Looks like Erick Lindgren will be playing the million dollar game

I agree with a lot of what you wrote but ramping up low skill wages like Door Dash driving doesnt provide a solution to any of it.

It’s Piketty and he will never win a nobel prize.
The other points you made are just evidencially true. It‘s just extremely ignorant to believe in capitalism and forget about the condition of equal opportunity. Redistribution is the only solution and it would lead to a thriving economy.
Of course raising wages of a doordash driver is going to have a positive outcome of the wealth expectation of their children.

Most people have worked shitty jobs before. My first job I worked selling frozen yogurt. Then I sold ADT security systems door to door. Both of these jobs sucked. You're supposed to barely get by and hate these jobs while you're in them and use that to buy you time to develop skills and make connections that can get you into a better job, or figure out your own way to make money. Jungleman worked at McDonald's before he became a top poker poker player.

If you're actually mentally disabled you can qualify for government programs that will give you money to live a better quality of life while you also spend your time bagging groceries or whatever. 99% of people who complain about this stuff though are not actually mentally disabled though, they're just lazy and want to be paid top dollar for doing a job anyone can do and never put any work into themselves. Look at a Starbucks Workers' Union meeting and take note of the people there. Most of them are going to look fat, stoned, ungroomed, look like they haven't showered in days, and they're complaining nobody takes them seriously, they can't get a real job, etc. A lot of them will be like late 30s too. It's embarrassing. Hit the oil rig.

How do you propose this happens? Door Dash increases their wages then the cost of using door dash increases proportionally for customers. Then another company just swoops in, offering cheaper service than door dash (through lower wages) and everyone starts using that service instead of door dash. These delivery businesses are already razor thin margins because the barrier to entry is non existent.

Alternatively if you are suggesting the government should be responsible for making extremely low skill jobs into a viable career choice through forced higher wages then you have a naive understanding of how the broader economy works.

Of course it has to work with higher minimum wages. So you propose that more people choose low skill jobs.
This is the minimum wage, of course higher skilled jobs will subsequently be paid more as well. Why are they now getting paid more than a doordash driver? Because they are more relevant for the company moneywise. I‘m pretty sure this in relative and not in absolute terms.
Problem: Wages rise slower than capital
(One) Solution: Rise minimum wages

I really don‘t get the point, why capital should rise quicker than wages. I got a few real estate and some etfs since 15 years. I was doing well 15 years ago, and did almost nothing on the investments and now I’m worth the double in absolute terms and wages just rose about 30%, at least in my country. And we aren‘t even at the hight of the value. I mean the middle class is really suffering because of that.

Just an example of buying an apartment in my city for a family. This can be applied for every other form of conservative investment.

2010
apartment; 500k, all leased for 20 years
Rates per year: 40k
Salary: 200k
Cost of the same investment relative: 20%

2025
Apartment: 1m
Rates per year: 80k
Salary: 260k
Cost: 31%

I mean this is insane, it‘s hard for me to comprehend…

Smart people use their capital better than stupid people, and therefore their capital rises at faster rates and so on. Pretty simple. Now whether or not someone wants to play god and socially engineer more equal outcomes is their prerogative. But longterm it isn't easy to defeat natural selection and Darwinism.

For the most part I don't like the tipping system. A big part of that is way too many people basically tip whatever percentage they're gonna tip no matter what.

But what I really can't stand are cheap *******s who either don't tip or leave scraps for a tip for actual service, and then pretend it's them taking a stand against the unfair tipping system. They'll yammer on about how the restaurant owner should be paying more, but they're happy to take advantage of the system ,stiff low payed worker all while they're pretending to take some noble stand.

Like yea you're a real crusader when your lazy fat ass stiffs the Uber eats driver.

And here comes the story with equal opportunity….

You got a sad look at the world, but even including your ideas, it wouldn‘t change much. If you change the babies at their birth, there would be a totally difference in the distribution between the second generation.
I‘m just basically saying, if you don‘t have money then you can‘t invest it. And as the difference between wages and capital increases the saving rate of the middle class will go down and they have less to invest better as you say it.

I mean common to buy real estate and invest into etfs you don‘t have to be smart at all. You can be the stupidest human being on the planet, but if your daddy tells you buy etfs and real estate, you are going to do it.

For personally capitalism is great, but I just don’t understand why passive investment should be rewarded that much.
You don‘t need to be qualified for that and you got almost no work. What is this good for expect cementing the status quo and moving inequality in chance father away.

English is not my first language, so probably I got something wrong.

In my country the Pizza delivery guy the one who earns minimum wages. So if the minimum wages are increased, he is going to be paid more and so decreases the difference between wages and capital. And this is a good thing imo.

Wtf has any of this got to do with the title of the thread? This is yet another thread that descends into a ****ing boring economics lecture. Take this **** to a thread where it is relevant please and lets get back to the relevant discussion.

People keep repeating this socialist misinformation yet somehow median wages have grown every decade forever, and US still has strong manufacturing output along with world dominance in high wage services like software.

And that’s why your country is so poor. People take their savings and capital to where they get reasonable returns.

To answer your question, nothing. Well, maybe it does: the US is a land of opportunity, E-Dawg spun 25k up to 1.5MM. Poker in the US is the land of opportunity, a gold rush if you will.

In my country we eat cats ..nom nom nom

I started playing at Oceans 11 casino in Oceanside recently and saw Eric there like last Friday. He was playing 10/10 mixed big bet games with a 600-2500$ cap. I do think they have sone rule in their bigger games where you can match stacks.

Interesting dynamic playing basically a 5-10 game to a million dollar buy in. I think he had about 3-4k on the table. I'll give him credit, it takes a true degenerate and/or balls of steel to go from that, to betting 10s of thousands on each street and making big call downs.

Disclaimer: I didn't watch the HCL stream so I'm just going on what others are saying.

I've gone completely broke multiple times in America and bounced back from it. Each time it was for significantly more money too. Each time it was also something that caused me to level myself up drastically cause I had to think "how the F am I going to make $X back ever again" and I had to really improve on myself and learn new skills and step up to new things where I could make more money in a shorter amount of time.

I've gone from living in crap apartments to being a homeowner to back again to back again. I grew up in a crap apartment. The last time I went (near) broke I wasn't even sweating it that hard cause I knew I'd came back from it before.

I don't even think investing in whatever, stocks, real estate, crypto, gold, whatever is really the best way to build wealth for the average person. You're just teaching yourself to accept being at a certain level and waiting for the labor of other people or the speculation of other people to make you wealthier. The best way for the average person to build wealth in my experience is to acquire skills that the market will pay you nicely for. I know people that are just straight up plain dumb who are making hundreds of thousands of dollars a year in sales jobs, that's a career field you don't even need a college degree to get into since there's no college major that will train you for it.

Go into any casino and see how many idiot whales there are that own some business or are otherwise making good money outside of poker and try to tell me there's no opportunity out there to make money if you're not intellectually gifted enough to be some high paid licensed professional like a doctor or a lawyer or something. Some of the dumbest, ugliest people I know are the ones making the most money.

I think it's a good thing in America that because of people like Stanley Tang anyone with a cell phone and a near totaled out 2002 Honda Civic can pick up some quick work and isn't going to starve. One of my best friends, when he was 19 he got picked up on a second degree murder charge. When he got out of prison he was driving for Uber just to be able to eat. He was grateful for that opportunity to be able to have a job, any job, and afford real food after years of eating prison food and being locked up in a cell all day. Fast forward about 15 years and now he's a senior security engineer at a big company making big money, he's a millionaire. You can't do that in most other countries, you just can't.

It's a bad reflection on the culture though, and especially among a lot of young people, that people get some kind of crap job and internalize it as oh this is all I'm ever going to be, so it needs to pay me well, or I might as well not even work at all and just ????

One thing I've observed many times over the years is that people who spend a lot of time complaining about their lot in life instead of developing themselves almost never make it, and the people who show up every day and have a healthy level of ambition and dedication usually do. Doesn't really matter where you started from, what you look like, how smart you are or who your daddy knows. If you have a not gonna make it attitude you're just not gonna make it, and you'll be on the internet wanting sympathy from people that probably had it rougher than you at a lot of points and not getting it.

PugDolk.

Sir, this is not therapy session.

Mod note: Not deleting the obvious derail for now but please leave it at that and stay on topic from now on. Future posts that have nothing to do with the subject of the thread will be removed.

I think his entire post is BS. Pretty sure you cant get convicted for 2nd degree murder and drive for Uber.

Any reliable estimates for how much Lindgren still owes? I know the total was in excess of $10 million, with about half of that to the IRS, as of this

https://www.flushdraw.net/news/erick-lindgren-refiles-for-chapter-11-bankruptcy-protection/

Flushdraw.net

Erick Lindgren Refiles for Chapter 11 Bankruptcy Protection | Flushdraw.net

I often say that I actually root for people Lindgren or Chino to win, not because I want them to do well, but because it's the only way for their victims/creditors to finally get paid. On the other hand, we see guys like Maurice Hawkins owing "only" six figures, still winning tournaments, with his creditor still waiting for his payments.

by Wilbury Twist m

Any reliable estimates for how much Lindgren still owes? I know the total was in excess of $10 million, with about half of that to the IRS, as of this

https://www.flushdraw.net/news/erick-lindgren-refiles-for-chapter-11-bankruptcy-protection/

Flushdraw.net

Erick Lindgren Refiles for Chapter 11 Bankruptcy Protection | Flushdraw.net

. But that figure could change dramatically – either way, mind you – in 10 years.I often say that I actually root for people Lindgren or Chino to win, not because I want them to do well, but because it's ... See full post

He went bankrupt so doesn’t that mean it’s zero?

Although there’s at least one “small fry” that he owes that probably wasn’t listed. The guy owed a few thousand (?) from the sports fantasy league

I don’t put EL and CR in same boat although they are often discussed together. EL had a gambling problem, his source of income disappeared overnight, and wasn’t running scams. CR seemed to be running scams. But I don’t follow these dudes.

Anyhow, I know one guy who turned down a 20% stake in EL for that satellite

So many posts in this thread and nobody comes up with the most obvious guess (ie, Erick was staked for the Satellite by Daniel Negreanu and they both made a killing)?