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OfflineWizardlizard
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Registered: 10/13/21
Posts: 13
Last seen: 1 year, 11 months
Re: Why Does Capitalism Get Such A Bum Rap? [Re: JesusChrist]
    #27569038 - 12/04/21 12:18 PM (2 years, 5 months ago)

It's made many more people's lives harder than it has helped I think.

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OfflineWizardlizard
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Registered: 10/13/21
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Re: Why Does Capitalism Get Such A Bum Rap? [Re: Wizardlizard]
    #27569039 - 12/04/21 12:18 PM (2 years, 5 months ago)

It's made more people's lives harder than it's made better imo.

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OfflineWizardlizard
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Re: Why Does Capitalism Get Such A Bum Rap? [Re: Wizardlizard]
    #27569040 - 12/04/21 12:18 PM (2 years, 5 months ago)

.

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OfflineWizardlizard
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Re: Why Does Capitalism Get Such A Bum Rap? [Re: Wizardlizard]
    #27569041 - 12/04/21 12:18 PM (2 years, 5 months ago)

..

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OfflineWizardlizard
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Registered: 10/13/21
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Re: Why Does Capitalism Get Such A Bum Rap? [Re: Wizardlizard]
    #27569042 - 12/04/21 12:19 PM (2 years, 5 months ago)

...

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OfflineOz_Salvia
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Registered: 04/14/20
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Re: Why Does Capitalism Get Such A Bum Rap? [Re: Wizardlizard] * 1
    #27569638 - 12/04/21 08:33 PM (2 years, 5 months ago)

Rather than lament how capitalism is bad get on board and make some bank. You're in the Western world so you have opportunity given your currency value alone is many times that of other non-Western countries. Save, invest, take risks and grow.

One of the problems is today's progressive Leftist agenda would rather clutter the curriculum with worthless 'critical race theory' than see the basics taught on money. Most kids step out of school and have no idea how long it takes to double money or the percent rate to achieve it. They'll instead have the nonsense idea that wealth is 'white privilege'. All bullshit when capitalism cares zero to race, creed, religion, or gender.

I can't speak for American kids, but in Australia they need to know this: 7.2% growth will see money double in 10 years. $27,500 p.a. concessional to Super gives an income FY tax break and more importantly enables decades of compounding in a low 15% growth tax regime. If they have spare and extra cash -- generally in their higher age groups of their 40's to 50's -- they can do non-concessional contributions up to 110k p.a, or use the bring forward rule of 330k for a 3 year contribution; ideal for tradies and others who have used property as their growth strategy and want to transfer into their SMSF for the lower 15% growth tax regime. 

Once they reach preservation based on DOB and for today's kids that's when they're 60 years of age (unless that horizon is extended), they'll have a zero percent tax. The amount of super one can accrue currently is 1.7-million per individual. Growth above that will attract a ~35% tax in pre-preservation and 15% tax in preservation. You can put property, bullion, cash and shares into your SMSF and if structured per a Trust your children who earn nothing can mitigate income tax brackets to zero to the tune of $18,200 p.a each.

All up, if you're not participating in the wealth creation of capitalism by being aware of the rules, important said numbers and the power of compounding, then others will and indeed do; and you will miss out. Threads railing against capitalism have gone on for years; just like this 16 year old thread that's been resurrected.

Honestly, just look at the Socialists of this thread and how they lament, but had they put in even a modest 10k into the Dow or NASDAQ and let time leverage roll they'd sitting on multi-baggers. That's the laziest investment strategy there is. Set and forget. No doubt they missed out.

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Offlineqman
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Re: Why Does Capitalism Get Such A Bum Rap? [Re: Oz_Salvia] * 2
    #27569678 - 12/04/21 09:28 PM (2 years, 5 months ago)

A majority of the working class are loaded up with debt of some kind and don't have wages high enough to save and invest, this is a statistical reality. Real wages have been declining for 50 years in the US as wealth and income inequality are near 100 year highs. "Capitalism" has clearly failed the vast majority of the working class in the US today, that's also a statistical reality.

It's great to understand investing and the financial markets, but that's not going to help unless you have the money to do so in the first place. The vast majority of the wealth in the US is held in a very small minority of hands. There's no good defense of the status quo other than hoping for some sort of trickle down effect that never materializes.

Let me know when the pro-capitalists want to actually practice their ideology?  I've yet to witness it.

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OfflineOz_Salvia
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Registered: 04/14/20
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Last seen: 2 years, 4 months
Re: Why Does Capitalism Get Such A Bum Rap? [Re: qman]
    #27569891 - 12/05/21 02:54 AM (2 years, 5 months ago)

Well I can't speak for the US.

I can though cite an Australian story of a 23 year old woman who bought her own home, started age 15 saving, worked two jobs and started from age 18 investing. Sure her olds helped her out with free rent but she didn't waste their efforts. The fact that she knew what to do at age 15 is why she's made the smartest financial choice of her life which will likely play out for the rest of her days. Young and financially literate. That's key.

https://www.dailymail.co.uk/femail/article-10244843/Investor-23-reveals-bought-home-23.html

I don't believe it's impossible to get ahead and much of what's in the way are destructive behaviours of smoking, drinking and getting off one's face. If they're squandering money on that they'll never get ahead. I see a lot of this defeatism on the Shroomery hence the many addicts on what is a drug board - it is after all a hub for them. It's one of the issues commonly seen in welfare dependency and was recently shown on SBS (now on live stream). https://www.sbs.com.au/ondemand/program/could-you-survive-on-the-breadline

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Offlinekoods
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Registered: 05/26/11
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Re: Why Does Capitalism Get Such A Bum Rap? [Re: Oz_Salvia]
    #27574159 - 12/08/21 10:13 PM (2 years, 5 months ago)

Quote:

Sure her olds helped her out with free rent but she didn't waste their efforts.




This is a huge factor. Rent for a single young person is often more than 50% of their income.

If she’s saving a $1000 a month in rent, after three years that more than enough for a down payment. Her parents probably co-signed for a really good mortgage rate. Her parents paid her down payment. An equally motivated person without these financial resources would have a much harder time succeeding like that.

This reminds me of Mitt Romney saying if you can’t afford college you can just ask your parents for help. Having financially stable parents is a huge advantage in life


--------------------
NotSheekle said
“if I believed she was 16 I would become unattracted to her”

Edited by koods (12/08/21 10:24 PM)

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InvisibleCreonAntigone
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Registered: 05/30/21
Posts: 2,970
Re: Why Does Capitalism Get Such A Bum Rap? [Re: koods] * 1
    #27574175 - 12/08/21 10:25 PM (2 years, 5 months ago)

'Free market' is not the issue.

The issue is that the market ISNT free, due to the concept of regulatory capture. Those who have wealth suddenly have new power; they can pay off politicians, letting them almost decide who runs the nation. They can and do write laws: the politician often submits whatever their corporate benefactors drafted. This is not 'free market', this is 'Corporate-ocracy'.

There's also collusion in many industries: landlords collude to keep rent high, so that the principle of supply and demand no longer works. Plus, unions would theoretically be legal in a free market system, but corporations collude to make them illegal or difficult. When the law benefits the company it is made; when it hurts the company, they get rid of it.

I think there's a real potential to capitalism in terms of the real power and future potential from someone running their own business. A large company could even be a source of freedom and hope, if it uses its resources to treat employees well and improve the world. However: it must never be made a public company! At the hands of the shareholders it becomes legally necessary to be a douche and care about profit only - ford was sued for trying to give his employees higher wages for charitable purposes - see Dodge v. Ford Motor Co., which more or less established: public companies cannot be run for the benefit of the people.

We need good private companies however. We need good landlords to resist cabals and charge fair prices; we need good food companies that make it ethically. We need capitalism, at least right now.

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