[cliffhanger33]

Apple has more money than the US government - Yahoo! (http://sg.news.yahoo.com/apple-more-money-us-government-140802258.html)

Here’s a frightening statistic: Apple Inc. now has more cash on hand than the entire United States federal government. As of Wednesday, July 27, the balance sheet for the US Treasury dipped down do $73.768 billion. That compares to the $76.156 billion Apple has in its deep coffers — a difference of $2.388 billion.
So, how in the name of all that’s good and fiscally responsible in this world did such a thing happen? A wide variety of individual factors are at play, here, of course. But it comes down to one basic fact: Apple makes more money than it spends while the US government spends more than it generates in tax revenue. In other words, Apple is doing a really good job at running itself, while the federal government is not.
As you all surely know by now, Washington is stuck in a relentless gridlock over how to raise the national debt ceiling. If you haven’t yet grasped the debt ceiling debate is, it works something like this: Imagine the entire US government pays its bills with a single credit card. Right now, that credit card is nearly maxed out. If the debt ceiling — the limit on our national credit card — isn’t raised by August 2, then the US won’t have enough incoming revenue to pay all of its bills.
The politicians disagree on how to go about fixing this problem, so they’re let our cash coffers dwindle perilously low, which is basically how we got to the $73.768 billion number.
On the flip side, Apple is doing extraordinarily well. The iPhone maker brought in record profits in the third quarter of this year, about $5.5 billion, which has possibly set the Cupertino, California-based electronics giant on a path towards soon overtaking Exxon Mobile to become the largest corporation on the planet.
Unfortunately, we can’t ask Steve Jobs for a bailout — according to Fortune, the federal government blows through about $10 billion every day, so even Apple’s fat bank account would only last us about a week before we’d be back to square one.
Still, we can’t help but wish Jobs would consider a run for public office.

[drunkrussian]

walmart too? prolly also ibm?
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[StylinRed]

it has more pocket change.. it doesn't have more money :)

[RC0310_EJ]

Bill Gates is richer than US Federal government.

The Federal government now has only $54 billion in cash in the bank.

That’s $2 billion less than the net worth of Bill Gates, as frequent BI commenter @ComfortablySmug points out on Twitter.

Ouch.

People had been writing that the US’s cash balance had gotten so bad that it was less than some companies. Now it’s so bad that it’s less than some people.

Terrible, terrible. It just goes to show that Congress needs to get its act together now and raise the debt ceiling.

Microsoft Co-Founder Bill Gates Now Richer Than US Government | Redmond Pie (http://www.redmondpie.com/microsoft-co-founder-bill-gates-now-richer-than-us-government-report/)

[97ITR]

Well... in a couple of days the majority of us will have more cash than the US government.

[Volvo-brickster]

Well... in a couple of days the majority of us will have more cash than the US government.

It will never happen.

Just a bunch of drama created leading to an 11th hour solution to impress the masses before another election.

[Presto]

I wish I had to worry about having only 54 billion on the bank. Damn!

[TRDeol]

Damn, imagine how ballin' you would be!

[Nightwalker]

Not sure why this is surprising. Corporations have had more power than the government for a long time now.

[MindBomber]

If you consider assets and debts combined, I think starving African children are actually wealthier than the US government.

[jaguar604]

It's the corporations that run the country, not the Federal government.

[shenmecar]

its absolutely not hard to believe that Apple has gotten to that status with the mass pandemic of apple products everywhere. Literally. Who here doesn't own one, or know someone who does???

[Gt-R R34]

Ther'es quite a bit of companies that has more money reserves the Apple.
They only used Apple, well...because it's apple.

But the comparison is apples to oranges.

[bcrdukes]

1st world problems. :\ :whine:

[zulutango]

Apple doesn't have obama wasting it's profits.

[geeknerd]

Who here doesn't own one, or know someone who does???

I don't own any apple products. It's not hard to find cheaper and better alternatives. now u 'know' someone who doest :)

[StylinRed]

Who here doesn't own one, or know someone who does???

I don't, used to have a nano (gift) but didn't use it since i just used my phone and gave it away

but of course who wouldn't know someone who owns apple products unless you're a hermit and even then a family member would own one

better question is do you know anyone else who doesn't own an Apple product? and the answer to that is, yes, quite a few

[drunkrussian]

Ther'es quite a bit of companies that has more money reserves the Apple.
They only used Apple, well...because it's apple.

But the comparison is apples to oranges.

no. in terms of actual profit apple is #2 on the fortune 1,000 behind walmart. that was in 2010. ibm was #3. in terms of profits, not revenues...their margins are crazy.
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[cow20xx]

Apple doesn't have obama wasting it's profits.

you mean apple doesn't have obama cleaning up bush's mess and get blamed for it by republicans

[97ITR]

no. in terms of actual profit apple is #2 on the fortune 1,000 behind walmart. that was in 2010. ibm was #3. in terms of profits, not revenues...their margins are crazy.
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

You should probably read that list again.... Here's 2010 top 10 fortune 500 companies ranked by profit.


1 Exxon Mobil 30,460.0
2 AT&T 19,864.0
3 Chevron 19,024.0
4 Microsoft 18,760.0
5 J.P. Morgan Chase & Co. 17,370.0
6 Wal-Mart Stores 16,389.0
7 International Business Machines 14,833.0
8 Apple 14,013.0
9 Johnson & Johnson 13,334.0
10 Berkshire Hathaway 12,967.0

Soure: Fortune 500 2011: Top Performers - Most Profitable Companies: Profits (http://money.cnn.com/magazines/fortune/fortune500/2011/performers/companies/profits/)

[dangonay]

^ Yeah, but that's 2010 profits where Apple made $14 billion.

Apple is already at $13.3 billion profits and that's after only two quarters. They won't hit $30 billion to take over Exxon, but I could see them landing firmly in the #2 position at year's end.

[Gt-R R34]

What I was saying they used Apple to compare. It's just cuz apple is apple.
If they really wanted to compare. GE is sitting on 90Billion, why not use them?

My point was there are more then 1 company with more money then the US Government..

[Ronin]

Because the coolest thing about GE is that Alec Baldwin is their fictional boss on a popular primetime TV show.

Apple is Apple...and will sell more newspapers.

[zulutango]

you mean apple doesn't have obama cleaning up bush's mess and get blamed for it by republicans


How about a debit of 10 trillion when he took over (the total debit of all US Govts since the country formed) and 14 trillion and counting now in 2 1/2 years. Can't blame W for that 4 trillion...obama owns this one.

[RRxtar]

How about a debit of 10 trillion when he took over (the total debit of all US Govts since the country formed) and 14 trillion and counting now in 2 1/2 years. Can't blame W for that 4 trillion...obama owns this one.
had nothing to do with the entire world economy collapsing based on several years of bad shit leading up to it.

[Onassis]

Steve Jobs for president.

[iEatClams]

How about a debit of 10 trillion when he took over (the total debit of all US Govts since the country formed) and 14 trillion and counting now in 2 1/2 years. Can't blame W for that 4 trillion...obama owns this one.

Obama is responsible for some of those debts, but a lot of that is on interest and spending from BUSH. BUSH's tax cuts for the rich was worth over $3 Trillion dollars.

But at least Democrats can at least acknowledge that cuts need to be decreased.

Republicans (well the freshman Tea Douche-baggers), are basically holding the country hostage cause they won't even consider raising revenue by means of Tax Reforms. Even if the Dems cut taxes by $5 Trillion, they still would be against increasing revenue.

The amount of debt the US has has increased since the 80s, and not surprisingly, that's when the majority of Republicans lobbied the bitch out of Washington to reduce tax rates. Republicans sold the country to corporations.

Apple, a company that just made $9.5 Billion dollars before taxes this last quarter can afford to pay more tax.

The majority of people agree CUTS need to be needed, and TAX REFORMS are needed.

[iEatClams]

The most fucked up thing is that many republicans don't even want what the Tea douche bags want.


Here's a good article, Written by a republican:

Wake up GOP: Smashing system doesn't fix it - CNN.com (http://www.cnn.com/2011/OPINION/08/01/frum.debt.republicans/index.html?hpt=hp_t1)



Highlights I liked and agree on:


"Only about one-third of Republicans agree that cutting government spending should be the country's top priority. Only about one-quarter of Republicans insist the budget be balanced without any tax increases."

"Unemployment is a more urgent problem than debt."

"The deficit is a symptom of America's economic problems, not a cause."

"The place to cut is health care, not assistance to the unemployed and poor."
-The United States provides less assistance to the unemployed and the poor than almost any other democracy. It spends 60% more per person on health care than almost any other democracy -- and gets worse results. The problem is not that Americans use too much medicine. People in other countries use more. The problem is that Americans pay too much for the medicine they use. Go where the money is, cut where the waste is grossest.

[zulutango]

I guess that if you insist that all Republicans are rich people...and incidentally, 50% approx of US citizens do not pay any federal taxes...then you could say that those who pay taxes don't want to pay more to those who don't? Can you blame the Republicans for not wanting to pay even more? If you worked hard and made lots of money and your brother freeloaded off you, would you be in favour of someone telling you that you must give him more of your money? The one thing to remember about redistributing wealth....it always those who work hard for it, being forced to give it to those who didn't.

The plan I hear being batted around says that there will be cuts totaling a trillion dollars over the next ten years in future spending increases> No actual cuts, just saying that you won't spend an increased sum of money that you don't have and counting that as a savings?> Gee, I'm not going to buy a new Bugatti...so now I just saved 3/4 million$$ so I can use that savings to do some more cash advances on my line of credit.

[TekDragon]

Steve Jobs for president.

He doesn't have the stomach, or liver, for it.

[Nightwalker]

I guess that if you insist that all Republicans are rich people...and incidentally, 50% approx of US citizens do not pay any federal taxes...then you could say that those who pay taxes don't want to pay more to those who don't? Can you blame the Republicans for not wanting to pay even more? If you worked hard and made lots of money and your brother freeloaded off you, would you be in favour of someone telling you that you must give him more of your money? The one thing to remember about redistributing wealth....it always those who work hard for it, being forced to give it to those who didn't.

http://assets.motherjones.com/politics/2011/inequality-p25_averagehouseholdincom.png

Decreasing the burden for the top 1% and increasing it for the bottom who are least able to handle it doesn't make any sense at all. If you made say 1 million/year and your brother was completely broke, not helping him out would make you an asshole.

Dropping revenue isn't getting talked about enough. Cutting spending doesn't do anything about this.

http://imgs.sfgate.com/c/pictures/2009/08/03/ba-taxrevenue04__SFCG1249341909.jpg

[Manic!]

He doesn't have the stomach, or liver, for it.


That is so terrible and funny at the same time.

[iEatClams]

I guess that if you insist that all Republicans are rich people...and incidentally, 50% approx of US citizens do not pay any federal taxes...then you could say that those who pay taxes don't want to pay more to those who don't? Can you blame the Republicans for not wanting to pay even more? If you worked hard and made lots of money and your brother freeloaded off you, would you be in favour of someone telling you that you must give him more of your money? The one thing to remember about redistributing wealth....it always those who work hard for it, being forced to give it to those who didn't.



There are many people that were born in the ghetto, from poor parents, etc etc and it's extremely difficult for them to move up the social class in order to earn more money to pay taxes. How is forcing someone that can't even afford to pay food to pay additional taxes fair??

Where as the wealthy can hire people and lawyers to lobby the government to reduce taxes and setup tax loopholes. Also hiring accountants to take advantage of the "interpretation" of these rules.

They can also lobby for deregulation that allows bankers to fuck up the economy. . . .and then get bailed out! . . and continuously try to bring down wages and lower the standard of living for people.


I actually even support many republican policies however their stance against taxes is just fucked up.
I don't even know why the tax topic is even up for debate anymore as even Warren Buffet, one of the richest guys in the world even declares that the tax system isn't fair, and that the rich have a responsibility to pay their fair share.

Buffet paid a tax rate of 17%, if you make more than $11,088 a year in BC, you have a higher tax rate than him.

[StaxBundlez]

‪Obama Kicks Door Open‬‏ - YouTube

bet this is how obama feels like now lol

[zulutango]

"There are many people that were born in the ghetto, from poor parents, etc etc and it's extremely difficult for them to move up the social class in order to earn more money to pay taxes. How is forcing someone that can't even afford to pay food to pay additional taxes fair?? "

In the US these people do NOT pay taxes....let alone additional taxes.

[Onassis]

He doesn't have the stomach, or liver, for it.

Apple care > Obama care... :troll:

[Jermyzy]

Now Apple is worth as much as all the euro-zone banks :p

Apple is worth as much as all euro zone banks | Sympatico.ca Sync.ca (http://sync.sympatico.ca/news/apple_is_worth_as_much_as_all_euro_zone_banks/192a594d)

"Apple is worth as much as all euro zone banks



LONDON (Reuters) - Technology company Apple is now worth as much as the 32 biggest euro zone banks.


That's the stark result from a steep fall in the share price of banks including Spain's Santander, France's BNP Paribas, Germany's Deutsche Bank and Italy's Unicredit, compared to a steady rise in Apple's valuation, according to Thomson Reuters data.

Earlier on Friday the DJ STOXX euro zone banks index fell 4 percent, valuing its 32 members at $340 billion. That's based on the market capitalization of their free-float shares, which for some French banks in particular is less than 100 percent.

The index has crashed by a third since the start of July, hammered by fears banks will lose billions from their holdings of euro zone government bonds and a failure of policymakers to stop a euro zone debt crisis from spreading.

The euro zone banks have lost three-quarters of their value since peaking in May 2007.

In contrast, Apple's market capitalization has soared to $340 billion on the back of the success of innovative technology products like iPods, iPhones and iPads.

(Reporting by Steve Slater; Data analysis by Scott Barber; Editing by Hans-Juergen Peters)

"

[FerrariEnzo]

lol theres tons of rich billionaires around the world that has more money then the US government.