Peter Schiff: Society benefits from the rich, not the other way around!

[lozoft9]

I think the problem is that, for the middle class, the amount of money that entrepreneurs make is way more than enough to live off of. Now, the question becomes how much higher should the standard of living be for these people. The middle class right now is struggling to say the least and the wealthy that would give us a job are still far from insolvent. that is at the core of the psychology here.

[voogru]

@lozoft9 "the amount of money that entrepreneurs make is way more than enough to live off of."

How many times did they fail though? If someone is making 200k a year, after investing two million dollars and 20 years of his life, he's not exactly a fat cat.

[g0twav]

THIS IS PETER SCHIFF ON HELIUM

[p1b1harper]

yikes schiff...if these 2 are a fair example of your followers... then i know why you got crushed in connecticut...the rich are getting richer boys...and they are doing it by playing with money...and your lives...they arent producing diddly squat...except inflation...fractional banking...futures trading...hedge funds...derivatives...speculat­ing...all drive up prices...and they are doing it in parthership with the fed..no new taxes..weve got to get to them before they create all this funny money

[p1b1harper]

you forget schiff...that the rich have to get their wealth by selling something...who buys what they are selling...?...the middle class...no middle class...no rich...

[TheEllipsis731]

@p1b1harper Dude, the middle class is far more dependent on the rich than the other way around... And what in the world is a fair percentage? Is 50% justified? or even 40%? 10% of a million is $100,000... 10% of %50,000 is $5,000... It's easy for you to say that the rich should pay more, until you realize exactly how much they already pay... Where do you draw the line?

[p1b1harper]

@TheEllipsis731 blah...who said anything about raising taxes..?..your a 1 trick pony...tell me how a middle class guy who wants to open a restaurant,hardware store,repair shop,apparel shop...any kind of small business...benefits from...mcdonalds,walmart,jcrew or pep boys...ill give you the answer...they dont...infact...they make it all but impossible...the middle class benefits from the rich...the same way a dog benefits from having intestinal parasite..

[TheEllipsis731]

@p1b1harper If all businesses could play by the same rules, it wouldn't be like that... And you benefit from Wal-Mart more than you know

[p1b1harper]

@TheEllipsis731 you say it so it must be so...poor people think they benefit from walmart because you dont know any better...i live in a community that has been battling with walmart to keep them out for over a decade now...we arent baking down...because we know that walmart is a job killer...

[voogru]

@p1b1harper Combine harvesters are job killers too. Every combine harvester probably kills easily 20-30 jobs.

But I don't see you complaining about that.

You don't keep jobs for the sake of having jobs. When a job becomes obsolete you don't try to save it, you have the person doing the job do something else in the economy.

[p1b1harper]

@voogru... ugh... regurgitate...have you know ability to think independently...?...these jobs havent become obsolete theyve been shipped overseas...so that you can save a few pennies at walmart..."you have the person doing the job do something else"...thats what has been happening...people in the u.s. at one time made all of these things you see at walmart...now they are made in china...and the people who used to make a living wage making these products now make shlt selling them at walmart...

[p1b1harper]

@p1b1harper @voogru... listen to your idol schiff when he says we need to stop consuming and start producing again...what do you think he means by that...?...

[voogru]

@p1b1harper Harper, would you pay $40 for a gallon of gasoline, when someone is willing to sell you the same gasoline for $4? The $40 gallon of gasoline pays their employees 'living' wages!!!

No? Then you are hypocrite.

(psst. guess what happens when those employees use their living wages to pay for the gasoline they sell).

Living wages are a zero sum game. You increase the cost of labor, that price gets reflected into the price of the products, bringing down purchasing power.

[p1b1harper]

@voogru ok...i just realized...im arguing with a mental midget...boy do i feel silly...reading your last post... i saw clearly ...your roving eye...your uncotrollable tic...the funky smell you eminate...ugh...what a waste of time...

[voogru]

@p1b1harper I think your comments prove to everyone who reads this, that you are the 'mental midget'. You see, if I was a 'mental midget' I'd be deleting every comment I disagree with.

Being as your comment still stands and you're lobbing personal attacks instead of debating the substance, I'll let the audience decide who they'll listen to.

But most people who think rationally, will probably not side with the idiot lobbying personal attacks.

[voogru]

@p1b1harper The goal is not to eliminate the middle classes, harper. A middle class earner can save up a sum of money or collect the money from a few friends and family to start a business and eventually rise to riches if the business is a success.

However, it's getting harder and harder to do that with taxes and regulations, that benefits the existing giant corporations as they get less competition, and lower wages since labor prices won't be bid up by as many businesses.

[p1b1harper]

@voogru jeez...you start out by saying the goal isnt to eliminate the middle class...then u say they can save money...getting harder as the dollar is devalued...and then u agree...though maybe you dont know it...by stating the fact that higher taxes and regulations make it harder on the middle class...come on man... get your act together...figure out whos side your on...and atleast put together a cogent argument... just say it...you dont know what the heck is going on...wake up...

[voogru]

@p1b1harper Um, I do know what's going on.

Why is the dollar being devalued? Because of big government. The free market doesn't devalue currency.

Higher taxes and regulations make it harder to do business, and who hurts the most? The middle class because they rely on people being able to do business... this isn't rocket science.

[voogru]

@p1b1harper Beware when you hear the fat cats in favor of higher taxes and regulations. They were able to grow their empires with the lower taxes and lower regulations, by raising taxes or adding regulations, any new corporations will have a much harder time growing (and they might not be able to grow at all).

This benefits the incumbent corporations because they can just pass those higher taxes and regulation costs to you in the prices of their products, their empire is already established.

[p1b1harper]

@voogru nice lesson... i guess...atleast i have no argument with it... necessarily...wasnt my point...the rich are doing great...they are making profits everywhich way you slice it...because everyone else is breaking their back buying their "junk"...the war for the past 40 years has been against the middle class...the rich have been expanding overseas...and so they are doing great...im not an eat the rich guy...but i see whats happening to the masses...and it spells trouble...rich and poor

[addeson]

Mafia 1?......