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In The Third Quarter, The Rich Got Richer By $1.9 Trillion

Tyler Durden's picture





 

The quarterly Flow of Funds report by the Fed has been released and the latest household net worth numbers are out. While not nearly quite as dramatic as last quarter's wholesale dataset revision, which saw all of America suddenly worth $3 trillion more primarily due to a change of how "pension entitlements" (formerly "pension reserves") are calculated (more more in the full breakdown from September), with the resulting total net worth rising to a total of $74.8 trillion, according to the just released data, in the third quarter, US housholds, or rather a very tiny subset of them, saw their net worth rise once again, this time to $77.3 trillion from a revised $75.3 trillion.

The reason for this increase, and why we say a "subset" is because virtually all of the net worth increase was the result of a $1.5 trillion bounce in financial assets (read: capital markets) to a new all time high of $63.9 trillion. As most know by know, the bulk of the exposure to this asset class is held by the ultra wealthy, particularly in the form of Corporate Equities, the category which rose by the single largest amount in the quarter, or $600 billion. Away from financial assets, the remainder, or $500 billion of the increase, was due to a rise in real estate values to $21.6 trillion, still over $3 trillion lower than the all time high for the category reached in Q4 2006.

Curiously enough, the ongoing increase in assets, and thus net worth, continues without any comparable increase in liabilities, as total household debt rose by a minuscule $116 billion, of which the $71 billion increase in consumer credit (read student and car loans) was the biggest offset to net worth growth.

This is how the US household balance sheet looked like at September 30, 2013:

 

This is how this chart looked last quarter:

 

Finally, putting it all together, when looking at the assets and liabilities of the US household on a very simplified basis, recall what Citigroup pointed out recently: "the rich hold assets, the poor have debt."

 


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Mon, 12/09/2013 - 13:57 | Link to Comment frankTHE COIN
frankTHE COIN's picture

I was given a voucher.

Mon, 12/09/2013 - 14:04 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

Funny that the rich get richer by the exact same amount that the rest of the world gets fucked

Mon, 12/09/2013 - 14:11 | Link to Comment Stock Jobber
Stock Jobber's picture

So it's a zero-sum game?  My gain is your loss?  Really?

Mon, 12/09/2013 - 14:13 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

Yes it is blow jobber slurp slurp

Mon, 12/09/2013 - 14:16 | Link to Comment SoilMyselfRotten
SoilMyselfRotten's picture

Reagan is peacefully asleep in his grave, mission accomplished

Mon, 12/09/2013 - 14:24 | Link to Comment Colonel Klink
Colonel Klink's picture

On a long enought timeline....

Mon, 12/09/2013 - 14:27 | Link to Comment Ying-Yang
Ying-Yang's picture

Trickle down.... my butt

Mon, 12/09/2013 - 14:32 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Piss-on-down (aka It's raining? Really, Bernanke? I see you & your 2.7" pud in your greasy hands...)

Mon, 12/09/2013 - 14:25 | Link to Comment MachoMan
MachoMan's picture

Actually, it's probably worse than neutral at the moment...  the real pie is shrinking.

Mon, 12/09/2013 - 15:20 | Link to Comment Dr. Acula
Dr. Acula's picture

>So it's a zero-sum game?  My gain is your loss?  Really?

There is no means to assign numerical values to subjective valuations, so there is no "sum".

But, theft is an obvious example where one person gains and another loses.

It's similar when the Federal Reserve creates tokens of exchange, as the earliest receivers of the new money bid up prices for everyone else. The victims cannot cease using the dollar; for example, it is the only way to extinguish tax obligations.

Mon, 12/09/2013 - 13:58 | Link to Comment Dr. Engali
Dr. Engali's picture

What catagory does bitcoin fall into?...Other assets?

Mon, 12/09/2013 - 14:07 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

Non tax exempt donation to the rich

Mon, 12/09/2013 - 14:27 | Link to Comment Frozen IcQb
Frozen IcQb's picture

What catagory does bitcoin fall into?

Un-Tangible Non-Financial?

Mon, 12/09/2013 - 14:29 | Link to Comment magnetic_silver...
magnetic_silver_ideas's picture

Unregistered.

Mon, 12/09/2013 - 14:09 | Link to Comment magnetic_silver...
magnetic_silver_ideas's picture

BitCoin will always be a non-registered 'thing'... it's not an asset in the eyes of the law. Government is what defines asset, not the lay man on the street.

Meaning, it cannot be calculated using standard 'registered investment' metrics such as the numbers depicted by this post.

This is assuming that you are using the word ASSET, within the meaning of the legislation within your jurisdiction, which must be upheld by IRS.

Thank you for this good question.

Mon, 12/09/2013 - 14:15 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

If bit coin is allowed to be used by businesses legally, then it is clear that it is being generated by government owned and controlled computers.

Otherwise known as the Federal Reserve

Mon, 12/09/2013 - 14:19 | Link to Comment magnetic_silver...
magnetic_silver_ideas's picture

Incorrect. This is incomplete reasoning. Let's take it further. If business is allowed to use BitCoin, then it means that the business is excercising its rights to choose to settle a transaction with a medium of value of its choice.

There is no law which compels a business to solely transact in bank notes. ZH's users have a hard time with this. See the 3rd page of supposed BitCoin crash from a few days ago for a discussion with Manifulation.

The U.C.C. does not care what is used to transact. It's a code, it cannot prefer things, it allows the buyer and seller to meet and transact in whatever way they see fit.

Mon, 12/09/2013 - 14:21 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

Men that have guns can make any fucking thing they want illegal. You are a fucking moron.

Mon, 12/09/2013 - 14:22 | Link to Comment magnetic_silver...
magnetic_silver_ideas's picture

Enslavedchild, your reasoning would conclude that if you are excersicing a right, then you are somehow co-oped by the government. The government doesn't give rights to anyone, they are endowed by the creator. The government (nations) which have laws are there to enforce the law which limits the rights of governemnt to infringe on the rights of the free men and women.

It seems that you are mis-informed as to the foundation and the nature of fundamental principles of law.

Mon, 12/09/2013 - 15:55 | Link to Comment moonman
moonman's picture

The government may not give rights.....

But they sure as fuck take them away. If you do not agree then you are the mis-informed one

Mon, 12/09/2013 - 14:27 | Link to Comment magnetic_silver...
magnetic_silver_ideas's picture

The lips of the wise disperse knowledge, but the heart of the fool does not do so.

Mon, 12/09/2013 - 14:14 | Link to Comment magnetic_silver...
magnetic_silver_ideas's picture

For example... you buy a plot of land, you paid $10. You dig a hole, find a diamond worth $100,000.  Have your assets one up by $100,000? (granted you obtain mineral rights)

Answer is, no, not unless you take the diamond, and SELL it for Bank Notes or any other asset in the eyes of the law.

But if you used, $20 of pocket money, and bought two BitCoins, and these went to $1000 each, then you have no more assets than the $20 you had, in the eyes of the law.

Same with a painting that cost $40 in oil colors, brushes and canvas. If the painting is sold for $100000, the time prior to sale it was not an asset with greater value than $40 - yes in your mind you thought you had a picasso - but it wasn't something valuable until you exchanged it for another asset, i.e. bank notes, another widget, a bar of gold, whatever medium of value is used to settle the transaction.

 

 

Mon, 12/09/2013 - 14:21 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

Stick your but coins up your ass

Mon, 12/09/2013 - 14:28 | Link to Comment magnetic_silver...
magnetic_silver_ideas's picture

A scoffer does not love one who corrects him, nor will he go to the wise.

Mon, 12/09/2013 - 14:34 | Link to Comment Stuck on Zero
Stuck on Zero's picture

What category do precious metals fit into? 

 

Mon, 12/09/2013 - 14:41 | Link to Comment Colonel Klink
Colonel Klink's picture

Tradition!

Tue, 12/17/2013 - 16:14 | Link to Comment shermacman
shermacman's picture

Prostitution!

Mon, 12/09/2013 - 15:13 | Link to Comment ejmoosa
ejmoosa's picture

Entertainment

Mon, 12/09/2013 - 14:02 | Link to Comment TrustWho
TrustWho's picture

And the rich are asking: "Where are the fools that will monetize my assets? or "How can I sell without causing a crash?"

Mon, 12/09/2013 - 14:16 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

A crash benefits the rich.

Mon, 12/09/2013 - 14:40 | Link to Comment czardas
czardas's picture

There is a direct correlation between how wealth is viewed and the the health of a culture.  Early Rome, Europe until WWII, America until recently,China and India currently  - all had positive attitudes about wealth.  In the US, every town had its "rich" family who in turn funded various community projects, were the largest employers, had the biggest home, etc and who folks aspired to.  

The reverse is also true - cultures in decline inevitably turn negative about wealth.  Rome, modern Europe & teh US, the USSR, prev capitalis India and China - all had/have negative views concerning wealth.  I've seen the change in my own lifetime - part from the  universal belief in redistribution and part from the immorality of those who have so much without providing an accompanying service or product.  Yes, the wealthy pay huge amounts in taxes, donate the major portions to schools and charities but their wealth is no longer linked to a product (oil, steel, electricity, etc).  Oddly, folks don't seem to mind Hollywood idiots or jocks making hundreds of millions for relatively little output. 

Mon, 12/09/2013 - 15:24 | Link to Comment rustymason
rustymason's picture

The old WASP culture of noblisse-oblige was destroyed when the new "elites" took control. These bobos consider themselves a separate and superior race, and seem determined to steal every cent from the goyim. Pretty good job so far. They claim to be the chosen people of God ("doing God's work") and that no goy is worth one of their broken fingernails. In reality, they are nothing but parasites and will eventually pay the ultimate price for their treachery.

Mon, 12/09/2013 - 14:03 | Link to Comment ZH Snob
ZH Snob's picture

I guess the only solution is to be rich.

Does rich in spirit count for anything?

Mon, 12/09/2013 - 14:29 | Link to Comment Ying-Yang
Ying-Yang's picture

How about.. "lucky in love"?

Mon, 12/09/2013 - 14:06 | Link to Comment Stock Jobber
Stock Jobber's picture

A little off-topic but I'm curious:  is zerohedge owned by Russia Today?

Mon, 12/09/2013 - 14:11 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

RT is just another diversion tactic like Aljazeera. Neither of them say much about an actual solution such as end the fed and force the treasury to print money interest free. Neither do they talk about the fact that simply abolishing property tax would allow people to simply live on their land the way they have for tens of thousands of years without a need for government theftocracy

Mon, 12/09/2013 - 14:13 | Link to Comment Stock Jobber
Stock Jobber's picture

It's also a mouthpiece for Vladimir Putin.  Which is what prompted the question.

Mon, 12/09/2013 - 14:21 | Link to Comment Tyler Durden
Tyler Durden's picture

Zero Hedge is not owned by, or affiliated with, any corporate or sovereign entity, and certainly not RT or Putin.

Of course, you are free to assume that any media outlet critical of idiotic fiscal and monetary policies in the US is a secret KGB plant designed to spread evil communist and/or socialist fact-based disinformation. Oh wait, we meant capitalist.

Mon, 12/09/2013 - 14:26 | Link to Comment Opinionated Ass
Opinionated Ass's picture

critical of idiotic fiscal and monetary policies

But that's a bait and switch. The article you posted is critical of rich people not idiotic government policies. Why are you stirring up envy against rich people?

Mon, 12/09/2013 - 14:34 | Link to Comment Ying-Yang
Ying-Yang's picture

When the FED, Congress and Banksters are picking winners and losers it is not a fair game.

Mon, 12/09/2013 - 14:33 | Link to Comment Tyler Durden
Tyler Durden's picture

You may be new here, but Zero Hedge does not have a high opinion of a Federal Reserve, whose wealth redistributionist policies, taking from the middle class via ZIRP, and hading gains to the "0.1%", are no longer just conspiracy theory posted on Zero Hedge in 2009 but widely accepted fact. It certainly does not have a high opinion of Fed which due to its market manipulative practices has made the legislative branch of government irrelevant, as any and every Congressional dysfunction is promptly masked with "but... but... look at the all time high stock market."

Mon, 12/09/2013 - 14:47 | Link to Comment Opinionated Ass
Opinionated Ass's picture

But what if you're a non-crony capitalist entrepreneur in the 0.1% with $10 million in the bank or bonds as your retirement nest egg. No public pension. Because of Bernanke, you're getting only $100,000 per year now -- the same as a retired cop in some places.

Bernanke's money printing certainly is no friend of that rich guy, right? So why lump him in with the Goldman Sachs crony thieves?

You mentioned "middle class". Karl Marx is the guy who kept pushing "class warfare". I don't think class is a useful word. We're all voluntary traders in an ideal capitalist society. Some are better at offering valuable solutions than others and not squandering their money. Those are the guys who get rich and control scarce resources to launch some new business venture. And rightly so.

Mon, 12/09/2013 - 15:35 | Link to Comment rustymason
rustymason's picture

OA, you are like a neutered dog: you just don't get it. This is not about class envy (that was so last century). This is about a system that is grossly corrupt. It is about a system where international banksters and their brethren are siphoning off billions of dollars for themselves and are getting away with it. They are creating money out of thin air, then stuffing their own personal bank accounts with it, through multiple illegal and immoral scams. They use their illl-gotten wealth to retroactively change laws in their favor or just buy off all of the regulators, judges, and congressmen. In so doing, they are running the country into the ground and make life miseable for everyone.

You are, in your naivete, covering for them.

Mon, 12/09/2013 - 16:28 | Link to Comment Opinionated Ass
Opinionated Ass's picture

I agree with you on everything except smearing rich people with a broad brush.

 

grossly corrupt system = bad

international banksters = bad

creating money out of thin air = bad

wealth to change laws = bad

buy off regulators = bad

 

But you didn't mention rich people once in your post. Tyler mentioned rich twice just in the headline.

You might think I'm quibbling, but I don't think all rich people are in bed with Bernanke. You do?

Mon, 12/09/2013 - 19:16 | Link to Comment rustymason
rustymason's picture

OA, where are the super rich people fighting for you and against the other super rich? On TV? In the papers?  In Congress? On milk cartons? Riding unicorns in your head?

Mon, 12/09/2013 - 23:19 | Link to Comment czardas
czardas's picture
  • The trouble is ZH generalization, i.e. you have wealth ergo you and Bernanke are BFF. ZH has long been associated with the conspiracy crowd but that's not entirely justified.  There are many Tylers.  "Insider" Tyler closely follows the investment banks, "Technical" Tyler (my favorite) pens the best but least popular articles on technical trends, "Fundamentals" Tyler sounds like a former broker and talks a lot about levels and charts, FOREX, gold, etc.  "Provocateur" Tyler deals with issues few journalists will touch (Goldman's takeover of Europe via a Technocratic Coup) - his tone reminds me of Daily Reckoning.  "Foreign" Tyler reports on international issues, has a soft spot for Syria, Iran & Russia and knocks Israel, the UK and the US.  He is by far the most popular.  Whichever Tyler is writing, though, you always get an intelligent, cogent article even if the talking points get repetitive at times. 
Mon, 12/09/2013 - 14:42 | Link to Comment Dr. Engali
Dr. Engali's picture

The Hedge is not stirring up envy over rich people. They are pointing out the fact that the Bernank's policies are only benefiting the top 1%. The Bernank's policies and his destruction of the middle class should concern the rich, as the middle class is what keeps the poor off their doorsteps. 

Mon, 12/09/2013 - 14:52 | Link to Comment Opinionated Ass
Opinionated Ass's picture

The Hedge is not stirring up envy over rich people.

Do I need to give you links to the dozens of "growing equality gap" stories Tyler feeds us regularly. What the hell's wrong with inequality per se? Government thievery bad. Inequality good. Or should we all get our faces disfigured to match the average?

Mon, 12/09/2013 - 14:56 | Link to Comment Dr. Engali
Dr. Engali's picture

You're misssing the point. The issue is not wealth and wealth building. It's the central planning that benefits only the wealthy that is the issue. Surely you have been around long enough to grasp that.

Mon, 12/09/2013 - 15:13 | Link to Comment Opinionated Ass
Opinionated Ass's picture

Tyler's logic: Bernanke's policies only benefit certain rich individuals therefore all rich people are evil.

My logic: Bernanke's policies only benefit certain rich people therefore Bernanke and his rich beneficiaries are evil.

 

I oppose a blanket smear of rich people. Many rich people are being hurt by Bernanke as well as many poor people too.

 

 

Mon, 12/09/2013 - 15:40 | Link to Comment Dr. Acula
Dr. Acula's picture

"It's the central planning that benefits only the wealthy that is the issue."

I don't think it benefits anyone, really.

Is it worth it to commit crimes that significantly retard human progress, including the development of therapeutic technologies, knowing you are now fated to wither and die within a few decades?

Hampering the free market harms even the wealthiest crony capitalists. The technologies that haven't been allowed to come into existence cannot be had now for any amount of money.

 

Mon, 12/09/2013 - 14:40 | Link to Comment Opinionated Ass
Opinionated Ass's picture

communist and/or socialist fact-based disinformation. Oh wait, we meant capitalist.

Are you saying that capitalism is the same as socialism? Say it ain't so. To me, capitalism means strong private property rights with minimal government interference in the free market.

Maybe you agree with that definition but are pointing out how the mainstream has bastardized the word "capitalism" to mean the current system in the US which I agree is socialism.

My opinion is that we should hang on the the word capitalism and defend its definition. Maybe won't work though. After all "liberal" used to be short for classical liberal. Now liberals are socialists and classical liberals had to retreat and call themselves libertarians. Language wars what a pain in the ass.

Mon, 12/09/2013 - 14:50 | Link to Comment Dr. Engali
Dr. Engali's picture

You have a lot to learn This system we have here is neither capitalism, nor socialism. It's fascism pure and simple. The plutocrates throw in just enough capitalism in to placate the free market people while at the same time giving  the socialists something to point their finger at for the problems. And they throw in just enough socilasm in for the capitalists to point their fingers and say "see socialism is screwing everything up". While they pit the two factions against each other they steal the country's wealth.

Mon, 12/09/2013 - 14:57 | Link to Comment Opinionated Ass
Opinionated Ass's picture

I agree that what the US has is more correctly fascism. I think we'd agree that the more general label of statism covers socialsm (Stalin/Mao types) and fascism (Hitler/Bush/Obama types). 

Don't you think that true capitalism is opposed to statism? I do. So I don't like Tyler's smirking reference against capitalism. But I guess I'm the only one. Oh well.

Mon, 12/09/2013 - 16:57 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

Capitalism used to mean that you if you succeeded in an endeavor you reaped the rewards.
But if that endeavor failed,you reaped the losses.
That don't happen so much to a small select few.
Just like communist Russia used to have special lanes on the road for the select few.
USA all upside down.you all belong to motherland now.
Back to work peasants.
Have a nice day.

Mon, 12/09/2013 - 14:24 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

Putin is just as evil as obummer

Mon, 12/09/2013 - 14:21 | Link to Comment Opinionated Ass
Opinionated Ass's picture

Yeah I'm starting to wonder if Tyler is going commie on us too.

I love rich people. I love them so much I want to be just like them. What's wrong with that?

Is it so hard to make a distinction between crony capitalist rich and regular capitalist rich?

What's going on here Tyler?

Mon, 12/09/2013 - 14:35 | Link to Comment Ying-Yang
Ying-Yang's picture

OA are you MBD in disguise?

Mon, 12/09/2013 - 17:04 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

OA "I love rich people. I love them so much I want to be just like them. What's wrong with that?"
Sucka
You ain't getting in that club.the tickets are long gone.but if you feel the need to cling to the merkin dream then go right ahead.
It COULD be you............
You can just make out the soft sound of a gentle giggle from the top floor.

Mon, 12/09/2013 - 17:15 | Link to Comment Opinionated Ass
Opinionated Ass's picture

I agree our system now is awful. It discourages young entrepreneurs from starting out. It encourages people trying to figure out how to be friends with a parasite. Disgusting.

But if we get our way ending the Fed and crony capitalism becomes history. Let's welcome capitalism with open arms and admire successful people who serve their fellow man best and become rich. Let's not excoriate the rich and turn down the dark path of North Korean style statism.

Even Deng Xiaoping the leader of communist China came up with the slogan "To get rich is glorious". Come on guys, let's cheer on capitalism and getting stinking rich without stealing from anybody like Henry Ford and Steve Jobs did.

Mon, 12/09/2013 - 17:23 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

I agree with you to a point.
But realistically this shit ain't going to change.the general pop is too busy being slowly brain fucked by Facebook,X factor the kardashians and the creations of your hero Steve jobs.
The best trick the devil ever pulled was to convince people he didn't exist.
Steve jobs came up with some cool shit I grant you,but he turned it into a soul sucking money sucking system of enslavement.
Fair play to him I say,from a business perspective,but don't laud him like some latter day Henry Ford.
As for cheering on capitalism,grow up!
Why are people so shallow and soulless that they feel they have to aspire to the be like the rich guy?
Why not aspire to not be a prick to those around us???

Mon, 12/09/2013 - 17:42 | Link to Comment Opinionated Ass
Opinionated Ass's picture

Why not aspire to not be a prick

The guy who invented velcro is the opposite of a prick to me. I love that shit. And he got rich too. Not sure if he was shallow or soulless or not. Don't actually care. Is that soulless of me?

I think the biggest prick is the guy who votes for the politician who stirs up envy and promises to steal from the rich and give to the poor to stay elected. And yup, politicians are pricks too.

Mon, 12/09/2013 - 17:55 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

The guy who invented. INVENTED Velcro actually made something.
Sure there are still some people making a lot of money making things,but the majority of big money being made now is by rent seeking parasites.you can polish a turd but it is still a pile of shit.speculation based on connections is not productive.
You Americans are rightly proud of past achievements and innovations.
Ye put a man on the moon for fucks sake with slide rules and calculators!
Now the finest minds work on Wall Street helping evil scum to prosper from the misery of others.there is no reason for me to aspire to be like that.i will continue to make things.i will not seek to harm others.i will not become what I despise.
Peace to all rich or poor.
We all are where we are in life.the question we have to ask ourselves is am I a polished turd?

Mon, 12/09/2013 - 18:25 | Link to Comment Opinionated Ass
Opinionated Ass's picture

the majority of big money being made now is by rent seeking parasites

Not sure if that's true actually. And if it is, it won't last. The way the parasite biz works is that parasites have to be a lot smaller than the host to prosper.

 

You Americans are rightly proud of past achievements and innovations.
Ye put a man on the moon for fucks sake

Not sure if that's true either. The Boston Bombing this April was a hoax (one fake one real bomb). I'm pretty sure that President LBJ was behind the JFK assassination. And I'm pretty sure we were lied to about 9-11 (not one black box recorder recovered for the first time in aviation history. Hmm). And so, yes, I'm pretty skeptical that Americans did really put a man on the moon. Yes, the US government is evil. Yes they are capable of anything -- including a few lies here and there.

 

the finest minds work on Wall Street

Finest thieving minds. Fixed it for you.

 

i will continue to make things.i will not seek to harm others.i will not become what I despise.

I'm with you brother. Even if you get rich.

Mon, 12/09/2013 - 14:53 | Link to Comment Ham-bone
Ham-bone's picture

Mish nails it in...

US full time employees (those eligible for UE bene's...also those capable of buying a house, stawks, etc.)

'02 - 128.7 million

'08 - 134 million

'13 - 130.4 million

During this time, US population increased by by 30 million...this means about 1 in 15 entering the economy since '02 found a full time job...the rest just part timing, disability'ing, and turning into wards of the state. 

Paper is just paper...not exactly representative of a nations "rising wealth"

Mon, 12/09/2013 - 14:10 | Link to Comment Colonel Klink
Colonel Klink's picture

Boy I can't wait for the 1929 style crash so we can see these people take the biggest financial hit in history.  It's going to be epic!

Mon, 12/09/2013 - 14:11 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

You mean how they're going to fuck over little old ladies

Mon, 12/09/2013 - 14:12 | Link to Comment Colonel Klink
Colonel Klink's picture

No they're doing that now, as well as everyone else on the planet.

Mon, 12/09/2013 - 14:18 | Link to Comment Stock Jobber
Stock Jobber's picture

Because to own assets is evil?  How "rich" can a person be before you decide they deserve to be destroyed?

Mon, 12/09/2013 - 14:23 | Link to Comment Colonel Klink
Colonel Klink's picture

How about we draw the line at 400?

Never said owning assets was evil.  Don't put words in my mouth.  FUCK OFF!

Mon, 12/09/2013 - 14:24 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

You mean stealing other people's assets. And yes, it's evil.

Mon, 12/09/2013 - 14:38 | Link to Comment Dr. Engali
Dr. Engali's picture

Building wealth and owning assets is not evil. However stealing them from the poor and middle class while at the same time destroying their purchasing power is.

Mon, 12/09/2013 - 14:19 | Link to Comment MedicalQuack
MedicalQuack's picture

Well that's the power of code running on servers 24/7 and the models that algorithms execute.  I don't know how much longer this "bliss" is going to continue. 

Consumers and Congress are getting a real cold hard less on the complexities of IT Infrastructures today...very complex and can't meet time frame that the non tech folks think...digital illiteracy..everything runs on servers 24/7 so politicians can say anything, nothing changes until the models and the code running on those servers is change...

http://ducknetweb.blogspot.com/2013/10/us-consumers-and-government-are.html

Here's a tweet to Issa...why didn't they take up IBMs offer to use Watson so they could get more data and be able to make better laws? Good question is it not?  He was on Fox saying IBM offered to do Heatlhcare.Gov for free, well duh?  If they could model better laws that addressed the IT Infrastructure needed, maybe Healthcare.Gov could have been designed a little differently:)  Just the pot calling the kettle black here. 

MedicalQuack @DarrellIssa On IBM offering to
build website, why is Congress not using IBM Watson to model & build
better laws? bit.ly/19Ur31m

Congress needs what I would call a Wellness portal..they need to get into the 21st century here and realize that all laws have IT infrastructure attached and I don't Cruz is there yet with that realization...

http://ducknetweb.blogspot.com/2013/10/congress-needs-wellness-portal-as...

Another example of how Congress runs from math, 10 years of a flawed SGR model, hire a couple quants like the banks, insurers and hedge funds use to create their math models...it's a little satire here but there is a real Plos One study how the fear of math gives people real physical pain and I think there's a lot of hurting going on in DC.  Like I said hire a couple quants and get the algebra here fixed.  Formula is not that complicated and it is beyond actuaries to fix as when's the last time you saw one of them write any python or "R"..the financial code languages. 

http://ducknetweb.blogspot.com/2013/12/medicare-sgr-formula-to-cut-medic...

Inequality is all modeled on servers running 24/7 with no accountability required from any of the modelers or coders, much less CEOs and beyond.  It's all that fear of math pain in  DC:)

Mon, 12/09/2013 - 14:19 | Link to Comment Quinvarius
Quinvarius's picture

So they could buy all the gold in the entire global banking system on one quarter's profit?

Mon, 12/09/2013 - 14:18 | Link to Comment Bunga Bunga
Bunga Bunga's picture

So tell me the fair value of bitcoins is $15 bln.

Mon, 12/09/2013 - 14:30 | Link to Comment Ban KKiller
Ban KKiller's picture

Corporations, mainly banking elite, rule the world. Don't kid yourself. Media? Owned. All media owned? Almost. 

Freedom from Corporations? Never. 

Mon, 12/09/2013 - 15:24 | Link to Comment pragmatic hobo
pragmatic hobo's picture

one for you, one for me ... two for you, one, two for me ... three for you, one, two, three for me ... etc etc

Mon, 12/09/2013 - 15:49 | Link to Comment Dr. Acula
Dr. Acula's picture

.

Mon, 12/09/2013 - 17:12 | Link to Comment roadhazard
roadhazard's picture

"Do you feel yourself getting rich already !"

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