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Trump is a rare example of a so-called titan of industry who has exposed himself to public scrutiny. Come on. That man is an idiot. Is anyone seriously impressed with his intellectual prowess?
Yea.
He lives in the lap of luxury, has his name on everything and is world renown...but he's an idiot.
In the meantime, you're posting about the unfairness in the world and giving reasons why you can't pay your mortgage.
Well, you're making some progress in understanding this. You are correct, it is risk that allows them to accumulate so much wealth.
Risk assets are being propped up right now by the government, and to varying degrees they have been propped up by the government for nearly 30 years.
We have a financial system that penalizes workers and savers, by creating unsustainable levels of private debt. It is people like the guy you're talking about who benefited from the original financial deregulation, the bubbles, the bailouts from the bursting bubbles, and quantitative easing to create new bubbles. You print money, flood the private banking system with it, and the value of his crap goes up.
Almost. You print money, flood the private banking system, and the value of the dollar goes down. As the basic consumer staples required by those who save and/or work increase in price the population at large experiences a tax via inflation. It is the most noticable (in terms of the wallet) but least publically recognized form of taxation. In turn those lower on the income scale are the ones most greatly impacted.
Now, to contradict what I believe was a basic error in premise by the OP. People who have obtained wealth from having started with relatively little do so because they put their money to work for them while they are working. Their money does not sit idlely by in a money market savings account earning .50% -1.0% or in a checking accounting. It is invested in such a way that it creates more revenue for them.
Is their risk involved? Maybe, it depends on the investment vehicle which is chosen. Some carry much less risk than others.
Last edited by lifelongMOgal; 11-06-2011 at 08:50 PM..
The main reason that the rich get richer.....risk!
First, thank you for abandoning the "hard working" cliche. That's a huge step forward
Second, I agree in part with the risk taking factor. However, "risk" has multiple aspects. Some are illegal. Many risk takers have difficulty stopping at the red light. Here is my example: Bernard Madoff. Before his arrest, an esteemed and highly successful investor. A few days later - a fraud, the people's enemy. If you dig deep enough you will find a can of warms with most (but not all) risky endeavors. Both Enron and Lehman were examples of exceptionally well managed enterprises. They were led by winners who succeeded. I am confident that there are still thousands of undetected cases which will perhaps remain so.
As you say: There are winners and there are losers.
ALL of the wealthy people that I have ever met have outworked their peers and their competition.
He lives in the lap of luxury, has his name on everything and is world renown...but he's an idiot.
In the meantime, you're posting about the unfairness in the world and giving reasons why you can't pay your mortgage.
Give me a break.
The things that rightwing posters assume about me are stupefying. I can't pay my mortgage? I wonder why I have never missed a payment then. I need to let myself know that I can't pay, so I can quit paying it.
You forget, the really smart super rich get those poor chumps to cover their losses. In reality, there is no risk in that case, well for the wealthy.
Correction, they get Congress to pass legislation to make their debt publically shared but to keep their profits privatized. These, IMO, should be criminal offenses for the members of Congress (and POTUSs) who voted for such an obamination and signed it into law.
Fair enough. Of course, supply and demand should operate. But labor needs to be paid a living wage, or we have no long-term consumers. The current model is to not pay a living wage, and to get folks addicted to cheap credit and Wal-Mart instead. We are seeing the consequence of that mentality in the current economy. We are in the tank because the American consumer is tapped out. And most Americans are not going to be starting their own businesses anytime soon, unless you want to count meth cookers, pimps, and crack hos to the list of those who profit by the wonderful advantages of "risk." Most people don't have the capital, creativity, and competence to run their own businesses, but they need to eat nonetheless.
People trying to have everything before they can afford it is what caused this problem.
Overinflated housing prices (due to government interference) allowed people to use their homes as MAC machines.
As a result, when the crap hit the fan, many people were sitting around in their luxury homes, luxury cars, watching their 100 inch TV's wondering how they will pay for it all.
Government interference and liberal/progressive policy put us in this position.
The things that rightwing posters assume about me are stupefying. I can't pay my mortgage? I wonder why I have never missed a payment then. I need to let myself know that I can't pay, so I can quit paying it.
Ask obama....he says that he has too much money.
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The things that rightwing posters assume about me are stupefying. I can't pay my mortgage? I wonder why I have never missed a payment then. I need to let myself know that I can't pay, so I can quit paying it.
