Here's my alternative view on giga Billionaire outrageous spending sprees

[Zalatix]

As long as the billionaires that got rich off America turn around and spend that money in America and hire American workers, that means they're putting that money back into the country.

Is this not a good thing, looking at it from that perspective?

[baldguy]

1. The starving 99% should be happy fighting over table scrapes left by gluttons.

We should be thankful there are table scrapes left at all.

[Zalatix]

5. Would you rather they spend the money outside the country with trips to Acapulco?

If more of these billionaires spent that money here there'd be a bigger demand for labor.

And wages would rise.

[baldguy]

11. Billionaires are not required for the American economy to function; workers are.

The inordinate & unnecessary accumulation of wealth isn't natural or desirable.

[Zoeisright]

35. Nicely said.

Thank you. This defense of millionaires and billionaires makes me sick. It's the biggest scam every perpetrated in this country.

[Zalatix]

42. But since billionaires do exist, they might as well spend their cash rather than hoard it

Until we can reduce the number of billionaires, that's about the next best thing we can hope for.

[baldguy]

47. Seems to me that yours is the attitude of a slave looking to preserve his slavery

or that of a slave master looking to preserve himself.

[rfranklin]

2. Except that the people who perform the services at the events are paid minimum wage...

while the owners of the venue make all the profit.

The other problem is that for most of these people, this is a drop in the bucket. Most of their money goes into "investments" that again do no good for most people. For instance, the price of oil has been driven up by barrels of money looking for big returns. Drives the price of oil up, up, up which hurts most people in terms of filling the gas tank and heating the home.

The solution is a living wage for everyone. Suddenly there would be ample tax revenues and a thriving economy.

[Zalatix]

6. Investments in oil mostly go outside the country.

It never comes back to anyone here.

I do agree with the living wage thing, also.

[lunatica]

3. Why we could be their servants and nannies and gardeners and butlers!!!

Yay! What a wonderful thing to aspire to.

[hobbit709]

4. You left out butt wipers.

[Voice for Peace]

12. seriously. and earning minimum wage for this..

I think not, no thank you.

[lunatica]

20. That is until they eliminate minimum wage too

What would stop them? Decency? Naw.

[lunatica]

18. I did mention nannies, but maybe some grownups can hire their own personal nannies too.

[barbtries]

50. oh they definitely do

just they call them personal assistants.

[Initech]

51. Or ball washers, per Lewis Black's bit.

[Joe Shlabotnik]

7. Billionaires don't create much employment from their lifestyles

Its everyday people working hard for decent wages providing goods and services for other everyday people who work hard for decent wages that fuels the economy.

[Zalatix]

8. True. But as I said before, isn't it better for them to spend their money here than to..

hoard their money or spend it elsewhere?

[Voice for Peace]

15. but apparently most DO hoard their money.

Also, you're assuming a benevolence that we haven't seen.

If that money truly were being spent here,
on superior wages for employees,
on maintaining outstanding working conditions,
on self-regulation & environmental responsibility,
on creative technology, infrastructure and energy innovations,
then yes, better spent here than somewhere else,
and such people in my opinion would deserve their wealth.

Otherwise, and as things stand, it doesn't seem to matter.

But in the end I believe the good & right & beautiful is going to win.
Life itself: like the tiny blade of grass that pushes through a
crack in man's concrete world, it's so powerful.

[Zalatix]

17. Yes, my point is that spending it is better than hoarding it, and spending it in the USA is best.

The rich do hoard their money and they need to spent here.

The first step to getting higher wages for Americans is for the spending to happen here. It's not the final step, but a necessary one.

If that money truly were being spent here,
on superior wages for employees,
on maintaining outstanding working conditions,
on self-regulation & environmental responsibility,
on creative technology, infrastructure and energy innovations,
then yes, better spent here than somewhere else,
and such people in my opinion would deserve their wealth.

Yeah, that. Totally.

[Voice for Peace]

16. depends entirely how they spend it.

and how they hoard it, and hide it, trading it in dark places.

[MadHound]

9. Ah yes, that old canard about "job creaters".

That meme that the rich have been trying to push in order to justify the vast difference in inequality between them and the rest of us.

Sorry, I don't buy that, nor do I see it as justification for the extremes in wealth inequality, income, and lifestyle that we see today between the rich and the rest of us. Not to mention the simple fact that most jobs aren't created by the rich, but buy the rest of us.

[Zalatix]

14. Okay so you'd rather the rich spend the money elsewhere, or just hoard it. Gotcha.

Nobody here seems to understand the value of the rich spending their cash as being a superior option to spending it in some other country, or hoarding their money, or hiding it in some offshore account.

Nobody cares about that. Okay, fine. I guess y'all just want them to hide it, hoard it, or spend it elsewhere.

[MadHound]

22. Did you even read what I wrote?

I have no problem with the rich spending their money in any way they please. What I do have a problem with is the myth that the rich, because they spend their money, are somehow job creators, when in reality it is the rest of us who do the most in the way of job creation.

Furthermore, I resent that this myth of "job creators" is being used to justify the vast and growing gulf in income and wealth between the rich and the rest of us.

Do you understand my position now? Did I spell it out clearly enough for you or are you going to continue to insert your own words and thoughts into my mouth?

Oh, and for your own information and edification, the rich do hoard most of their wealth. Sure, the few percentage points that they spend makes for a lot of money, but ordinary people like you and me actually spend between eighty and ninety percent of our income, while the wealthy normally reverse those numbers, spending only ten to twenty percent of their income.

Please, never, ever stick words in my mouth in order to justify your own position or perceived outrage.

[Zalatix]

23. And don't ever, ever stick words in my mouth either.

I'm not saying the rich don't hoard their wealth. I never said that.
I'm not saying the rich are job creators, at least not anymore than any other purchaser of goods and services are.

And most importantly, I am not in ANY WAY defending the vast and growing gulf in income and wealth between the rich and the rest of us. So while you are right in resenting that... that has absolutely zip to do with what I am saying in this thread.

So when telling me not to stick words into your post, please, practice what thouest preach.

[MadHound]

26. Oh puhleeze Vulcan,

I wasn't sticking a goddamn thing in your mouth, I was expressing my opinion, and you took that and ran with it, accusing me of "rather the rich spend the money elsewhere, or just hoard it. Gotcha." That is sticking words in my mouth, something I simply did not do to you, no matter how you protest(protest too much).

So get off your injured ego off your high horse and recognize reality.

[Zalatix]

27. Denial isn't a river in Egypt. And I'm not the one swearing here.

You did try to stick words in my post. But as indicated by your "vulcan" namecalling and swearing hissyfit, you're not mature enough to admit it.

[MadHound]

30. I just love noob's

Some think they have to prove themselves, pick a fight with every person who disagrees with them. It is so sadly typical, so sadly predictable.

Well, go on with your bad self them, go out and pick those fights. You will either learn by beating yourself senseless, or get turfed on out of here.

But until then, I have more important things to do than deal with the new cock of the walk who thinks they're all that, so I will just say goodbye for now, and catch you later. Peace

[Zalatix]

32. You picked the fight, not me. Now you're all butthurt. See ya!

[dawg]

10. I don't begrudge anyone the enjoyment of their wealth.

I'd rather they spend their money in the U.S. creating high-paying jobs, but whatever legal thing they want to do with it is fine. It's none of my business - none at all.

All I demand is that they pay sufficient taxes to allow us to have a real first-world safety net and an adequate national defense.

[PragmaticLiberal]

13. Well said

[Edweird]

19. I agree. I don't see the problem with big weddings and lavish parties - it pays someone's salary.

However, I believe they should be taxed a lot more.

[Zalatix]

21. Yes, and tax capital gains a LOT more. That's a big one.

[The Straight Story]

24. So If I steal from you then buy things from you with that money, we're cool right? (nt)

[Zalatix]

25. Where did I imply that?

[The Straight Story]

28. Kind of from:

"As long as the billionaires that got rich off America" - Ya think most of them aren't getting rich off breaking laws/stealing/ripping people off? Or do you find them all honest hard working folks?

[Zalatix]

31. Theft and fraud are illegal and need to be prosecuted fanatically. Where did I say otherwise?

[Morning Dew]

29. Sure. But so what?

It's pretty great that mass murderers kill so few people as opposed to the population as a whole.

Is this not a good thing, looking at it from that perspective?

[Zalatix]

34. Look, the world needs less billionaires, that's true

but George Soros is a billionaire who supports liberal causes. Do we apply the same hatred to him as, say, the Koch Brothers?

[Avalux]

33. No. Trickle down economics doesn't work; why we're in this mess.

We've learned the hard way that money at the top isn't spent, doesn't create jobs, and certainly doesn't trickle down.

[Zalatix]

36. So what are we to do? Not be happy when someone who HAS money, spends it here?

[Avalux]

44. What are you talking about?

Of course when billionaires invest a substantial amount in the country it's a good thing; but it's also very rare.

The underlying mentality that drives people to amass so much wealth also makes them hoard it and keep it in offshore accounts; that goes for individuals and corporations. They take and take and take; greed is a powerful drug.

It's the government's job to make sure regulations work and everyone pays their fare share, otherwise they won't.

[ProSense]

37. Well,

"As long as the billionaires that got rich off America turn around and spend that money in America and hire American workers, that means they're putting that money back into the country."

...it obviously doesn't work that way since billionaires hoard their money (see Bush tax cuts for the rich and zero job creation in last decade).

Where are the Millionaire Job Creators? NPR Does the Big Hunt
http://www.cepr.net/index.php/blogs/beat-the-press/where-are-the-millionaire-job-creators-npr-does-the-big-hunt

[Zalatix]

38. Actually I'd like to see laws that tax people who hoard billions

If the billionaires won't spend their money hiring Americans at good wages, then tax them.

And jail anyone who takes their money to offshore tax shelters.

[ProSense]

40. Well,

Actually I'd like to see laws that tax people who hoard billions

If the billionaires won't spend their money hiring Americans at good wages, then tax them.

And jail anyone who takes their money to offshore tax shelters.

...blows the OP theory, doesn't it?

[Zalatix]

43. How?

[ProSense]

46. Hmmm?

"How?"

Well, the OP is a hypothetical about billionaires disproved by reality, and the comment I replied to is a hypothetical about what to do about the billionaires who exist in reality. So while it's fun to advance hypotheticals as the ideal, and then dispell these theories with hypotheticals about reality, the two don't go hand in hand.

[Fumesucker]

39. That sticky wetness you feel?

At one time we were done the courtesy of them calling it rain.

Courtesy is so last millennium.

[JackRiddler]

41. Not really.

I prefer the perspective where it causes outrage and calls for higher taxation. Also, in the case of the Bear Stearns/Goldman Sachs con artist who probably prompted your observation, this exposure of his insane spending should lead to indictments, not for the spending, but for the epic scams he ran in defrauding investors and destroying peoples' lives to triple-dip for profit. Because it's not like he earned this money doing legitimate business.

Link: Story of Jeffrey Verschleiser, Goldman Sachs executive, the three-day Bat Mitzvah he just held for his daughter (poor girl - really), and the scams he conducted while at Bear Stearns that made him a lot of money while fucking up the world.

http://www.rollingstone.com/politics/blogs/taibblog/everything-you-need-to-know-about-wall-street-in-one-brief-tale-20120113

Must reading!

In the story, Taibbi makes the following comment:

It’s certainly heartening that Verschleiser is spending this money on his daughter instead of, say, hiring a busload of Jamaican hookers to spend the weekend lounging with him in a hot tub full of Beluga caviar. People ought to give their children the best, I guess.

I don't know about that at all. I think this is a terrible thing to do to your child. Really. It's no favor. There is a whole universe of worse ways parents can treat their children, but this is not a good thing at all.

I know Taibbi is being sarcastic. But still. Whereas the Jamaican hookers, assuming they're already professionals and the weekend goes as described, will at least get some very good paydays. Possibly remit much-needed sums to their relatives back home.

Anyway, read the story, because the part about the bat mitzvah is just icing. The point is that this one of the several hundred unindicted major perpetrators of the Great Financial Fraud and Banking Crash of 2007-2009. Now that his crazy spending has focused the world's attention on him, he should not be facing ridicule for the crazy spending. He should be facing years in prison for the crimes that preceded it.

[Zalatix]

45. Hard prison time for all the scams. And I have one more idea, too. How's this one work?

Tax a corporation or CEO based on the proportion of their pay to their workers' pay.

If s/he's making 500 times everyone else's average, jump his/her taxes way, way up.

Tax that income disparity!

[dionysus]

48. if they did that, there wouldn't be as *much* of a problem. thing is, they don't.

once you're so rich no matter what they spend, they just hoard the cash offshore somewhere.

[Zalatix]

49. Hoarding should be stopped. Offshore hoarding should be punishable by imprisonment and

asset seizure.