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Have you made "enough money" ? Options · View
Guest
Posted: Wednesday, September 25, 2013 8:11:57 AM

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Apr 29, 2010 - Obama: “I do think at a certain point you've made enough money”

As with all things Obama, it is fuzzy, first he never states what amount of money is enough?

and 2ndly it has never been the business of the US governnemt , until now, to concern itself with how much a private citizen makes, this was determined by skills, ability, education and want-to.

So do any of you have any idea of a dollar amount this President is suggesting is enough?

thanks
LadyX
Posted: Wednesday, September 25, 2013 8:14:27 AM

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I'll go with a million bucks. If I have a cool mil in the bank, and the President tells me that's enough, I'll be good with it. He might have a lower figure in mind, in which case, I'm willing to negotiate.
Guest
Posted: Wednesday, September 25, 2013 8:47:39 AM

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LOL, ok a cool banked million it is. For me it is over twice that much and I want to continue to earn what I can for as long as I can. Other people's slice of the pie does not get smaller as mine grows larger.
overmykneenow
Posted: Wednesday, September 25, 2013 10:16:23 AM

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Melman wrote:

and 2ndly it has never been the business of the US governnemt , until now, to concern itself with how much a private citizen makes, this was determined by skills, ability, education and want-to.


Skills, ability and education just allow access to becoming middle class and nothing else. Personal wealth is still largely down to who your parents were.

There's a good reason wealth and luck share the synonym fortune.

Free-market governments do need to concern themselves that money circulates and growth is freely available to all. It also has to impose limits on free markets because if they don't the markets will simply end up becoming monopolies or cartels. Personal wealth is, in essense , no different to any other own-able commodity.



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Guest
Posted: Wednesday, September 25, 2013 10:25:39 AM

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Personal wealth is still largely down to who your parents were.." Bullshit

My father had only a 8th grade education, yet , thru hard work and savings managed a very nice living for us.

The money that anyone should have is that money that is earned. That money passed on by parents was earned and then directed to the children.

The question remains, should the sitting President of these United States be telling us that we have made enough.

His current net worth has rocketed higher since entering the White House , currently estimated at $12.2 Million. Yet he continues to earn more, tax defer many 10's of thousands of dollars every year, so is this the standard of earning and net worth. So a yearly salary of 400 thousand and another 200 thousand from other sources is about right , IF we use his numbers as our guide.
LadyX
Posted: Wednesday, September 25, 2013 12:05:15 PM

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Melman wrote:

The question remains, should the sitting President of these United States be telling us that we have made enough.

His current net worth has rocketed higher since entering the White House , currently estimated at $12.2 Million. Yet he continues to earn more, tax defer many 10's of thousands of dollars every year, so is this the standard of earning and net worth. So a yearly salary of 400 thousand and another 200 thousand from other sources is about right , IF we use his numbers as our guide.


Clearly that quote (and the implied views on economic equality within) is off-putting to you, and that's understandable. But it's just one comment in support of the closing of loopholes and raising of taxes for the top 1%. I'll also assume that you oppose such action, and fair enough. But beyond that, why exert any energy over a transparently rhetorical statement? He's not literally arguing for a cap on incomes, so why bother to oppose it as if he were?
Magical_felix
Posted: Wednesday, September 25, 2013 12:52:39 PM

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overmykneenow wrote:


Skills, ability and education just allow access to becoming middle class and nothing else. Personal wealth is still largely down to who your parents were.



What a retarded statement... Because every athlete, recording artist, computer genius, movie star, successful restauranteur, award winning chef, wallstreet shark, best selling novelist, ceo, contractor, etc all had rich and powerful parents?

You sound like someone looking to blame something else besides yourself for your lot in life.







roymunson101
Posted: Wednesday, September 25, 2013 1:34:09 PM

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Actually, who you parents are does have a significant impact on a person's wealth. Obviously this is not the only determining factor, but from my experience it more people inherit significant wealth than accumulate it via starting from nothing. It is really simple math. For every one J.P. Morgan that earned his wealth during his lifetime, there is a family tree of heirs that inherited that money.
seeker4
Posted: Wednesday, September 25, 2013 2:16:44 PM

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Look at the Walton family. All they are doing is living off the store Dad/Grandad created and that's enough to put several of them on the Forbes richest list. Sure, some heirs do put in the hours but they aren't relying on that income like an enterpreneur starting from scratch or a 9-5'er. Galen Weston here in Canada still works even though he's running a successful retail empire started by a generation or two before him and could probably just a hire a competent CEO and retire to an island.

For me, enough money is having what I need to live my life comfortably and save so I can ditch the working world someday and enjoy some semblance of a retirement. I don't need a billion net worth to do that. Probably don't even need more than a couple million, really. There really does come a point where you just have more money than you need or even want. Which is part of why Gates and his buddy Buffett are now being ethical rich guys and dumping significant amounts of their wealth into projects like developing an AIDS vaccine and controlling malaria.


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shaun69
Posted: Wednesday, September 25, 2013 3:27:46 PM

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If obamas quote is true, when his term is over will he not go on the speaking/ lecturing circuit and get paid fortunes, like that mercenary bastard Blair, or will he refuse the money because hehas enough?
kylie_kained
Posted: Wednesday, September 25, 2013 4:03:37 PM

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They say to live comfortably you need at least four million in the bank to never work again. That's fine but would you really be happy?
















Monocle
Posted: Wednesday, September 25, 2013 4:12:28 PM

Rank: Forum Guru

Joined: 2/19/2007
Posts: 301
Context

Obama wrote:

Now, what we’re doing -- I want to be clear, we’re not trying to push financial reform because we begrudge success that's fairly earned. I mean, I do think at a certain point you’ve made enough money. (Laughter.) But part of the American way is you can just keep on making it if you’re providing a good product or you’re providing a good service. We don't want people to stop fulfilling the core responsibilities of the financial system to help grow the economy.


First off, it was a humorous line. Second, it was addressing the excesses of Wall Street, which paid itself millions in bonuses while being bailed out by us, after coming close to burning the global economy down. In that context, yeah. There's an "enough money" point.
MissyLuvsYa
Posted: Wednesday, September 25, 2013 4:21:00 PM

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Obama hypnotizes the working class with meaningless rhetoric but has done nothing for them. The rich are getting richer and the poor are getting poorer while he plays golf.
Monocle
Posted: Wednesday, September 25, 2013 4:34:55 PM

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MissyLuvsYa wrote:
Obama hypnotizes the working class with meaningless rhetoric but has done nothing for them. The rich are getting richer and the poor are getting poorer while he plays golf.


That's grade-A bullshit right there.
MissyLuvsYa
Posted: Wednesday, September 25, 2013 4:37:36 PM

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Monocle wrote:


That's grade-A bullshit right there.


I must've hit a sore spot!!! I guess that's why you got your panties in a wad!!! LOL

The one spreading bullshit is you!
Monocle
Posted: Wednesday, September 25, 2013 4:42:08 PM

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Joined: 2/19/2007
Posts: 301
MissyLuvsYa wrote:

The one spreading bullshit is you!


Your Obama Derangement Syndrome is showing.
Dazzleme04769
Posted: Wednesday, September 25, 2013 5:31:26 PM

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Location: Aroostook, United States
Made enough money? Nope - the material I use is not passing for real money.
Magical_felix
Posted: Wednesday, September 25, 2013 5:45:49 PM

Rank: Wild at Heart

Joined: 4/3/2010
Posts: 5,196
Location: California
roymunson101 wrote:
Actually, who you parents are does have a significant impact on a person's wealth. Obviously this is not the only determining factor, but from my experience it more people inherit significant wealth than accumulate it via starting from nothing. It is really simple math. For every one J.P. Morgan that earned his wealth during his lifetime, there is a family tree of heirs that inherited that money.


Simple math? Math requires numbers, not personal experience... But, the heirs would have to split up the money of one man, unless it all goes to one child. Plus the wealthy man probably has a big company to run, or several. Within that company, or companies, there are people that come from nothing that worked their way up to the high paying positions of that company. No empire is really ran by just one man. You think the only person that became wealthy from Walmart is Sam Walton and his family? Walmart employs 2 million people, do you think all two million are stock boys and cashiers? Walmart must have a pretty big board of directors who I doubt are on the board because their parents were rich. You think Sam Walton had rich parents? He grew up on a farm.

Every single wealthy family started from nothing at one point. To sit back and say "well, I'll never be wealthy because my parents were poor" is defeatist at best.



Buz
Posted: Wednesday, September 25, 2013 6:12:31 PM

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Magical_felix wrote:


Simple math? Math requires numbers, not personal experience... But, the heirs would have to split up the money of one man, unless it all goes to one child. Plus the wealthy man probably has a big company to run, or several. Within that company, or companies, there are people that come from nothing that worked their way up to the high paying positions of that company. No empire is really ran by just one man. You think the only person that became wealthy from Walmart is Sam Walton and his family? Walmart employs 2 million people, do you think all two million are stock boys and cashiers? Walmart must have a pretty big board of directors who I doubt are on the board because their parents were rich. You think Sam Walton had rich parents? He grew up on a farm.

Every single wealthy family started from nothing at one point. To sit back and say "well, I'll never be wealthy because my parents were poor" is defeatist at best.


Jack posted the best response on here so far.

America has had a great history of producing many who started from nothing and became rich and successful through their own creativity, inventiveness, ingenuity, and willingness to work very hard. Our problem now is that there is an ever increasing gulf between the very rich and the poor as the American middle class shrinks. It is continuing to do that right now. The current tax system gives way too many tax breaks to the ultra rich while penalizing small businesses. A healthy economy that benefits the most people is when the middle class thrives.

There needs to be a healthy but regulated free market, like the one envisioned by President Theodore Roosevelt when he led the effort to control and break up the huge corporate trusts at the turn of the 20th century. A free market that competes for business by offering the best service and the lowest prices. There also needs to be regulated government that doesn't stifle economic growth. Obviously with things out of kilter as they are now, some adjustments need to be made. Right now I feel there is too much partnership between big government and big business. Who got bailed out when the recession started? Not small businesses. Not the middle class. Not the poor. Big business did. Wall Street and big corporations that employee big unions (mass voting groups.) This really did very little to help most Americans. There are two political parties that offer the status quo and they are called the Republicans and the Democrats. Are you happy with things as they are or do you want to see real changes?


LadyX
Posted: Wednesday, September 25, 2013 7:08:11 PM

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MissyLuvsYa wrote:
Obama hypnotizes the working class with meaningless rhetoric but has done nothing for them. The rich are getting richer and the poor are getting poorer while he plays golf.


I don't think Obama's a very good president either, but why do people refer to the guy like some cross between Hitler and the Antichrist? He doesn't "hypnotize" anybody to do anything. He's just a guy in a suit that gives good speeches. Politicians almost by definition don't do substantive things for individuals. They're in it for themselves above all else (look no further than Ted Cruz's fake filibuster for a good example of this). If they can help us in the process? That's a bonus.
roymunson101
Posted: Wednesday, September 25, 2013 7:16:08 PM

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Magical_felix wrote:


Simple math? Math requires numbers, not personal experience... But, the heirs would have to split up the money of one man, unless it all goes to one child. Plus the wealthy man probably has a big company to run, or several. Within that company, or companies, there are people that come from nothing that worked their way up to the high paying positions of that company. No empire is really ran by just one man. You think the only person that became wealthy from Walmart is Sam Walton and his family? Walmart employs 2 million people, do you think all two million are stock boys and cashiers? Walmart must have a pretty big board of directors who I doubt are on the board because their parents were rich. You think Sam Walton had rich parents? He grew up on a farm.

Every single wealthy family started from nothing at one point. To sit back and say "well, I'll never be wealthy because my parents were poor" is defeatist at best.


See that is where you are sorely mistaken. I never said that. You are totally right. Simple math doesn't come from personal experience, but you proved my math for me. One person times many heirs = greater number of people than originally had the money. That is simple math, and I didnt even have to use my accounting degree to break it down for you.

You are totally right about Sam Walton. Thanks for proving my point for me. One man worked and made his money and made several of his heirs wealthy. Many heirs > than 1 Sam Walton.
Magical_felix
Posted: Wednesday, September 25, 2013 8:02:05 PM

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roymunson101 wrote:
One person times many heirs = greater number of people than originally had the money. That is simple math, and I didnt even have to use my accounting degree to break it down for you.

You are totally right about Sam Walton. Thanks for proving my point for me. One man worked and made his money and made several of his heirs wealthy. Many heirs > than 1 Sam Walton.


They must not teach reading in accounting classes...

Magical_felix wrote:


But, the heirs would have to split up the money of one man, unless it all goes to one child. Plus the wealthy man probably has a big company to run, or several. Within that company, or companies, there are people that come from nothing that worked their way up to the high paying positions of that company. No empire is really ran by just one man. You think the only person that became wealthy from Walmart is Sam Walton and his family? Walmart employs 2 million people, do you think all two million are stock boys and cashiers? Walmart must have a pretty big board of directors who I doubt are on the board because their parents were rich. You think Sam Walton had rich parents? He grew up on a farm.



Several heirs huh? How much is several? 3? How many people on the board of directors and other high paying positions within the Walmart company have come from nothing to become wealthy since Sam Walton started Walmart would you think? More than 3 maybe? Are you saying there are more heirs to Sam Walton's fortune than these people that worked their way up to the big money positions within the Walmart corporation?



Buz
Posted: Wednesday, September 25, 2013 8:51:12 PM

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LadyX wrote:


I don't think Obama's a very good president either, but why do people refer to the guy like some cross between Hitler and the Antichrist? He doesn't "hypnotize" anybody to do anything. He's just a guy in a suit that gives good speeches. Politicians almost by definition don't do substantive things for individuals. They're in it for themselves above all else (look no further than Ted Cruz's fake filibuster for a good example of this). If they can help us in the process? That's a bonus.


I think Obama would've made an totally excellent network news anchor. And wish he was that instead of president. I agree he's no cross between the Antichrist and Hitler, he's much more akin to George W. Bush with a bit of Bill Clinton mixed in and a tad of Obama. I would've been pleased with a bit more Bill Clinton, but alas it's not to be. Obama is not liberal enough for the far left and he's way too liberal for the far right, but not as liberal as they think. If he had made better decisions choosing cabinet members he might've created a much better legacy. All in all he's just a politician, and has about as much depth as Ted Cruz. You know there ain't much difference in anyone on capitol hill. I think they just choose a side that they think will get them re-elected time after time in their district and go with that. Principles? Those don't have any place in Washington, D.C.

PS. Watch the health insurance companies as they make great profits with Obamacare. They are already warming up to it.

mentalcase
Posted: Wednesday, September 25, 2013 11:01:42 PM

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Joined: 11/29/2011
Posts: 383
I lost respect for Obama after seeing him give a speech and he said 'ummmm, you know' about 4 times. He's the leader of a country..... why the hell are you talking like a 16 year old stoned out of his mind!?
Guest
Posted: Wednesday, September 25, 2013 11:31:25 PM

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Joined: 12/1/2006
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MissyLuvsYa wrote:
Obama hypnotizes the working class with meaningless rhetoric but has done nothing for them. The rich are getting richer and the poor are getting poorer while he plays golf.


That is correct. The idea that the sitting President with his millions is about to tell us that we have made enough is laughable. He also told us Business owners that we did not build it, really, shit I better tell my boss that his business was just sitting there ready for him to step in and run. We need a lot more self starters and so so many less interlopers.
overmykneenow
Posted: Wednesday, September 25, 2013 11:51:08 PM

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Magical_felix wrote:


Because every athlete, recording artist, computer genius, movie star, successful restauranteur, award winning chef, wallstreet shark, best selling novelist, ceo, contractor, etc all had rich and powerful parents?





Magical_felix wrote:


retarded



Classy


Warning: The opinions above are those of an anonymous individual on the internet. They are opinions, unless they're facts. They may be ill-informed, out of touch with reality or just plain stupid. They may contain traces of irony. If reading these opinions causes you to be become outraged or you start displaying the symptoms of outrage, stop reading them immediately. If symptoms persist, consult a psychiatrist.

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Monocle
Posted: Thursday, September 26, 2013 4:58:53 AM

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Joined: 2/19/2007
Posts: 301
Melman wrote:


That is correct. The idea that the sitting President with his millions is about to tell us that we have made enough is laughable. He also told us Business owners that we did not build it, really, shit I better tell my boss that his business was just sitting there ready for him to step in and run. We need a lot more self starters and so so many less interlopers.


We heard heard this bullshit refrain like a mantra last year during election season. It's no more true now than it was then.
roymunson101
Posted: Thursday, September 26, 2013 5:47:49 AM

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Joined: 6/6/2011
Posts: 286
Location: United States
Magical_felix wrote:


Several heirs huh? How much is several? 3? How many people on the board of directors and other high paying positions within the Walmart company have come from nothing to become wealthy since Sam Walton started Walmart would you think? More than 3 maybe? Are you saying there are more heirs to Sam Walton's fortune than these people that worked their way up to the big money positions within the Walmart corporation?


What I am saying is that those high paid Walmart employees that you are referring to leave their money to their heirs. So if you will follow me through here. Lets say there are 100 of these highly paid Walmart employees that you are referring to. If they leave their fortune to on average 2 heirs, then we have 200 people that have not accumulated their wealth, but have inherited their wealth. Then if we could follow that forward, if those 200 leave their wealth to their heirs then all of a sudden we have 400 to 800 people that have inherited their wealth from the 100 people that started it. How many people have inherited their wealth directly or indirectly from one J.P. Morgan at this point? That's what I meant by simple math. Sorry I didn't do a better job of explaining that in the first place.

Now do me one favor, if you read this and think there is a sliver of a chance that I may have a valid point, please don't resort to personal attacks like you have in other forums. This is the think tank after all. Now if you will excuse me, I have some wealthy people's inherited money to tend to.
sexyvette2469
Posted: Thursday, September 26, 2013 6:04:11 AM

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Sad part is a million dollars can and will go quickly. Years ago you could live well on the interest and dividends that amount earned. Today that same interest and dividends would have you living at the poverty level. If you are paying your own health insurance the principal gets eaten into instead of being left for heirs.

As the economy moves the million goal just won't make it. On the other hand what does Obama care. Even the worst president ever is a kept man for life after his service [?] ends. How about he and the rest of Washington don't get forever health care and retirement benefits greater than most people ever make a year?

I, therefore, go with NO you have never made enough money.

Magical_felix
Posted: Thursday, September 26, 2013 9:35:52 AM

Rank: Wild at Heart

Joined: 4/3/2010
Posts: 5,196
Location: California
overmykneenow wrote:


1. Chris Rock is a comedian. (Plus I think you missed the point of his joke.)

2. We weren't talking about race... But if you insist, certain races have had a head start. In another 200 years, there probably will be more black, hispanic, asian etc. American Billionaires then there are now. Certain races have just had more education time. Many hispanics and Asians are still first generation Americans. Whites are also the largest race of people in America, that's math though… Where's an accountant when you need one?

3. You're British right? Have you ever tried to make money in the US or even lived here before? I don't pretend to know what that would be like in the UK.

4. Look at this list. It is a list of the richest people in the world. Click on the ones from the US that are in the top 100, starting from the top. How many are self-made and how many are inherited? It's not the lack of wealthy parents that will hold someone back from becoming wealthy, it's the lack of vision. Those people are visionaries. Geniuses look up to them and say… "Fuck, those guys are smart."

5. LOL!

overmykneenow wrote:


Classy


I never claimed to be classy. I'll leave the pseudo-internet-classiness to you and the other retards you're interchangeable with.





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