Comments on: Counterparties http://blogs.reuters.com/felix-salmon/2011/11/16/counterparties-467/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Auros http://blogs.reuters.com/felix-salmon/2011/11/16/counterparties-467/comment-page-1/#comment-33154 Wed, 16 Nov 2011 18:17:30 +0000 http://blogs.reuters.com/felix-salmon/?p=11107#comment-33154 dsfan, what’s interesting about the 70% figure is not so much the number itself, as the fact that it’s so much higher for the top 1% than for everybody else. Look at the graph in the full article — for most of the income scale, the percentage is 35-45%. Then suddenly at the very high end, it spikes. IOW, the very wealthy use their connections to help their kids get a good start. Not surprising, and not even necessarily immoral or anything like that — but it should make us doubt the “I got my wealth by lifting myself by my bootstraps” rhetoric that the wealthy use to justify their anti-tax zealotry. Nobody becomes wealthy SOLELY through their effort — they rely on many other factors, including the luck of being born into the right family, the physical and legal protections of the gov’t, and so on.

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By: AlanVanneman http://blogs.reuters.com/felix-salmon/2011/11/16/counterparties-467/comment-page-1/#comment-33143 Wed, 16 Nov 2011 12:48:24 +0000 http://blogs.reuters.com/felix-salmon/?p=11107#comment-33143 Gingrich did not call Freddie Mac “insane” and then take $300,000. Rather, he took the $300,000 and then lied about calling them “insane.” Read the story, then write the blurb. It works better that way!

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By: OnkelBob http://blogs.reuters.com/felix-salmon/2011/11/16/counterparties-467/comment-page-1/#comment-33142 Wed, 16 Nov 2011 12:45:21 +0000 http://blogs.reuters.com/felix-salmon/?p=11107#comment-33142 “And Netflix takes up 32.7% of all internet bandwidth”
With the remaining 67% being pr0n. The last .3% is a combination of spam, facebook updates, and groupon offers.

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By: kenjd http://blogs.reuters.com/felix-salmon/2011/11/16/counterparties-467/comment-page-1/#comment-33137 Wed, 16 Nov 2011 04:19:37 +0000 http://blogs.reuters.com/felix-salmon/?p=11107#comment-33137 Good point, dsfan. My father was a letter carrier, I am a lawyer. Different path, huh? But I was a substitute letter carrier a couple of summers in college, so I suppose I count as “same firm” on that chart. But there still seems to be some significance there.

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By: dsfan http://blogs.reuters.com/felix-salmon/2011/11/16/counterparties-467/comment-page-1/#comment-33131 Wed, 16 Nov 2011 02:40:16 +0000 http://blogs.reuters.com/felix-salmon/?p=11107#comment-33131 “70% of the top 1% have been employed by their father’s firm”

That’s not what that link says. It says 70% of the sons of the top 1% have worked at the same firm as their father. That’s a completely separate metric, and says nothing about how the top 1% got their money.

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