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tax. every. trade.
Abolishing the stock market in general would be nice, or at least moving towards that direction gradually. The wealthy don't typically get their money from great trading, but parking their money and letting it grow.
The stock market itself isn't the problem either though, it's that the wealthy have money and the poor do not. If you want to buy a house and you don't have the cash for it, you need to borrow from someone...and that means someone who has a lot of money. And you'll pay interest for the privilege because there is a time value of money. That doesn't go away without a stock market.
The real solution is to tax the wealth itself, either directly or through taxing the step-up in value after the owner of a stock dies, or a massively increased estate tax.
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Don't worry, it'll trickle down.... Annny day now.
I can already feel it trickle on me! No wait, that‘s asbestos.
Just give it 30 years or so, and we'll be swimming in that sweet sweet mesothelioma money.
It's ok though because they sprayed it down with urine first.
This is an important thing to note when someone claims that you should be eager about stock market performance because of your [comparative handful of] shares in your retirement account. Accounts such as the 401k were probably devised to tie up regular people's money into the stock market, injecting more money into it and making it seem more important (and thus worth bailing out).
They were devised to get rid of pensions so companies didn't need to care for their employees, they could just have the option to match input, but retirement was made to be 100% on us.
More bullshit to benefit corporations, but to be honest there are so many scumbags out there and so many pension plans that were stolen from, I don't know how to feel about it.
It was also devised so that when a crash occurs, the lower classes get wiped out, the rich still have piles of cash, and they get to buy up everything at fractions of a penny on the dollar.
You know exactly how to feel about it. Douchebag MBA's who think they're Masters of the Universe gamble with other people's retirement money. And all those sweet sweet fees...
We should invest in guillotines.
That and it artificially inflates stocks by creating regular buy pressure. Stocks are almost completely worthless unless you get a whale that wants to buy out the company or a large controlling share. It's not like you can just cash in your share to the company and they give you a percentage of the current value. You have to find someone else that wants to buy it.
This point is huge and seemingly overlooked by most people? Once a majority of boomers start pulling their 401k money I don't think millennials and gen x will be putting as much money back in.
They really cooked up such a great Ponzi with 401k. I'm sure it'll get rugged right when we come of age to cash out.
Accounts such as the 401k were probably devised to tie up regular people’s money into the stock market
Aren't pensions also tied up in the stock market. Yes there's a difference of who manages and how the contributions are made, but both plans put the security of your retirement in the market in some capacity, right?
Pensions also allocate some funds in stocks, but overall they invest conservatively. By default, most 401k funds are set to a target retirement date fund and early on those are mostly stocks. These funds also often have significant annual fees. Instead of a single large fund managed conservatively, you have many individual funds that are managed all over the place. The common advice is to invest more aggressively when you're younger, there has also been a huge push toward ETFs which are their own tangled mess and have a potential for trouble in the future, but that's a different topic.
Are the fees of target funds usually that significant? Vanguard Target Funds have an expense ratio of 0.08%. They say the average comparative fund is 0.44%, which is a bit high for my liking, but not terribel compared to other managed funds. https://investor.vanguard.com/investment-products/mutual-funds/profile/vfifx#performance-fees
Vanguard is good with fees. That 0.44% is an average so there are also funds that charge more. I think fees have come down as 1) more attention was brought to them 2) Such funds became more computerized and straightforward to manage. Still, a 0.44% average fee each year is a significant chunk of change.
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And you thought Monopoly was just a game!
Half of the game. You're supposed to end the Monopoly phase when everyone gets frustrated, and switch to the Prosperity rules.
Close.
Halfway through the game you're supposed to end the Monopoly phase and switch to eating the rich. This redistributes the wealth and allows everyone a fair chance again.
Billionaires shouldn't exist.
The "Eat the rich" crowd continues to do absolutely nothing.
Unfortunately cannibalism is still unwelcome in society 😔
Seems weird to make this assertion, and fail to provide what the total holdings cutoff is to be in the top 10%.
Right. Is it 10 figures? 7 figures?
... 5 figures?
Almost like it's clickbait designed for echo chambers like eattherich.
Don't get me wrong, fuck the rich. But bold claims like this need to show their methodology. Hiding it is sus.
“The 1%” is the catchphrase, but that’s only a net worth of about $10 Million. The people they are really mad at are the 0.01% or lower. This article uses 10% which is about $850,000 in net worth.
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My wife and I constantly lament how we were born a few decades too late. For everything
Born too late to explore the world, born too early to explore space. Born just in time to explore Dank memes.
Truly, a time to be alive.
One thing the article doesn’t make super clear to me is if that figure includes investment funds and whatnot, and to what degree. It sounds like it might but elaborated very little beyond a vague statistic.
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Cause and effect
No shit. If someone does not have money they don't need then they can not buy stocks or any investment.
Is this really a new thing? Haven't the rich always been the stock-holders?
Tax stock over 100,000 shares 1% per current price, per stock, per quarter.
Guillotine anyone who tries to buy a yacht or private jet.
I don't think it's good to have such wealth inequality, but I do this general investment into the stock market should be encouraged.
401ks are so much better than pensions as a retirement vehicle. Better return on investment and more financial separation from the company I work for. I never worry about someone raiding the pension fund or a company going bankrupt, and I've received much better return on investments than the numbers you hear from pension funds! That's not even considering 401k matching......
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I'm shook!
So if everyone in the US stops buying publically traded companies, it would bankrupt the top 10%?
Only if you're including the top 10%. The vast majority of retail investing makes little difference even when combined, in comparison to institutional investing.
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this post was submitted on 10 Jan 2024
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