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Janet Yellen Trolls America's Poor: Tells Them It Is Important To Get Rich
Remember when over the weekend we reported, that "America's Poor Have Never Been Deeper In Debt", showing how this tragic development took place over the past few years, accelerating almost exponentially into the New Normal...
... and in its proper context, using one of our favorite charts, showing that while the rich hold assets, the poor are merely drowning in ever more debt:
Well, Janet Yellen has a message for America's poor.
The day after tomorrow's much anticipated FOMC meeting which will surely make the richest 1% in the nation even richer, the Fed chairman will address everyone else, as follows:
Speech--Chair Janet L. Yellen
The Importance of Asset Building for Low and Middle Income Households
At the Corporation for Enterprise Development's 2014 Assets Learning Conference, Washington, D.C. (via prerecorded video)
8:45 a.m. ET
Not surprisingly "everyone else", namely America's low and middle income households, aren't even worth a live appearance, hence the "prerecorded video."
But the punchline is the actual message, in which Janet Yellen tells those mired in debt to build more assets.
In other words, the Fed Chairman has some words of encouragement for the tens of millions of Americans who live at or below the poverty level, including that threatened with extinction class, affectionately known as "the middle."
Her message? It is important to build assets, or said otherwise... get rich.
...
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You fucking joker. Gold/silver are expensive as hell to buy because of Fed policy!
Are you retarded?
I started with copper pennies, then 90% Ag dimes and quarters. And lead. Don't forget lead.
i always inspect my pennies that i get and save the copper ones....
@mkkby
Silver coins are a good asset for even people making minimum wage. A one ounce coin is about $21 as of this post. The problem though is silver coins don't have a cashflow, and they are so heavily manipulated downward that the poor will would look at how many FRNs it's going down since 2011, and they'll call us the dumb ones for buying in this downward chart.
Low income people I know hate me for recommending silver way back when. Long term to them is their next paycheck 2 weeks from now, so I just throw my hands up.
Good luck to Yellen getting the poor into assets, lol.
By suppressing the price of PMs, the Fed has made PMs affordable for everyone, poor and rich alike. But there isn't much the Fed can do for someone who is poor and stupid.
I pulled up the ZH this morning with the triple witch faces of yellen posted and the bastard fly that has been bothering me flew out of the room.
Herman Cain approves of this message.
Seriously
If she REALLY believes that ... she's a lot more out of touch than i thought.
Well, she's right - at least if the asset in question has a chance of appreciating.
The problem is, the government is the biggest obstacle between poor people and their asset building.
But that will never change because when the government is this big it's in the government's best interest to have at least 51% of the populace dependant on the government. Duh.
Yes build up wealth so we can syphon it off thru inflation. Don't worry grandma loves eating cat food.
Well, they have to forgo consumption for investment Janet.
Did you ever think about that? Without consumption, GDP just continues to lay on the sidewalk.
US Spent $22 Trillion On Failed 'War On Poverty'! Welfare Sign-ups Outpace Job Creation By More Than A Million. How Is This Possible?
http://investmentwatchblog.com/us-spent-22-trillion-on-failed-war-on-poverty-welfare-sign-ups-outpace-job-creation-by-more-than-a-million-how-is-this-possible/
http://dilbert.com/strips/comic/1992-12-04/
Cognitive disonance: Build assets but don't save any money.
Leverage ratio of the poorest families seems like a meaningless stat.
If you are living pay check to pay check is it a big surprise you have a high leverage ratio?
This is a symptom of the problem not the actual problem.
the poor should "build assets".
lololololololololololololololololol
yeah no kidding
what a big fucking joke !!!!!
"I believe in the promise of America—the fundamentally American conviction that each of us can be what we want to be, can achieve what we want to achieve, so long as we are willing to work and earn it," he said. "The promise is meant for everyone, not just a few—and as we move into the 21st century, I want the party of Lincoln to be the party that makes sure no one is left behind."
- George W Bush
"You didn't build that."
- Barrack Hussein Obama
:::Janet Yellen has a word for you peasants (anyone with net worth < 10 million):::
http://i62.tinypic.com/5my7mq.gif
Prerecorded for her own safety. Keep rubbing their poverty in their faces Janet, and you might become a martyr for central bank vermin everywhere. #tonedeaf
Burn the motherfucker down!
What a pig. Calling ISIS, calling ISIS....
how unbelievably out of touch i am speechless.
Step By Step instructions by Janet for getting rich so that the unwashed masses will stop bitching they don't have enough money to feed their children.
1) Turn on printing press
2) .........
3) Profit.
Advice to Janet and her corporatist gild...
"Build very high walls...things about to get kinda pitchforky."
The Pitchfork Party. Likey.
As pitchforky as #occupy???
I think it’s worse than people living pay-check to pay-check.
Earlier this month I heard commercials on the radio for the Trans Siberian Orchestra’s Christmas event here in The D. The date of the event is 12/27. The commercial added a bit of urgency, “this event always sells out”.
Why does an event that ‘always sells out’ need to be advertised 4 months in advance? I conclude people are spending so-called ‘discretionary income’ a quarter in advance.
Yup a quarter in advance. Pre-order your I-crap 6 now!
But Janet, how do I build assests and spend money as you ask of me when I don't have any money and no prospects of a job? Where do I get the money to do it?
Janet: What's the matter with you? Are you so poor you can't even pay attention? You're an American for gods sake, when you need money just borrow it.
The only thing you can build on even an "above average" income is DEBT at the rate things are going. Has Janet "the cunt" Yellen ever considered the "built in" costs of basic survival for a family at $50K per year?
Those families aren't building anything. And, they aren't picking up their phone to call their brokers and parasite financial advisors.
What a crock.
Built in costs of survival, lol. You must mean a big cable bill, phone plans even for the kiddies, leased cars, eating out every night, and showing off the latest iCrap and techno junk made in china.
I live comfortably on 2k per month. So 50k per year would allow me to save plenty. Live within your means and stop whining.
Does mommy & daddy pay your rent? I see most of these college kids are able to live 'comfortably' in Boston - of course that is because mommy & daddy (and federal student loan money) pays the $2500 a month rent bill and the extra cost of parking the BMW 3 series or the VW Jetta.
Having a 'family' is a choice at 50K a year. Keep legs closed until you can afford it (and day care costs as well)... 50K a YEAR for a family?? Really?? where in the USA can this be done?? I am single, no wife, child, parent or even pet to support and my expenses are close to $6,000 a month. I don't take any type of vacation, drive a paid off 2008 Honda Civic, hardly ever go out (since hanging out with most people with their yuppie lifestyle of consumerism is out of my budget)...
Poor people have always collected silver coins. Her lousy fed has done everything it could to fuck this up.
Thanks, Grammy!
somebody get the nail gun
“Everyone in Ireland had the idea that somewhere in Ireland there was a little wise old man who was in charge of the money.…And then they saw him and said, Who the fuck was that??? Is that the fucking guy who is in charge of the money??? That’s when everyone panicked.”
Michael Lewis, Boomerang, The Meltdown Tour
. If I were the devil ~ Paul Harvey
Sell some drugs. Rob some pizza parlors. Then let some of Ol' Yellen's Tribe swindle you out of the loot.
You get prison time (and a job in The Tribe's prison industry system); Yellen's Tribe gets even richer. Rinse and repeat.
I bet you could snag a piece of art from the Detroit Institute of Arts and get away. I’m not sure where to unload a Vincent van Gogh, but you could do it.
Wouldn't it be easier for the po' folks to call their brokers and tell them to invest in high-yield Global War Bonds through their MyRa accounts?
The po' folks don't have brokers (or banks). They use pawn shops and refillable Wally-Mart debit cards.
Brokers are there to help the "middle class" become po' folks so there'll be someone to take over the drug sales and pizza parlor robberies when there's vacancies due to the other po' folks being drafted by the legal/prison system.
From God's Chosen People's Talmud:
Tosefta, Tractate Erubin VIII:
"When a Jew has a Gentile in his clutches, another Jew may go to the same Gentile, lend him money and in turn deceive him, so that the Gentile shall be ruined. For the property of a Gentile, according to our law, belongs to no one, and the first Jew that passes has full right to seize it."
Zohar, Vayshlah 177b"
"That the Jewish nation is the only nation selected by God, while all the remaining ones are contemptible and hateful.
That all property of other nations belongs to the Jewish nation, which consequently is entitled to seize upon it without any scruples. An orthodox Jew is not bound to observe principles of morality towards people of other tribes. He may act contrary to morality, if profitable to himself or to Jews in general.
A Jew may rob a Goy, he may cheat him over a bill, which should not be perceived by him, otherwise the name of God would become dishonoured."
As an aside these legal statutes are really an eye opener since I would assume they abide by them.
http://www.law.cornell.edu/uscode/text/12/chapter-3/subchapter-XII
Specifically 412
http://www.law.cornell.edu/uscode/text/12/412
12 U.S. Code § 412 - Application for notes; collateral requiredAny Federal Reserve bank may make application to the local Federal Reserve agent for such amount of the Federal Reserve notes hereinbefore provided for as it may require. Such application shall be accompanied with a tender to the local Federal Reserve agent of collateral in amount equal to the sum of the Federal Reserve notes thus applied for and issued pursuant to such application. The collateral security thus offered shall be notes, drafts, bills of exchange, or acceptances acquired under section 92, 342 to 348, 349 to 352, 361, 372, or 373 of this title, or bills of exchange endorsed by a member bank of any Federal Reserve district and purchased under the provisions of sections 348a and 353 to 359 of this title, or bankers’ acceptances purchased under the provisions of said sections 348a and 353 to 359 of this title, or gold certificates, or Special Drawing Right certificates, or any obligations which are direct obligations of, or are fully guaranteed as to principal and interest by, the United States or any agency thereof, or assets that Federal Reserve banks may purchase or hold under sections 348a and 353 to 359 of this title or any other asset of a Federal Reserve bank. In no event shall such collateral security be less than the amount of Federal Reserve notes applied for. The Federal Reserve agent shall each day notify the Board of Governors of the Federal Reserve System of all issues and withdrawals of Federal Reserve notes to and by the Federal Reserve bank to which he is accredited. The said Board of Governors of the Federal Reserve System may at any time call upon a Federal Reserve bank for additional security to protect the Federal Reserve notes issued to it. Collateral shall not be required for Federal Reserve notes which are held in the vaults of, or are otherwise held by or on behalf of, Federal Reserve banks.
414 also
http://www.law.cornell.edu/uscode/text/12/414
12 U.S. Code § 414 - Authority of Board of Governors respecting issuance of notes; interest; lienThe Board of Governors of the Federal Reserve System shall have the right, acting through the Federal Reserve agent, to grant in whole or in part, or to reject entirely the application of any Federal Reserve bank for Federal Reserve notes; but to the extent that such application may be granted the Board of Governors of the Federal Reserve System shall, through its local Federal Reserve agent, supply Federal Reserve notes to the banks so applying, and such bank shall be charged with the amount of the notes issued to it and shall pay such rate of interest as may be established by the Board of Governors of the Federal Reserve System on only that amount of such notes which equals the total amount of its outstanding Federal Reserve notes less the amount of gold certificates held by the Federal Reserve agent as collateral security. Federal Reserve notes issued to any such bank shall, upon delivery, together with such notes of such Federal Reserve bank as may be issued under subchapter XIII [1] of this chapter upon security of United States 2 per centum Government bonds, become a first and paramount lien on all the assets of such bank.
...
This is another reason these people are terrified of an audit of their books.
or gold certificates...
Not gold.
I'll let the readers let the significance of that one sink in.
First hint think of the relationship to China's decreasing it's position in Treasuries while the FED's balance sheet is still ballooning and the relationship to the Comex. Factor in the Chinese stealth and not so stealth QE practices blowing up the mother of all paper bubbles over there at the same time.
A lot my plans begin with... "step 1: win the lottery"
Damn, because of you, now I have 50% less chances to be a millionaire.
"Speech--Chair Janet L. YellenThe Importance of Asset Building for Low and Middle Income Households"
"So we the Rothschild banksters can steal all you build and produce."
An American, not US subject.
"Guillotine the Fed!"
They are entitled because you didn't build that!
Break bad, America. Do it for the assets.
Is physical gold an "asset," Janet?
What about delicious copper wiring?
She's going to try to sell her bonds to the poor.
"I was blind but now I can seeeeeeeeeeeeeeee."
She forgot to mention the fuckers will tax most of those assets and then take them from you when you no longer can afford their annual increases.......FUCK YOU MR. YELLEN.
up next: how to use EBT cards to buy stocks on margin - is the C word appropriate here?
"Speech--Chair Janet L. Yellen
The Importance of Asset Building for Low and Middle Income Households"
Wasn't the FED just complaining that consumers were hoarding money?
If only there was some way for the Gov to HELP them build wealth.
Some kind of an investment account, like an IRA...... call it a MyRA maybe.
Participation couldn't be optional, cause people don't really know what's good for them.
When the market eventually catches up to reality many many people will lose a lot (relatively speaking) of money.
And TPTB will step in to 'help prevent such tragedies in the future'.
If the great unwashed masses refuse to accumulate wealth on their own, they will be forced into it (slowly and in baby steps of course), but the eventual goal is there nonetheless: A final grab for any remaining wealth belonging to whatever middle class is left.
My two cents (and it's probably only worth a penny).
Yellen says it is important to build assets, yet she punishes savers.
That thinking reminds me of another woman from history. What was it she said? Ah yes, "Let them eat cake."
That worked out well for her.
That is so 18th century. The current Fed phrase is "Let them eat ipads."
I think it was a simple slip of the tongue... She meant to say, "Build asses". The poor need to continue to build upon their asses, so a revolt becomes less and less likely.
I'm betting the guy/gal who has 3 part-time jobs and doesn't make shit, is forced into Chalky-care, and is watching food costs absolutely soar into the stratosphere doesn't much care for Ms. Yoda and the asshats at the Fed. I mean, where can you get this kind of career advice from any other place? WTF.
www.traderzoo.mobi
FUCK YOU JANET YELLEN YOU CUNT
FUCK YOU FUCKBAMA YOU FUCKING FRAUD/PUPPET/ASSCLOWN/DICKHEAD
FUCK YOU CONGRESS YOU BUNCH OF CRIMINALS
FUCK YOU ALL YOU ELITIST SWINE - CHOKE AND DIE....
there....I feel better......NOW GO FUCK OFF
I agree
Nostalgia for LongSoupLine
Ridicule to a sociopath is like kryptonite is to superman.
http://quillian.net/blog/
selfishly, we should be able to up-vote this for each FUCK in your post.
which at this time has 7 of the 25 (total ~ only ~ hmph) based on CTRL F..
+FUCK
!!
she is dummer' than dirt.
what a representative of american exceptionalism this dowdy old cow is. LMAO
She forgot to tell us to get a printing press. Printing your own money makes you smarter than everyone else so you can say things like, "even though the only thing in your hand is your dick accumulate assets and be rich". It's easy.
I would love to "build assets." However half of what I produce gets stolen by the government and the rest is subject to massive inflation.
So, y'know, there's that.
You sure she didn't say " build ass 'n' tits ", as in go work out ?
"The war has started. The mainstream media propaganda is launched in full force. In the US, the mainstream media are demonizing the poor, they say that they should start pay taxes and at the same time they support tax-reliefs for the richest, even when all the data show that the gap between the richest and the poorest continuously grows."
http://failedevolution.blogspot.gr/2014/08/the-dominant-elite-ready-to-b...
Who owns big media? What do people do with the tools they own?
The poor and the stupid think they are watching and reading news and entertainment. In reality they are being molded into compliant serfs who will parrot the party line of their masters.
The best way to get rich is to do like the Fed...print counterfeit money.
Word to the poor. Don't do that.
Poor should build assets is sort of like saying -
Starving people should eat a healthy diet.
Maybe Janet is signaling that the FED - in order to fight that dreaded financial cancer - deflation - is about to replace QE with direct payments to poor people -
$5K a month for anyone without a job should spur the unemployment rate UP by a few % points as people quit their jobs to get free money.
They could offer $3K a month to anyone in the USA illegally - that will help solve the immigration problem.
what a fu#king joke. their net income is negative, and they should increase their assets.
negative numbers are the new positive numbers
The big question is, did the rich earn their wealth with what they own, or do they own what they have because they were rich ? ;) having assets doesn't mean a whole lot if you are hoarding junk.
Her plan for the homeless is timeshares so they'll have a roof over their heads one week a year.
"Build Assets" While the Fed prints trillions to pump asset values. In this case, asset prices rise fast and those coming late to the party must pay the current inflated prices to acquire an asset. [look at housing as an example / or stocks]. So this fucking Bitch tells the poor to acquire assets now that years of money printing and QE have pumped their prices to new heights?
She is saying to them. "All my rich friends have been getting mega rich from my asset pumping programs, now that the peak is near, I want you to buy in at inflated prices on your $8.00 and hour pay."
The logic of this cunt is epic! This is the mind set of the NeoLiberal school of manipulated market fundamentalism. She is so detatched from ordinary life that this cunt thinks everyone goes to temple and talks up their asset portfolios juiced by Fed manipulation. She hasn't been down to the local Baptist church where the crackers and the colored folk hang out hoping for salvation from their WalMart lives and $8.00 an hour part time jobs.
They'd be well advised to buy assets, but certainly not pro-cyclical assets. Countercyclical, sure. Deep counter-cyclical, the poor actually stand a chance as many of them (ie: precious metals) are beaten down to the extreme.
Jack is Right and probably a better Long Range Strategic Planner...
There is much planning out 10 years, 20 years, 40 Years...
Think Kissinger, and Zbigniew Brzeninski. https://en.wikipedia.org/w/index.php?search=Zbigniew+Brzezinski&title=Sp...
American People can not Long Range Plan or think Strategically.
Consider a fable I wrote:
Did you hear the story of what happened when John D. Rockafeller heard about "Communism"?
Well see there was a banker that set up a meeting to discuss this very important trend from Europe. It was about 1890 just when the Robberbarons had become the richest men in America (or the World). In attendance was none other than John Pierpont Morgan, himself.
Banker: Sir this is a populist movement an offshoot from Socialism called Communism who ideas were put forth by Karl Marx and Friedrich Engles. We believe this is a strong and dangerous trend in view of the Union movement of workers. Mainly the idea is that all men are equal, capitalism is bad, and all men should earn the same amount of money and work for the state and for the future of the state. This equality extend to luxuries which they claim are unfair to those that don't have them.
John D: Well then under communism all men are poor.
JP Morgan: Yes, quiet true. And we may want to fight this with the full power of the government & military. Or alternatively we might want to make it a political issue and try to turn it to advantage.
John D: You mean we could convince people to accept low wages if they think they are serving the state?
JP Morgan: It would be a great victory. The trend now for strikes and workers unions is to ask for more money. And it seems that under this "Communism" they plan to educate the people to prepare for a Revolution.
John D: Well... it seems like the Strikers are plenty educated already. We have to get out in front of this. Perhaps we can start educational foundations to influence what is taught and to keep education limited to "Capitalist Ideas.
JP Morgan: We have to address several sides all at once, political, educational, military as we have in Latin America and the Islands, and our supervisors and managers will stress the principals of success that we need for our factories.
John D: So, we declare war on Communism, suppress communism, suppress the workers unions & strikes, and set up educational foundations and go to work on universities. Plus we will always need more workers coming to our factories and America to keep wages competitive (low). However we will continue to import produce or whatever we need from outside. But how can we really make Communism work for us in the USA?
JP Morgan: We will know more as we work through the "Set Up" of your foundations. Firstly we will use Psychology from Europe, I know a few good men. Secondly we rely on principals of not upsetting the people, letting people have their sports and families, letting them be distracted by the things we want to teach them. We will repeat the messages we want successful workers to learn to be successful. A man will be judged by his success and how he works. The value here is work. Be on time for work. Follow a Schedule. Don't waste time eating or taking breaks. The hard workers are successful and loved by other men.
John D: Very good. I think we can set some strong goals for our new Foundations. What about this "Economics" study? Do you think you can use their work?
JP Morgan: No. That may actually be traced to Socialist Ideas. We can incorporate it into the Foundations Educational work, but only to claim it as our own. Yes, it is good to be in front of trends. We will look to claim History, US History, Government Studies, Cultural Studies, Literature, communism & economics. If we are smart we can have our people teaching all of these subjects to not only workers, university students, teachers, but also to our Politicians and Government Leaders.
John D: Look, we need debt to bring people to us. Communism won't be accepted without a huge debt scare or bank scare. Is that what you are thinking?
JP Morgan: Yes, either debt or expenses, control over the product they need or the service they want. War brings people to their knees. War depletes the treasury of all countries, but their money flows to the sellers and the bankers. Then they have to ask for more money. people will accept this idea of working for less to help the state, just as they accept going to war to help the state. The only block is the US Constitution and the workings of each independent state of the union. War & Debt is the key. It is the cycle of all countries. Lawyers will also have to be part of our educational process within the foundation work and that means universities too. Probably we will train the people who will later become the justices in all of the courts and the legislators in all of the governing bodies. People come quickly around when explained to them why they work. The Law and the Government takes long range planning and conditioning. But they have to come to us in the end for financing. It will be a great victory.
John D: Someone is going to win & someone is going to lose. We are going to win. We are going to build the biggest companies along with cities & states. Pierpont, you are coming with me. You have to set up the banking system so that we can get the financing. Now, tell me about that Central Bank.
JP Morgan: Don't worry about that Sir. It will take some time. Whether we have royalty or politicians then need us and will do what we tell them. In the US we have it much easier. Just give us time and we will have all of the politicians pulling for us.
And so "Communist Ideas" were adopted officially in the USA in 1997... just before bankruptcy laws were strengthened, Sub-prime mortgages took off, Citibank Merged with AIG, and Glass Steagall Act was repealed.
Final Phase of Banker Installed Revolution can only occur after total economic collapse and collapse of the US Government.
Sell fraudulent securities, dumb shits!
All this hag needs is a pointy orange hat.
Fucking feckless clueless garden gnome.
bless you janet! where the fuck were the rest of you asshats on this?
Too funny. Everyone ought to know the purpose of the poor is to stay poor. It's the threat that if you don't Obey you will be put into poverty.
The removal of the middle class is the threat carried out so everyone knows the Slave-Masters aren't kidding.
Imagine the horror of America's poor all voting together to enforce immigration law, boot illegals, review past immigration and boot liars hostiles and criminals, enforce forceclosures, and prosecute loan & security law violators.
Imagine the impact on US wages, housing, employment, living standards, water supply, oil imports, trade deficits, govt liabilities.
Imagine the horror of a govt acting in the interests of Americans.
Just stahp!
http://2013hoaxblog.s3.amazonaws.com/hilton_poor.jpg
What do we know about members of the Open Market Committee? First, the Fed is a political organization, part of government and thus makes only political decisions, never economic decisions. Also, only sociopaths have the manipulative skills necessary to obtain such a high appointment. Why would the poor get a good deal out of this? Also, they don’t understand how money is being taken from them. The American people in time may come to understand how badly they are getting fleeced. As a rule of thumb, authority is never questioned by people who are comfortable.
http://quillian.net/blog/
Rick Derringer - Rock & Roll Hoochie Koo (studio)
http://www.youtube.com/watch?v=Kj5_P999UMo (3:45)
She's almost paraphrasing Marie Antoinette "Qu'ils mangent de la brioche". The heads should start rolling soon.
I'd rather see the brioche start rolling.
Ventura County is culinarily challanged
Bob Marley Jammin
http://www.youtube.com/watch?v=oFRbZJXjWIA (3:20)
Bob Marley - A lalala long
http://www.youtube.com/watch?v=-JhwxTen6yA (3:45)
Bob Marley - Get up , Stand up
http://www.youtube.com/watch?v=H5Qda2HS7X0 (3:18)
...worked when the Chinese said same thing...
But even if I did build an asset, I might be told, "you didn't build that"...
Then it might be taken from me to pay for someone else's healthcare, student loans, food....
She better hurry up or there wont be any left
From Bloomberg
Poverty in U.S. Falls for First Time Since Before Recession By Jeanna Smialek Sep 16, 2014 1:58 PM PTThe economic expansion that’s now in its sixth year is finally showing signs of trickling down to the poorest Americans.
The U.S. poverty rate eased to 14.5 percent in 2013 from 15 percent in the prior year, the first decline since 2006, the year before the last recession began, according to Census Bureau data released today. The decrease came as child poverty dropped by the most since 1966.
The fact that these people really don't have any idea how the majority of the American people live their lives should be a reality call for the average American. I know that we are called sheeple but most of us are not. History does record that this type of inequality does get the average joe stirred up. The rich have tried to protect themselves before but have been overwelmed by the angry majority. It is like history keeps repeating and repeating. Maybe Ground Hog Day is the new reality.
Yeah, but just who are the "poor", really? Do we count people on disability as poor, or as millionaires? Because it would take at least a million in assets, to live the lifestyle of someone on disability. Same goes for public pensioners. There are a lot of fake "poor" out there.
Sadly I'm forced to agree. Few Americans ever really work through the numbers but fact is if you can get enough from the Government in disability, unemployment, or some other kind of welfare why even jeopardize that income by thinking about taking a job.
For all the moaning about how it is not enough and those living on the dole are forced into a life of poverty in fact those that suffer greatly often do so because of poor spending choices rather then the amount they receive. The article below delves into why people often choose to live a life as unemployed in America.
http://brucewilds.blogspot.com/2013/06/living-on-dole.html
@NickJihad
We have to get in the habit of using the term "low-income" instead of "poor"
When I think of poor, I think of mud huts, filthy water, and scraps for food.
When I think of low-income, I think of trailer parks, tap water, and fast food.
How? Surely you can nolonger save your way to riches. Balance is important and like so many things in life when it comes to economic policy it is very important to balance the markets reward when it comes to savings and debt. Savings plays an important role in the economy and has been shortchanged, this will come back to haunt us.
The idea of being frugal and living within our means has not been given due credit, living by increasing debt is far too acceptable. When we find it necessary to discuss savings we are back to basics and it is a sign we have strayed far off course in our economic policy. More on this subject in the article below.
http://brucewilds.blogspot.com/2014/09/savings-and-role-it-plays-in-econ...
Good grief, when do the subprime loans to 'confectionery school' start?
As sad as it is, for most of us the U.S. has become the company store...
Reading between the liens could Janet really be telegraphing, rip-off foreigners while the git’in is good??
Gosh!!! Why didn't I think of that? The way to not be poor is to get a lot of money! Gee, what a great idea. Thanks a lot Janet
I guess John Dillinger had the right idea after all.
The Importance of Asset Building for Low and Middle Income Household
In other words, play the lottery.
You told debt is an asset earlier.
Huh?
Debt is an asset to the holder of the debt...income stream
You mean that spending money (tens of thousands of dollars) on tattoos, drugs, designer clothes won't make one rich and for someone to suggest that it is important to learn how to spend money into investments and things that are actual assets is somehow bad?? Most 'poor people' ($15 an hour is still poor BTW for a single person anywhere but rural arkansas) have this extreme sense of entitlement and probably are permanently learning constrained due to fast food, HFCS and who knows what is in that tattoo ink
Build assets or die trying.
Lets believe CNN & the Huffington Post that most of this 'debt' is from stuff like "medical expenses', 'health costs', 'car repairs', and other 'necessities when we all know that most of it is for stuff considered 'frivolous such as designer clothing, Xbox games, the $150 smartphone plan (per person), eating out every night or buying crap (on credit ) from the supermarket or Wal Mart. I don't believe these bleeding heart articles sponsored by CNN & Huffington Post about this bleeding heart crap about either (the "poor", or "millenials") every other day there is another bleeding heart article of course personal responsibility is not only mentioined but for someone to even mention that, that person is vilified... Remember most of the 'poor' receive tens of thousands in refundable tax credits including the 'child' tax credit of $500 (or is it $1,000 now) per child?? plus the ACA where they pay nothing or next to nothing.
It's odd isn't it? The so-called poor have plenty of money to: 1. Continue having children that bring more "benefits" 2. Spread more tattoos across their bodies and 3. Continue to receive cable so they can sit those fat hinnies on the courch for more endless hours of torture porn.
Saw some pics of those who went to Chicago to attend the fifteen-dollar-wage for fast food workers "convention" and the obesity in the pictures was undeniable. Someone is getting paid enough to eat hefty! Too, there isn't a one that I would accept any thing from their hands to mine, which is why I make it a policy not to eat at these places. Ever.
I told a homeless guy if he just bought a house he would not be homeless.
You would think he could think of it himself.....
The She Wolf of Wall Street.
Build up more assets so you have more that we can confiscate,
to either bail-in the banks or so that we can keep this merry-go-round going a little longer.
Build Assets... hmmm.... sounds like a plan.
Then comes....
"You didn't build that."
Don't fight the Fed, don't fight the tape... participate, and now we have a watch to tell us when you're not building.
Then again there's always the Joe Wilson response... "You lie!"
For all the bullshit about anyone can get rich through hard work, luck, etc, the reality is this system as currently contrived is constructed to give us the exact wealth demographic that we currently have. Everyone cannot be rich. There's only a certain amount of shit and there's more and more people every day. Plus this entire system is rigged to keep the money flowing to those who already have it.
Personally, I prefer to just get outside of their corrupt system as much as possible. The problem there is they do everything in their power to keep all the peons enslaved in one way or another. They are like vampires who must feed.
Some of these people have probably never even touched cash. They've only seen images of silver coin in the movies on cable TV and they don't even know there are/were such things as gold coins. The Food Stamp Rationing Coupon is money to them. What do you expect?
So Yellen wants us to max out credit cards and buy gold!
She should just get a law passed making it illegal to be poor
Let them eat cake!
This is where the awkward word "disconnect" suddenly takes on meaning.
How to Make A Billion Dollars-
Invent ponzis for the masses and pay-off politicians to legislate them as legal.
Well, that's a clear call to the bottom of the whealth pyramid to load up on equities at the FATH. *Somebody* needs many bagholders for over-valued equities.
What a slap in the face. Disgrace.
The Fed sure as fuck has been "building assets" on it's balance sheet the past 5-6 years. MBS, REITS, Treasuries, S&P 500, every failed debt money instrument imaginable is on their books.
So in a privatize the profits/socialize the losses kind of way, we all have been building "assets" in the eyes of the FED.
All hail the all-knowing, all-powerful Fed! Soon everyone will be a millionaire! (But a can of coke will cost a billion dollars)
Hijack. ZH the bigest story untold or told wrong is the unstopable METHANE time bomb. Man as we know it is doomed, its over. In 1 or 5 or 10 or 20 years an event will happen leading to total runaway heating. Inevitable. Way bigger than financial collapse. This is life and death. Research Arctic death spiral and the methane timebomb'. See also Dr Natalie Shakhova. I am deadly serious. Massive temp rises way over 6 degrees C up to 16 C degree rise, leading to total ice melt. 70 metre sea rise all up. A 6 degrees C rise is the tipping point. As one scientist said, mankind is fucked. Scientists invoved speaking out now. Tell this story.
https://www.youtube.com/watch?v=GTrvj9V5l5s
Listen. JESUS MAN, this sounds horrid. To combat this increase in methane I suggest all Americans "LIGHT YOUR FARTS".
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Jesus man, lol. Reality man. I know yr silver gold bars will be useless. So many ZH posters are distracted by BS, brainwashed by their sense of being ahead of the wave. Which they are not. This Civ is going down. It will be ugly. Eat yr bars. Light yr farts while yr at it. Mankind is fucked. Most of you will die in the Fall.
I'll be 58 in 20 years. I happen to be learning some kung fu at the moment. I will keep a list of names: and if we don't have a global methane death spiral by the time I'm 58, I'm coming for you people and I'm going to punch fuck out of you for wasting everybody's time for so many years with this climate change bullshit. Seriously, you people are idiots.
Admittedly after I find all the christians that set the middle east on fire and then didn't get raptured up to heaven. If they don't get raptured soon I'm going to pre-empt God's prophecy for them too.
Calm the fuck down, you'll pull a hammy.
http://wattsupwiththat.com/2013/07/25/gavin-on-why-the-arctic-methane-al...
I can't wait.
All the cow and pig farts could compressed into LFG (Liquefied Fart Gas) and sold to the Chinese.
You 5 neg voters are distracted low IQ money grubbing blinkered old fart fucktards who think Im talking about your fat one eyed wifes farts when she sleeps over your two small silver bars on your shit stained mattress. You idiots. You voted Bummer didnt you, you closet gay fucks. This is real science cat fuckers
Didn't Mittens Romney tell us to just borrow $30K from our parents and start a business?
Out. of. touch. with. reality.
Or you could spend that money on college, which will guarantee a high paying (starting salary of $125,000 or so) job. Or maybe not...?
Good to see that at least one of the Tylers is reading academic papers from Bard College Levy Institute, which is one of the most influential Post-Keynesian places in the world.
What a dumb s**t. take your median family income, 50K???? now subtract food, clothing, shelter, health care, education, transportation, taxes, child expenses. What is left invest ... May I also add that if the gvt weren't in bed with the housing market, big medicine, big pharma, epa, dot, a lot of the stuff I buy wouldn't be so damn expensive.
That goes for stocks too. the young buying overpriced stocks, in their 401k or pension, funding the old rich to get out at a high price.
This will explain it: go to the website 'inflation calculator'. Punch in a blue collar salary of $16.500 in 1965, then check the value of that salary in 2014. Keep in mind this was typical of a person with a high school (or maybe not even) diploma.
not too many Blue Collar guys were making more than $34k a year in 1965. Did you mean 16.5 and hour NOW, b/c that's the equivalent of $2.19 then, or about $4500 a year.
BTW, don't use their inflation calculator. It uses their CPI value. Do your own Inflation measurements.
Perhaps the NSA code word for Janet Yellen is Antoinette.
Flunky1: "Janet. The people are poor".
Yellen: "Then let them get rich. hee hee hee hee".
NSA sloth: "Antoinette just raised the blade.
I just knew they couldn't find a better Fed chairman.