American Economics Thread
- Thread starter Bernard
- Start date
"Too big to fail" policies are alive and well continuing to curse the average American since the late 2000's financial crisis, systematically ingraining the opportunity gap and drastically worsening inequality.
Empirical financial evidence from this article:
Empirical financial evidence from this article:
...
More businesses closed than opened during the post-2008 “recovery” than opened
...
And businesses with fewer than 50 employees accounted for only 1 in 6 jobs created since 2005. In the three decades preceding the 2008 crash, by contrast, In other words, startups created 2.9 million jobs a year while established firms lost 1.5 million jobs a year.
Asset prices recovered, but there was no way that ordinary folk could get in on the gravy train. Private equity firms raised billions to buy foreclosed homes and rent them to people who used to own their own homes at much higher total cost. The national homeownership rate has fallen from 69% to 64% since the crisis, and rents are rising at 4% a year, much faster than incomes.
AssassinsMace
Lieutenant General
I don't know why this didn't happen sooner. And it's probably too late because now it looks like they're circumventing a democratic process overriding a popular movement. After Obama's NSA scandal arrogance that made US hi-tech international sales fall, Trump is going to destroy the US economy if he's actually going to pull the trigger on all his threats regarding trade. When he gets all American jobs back to the US, is he going to force the world to buy American like he'll make Mexico pay for the wall? While prices for American products skyrocket due to increased labor costs making it unaffordable for most Americans and certainly the rest of the world, what's to stop foreign rivals from outsourcing making their products far less expensive than made in America? No US company is going to survive in that environment.
Bernard
Junior Member
New York Is The City With The Most Billionaires, Not Beijing
New York City is still the world capital for the ultra-rich. Seventy-nine billionaires call the Big home, holding a combined $364.6 billion in wealth. These include two of the world’s 10 richest people: industrialist and media titan .
Despite the enduring allure of America’s wealthiest city, Asian metropolises are increasingly becoming billionaire magnets. Asia’s financial capital, Hong Kong, jumped ahead of Moscow into the number two spot this year. Its 68 billionaire residents are worth a combined $261.3 billion.
Contrary to a widely circulated report from Chinese research firm Hurun last week calling Beijing “The New Billionaire Capital of the World,” the city is just fourth in line, with 51 residents holding three-comma fortunes, according to Forbes’ research. This year the Chinese capital surpassed London, home to 48 billionaires.
Forbes’ net worth calculations discount a portion of shares pledged as collateral for debts. Our methodology also excludes fortunes shared by a husband and wife or by an extended family, unless net worths are at least $1 billion per individual. Forbes used stock prices and exchange rates from Feb. 12 for the 2016 Billionaires List.
Hurun’s wealth list includes all fortunes shares by a husband and wife and those of individuals rather than families “where possible,” according to Hurun founder Rupert Hoogewerf. Hurun‘s calculations were a snapshot of wealth from Jan. 15.
In all, six of the top 10 cities with the most billionaires this year were in Asia. These included China’s other economic powerhouses, Shanghai and Shenzhen; India’s financial hub, Mumbai; and South Korea’s high-tech capital, Seoul. San Francisco, with its concentration of tech billionaires, is the only other American city in the top 10 (if you counted the entire metropolitan region and Silicon Valley, it would come in second, with 70 billionaires).
The popularity of Asia’s urban centers is not surprising. More billionaires hail from the Asia-Pacific region than any other region of the world – 590 compared to 540 from the United States. More than 70 newcomers to the World’s Billionaires List in 2016 were Chinese nationals, more than double the number of Americans. Still, there are more than twice as many American billionaires as Chinese ones (540 vs. 252), holding four times as much wealth ($2.4 trillion vs. $594 billion).
Hong Kong and Beijing may well overtake New York as the billionaire capital soon – but not yet.
Here is the full list of the top 10 cities home to the most billionaires:
1. New York
Billionaires: 79
Combined net worth: $364.6 billion
2. Hong Kong
Billionaires: 68
Combined net worth: $261.3 billion
3. Moscow
Billionaires: 60
Combined net worth: $217.6 billion
4. Beijing
Billionaires: 51
Combined net worth: $149.9 billion
5. London
Billionaires: 48
Combined net worth: $187.7 billion
6. Mumbai
Billionaires: 32
Combined net worth: $115.1 billion
7. Shanghai
Billionaires: 31
Combined net worth: $66.1 billion
8. Seoul
Billionaires: 30
Combined net worth: $73.9 billion
9. Shenzhen
Billionaires: 30
Combined net worth: $78 billion
10. San Francisco
Billionaires: 28
Net worth: $74.5 billion
New York City is still the world capital for the ultra-rich. Seventy-nine billionaires call the Big home, holding a combined $364.6 billion in wealth. These include two of the world’s 10 richest people: industrialist and media titan .
Despite the enduring allure of America’s wealthiest city, Asian metropolises are increasingly becoming billionaire magnets. Asia’s financial capital, Hong Kong, jumped ahead of Moscow into the number two spot this year. Its 68 billionaire residents are worth a combined $261.3 billion.
Contrary to a widely circulated report from Chinese research firm Hurun last week calling Beijing “The New Billionaire Capital of the World,” the city is just fourth in line, with 51 residents holding three-comma fortunes, according to Forbes’ research. This year the Chinese capital surpassed London, home to 48 billionaires.
Forbes’ net worth calculations discount a portion of shares pledged as collateral for debts. Our methodology also excludes fortunes shared by a husband and wife or by an extended family, unless net worths are at least $1 billion per individual. Forbes used stock prices and exchange rates from Feb. 12 for the 2016 Billionaires List.
Hurun’s wealth list includes all fortunes shares by a husband and wife and those of individuals rather than families “where possible,” according to Hurun founder Rupert Hoogewerf. Hurun‘s calculations were a snapshot of wealth from Jan. 15.
In all, six of the top 10 cities with the most billionaires this year were in Asia. These included China’s other economic powerhouses, Shanghai and Shenzhen; India’s financial hub, Mumbai; and South Korea’s high-tech capital, Seoul. San Francisco, with its concentration of tech billionaires, is the only other American city in the top 10 (if you counted the entire metropolitan region and Silicon Valley, it would come in second, with 70 billionaires).
The popularity of Asia’s urban centers is not surprising. More billionaires hail from the Asia-Pacific region than any other region of the world – 590 compared to 540 from the United States. More than 70 newcomers to the World’s Billionaires List in 2016 were Chinese nationals, more than double the number of Americans. Still, there are more than twice as many American billionaires as Chinese ones (540 vs. 252), holding four times as much wealth ($2.4 trillion vs. $594 billion).
Hong Kong and Beijing may well overtake New York as the billionaire capital soon – but not yet.
Here is the full list of the top 10 cities home to the most billionaires:
1. New York
Billionaires: 79
Combined net worth: $364.6 billion
2. Hong Kong
Billionaires: 68
Combined net worth: $261.3 billion
3. Moscow
Billionaires: 60
Combined net worth: $217.6 billion
4. Beijing
Billionaires: 51
Combined net worth: $149.9 billion
5. London
Billionaires: 48
Combined net worth: $187.7 billion
6. Mumbai
Billionaires: 32
Combined net worth: $115.1 billion
7. Shanghai
Billionaires: 31
Combined net worth: $66.1 billion
8. Seoul
Billionaires: 30
Combined net worth: $73.9 billion
9. Shenzhen
Billionaires: 30
Combined net worth: $78 billion
10. San Francisco
Billionaires: 28
Net worth: $74.5 billion
I never liked the idea that any Chinese city get into this list. More billionaires means more low-income people, smaller tax base to the state, lesser legitimacy of the state in the eyes of commoners, therefore a weaker country.New York Is The City With The Most Billionaires, Not Beijing
New York City is still the world capital for the ultra-rich. Seventy-nine billionaires call the Big home, holding a combined $364.6 billion in wealth. These include two of the world’s 10 richest people: industrialist and media titan .
Despite the enduring allure of America’s wealthiest city, Asian metropolises are increasingly becoming billionaire magnets. Asia’s financial capital, Hong Kong, jumped ahead of Moscow into the number two spot this year. Its 68 billionaire residents are worth a combined $261.3 billion.
Contrary to a widely circulated report from Chinese research firm Hurun last week calling Beijing “The New Billionaire Capital of the World,” the city is just fourth in line, with 51 residents holding three-comma fortunes, according to Forbes’ research. This year the Chinese capital surpassed London, home to 48 billionaires.
Forbes’ net worth calculations discount a portion of shares pledged as collateral for debts. Our methodology also excludes fortunes shared by a husband and wife or by an extended family, unless net worths are at least $1 billion per individual. Forbes used stock prices and exchange rates from Feb. 12 for the 2016 Billionaires List.
Hurun’s wealth list includes all fortunes shares by a husband and wife and those of individuals rather than families “where possible,” according to Hurun founder Rupert Hoogewerf. Hurun‘s calculations were a snapshot of wealth from Jan. 15.
In all, six of the top 10 cities with the most billionaires this year were in Asia. These included China’s other economic powerhouses, Shanghai and Shenzhen; India’s financial hub, Mumbai; and South Korea’s high-tech capital, Seoul. San Francisco, with its concentration of tech billionaires, is the only other American city in the top 10 (if you counted the entire metropolitan region and Silicon Valley, it would come in second, with 70 billionaires).
The popularity of Asia’s urban centers is not surprising. More billionaires hail from the Asia-Pacific region than any other region of the world – 590 compared to 540 from the United States. More than 70 newcomers to the World’s Billionaires List in 2016 were Chinese nationals, more than double the number of Americans. Still, there are more than twice as many American billionaires as Chinese ones (540 vs. 252), holding four times as much wealth ($2.4 trillion vs. $594 billion).
Hong Kong and Beijing may well overtake New York as the billionaire capital soon – but not yet.
Here is the full list of the top 10 cities home to the most billionaires:
1. New York
Billionaires: 79
Combined net worth: $364.6 billion
2. Hong Kong
Billionaires: 68
Combined net worth: $261.3 billion
3. Moscow
Billionaires: 60
Combined net worth: $217.6 billion
4. Beijing
Billionaires: 51
Combined net worth: $149.9 billion
5. London
Billionaires: 48
Combined net worth: $187.7 billion
6. Mumbai
Billionaires: 32
Combined net worth: $115.1 billion
7. Shanghai
Billionaires: 31
Combined net worth: $66.1 billion
8. Seoul
Billionaires: 30
Combined net worth: $73.9 billion
9. Shenzhen
Billionaires: 30
Combined net worth: $78 billion
10. San Francisco
Billionaires: 28
Net worth: $74.5 billion
History of the fall of many dynasties and forthcoming civil wars has taught us the lesson. I hope the communist does not become another dynasty for everyone's sake.
Equation
Lieutenant General
New York Is The City With The Most Billionaires, Not Beijing
New York City is still the world capital for the ultra-rich. Seventy-nine billionaires call the Big home, holding a combined $364.6 billion in wealth. These include two of the world’s 10 richest people: industrialist and media titan .
Despite the enduring allure of America’s wealthiest city, Asian metropolises are increasingly becoming billionaire magnets. Asia’s financial capital, Hong Kong, jumped ahead of Moscow into the number two spot this year. Its 68 billionaire residents are worth a combined $261.3 billion.
Contrary to a widely circulated report from Chinese research firm Hurun last week calling Beijing “The New Billionaire Capital of the World,” the city is just fourth in line, with 51 residents holding three-comma fortunes, according to Forbes’ research. This year the Chinese capital surpassed London, home to 48 billionaires.
Forbes’ net worth calculations discount a portion of shares pledged as collateral for debts. Our methodology also excludes fortunes shared by a husband and wife or by an extended family, unless net worths are at least $1 billion per individual. Forbes used stock prices and exchange rates from Feb. 12 for the 2016 Billionaires List.
Hurun’s wealth list includes all fortunes shares by a husband and wife and those of individuals rather than families “where possible,” according to Hurun founder Rupert Hoogewerf. Hurun‘s calculations were a snapshot of wealth from Jan. 15.
In all, six of the top 10 cities with the most billionaires this year were in Asia. These included China’s other economic powerhouses, Shanghai and Shenzhen; India’s financial hub, Mumbai; and South Korea’s high-tech capital, Seoul. San Francisco, with its concentration of tech billionaires, is the only other American city in the top 10 (if you counted the entire metropolitan region and Silicon Valley, it would come in second, with 70 billionaires).
The popularity of Asia’s urban centers is not surprising. More billionaires hail from the Asia-Pacific region than any other region of the world – 590 compared to 540 from the United States. More than 70 newcomers to the World’s Billionaires List in 2016 were Chinese nationals, more than double the number of Americans. Still, there are more than twice as many American billionaires as Chinese ones (540 vs. 252), holding four times as much wealth ($2.4 trillion vs. $594 billion).
Hong Kong and Beijing may well overtake New York as the billionaire capital soon – but not yet.
Here is the full list of the top 10 cities home to the most billionaires:
1. New York
Billionaires: 79
Combined net worth: $364.6 billion
2. Hong Kong
Billionaires: 68
Combined net worth: $261.3 billion
3. Moscow
Billionaires: 60
Combined net worth: $217.6 billion
4. Beijing
Billionaires: 51
Combined net worth: $149.9 billion
5. London
Billionaires: 48
Combined net worth: $187.7 billion
6. Mumbai
Billionaires: 32
Combined net worth: $115.1 billion
7. Shanghai
Billionaires: 31
Combined net worth: $66.1 billion
8. Seoul
Billionaires: 30
Combined net worth: $73.9 billion
9. Shenzhen
Billionaires: 30
Combined net worth: $78 billion
10. San Francisco
Billionaires: 28
Net worth: $74.5 billion
China still has more women billionaires than anywhere in the world.
Fall came from the poor leaderships NOT the system alone. China's has uplifted 800 million out of poverty including hundreds of millions into middle class than any other country in the history of man kind. So far the CPC are working pretty darn good, even far better than Reaganomics or Hope and Change.
The not very reliable models economists use suggest that if ordinary people get enough money this will cause inflation. The central bankers do want inflation but only some two percent per year, not the 20 % or so necessary to reduce the prices of houses to a level bearable for ordinary working people.