OT:NYC Billionaires & Millionaires Depressed & Terrorized!

Investment Analysis Clubs Macro Economic Trends and Risks
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Mamdani’s emphasis on socialism and redistribution of wealth runs counter to Wall Street’s preference for unbridled capitalism and policies that support growth, such as deregulation and low taxes. The 33-year-old has supported taxing the ultra-wealthy, financial transactions and passive income like dividends. He has also endorsed a state-level wealth tax and increased marginal income tax rates on high earners.

Hedge fund magnate Bill Ackman said he woke up Wednesday “a bit depressed” by Mamdani’s victory. The Pershing Square chief said he’s now looking at the logistics for another candidate, not himself, to run.

Lawrence Summers, the former Treasury secretary and president of Harvard University, also expressed his distaste for Mamdani’s nomination.

“I am profoundly alarmed about the future of the [Democratic National Committee] and the country, by yesterday’s NYC anointment of a candidate who failed to disavow a ‘globalize the intifada’ slogan and advocated Trotskyite economic policies,” Summers said in a post on X.

Mamdani advocates for universal rent control, and the New York City mayor has the power to appoint representatives to the regulatory board that oversees rent-controlled and rent-stabilized apartments. A pause on rent increases would hurt the profits of multifamily rental properties.

I gotta say Mamdani has some good points about the current state of US capitalism, corporate control of elected official and income inequality within the nation.

Mamdani responses to the president’s “communist lunatic” attack.

Mamdani says we shouldn’t have billionaires after Trump branded him ‘communist lunatic’

New York mayoral candidate defends plans to tax city’s wealthiest one percent to end inequality

“I don’t think that we should have billionaires because, frankly, it is so much money in a moment of such inequality, and ultimately, what we need more of is equality across our city and across our state and across our country.

Break out the popcorn!
This NYC mayoral election will be quite the entertainment! It will be a circus. The beginning of the end of corporatocracy known as the USA.
The president will be unable to keep his yap shut.
Will more populists arise as the American electorate tire of bought establishment politicians?

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They will just leave NYC for Houston. Places like NY will lose even more political power. This is what’s been going on slowly like my hairline receding since 1978, ever since the invention of air conditioning and the end of WWII.

Rather than more populists arising (Well, some will but they will not acquit themselves well and will become laughing stocks as usual) people will be herded and hog tied, as usual, over their jobs. Magic word. An unlimited amount of people will be put out of work or even killed by rich people simply to teach them a lesson. But thinking a new Mayor, this guy or some other person, can just “get tough” and tax the rich is folly. If they have somewhere else to go they will simply go there.

That was Stalin’s war with Trotsky. Communism in One Place and make it work? Or, “No, it will only work if it happens everywhere at once.” That’s why history shows Communism didn’t work. It won’t work if the people with all the money get to keep it and go somewhere else.

Or, maybe people get a brain this time…?

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There is something wrong when only the very wealthy run a country. One person, One Vote.

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Yes there is. Well, it’s not wrong if you’re one of the wealthy. I think this is what is called a conceit. The thing that must be believed or else nothing else works. A sailor can conceal a can of spinach in his shirt . Eating spinach instantly makes you very strong. Olive Oyl was seen as attractive to at least two heterosexual men. Coyotes can mail order equipment from The Acme Anvil Company. Otherwise you can’t make the rest of the stories make sense.

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I am not against the wealthy but I do not think they should run the country no matter how much they say they create jobs. When the poor have to die to give them a tax break there is something wrong. They do not want the same thing happening in the United States that happened in France in 1799. When you have people like Musk running around the World trying to shape every country into his ideal Utopia there is something wrong. His wealth has made him a Villian in a 007 movie. Of course it is nothing compared to the Robber Barrons…yet

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It is stunning to see, the supporters of President don’t see “no taxes on tips, social security” as populist, but a free bus ride is end of democracy, and communism is going to overrun the country. If you have followed fitwit over the weekend, especially on a weekend where the senate advanced a bill that will transfer close to $2 T a year for the next 10 years, by gosh you would feel, they are under attack from one of those worst african ethnic cleansing.

The question was a gotcha, and he answered it very poorly.

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I think, in general, people look at “allowing someone to keep money they earned” a lot differently than “giving someone stuff for free”.

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I think the problem is that they think he actually means it. If you look at the big beautiful bill the no tax on tips and social security didn’t make it in.

He was given two chances and was very mealy mouthed about it. But i consider that a condition going around that many politicians can’t handle. He should have just come up and stated his direct position.

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Public transportation helps everyone. It solves a lot of problems. Let’s take the coast of California for instance. Putting the cost or problems aside on a high speed train. The coast is very expensive, but they need workers. If they had a bullet train from the coast to the desert they could bring workers in every day and they could afford to live. So it would allow those workers to keep more of their money which in turn would be part of the tax base. This is what the billionaires on the coast should be doing.

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I don’t think the world works that way.

“If wishes were horses, beggars would ride”

DB2

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hmm… I don’t think so. When corporations receive billions in free money, they are “labeled” as creating jobs. So it is a labeling problem the bus ride allows employers to get “cheap” labors… problem solved.

I am not for giving things free, but the hypocrisy is what nauseating.

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I don’t think you understand why I said that. I was trying to keep the discussion on point so “somebody” wouldn’t drag us down a hole. But I see it will be impossible.

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OK. A more direct way to lower housing cost in LA or the Bay Area would be to allow higher density housing, but local regulations typically don’t allow that.

Is this more on point?

DB2

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Yes and I agree. That has already been implemented in Oceanside but you have the NIMA crowd already yelling. You would think they would realize they need to get workers and they do not want to pay them a living wage. I just thought a bullet train would be a good solution. Have it take off from Victorville, go down to the coast and hook up with the Coaster train.

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The problem here is that you (and many others including the President) have mislabeled Mamdani as a communist. He is not. He is a self-described socialist.

This is likely a deliberate choice. As you note, communism doesn’t seem to work very well. But socialism does. Much of Europe could properly be described as socialist, and it’s not a terrible place to live at all.

—Peter

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And, in fact, a Democratic Socialist in specific.

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I support his trip to Mars.

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And in this interview (a half minute in) he says don’t forget “the end goal of seizing the means of production.” That should set off some alarm bells.

https://x.com/mazemoore/status/1939507833571246584?

DB2

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Forgive me for being a bit cynical, but why can’t I find the original video? Perhaps my google-fu is off today, but every link I find is some right wing site or rando blogger talking about it. Where is the original?

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We know how great disparity in income equality (like we’re seeing now) ends up: A crowd of angry villagers with pitchforks.

The BBB adds $3 trillion to the deficit and cost 10 million people their health insurance, all so the extremely wealthy can be come even more extremely wealthy. Only a complete sociopath would think this is good public policy.

The 1% will be lucky if the angry villagers stop at seizing the means of production.

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