Idiot is idiot

And given that, by definition, shares are owned by the wealthy it would be superficially easy to say that Trump has already rewarded the traditional wealth base the Republicans seek top appease.

Hmm:

“Households directly own 38 percent of the US equity market,” he wrote. “However, the total effective household ownership is closer to 80 percent when combined with indirect ownership in the form of mutual funds (20 percent), pension funds (16 percent), and insurance policy holdings (7 percent).”

Rich people do generally get their stock market exposure through mutual funds, pensions and insurance policies, don’t they?

Yes, idiot is idiot.

12 thoughts on “Idiot is idiot”

  1. So Much For Subtlety

    The super-wealthy did not support Trump. They supported Hillary. After all, the wealthy tend not to be Anglo-Saxon these days. They tend to be Ellis Island immigrants. As such they tend to support higher taxes and other socially liberal goals. As this would be stupid, they also tend to support special deals for themselves that will exempt them from those higher taxes.

    Trump is the last President to stand up for equal law for all, I would guess. The rich benefit even if they did not support him.

  2. It’s the “by definition” that gets me. I would live to see the definition (presumably of wealthy people) he’s using…

  3. Shares are owned by the wealthy? I’m not wealthy by any stretch of the imagination but I do have a small but profitable personal share portfolio.

    Idiot is fuckwit.

  4. The truly breathtaking thing is this is the opinion of an accountant, who should be familiar with the financial affairs of the not rich. We should now seek the motor mechanic who doesn’t know cars require fuel & the plumber who’s unaware water flows downhill.

  5. Don’t forger his economic policy is complete state control of all economic activity and nationalisation of all companies, ergo there will be No shareholders. Current shareholders are parasites in the system and must have their wealth expropriated ‘for the benefit of society’. As I said in the ‘Quite, quite remarkable’ post, he sprung to mind while I was watching ‘The Killing Fields’ as he seems to want to start his own ‘Year Zero’.

  6. “And given that, by definition, shares are owned by the wealthy”

    Show me that definition, please.

    And Trump won the bottom two income ranges. This information is freely available to anyone with a mind not nailed and welded shut.

  7. Rob

    ‘This information is freely available to anyone with a mind not nailed and welded shut.’

    This is a debate to conjure – is Murphy mindless or ‘single -mindedly stupid’? Discuss

  8. Bloke in Costa Rica

    We can start from the observation that he’s a complete cunt and develop hypotheses from there.

  9. @ Rob
    “Wealthy” – someone rich enough to own some shares.
    [ NB that includes anyone who has £50 in his Halifax share account when it demutualised – Lloyds Bank has over 2 million shareholders who each have fewer than 1,000 shares: their average shareholding is currently worth less than £200!]

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