. Let me ask you this, Detecto... should your parents give you more than they already do just because (I assume) they have more than you? They already put a roof over your head, feed you, and god-knows what else so you can play with coins all day, so why should they give more? It does not matter if they are not making huge sums.. the point here still stands. You are a fully capable (physically and/or mentally?) young MAN, so why do you live and breathe your hobby while living with your parents instead of going out and making your way in this world? Is it easier to life off of someone else? Of course it is and this country is full of people with their hands out. We have families that have had generations on welfare and do nothing to better themselves, so should these people get more just because someone else is EARNING large sums of money? How many of these large earners came from low-income families and are self-made? Should these people be knocked for simply trying to (and succeeding at) bettering themselves? I could go on and on.

You, sir, are a fine example of what is wrong with a certain faction in this country today. Its always someone else who is the problem... NEVER YOU. Instead of playing with coins all day or complaining about every perceived injustice imaginable, you could be out there making something of yourself. You could be working at becoming one of the terrible rich you so despise, but no... its easier to point the finger and whine. Also, please do not make excuses... most everyone has had it tough at one time or another, so you would be no different. You are 20 years old without real responsibility.. life is what YOU make of it.

Please attach a copy of your economics degree.