Just heard on CNBC...

[AntiFascist]

"I know a lot of rich people and they are putting their money into gold and cash. No one is putting their money 'to work'."

How, then, are tax cuts supposed to help the economy?? With the mindset of "the economy is doomed" and "we want Obama to fail" it seems that tax cuts for the rich are NOT the answer, unless of course the goal is to only help the rich.

[ananda]

1. Right now that is the goal: to only help the rich.

It's a crazed, paranoid, fucke up mindset
that is ruling Washington and this country.

We are watching lunatics at work, and we
are lunatics for allowing it to happen.

[angstlessk]

3. the 'news'talkers ARE the rich...why??? no one knows...maybe

just so they can represent the rich viabally?..who knows they are over paid and under perfornming much like wall street!

[Warpy]

2. The one thing you know if you hear it on CNBC

is that it's a blatant lie. They want small timers to put their money into gold, obviously, to push the price back up so the wealthy can dump the stuff they bought six months ago when the market was haywire because the hedge funds were gaming the hell out of commodities.

As for "putting their money into cash," that's another howler. A lot of people rushed into T-bills last fall when the market started to crash, causing a huge bubble. T-bills are paying nothing now and I can well foresee a period of deflation that results in their fetching far less than their face value at sale. People trying to save their assets are going to be competing with China and retiring Boomers and I think China, at the least, will win.

Gold is flat and T-bills are paying 0%. If the wealthy are into those two things, giving them more tax cuts will do exactly nothing.

My guess is that what is happening with the well off is that they're cautiously buying here and there, picking up real bargains.

[AntiFascist]

4. One thing the uber-wealthy may be interested in...

is controlling the message. Imagine GE stock plunging, then the 'right' people step in to take control.

[zbdent]

5. hey buddy ... can you break a kruggerand?

[peacetalksforall]

6. Yep, help the rich buy a rand. Make that buy another rand.