Comments by "L.W. Paradis" (@l.w.paradis2108) on "Krystal and Saagar: NEW Data Shows Millionaires, Billionaires Own 79% Of America’s Wealth" video.

  1.  @shaykayback  I'll tell you what. When essential workers cannot make ends meet but everywhere you look, you see grifters of every stripe becoming fabulously wealthy, something is very wrong. Who needs to look a hundred years ago (though that brings us to the decade that saw the rise of Hitler and the 1929 stock market crash, incidentally)? Take a look at more recent history, when many people alive today were already born. In 1950, 1960, 1970, 1980 you certainly did not see this many assets in the hands of so very few. What happened? (Can you say "financialization?") Do you think the quality of life is better now? Do you think everyone was "equally poor" in 1970? No. A minimum wage summer job paid for in-state tuition for a full year at the premier state universities throughout the country. Two people making minimum wage could live in any major city -- frugally, but they could. It paid the rent in San Francisco or New York. That's called freedom. Take a look at all the corporations that have no profits but their founders are billionaires. Hm. How did that happen? Take a look at all the corporations that either pay no taxes, or pay more to lobbyists than they do in taxes. Hm. Odd, isn't it? When Uber went public, it stated in its IPO documents that its business model may never lead to profitability. Gee. What happened to market discipline? IOW, don't give me that crap. Don't imagine everyone is stupid.
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  2.  @Panda_J1  Immigrants from WHERE? And WHY? Deluded.
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  3.  @shaykayback  Roughly half that many, and equity in one's home must be included to get to that number. The state with the highest proportion of millionaires is New Jersey, and fewer than 10% are millionaires, including equity in real estate. Misleading, since many of these people would be at risk of foreclosure if they were to lose their jobs. We normally think of a millionaire as secure from that calamity. The Federal Reserve Board never defines anyone as a millionaire if they do not have a million dollars net in financial assets, and some sources count only liquid assets (cash equivalents), net, to determine who is a millionaire.
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  4.  @shaykayback  At any rate, according to your number, 87% of the people own only one fifth of all the assets in the entire country. The other 13% own four-fifths. Sounds like a fun place.
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  5. @Shreshth Kaushik  Roughly half that many are "millionaires," and equity in one's home must be included to get to that number. The state with the highest proportion of millionaires is New Jersey, and fewer than 10% there are millionaires, including equity in real estate. Misleading, because many of these "millionaires" could be at risk of foreclosure if they were to lose their jobs. We normally think of a millionaire as secure from foreclosure, unless they make some huge financial mistake. The Federal Reserve Board never defines anyone as a millionaire if they do not have a million dollars net in financial assets, and some sources count only liquid assets (cash equivalents), net, to determine who is a millionaire. This makes more sense.
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  6. Not a contradiction in any case: the TOP 10% hold most of the wealth by far. That was what they are describing. Wealth is radically skewed.
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  7.  @richardvalentine9990  Apple and Microsoft execs give money to both parties. They aren't stupid.
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  8. Wow I had no idea the hyperwealthy worked so hard.
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