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At Some Point, You’ve Made Enough Money

Banning or capping corporate profits wasn’t on the platform, but it was in the air. A video by free market economist Peter Schiff, who was posing as a lefty at the Democratic convention.

53 Responses to At Some Point, You’ve Made Enough Money

  1. Yup, that’s what we’re dealing with. In a word, “communism”, right here in the good ‘ol U.S. of A. It’s something I couldn’t have imagined in my wildest dreams, that an entire major party would become infested with communism. Evil has gone mainstream.

    And how many in the communist party (aka democrats) are dependent upon corporate profits for their subsistence? Where does their beloved government draw revenue?

    Kill the corporations; kill the economy; kill the good ‘ol U.S. of A. Now that’s “change” we can believe in, huh?

  2. KMN! What complete and utter ignorance. It’s called a profit motive for a reason. These are the bright minds that think doctors will still enter the market and practice after all profit is removed from the healthcare market by providing mandatory healthcare and wringing any residuals with repressive regulation. This is the story of government managed anything. Profit is the remainder after all other costs are satisfied. Why would anyone want to work, do more, improve their lot in life?

    Ronald Regan summarized this nicely oh so many years ago. When there were 70% marginal tax rates, he only worked until he hit higher marginal tax rate. Why do the next marginal level of work at 30 cents on the dollar? At this time of his career, he worked for about 4 months then stopped for the remainder of the year. And this is how higher taxes stifle creativity and innovation. Why work harder for consistently smaller returns? Doing so defies any logic in the profit motive. This is not meant to say there are no other motives; i.e., charity and volunteerism. But I digress…

    Obama has never been about bringing people up. Rather Obama’s policies will bring us all down. That is the outcome of the socio-Marxist vision of equality. A simple test to prove the political bias of the left as they seek to protect the down trodden proletariat is to ask what about the baseball player getting 50 million dollars to play in the dirt? Or a Hollywood elite getting paid millions to play dirty? Eva Longoia excepted (back to her in a moment), the lefty confiscators never bring up these talented folks as examples of undeserving profit mongers suppressing the poor and unkempt.

    It’s always the nameless CEO or corporation at fault. Better manipulation to depersonalize, argue broadly, and label all CEOs and Corporations as the reason “you” didn’t pay attention in high school subsequently can’t read, write….or get JOB! The left cannot progress their argument of the suppressed yet deserving masses without these simple tactics.

    Back to Eva. If you are so damn happy to pay more in taxes, check the damn box on the bottom of your tax return and pony up cowgirl. Leave the rest of us out of your guilt trip.

    Ants and grasshoppers… Ants and grasshoppers… This ant is switching to decaf now.

    • Re: …how he has never been about bringing people up…

      Still amuses me when people (Libs or “Independents”) comment on how they are surprised at how partisan Obozo has been…

      Look at his voting background before becoming El Presidente….look at his career before politics….

      A community organizer is nothing more than someone skilled in divide and conquer….he plays the grievance game to extort concessions from others…

      And as one of my old football coaches told me, you always go back to what you have done in the past when things get tough in the current…so Obozo falls back on divide and conquer when he can’t make the water levels fall or jobs grow from nothing…

      Last…as I tell my “independent” neighbors and co-workers — “you know what independent is code for, right? — liberal”….

  3. Hopey said “Now is NOT the time for companies to make profits”.

    Companies said “If I can’t make profits, now is NOT the time to start, hire, or expand”.

    It’s pretty simple, really, but they keep on keeping on. Either they are complete economic illiterates or the damage is deliberate, take your pick.

    Either way, the January unemployment report needs to include Obama and his ilk among the newly unemployed.

  4. If the democrats say abortion is a woman’s choice, why is the amount of money I make and how much the government takes not my choice? If men are from Mars and women are from Venus, then democrats must be from your Uranus!

  5. I am always astounded when I listen to someone who appears to be either at or around retirement age who will spout off about all of the “Evil Corporations” and all of those dirty and nasty profits they make, and then try to get them to explain just what is the vehicle that drives the growth of their 401k or pension plan! The blank look that pops up on their face is CLASSIC!

    When they realize that they own pieces of a lot of those dirty no-good devil corporations, the stupid look of smug indignation soon departs their face and throws a real wrench to their commie ideology.

  6. Economic illiterate ignoramuses,,,,just like their President. I remember the day Dumbo was giving a speech to Wall Streeters and referred to the corporate P/E ratio (Price to Earnings) as the PROFIT to Earnings ratio! They all deserve the country they will have if the Marxist-in-Chief is re-elected!

  7. While I find this anathema, the reality is that some corporate profits have reached the level of obscenity, especially in the energy business. When John Q is paying $4/gallon for gas and watching the oil bidness rake in billions it’s not surprising that he’s fertile ground for this argument.

    • I agree with your observation Creeper. Why is this the case? What is the motive for sitting on profits? Why wouldn’t an oil company want to invest those monies into even greater returns? Isn’t this the whole idea behind capitalism and the profit motive. The answer might well be that they don’t know what to do! The uncertainty in the market has been brought up several times before by others here and it’s real and just as oppressive as the over regulation we keep typing about.

      A “market” is a buyer and a seller agreeing on a price for some good or service. Many transactions/ market and you get an economy: supply and demand yield the price function. Whenever government interferes with any of these three they distort the market and consumers then have to live with the consequences. Perhaps a huge oversimplification while attempting to make the point economics is not complicated. Pick an industry or market segment and think about how the government is distorting the market. The most obvious distortion is taxes. The Energy segment is beset by both government and quasi government (eco-greens) throngs.

      Break down the $4 gallon of gas and at least in NYS, the taxes are monumental. In New York City, the average $4.04 price of a gallon of regular includes 69 cents’ worth of federal, state and local taxes. That means when you reach into your wallet after a 20-gallon fill-up, you’re shelling out a whopping $13.80 in taxes. Read more: Factor in the cost to pump, refine, and distribute, and oil companies have a profit margin of around 6.2%. The “obscene” profits are a function of scale in selling millions of gallons of gas not gouging the consumer. In other words, taxes are THREE TIMES profit per gallon. But libby dems would rather demonize corporations. Mind you, the taxes at the pump are direct taxes paid in addition to any tax the oil company might pay later.

      As for investment and sitting on profits, new energy plants are consistently blocked and require huge litigation fees beyond the standard investment to drill or mine. See Keystone Pipeline and any new energy plan in California. Such is the cost of success in the Obama economy. While you might make profit, you better get religion because only God can advise you on what to do with it during this administration.

      • •74% – Cost of the crude oil
        •11% – Taxes
        •10% – Refining costs
        •5% – Distribution and marketing

        In a simple illustration, let’s assume an oil company is paying $100 for a barrel (42 gallons) of basic crude oil. Their cost for a gallon will be about $2.38. At a gasoline-pump price of $4.00 per gallon, 44 cents has to pay for taxes and 20 cents for distribution and marketing expenses. This leaves $3.36 for the oil companies. Out of that total they have to pay for the cost of the gallon of crude oil itself which was $2.38 and also the 40 cents to refine it into gasoline. This leaves $0.58 profit per gallon of gasoline. As noted, however, depending on which report one looks at, this profit-margin can range anywhere between an estimated 30 to 60 cents per gallon.

          • Thanks Guillermo and…. it’s pretty good site to garner all manner of costs from garage doors to face lifts (they both go up and down). LOL.

          • LMAO-rotf…YeAh saw that. But I need a new vacuum cleaner. Btw the % above equal 100% and there is no profit. Does this site feature capitalist pricing too?

          • Can’t help you with the second question, but can make two recommendations on vacuum cleaners.

            Bissell upright: expensive, but lightweight. I’ve had mine for 7 years. Performs great.
            Black & Decker Dustbuster 14.4v: purchased at Amazon. Best damn hand-held I’ve ever owned (about $40.+).

    • Are some major oil companies publicly trade in the stock market?
      Are some retirement accounts tied to stocks that make money consistently?
      Just wondering…..

  8. Sad how people can be so duped by this failed ideology. I doubt many of the people he interviewed have a grasp on the basics of mathematics. They epitomize the “moron vote”.

    To me, the most shocking revelation was the lady who showed such blind devotion to the flimflam man…
    Useful idiot: “I will support anything my president wants to do.”
    Peter Schiff: “Anything?”
    Useful idiot: Nodding head in the affirmative…”anything”.
    Guess that means when he decides to send us conservatives off to gulags if he should win re-election, she’d be okay with that too…

    Peter Schiff was able to lead most of these people into agreeing with him on banning profits, and many of them were party delegates. The Democrats have morphed into the party of death, debt, and deviancy. No wonder I felt so depressed watching their convention antics. I don’t even recognize who these people are.

    • Susan…I wanted him to ask her if she ever heard who Adam Smith was and would it be okay for her to go to work and on payday her employer not give her a paycheck. .

  9. That clip is hilarious. That is why I call them Libidiots. Dumbass people with no ability to think for themselves. It’s just, Yes Sir Master Obama.

  10. I’m going to offer a contrarian view on this. There are several companies, very successful companies in this country that have payroll rules such that the highest paid executive cannot make more than 20X what the lowest paid employee makes. I’ve always liked that idea; break everyone down into an hourly rate and limit the max to 20x the minimum. That way, when the guys at the top want a raise, the guys at the bottom get a raise too.

    The problem is I don’t want the government forcing this rule on business; I’d like a renaissance in ethics and morals from business leaders, business professors, business colleges but then I woke this morning humming a damn Barry Manilow song I can’t get out of my head so I’m not thinking clearly.

  11. Jeez, where did we get such a cross section of uninformed, brainwashed people??……That’s a great plan, ban corporate “profits” (which, after overhead and operating costs are useless unless they’re put to “work” to create more employment and opportunity) and let the Obama “Change” movement keep people in their “places” with food stamps and welfare instead of meaningful employment and personal accomplishment?…Sure, why not? Let’s put a “stop” to free enterprise….Sounds like we have another Josef Stalin on our hands here, folks. THERE ARE NO FREE LUNCHES IN LIFE!!!

  12. Richard Gere is on the cover of USA TODAY WEEKEND saying it’s only money–what he values are family and his Tibetan meditation or something. It’s only money if you have enough to pay the bills. He is in some movie about arbitrage. He has money–still, if you taxed it all away, would I have any more than I have now? No. This whole thing is so dumb.

    • George Bernard Shaw…pigmaylion…Alfred Doolittle, Eliza’s father, appears with the sole purpose of getting money out of Higgins. He sees himself as a member of the undeserving poor, and means to go on being undeserving. (Wikipedia) Alfred doesn’t want as much is being offered because he… Wait for it…can’t afford morals. If I had Mr. Gere’s money, I could afford his sort of values and the time to inflict them on others. Alas, I can only afford the set of values that make me responsible to myself and MY family first then others.

  13. We all in this room are in agreement that Obama is the pits. But you look at the polls, the stats, the demographics, and they say the man can’t be beat. The numbers are in his favor. And many newspapers are giving Obama a post-convention bounce. Just what are we going to do between now and the election to light a match under Romney? I can’t imagine a world with Obama in office another four years. I can’t imagine.

    • The same polls had Dukasis and Carter up before they went down in flames. As for Romney, he’ll need more than a match – I am thinking blow torch. Politics is a blood sport and he can’t campaign as a medic.

    • Pat Caddell said it best today: “Rommey acts like he’s running for city council”! I agree.
      His last gasp will be next month at the debates but, as Britt Hume said today on the Chris Wallace show – he doubts that it will help. It’s too late.
      He was on MTP this morning and didn’t even mention the voucher pilot program for 2M seniors that you mentioned yesterday, 65andcounting. Everyone is asking him about the loopholes for the rich that he wants to eliminate but he refuses to elucidate – saying he will work with Congress when the time comes.
      The Convention has been over for 10 days now – where is he and what is he doing with his huge campaign stash?
      I don’t see any signs of life in the Romney camp. We all need to brace ourselves for another 4 years of the worst nightmare imagineable! And when you really think about it, this guy, Obama. is not even eligible to be President! How ironic!

      • Girly, Plan B – local and state conservatives, better yet Tea Party representatives. I would never depend on John Boehner for help nor any of the other so-called heavy weights in the R party. They have, by their silence, cast off Sarah Palin and I won’t forget it, either!

        • I hear you, Sadie. I’m in Kalifornia so I can only celebrate vicariously with victories such as Ted Cruz in Texas, etc. The thought of Pelosi returning as majority leader is almost as bad as 4 more years of Obama! And then there is Villaraigosa – a shoo-in for Labor Sec or some other high-ranking Cabinet position. Ugh! But you’re right – we have to concentrate on the grass roots Conservatives.

    • Obama and his administration have been a tragic failure. I don’t understand the polls either but suspect the lapdog MSM isn’t reporting accurately. People all over are worried about jobs and the economy but all the Democrats talked about at their convention was abortion and free birth control pills. We’re noticing more and more empty or shuttered spaces are appearing in our local strip malls. Grocery prices are sky high. And now Target has just announced they will not get caught up in price wars for the holiday season and won’t be price matching. That means yet another corporation going to sit on to their profits. Another 4 years of Obama will totally devastate our country.

      • If Obama is re-elected. interest rates are going to start escalating before the confetti is cleaned up at the victory celebration! Inflation is already rearing it’s ugly head. Yesterday I made my monthly trek to COSTO and couldn’t believe it – a 30% increase on the items I purchase every month! The only thing that hasn’t gone up is their loss leader – the $4.99 rotisserie chiicken!

        Imagine Jan. 2013 – Taxmageddon, inflation, and higher interest rates! Welcome to ObamaNation

        • Girly – you, too have noticed the jump at Costco. I’ve stopped buying the bulk of food there except for the rotisserie chicken and talipia. I’d be lost and hungry without the chicken. The prices are not always competitve and local supermarkets run specials on this n’ that. My weekly eggs (extra large $1.58 at Walmart) where I also buy all of my dairy products.Luckily for me, the two stores are within a mile from my front door.

    • It’s depressing these days. The conventional wisdom is that Romney had a “flat” convention and Barry “did what he needed to do” at his – hence, here we are with Barry on strong footing with two months to go. Even Fox has conformed to this meme…they disappoint me greatly right now (except for Dr. Krauthammer, of course).

      Funny thing is, I felt good about Romney’s convention, his speech, etc. – but apparently I was wrong! And for the busy folks who just watch the evening news or read their local headlines, they’re getting the “conventional wisdom” nonsense from the MSM…and nothing else.

      Like I said…depressing.

      • I totally agree with your points. After reading and listening to the buzz, and now reading the comments here tonight, I am really feeling depressed. It’s crazy though, because this election should be a landslide to evict Obummer from the WH! Ugh, I’m curious to hear Rush’s take on this tomorrow. He usually has a way of putting it in perspective. I sense the polls are being tweaked just for that reason – to deflate us and to make the masses just accept the fact that it’s a foregone conclusion that Obummer is here to stay. Someone shoot me, please.

        • Snark, you’re observations are correct. It’s media manipulation. This is only one site, there are dozens and dozens of conservative voices. You just can’t hear (read) them all. Statistically, there are more of us than “them”. The “them” is loud – is it any wonder they’re tone-deaf to reality. Not to worry – hit the mute button.