Geographic Sorting and Spacial Inequality

From Citylab:

How the 1 Percent Is Pulling America’s Cities and Regions Apart

The two gravest challenges facing America today, economic inequality and geographic divides, are increasingly intertwined. Economic inequality has surged with nearly all the growth being captured by the 1 percent, and the economic fortunes of coastal superstar cities and the rest of the nation have dramatically diverged.

These two trends are fundamental to a new studyby Robert Manduca, a PhD candidate in Sociology and Social Policy at Harvard University. The study uses census microdata culled from 1980 to 2013, and finds that America’s growing regional divide is largely a product of national economic inequality, in particular the outsized economic gains that have been captured by the 1 percent.

Up until now, most researchers have believed America’s rising geographic divides to be a consequence of the way people sort themselves by education, occupation, and income. In Bill Bishop’s influential book, The Big Sort, the basic idea is that more skilled, affluent, and educated Americans move to the booming parts of the country—superstar cities like New York and Los Angeles and tech hubs like San Francisco, Seattle, and Boston—leaving the rest stuck in less-advantaged parts of the country.

To some, this is simply the effect of the clustering of talent and skill. For others, it is the result of the preferences of advantaged groups for amenities and other lifestyle factors. Some also say it is the consequence of land-use restrictions, which limit the development of economically successful places, or other barriers to growth.

This growing pattern of spatial inequality can be clearly seen in the maps below. In 1980, there were only two U.S. city-regions, Washington, D.C., and the New Jersey suburbs of New York City (in dark blue on the map), where mean family income was more than 20 percent higher than the national average. Most of the rest of the map is shaded in gray (indicating mean family income ranges between 10 percent higher or lower than the national average) or light red, with some pockets of dark red.

Manduca does not deny that these kinds of geographic sorting forces are in play. Instead, he finds that the staggering growth in the economic divide helps to magnify such spatial division. The rich and the poor occupy different places to begin with, so as income inequality rises, the geographic discrepancies also rise as a consequence, with rich places getting richer and poor places falling further behind. Or as he puts it: national inequality acts like a powerful wave that “washes over an uneven landscape, leaving behind deep pools in some areas and shallow puddles in others.” The rise in economic inequality, even though not inherently spatial, does in fact have spatial consequences.

This entry was posted in Demographics, Economics, Employment, National Real Estate. Bookmark the permalink.

65 Responses to Geographic Sorting and Spacial Inequality

  1. ExEssex says:

    Oh yeah baby pull me apart….

  2. grim says:

    Karl Marx said division of labor and specialization was the enemy.

    Everyone should get to be a surgeon for a day, or the president.

  3. leftwing says:

    “The rise in economic inequality, even though not inherently spatial, does in fact have spatial consequences.”

    So the state of higher education now is that Harvard PhD candidates are reduced to positing and proving that rich people live in exclusive areas?

  4. leftwing says:

    Hope he’s a trust fund baby. Going to need it.

  5. leftwing says:

    The Left…the gift that keeps giving….

    Apparently 11 Democrat candidates in midtown Manhattan today at a gathering sponsored by the National Action Network (Sharpton’s group).

    CBS This Morning reporting that the goal of NAN at this meeting is to get each candidate to publicly commit to study how reparations for slavery may be made.

  6. leftwing says:

    LYFT options start trading today.

    Place your bets. Do need to bring your own Jack Daniels and short skirted waitresses to this cas1no though.

  7. joyce says:

    leftwing,

    https://www.nj.com/bergen/2019/04/nj-boy-wants-to-play-softball-with-his-sisters-but-the-league-wont-let-him.html
    N.J. boy wants to play softball with his sisters, but the league won’t let him

  8. Blue Ribbon Teacher says:

    Marx’s ideas have been intellectually bankrupt for decades yet people are content to ignore a hundred million deaths as a result of central economic planning.

  9. GdBlsU45 says:

    The kid needs counseling and a referral to a professional. Clearly he doesn’t have a grasp of boundaries and the parents aren’t equipped to instill them.

  10. D-FENS says:

    Your tax dollars at work

    10 employees hired by NJ Schools Development Authority lack basic requirements for jobs

    https://www.northjersey.com/story/news/watchdog/2019/04/04/nj-schools-development-authority-workers-lack-basic-job-requirements/3352453002/

  11. leftwing says:

    From the article Joyce. Read the quote twice, slowly. Can’t make this sh1t up.

    “In this era when women are fighting for equal pay and recognition, Oettinger said, it wouldn’t be right to take away this league that they have for themselves.”

    The (il)logic of the liberal mind continues to astound.

  12. Libturd, can't say I didn't warn you. says:

    His parents named him Cayden. He is the male among triplets meaning his parents most likely needed medical help to birth. Their fourth kid is autistic. I can only imagine what it’s like in that household. I know I am being terribly mean. But just cause your kid is wimpy and built like a young girl does not mean he gets to play on a girl’s team.

  13. leftwing says:

    And, btw, the kid’s parents are lightweights. Just go for the head shot.

    Declare the kid as gender identifying female, play the kid in games, and force the towns to take the other side of the argument that the kid can’t self identity.

  14. Libturd, can't say I didn't warn you. says:

    D,

    Those are Murphy’s people. So he gets a pass in the press. Of course, wasting millions of dollars pales in comparison to using your beach house when the beach is closed.

  15. Fast Eddie says:

    What a freak show this country had become.

  16. D-FENS says:

    There are girls on the local football teams here as well as the wrestling team. If they get to play on the boys team, then the boys must be able to play on the girls teams.

    That’s where this is headed. The end result is males dominating most physical sports.

    As it is transgenders will be able to participate in mens or womens events in the upcoming Olympics. If we’re doing that, why even have mens and womens leagues separate anymore?

  17. leftwing says:

    “But just cause your kid is wimpy and built like a young girl does not mean he gets to play on a girl’s team.”

    Not in today’s liberal bizarro world.

    He is one of three triplets, the other two being girls, that and being ‘wimpy’ opens the door wide for him to explore his gender identity (not that current dogma requires any reason to explore same).

    Not allowing this wimpy boy, this female triplet who just happened to be born with the wrong physical junk, to explore his gender identity by playing for either boys or girls teams is a blatant violation of his civil rights.

    The fields on which they play are most certainly municipal.

    This is a layup for even a second year law student. Hit each town in the league with a civil rights suit, include damages for pain and suffering of a nine year old. Settled the next day.

  18. GdBlsU45 says:

    Research is starting to identify a strong link between autism and gender dysphoria. Same underlying genetic deformities manifesting itself in different ways within the brain. Clearly the kid doesn’t understand there are biological reasons boys are separate from girls in certain pursuits. Hopefully the transgender mental disease does not afflict him but he’s clearly not being provided strong principles.

  19. Fast Eddie says:

    On every application I fill out for the rest of my life, I am everything but a white male. I now identify as cisgender of Indo-European-Romance ethnicity. Discriminate against me and I’ll sue your f.ucking balls off.

  20. leftwing says:

    A neat TLDR quote from DFEN’s article on what a financial black hole and patronage mill the School Authority is…

    “10 employees hired by NJ Schools Development Authority lack basic requirements for jobs…..for example, Cory LeDet was hired in October as deputy director of Small, Minority and Women Owned Business Enterprise. At a salary of $105,000, the deputy director is responsible for assisting in “strategic planning and implementation of business diversity and inclusion efforts,” as well managing administrative staff, meeting with “key stakeholders” and ensuring administrative compliance of the program, according to the job description.

    A bachelor’s degree or equivalent education or experience is required, but a master’s degree is preferred, the description said. LeDet does not list any college degree on his résumé and last worked as a shop steward for a car dealership.”

    This from an unaccountable bureaucracy that has bonded the State to $12B (yes, billion) in debt over the last decade for which we are paying $1B annually….

    There’s your real easy pension fix.

    So happy I am so gone so soon from this State lol. People working their asses off to keep falling behind while political overlords milk them dry. NJ is the modern day Five Points slum for professionals.

  21. leftwing says:

    Nice green day in the market….

    Ex, Lib total WBA positions now up over 50%, two days. Getting an itchy trigger finger, first position expires tomorrow. If there is a god, this gets a 53 handle.

  22. The Great Pumpkin says:

    From lead article;

    “This suggests that many of the policy strategies advocated to deal with spatial inequality—such as place-based policies to build up lagging places, people-based policies to train them with more skills, or policies to increase housing supply—may help at the margin, but will ultimately not make much of a significant dent in America’s worsening regional divide. That’s because they fail to address a key underlying driver: national income inequality and its geographic consequences, where hugely outsized gains have gone to a very small fraction of America’s places.”

    So you are telling me that the rich are fleeing nj? That the rich are fleeing high-cost locations? The rich are the reason these places are high cost. How many times have I said this. High prices are reflective of the capital in the hands of market participants. Simple as that. If the location is cheap, it reflects the amount of money in the participants’ hands. They can only push up prices to the point their money allows.

    In our area, there is no limit to what they can push it up. You have extremely wealthy people here. Prob one of the highest concentrations of wealth in the world.

    The only reason they haven’t driven it up, they are not ignorant. They see no reason to drive up prices like they do in other locations in our country (sf, seattle, La, Miami). Real estate has been pretty got damn stable in nyc market for a very very long time and I would assume the savviness of the buying pool has something to do with it. They compete, but they don’t drive up prices by 20% or more a year. They are much quicker to throw in the towel and wait for another opportunity.

  23. Libturd says:

    I’m guessing you’ll get it as I think the market turns south by tomorrow based on my tea leaves and the fact that any trade improvement deal with China will be short-lived. I’ve begun to move some of my gains into utilities and other dividend producers. Not everything, but about a quarter of the portfolio. If market continues to move up, I will continue to do so. If market stays flat, I’ll probably do a little more. If she starts dropping? Even more so. This bull is awfully long in the tooth. And the 4th quarter economic slowdown needs to price in to boot.

  24. The Great Pumpkin says:

    I love capitalism, but let’s not kid ourselves. China is based on central economic planning and they have kicked our a$$ over the last 20 years. They are now slowly taking over Europe by buying all major infrastructure.

    At the end of the day, there are positives and negatives with everything. Central economic planning has it’s negatives and positives in comparison to free market-based capitalism.

    Blue Ribbon Teacher says:
    April 4, 2019 at 9:00 am
    Marx’s ideas have been intellectually bankrupt for decades yet people are content to ignore a hundred million deaths as a result of central economic planning.

  25. ExEssex says:

    10:10 “…Windmills cause cancer…”

  26. leftwing says:

    Lib, yeah, numbers tomorrow have a higher potential for market movement given that everyone wrote off last month’s numbers as an anomaly….

    I’ve been repairing one bad trade by simultaneously writing ST puts and calls against it. Just closed the short puts basically right at the money also expiring tomorrow for 1/3 of max gain. Usually let it roll, but getting conservative in my old age lol.

  27. The Great Pumpkin says:

    It’s disgusting behavior but expected. You can not stop this. Nepotism has nothing to do with said govt in place, and everything to do with human nature (why do you think our forefathers tried their best to deal with human nature and govt). Show me one business or govt that is not dealing with this?

    The real suckers are the govt workers who have to make up for all the work of these politically connected cronies. They get bashed and get shorted pay because of these bastards. They do all the work, take all the heat, and get paid crap. If you think this is unique to this state govt, I have a bridge to nowhere for sale.

    Every single job I have had experienced the same crap. There were always a few workers that did nothing, but were connected, while the rest of us had to pick up their slack. I have not seen one place that was immune to this.

    What’s the answer? I have no idea…people suck.

    leftwing says:
    April 4, 2019 at 10:29 am
    A neat TLDR quote from DFEN’s article on what a financial black hole and patronage mill the School Authority is…

  28. The Great Pumpkin says:

    So those 10 connected cronies are making life hell for all the workers actually doing something at this School Authority. They will dissolve this agency, and cost the workers that were actually doing something their jobs. Fk corruption. Those 10 workers are now going to be used to bash workers actually doing their job.

  29. The Great Pumpkin says:

    Based on that map in the lead article, tell me again why a driven professional or business owner would want to conduct business anywhere else besides the nyc market.

    The map shows how much money is here, but be my guess and move to some low-cost location to save money on your housing and property taxes. Brilliant! My ability to make serious money is significantly curtailed, but hey my house and property taxes are cheap!

  30. No One says:

    Taking over Europe by buying all major infrastructure? Like what? A third rate Greek port?

  31. ExEssex says:

    Trump ‘doesn’t have any intention to release those returns,’ Press Secretary Sarah Sanders said at the White House. She insisted, as the president has, that his returns are ‘under audit,’ and ‘he doesn’t anticipate that changing at any point anytime soon.’

    The House Ways and Means Committee hasn’t asked Trump to turn over his tax records, however. It requested the paperwork from the Internal Revenue Service.

    That’s a distinction that hasn’t been lost on Democrats who now believe they have a way around the president’s longstanding assertion that releasing complex tax returns during an audit would be unwise.

    New York Rep. Alexandria Ocasio-Cortez, 29, mocked him Thursday night on Twitter, writing: ‘We didn’t ask you.’

  32. Libturd, can't say I didn't warn you. says:

    The big problem with China’s current economic policy is that as the former peasant farmers grow into the burgeoning middle class. They will want more! They will want to be able to surf for p0rn and use soc1al media. They will want freedom, like the students who were tanked in Tienanmen Square. Nationalism is great until you start losing. Then it all turns on you.

  33. Blue Ribbon Teacher says:

    So those 10 connected cronies are making life hell for all the workers actually doing something at this School Authority. They will dissolve this agency, and cost the workers that were actually doing something their jobs. Fk corruption. Those 10 workers are now going to be used to bash workers actually doing their job.

    Name one worker doing good things there.

  34. Libturd, can't say I didn't warn you. says:

    Even the douche Murphy appointed to run the SDA is far from qualified. She’s a union leader, not a development company manager. Her degree is from the University of AFL-CIO. Yet Murphy gets a pass.

  35. Libturd, can't say I didn't warn you. says:

    I suppose there is one advantage to her running the authority. There won’t be any inflatable rats erected outside of the office.

  36. The Great Pumpkin says:

    And guess why she qualified for that position….she helped put him in office. We can’t hate the players, we have to hate the game. I don’t know how to get rid of corruption as it is ingrained in human nature, but we have to start with changing the game.

    Libturd, can’t say I didn’t warn you. says:
    April 4, 2019 at 12:31 pm
    Even the douche Murphy appointed to run the SDA is far from qualified. She’s a union leader, not a development company manager. Her degree is from the University of AFL-CIO. Yet Murphy gets a pass.

  37. The Great Pumpkin says:

    It is what it is. They are gaining geopolitical positions at our expense. So we can blindly think market-based capitalism will win this battle, or understand they are catching up rather quickly under a capitalist system we think is beneath us.

    “The Chinese authoritarian-capitalist model wasn’t supposed to survive in a global free market, let alone thrive. As recently as five years ago, there was consensus that China would one day need fundamental political reform for the state to maintain its legitimacy and that China could not sustain its state capitalist system. Today China’s political and economic system is better equipped and perhaps even more sustainable than the American model, which has dominated the international system since the end of World War II. While the U.S. economy remains the world’s largest, China’s ability to use state-owned companies to boost the party’s domestic and foreign influence ensures that the emerging giant is on track to surpass U.S. GDP in 2029, according to the Center for Economics and Business Research.”

    http://time.com/5006971/how-chinas-economy-is-poised-to-win-the-future/

    No One says:
    April 4, 2019 at 12:08 pm
    Taking over Europe by buying all major infrastructure? Like what? A third rate Greek port?

  38. The Great Pumpkin says:

    I highly doubt that every single worker is a connected crony at this place. There’s work being done, correct? Connected cronies do not do work. Maybe I’m wrong, but I find it highly questionable that every single worker is connected. If that was the case, how did so many lose their jobs when this connected witch came into her position and wanted to put “her people” in positions?

    Blue Ribbon Teacher says:
    April 4, 2019 at 12:27 pm
    So those 10 connected cronies are making life hell for all the workers actually doing something at this School Authority. They will dissolve this agency, and cost the workers that were actually doing something their jobs. Fk corruption. Those 10 workers are now going to be used to bash workers actually doing their job.

    Name one worker doing good things there.

  39. Blue Ribbon Teacher says:

    There’s work being done, correct?

    Incorrect

  40. leftwing says:

    “Name one worker doing good things there.”

    Equally bad as dropping $12B in the State’s (your) capital while racking up a $1B annual interest expense (yours, too) is the real world impact of the staffing.

    These people have no level of competence to do their jobs, which is to contract out billions annually. Can you imagine being a qualified vendor? In addition to the above example there was a head of insurance who has no experience in the field and was most recently a secretary for six years.

    Can you imagine being a legitimate insurance business trying to put together a comprehensive proposal for these fools? They’d have a more competent audience at the front desk of the DMV…

    Which of course means that the business of the SDA will likewise be handed out on a patronage basis, with the State (you) picking up the tab for the inadequacies and costs of failures in construction, insurance, etc.

    Mind boggling.

  41. Libturd, can't say I didn't warn you. says:

    The truth is, there is very little work being done there. Much like at the MTA and the Port Authority and NJ Transit. These patronage mills are filled up to their eyeballs with underqualified and heavily unionized staffs. I have an in at customs. They still have a rubber room. So little work is done there, it’s abhorrent. I could tell you things, but don’t need my brother-in-law to lose his job. If you want to find the least qualified, most disinterested, waste of time and space. Look to the government. ANd worse yet, in state’s like NJ, except for the lowest of municipal workers, and teachers, they all make 6 figures and upwards. Go look at the average salary at the MTA or what uneducated conductors make on NJ Transit.

  42. Libturd, can't say I didn't warn you. says:

    Try to get a job at the state. You HAVE TO KNOW someone. That’s how my brother got his job. If you have any qualifications, you are over qualified. Back in the 2000’s when I first started to realize how corrupt NJ was, I had Gator apply for jobs within the government. Always overqualified. She said she would gladly take a piddly salary in exchange for the great healthcare. The answer was always no! Believe me, there are very, very, very few deserving government workers.

  43. The Great Pumpkin says:

    They hire suckers below them to do all the work. You know this. What do you think Trump does? Is any different? He hires smart people to do the thinking for him. How is Trump’s business any different than this patronage mill? Who did Trump put in the highest positions? That’s right, his kids. Do you think his kids know wtf they are doing? They hire people to do the work they are supposed to be doing.

    How is there any difference between public and private corruption? I see no difference, if you think there is a difference, you are lying to yourself….Enron anyone? Madoff for god’s sake… These people corrupt everything they touch. They buy out the govt and do as they please. Trump is a prime example, and his corruption put him in the Presidency. Don’t think for one second that he doesn’t owe a ton of favors for getting into his position.

    “These people have no level of competence to do their jobs, which is to contract out billions annually. Can you imagine being a qualified vendor? In addition to the above example there was a head of insurance who has no experience in the field and was most recently a secretary for six years.

    Can you imagine being a legitimate insurance business trying to put together a comprehensive proposal for these fools? They’d have a more competent audience at the front desk of the DMV…”

  44. Libturd, can't say I didn't warn you. says:

    Know why Montclair nearly went broke. The company that formerly did what the SDA does also went belly up. They were supposed to pay for the 40 million dollar school Montclair qualified for. When they went broke, Montclair decided to pay for it themselves. Of course, they had to scrap the pool to lower the costs and it became the 35 million dollar school. None the less, it still has an approved spiral staircase that is off limits due to the safety hazard they represent.

    I believe the old SDA was called the Schools Construction Corp.

    http://blog.nj.com/ledgerupdates/2007/08/nj_abolishes_schools_construct.html

    Two interesting quotes for those too lazy to read it.

    “A Star-Ledger analysis in 2005 found the first six schools built by the schools corporation cost, on average, 45 percent more than schools built by local boards of education at the sime time, and that the corporation paid its construction managers triple the standard rate.”

    On the bill to abolish it signed by Corslime:

    “I don’t think this legislation guarantees we don’t have a repeat of the fool’s folly we just had.”

  45. The Great Pumpkin says:

    “So, what really happened? Why does the South now vote overwhelmingly Republican? Because the South itself has changed. Its values have changed. The racism that once defined it, doesn’t anymore. Its values today are conservative ones: pro-life, pro-gun, and pro-small government.

    And here’s the proof: Southern whites are far more likely to vote for a black conservative, like Senator Tim Scott of South Carolina, than a white liberal.

    In short, history has moved on. Like other regions of the country, the South votes values, not skin color. The myth of the Southern Strategy is just the Democrats’ excuse for losing the South, and yet another way to smear Republicans with the label “racist.””

    https://www.prageru.com/video/why-did-the-democratic-south-become-republican/

  46. The Great Pumpkin says:

    Lib,

    So what is the answer? Try to limit state power and return it to local control? Will this stop corruption happening in the construction side of business? We all know how corrupt the private construction businesses are, ask trump. How much he swindle from taxpayers through his developments, esp the cas!no business. Now this guy is our president, I wonder why? How is he lining his pockets? Make America Great Again aka make trump great again. Rather brilliant, I have to give it to him.

  47. The Great Pumpkin says:

    And you want evidence that Trump was planning this for a long time….he trademarked “Make America Great Again” in 2012. The guy is good at manipulation, I’ll give him that.

  48. The Great Pumpkin says:

    Agreed, but the same thing applies to private sector jobs (esp in large corporations). Unless you have crazy skills that not many people have, you are not getting a job without knowing someone. You can get lucky and apply at the right time and place, but for the most part, you are not getting a good job without knowing someone.

    This applies to govt jobs too. If you are highly skilled, you can get in on your own skills that are highly needed. Otherwise, you have to apply at the right time and place. All others are going to get a job by knowing someone (majority).

    Apply this to any country….any government…any business.

    Libturd, can’t say I didn’t warn you. says:
    April 4, 2019 at 1:12 pm
    Try to get a job at the state. You HAVE TO KNOW someone. That’s how my brother got his job. If you have any qualifications, you are over qualified. Back in the 2000’s when I first started to realize how corrupt NJ was, I had Gator apply for jobs within the government. Always overqualified. She said she would gladly take a piddly salary in exchange for the great healthcare. The answer was always no! Believe me, there are very, very, very few deserving government workers.

  49. The Great Pumpkin says:

    I would say that most workers private or public are useless. It’s a few workers that carry each place of employment. I swear, if you tell me this is not happening at your place of employment, you are lying. I’ve seen it my whole life.

    The classroom was the start of it, and I have encountered it in every single place of employment I have been to. In the classroom, the kids with important parents got away with murder. In high school, jocks on the football team could do whatever the fk they wanted. Oh, you are the pretty cheerleader whose father is a major player in the business community… Human nature is ingrained in our lives….never going to change.

    Hell, even on all the sports teams growing up. Your dad was the coach, well then you get perks. Your coach was afraid of powerful parents, those kids got playing time over you even though they were horrible. In high school, the best players could miss practice do whatever the fk they want, and no penalty. Meanwhile, another guy misses one practice and is off the team or not starting next game.

    This corruption and nepotism is a part of life that we are powerless to change.

    Libturd, can’t say I didn’t warn you. says:
    April 4, 2019 at 1:08 pm
    The truth is, there is very little work being done there. Much like at the MTA and the Port Authority and NJ Transit. These patronage mills are filled up to their eyeballs with underqualified and heavily unionized staffs. I have an in at customs. They still have a rubber room. So little work is done there, it’s abhorrent. I could tell you things, but don’t need my brother-in-law to lose his job. If you want to find the least qualified, most disinterested, waste of time and space. Look to the government. ANd worse yet, in state’s like NJ, except for the lowest of municipal workers, and teachers, they all make 6 figures and upwards. Go look at the average salary at the MTA or what uneducated conductors make on NJ Transit.

  50. JCer says:

    Pumps are you a government worker or do you work for a company connected to the Government or Finance? Most orgs have some level of dysfunction but in general well run businesses don’t retain staff unless they are useful in an economic sense. Useful could be they produce something of value or it could be that they are a relative of a major client. Private business runs primarily to make a profit, once politics enters into to you get the patronage mills, that is a whole other level. As Lib rightly mentions the MTA is possibly one of the worst organizations on earth.

  51. The Great Pumpkin says:

    Jcer,

    Follow the boom or bust cycle. As the economy gets stronger, businesses continuously overhire, and as the economy busts, they let go of the excess fat. Of course, the connected losers remain in place, while the productive workers are left picking up the slack for all the workers being laid off. Happens over and over again. The shame of it, some of the workers being laid off are good workers, but the connected losers are not going to be laid off.

    Just a question, how hard is it to become CEO of a company without any connections to said company? Almost impossible. They rarely hire some random guy with no connections to the business.

    “Most orgs have some level of dysfunction but in general well run businesses don’t retain staff unless they are useful in an economic sense.”

  52. PumpkinFace says:

    JCer

    Clearly his personal experiences heavily influence his mindset (which isn’t unusual). Ergo…

  53. The Great Pumpkin says:

    Pumpkinface,

    So every private company is run efficiently. Just perfect, right? No private companies lose money or go bankrupt, right? So why the hell do you expect perfection from the govt? Why, because it’s run on tax dollars? Like that makes a f’en difference.

    Show me proof that capital is not wasted in the private sector. Till then, I have a bridge to nowhere for you if you are interested.

  54. leftwing says:

    “Just a question, how hard is it to become CEO of a company without any connections to said company? Almost impossible. They rarely hire some random guy with no connections to the business.”

    Possibly the stupidest thing typed here in the last few weeks…..

  55. The Great Pumpkin says:

    Oh, because a private company is focused on profit, they are perfect, correct? Enough with the romanticized bs. Profit brings on corruption and nepotism, not discourage it. CREAM…cash rules everything around me.

    How many times has an investment proved to be corrupt in the private sector? All that money lost, but you don’t acknowledge it for some reason because you falsely believe you are not paying for it. Keep thinking that bs.

    Corruption is blind, it doesn’t care if its private or public dollars. It doesn’t matter to corruption. That’s why they have become one and the same. Govt isn’t for the people, it’s for business, esp big business. Keep thinking the govt is out to hurt businesses, when in fact, it’s the other way around.

    How many businesses hurt govt by hiding their profit in avoidance of paying their share?

    How many businesses use bankruptcy as a tool to protect themselves from bad decisions?

    How many businesses blackmail local and state governments into tax breaks?

    So please don’t tell me that the govt is more corrupt than the private sector, or that the private sector is more corrupt than the govt….They are one in the same and sleep in the same got damn bed.

    F them all.

  56. The Great Pumpkin says:

    Nah, I disagree. Your response right here holds that title.

    leftwing says:
    April 4, 2019 at 3:00 pm
    “Just a question, how hard is it to become CEO of a company without any connections to said company? Almost impossible. They rarely hire some random guy with no connections to the business.”

    Possibly the stupidest thing typed here in the last few weeks…..

  57. The Great Pumpkin says:

    Lefty,

    Try becoming a ceo of company without brown nosing your way to the top. See how long you last in that position. The people below you will eat you alive because YOU ARE NOT ONE OF THEM. Good luck getting them to follow your leadership.

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  59. leftwing says:

    Ex, before I deal with the idiot today I dipped another toe into BMY. Have a low cost butterfly call already on the books for 4/18 to catch any pop from the shareholder votes on the 12th.

    The delta between CELG/BMY now is nearly $48, which is right at the $50 offer. Little room to really tighten so the deal firming isn’t going to drive BMY down much if at all, closing of the deal is now nearly fully priced in BMY.

    With all the BMY selling over the last week and the tightening of the spread to offer I’m assuming people are adjusting….those BMY investors who wanted out are out….a new crew is ready to come in bullish about the merger.

    I also like that we are near but not through the low on the day they announced, 44.30/45.12 for intraday/close.

    So I bought half the shares I would want to own and wrote against them, got the price down to 44.50 entry. If my short put gets hit at $44 I’ll take delivery to bring my stake up to my target and then likely write more against all the shares at my c. $44 all-in entry…..

    Anyway, I’ve done literally no diligence on this other than look at the charts and look at a calendar so beware. Just looked kind of juicy right now.

  60. No One says:

    Pumpkin,
    Ian Bremmer is more entertainer than analyst. That article had little insight. And definitely didn’t back up your claim that China was buying up key European infrastructure.
    China and India are already ahead of the US in taking sh1ts. By at least 3x.

  61. leftwing says:

    Chi sorry to hear. Condolences.

  62. No One says:

    Libturd,
    My wife, who was born and went to university in China, and had classmates killed at Tiananmen, doesn’t share your optimism about Chinese people wanting change and aspiring for political change. Even those protestors are basically happy being party members being given nice jobs as officials, or bribing officials to make money. Chinese people never really got rid of the emperor or the mandarins serving them. They just changed the names of the jobs. Confucian culture trained people to want to obey a supreme authority. Instead they just compete to rise up the bureaucracy under him, and hope to use their connections to do the same for their kids. The Chinese “middle and upper class” have been pretty much co-opted by the Communist Party in China, and the vast majority have no problem being hypocrites about it. It’s sad to see, because she feels she has less and less in common with her old classmates, who dropped all of their ideals.

    If anyone rebels, it will be the poor of China. Ironically they are the people the Communist party fears most.

  63. chicagofinance says:

    No One: I grew up in Flushing….. I find the culture maddening, intractable, and very shallow….. many friends unpleasantly surprise me as we age, and these are the families that left!?! Very racist and conformist.

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