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Business, Economics, and Taxes: Capitalism. Yay? >=(

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Interesting take: JPMorgan says corporate taxes are too low due to Trump’s tax cut. Historically, global corporate tax rates are 3% of GDP, but the US had been 2% since 2000, but now we’re down to 1% of GDP. He’s lobbying in favor of Biden’s tax increase to 28%, which is still down from the 35% prior to Trump’s cut. (I can’t link from my work PC - they’ve killed copy/paste in sites like this.)
 
St. Clown said:
Interesting take: JPMorgan says corporate taxes are too low due to Trump’s tax cut. Historically, global corporate tax rates are 3% of GDP, but the US had been 2% since 2000, but now we’re down to 1% of GDP. He’s lobbying in favor of Biden’s tax increase to 28%, which is still down from the 35% prior to Trump’s cut. (I can’t link from my work PC - they’ve killed copy/paste in sites like this.)
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Yeah, when they advertise tax cuts they always perpetuate the lie by using the wrong number. The only number that matters is the effective rate and in that wheelhouse the US is way way way low.
 
St. Clown said:
Interesting take: JPMorgan says corporate taxes are too low due to Trump’s tax cut. Historically, global corporate tax rates are 3% of GDP, but the US had been 2% since 2000, but now we’re down to 1% of GDP. He’s lobbying in favor of Biden’s tax increase to 28%, which is still down from the 35% prior to Trump’s cut. (I can’t link from my work PC - they’ve killed copy/paste in sites like this.)
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Jamie Dimon is an interesting figure. Sometimes his actions are altruistic in nature and completely socially conscious and other times he seems like a hypocrite attacking the financial sector for the very crap he benefitted from. He definitely has friends in the media that love to deify him.
 
OK, so, this. (Warning: long)

On the one hand, it's wallstreet bets, so... yeah.

But on the other hand, it's just coherent enough to worry me. Is it possible that the thesis is true: bonds will not hedge against inflation? Boiled down, upping the percentage of bonds in my portfolio is my retirement protection strategy. Right now I'm about 50% bonds, when I retire that will creep up to 60%, and then as I get into my drool into my oatmeal years to 70%. Just like every finance as-shole has said for the last fifty years.

I'm safe, right?

Right?!
 
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Stop reading wallstreetbets for financial advice. Full stop.

It's the equivalent of reading the National Enquirer for news. If you're doing it for the lulz, fine. But the second you start taking any of it seriously, stop before you end up hurting yourself. Remember, these are morons who are willing to lose their houses on the equivalent of putting it all on 00 on the roulette table.
 
Kepler said:
OK, so, this. (Warning: long)

On the one hand, it's wallstreet bets, so... yeah.

But on the other hand, it's just coherent enough to worry me. Is it possible that the thesis is true: bonds will not hedge against inflation? Boiled down, upping the percentage of bonds in my portfolio is my retirement protection strategy. Right now I'm about 50% bonds, when I retire that will creep up to 60%, and then as I get into my drool into my oatmeal years to 70%. Just like every finance as-shole has said for the last fifty years.

I'm safe, right?

Right?!
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Why would Buffett get out of gold, historically one of the most inflation-protected "investments" available?

This is a mixed bag of advice. He's not wrong that there could be inflation issues, but I don't know if we're there. Which is also why I'm stuck in GDO split level and not living in some overpriced condo I hate.
 
ScoobyDoo said:
Yeah, when they advertise tax cuts they always perpetuate the lie by using the wrong number. The only number that matters is the effective rate and in that wheelhouse the US is way way way low.
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In the article it mentioned that the effective rate for JPM was 3%. IMO, it just want relevant to to the nominal rate discussion.
 
Yeah I dont know why anyone would trust wsb for financial advice. They are just 21st century chop shops run by Dude Bros hoping to meme sheep into funding their gambling habits. Go to a real finance person if you want financial advice not some clown who is trying to get every rube to lose his shirt on Doge even as it becomes unprofitable as it rises. ($.39!)

Kepler you seem to have this affinity for wsb like they are heroes or something...they are just a crowdsourced version of the very institutions you despise and despite their rep they are no different than the banks. They are just another form of the same scam only they don't discriminate, they will bankrupt anyone no matter how little they can invest. And with no regulation they can give you any advice they want and watch you crash and burn for the lulz.
 
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Reputable economists expect inflation to tick up over the next year, but it’s not supposed to be runaway rates. The Fed is expected to raise their FFR before the year is out, and that’s what they expect to increase inflation. The thing is, the Fed never shoots up the rate that would produce scary reactions in rational people. There’s too much burden on these people to risk becoming monsters to the masses.
 
St. Clown said:
Reputable economists expect inflation to tick up over the next year, but it’s not supposed to be runaway rates. The Fed is expected to raise their FFR before the year is out, and that’s what they expect to increase inflation. The thing is, the Fed never shoots up the rate that would produce scary reactions in rational people. There’s too much burden on these people to risk becoming monsters to the masses.
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Add a couple of memes to this and you can start your own subreddit ;^)
 
unofan said:
Stop reading wallstreetbets for financial advice. Full stop.

It's the equivalent of reading the National Enquirer for news. If you're doing it for the lulz, fine. But the second you start taking any of it seriously, stop before you end up hurting yourself. Remember, these are morons who are willing to lose their houses on the equivalent of putting it all on 00 on the roulette table.
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OK, that's what I thought.
 
Handyman said:
Kepler you seem to have this affinity for wsb like they are heroes or something...they are just a crowdsourced version of the very institutions you despise and despite their rep they are no different than the banks. They are just another form of the same scam only they don't discriminate, they will bankrupt anyone no matter how little they can invest. And with no regulation they can give you any advice they want and watch you crash and burn for the lulz.
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I am under no illusions. I know if there was a public-facing forum that threatened The Scam then the financial institutions would immediately co-opt it the same way they did the Democratic party. So, no, I don't think they are heroes.

My problem with finance is it's all received wisdom, and I don't really have the capacity to judge. I don't have enough of a grasp of finance to have a sufficiently well-tuned BS detector. And, to be honest, the subject is so profoundly without interest to me that I have to force myself to care. Exactly like medicine.

But, like medicine, it's important in that fucking it up could hurt me, so I am forced to try to make sense of it all even though I'd rather read the phone book.

What's left is common sense and the skepticism that tells me that Talented Amateurs are the kind of people who announce they have invented perpetual motion machines.
 
Kepler said:
What's left is common sense and the skepticism that tells me that Talented Amateurs are the kind of people who announce they have invented perpetual motion machines.
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Perfect analogy for anyone who declares to have invented a high-reward, no-risk financial instrument.
 
There's a legendary investor here in Houghton County I've heard a few stories about. When he was a teenager he came into a small inheritance and grew it so rapidly and successfully that he was able to become a full time ski boarder/pot smoker by the time he was about 30. He build a huge house on the lake for him and his posse, complete with a year-round heated driveway (again, in Houghton Co. MI) so he wouldn't ever have to plow or shovel. Anyway, when asked how he became so rich he was famous for saying "Dude it's SO EASY. When my money went up, I took it out of stocks. When the stock market went down, I put it back in!" ... complete with a unique hand-scooping gesture. The point is, ... well I guess I don't actually have a point.
 
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Slap Shot said:
My older boy wants to throw $50 at this doge thing - yay or nay?
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Yeah, let him. It's $50. While that may represent a decent chunk of change to him, it's not like he's going to starve if he loses it all.

Just also have an idea and understanding upfront about what he can do with anything he might make. (Let him blow it all on video games? Split half and half college fund vs. spending money? etc.)
 
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