Income chasm widens in San Diego

Fred, of course you refuted me clearly. Just keep thinking that and have a nice day. But since I said that I agreed with MOST of Epstein's points, "Most" means that I do not agree with all of them. You went on this wild speculative binge assuming I said that creative people need low taxes as an incentive for creating. Since I didn't say that, and I haven't told you precisely what of Epstein's ideas I agree with, you are arguing up a blind alley.
— October 29, 2011 8:49 a.m.

Income chasm widens in San Diego

I've noticed that uninformed people like to blame liquidity providers (middlemen) for the ills of markets. Ills of markets are defined as the market going in the opposite direction as to how they want it to go, as they have always done throughout history.
— October 29, 2011 8:44 a.m.

Income chasm widens in San Diego

Fred, it's cool to call me a parasite, but when guys like you need money, they come to guys like me. I suspect that your statement about production is rather inaccurate as I am willing to bet that I produce much more than you do in the scheme of life. In addition to trading I own a fair amount of ag land and keep it productive. As far as my production goes, last year I produced 960 boxes of oranges on a little grove I own. I own a little cattle heard and last season produced 36 heifers calves that weighed out at an average of 506 lbs. Might not be much to a big player like you, but my production is of tangible things, not IT and other cerebral bullshit. I have a quarter section of cotton(850 lbs/acre) and a whole section of soybeans(125-130bu/acre) under cultivation. FWIW, I love to use Monsanto GM seeds. I have invested my money to provide multiple revenue streams and I produce actual....stuff, lots of it. You are the person who doesn't produce anything except the intangible.....intangible stuff that's very similar to what you accuse me of doing. The world doesn't need people like you, but it needs me. And in your own self-deluded, sanctimonious way, you think that you have the moral high ground...keep thinking that, just keep thinking that. I'm just curious what guys like you will do if and when the entire system comes crashing down. The world will go on just fine without IT geeks like you, but it does need food produced from businessmen like me.
— October 29, 2011 4:43 a.m.

Income chasm widens in San Diego

Actually, the moderator had it wrong saying that the US had its greatest expansionary period when taxes were much higher. This is patently untrue. The period from 1865-1900 when there were no income taxes was the most expansionary time in the US history. In 1865-1869 the growth in GDP was ~4.2%/year from 1869-1879 the growth in GDP was ~6.8%/year and from 1879-1900 the growth in GDP was ~5.2%/year. Plus, the GDP then wasn't falsely inflated because that period(1865-1900) of time wasn't really inflationary, in fact it was a little deflationary with the shortage of coinage, specie etc, gold-silver parity etc. But again you make the same old argument for higher taxes for the rich. In the entire population of the world, you are a 1%er. If you are so concerned with the top 1% paying more taxes, then why don't you step up to the plate and pay more to the treasury and be a leader rather than suggesting that the other guy pay more. You can make your gifts to the treasury here: Gifts to the United States U.S. Department of the Treasury Credit Accounting Branch 3700 East-West Highway, Room 622D Hyattsville, MD 20782 Do you really think that higher taxes will do anything to get us out of this financial mire? The government owes more money than the freaking money supply, that's how bad it is. No matter what they do, no matter how far they kick the can down the road, this is not going to end well. Best thing to do is protect yourself because our trusted politicians on both sides of the aisle don't have our interests at heart.....at all.
— October 28, 2011 10:21 a.m.

Income chasm widens in San Diego

Epstein has a very interesting take on this, and I personally agree with most of his erudite comments. http://video.pbs.org/video/2160792049
— October 28, 2011 5:44 a.m.

Income chasm widens in San Diego

Yeah, Miller left the Fed to become the Sec. of the Treasury. Was that a dumb move or what?
— October 27, 2011 11:30 a.m.

San Diegans on bringing in the feds

But that's not necessarily true that they always get bailed out. GS didn't get bailed out last quarter and they lost big time.
— October 27, 2011 3:26 a.m.

Income chasm widens in San Diego

Furthermore, I don't suffer fools gladly, I have no barbs to aim and only respond in kind.
— October 27, 2011 3:24 a.m.

Income chasm widens in San Diego

I would suggest that Fed policy since Burns has been contrary to the benefit of the lower and middle quintiles.
— October 27, 2011 3:20 a.m.

San Diegans on bringing in the feds

Actually, that guy was a fraud and there was a brouhaha among market participants for a day or so when this guy went viral. http://nymag.com/daily/intel/2011/09/bbcs_goldman… Still, he does bring a couple of valid points. I am called heartless because of my uncaring attitude about markets, but I am realistic and I am not rooting for the market to move in any direction, ever. I only hope it moves, either way and I get a crack at it. I only care what the market will return for me, and if I have to sell 1000 S&P contracts short and hope the market goes south, so be it. Of course if I'm short 1000 contracts and the market rallies, I ask for no pity. The markets are bigger than governments and there's nothing for an individual or government to do to stop the Mistress of the Market when she gets on a tear, so the key is to go with the flow. The market is going to do what it does and the Fed and government might influence it in a shorter term, but longer term, it's going to do what it does.
— October 26, 2011 6:13 p.m.