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Getbig Main Boards => Politics and Political Issues Board => Topic started by: OzmO on July 13, 2011, 08:02:16 AM
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http://blogs.forbes.com/stevenbertoni/2011/07/12/the-rich-are-now-richer-than-before-the-2008-credit-meltdown/ (http://blogs.forbes.com/stevenbertoni/2011/07/12/the-rich-are-now-richer-than-before-the-2008-credit-meltdown/)
The Rich Are Now Richer Than Before The 2008 Credit Meltdown
Jul. 12 2011 - 1:49 pm | 11,739 views | 1 recommendation | 15 comments
International Money Pile in Cash and Coins
Unemployment is at 9.2%, the ruins of the U.S. housing market are still smoldering after the 2008 bonfire, and Greece, Italy and Portugal are balancing on the razor’s edge of default. But the planet’s rich are getting richer, especially in the growing BRIC economies.
In fact, there are more rich people on the planet today than before the credit crisis destroyed Lehman Brothers and Bear Stearns and nearly crippled the World’s financial industry.
A study from Capgemini and Bank of America Merrill Lynch showed that the World’s population of High Net Worth Individuals (HNWI) with $1 million or more in investable assets (read, extra cash) jumped 8.3% over the last year to a total of 10.9 million people. That number is up from the 2007 tally of 10.1 million tycoons.
(http://blogs-images.forbes.com/stevenbertoni/files/2011/07/Rich2222.jpg)
Growth of the World's Wealthy. Source Capgemini Lorenz Curve Analysis
Not only are there more rich running around the globe; but the rich are richer. The study estimates that financial wealth control by the HNWI population jumped 9.7% over the last year to $42.7 trillion. Meanwhile the U.S. GDP grew 1.9% in the first quarter of 2011, according to the U.S. Department of Commerce.
I’ll be curious to see how this report will be used in Washington’s current battle over the debt ceiling, and the debate on the millionaire tax. Many might initially point out (as I first did) that Obama’s stimulus package isn’t creating jobs, but for a lucky few, it is creating a ton of wealth.
But while the World’s grown wealthier, the U.S. and European HNWI populations are still not up to the 2007 levels. Most of the growth has come from the red hot economies of China, India and Brazil. As Capgemini points out:
The financial crisis and economic downturn also have worsened fiscal deficits and public debt levels, especially in developed countries where economic activity has been slower to recover. Despite ongoing challenges, the world economy grew at an annual real rate of 3.9% in 2010, but developing economies were the real engines of expansion. At the end of 2010, the world’s population of high net worth individuals (HNWIs) was up 8.3% from end-2009 to 10.9 million and their wealth was up 9.7% to US$42.7 trillion. HNWI wealth in North America and Europe was still below the pre-crisis levels (end of 2007).
Another interesting caveat, as my colleague Jeremy Bogaisky suggested, is that the Capgemini study is based in U.S. dollars. The dollar has weakened against other currencies as the U.S. has kept interest rates low. This makes people who hold other currencies richer in dollar terms and gives foreigners a leg up in the current survey.
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Is this Bushs' fault?
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the rich are getting richer............ Why isn't unemployment down? :D
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the rich are getting richer............ Why isn't unemployment down? :D
Because, most business will not higher anyone with the looming uncertainty and its better to pocket your money than hire people with little or no guage as to what you will get back in return.
I have said from day 1, and as things get worse, and worse and worse, the worst thing obama did was obamacare, dodd frank, card check, etc etc. He is a black plague for the economy, no pun intended.
He nuked the economy from any chance of recovery due to his selfish and misguided radical agenda and no one is going to hire anyone until he gone and or all of his agenda is repealed.
Cry, whine, complain, etc, its the fact that you guys need to grasp and understand.
Most business people, not the buffett, gates, types, I'm talking about business owner with 5-50 employees who obama wants to attack, the guys making 250k - 500k, have taken heed and done the rational thing, gone into turtle mode.
When obama leaves and hopefully his entire agenda and programs repealed, only then can be begin to recover.
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Most business people, not the buffett, gates, types, I'm talking about business owner with 5-50 employees who obama wants to attack, the guys making 250k - 500k, have taken heed and done the rational thing, gone into turtle mode.
I agree that there has been an assault on small businesses from some time going back a couple of presidents for many reasons in many ways.
But how many jobs will small business really provide? How many of the job losses over the las few years are from small businesses vs large corporations? And those small business jobs, are they Good paying jobs or mostly low paying jobs like retail?
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I agree that there has been an assault on small businesses from some time going back a couple of presidents for many reasons in many ways.
But how many jobs will small business really provide? How many of the job losses over the las few years are from small businesses vs large corporations? And those small business jobs, are they Good paying jobs or mostly low paying jobs like retail?
Who knows - but i will tell you most of my clients, if not all, have shed employees in the last two years fearing higher health care costs, looming uncertainty, energy costs, etc.
i'm not talking about wall street people, I 'm talking about your typical small construction company , medical repair, etc etc.
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Who knows - but i will tell you most of my clients, if not all, have shed employees in the last two years fearing higher health care costs, looming uncertainty, energy costs, etc.
i'm not talking about wall street people, I 'm talking about your typical small construction company , medical repair, etc etc.
Don't you think knowing where the jobs were lost is kind of important? Isn't that better than concluding based on hearsay from the finite fraction of people you know (which are most likely like minded to you) vs the millions of potential employers?
I mean here we are, the rich are getting richer and UE is rising.
Should we give them more tax cuts then and make them more richer? Lets give GE more tax cuts, so when they post a 5 billion profit they can get a bonus of 1 billion from the government and make them more richer.
I bet one good reason is outsourcing.
But i don't know and it looks like you don't either.
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Don't you think knowing where the jobs were lost is kind of important? Isn't that better than concluding based on hearsay from the finite fraction of people you know (which are most likely like minded to you) vs the millions of potential employers?
I mean here we are, the rich are getting richer and UE is rising.
Should we give them more tax cuts then and make them more richer? Lets give GE more tax cuts, so when they post a 5 billion profit they can get a bonus of 1 billion from the government and make them more richer.
I bet one good reason is outsourcing.
But i don't know and it looks like you don't either.
I agree with the offshoring stuff, but what many refuse to understand is that not all of offshoring of jobs has to do with profits.
The cost of doing anything in this country if far too expensive. between payroll taxes, workers comp, disability, enviro bs, insurances, liability issues, law suits, health care, most small companies simply cant afford to exist any more.
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I am willing to bet that people employed by small businesses (50 or fewer) represent only 25% of total workers in the private sector.
When companies make more money they don't necessarily hire more.
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I agree that there has been an assault on small businesses from some time going back a couple of presidents for many reasons in many ways.
But how many jobs will small business really provide? How many of the job losses over the las few years are from small businesses vs large corporations? And those small business jobs, are they Good paying jobs or mostly low paying jobs like retail?
small businesses provide many jobs not just in their business but the businesses they do business with...
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rich people are buying foreign currency/precious metals, and moving their jobs overseas.
ten years of bush tax cuts and they still can't run fast enough.
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rich people are buying foreign currency/precious metals, and moving their jobs overseas.
ten years of bush tax cuts and they still can't run fast enough.
Unmotherfucking real how stupid you are.
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rich people are buying foreign currency/precious metals, and moving their jobs overseas.
ten years of bush tax cuts and they still can't run fast enough.
LOL how are the US corporate tax rates compared to those of other countries 240?
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I am willing to bet that people employed by small businesses (50 or fewer) represent only 25% of total workers in the private sector.
When companies make more money they don't necessarily hire more.
Want to bet your account on that?
Does anyone on this forum actually do any research or do they just make stupid claims without backing a single one of them up?
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small businesses provide many jobs not just in their business but the businesses they do business with...
yeah, but while they comprise 80% of the total businesses, they only comprise 25% or the work force.
I am all for small business. I wish it was reversed. But my contention here isn't that. My contention is that when companies get richer do they really hire more people?
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Want to bet your account on that?
Does anyone on this forum actually do any research or do they just make stupid claims without backing a single one of them up?
Page 83, "What Color is your Parachute"
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http://www.sba.gov/advocacy/7495/8420
Another moron making up statistics as he goes. No wonder you think it's OK for Obama to do the same. Eat your peas Two peas in a pod.
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We printed billions and gave it away to lower unemployment. What happened?
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"Moreover, the U.S. Census Bureau reports small businesses are responsible for more than 50 percent of GDP, 50.2 percent of private sector employment, 90 percent of exports and 90 percent of innovations."
http://www.marketwatch.com/story/unemployment-soars-as-obama-diverts-billions-in-small-business-contracts-to-corporate-giants-according-to-the-american-small-business-league-2011-07-12
Ozmo making up statistics as he goes to prove his point. Shocker.
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http://www.sba.gov/advocacy/7495/8420
Another moron making up statistics as he goes. No wonder you think it's OK for Obama to do the same. Eat your peas Two peas in a pod.
::)
didn't make it up. got it out of a book.
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"Moreover, the U.S. Census Bureau reports small businesses are responsible for more than 50 percent of GDP, 50.2 percent of private sector employment, 90 percent of exports and 90 percent of innovations."
http://www.marketwatch.com/story/unemployment-soars-as-obama-diverts-billions-in-small-business-contracts-to-corporate-giants-according-to-the-american-small-business-league-2011-07-12
Ozmo making up statistics as he goes to prove his point. Shocker.
Oh go fuck yourself. first you can't even read right, by putting words in my mouth, now you are accusing me of making shit up.
::) ::) ::) ::) ::) ::) ::) ::)
Dumbass.
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::)
didn't make it up. got it out of a book.
What book was that? "Ozmo's Big Book of Fairy Tales and Lies"?
Oh go fuck yourself. first you can't even read right, by putting words in my mouth, now you are accusing me of making shit up.
::) ::) ::) ::) ::) ::) ::) ::)
Dumbass.
I'm just doing what you've been doing in every thread for the last few weeks.
Why are you making statistics up as you go? Is that why you have no qualms with Obama doing the same?
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yeah, but while they comprise 80% of the total businesses, they only comprise 25% or the work force.
I am all for small business. I wish it was reversed. But my contention here isn't that. My contention is that when companies get richer do they really hire more people?
I was going to say that the 25% number doesnt sound right and BF seems to have proven my intuition correct...
as for your 2nd question, it depends if they have a forseeable need for personel they will. Problem is to be able to forcast accurately you need to be able to determine the variables and possible/probable outcomes...
this administration has take a situation in which it was already difficult to forcast the future of business and done absolutely nothing but inject more uncertainty...
if you dont know what your expenses are going to be next month are you going to go out and make a purchase on something that could turn against you if your expenses are higher than you thought?
of course not, why would you expect businesses to do the opposite?
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What book was that? "Ozmo's Big Book of Fairy Tales and Lies"?
I'm just doing what you've been doing in every thread for the last few weeks.
Why are you making statistics up as you go? Is that why you have no qualms with Obama doing the same?
Scroll up and read. Or do you need help with that?
Let's bet accounts as to whether or not its in the book i said it was.
Game?
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What book was that? "Ozmo's Big Book of Fairy Tales and Lies"?
I'm just doing what you've been doing in every thread for the last few weeks.
Why are you making statistics up as you go? Is that why you have no qualms with Obama doing the same?
show me where i am putting words in people mouths.
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Let's bet accounts as to whether or not its in the book i said it was.
Game?
You gonna take the bet douche bag or not?
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We printed billions trillions and gave it away to lower unemployment. What happened?
Structurally nothing has changed so printing money and cutting taxes etc are just window dressing until the real problems are dealt with.
They won't be though.
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Hahaha, too easy. On top of that he can't even wait five minutes for a response. Because, you know, I just love sitting here smashing F5 waiting to see your responses.
No, thanks. You didn't bother taking my bet so why should I take yours?
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Hahaha, too easy. On top of that he can't even wait five minutes for a response. Because, you know, I just love sitting here smashing F5 waiting to see your responses.
No, thanks. You didn't bother taking my bet so why should I take yours?
Coward.
You accused me of making shit up and won't stand behind your accusation.
What a piece of shit.
Run bitch run.
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Coward.
You accused me of making shit up and won't stand behind your accusation.
What a piece of shit.
Run bitch run.
Hahahaha, he mad.
Someone takes this place awfully seriously (while ignoring that he didn't take my bet)
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Hahahaha, he mad.
Someone takes this place awfully seriously (while ignoring that he didn't take my bet
what ever COWARD ::)
Here's more:
http://www.sba.gov/content/what-sbas-definition-small-business-concern (http://www.sba.gov/content/what-sbas-definition-small-business-concern)
In the book it talks about business with 50 or fewer employees as employing 25% of the work force. the SBA defines small businesses differently.
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what ever COWARD ::)
Here's more:
http://www.sba.gov/content/what-sbas-definition-small-business-concern (http://www.sba.gov/content/what-sbas-definition-small-business-concern)
In the book it talks about business with 50 or fewer employees as employing 25% of the work force. the SBA defines small businesses differently.
He mad.
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I was going to say that the 25% number doesnt sound right and BF seems to have proven my intuition correct...
The SBA site considers small business differently that what was in the book which they were defined as 50 or less employees.
as for your 2nd question, it depends if they have a forseeable need for personel they will. Problem is to be able to forcast accurately you need to be able to determine the variables and possible/probable outcomes...
this administration has take a situation in which it was already difficult to forcast the future of business and done absolutely nothing but inject more uncertainty...
if you dont know what your expenses are going to be next month are you going to go out and make a purchase on something that could turn against you if your expenses are higher than you thought?
of course not, why would you expect businesses to do the opposite?
What we don't have is growth. What this article i started with the thread here indicates in my mind, is that the rich getting richer doesn't necessarily mean more jobs.
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He mad.
Ok COWARD, cant stand behind your statements eh? what go are you?
run bitch run
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Ok COWARD, cant stand behind your statements eh? what go are you?
run bitch run
Just like you?
So mad he doesn't realize he pussyfooted around my bet.
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Just like you?
So mad he doesn't realize he pussyfooted around my bet.
You accused me of making it up
Back it up or RUN BITCH RUN
what bet? ::)
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Is this Bushs' fault?
To a large extent, yes it is.
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You accused me of making it up
Back it up or RUN BITCH RUN
what bet? ::)
What bet? Hahaha. No wonder you're such an Obama devotee. You've got the reading comprehension skills of an inner-city dropout.
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Structurally nothing has changed so printing money and cutting taxes etc are just window dressing until the real problems are dealt with.
They won't be though.
True. We have to stop spending money we don't have.
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To a large extent, yes it is.
Uh, no.
Inefficient and anti-growth tax policy and tax code have been around for longer than Bush. Same goes for the untenable financial/monetary foundation of the U.S. as well.
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What bet? Hahaha. No wonder you're such an Obama devotee. You've got the reading comprehension skills of an inner-city dropout.
::)
Got back to page one. read slowly. you can do it. be positive.
run bitch run
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The SBA site considers small business differently that what was in the book which they were defined as 50 or less employees.
What we don't have is growth. What this article i started with the thread here indicates in my mind, is that the rich getting richer doesn't necessarily mean more jobs.
well you should probably disclose that when you make your claim next time...
lol of course not bro b/c there are different ways of increasing net income...
increasing revenue...OR CUTTING COSTS!!!!
well if youre not increasing revenue, then you need to cut costs...
which is what businesses have done over the past so many years, which is why owners can still generate bigger profit while having less employees...
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well you should probably disclose that when you make your claim next time...
lol of course not bro b/c there are different ways of increasing net income...
increasing revenue...OR CUTTING COSTS!!!!
well if youre not increasing revenue, then you need to cut costs...
which is what businesses have done over the past so many years, which is why owners can still generate bigger profit while having less employees...
I thought it was commonly accepted that 50 or less was constituted as a small business. Earlier in the thread, 333333, identified it as that (5-50 employees) so when i read it in this book i figured that was the standard. So when BF posted that link to the sba.gov i figured the same until i started thinking how can something be so inaccurate. So i checked SBA's definition and saw it was different.
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::)
Got back to page one. read slowly. you can do it. be positive.
run bitch run
I see me asking if you want to bet your account on the claim. You then played deaf, blind and dumb.
www.hookedonphonics.com
You and Straw Man should see if they offer group deals.
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I see me asking if you want to bet your account on the claim. You then played deaf, blind and dumb.
www.hookedonphonics.com
You and Straw Man should see if they offer group deals.
::)
Go back and re-read.
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I thought it was commonly accepted that 50 or less was constituted as a small business. Earlier in the thread, 333333, identified it as that (5-50 employees) so when i read it in this book i figured that was the standard. So when BF posted that link to the sba.gov i figured the same until i started thinking how can something be so inaccurate. So i checked SBA's definition and saw it was different.
understandable, i dont however think there is a common definition of what a small business is...in the financial services field business size is often determined by amount of revenue it produces which is somewhat correlated to the amount of ppl it employees but it doesnt take that into account