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Originally Posted by
JarodParker
So what? Why should he get a break because he chose to defer his income a year?
Because his income remains invested capital for much longer than yours, and the whole purpose of capital gains is to encourage that sort of saving.
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And so what, he gets hit with a corporate tax... he chose that path because the advantages outweighed the tax savings he would have under other corporate structures.
What?
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Personally I like the smaller tax burden of long-term holdings and I'm on board with Dayuhan argument about encouraging investment. But I can see how people can find the disparity to be unfair.
I can see how people can be envious of anything. I just don't give a damn.
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You're intentionally taking my statement out of context here. The rip-off is not in that the subprime mortgages were made available but the rabbit hole they lead down to.
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The top management at many big banks...
How many banks?
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...created an atmosphere where line employees were encouraged to qualify anybody with a pulse for a mortgage...
In other words, you're pissed off that ease of acquiring credit varies over time.
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...even by falsifying applications.
If you're going to accuse people of fraud, be specific.
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They did this so they can have good quarters and rake in the bonuses.
Yes, who would stoop so low as to want good quarters and bonuses?
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And I clearly stated that the subprime borrowers shares the blame as well.
You stated a lot. Not much of it making any sense, let alone true. How do you apportion blame for a credit crunch? You might as well take a helping for yourself.
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I never really bought the notion that everyone should be a homeowner.
Funny, I don't see any evidence of you making noise to the contrary before the subprime implosion.
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And it doesn't matter what the models showed if the input was tainted. Those MBS's were improperly rated by the agencies who were in collusion with the banks.
That's hilarious. You really think the securities were improperly rated? Do you even know how these securities were traded?
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I never said that. My point was that if you're going to get paid ungodly sums of money as an executive, it should be based on a track record longer than just one quarter.
It is. You're career track record.
[quote]They should not be able to uild a house of cards and walk away as it implodes. It's like a ship's captain having to be responsible for his wake inside the harbor.
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Salary and bonuses should be structured in a way that CEOs create profit in a responsible manner...
Which you're in no position to judge, seeing as you've a thoroughly mistaken grasp of the key facts underlying the subprime implosion and the subsequent credit crunch.
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I say this as an investor.
A guy with $25 in a savings account is an investor. Impress me.
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Otherwise it's just a ponzi scheme.
So your definition of ponzi scheme is any investment you have a risk of losing?
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Lehman failed because it was the first big bank to be hit and at that point the government did not have its act together to respond as they did in later instances.
That's about as insightful as saying Lehman failed because it failed, which has nothing to do with the point I was addressing--specifically, your argument that there were no negative consequences for the banks and the bankers.
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Most of the other failures are in smaller regional banks who were in fact more disciplined in their lending.
And you're basing that assertion on what?
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And there are always bank failures, even in non-crisis times. Overall, the banks/bankers did not learn a lesson.
Oh, we learned plenty of lessons. Just not the ones you're trying to teach them, because your lessons are worthless.
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I don't seed how you can disagree with me here.
It's easy. I actually know this business, and I know very little of what you've said here bears any relationship whatsoever to my industry.
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I said "the tax payers assumed all risk" and you fired back with "the taxpayer that assumes any risk is the 53 percent who pay federal taxes"... aren't the 53% who pay federal taxes, taxpayers?
"Assumes any risk," as in the risk assumed by the people who actually pay taxes--a risk heavily skewed towards senior earners--is very small.
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How did we go from the top 1% to the top 20%? $100,000? that's a nurse who works overtime, or a police lieutenant (sergeant in the big cities) or an engineer. These people share the outrage of the demonstrators.
Except when they're cracking skulls. Am I right?
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You know people in the middle class are also bond holders right? 401Ks, TSPs and such.
Yes, I understand there's a wading pool out there.
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Keep in mind that not everyone who's hurting right now took a subprime mortgage or was reckless in their personal finances or earned non-marketable degrees.
Who cares? There were such people hurting before the crisis and there will be afterwards.