RFK names the three corps that control the world
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wrote on 12 Sept 2023, 08:21 last edited by
Three giant companies, BlackRock, State Street, and Vanguard … who all own each other …” RFK Jr. explained. “They’re the biggest companies in the world. Rich, and they … own, I think they own 88 percent of the S&P 500 …
He’s confusing the assets they have under management with assets of the companies themselves.
Most of my securities are held in custody at Vanguard but I own them.
Blackrock assets: 117B
Blackrock assets under management: 8.5T
Similar story with the others.
The shreds of truth there are:
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they get to vote the shares of stock they hold within mutual funds
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since they are such huge buyers on behalf of their clients corporate management cares what they think. Ever-expanding scope of ESG is the risk here.
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wrote on 12 Sept 2023, 11:08 last edited by
@Horace said in RFK names the three corps that control the world:
60% of the single family homes seems optimistic. I wonder where he got that number.
He probably did his own research.
Hey, at least he didn't implicate the Rothschild's. It's about time somebody cut those guys a break.
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Three giant companies, BlackRock, State Street, and Vanguard … who all own each other …” RFK Jr. explained. “They’re the biggest companies in the world. Rich, and they … own, I think they own 88 percent of the S&P 500 …
He’s confusing the assets they have under management with assets of the companies themselves.
Most of my securities are held in custody at Vanguard but I own them.
Blackrock assets: 117B
Blackrock assets under management: 8.5T
Similar story with the others.
The shreds of truth there are:
-
they get to vote the shares of stock they hold within mutual funds
-
since they are such huge buyers on behalf of their clients corporate management cares what they think. Ever-expanding scope of ESG is the risk here.
wrote on 12 Sept 2023, 12:35 last edited by@jon-nyc said in RFK names the three corps that control the world:
Three giant companies, BlackRock, State Street, and Vanguard … who all own each other …” RFK Jr. explained. “They’re the biggest companies in the world. Rich, and they … own, I think they own 88 percent of the S&P 500 …
He’s confusing the assets they have under management with assets of the companies themselves.
Most of my securities are held in custody at Vanguard but I own them.
Blackrock assets: 117B
Blackrock assets under management: 8.5T
Similar story with the others.
The shreds of truth there are:
-
they get to vote the shares of stock they hold within mutual funds
-
since they are such huge buyers on behalf of their clients corporate management cares what they think. Ever-expanding scope of ESG is the risk here.
Very well explained. There’s a whole world of room between Investment Firms trying to raise the value of their portfolios and evil one world corporists trying to eliminate ownership!
I do think that steps need to be taken to address the number of private residences owned by these entities, but most of that can and should be handled at a local level.
I also believe the answer to woke capitalism as demonstrated by these companies is to provide legitimate competition… You don’t like what Disney is doing? Put together an investment group large enough to get your voice into the boardroom and vote out those that are pushing the garbage…
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wrote on 12 Sept 2023, 12:42 last edited by
Aside from the silly handwaving (Barge? Silly boy!), the fact remains that we do have a problem. It may not be exactly what RFK says, but it is a concentration of too many homes and too much wealth under too few people.
Been a long time since America was in the Trust-busting business. Maybe it's time we got back in it.
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Aside from the silly handwaving (Barge? Silly boy!), the fact remains that we do have a problem. It may not be exactly what RFK says, but it is a concentration of too many homes and too much wealth under too few people.
Been a long time since America was in the Trust-busting business. Maybe it's time we got back in it.
wrote on 12 Sept 2023, 13:00 last edited by@Jolly said in RFK names the three corps that control the world:
a concentration of too many homes and too much wealth under too few people
Perhaps a bit off-topic. I've seen some tweets by the libertarian-leaning crowd about how various things have become unaffordable, when compared with the average take-home salary.
For example, 90 years ago, during the depression, an automobile was about 45% of a year's salary. Today, it's about 85%. A house was 3X average salary. Today, 8X.
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@Jolly said in RFK names the three corps that control the world:
a concentration of too many homes and too much wealth under too few people
Perhaps a bit off-topic. I've seen some tweets by the libertarian-leaning crowd about how various things have become unaffordable, when compared with the average take-home salary.
For example, 90 years ago, during the depression, an automobile was about 45% of a year's salary. Today, it's about 85%. A house was 3X average salary. Today, 8X.
wrote on 12 Sept 2023, 13:03 last edited by@George-K Same with college. I was talking to a friend and he said that when he graduated (I think early 90's), his starting salary was just a bit less then his 4 year costs.
Now, I would say the college costs are much higher than a years salary.
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wrote on 12 Sept 2023, 13:12 last edited by
The tax return for me and the Mrs. in 1977.
Average cost of a house?
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@Jolly said in RFK names the three corps that control the world:
a concentration of too many homes and too much wealth under too few people
Perhaps a bit off-topic. I've seen some tweets by the libertarian-leaning crowd about how various things have become unaffordable, when compared with the average take-home salary.
For example, 90 years ago, during the depression, an automobile was about 45% of a year's salary. Today, it's about 85%. A house was 3X average salary. Today, 8X.
wrote on 12 Sept 2023, 13:20 last edited by@George-K said in RFK names the three corps that control the world:
@Jolly said in RFK names the three corps that control the world:
a concentration of too many homes and too much wealth under too few people
Perhaps a bit off-topic. I've seen some tweets by the libertarian-leaning crowd about how various things have become unaffordable, when compared with the average take-home salary.
For example, 90 years ago, during the depression, an automobile was about 45% of a year's salary. Today, it's about 85%. A house was 3X average salary. Today, 8X.
How much of that is driven by the consumer, though? Especially in the home buying? Our house is about 4X what my income was at that time. Today it’s even less. It doesn’t have everything that we want but it has everything we need. Now our real estate agent tried to drive us up but we chose not to…
Same holds true for a car. Median Salary in 2022 was about $60K. There are plenty of new cars available for ~ $28K…
No, if you’re spending 8 times your income on a house and 85% of your income on a car, that’s a choice.
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wrote on 12 Sept 2023, 13:24 last edited by
One could argue the current housing spike of prices "must" go way back down towards the moving average.
Also, if house prices kept at pace with inflation, the average home today would cost $178k, not 408k. Full article here: https://anytimeestimate.com/research/housing-prices-vs-inflation/#housing-vs-inflation
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wrote on 12 Sept 2023, 13:25 last edited by
And it’s not taking into account the second income in most families.
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@George-K Same with college. I was talking to a friend and he said that when he graduated (I think early 90's), his starting salary was just a bit less then his 4 year costs.
Now, I would say the college costs are much higher than a years salary.
wrote on 12 Sept 2023, 13:27 last edited by@taiwan_girl said in RFK names the three corps that control the world:
@George-K Same with college. I was talking to a friend and he said that when he graduated (I think early 90's), his starting salary was just a bit less then his 4 year costs.
Now, I would say the college costs are much higher than a years salary.
Big time. If the cost of college kept up with inflation it would be flat with the black line:
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Aside from the silly handwaving (Barge? Silly boy!), the fact remains that we do have a problem. It may not be exactly what RFK says, but it is a concentration of too many homes and too much wealth under too few people.
Been a long time since America was in the Trust-busting business. Maybe it's time we got back in it.
wrote on 12 Sept 2023, 13:29 last edited by Renauda 9 Dec 2023, 16:30@Jolly said in RFK names the three corps that control the world:
Aside from the silly handwaving (Barge? Silly boy!), the fact remains that we do have a problem. It may not be exactly what RFK says, but it is a concentration of too many homes and too much wealth under too few people.
I’ll silly boy you. Call it what you want then. Perhaps “The Scow”? Dosen’t have the same ring though.
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@jon-nyc said in RFK names the three corps that control the world:
Three giant companies, BlackRock, State Street, and Vanguard … who all own each other …” RFK Jr. explained. “They’re the biggest companies in the world. Rich, and they … own, I think they own 88 percent of the S&P 500 …
He’s confusing the assets they have under management with assets of the companies themselves.
Most of my securities are held in custody at Vanguard but I own them.
Blackrock assets: 117B
Blackrock assets under management: 8.5T
Similar story with the others.
The shreds of truth there are:
-
they get to vote the shares of stock they hold within mutual funds
-
since they are such huge buyers on behalf of their clients corporate management cares what they think. Ever-expanding scope of ESG is the risk here.
Very well explained. There’s a whole world of room between Investment Firms trying to raise the value of their portfolios and evil one world corporists trying to eliminate ownership!
I do think that steps need to be taken to address the number of private residences owned by these entities, but most of that can and should be handled at a local level.
I also believe the answer to woke capitalism as demonstrated by these companies is to provide legitimate competition… You don’t like what Disney is doing? Put together an investment group large enough to get your voice into the boardroom and vote out those that are pushing the garbage…
wrote on 12 Sept 2023, 13:36 last edited by jon-nyc 9 Dec 2023, 13:52@LuFins-Dad said in RFK names the three corps that control the world:
I do think that steps need to be taken to address the number of private residences owned by these entities, but most of that can and should be handled at a local level.
I totally agree. They tend to concentrate on sunbelt cities (growing and with landlord-friendly laws) in the 300k and under portion of the housing market. In many such places they are truly the dominant force.
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wrote on 12 Sept 2023, 13:37 last edited by
The main driver of housing price increases are local regs. Zoning #1, and construction regs #2.
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@taiwan_girl said in RFK names the three corps that control the world:
@George-K Same with college. I was talking to a friend and he said that when he graduated (I think early 90's), his starting salary was just a bit less then his 4 year costs.
Now, I would say the college costs are much higher than a years salary.
Big time. If the cost of college kept up with inflation it would be flat with the black line:
wrote on 12 Sept 2023, 13:47 last edited by@89th said in RFK names the three corps that control the world:
@taiwan_girl said in RFK names the three corps that control the world:
@George-K Same with college. I was talking to a friend and he said that when he graduated (I think early 90's), his starting salary was just a bit less then his 4 year costs.
Now, I would say the college costs are much higher than a years salary.
Big time. If the cost of college kept up with inflation it would be flat with the black line:
Inflation isn’t the metric used in @George-K and @taiwan_girl s post.
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One could argue the current housing spike of prices "must" go way back down towards the moving average.
Also, if house prices kept at pace with inflation, the average home today would cost $178k, not 408k. Full article here: https://anytimeestimate.com/research/housing-prices-vs-inflation/#housing-vs-inflation
wrote on 12 Sept 2023, 14:02 last edited by@89th said in RFK names the three corps that control the world:
One could argue the current housing spike of prices "must" go way back down towards the moving average.
Also, if house prices kept at pace with inflation, the average home today would cost $178k, not 408k. Full article here: https://anytimeestimate.com/research/housing-prices-vs-inflation/#housing-vs-inflation
That’s not a one for one comparison. To be applicable, you would need to go back and compare a new house constructed in 1980, and the construction cost of building the same house with same materials, same furnace, etc… as today. Please also factor in the rising cost of land, which is not a straight line investment due to the limited nature… They can’t make more.
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Aside from the silly handwaving (Barge? Silly boy!), the fact remains that we do have a problem. It may not be exactly what RFK says, but it is a concentration of too many homes and too much wealth under too few people.
Been a long time since America was in the Trust-busting business. Maybe it's time we got back in it.
wrote on 12 Sept 2023, 14:03 last edited by@Jolly said in RFK names the three corps that control the world:
... it is a concentration of too many homes and too much wealth under too few people.
Been a long time since America was in the Trust-busting business. Maybe it's time we got back in it.
"Occupy Wall Street."
You missed it. -
wrote on 12 Sept 2023, 14:07 last edited by
Different.
Thanks for playing.
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wrote on 12 Sept 2023, 14:58 last edited by
So the British Royal Family aren't lizards?
