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  1. #41
    Speedy Az winner69's Avatar
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    We better cheer for the Republicans eh Belg .... can't have the poor catching up can we

  2. #42
    Senior Member Halebop's Avatar
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    Quote Originally Posted by belgarion View Post
    Not really very troubling.

    6 of 10 counties republican? So 4 of 10 not? Can we all say "Margin of Error"? I'd suggest fixation on wealth and the benefits it derives, be it; real property, a full meal, wide screen TVs or equity portfolios is a human condition, not a republican one. Let's look at the 60-70s Baby Boomer hippies, most of them later decided to get a job/house/car/pension/wide screen TV. The issue is for many of the most impacted people is that they paid for (borrowed?) an education and aren't getting a payback (All I got for my BA in [Not Very Useful Subject Here] was a part time McJob or Unemployment). The only reason we're seeing it in ways like "Occupy WallStreet" is because by a fluke of demographic timing there are a lot of them (Nobody cared when Gen X were in the same position in the early 90s because there weren't enough of them to create a loud voice).

    On wealth distribution - GINI has some design flaws that are susceptible to misinterpretation. GINI is for instance impacted by demogrpahics but you don't see the impact because you are given a single "holistic" number.

    An area that attracts or encourages poor immigrants (California, New York, New Zealand) will typically benefit from the immigration while also typically benefitting the immigrants but GINI will be made to look worse.

    A measure of GINI wealth does not prove the utility of that wealth. Bangladesh has a better GINI score than USA or New Zealand. What proportion of Bagladeshis have access to a doctor or a computer?

    GINI does not capture your progression through your lifespan. In Germany income distribution by age narrower - you earn a bit more early in your career but progress less later. This is an intentional design by the Germans, a piece of social engineering. It doesn't mean they earn more or less over their lifespan, just that their income over their lifespan is distributed differently. But in many Western countries the age differential is wider. What this tells us is the demographic bubbles (and German Social Engineering) both impact GINI scores.

    Overall, GINI is a bit poop at proving an argument that is largely demographic.
    Last edited by Halebop; 10-03-2012 at 09:52 AM.

  3. #43
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    Certainly the reason why Australians don't mind most sports stars being paid millions is because we are often inspired by their accomplishments. If they represent your country, you delight in their achievements because it increases the wellbeing of the country at large. Movie stars and entertainers take us to a different world for 1.5 to 2 hours, and we appreciate that as well.

    Whereas CEOs of the Banks is a totally different story. We are not inspired by them because:
    1. They don't have a track record of creating wealth for their employees. Wealth creation is concentrated to a very few at the very top.
    2. We feel that when they screw up, us taxpayers will still have to bail them out. Yet they can still pay themselves huge bonuses.
    3. They do not operate in the community's best interest, as demonstrated when they increased i-rates independently of the Reserve Bank. The differential between the Reserve Bank i-rate and the big bank mortgage rates has never been so wide (it's a enormous chasm at the moment).

    Our toothless monopolies commission in Australia has allowed the banking industry to become a cartel. Now I'm as capitalist as they come, but when an entire industry is dominated by so few players who act in unison, well, it's time to start thinking about legislation.

  4. #44
    Senior Member Lego_Man's Avatar
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    Quote Originally Posted by boring View Post
    Certainly the reason why Australians don't mind most sports stars being paid millions is because we are often inspired by their accomplishments. If they represent your country, you delight in their achievements because it increases the wellbeing of the country at large. Movie stars and entertainers take us to a different world for 1.5 to 2 hours, and we appreciate that as well.
    Not really...it's just another form of supply and demand. There is a relatively short supply of high level entertainers, the fact (or assertion) that they provide an externality in the form of "wellbeing" is already priced into their asking price. Just as there is a shortish supply of people capable of stewardship of a large company. Now whether or not the shortage is as severe as that is a matter for debate.


    Quote Originally Posted by boring View Post
    1. They don't have a track record of creating wealth for their employees. Wealth creation is concentrated to a very few at the very top.
    Not their job.


    Quote Originally Posted by boring View Post
    2. We feel that when they screw up, us taxpayers will still have to bail them out. Yet they can still pay themselves huge bonuses.
    The former is a valid point. I shun moral hazard.


    Quote Originally Posted by boring View Post
    3. They do not operate in the community's best interest, as demonstrated when they increased i-rates independently of the Reserve Bank. The differential between the Reserve Bank i-rate and the big bank mortgage rates has never been so wide (it's a enormous chasm at the moment).
    Reserve bank interest rates arent a dictatorial control, theyre an operational lever to try and guide the economy. The price of money is just another price that people have to live with. A favourable interest rate is not a human right.

    You dont sound very capitalist at all to be honest. The above comments are redder than 95% of what i've read on here...

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