The Buffett Rule

We posted this video as part of our Patriotic Millionaire campaign.

• 261 Members of Congress are millionaires
• 48% Members of Congress are millionaires
• 1% of Americans are Millionaires
• 55 members have an average wealth of $10 million
• 8 members have an average wealth of $100 million+
• During the worst part of the recession 2008-2009, median wealth of a congressional member rose $125K.

Category:

News & Politics

Tags:

• The Buffett Rule
• patriotic millionaire

[luvcheney1]

@gamerunknown When someone owns shares in a corp, real estate, a business, it is normal and common to express them in terms of currency, that doesnt make them currency. I agree with you, and know Adam Smith believed that gold (money) in a treasury was not the measure of a nation`s wealth. But, you are just being an ass.

[gamerunknown]

@luvcheney1

You're mistaken as to what wealth is: neither the Austrian nor the Marxist school supports such statements. If currency were wealth, then the government could simply print as much of it was necessary for everyone to be millionaires, like in Zimbabwe. Wealth is really the valorisation of labour: you have been adept at extracting other's surplus labour, individuals like Jobs even more so.

[luvcheney1]

@gamerunknown The market capitalization of Apple computers is greater than that of Exxon Mobil, and it is a very new corp, relative to Exxon being a leftover from the Standard Oil of Rockeffeller. Guys like Steve Jobs, Bill Gates in half a lifetime turning the world upside down, creating enormous amounts of wealth. In my world, my parents werent rich, 4 yrs ago we inherit $40K each, but my brother and i are millionaires, he about $10 mill, I liked parties, girls, so not yet $2.

[gamerunknown]

@luvcheney1

No, I'm afraid it's not, because the redundant population vehemently oppose such a concept and they control the parameters of debate and instil the sense of supremacy of property in the next generation. The last time such audacity was attempted was in Catalonia in Spain in the 1930s.

[luvcheney1]

@gamerunknown If this is true, nothing stops workers from building their own factory, designing their own products, hiring individuals capable of it. They can work, save & use their own capital, or, with their skills, intellect, attract venture capital. When enough intellect is present, this is quite possible. But thats not what you have in mind. You want other folks intellect and capital. My back is wrecked, I`m older, I cant work as young do. I have intellect, and saved capital.

[gamerunknown]

@luvcheney1

If you think that the individuals that built and designed the factory (or even the designs of the products of the staff's labour) receive remuneration in proportion to their contributions, you're completely mistaken. Constant capital is one of the outlays of production and encompasses the means of production, variable capital is another, but variable capital never accomplishes full remuneration, it always sustains the redundant population.

[luvcheney1]

@gamerunknown Nor do they deserve it. If you think just because some dolt works in a factory somewhere that he and all his buddies on a line deserve it all, and the man who built the factory is redundant, you are a silly, ungrateful idiot.

[gamerunknown]

@luvcheney1

Wrong, the valorisation of labour is not equivalent to the creation of capital. Capital is the surplus labour delivered as a gift to a redundant population. Individuals in East India subsisted on a form of saag that took 12 hours of labour to produce in a week. Were they living in poverty before their existence was subsumed by capitalist production?

Wage labour is not equivalent to remuneration, people do not receive the valorisation of their labour.

[luvcheney1]

@gamerunknown I think you meant, "is`nt practiced EVERYWHERE". I do actually believe there are people getting paid in the world. Apart from the obvious, my point was that your utopia couldnt be instantly instituted world world, and unless your worker owned (confiscated) corp was competitive with the rest of us evil capitalists, you would live in poverty. To compete, you would need to create capital.

[gamerunknown]

@luvcheney1

The principle of remuneration isn't practiced anywhere in the world and it's a principle that doesn't necessarily hold: Linus Torvalds, RoyZimmerman, Costa Gavras, all provide their work for free. Confiscation of the means of production isn't necessary if the concept of property is abolished, or at any rate granted less rights than people.