Oh dear god, not this again! Didn't you two settle this argument with "You're a dummy! No, YOU'RE a dummy! Let's just agree to disagree" last year?

So he was claiming to live in a fantasy land, where the economy was crap and he wouldn't be able to afford employees, and eventually admitted to being in the real world, where the market is doing well... What's your point? And, again, what is this supposed to show or prove about minimum wage laws? Was that the "insincerity" part? If that's your point, then that's actually an example of how a market distortion (asymmetric information, or lie in this case) only cause short-term blips on the economy, but are then forced right back into the same general economic rules. In his case, he made the value of his own jobs lower by being a douchebag, reducing the demand for the jobs he offered, and had to raise what he paid to keep his employees.

I knew about his "Vote for Romney or else" bullshit, but not about his minimum wage stuff (which isn't even there, since his complaint was about taxes, not minimum wage), thus he wasn't the source of my argument, and thus your claim is invalid.

Damn! Poor Greenland! Must be some awful dictatorial despot up there, keeping a tight seal on internet access, and ruling with an iron lutefisk  

Seconded. I'd like to think that I stay very well informed about all things Bitcoin, but I'm not aware of such cases either.

I don't know about all other loaning sites, but LendingClub.com will submit your default to credit agencies, ruining your credit score, and will transfer your loan to a collection agency, which will come after you hard. I believe that is what people expected BTCJam was going to do, based on them collecting credit report info, and claiming they will work to implement those types of actions too.

His argument being dumb and having nothing to do with economics because Obama lowered taxes instead of raising them aside, what did his douchebaggery have to do with minimum wage, or economics, or anything for that matter???



I see. So you are spouting bullshit you just randomly picked up somewhere...

And same question to you: how do you define a market distortion?

Liked.

OK, I'm sorry, but the curiosity is killing me. Do you actually have a degree in this stuff, or are you spouting bullshit you picked up in other forums? Because what he said was exactly what you said, but more summarized.

I'm sorry, but you are confusing me with someone else. I've been insisting that there ARE specific effects of wage price floors. My point with "good v.s. bad" was just regarding whom specifically it's good for. Overall, yes it slows down the progress of global economy. But some people do find it good, because they end up being better off at the expense of others.

Which was?

A service provided to the customer, which may increase sales if it's a service desired by those customers, and which also follows strict economic rules? (Notice how underpaid employees often refuse to provide that service)


You'll have to be more specific


Yes. Is he "the economy" or a significant part of it? And what does a small attempt to affect a political situation have to do with economics, or minimum wage? (ther than just his specific company now having possible issues of employees wanting to gtfo) Will this now change the way Hilton, Sheraton, Sandals, Disney Resorts, Best Western, Wyndham, DoubleTree, Royal Plaza, Holliday Inn, Hyatt, Ritz-Carlton, Atlantis, or any other resort companies do business, and change the resorts market in any way? If not, why bring it up?

Why not ask the borrowers to post self-identifying information on their own loan pages, and just lend only to those who do?

You likely also have UL certification on every electronic item you own. UL is not a required certification. So, those FCC badges may also be "just-in-case" certifications that the mobo companies got, just to point to and say, "See, corporation with huge contracts to buy this from us? We are certified!" Or they may be required for some other reason. I really don't know.

I suspect almost no one else on this board does, either, and I only brought up the "Mobos don't require it" point because too many people seem to be so confident in their "BFL required FCC/UL certification!" claims.

Edit: re post above: yes, power supplies get their own separate certifications, so since BFL will be buying those from someone else, they don't have to worry about them, since they will have already been certified.

By the way, the question of whether minimum wage laws are good or bad doesn't really have an objective answer. A job is worth a certain amount. If you put in a price floor for the job, it will be moved where there is no price floor. So the people who are destitute and need jobs to survive will get them. In that way, these laws take the jobs from those in 1st world nations who want them, and give them to those in 3rd world nations who actually need them (good?). And, really, the only thing that minimum wage laws do is give us a choice:

* Do we want to keep ourselves on a higher income plateau, above the poorer nations, and wait a very long time for them to catch up to the rest of us well-paid individuals
* Or do we drop ourselves from our place of financial privilege, join them at the bottom, and quickly raise all our collective wages through market competition by sharing and competing with all our productive capabilities equally.

It's basically a question of having us earn $7 an hour and letting them earn $1 an hour, or having all of us earning $3 to $4 an hour. This is why I consider minimum wage laws a type of FY,GM policy.

Yes we are. But, if you mean cheap exports FROM China, which are then imports INTO your own country, then cheap "imports" and cheap labor are practically the same thing. The import is cheap precisely because it was manufactured with cheap labor. Mexico doesn't have cheap labor any more. Try to find something that says "Made in Mexico." You'll have a lot of trouble, and if you do, it won't be something cheap.


Time has told. China (and India) is an example of unrestricted capitalism when it comes to wages, and has shown that, when companies have to compete for employees, wages do go up, and working conditions do improve, even without minimum wage laws. Whatever the government decides to do later is irrelevant, because it would not be unrestricted capitalism, and it will have nothing to do with the point of "free market competition for wages in an environment free of minimum-wage laws DO in fact increase wages, improve working conditions, and decrease unemployment." (And Mexico, and to a lesser extent Kenya, and Korea, and Vietnam, and South-Pacific island nations).

A quick Google search shows that FCC has considered requiring FCC regulations twice, and rejected the idea both times. So, if motherboards don't require FCC certification, then why do ASIC boards?

There's really not all that much psychology in economics. You are referring to behavioral economics here, specifically market inefficiencies due to asymmetric information. The boss has all the information - he won't be giving them a raise, and the employee doesn't have all the information - he falsely believes there may be a raise when that's not true.
I don't know where you picked that up, but if it was in an actual econ (or securities&investment) class, they would have told you that market inefficiencies are just mere blips in economics, having some short-term effect, but generally not having any long term ones. The employee would believe his boss the first time. After a few month, he will be skeptical the second time. The third time, both employee and employer will have the same information, which is that the boss is full of shit, and the market inefficiency will be gone, as will be the employee, and anyone else he may have shared this with. The most an employer can do is distort the market a bit for a short while, and likely not more than once or twice before getting a reputation for being dishonest.

I know what it is. You know what it is. It doesn't matter to the OP topic, and doesn't matter to anyone else reading this, and it doesn't matter to me what you think about it. Just as anything I say regarding ownership and stewardship of private property apparently doesn't matter to you.

Oh godamnit, no! I said corporations are investing in China, you asked which countries' corporations, and I replied that corporations that are based in Germany, France, Italy, America, Russia, and Japan are all investing in China. Not that other corporations are investing in those other countries, but that all countries around the world are investing in China.

Also, Mexico is way to f'in expensive to outsource to. Their labor is way too expensive, for the same reason that China's is getting expensive. It's why we stopped outsourcing to Mexico and started to Outsource to China and India. It's also why we're slowing down outsourcing to China/India, and exploring the options of outsourcing to Kenya and the rest of Africa.