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#52 Dec 12 2011 at 7:49 PM Rating: Default
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catwho wrote:
This maybe deserved its own thread but sort of falls on topic here as well:

Rich people don't create jobs. Consumers create jobs.


This is pretty much the same "consumption is all" argument that liberal economists attempt to spout all the time. Nothing really new. It still fails to recognize the most important fact though: Consumption *isn't* all. Consumption without production equals inflation. Job creation is the key. If you create a productive job, then the result is both the production of things people want to buy *and* the salaries to consumers needed to buy those things.

In terms of job creation, we need to ask if the government or the private market is better at it. And it should be pretty clear that the private market is better. By a long shot. Since the rich invest in the private market, then the rich do indeed "create jobs". The better question isn't whether this happens or not, but what conditions can switch investment from that which creates the most jobs to that which creates the least.
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#53 Dec 12 2011 at 7:59 PM Rating: Default
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Jophiel wrote:
gbaji wrote:
I know that this is the talking point of the day, but what does this have to do with anything? Romney presumably picked that dollar amount *because* it is considered a lot of money and not an amount you'd just sling around casually.

Why should anyone presume it?


Because, as several people have pointed out, that figure isn't a whole lot of money to Romney himself. If he were making a real bet intended to represent a significant amount of money for him and Perry, he'd have made it much larger, right?

It's not about the dollar amount specifically. It's about getting the audience to see that talk is cheap, and specifically that Perry's claim is cheap to make, but that he wouldn't make it if he had to actually prove that it was true. And it was made in a context that everyone watching could understand. A $10k bet to the average Joe is something you'd only do if you were absolutely 100% certain of what you were saying.


As usual the pundits fail to see beyond their own flawed perceptions of what "the people" think.
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#54 Dec 12 2011 at 8:07 PM Rating: Good
gbaji wrote:
catwho wrote:
This maybe deserved its own thread but sort of falls on topic here as well:

Rich people don't create jobs. Consumers create jobs.


This is pretty much the same "consumption is all" argument that liberal economists attempt to spout all the time. Nothing really new. It still fails to recognize the most important fact though: Consumption *isn't* all. Consumption without production equals inflation. Job creation is the key. If you create a productive job, then the result is both the production of things people want to buy *and* the salaries to consumers needed to buy those things.

In terms of job creation, we need to ask if the government or the private market is better at it. And it should be pretty clear that the private market is better. By a long shot. Since the rich invest in the private market, then the rich do indeed "create jobs". The better question isn't whether this happens or not, but what conditions can switch investment from that which creates the most jobs to that which creates the least.


That's your opinion, and you're welcome to it. However, please stop trying to shove it down our country's throat all the time.
#55 Dec 12 2011 at 8:17 PM Rating: Excellent
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gbaji wrote:
Because, as several people have pointed out, that figure isn't a whole lot of money to Romney himself. If he were making a real bet intended to represent a significant amount of money for him and Perry, he'd have made it much larger, right?
gbaji originally wrote:
Romney presumably picked that dollar amount *because* it is considered a lot of money and not an amount you'd just sling around casually.

So your contention is that Romney bet ten thousand dollars because he was betting a huge sum to show how outlandish Perry's claim is by betting an amount he doesn't see as significant? Did you even pause a second to think that through?

The whole argument is that Romney made the bet because $10k is a flippant amount of money to him. It was the rich man's equivalent to betting five bucks. The gaffe is that is displayed how out of touch Romney is with real working class Americans.

Quote:
It's not about the dollar amount specifically. It's about getting the audience to see that talk is cheap, and specifically that Perry's claim is cheap to make, but that he wouldn't make it if he had to actually prove that it was true. And it was made in a context that everyone watching could understand. A $10k bet to the average Joe is something you'd only do if you were absolutely 100% certain of what you were saying.

In that case, it absolutely failed. As people have pointed out, your average person wouldn't make a $10k bet even on a "sure thing" just because of the 0.0001% chance they were wrong on some technicality; they could never afford to gamble the ten grand.

Romney though makes the bet like he's tossing around lunch money.

Quote:
As usual the pundits fail to see beyond their own flawed perceptions of what "the people" think.

You mean "As usual, Gbaji spins wildly and irrationally trying to defend the GOP guy like a good little puppet." I know Camp Romney is desperately trying to feed this "Oh, we knew it was a huge amount, that was the point" line of damage control spin but just because they ladle you up steaming bullshit doesn't mean you need to run to the front of the line to slurp it up. Smiley: laugh
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#56 Dec 12 2011 at 8:18 PM Rating: Excellent
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It's "Remarks not intended to be factual" all over again.
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#57 Dec 12 2011 at 8:27 PM Rating: Decent
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Quote:
In that case, it absolutely failed. As people have pointed out, your average person wouldn't make a $10k bet even on a "sure thing" just because of the 0.0001% chance they were wrong on some technicality; they could never afford to gamble the ten grand.
if you wouldn't take a 1:1 bet at those actual odds, your risk aversion is stupidly high.
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#58 Dec 12 2011 at 9:07 PM Rating: Excellent
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Remind me to introduce you to hyperbole some day.
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Wow. Regular ol' Joph fan club in here.
#59 Dec 12 2011 at 9:12 PM Rating: Excellent
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I think we're all missing the core point, here. It's GAMBLING, people. GAMBLING.

Won't someone think of the CHILDREN?

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#60 Dec 12 2011 at 9:26 PM Rating: Default
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Jophiel wrote:
gbaji wrote:
Because, as several people have pointed out, that figure isn't a whole lot of money to Romney himself. If he were making a real bet intended to represent a significant amount of money for him and Perry, he'd have made it much larger, right?
gbaji originally wrote:
Romney presumably picked that dollar amount *because* it is considered a lot of money and not an amount you'd just sling around casually.

So your contention is that Romney bet ten thousand dollars because he was betting a huge sum to show how outlandish Perry's claim is by betting an amount he doesn't see as significant?


No. But that's a great argument for why it's kinda stupid to think that Romney used that figure based on its relevance to him. Apparently, I need to be a lot more clear about this than I thought I needed to.


He used that number because it's a large and significant amount of money to most of the people in the audience.


I honestly didn't think I needed to explain this, but apparently some people can't see past their own assumptions.
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#61 Dec 12 2011 at 9:31 PM Rating: Excellent
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Woosh.
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#62 Dec 12 2011 at 9:31 PM Rating: Excellent
If that's why he used it, then he's a goddamn moron.
#63 Dec 12 2011 at 9:32 PM Rating: Default
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Technogeek wrote:
gbaji wrote:
catwho wrote:
This maybe deserved its own thread but sort of falls on topic here as well:

Rich people don't create jobs. Consumers create jobs.


This is pretty much the same "consumption is all" argument that liberal economists attempt to spout all the time. Nothing really new. It still fails to recognize the most important fact though: Consumption *isn't* all. Consumption without production equals inflation. Job creation is the key. If you create a productive job, then the result is both the production of things people want to buy *and* the salaries to consumers needed to buy those things.

In terms of job creation, we need to ask if the government or the private market is better at it. And it should be pretty clear that the private market is better. By a long shot. Since the rich invest in the private market, then the rich do indeed "create jobs". The better question isn't whether this happens or not, but what conditions can switch investment from that which creates the most jobs to that which creates the least.


That's your opinion, and you're welcome to it. However, please stop trying to shove it down our country's throat all the time.



As opposed to the none shoving-down-our-throats being done by the "We need to raise taxes on the rich" crowd, and their endless stream of examples of why rich people don't do anything with their money that helps anyone? Funny. I could have sword I was responding to a link which was attempting to shove an opinion down the country's throat.


Are you actually unable to see that if I and others like me *don't* give our opinion, then we will be the ones having a solution we don't like forced on us? I get that you don't agree with my opinion, but isn't it a bit unfair to insist that there's somehow something wrong with me expressing it?
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#64 Dec 12 2011 at 9:37 PM Rating: Excellent
If you read the article, it was a very rich person making the argument.
#65 Dec 12 2011 at 9:41 PM Rating: Default
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catwho wrote:
If that's why he used it, then he's a goddamn moron.


Why? As I said before, the point here was to show that Perry's claims are not true. He used a format and dollar amount designed based on that audience. If you were to challenge someone to a $10k bet over something, it would mean you were really sure that you were right and the other person was wrong.


What's strange is that half of the people criticizing Romney over this are doing so because he used too high a dollar value (because most people could not afford a $10k bet), and the other half are saying he used too low a dollar value ($10k not being much to him). I think that both groups are kinda missing the point. As I said, it's not about the value itself. It's a placeholder for saying "I'm positive I'm right, and I'm positive you know you're just spouting rhetoric".

While that didn't play well to the pundits in the media, I doubt it was seen nearly as badly by the public itself. Romney has been criticized for being too distant and "out of touch" with the average person. This little mistake makes him look a lot more human ("wanna bet on it!" is a pretty common concept), and IMO doesn't cost him much of anything in doing so.

You're looking for things to find fault in if you're finding that much fault in this.
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#66 Dec 12 2011 at 9:45 PM Rating: Default
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catwho wrote:
If you read the article, it was a very rich person making the argument.


And? OMG! They found "A rich guy"(tm) who agrees with them. Alert the damn media. Is that like having your black friend tell you that your nutty ideas about race are all correct, so it must be so? Is this what passes for argument from the left now? Seems pretty weak to me.
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#67 Dec 12 2011 at 9:46 PM Rating: Good
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No, you're the only one who thinks the EXACT amount matters.

And who besides you has even suggested that he should have used a larger bet?

Nice straw man, I guess.
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#68 Dec 12 2011 at 9:46 PM Rating: Good
gbaji wrote:
Technogeek wrote:
gbaji wrote:
catwho wrote:
This maybe deserved its own thread but sort of falls on topic here as well:

Rich people don't create jobs. Consumers create jobs.


This is pretty much the same "consumption is all" argument that liberal economists attempt to spout all the time. Nothing really new. It still fails to recognize the most important fact though: Consumption *isn't* all. Consumption without production equals inflation. Job creation is the key. If you create a productive job, then the result is both the production of things people want to buy *and* the salaries to consumers needed to buy those things.

In terms of job creation, we need to ask if the government or the private market is better at it. And it should be pretty clear that the private market is better. By a long shot. Since the rich invest in the private market, then the rich do indeed "create jobs". The better question isn't whether this happens or not, but what conditions can switch investment from that which creates the most jobs to that which creates the least.


That's your opinion, and you're welcome to it. However, please stop trying to shove it down our country's throat all the time.



As opposed to the none shoving-down-our-throats being done by the "We need to raise taxes on the rich" crowd, and their endless stream of examples of why rich people don't do anything with their money that helps anyone? Funny. I could have sword I was responding to a link which was attempting to shove an opinion down the country's throat.


Are you actually unable to see that if I and others like me *don't* give our opinion, then we will be the ones having a solution we don't like forced on us? I get that you don't agree with my opinion, but isn't it a bit unfair to insist that there's somehow something wrong with me expressing it?


I said you were welcome to it. You really are something. Now riddle me this, batman: Which party is running the "My way or the highway" routine on us?
#69 Dec 12 2011 at 9:48 PM Rating: Excellent
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At least he could remember the number. Smiley: rolleyes

But yeah people say dumb things in primary debates all the time. I'm doubtful it would be as big of a deal if his campaign was on more solid footing.
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#70 Dec 12 2011 at 9:53 PM Rating: Good
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gbaji wrote:
catwho wrote:
If you read the article, it was a very rich person making the argument.


And? OMG! They found "A rich guy"(tm) who agrees with them. Alert the damn media. Is that like having your black friend tell you that your nutty ideas about race are all correct, so it must be so? Is this what passes for argument from the left now? Seems pretty weak to me.


Coming from the guy who rejects academically rigorous research because he doesn't like the conclusion, that's far from impressive.

The fact that you sound like a bad caricature of a Reagan-era propaganda machine doesn't help either.
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#71 Dec 12 2011 at 9:58 PM Rating: Excellent
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someproteinguy wrote:
At least he could remember the number. Smiley: rolleyes
Eh, he didn't have to explain it either. Probably figured that the indoctrinated idiots that'd support him no matter what would do it for him and he didn't need to embarrass himself again.
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#72 Dec 12 2011 at 10:09 PM Rating: Default
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idiggory, King of Bards wrote:
No, you're the only one who thinks the EXACT amount matters.


I don't think the exact amount matters at all. I'm responding to others who seem to either think $10k is too high because it's out of touch with the finances of average people, or it's too low because it's so little money relative to his own finances.

WTF thread have you been reading? Here's a bunch of people basically saying that the $10k figure is somehow "out of touch" with the average person's finances:

Jophiel wrote:
Fair or not, candidates have to tread a line between having the money and still being relatable to those without millions of dollars. After someone says they feel your working class pain, you don't want to hear about them forgetting how many houses they own or their million dollar credit line at Tiffany's or about them casually making $10,000 bets.


Lubriderm wrote:
None of them can actually relate. On either side, that's part of the problem. Our election system is currently only allows people with money enough to not work while campaigning to even have a chance. I don't know the solution, but to me, it's a problem.


rdmcandie wrote:
pretty much but when the majority of consumers live paycheck to paycheck and can't go around wining 10K bets off people for quotes from a book.



Quote:
And who besides you has even suggested that he should have used a larger bet?



Joph? Well, he didn't comment himself, just kinda quoted something, which he apparently thought was relevant:

Quote:
For most Americans, $10,000 is a lot of money. Apparently. for Romney it is not. His estimated net worth is said to be at least $200 million. Thus for him, $10,000 represents 1/200 of 1% of his net worth. For the median family, whose net worth is about $100,000 (including home equity), 1/200 of 1% is $5. So for Romney, making a $10,000 bet takes about as much forethought as for the average person to make a $5 bet. Put in another light, $10,000 is 2-3 months income for the average family.


What do you think the point of bringing this up was?


And here's Cat making *both* points:

Catwho wrote:
Someone crunched some numbers and showed that in terms of net worth, Romney making a casual 10K bet is like someone with the median household income making a $5 bet.

Most people don't even have $10,000 lying around in liquid cash form. We do, but that's the "emergency fund" for when one of us gets into a car accident or something.



Quote:
Nice straw man, I guess.


Um... Might want to learn what a straw man is. I responded directly to Joph's quote making the point that the bet was an insignificant amount to Romney but tons for average people, presumably to show that Romney was "out of touch" by saying that he picked a dollar amount that said exactly what he intended. Ten thousand dollars it not an amount the average person would bet on a whim, right? That's the point. He was not out of touch, he knew exactly the amount that would convey the point he was trying to make to the audience he was trying to make it too.


WTF?
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#73 Dec 12 2011 at 10:11 PM Rating: Excellent
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gbaji wrote:
What's strange is that half of the people criticizing Romney over this are doing so because he used too high a dollar value (because most people could not afford a $10k bet), and the other half are saying he used too low a dollar value ($10k not being much to him).

Did you drink a lot of cough syrup before posting this?
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#74 Dec 12 2011 at 10:13 PM Rating: Excellent
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gbaji wrote:
Joph? Well, he didn't comment himself, just kinda quoted something, which he apparently thought was relevant:

Quote:
For most Americans, $10,000 is a lot of money. Apparently. for Romney it is not. His estimated net worth is said to be at least $200 million. Thus for him, $10,000 represents 1/200 of 1% of his net worth. For the median family, whose net worth is about $100,000 (including home equity), 1/200 of 1% is $5. So for Romney, making a $10,000 bet takes about as much forethought as for the average person to make a $5 bet. Put in another light, $10,000 is 2-3 months income for the average family.


What do you think the point of bringing this up was?

That... wasn't an argument that he should have made a larger bet. Smiley: laugh
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#75 Dec 12 2011 at 11:19 PM Rating: Excellent
The point is that Romney has been trying to claim to be "one of us" and "an unemployed guy like you" and all that, throughout the campaign. You cannot simultaneously claim to be "just one of the plebes like you" and casually toss around ten grand bets like it's nothing.

At least Bush was smart enough to put on the cowboy act, which fooled enough country Republicans to get him elected twice. "Going to the ranch to clear some tumbleweeds!" *teeth gleam*
#76 Dec 13 2011 at 7:03 AM Rating: Excellent
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