But first as a quick aside, something happened in the stock market yesterday that gave us the tee-hee giggles.. For those who aren't aware, we wanted to share..
It seems the Associated Press' Twitter account had gotten hacked into and a hoax tweet was released. Now the specifics of the tweet we do not find humorous in any shape or form-- the tweet lie was that there were two explosions at the White House which injured the President.
What we enjoyed was Wall Street's response, an instant drop of 145 pts and by extension $200 billion of value from the stock markets. It was brief but pleasurable..
1) Most if not all of mainstream media is dependent on two sources for the vast majority of the news stories it reports: AP and Reuters.
For the most part, newspapers and visual media are too Cheap and Lazy to hire Real reporters and investigative journalists.. So they're heavily dependent upon those two sources for everything they report
2) For all the supposed education that professional traders and Investors have-- the degrees from top name Universities, etc, they're all pretty much a barrel of mindless monkeys holding each other's "tails" in the hopes the lead monkey knows what he/she is doing...
When we say we wish the market would drop 4 digits in a single day, we absolutely mean it... Wall Street is such a cesspool of greed and Ground Zero when it comes to the slow, continual destruction of our nation economically.
However, we do not want terror or destruction to be the cause.. We much rather it be triggered by Wall Street's own greed and let that in itself trigger the run.
This topic leads back to our original one--
"The upper 7 percent of households owned 63 percent of the nation's total household wealth in 2011, up from 56 percent in 2009, said the report from the Pew Research Center, which analyzed new Census Bureau data released last month.
The main reason for the widening wealth gap is that affluent households typically own stocks and other financial holdings that increased in value, while the less wealthy tend to have more of their assets in their homes, which haven't rebounded from the plunge in home values, the report said." (AP)
"The average net worth of households in the upper 7 percent of the wealth distribution rose by an estimated 28 percent, while that of households in the lower 93 percent dropped by 4 percent... the mean wealth of the 8 million households in the more affluent group rose to an estimated $3.2 million from an estimated $2.5 million while that of the 111 million households in the less affluent group fell to roughly $134,000 from $140,000."
Doin' a hell of a job Benji! All that in only four years...
1) Currently, if you stay in a nice high quality hotel, you're paying around 15% in state taxes. So for every stock market transaction where you buy stocks or sell at a profit, you're charged 6-10%. depending on the amount invested
Invest $1000, pay a $60 tax. Invest $10,000 and pay $1,000.
The positives of this is it would discourage people from entering the stock market which really is for people's own good since its the economic equivalent of shark infested waters and it would kill off day trading.
Speaking of which, this extra tax would be placed on new automobiles over $100k, diamond purchases over $20k, fur coats (real or faux) over $2k, etc.. Items that typically the very affluent would be able to afford to buy, are taxed.
3) Force bricks and mortar businesses to turn in All state taxes. No more discounts for turning taxes in early. Pay back to the state 100% of what was collected by X date or pay penalties
We can go on and on but the point is this-- Instead of trying to close some imaginary loophole where every people can maybe save a buck or two, states should be concentrating on closing real loopholes that allow those with the means to escape paying what they owe so the struggling can have increased burden.
Leave the Internet alone.. Let shopping be tax-free!
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