Tag: wealth

Quote of the Day: Rich

 

“I am indeed rich, since my income is superior to my expenses, and my expense is equal to my wishes.” – Edward Gibbon

This year — or maybe last — I became rich. Not Bill Gates rich or Jeff Bezos rich, but rich by my definition of rich: If you can maintain the lifestyle you desire without having to work, you are rich. If not, whether you are earning $15,000 or $400,000 a year you are still among the working poor.

What Is Happening to Our Country?

 

What is happening to our country? @docrobert posted about the supply chain issue, focusing on California ports (just one port of many), but these supply shortages and delivery issues are just one, in a long list of serious problems in the “new, woke Biden administration’s America.” Our Transportation Czar, Pete Buttigieg, has taken a maternity leave since August, to stay home with his gay partner. Dear Mr, Buttigieg, you may have a doctor before your name, but neither you nor your partner carried a child for nine months, or went through a grueling and exhausting delivery, and never will. Why such a long leave? In the meantime, people are waiting for building materials, appliances, furniture, computers, auto parts, and many other critical supplies, that you should be on the job resolving. Pete, can you address the country on our supply chain and delivery issues and what you are doing about it?

The babies arrived amid the delay of a bipartisan infrastructure bill and growing concerns over product shortages and the sluggish transport of goods, inconveniences that have only grown more biting as the pandemic continues.  On Friday, Mr. Buttigieg’s twins cooed in the background as he spoke by phone about the “pro-family” policies.

Let’s continue:

Member Post

 

Apparently, the 2021 Metropolitan Museum of Art’s Costume Institute  Fashion Gala that raises money for the costume industry caused a raucous, which I guess is ok if you are trying to raise money.  With so much crap going on in our government, our country and The World Over (shout out to Raymond Arroyo), I should […]

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They say COVID was and is an “opportunity” to “Build Back Better”. This is the mantra of the World Economic Forum, our current president and other world leaders.  It includes many goals that seem good, even virtuous and “inevitable”. I appreciate learning. I also don’t want to become an older person who is closed-minded to […]

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All True Wealth

 

Despite the synergine the Count’s eyes were going shocked and vague. He pawed at the little plastic oxygen mask, batted away the medic’s worried attempt to control his hands, and motioned urgently to Mark. He so clearly wanted to say something, it was less traumatic to let him than to try and stop him. Mark slid onto his knees by the Count’s head.

The Count whispered to Mark in a tone of earnest confidence, “All . . . true wealth . . . is biological.”

Quote of the Day: True Wealth

 

“Despite the synergine the Count’s eyes were going shocked and vague. He pawed at the little plastic oxygen mask, batted away the medic’s worried attempt to control his hands, and motioned urgently to Mark. He so clearly wanted to say something, it was less traumatic to let him than to try and stop him. Mark slid onto his knees by the Count’s head.

“The Count whispered to Mark in a tone of earnest confidence, ‘All . . . true wealth . . . is biological.'” — Lois McMasters Bujold, Mirror Dance

One Way ‘Abolishing Billionaires’ Would Undermine Silicon Valley and America’s Entrepreneurial Ecosystem

 

Sundar Pichai, Chief Executive Officer of Alphabet, speaks during a session of the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 22, 2020.

I mean, so what if a wealth tax took half of American billionaire wealth over the next decade or so? Or what if it took more? All these folks would still have plenty left to spend — which is why some democratic socialists would prefer a much, much lower wealth cap. As a policy adviser to Rep. Alexandria Ocasio–Cortez has said, “If you have $5 million, you can live off the interest of that and be a one-percenter. There’s nothing in this world that anybody wants or needs to do that you can’t do with, let’s say, $10 – 15 million.”

Nor should we worry that vast wealth confiscation would hurt innovation and entrepreneurship — what economists Emmanuel Saez and Gabriel Zucman call “extreme business success.” Most rich and successful entrepreneurs would be, well, still rich and successful entrepreneurs before getting hit by the billionaire tax. As the two inequality researchers put it, “Established businesses typically devote a lot of their resources to protect their dominant positions by fighting new competition. A progressive wealth tax hits wealthy owners who have already established their businesses while it does not affect (yet) new emerging businesses.”

Member Post

 

Being interested in architectural design, I came across this topic (shared by a fellow traveller) and found it very artistically beautiful (and even mores in nighttime photos). https://www.realtor.com/news/unique-homes/mansion-violin-shaped-pool/ However, (depending on your news source) when comments were allowed, they inevitably had those who roughly stated how horrible it was to spend on such a thing […]

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Jim Geraghty of National Review and Greg Corombos of Radio America are glad to see France, Germany, and the UK conclude that Iran attacked Saudi Arabia earlier this month and that there is no other plausible explanation.  They also groan over the political circus about to begin as House Democrats appear to be moving en masse towards impeachment and even President Trump seems to like the idea of getting impeached because it would help him win re-election.  And they discuss the dystopian world Bernie Sanders wants us all to live in as he proposes a ludicrous wealth tax to pay for the massive expansion of government that he envisions.

Quote of the Day – True Wealth

 

All . . . true wealth . . . is biological. – Lois McMaster Bujold, Mirror Dance

Those words are spoken by the character Count Aral Vorkosigan to his son, Mark Pierre Vorkosigan in the science fiction novel Mirror Dance. The count has suffered a major heart attack and may be dying. His son is a clone, created from his other son, Miles as a weapon against the Vokosigan family, but who rebelled against his creators (and actually everyone). When this episode takes place Mark has been involuntarily returned to his family, believes he may have done something that killed his older brother Miles (who vanished trying to rescue Mark during a battle. (The novel is worth reading – as are all of Bujold’s Vorkosiverse stories.) 

Citizen Trump

 

This is a fascinating video of Donald Trump critiquing Citizen Kane – the iconic film on wealth and moral corruption. It’s a little surreal watching a much younger Trump wrestle with the meaning of the movie. Even his body language seems to pull the curtain back a little. “Perhaps I can understand that…” when talking about the distance growing between a husband and wife. Sad — and I mean that in the most sincere way.

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With all the men being taken down by past exploits caused by their sexual drive (rightly so in all too many cases) I started to look for symmetry in this situation. While I believe that men and women are different in many ways I have never thought women were morally superior to men. It is […]

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Victor Davis Hanson examines the constituent parts of Donald Trump’s political beliefs and attempts to deduce the animating principles of Trumpism.

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Recently, I had a discussion with a few friends about how unfair it is that the wealthy can send their children to art academies.  It is so unfair that these children grow up to be advantaged.  It is so unfair that they can live their art until discovered by the public at large, simply because […]

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Fast Way Up the Ladder: Borrow from Your Family

 

shutterstock_38771464An interesting study that comes to the wrong conclusion, in Forbes:

It’s no surprise that friends and family are a valuable resource providing help and support when needed in America, at all levels of income. But in a new study released today, The Pew Charitable Trusts has quantified the financial support they’re most apt to provide—showing that the persistent debate over income inequality in the United States extends deeper than you might think. While households of all incomes help members of their families financially, wealthier families tend to provide financial assistance toward paying for education or housing—areas that build wealth. But when lower-income families turn to their relatives for help, it is most often to cover short-term financial needs and emergencies according to Diana Elliott, research manager in financial security and mobility with Pew.

The conclusion, wrapped in a now-familiar evocation of the problems with income inequality, is here:

Are Many Americans Really Some of the Poorest People in the World?

 

Anti-poverty group Oxfam has published a report making some flashy claims about global inequality. Among them: Just 62 individuals had the same wealth as 3.6 billion people — “the bottom half of humanity” — an estimated $1.76 trillion. Also, the richest of the rich are hiding $7.6 trillion in a “global network of tax havens.”

Now apparently one of Oxfam’s main data sources was a wealth report from the bank Credit Suisse. Note this chart from the report showing which regions have what share of rich and poor and in between:

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According to an article in The Atlantic: Once financial concerns have been covered by their parents, children have more latitude to study less pragmatic things in school. Kim Weeden, a sociologist at Cornell, looked at National Center for Education Statistics data for me after I asked her about this phenomenon, and her analysis revealed that, […]

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