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Again, I don't disagree, assuming he didn't borrow money to buy his truck, which I highly doubt, but let's assume that.
Lots small businesses come about this way with the owners barely making a living.
He paid cash for it. He was a sweet guy. I once sold him something at a shop where I worked while I was completing my master's degree, then I found out he mowed lawns and he did ours for a couple of years. He was young and in college and didn't want to be in debt. I liked him. Good kid.
I'm sure living at home with his folks helped him avoid a loan, but plenty of people take out loans to buy a pickup truck (it was also his primary vehicle). So I don't see that as problematic. He just didn't have rent to pay, so he was able to buy his stuff and pay cash.
I'm sure a similar guy with bills to pay would have opted for a loan for the vehicle, even if he paid cash for the equipment.
His employees (he had 3 of them) seemed to really like working for him, though.
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He paid cash for it. He was a sweet guy. I once sold him something at a shop where I worked while I was completing my master's degree, then I found out he mowed lawns and he did ours for a couple of years. He was young and in college and didn't want to be in debt. I liked him. Good kid.
I'm sure living at home with his folks helped him avoid a loan, but plenty of people take out loans to buy a pickup truck (it was also his primary vehicle). So I don't see that as problematic. He just didn't have rent to pay, so he was able to buy his stuff and pay cash.
I'm sure a similar guy with bills to pay would have opted for a loan for the vehicle, even if he paid cash for the equipment.
His employees (he had 3 of them) seemed to really like working for him, though.
Right. The capital requirement is different for different businesses. Sometimes, people can put up the capital themselves; most times, they can't, particularly if the business grows very fast.
This is not controversial. Most businesses rely on the bloodsucking rich to operate though.
That does make the wealthy investors and not job creators, though. Not directly.
Which is what a good many wealthy people tend to do. Invest for high returns.
Which indirectly creates jobs, but that's not what we're really talking about.
We already talk about this. It's the idea (can be from the poor or rich) and capital (rich fat cats) that lead to jobs.
1. Good ideas and right amount of capital will lead to long last jobs and more
2. Bad ideas and inadequate capital would lead to bankruptcy.
3. Ideas without no capitals go into the toilet on the daily basis.
Yes, I know. But it grew on rich people's investment. Take that away, it would still be a small shop today.
I don't think that Sam Walton grew his business on borrowing from rich people. He took the profits and put them back into the company. He gave his employees, including the store clerks, stock to offset the low wages. He played hardball with the big corporations to get product at the lowest prices.
What does any of your facts have anything to do with the discussion? So what most of wealth has gone to a very small group of people? It means jack squat when 90% of that wealth concentration goes away after 3 generations.
FACT that before Apple came out with iPhone, there was NOT market to do so.
FACT that if you ask any job creator to create jobs out of thin air, they will say they can't unless there is capital.
The main reason that wealth 'goes away' is it spreads out to family members. I know someone who inherited part of an estate valued at around 2 million dollars. But, she had to share that our with 13 other beneficiaries and so she would up with about 150k. Not chump change, but not enough to make the one percent list. I just looked it up, there are 6 Waltons on the Fortune 500 list. Of course they are all one percenters, but imagine if Sam had it all, he's probably be in the top 10.
I don't think that Sam Walton grew his business on borrowing from rich people. He took the profits and put them back into the company. He gave his employees, including the store clerks, stock to offset the low wages. He played hardball with the big corporations to get product at the lowest prices.
Not at first; however, Walmart wouldn't be able to grow this fast without borrowed money. That's a fact.
The main reason that wealth 'goes away' is it spreads out to family members. I know someone who inherited part of an estate valued at around 2 million dollars. But, she had to share that our with 13 other beneficiaries and so she would up with about 150k. Not chump change, but not enough to make the one percent list. I just looked it up, there are 6 Waltons on the Fortune 500 list. Of course they are all one percenters, but imagine if Sam had it all, he's probably be in the top 10.
My point is that wealth is not static and rich people lose their wealth very quickly.
That's the key here. In US, there's no social or legal restriction for us to get rich. All of us with the right brain can get rich - even the capital is not a problem.
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Quote:
Originally Posted by CCbaxter
The main reason that wealth 'goes away' is it spreads out to family members. I know someone who inherited part of an estate valued at around 2 million dollars. But, she had to share that our with 13 other beneficiaries and so she would up with about 150k. Not chump change, but not enough to make the one percent list. I just looked it up, there are 6 Waltons on the Fortune 500 list. Of course they are all one percenters, but imagine if Sam had it all, he's probably be in the top 10.
And how that money has corrupted them.
There was a news story 4 or 5 years ago, that one of the Walton "kids" (a woman in her 50s or 60s) was pulled over in Bentonville, and the first thing she said to the officer was "do you know who I am?" That just reeks of rich entitlement. The officer still gave her the ticket (for speeding) despite who she was 👍
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