Posts Tagged ‘Financial Services’

The more rich there are, the better off the poor

October 1, 2013

“The more rich there are, the better off the poor are” is a consequence of allowing the free market and investment to CREATE wealth (in general terms of what people want) where it did not exist before.

Allowing people to keep what earnings they can save and then invest and therefore also accumulate, results in increased acquisition (or creation) of “capital goods“. “Capital goods” convert “natural goods” into “consumable goods”.

Poverty is by definition a suboptimal availability of “consumable goods”. When there are lots of capital goods, it’s because there are people who are “rich enough” to acquire them (or have them made). It also means that there is more demand for labor and more “money” paid out to the laborer for his work. It means there are more “finished goods” (produced using capital goods).

Every dollar any government confiscates directly from the resources available for investment in capital goods (in taxes on capital property or capital gains), kills the investment it would bring and kills the increased wealth and kills incentives for hiring labor. The poor suffers worse than anybody under such conditions.



2nd Amendment Alert: McMillan Firearms Says Bank of America VP Says Go Away

January 18, 2013

If this is true and reflects Bank of America policy, then I’m out of there! This should go viral!

Is this right? The bank official, a “Mr. Fox”, said it was a “politically motivated” decision simply because he was a firearms manufacturer now.

Bank of America responded to a related inquiry by denying that they have such a policy.

It’s good to let this sort out, there are some wild misinformation agents out there. I suspect that even though this was a credible conversation, there is more that journalists can ask, like is there a real Mr. Fox who is a real vice-president as represented in this telephone conversation by the caller.

BUT despite the Bank of America policy disclaimer, McMillan Firearms is a real firearms manufacturer, and so the first-person public testimony of its family-based ownership should be taken as strong evidence. Bank of America spokespersons refuse to talk about specific accounts, and there is good reason for that, but deny there is a company policy against dealing with firearms makers.

I agree with that, but that still does not address this question: Does Bank of America have a policy that forbids its officials from dropping customer accounts that make them? They were very silent on that. I’m sure branch managers have lots of leeway for adding and canceling accounts. Plus, who is to say they would not float a trial balloon?

But I certainly believe that customers everywhere are now asking their Bank of America officials at their local branches about this issue, and threatening to pull out their accounts if it is shown to be a company-wide phenomenon.