And a representative is a job description. It’s why the labor vs capital divide is problematic because it puts a CEO in the position of having oess theoretical power than a guy with a van with a craigslist ad offering to help someone move, he’s the owner if his company.
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Replying to @jaylikewhoa @KidThorazine and
That’s why my distinction on capital vs labor is dependent on whether their income stream stops if they stop working. Many (not ALL but probably most) of small business owners are workers to some extent, I would guess.
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Replying to @ILoveUTigerLily @jaylikewhoa and
Well, okay, but you're still saying the relative amount of money doesn't matter A retiree with a 401(k) is a "capitalist" while LeBron James (until such time as he retires) is a "worker" This doesn't really speak to what most people's concerns are re: "class"
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Replying to @arthur_affect @ILoveUTigerLily and
I mean does the "income stream" part actually matter? If I have no income, only wealth that I'm slowly spending - say I inherited $10 million from my dad and because I'm eccentric I put it all in a checking account and didn't invest any of it - am I a "worker" then
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Replying to @arthur_affect @jaylikewhoa and
You’re neither a worker or capitalist in that situation. Work would require you to do labor and capital would require interest on your wealth. Your no different than a guy blowing his paycheck at a bar, just for years at a time instead of hours.
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Replying to @ILoveUTigerLily @jaylikewhoa and
Okay so what if I did put my money on investments but the investments are generally bad I bought $10 million in stock but while the stock hasn't collapsed it's also never paid dividends and I pay my bills by slowly selling it
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Replying to @arthur_affect @jaylikewhoa and
Same situation as before - if your wealth stack is dwindling you’re not a capitalist. I’m talking about the generation of more wealth from ownership.
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Replying to @ILoveUTigerLily @jaylikewhoa and
Why is the number on the bank account so important Paper wealth is a social construct - one we invest a lot of meaning in, but in terms of the material way one lives one's life becomes largely irrelevant past the millionaire mark
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Replying to @arthur_affect @jaylikewhoa and
It’s not, I think that was the point of your “idle rich” person and I said I don’t think they’re a capitalist. It’s defined by their relation to labor, not by how rich they are. If they’re bank account is growing, someone is working for that money without getting paid.
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Replying to @ILoveUTigerLily @arthur_affect and
If the bank account is shrinking, it means the people providing labor for that person are getting compensated.
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I don't think the numbers are as important as you seem to think they are In particular when we're talking about this scale of investment, how much "wealth" you have can change radically based on fluctuations on the stock market from day to day based on random factors
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Replying to @arthur_affect @ILoveUTigerLily and
This is the whole thing, that if holding equities (and presumably also bonds, although I dunno if you'd classify privately and publicly issued bonds separately) makes you one class and holding cash makes you another, then switching classes is very easy and inconsequential
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Replying to @arthur_affect @ILoveUTigerLily and
Some rich people switch between being a genuine capitalist and not being one several times in a month Without even knowing it, a computer does it
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End of conversation
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