OffendedOnYourBehalf

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @Mia6778a7to @BrentoDumpCity @RockChartrand Capitalism is private ownership of the means of production and its use for the purpose of obtaining profit. This does not exclude finance capitalism which is making profit by zero-sum rent-seeking.

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @BrentoDumpCity @RockChartrand Remind me again how allowing banks and insurance companies to commit fraud is not zero-sum game?
Even if they go bust there will be new fraud companies to replace them, because fraud is profitable. You keep getting more fraud because you tolerate it.

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @BrentoDumpCity @RockChartrand Try to keep up. We were talking about private insurances provided to private banks to cover clearly fraudulent loans unloaded on to private pensions.

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @BrentoDumpCity @RockChartrand What I described is one major part of what caused the 2008 crisis. Calling this "good for customers" is Orwellian double talk.
Flooding market with bad mortgages will increase prices for everyone that wants to buy a house. As if bubbles are good for economy.

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @BrentoDumpCity @RockChartrand This is essentially allows banks to make money even with deadbeats.

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @BrentoDumpCity @RockChartrand Typo. CDO should be CDS, a credit default swap. This insurance allows bank to insure a mortgage against default.
Banks wrap mortgages in securities(MBS) to sell it to pension funds. So on default the banks collect insurance and pension take the loss.

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @BrentoDumpCity @RockChartrand Banks live on multi trillion dollar bailouts which they receive at least once per decade.

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @BrentoDumpCity @RockChartrand FIRE sector does not create wealth. It transfers wealth. If you think transfer payments are wealth creation, maybe you should shuffle money from one pocket to another. You'll be rich in no time.

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @BrentoDumpCity @RockChartrand Not "Real capitalism," but it's essentially how it's practiced.
Finance, insurance and real estate(FIRE) sector has grown enormously over the last 100 years. It by definition works on zero-sum basis. They just love when the morons confidently boast that there is no zero-sum games

[OffendedOnYourBehalf @OffendedOn]

@RealKeithWeiner If you manage to get $10k/month pension from stock market the implication is that people who work and bear the real cost, will provide you products and services to allow you to spend.

[OffendedOnYourBehalf @OffendedOn]

@RealKeithWeiner If the old don't work they live off the young who do the work. No amount of financialization with stocks or index funds will change that.
Stock market itself has become the funnel that is used hand out FED bailouts mostly to the top 10%.

[OffendedOnYourBehalf @OffendedOn]

@SpencerBell479 @BrentoDumpCity @RockChartrand When the industrial revolution started in Britain, the common lands were enclosed. When previously one could feed themselves by fishing, foraging, farming etc commons, now this was no longer possible. Thus were the people forced to factories to work in dismal conditions to live.

[OffendedOnYourBehalf @OffendedOn]

@joonasilm Suomen pitää päästä eroon eurosta ja korvata se Greenback tyyppisellä valuutalla, jossa pankit eivät voi repiä korkoa lähes kaikesta kierrossa olevasta valuutasta.
Verotuksen pitää kohdistua "ilmaisiin lounaisiin," esim tonttien arvonnousuun, eikä työn tekoon ja kulutukseen.

[OffendedOnYourBehalf @OffendedOn]

@joonasilm Fiat-rahassa ei sellaisenaan ole ongelmaa, jos se on oikeasti valtion raha, eikä yksityisten pankkien raha. Kun valtio verottaa se vaatii kansalaisilta, että ne hankkivat rahansa tekemällä töitä. Kun pankit luovat rahan, ne saavat korkoa kasvavan siivun tästä työstä.

[OffendedOnYourBehalf @OffendedOn]

@ppllkkjjI @squrrlwhsprr26 @cornu__copia If there is a property tax and borrower defaults on the loan, the property becomes hot potato for the bank and it wants to get rid of it or else the tax starts eating banks balance.
With no tax bank can wait until property prices start rising again to continue debt pyramiding.

[OffendedOnYourBehalf @OffendedOn]

@ppllkkjjI @squrrlwhsprr26 @cornu__copia Of course they are expensive. Not taxing property means that price can be increased. In the view of the banks when government untaxes property, it means that that money is now available to pay higher mortgage payment.

[OffendedOnYourBehalf @OffendedOn]

@GR1FF1NONE @brew56200 Usually it's to grab the land. Once you have grabbed the land you have prevented people from supporting farming and supporting themselves. So now the people have to pay rents and take a job from the landowners/big business. "Voluntarism" at it's finest.

[OffendedOnYourBehalf @OffendedOn]

@alpaysh "There is no such thing as zero-sum game" Master Elon explained calmly, as he was preparing to unload his money hemorrhaging SpaceX/xAI business on to unsuspecting pension funds with an IPO.

[OffendedOnYourBehalf @OffendedOn]

@ErkkilaJorma Palkansaajan pitäisi myös saada vähentää asuntokauppojen tappiot ansioveroista.