Ted Rall is channelling my wealth discussions!
By Barry Ritholtz - October 2nd, 2006, 8:02AM
How’s this for amusing: Last week, we discussed the nature of What is Wealth?; It was a follow up to our 2004 chat on the subject.
Anyway, while I rarely find myself in total agreement with Rall (he’s much more extreme than a Libertarian such as myself), this hits the nail on the head for us earth dwelling *economists:
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click for larger ‘toon
Via Yahoo!
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* I’m not really an economist, I just play one on TV.
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October 2nd, 2006 at 8:41 am
“I’m not really an economist, I just play one on TV.”
-same can be said for Kudlow.
October 2nd, 2006 at 9:21 am
Jack, there is a difference between cheerleaders and economists. Now we have to tell Larry.
October 2nd, 2006 at 9:24 am
Read what this economist have to say:
Growth in U.S. Slows to `Stall Speed,’ Raising Recession Risk
http://www.bloomberg.com/apps/news?pid=20601109&sid=ahY7_Y5RkMVk&refer=home
October 2nd, 2006 at 10:43 am
so anon,
WHAT IS WEALTH? If you can find a definition that suits every one, you’re smarter than anyone else here. An increase in technology doesn’t correspond with an increase in wealth. Wealth isn’t an absolute term, it is a relative term. What I consider wealthy may not be the same as what you do. So, if I remember basic english, I guess that would make it relative term.
October 2nd, 2006 at 12:25 pm
Most people in this world, outside of the USA, would say a 3000+ sqft house, 2 new cars and a dozen TVs qualifies someone as wealthy.
I tend to think that it’s my children that make me a wealthy man… but then, my house isn’t that big, I only have one semi-new car [and a very used one], and am stuck at 3 TVs [though, one is relatively new].
By all worldly standards I would be considered wealthy…. however, in my neck of the woods… I am considered below average.
A large group of my friends are from a job I held ages ago. Between the lot of us, most of us are in that coveted top 5% of income earners. A short discussion between us, several months ago, led to the sudden realization by many of my friends that they’re actually very lucky. While most of them making over 110k a year look at their peers and bosses and see a nicer house or car… they failed to realize that the average joe out there was only pulling in 25k a year.
A close friend of mine who owns a set of car dealerships had a lengthy discussion with me that same week regarding what it truely takes to survive as a family. His final number, what it would minimally take to support his family if all else failed… 25,000 a month [A MONTH]. I got no clear answer how his employees survived making significantly less.
Some might consider him wealthy…. but I prefer Chris Rock’s way… Shaq is RICH; the guy who write Shaq’s check is WEALTHY.
October 2nd, 2006 at 1:28 pm
interesting article about CNBC’s new “Fast Money” show up at
http://www.nytimes.com/2006/10/02/business/media/02cnbc.html?_r=1&8dpc&oref=slogin
” CNBC’s ratings fell to earth in recent years — this year’s prime-time viewership is less than half of 2001’s — as disillusioned day traders fled the tumbling market. But the market is returning to health. ”
In its first week at 5 p.m., the program drew an average of 214,000 viewers, on par with ratings for “Kudlow,”
“Mr. Wald said Mr. Cramer’s record “speaks for itself,” adding that “his show (Mad Money?) and his picks are required viewing on Wall Street at most major investment banks.”
“Fast Money” has a regular feature, “Fast Fire,” where the traders must confront bad calls made earlier”….hmmm
I give this show 6 weeks…;) (//snrk//)
Anybody here watch it? Impressions?
October 2nd, 2006 at 2:38 pm
It’s fascinating that a self-described libertarian with an economics blog would accuse a Chavez apoligist and anti-capitalist of hitting the nail on the head with regards to the econmomy. As a libertarian, free-market advocate, and human being, I find Ted Rall repulsive. I think the turning point may have been when he accused the republican administration of killing Paul Wellstone, his wife and his daughter:
http://www.uexpress.com/tedrall/?uc_full_date=20021029
October 2nd, 2006 at 3:17 pm
god joe. can’t you read? Barry said,
“Anyway, while I -rarely- find myself in total agreement with Rall (he’s much more -extreme- than a Libertarian such as myself)”
…So the Repubs didn’t kill Wellstone…There are plenty of other deaths they ARE directly responsible for (2,700 american soldiers and counting/tens of thousands of Iraqis) and quite a few character assasinations besides…
October 2nd, 2006 at 3:42 pm
So you’re a free-marketeer, but the thing that really caused you to turn a deaf ear to Ted Rall was some conspiracy theorizing about Paul Wellstone?
Really now.
October 2nd, 2006 at 4:24 pm
Speaking of litmus tests for libertarianism, I have one question for BR:
How do you feel about the minimum wage?
October 2nd, 2006 at 9:11 pm
What do you call an enlightened Republican?
A libertarian.
October 2nd, 2006 at 10:55 pm
“he’s much more extreme than a Libertarian such as myself”
More extreme than a Libertarian? Now, that’s funny. But you’re not a libertarian unless you’re opposed to Social Security, Medicare, Interstate Highways, the SEC, and on and on. I can never understand why people pretend to be libertarian because somebody out there thinks it sounds reasonable.
October 2nd, 2006 at 11:36 pm
For God’s sake, don’t ruin your reputation by telling people you are an economist. That’s nearly as bad as being a politician.