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Old 11-09-2011, 12:11 PM
 
Location: Long Island, NY
19,792 posts, read 13,920,077 times
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Quote:
Originally Posted by Ultrarunner View Post
Isn't this attributed to competition... both global and domestic?
Funny how the wealthy haven't had to compete during that period:

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Old 11-09-2011, 02:48 PM
 
Location: Up in the air
19,112 posts, read 30,582,558 times
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Quote:
Originally Posted by citizenkane2 View Post
I believe that it is possible and that you indeed may have done this. We see stories of this all the time! Bill Gates ....a kid working in his parent's house......famous inventors who had no money, but they had a great idea and the WORK ETHIC to make it happen. It's a story that is happening right now, in this country!
I really get irritated with the myth that bill gates was a 'self made man'... His parents were wealthy, he went to private school, got accepted to Harvard and because his parents were rich, had access to a personal computer when there were only a few around. His parents also gave him $50,000 to start his company. He was by no means average and sure, he built a fortune, but to say he started with nothing is a lie.
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Old 11-09-2011, 03:40 PM
 
28,111 posts, read 63,536,638 times
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Quote:
Originally Posted by JetJockey View Post
I really get irritated with the myth that bill gates was a 'self made man'... His parents were wealthy, he went to private school, got accepted to Harvard and because his parents were rich, had access to a personal computer when there were only a few around. His parents also gave him $50,000 to start his company. He was by no means average and sure, he built a fortune, but to say he started with nothing is a lie.
Most would hardly say Steve Jobs had it easy... and no doubt that he is self-made.

No matter how the data is analyzed... the top 1% will always be an exclusive club simply because there will always be the 99% excluded.

My Grandmother always the people at the top the movers and the shakers... Some of us have no desire to be movers and shakers

Pick any segment and you will find individuals starting with little who are now at the top...

Think of Professional Sports, Media Personalities like Oprah, the Steve Jobs types of High Tech... etc.

I don't begrudge anyone's sucess if it was done legally...

Fortunes are made and lost all the time...
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Old 11-09-2011, 03:43 PM
 
28,111 posts, read 63,536,638 times
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Quote:
Originally Posted by MTAtech View Post
Funny how the wealthy haven't had to compete during that period:
The chart shows the top 1% took quite a hit after 2000 for awhile.

Could it be they experience more gyrations because of risk?
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Old 11-09-2011, 04:01 PM
 
Location: Long Island, NY
19,792 posts, read 13,920,077 times
Reputation: 5661
Quote:
Originally Posted by JetJockey View Post
I really get irritated with the myth that bill gates was a 'self made man'... His parents were wealthy, he went to private school, got accepted to Harvard and because his parents were rich, had access to a personal computer when there were only a few around. His parents also gave him $50,000 to start his company. He was by no means average and sure, he built a fortune, but to say he started with nothing is a lie.
Even if it true. Not everyone can be a computer genius; a major league batter; etc.

Most of the fabulously wealthy aren't great inventors. Most are divided into two camps: 1)CEOs who happened to live in a period when CEOs get paid 1,000 as much as the average worker instead of 50 times a few decades ago.
2) those who made their money from Wall Street, because Wall Street compensation is astronomical.
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Old 11-09-2011, 04:10 PM
 
28,111 posts, read 63,536,638 times
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Quote:
Originally Posted by MTAtech View Post
Even if it true. Not everyone can be a computer genius; a major league batter; etc.

Most of the fabulously wealthy aren't great inventors. Most are divided into two camps: 1)CEOs who happened to live in a period when CEOs get paid 1,000 as much as the average worker instead of 50 times a few decades ago.
2) those who made their money from Wall Street, because Wall Street compensation is astronomical.
We are all doomed (The 99%) as I see it if financial success is dependant on luck or genius status.

Don't forget the vast majority of CEO's don't make anything like a 1000 times their average workers...

Here, in the Medical Profession it typically runs about 20 times...

Typical Bay Area Registered Nurse earns a little over 100k per year... typical Hospital CEO tops out at about 2 million in total benefits.
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Old 11-09-2011, 04:20 PM
 
Location: Long Island, NY
19,792 posts, read 13,920,077 times
Reputation: 5661
Quote:
Originally Posted by Ultrarunner View Post
We are all doomed (The 99%) as I see it if financial success is dependant on luck or genius status.

Don't forget the vast majority of CEO's don't make anything like a 1000 times their average workers...

Here, in the Medical Profession it typically runs about 20 times...

Typical Bay Area Registered Nurse earns a little over 100k per year... typical Hospital CEO tops out at about 2 million in total benefits.
What you are missing is that just a few decades ago this great wealth concentration didn't exist and it was entirely due to tax policy.
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Old 11-09-2011, 04:28 PM
 
28,111 posts, read 63,536,638 times
Reputation: 23240
Quote:
Originally Posted by MTAtech View Post
What you are missing is that just a few decades ago this great wealth concentration didn't exist and it was entirely due to tax policy.
I think in large part, for wall street types, is the proliferation of 401k type retirement plans... people who were never in the market were suddenly making weekly of bi-weekly pay check deductions... the amount of money flowing into the markets increased exponentially and few, other than those already poised were in position to benefit wildly.

Add to it the advent of a computer in every home and suddenly everyone (for emphasis) was a day trader...

Also, firms that once only had a local presence could now market worldwide for the cost of a website...

Not everyone has the desire and drive to be wealthy... we have always had very wealthy people...

Warren Buffet was wealthy 30 years ago... so was Trump and the CEO of GE, Ford, General Motors, etc...

I don't see things as being all bad... just look at how many millionaires E-Bay has created?

Forbes has been tracking the wealthy 400 for at least 30 years and one thing that is evident is the list is dynamic...

Also... the chart starts on the cusp of the worst recession in America since the Great Depression... things were pretty grim around 1980 when we hit bottom.
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Old 11-09-2011, 04:40 PM
 
29,939 posts, read 39,405,802 times
Reputation: 4798
Quote:
Originally Posted by MTAtech View Post
What you are missing is that just a few decades ago this great wealth concentration didn't exist and it was entirely due to tax policy.
Yes, let's go back to the 70's... Life was so much better when income desparities weren't so bad... Oh, what's that you say? You're working on that... Okay. We'll all be expecting much better success then...
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Old 11-09-2011, 05:47 PM
 
2,085 posts, read 2,465,570 times
Reputation: 877
Quote:
Originally Posted by hawkeye2009 View Post
I grew up poor an lived in a trailer. I worked my butt off from the time I was eight years old. I always had "straight As" in elementary school, junior high, high school, college, and med school. I knew no one would take care of me, except for myself. My father gave me $100 for college. I did not take a dime from the federal government and worked my way through school. Today, I am worth over $20 million. Screw the hippies camping out and protesting AMERICA. I am a "a 1% ter'. To hell with the lazy bums who did not sacrifice and work as hard as I did. Choices in life have consequences- go to hell.

I did not become successful by camping out with dirtbags who are supported by daddy's money and complaining. You should have made better decisions in life, particularly when you were born with a silver spoon in your mouth. You are the dregs of the US and an embarrassment to the principles of a work ethic. Get a job, you bums.

Signed- A "1% ter" who did not have nearly the opportunities you lazy and ingracious dead beats had.
I find no problems with people working hard and making it big. They (you) deserve it. Frankly, I don't care how people get rich (if it's legal), I never would just expect them to give some of their money to me!! It never occured to me to stand outside for weeks, smelling, and deficating on sidewalks, and peeing and screaming and destroying and raping, to get the government to take money form those who have it.
Do these "occupy" idiots really think that they will actually see any of it? This just shows the stupidity that has become our country.
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