Uncle Eddie will be along later to provide you with a healthy dose of bonus bananas. In the meantime, here’s a few plantains to hold you over:
1.) Just Missed Millions (Business Insider) - Facebook is set to mint a boatload of millionaires today. Could you imagine how you’d feel if you turned down the opportunity to be an early Facebook employee to work at a big bank? Well, one guy actually did that…Brutal.
2.) Everyone agrees on defense spending cuts…except for politicians (The
Atlantic) - It turns out that, when polled, Democrats and Republicans both overwhelmingly want to cut the defense budget significantly. Of course, the majority of the electorate thinks that foreign aid encompasses a quarter of the Federal Budget, so I suppose we should take this with a grain of salt.
3.) The Fastest Dying Jobs and their Fastest Growing Replacements (The
Atlantic) - An interesting breakdown of the fastest dying jobs contrasted with the fastest growing occupations over a recent twenty year span. Not surprisingly, basic factory jobs with major union membership leads the list of the dying. If you work in a factory and don’t have any advanced technical skills, you’re a dinosaur. The same goes for Unionized Sociologists, apparently. Weird.
4.) Curt Schilling’s MMORPG company might need a bailout…wait,
what? (Boston.com) - Former
Red Sox pitcher, and ketchup-stained sock wearer, Curt Schilling is apparently
also an MMORPG fanatic. So much so, that he started his own gaming company, 38
Studios, based out of Rhode Island. Well, it looks like the company has run into a bit
of trouble and could end up costing RI taxpayers millions thanks to failed payments
on state-backed loans.
5.) The inequality speech that TED won’t show you (National Journal) - Nick Hanauer, a Seattle-based
Venture Capitalist and early investor in Amazon.com, gives a TED presentation
arguing against the myth of the “job creator” and in-favor of higher taxes. TED-execs
deemed it too partisan and controversial for the viewing public at large, so check out
the link for the transcript.
Bonus Video: This is old, and some of you may have seen this, but
I thought it’d be relevant given the Facebook IPO. Here’s a rare interview with Mark
Zuckerberg from back in 2005 in which he talks about the early growth of Facebook.
It’s interesting to hear his perspective in this casual of a forum and before all the IPO
hype. Not to mention, how different his vision for the site was back then. Enjoy:
5: Found the speech -->
A VC with a marxist line of though ? wtf haha !!
Even if its not consensus for that type of business person, I always think it's refreshing and cool to see someone who has a contrarian view of things.
Great share!
For those that dont click the link for #5, this is the guys summary message.
"In a capitalist economy, the true job creators are consumers, the middle class. And taxing the rich to make investments that grow the middle class, is the single smartest thing we can do for the middle class, the poor and the rich."
I feel his logic is flawed and is confusing a market with a business, markets are created by consumers with surplus money. Businesses are created . Consumers enable demand to exist in the first place, but consumers don't risk capital and time (and emotions) to get there. To make it worthwhile for someone to do that, they need to be rewarded.
There is also the question of how do the consumers get their money to spend on products in the first place. I don't feel he addresses that issue adequately, as there is an underlying assumption that taxation will lead to a redistribution of wealth, when it just means more money for the government to spend, which it spends on giving public operations to private companies, who will hike their prices. I see no evidence to suggest that any government anywhere, (and there have been plenty of socialist examples) that a forced redistribution of wealth ever works.
If you tax the rich, they will either avoid it, leave or pursue other avenues of life which aren't monetised, but rewarding in other factors.
He also doesnt cover the factor of wealth facilitators. While accountants and doctors create relatively few jobs, without them people would start dying, and companies would file random records to make them look good. If you don't pay these people well, you will get morons doing that job, and thats when all hell breaks loose.
Oh and regarding the rich getting richer, if you spend less than you earn, you will get richer. It's to do with lifestyle habits, not some magic "rich" or "poor" definition.
Works quite well for Nordic countries. And I agree with you on some parts, while it does seem equitable to tax the rich more (which is historically justified), it does raise the question of how fair it actually is (proportional taxes are afterall, more equitable).
And as to the rich getting richer, it has nothing to do with how much you spend (regarding this issue). Just look at incomes per capita in the different income classes. What he says is true, I don't think Mark Zuckerberg spends more than the average American income proportionate to his income.
Nice job King
I actually agree with what the dude said in the TED talk. When it comes down to it, demand creates jobs. Consumers drive demand. Be them people or businesses, without demand of some kind, there is no need to create products or services.
It's a virtuous circle, you need incentives for people to invest and grow businesses, but unless a market exists with a demand for a product or service, a company simply cannot grow.
I'd also add that at my fund taxes have never ever ever come up in any discussion about growing our companies. Ever. They are simply not something we think about. What we think about is how to attack different markets and what hires we need to make. We think about our customers and markets and what drives them. Taxes really don't enter the equation unless we're thinking about how to best structure a deal (i.e. structuring a deal so an existing shareholder can rollover some equity without tax consequences.)
Last, but not least. Let's keep in mind that our tax debate essentially comes down to an argument over 4% on the highest marginal tax rate and 5% on capital gains. So, 39% instead of 35%, and 20% instead of 15%. We're not talking about shooting taxes up to 60%. If we were, then the arguments against raising taxes might have some merit.
Ah, here in the lies the problem... we start talking about 39%, I mean its just 39%. Then we all know where we go in a few years from that 39%. Do you think its down? Naw, try 42%. I mean its just another 3%! So while you make your $200K a year, and the government takes its $78,000 just remember the govt will probably spend your $78K on overpriced muffins where half of them will be thrown in the trash. Doesn't that make you feel oh so good?
TheKing, have you not followed every euroianquaisocialist society? Lets take our very own California... California is the closest to your Utopia, yet lets see our our problems (our as I am a native Californian).
I could go on and on and on... what is it that makes you want to emulate California so much?
And the Ted talk wasn't shown because it sucked. There is not some big conspiracy behind it.
Dude, chill out. At what point did I argue for a "utopia?" God damn.
You didn't actually even make a counter-argument against the points of the TED talk, all you did was throw out straw men and ad hominems.
Let's play spot the pattern... Scroll down to the bottom ten, tell me what you notice. http://www.usatoday.com/news/nation/2011-03-23-state-income-table_N.htm
[quote=killfrankgoreshead]Let's play spot the pattern... Scroll down to the bottom ten, tell me what you notice. http://www.usatoday.com/news/nation/2011-03-23-state-income-table_N.htm…]
They are the coolest states?
[quote=killfrankgoreshead]Let's play spot the pattern... Scroll down to the bottom ten, tell me what you notice. http://www.usatoday.com/news/nation/2011-03-23-state-income-table_N.htm…]
The average person in Montana is living much more comfortably then the person in New York?
I am from Montana! And I can tell you that it's true. Even if you're poor in MT you can still afford some social mobility.
Makes you wonder why the population of Montana is less than 1 million people, no? Are you moving there? That's great, I hear they're really good for finance.
Autem in aut quibusdam perspiciatis. Accusamus necessitatibus dicta quasi et. Ut et deleniti voluptatem explicabo unde. Sed unde deleniti consequatur ut et. Vel et aut enim itaque. Molestiae aliquam tempore repellendus nihil.
Qui repellat consequatur aut reprehenderit qui. Voluptas dolore officia dignissimos inventore blanditiis quasi ut. Et placeat quibusdam assumenda ut nostrum et in.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...