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El Informe sobre la Riqueza
Robert Frank se ve en la cultura y la economía de los ricos.- 15 de diciembre 2011, 1:40 PM ET
La Nueva palabra de cuatro letras en la política del Partido Republicano: Rich
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- 15:07 15 de diciembre 2011
- Tony escribió:
Todos los políticos pueden ser considerados ricos, especialmente los candidatos a presidente. En los tiempos modernos ha habido alguna vez un candidato presidencial que tenía un patrimonio neto de menos de $ 1 millón? No lo creo.
- 15:32 15 de diciembre 2011
- Scary Times escribió:
Parece que vamos a tener que dejar el etiquetado de éxito como algo bueno para los chinos.
Fui a la escuela de ingeniería de OSU con un montón de chicos de China. Se establece la curva de grado cada vez y firmemente en cuenta el éxito de ser una buena cosa. En cambio, muchos estudiantes americanos de la universidad pasan su tiempo durmiendo en tiendas de campaña, no de trabajo, y quejándose de que los ricos les debemos más derechos.
Usted me dice, ¿cómo se va a terminar ...?
Obama y los demócratas no tienen absolutamente destruido la ética del trabajo de este país! Podemos fuego en noviembre, pero creo que ya lo han hecho demasiado daño a recuperarse.
- 15:37 15 de diciembre 2011
- Tiempos @ Scary escribió:
Creo que tenemos al divorcio riqueza y el éxito (o fracaso) en esta discusión. Una de las mayores ventajas competitivas de Estados Unidos ha sido siempre el permiso culturales al fracaso. En la mayoría del resto de los países desarrollados, el fracaso lleva como un estigma que la gente tiene miedo a probar cosas nuevas. La expresión "Oh, bueno, por lo menos lo intentaste," no tiene ningún peso en el Reino Unido, Francia o Japón. De hecho, empresarios de Silicon Valley en busca de ingenieros y otras personas que han intentado y han fallado en algo porque están mucho más lejos que a lo largo de la curva de aprendizaje innovadoras.
- 15:40 15 de diciembre 2011
- JKF en Nueva York escribió:
Tiempos de miedo, ¿cómo Obama y los demócratas destruido ética laboral del país?
- 15:46 15 de diciembre 2011
- Miguel escribió:
El resentimiento no es acerca de la riqueza, sino la forma en que se obtuvo. Creo que todos los estadounidenses respecto al hombre hecho a sí mismo o una mujer. Es el hijo mimado de los ricos que no hizo nada para ganarse la riqueza que la gente molesta - eso, y las personas que hicieron su fortuna a expensas de otros. Mitt Romney cumple ambos criterios. Sin embargo, la persona más peligrosa del mundo es el hijo idiota de un hombre rico y poderoso que decide entrar en política. Como prueba de que usted no necesita mirar más allá de George W. Bush.
- 15:55 15 de diciembre 2011
- @ Miguel escribió:
Si usted piensa que Mitt Romney no obtuvo su fortuna por su cuenta, entonces usted necesita para tener la información correcta.
- 16:02 15 de diciembre 2011
- Luis escribió:
Mitt Romney probablemente habla con Dios. Como ex arzobispo de la Iglesia Mormona que probablemente se siente muy bien acerca de sí mismo, muy autosuficiente. De hecho, si no lo conociera, diría que Dios lo designó para ser presidente y que Dios quiere que él tenga la nominación. Y, que desde que se ha llevado una vida ejemplar limpio que ha sido ordenado por Dios mismo para ser el próximo presidente de los Estados Unidos.
Lo curioso, sin embargo, yo no sé cómo se concilia su propio valor neto de $ 190 millones con Newt miserables $ 6!
- 16:13 15 de diciembre 2011
- Scary Times escribió:
Re: JKF en Nueva York
La riqueza es la tarjeta de puntuación del trabajo duro y el éxito.
Obama y los demócratas han puesto en marcha una campaña de lucha de clases importantes como un medio para dividir el país y mantener su poder político, una víctima de esta estrategia es que tienen vlified los ricos, y, a su vez, el éxito del trabajo duro y. China no tiene este problema. Puedo decir de primera mano que los estudiantes de ingeniería de China no son tímidos a la hora de trabajo duro para tener éxito y "Rich" - ya diferencia de los EE.UU. bajo el régimen liberal, se les anima a ser de esta manera por su gobierno.
Por el contrario, nuestro aspirante a estudiantes de ingeniería se están altos en Zucotti Park, actuando como puente de Obama "organizador comunitario" habilidades y hacer todos los que aún exhibe un fuerte trabajo eithic su villano.
Así que repito, Obama y los demócratas no tienen absolutamente destruido la ética del trabajo de este país! Podemos fuego en noviembre, pero creo que ya lo han hecho demasiado daño a recuperarse. .
- 16:46 15 de diciembre 2011
- EllenG escribió:
Creo que la gran pregunta es ¿puede un pobre candidato convertido en presidente de los Estados Unidos?
La siguiente pregunta, si la persona es pobre, no dice mucho acerca de los criterios de la persona para el éxito o el intelecto o la unidad o la ambición o de cómo esa persona podría contribuir al éxito económico de esta nación, o incluso la manera de ser éxito.
Creo que realmente tenemos que mirar el cuadro total de la persona. Mira Obama, hizo algo de dinero de Bill Ayers escribir sus libros. Bill Ayers y su grupo radical de izquierda quería un títere en la Casa Blanca y que saben que no podrían financiar directamente para Obama Ayers escribió un par de libros y Obama tiene millones sin ningún esfuerzo por su parte que no sea hablar de sí mismo.
Yo respeto a Mitt Romney y la forma en que hizo su riqueza. Pero quiero que el que puede vencer a Obama para ser el candidato republicano, por lo que le importa nada la riqueza de un candidato.
ABO 2012
- 16:50 15 de diciembre 2011
- Che Limbaugh escribió:
Ser rico es bueno, y lo alentaron. El problema es que un republicano.
- 16:57 15 de diciembre 2011
- Amy escribió:
Tiempos de miedo, quiere decir que Obama y sus políticas y su personal es tan inteligente, tan nefasto, y el mal, para que tengan éxito en la destrucción de nuestra ética de trabajo calvinista? Scary Times, usted es en realidad miedo ... y republicano, y probablemente un temeroso de Dios en eso. Y eso hace que no sólo estúpido, sino un imbécil (muescas mucho mayor que un simple Stoopid).
- 17:00 15 de diciembre 2011
- sheeple escribió:
Cuando los estadounidenses están haciendo mucho dinero, tener un pequeño exceso de un coche nuevo .. nadie se queja de los ricos. Es cuando las personas sienten que pueden ser ricos y los ricos sí, que la puerta está abierta, los ricos son adorados. En épocas de crisis, el estadounidense promedio considera que no hay medios para lograrlo. Como resultado, se resienten de los ricos los que injustamente han tenido la oportunidad no lo hicieron. Corriendo con la esperanza mata el sueño. Hay algo que decir acerca de ganado frente a los herederos de la fortuna de heredar idiota .. No se equivoquen, Romney ha hecho un montón de dinero en su capacidad, pero cuando su padre es director ejecutivo de American Motors tienes algunas tarjetas que los demás no.
- 17:15 15 de diciembre 2011
- Scary Times escribió:
Re: Amy -
Comparto su intensa ira de mi experiencia de primera mano al pasar por la escuela de ingeniería en OSU con un grupo de estudiantes chinos. Que son claramente más motivado para trabajar duro y ser rico / éxito que su sede en Estados Unidos "Ocupar" contrapartes, pero usted está expresando su ira e insultos, a la persona equivocada. Yo sólo soy el mensajero, por favor, enfocar su ira sobre Obama y los demócratas para la creación de la realidad que simplemente observar.
Y sí, Obama, junto con el reverendo Wright y Bill Ayers, que son inteligentes, y nefastos. Por desgracia.
- 17:20 15 de diciembre 2011
- La riqueza no ganada, escribió:
Demasiada gente por ahí como ejemplo de gente que no gana su riqueza, es decir, los bebés de confianza, ex cónyuges, los directores generales de valores estafadores como Madoff (y, por un tiempo, muchos de sus "inversionistas"), de las empresas que corrió en la tierra, pero todavía se concedió gran paracaídas de oro, etc
La gente se enferma de ver a esta gente llorar por lo mal que se trata - si su riqueza se la fuerza a redistribuirse equitativamente, tanto mejor para la sociedad.
(Sin embargo, con tantos de la gente de la riqueza no ganada, que no tiene que hacerlo por la fuerza ya que muchos de ellos acaban de perder a fraudes y estafas mala inversión de todos modos - se les puede dar dinero, pero no se puede fijar estúpido. )
- 17:22 15 de diciembre 2011
- Jim escribió:
Oh, vamos. Obama escribió sus propios libros. Eso no lo convierte en un buen presidente, pero él escribió sus propios libros. La educación de las teorías de conspiración resta valor a los verdaderos problemas.
- 17:32 15 de diciembre 2011
- Hey Robert escribió:
Para responder a "riqueza no ganada", le puede proporcionar algunos datos? Aunque la televisión y las películas por lo general representan a los ricos como los "bebés de confianza", en realidad las estadísticas cuentan una historia muy diferente. Creo que incluso se dice en su libro que el promedio de antigüedad de la riqueza en este país es de 13 años, y fue ganado por lo general el camino largo y duro. (Ver también un libro llamado "The Millionaire Next Door"). El problema es que la historia de alguien que está trabajando su camino hasta la escalera corporativa desde hace 30 años, hasta que finalmente se califican como ricos por un par de años, simplemente no es tan emocionante de ver en el metro .... Sin embargo, Obama está más que feliz jugar en este mis-caracterización en su intento de dividir al país con la lucha de clases, como se ha señalado por varios otros por encima de ...
- 17:35 15 de diciembre 2011
- Luis escribió:
Sheeple, la mayoría de nosotros tenemos que empezar desde cero, desde el home por así decirlo. Por desgracia, creo que algunas personas ignoran las ventajas de la gente como Mitt que nacen en la base tercera.
- 17:42 15 de diciembre 2011
- Para Luis escribió:
Creo que hacer una observación general buena. Sin embargo, si nos fijamos en Romney en concreto, obtuvo su licenciatura de la Universidad de Brigham Young, que es una escuela que cualquier persona con calificaciones moderadamente bueno puede asistir. Después de graduarse en discurso de despedida, se inscribió en JD / MBA de Harvard, el programa, donde también obtuvieron excelentes resultados académicos. Fue su éxito en la Universidad de Harvard que lo abordaron en la primavera-una carrera en Bain.
No es como si cualquier cosa le fue entregada. No era un "legado" de admitir, ya sea en la escuela. Se ha ganado cada uno de sus logros.
- 17:45 15 de diciembre 2011
- Miguel escribió:
Hey @ Miguel, echar un vistazo a lo que Romney tenía a American Pad & Paper (Ampad) en 1992 mientras corría Bain Capital para ver un ejemplo de cómo hizo su dinero (lo que no obtuvo de papá). Si se tiene en cuenta con un fondo de cobertura para una empresa el pillaje y el saqueo como "ganar dinero", entonces creo que mi error.
- 17:52 15 de diciembre 2011
- Luis escribió:
No se quejaba, sólo un observatino, pero las personas nacidas en la base tercera siempre tienen las ventajas inherentes de haber nacido en la base tercera. Sort'a como Paris Hilton.
- 17:52 15 de diciembre 2011
- Jim escribió:
El hecho de que se confunda "hedge fund" con "fondo de capital privado" muestra su ignorancia.
Con respecto a su punto real, usted debe investigar el tema de capital privado un poco más. Suenas como una persona que grita en el banco local para la ejecución respecto a la casa de una persona. La exclusión es un proceso desagradable, pero eso no significa que todos los bancos son malos.
- 17:55 15 de diciembre 2011
- DAB escribió:
Los republicanos no entienden la imagen que están retratando. Romney pide 10.000 dólares por gota en el mar mientras que el 50% de los estadounidenses son pobres (22,350 para una familia de 4) o por bajos ingresos (menos de $ 45000/year). Los republicanos acusan a los profesores de ser pagado en exceso (el ingreso promedio de $ 45,000 / año de acuerdo con payscale.com) y los trabajadores de UAW de manking $ 70/hour, cuando en realidad hacen un promedio de $ 28/hour. Rebpulicans tener una extensión de la desgravación fiscal de $ 1000/year para la mayoría de los estadounidenses para evitar un alto a los recortes fiscales de Bush para las personas más ricas del país que piensan que $ 10,000 es el cambio de bolsillo! Y luego se preguntan por qué los republicanos Obama gana cada uno de los candidatos republicanos en las encuestas!
- 17:55 15 de diciembre 2011
- Bob Osso escribió:
Jim, no creo que la educación de las teorías de conspiración resta valor a los verdaderos problemas. Llevándolos expone los problemas reales de las personas que los criaron: los partidarios del Partido Republicano son los frutos secos.
- 18:01 15 de diciembre 2011
- Jim escribió:
@ Miguel
Lo siento por el doble post, pero mi comentario a las 5:52 estaba dirigida a usted. Y, por cierto, me disculpo por usar la palabra "ignorancia". Los estudios más recientes tiene que ser verdad-esto es al parecer publicación anónima sacando lo peor de mí!
- 18:13 15 de diciembre 2011
- Juan escribió:
De hecho, me vieron los debates con mi esposa y de todos los momentos notables, la apuesta de 10.000 dólares ni siquiera estaba en la pantalla del radar para nosotros ... No es porque nosotros somos ricos por cualquier tramo de la imaginación, sino porque era, obviamente, la suficiente confianza en su posición que él estaba dispuesto a respaldarlo con una apuesta de $ 10K .... En mi propia vida, si sé que tengo razón, he sabido que decir, te apuesto $ 10 millones ... (por ejemplo, yo sé " m derecha) ... .. no puedo por la vida de mí averiguar por qué los medios se centraron tanto en este sonido-byte, pero ahora de leer lo anterior, creo que juega en todo el libro de jugadas demócrata de la lucha de clases ... .. Irónico .
- 18:33 15 de diciembre 2011
- Mike escribió:
Para Scary Times - Me siento como si acabara de leer mi mente. Fui a la escuela de ingeniería de Indiana y tuvo la misma experiencia exacta. Y no es sólo los chinos, los japoneses se rompió la curva para nosotros .... Y los únicos cursos que podría obtener mejores calificaciones en los cursos fueron de artes liberales ... Pero también el temor de nuestro país .... A menos que alguien se hace cargo y empieza a hablar de elogiar a las personas de su éxito y el trabajo duro, Asia va a patear los traseros. Y si bien podríamos tratar de culpar a Obama ya sus seguidores Ocupar, en realidad será la culpa de todos los votantes que dejar que suceda .... Me alegro de que estoy un poco viejo, pero siento mucha pena por nuestros jóvenes ....
- 19:52 15 de diciembre 2011
- Peter Bradshaw, escribió:
Echemos un vistazo a la caída del Imperio Británico. Se inició en las mentes de la gente, cuando la gente empieza a burlarse de la friuts de trabajo inteligente que conocen el programa está llegando a su fin. Pero tal vez estoy exagerando, cuando los políticos recurso desesperado a las tácticas diabólicas y pueril.
- 23:21 15 de diciembre 2011
- Mike Jones escribió:
es divertido ver a todos estos oligarcas millonario engañando al Tea Party en la creencia de que entiendan la difícil situación de la política estadounidense. Mientras tanto, los Hobbits ni siquiera pueden permitirse el lujo de llenar sus tanques de gas en su desglosada 20 camiones años de edad. Esto es mejor que cualquier reality show.
- 4:23 am 16 de diciembre 2011
- @ Tony escribió:
Si Obama
- 8:48 am 16 de diciembre 2011
- ¿Quién es Forrest Gump escribió:
Obtenga la mantequilla y palomitas de maíz de la - el Partido Republicano payaso espectáculo continúa!
- 9:39 am 16 de diciembre 2011
- Anónimo escribió:
@ Mike, Ing. -
Yo también soy un ingeniero, de Mizzou. Por suerte, había un pelo rubio de ojos azules amigo que establecen las curvas en mis cursos de ingeniería y la física. El tipo no era muy querido ya que su aversión a los extranjeros. Pero este tío es diferente - él sabía realmente en una edad joven para dedicarse a la escuela, mucho antes de entrar a la universidad. Y él es un gran bebedor de cerveza
"ME", como Budweiser!
- 11:19 am 16 de diciembre 2011
- Bob Cronin, escribió:
Permítanme reiterar - esta elección será la madre de todas las guerras de clases. El hecho de que Romney no puede incrementar su por ciento de los votantes republicanos es una buena indicación de que las bases resienten a los ricos tanto como demócratas (que y su pertenencia a la Iglesia SUD).
- 24:06 16 de diciembre 2011
- Justo escribió:
Yo soy pobre y me molesta. Creo que el gobierno debería gravar el 100% de los ingresos de nadie más de $ 50.000. El gobierno es más inteligente que sus ciudadanos. Me refiero sólo a mirar a Pelosi y Reid. Deben dar a todos los ricos el dinero del pueblo para mí, así que sólo se puede fumar marihuana y el frío. Ir Obama
Ps ¿Podemos impuestos a los ricos en China también. Esto va a resolver el problema de ellos más motivado que nosotros.
- 16:01 16 de diciembre 2011
- heynow escribió:
¿Qué es realmente aterrador es como funcionarios de carrera pueden llegar a ser ricos, mientras que en la oficina.
- 16:27 16 de diciembre 2011
- Ingenieros @ escribió:
Para OSU, IN, y Mizzou - los asiáticos en general provienen de familias cuyos padres evitan las comodidades personales y de las indulgencias en favor de dedicar los recursos de la familia y el ahorro de crianza de los hijos e incluso la matrícula de la universidad. A pesar de las ambiciones de la escuela, los niños asiáticos crecen en un entorno en el que el objetivo de ser capaces de cuidar de sus padres y si es necesario, otras de las generaciones más jóvenes no es loable, sino la norma. Ya lo creo, los aspirantes a ingenieros saben que tienen que trabajar duro, porque la cultura de la Sociedad de Derecho no es su heirtage o expectativa.
- 1:09 am 17 de diciembre 2011
- Prueba escribió:
prueba
- 2:01 am 17 de diciembre 2011
- turnerjersey escribió:
BEREA, Ohio (AP) Browns quarterback Colt McCoy se ha descartado para el domingo y el ala cerrada Benjamin Watson se lleva a cabo para la temporada, tanto a las víctimas de las contusiones. RunIt STRETCH de vida o muerte como el playoffs de la NFL se acerca rápidamente. Semana 14 imagesMcCoy sigue experimentando dolores de cabeza y tener otros síntomas de la conmoción cerebral, sostenida la semana pasada en una ilegal casco a casco golpeado por el apoyador de Pittsburgh James Harrison.The QB de segundo año fue enviado a casa por cuarta vez esta semana antes de los entrenamientos del viernes . Después, el entrenador Pat Shurmur anunció que copia de seguridad de Seneca Wallace comenzará en lugar de McCoy el domingo a las Arizona.McCoy, que tenía su cabeza se disparó de nuevo por Harrison a su máscara, es que no viajan con el equipo. Shurmur dijo que ha habido una discusión acerca de poner el mariscal de campo de segundo año en Browns IR.The Watson también se coloca en la lista de lesionados, poniendo fin a su temporada con tres partidos por jugar. Watson sufrió su tercera conmoción desde julio de la semana pasada contra los Steelers. Watson, quien fue líder receptor de Cleveland la temporada pasada y tuvo 37 capturas de este año, visitó a un especialista en lesiones en la cabeza a principios de esta semana. "Está decepcionado", dijo Shurmur, que ha hablado con Watson. "Pero es la forma correcta de actuar ahora mismo. Él desea que él podría estar con nosotros, pero vamos a hacer este movimiento ahora y es de esperar que vuelva el año que viene. ", Dijo Shurmur Watson no discutió la posibilidad de jubilarse con him.Shurmur agregó que el fullback Owen Marecic también está fuera esta semana. También sufrió una conmoción cerebral - el segundo en un mes - en contra de la Steelers.To reemplazar Marecic, los Browns han activado el defensa Eddie Williams. http://www.panthersteamproshop.com/
- 21:17 17 de diciembre 2011
- Sid Harth escribió:
Mi querido señor Roberts, Oops, señor malo, el Sr. Frank,
Francamente, ¡Uy, con razón, ¡Uy, sólo justicia, soy Sid Harth.
Lo agradable que debe ser el Sr. Know-it-all.
Te amo. No de esa manera desagradable. Yo no estoy por encima de mentira, el engaño, el doble inmersión, Oops, doble discurso, Oops, doble burbujeante. Yo quería decir, tú eres mi nación más favorecida, Oops, Nincompoop más favorecida.
Definición de "cláusula de nación más favorecida"
A nivel de estado dado a un país por otro y ejecutadas por la Organización Mundial del Comercio. Un país otorga esta cláusula a otra nación si está interesado en incrementar el comercio con ese país. Países que alcanzaron la condición de nación más favorecida se dan ventajas comerciales específicas tales como la reducción de aranceles sobre las mercancías importadas.
Se presta especial atención a los países que se clasifican como "en desarrollo" por la Organización Mundial del Comercio.
Durante la presidencia de Clinton, los representantes del Congreso de corazón debatieron los méritos de conceder el estatuto de nación más favorecida (NMF) de China y Vietnam. Los partidarios de conceder el estatuto de nación más favorecida argumentó que la reducción de aranceles a los productos chinos y vietnamitas, daría al acceso de los consumidores estadounidenses de productos de calidad a precios relativamente bajos, y servirá para mejorar la relación comercial de beneficio mutuo con las dos economías en rápido desarrollo.
Mientras tanto, los opositores argumentaron que otorgar la condición de nación más favorecida a las dos naciones sería injusto dada su historia de violaciónes de derechos humanos. Otros pensaban que la entrada de productos más baratos de la China o Vietnam, podría poner un poco de estadounidenses sin trabajo.
Me para en cualquier momento te sientes como, cuzz, estoy imparable, cuando se trata de hablar de dinero. No es su pasatiempo privado.
Que puedo hacer cualquier cosa que haga, pero mejor.
Pasatiempo, algo que divierte y sirve para hacer pasar el tiempo agradablemente: la desviación
... Y yo soy Sid harth@topcogitoergosum.com
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Sobre el Informe sobre la Riqueza
- El Informe sobre la Riqueza es un blog diario centrado en la cultura y la economía de los ricos. Está escrito por Robert Frank, un escritor senior para el Wall Street Journal y autor del libro recién publicado " LOS RICOS DE ALTA BETA ".
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ACAP Activado Copyright © 2011 Dow Jones & Company, Inc. Todos los derechos reservadosTérminos y condiciones y Política de Derechos de Autor para más detalles. Email ftsales.support @ ft.com para comprar derechos adicionales. http://www.ft.com/cms/s/0/c816c3de-13e2-11e1-81dd-00144feabdc0.html # ixzz1gqhVmrzg02 de diciembre 2011 12:05a.m.Reseña del libro: Los ricos de alta Beta
Por Daniel Ben-amiOcupar las protestas como Wall Street y la manifestación frente a la Catedral de San Pablo en Londres probablemente se intensificó la preocupación popular con la vida de los ricos. Consignas tales como "somos el 99 por ciento", naturalmente, plantear preguntas sobre el restante 1 por ciento. Por supuesto, los ricos han sido durante mucho tiempo objeto de fascinación y condena. Series de televisión tan populares como Downton Abbey en el Reino Unido y amas de casa verdaderas de los EE.UU., junto con los dramas adolescentes como 90210, Gossip Girl y The OC, dan una idea voyeur en la vida de la supuesta carga. Al mismo tiempo, figuras de alto perfil, tales como los medios de comunicación Arianna Huffington, Paul Krugman, Joseph Stiglitz y Elizabeth Warren creciente desigualdad en EE.UU. se quejan de la sociedad.
La publicación de los ricos de alta Beta por lo tanto, llega en un momento oportuno. Robert Frank, un veterano de Wall Street Diario escritor, presenta dibujos vívidos de cómo los ricos y los ricos que antes, vivir de verdad. Que también avanza algunas ideas interesantes sobre cómo la naturaleza de los ricos ha cambiado desde 1982. Su libro es una secuela de Richistan, publicado en 2007, en el que perfila las vidas de los ricos antes de la caída financiera reciente.
El nuevo libro de Frank se basa en entrevistas con más de 100 personas con valores netos (o ex-valores netos) de 10 millones de dólares o más. Estos incluyen a la familia Blixseth, multimillonarios anterior que había que despedir a todo el personal del 110 en su residencia enorme, la Siegel, quien tuvo que abandonar la casa más grande privado en los EE.UU. antes de que fuera completado, y Jack Warner, quien construyó una fortuna de varios negocio, pero terminó un albañil sin un centavo.Más
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- Informe especial todo para jugar
- Informe Especial Lost Treasures
- Donaciones caritativas Dar un impuesto sobre una ruptura
- ¿Cómo lo hice Nahed Taher
- La columna de Ideas cubrir sus apuestas
En la riqueza FT
- Presentación El Wildcat
- Presentación P68R Vulcan
- La columna Ricos parte del servicio
- Poder y la protección
Es también una historia de cómo la crisis financiera ha afectado a los EE.UU. en general. Incluye numerosos mayordomos desempleados, mansiones desocupadas y caída de los ingresos fiscales para los gobiernos estatales fiscalmente presionados. Además, Frank cuenta la historia de los hombres de categoría repo que se especializan en recuperar la posesión de los aviones, yates y similares de los millonarios en deuda.
El "alto beta" en el título del libro se refiere a cómo la naturaleza de la riqueza ha cambiado desde la década de 1980. Una inversión de alto beta es uno que es relativamente volátil. Por ejemplo, si se mueve un archivo, por ejemplo, el 2 por ciento al día en promedio, mientras que el mercado se mueve en un 1 por ciento que se dice que es una acción de alto beta. Los ricos de alta beta son los que han hecho gran parte de su riqueza de la volatilidad de los activos financieros.El Blixseths se ... típico de América del auge de la riqueza del siglo 21, en la que magnates inmobiliarios, empresarios y financieros podría hacer fortunas colosales noche a la mañana con la adecuada combinación de suerte, trabajo duro bravatas, y las burbujas de activos.
Frank sostiene que 1982 fue un año decisivo para los ricos. Fue entonces cuando los ingresos de la parte superior del 1 por ciento comenzó a desviarse de la línea con los del resto de la economía. Él señala tres razones por las que ese año fue un punto de inflexión en la naturaleza de la riqueza: la desregulación y las políticas a favor del gobierno, la innovación tecnológica, y la especulación financiera.
Los ricos ganado enormemente en la burbuja financiera reforzado sus ingresos, aunque también sufrió grandes pérdidas después de la caída de Lehman de 2008. Por supuesto, la pérdida de un jet Gulfstream personal o yate privado todavía se puede dejar a muchos de los super-ricos inmensamente ricos.
Aunque el libro es a la vez astuto y divertido, se deja por un decepcionante epílogo, titulado "el futuro de la alta beta riqueza". El epílogo pretende ofrecer cinco consejos para ayudar a los gobiernos, las empresas y los individuos sobrevivir en la era de la alta beta riqueza. En el caso, se prevé más amplio observaciones sobre la naturaleza de la riqueza, muchos de los cuales son altamente cuestionables.
Lo más notable es Frank respalda la tesis defendida por Alan Greenspan, ex presidente de la Reserva Federal, que el mercado de valores impulsa la economía. Como dice Frank. "En una economía dominada por los ricos, S & P es el nuevo PIB" en confundir la verdadera riqueza y la riqueza de papel, Frank se hace eco del error cometido por muchos de los cuales completos y de alta beta que los perfiles.
Si alguien tiene una cartera de acciones, por ejemplo, 100 millones de dólares, no representa la verdadera riqueza. Más bien es un reclamo de los beneficios que se cree que las empresas subyacente es probable que hagan en el futuro. Si el cambio de las expectativas, el valor de la cartera puede caída, ya que muchos de los ricos han descubierto, para su horror.
La confusión entre riqueza real y la riqueza de papel ayuda a explicar por qué muchos de los ricos se sorprendieron al ver desplomarse sus fortunas a partir de 2008. También es un obstáculo para comprender las fuerzas que impulsan la creación de la prosperidad.
El escritor es el autor de " Ferrari para Todos "(Policy Press, 2010)
El Alto-Beta Rich: ¿Por qué la inestabilidad super-ricos nos llevará al auge de la próxima burbuja, y el busto, de Robert Frank, Crown Business, PVP $ 26
Reseña del libro: "Los ricos de alta Beta '
18 de noviembre 2011- Tamaño de fuente:
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Yo no suelo hacer reseñas de libros, pero hace poco leí "Robert Frank Th
e alta Beta rico. "Ahora bien, esto no es lo mismo Robert Frank, quien escribió un libro de economía con Ben Bernanke. Él es periodista del WSJ es la riqueza que también escribió "Richistan:. Un viaje a través de la pluma La riqueza de América" en "High-Beta Rich," Frank vuelve a la vida de algunas de las personas que perfila en Richistan, y da seguimiento a lo que les ha sucedido en los años desde que escribió el primer libro en 2006. Para el 2011, algunos de estos ricos ya han pasado de riqueza a la pobreza, o simplemente a menos afluencia. También da seguimiento a algunas personas cuyo trabajo consistía en servir las necesidades de los ricos, y los perfiles de cuántos de ellos están encontrando dificultades para conseguir empleos estables a los ricos ya la crisis económica de 2008.
El tema central del libro es cómo los ricos de fortuna ahora dependen en gran medida el aumento de valor de los activos, y cómo los movimientos de precios de los activos en consecuencia afectar a su exceso de todas las riquezas, y así afectar el consumo de servicios, y por lo tanto, el empleo de un montón de gente. El libro cuenta historias de personas que han estado rico, cómo llegaron a la riqueza grande durante las dos décadas de continuo aumento de la deuda y el valor de los activos, y el aumento de consumo conspicuo que vienen con él. Tiene que ver con anécdotas de personas que compraron los juguetes rico como Maserati, los yates, aviones privados, y contrató a los ejércitos privados de ayuda en el hogar, desde los cocineros personales, masajistas personales a los directores de los hogares mayordomos aka. Nos habla de sus experiencias que se encuentren de pronto de vuelta en el mundo de los no ricos, la pérdida de mansiones, y luego dejar ir de sus mayordomos.
El libro habla de cómo los ricos y su dinero se hizo cargo de las ciudades anteriormente más igualitaria, como Aspen, y el creciente costo de vida que alejó a los lugareños y la economía, que prosperó en el servicio a los habitantes locales, y cómo en su lugar surgió una economía que sólo atiende a los caprichos y demandas de los muy ricos. En uno de los capítulos, esta declaración se saca:
Cuando las ondas de alta beta riqueza venirse abajo, que puede afectar a toda una ciudad como Aspen, así como un lienzo mucho más grande que la economía de los consumidores estadounidenses. En un plutonomía, todos somos mayordomos ocasional ahora, confiando en los puestos de trabajo cada vez más errático y el gasto de los ricos.
Frank se eleva la discusión a nivel de gobierno estatal y California perfiles, que como muestra, ha crecido en estos años más dependiente de los ingresos fiscales de algunos contribuyentes grandes impuestos sobre la renta que en su mayoría de alta beta ricos de Silicon Valley. Esto llama la atención:
Tengo un problema con una de las soluciones propuestas por el autor al problema de la excesiva dependencia de los ricos de alta beta - que los gobiernos, las empresas y las personas tienen que ahorrar más en épocas de auge por lo que capear los bustos. Esta voluntad coordinada de todos los sectores de la economía para salvar de repente al mismo tiempo es precisamente lo que convierte al auge en los bustos súbita. Mientras que el autor se está refiriendo a los gobiernos locales, que, literalmente, podría quedarse sin dinero, que habría sido mejor si hubiera hecho una distinción entre un gobierno local, que no es más que un usuario de la moneda, y un soberano en moneda de emisión del gobierno federal. Que el soberano asume el rol de contraparte de hacer el desahorro cuando los demás sectores, las empresas y los individuos, de repente dejar de gastar, a fin de garantizar que toda la economía no de repente paralizado completa.Las masas en la parte inferior requiere un mayor financiamiento para los derechos y programas sociales. Pero los de arriba, que son cada vez más el pago de esos programas, ejercerá una influencia enorme sobre los políticos a través de su dinero y lobby de las tasas de impuestos más baja. El resultado es que los gobiernos tienen más subidas y bajadas y los déficits permanentes.
También me habría gustado tener una promoción de esta idea:
En la era de alta beta riqueza, la mayor parte de los gastos y pago de impuestos en Estados Unidos será dirigida por el mercado de valores. En palabras de Greenspan señaló, las acciones ya no son sólo medidas de crecimiento y decadencia, pero los principales impulsores de ambos. En una economía dominada por los ricos, S & P es el nuevo producto.
Aunque estoy de acuerdo con esta afirmación, me gustaría ir más lejos y decir que ahí está el problema principal: que el S & P es el nuevo PIB, y que las personas se han alejado de la idea de adquirir y maintaing riqueza mediante la inversión continua en las empresas actuales, y en hacerse rico comprando y hacer un retiro en el momento adecuado. Nadie juega para el largo plazo más, incluyendo a los que originalmente se hizo rico de la manera clásica. Muchos de ellos eventualmente se agotan y el uso de la liquidez repentina especular en inversiones a corto plazo en lugar, que mientras que en los resultados globales en el efecto de auto-perpetuación de aumentar los precios de esas inversiones mismo, realmente no dar lugar a la creación de nuevas actividades productivas, que es un requisito previo para el crecimiento del PIB, que luego es un requisito previo para el continuo aumento de S & P. Sin inversiones reales y el crecimiento real de la economía real, S & P de crecimiento procedentes de dinero más justo persiguiendo las mismas inversiones no es sostenible, y el dinero que se saca de la economía real con el tiempo hará que se evidencia con el auge del S & P y el busto. (Él lo hace un chico perfil cerca del final que se obtiene).
Sin embargo, si usted quiere un cambio de la lectura de largos tomos graves problemas económicos de cómo y por qué la economía experimenta ahora los auges y caídas más frecuentes, y quiere perderse en historias divertidas de la 'alta-beta ricos ", entonces este libro es digno de una lectura. Lo encontré así que cuando la lectura de mi libro de revisión.En este artículo se etiqueta con: LibrosReseña del libro: Los ricos de alta Beta
Por Jordania Timm | 17 de noviembre 2011
Foto: Anna Lisa SangRelacionados
EL ALTO-BETA RICO: ¿Cómo el maníaco ricos nos llevará a el próximo auge, Burbuja, y Busto
(Crown Business)
Robert Frank
¿Quién sabe cuántos de estos se refugiaron en ocupar sus protestas Ciudad mantenerse al día con el trabajo del veterano de Wall Street Journal riqueza reportero Frank, pero sus pinchos nuevo libro del llamado 1%, o al menos la de "alto beta" parte de que. El término se utiliza normalmente en los mercados para describir acciones que sube y baja son exagerados más allá de las del mercado en general. Estos no son los plutócratas de tu padre, estas "acciones humanas tecnología de nuestra economía, susceptible a los cambios violentos y rápidos ciclos de creación y destrucción de valor."
Bien, si nadie más se ve afectada, es difícil reunir la simpatía de los multimillonarios de la quiebra que han tenido los corales recuperados de sus acuarios gigantes. Sin embargo, Frank cree que estamos viendo "contagio creciente de sus manías financieras." Por un lado, su gasto es incluso más volátil que sus ingresos, y cuando la parte superior del 5% de los asalariados cuenta el 37% del gasto de los consumidores, señala a la más amplia economía de Estados Unidos en su influencia. Por otra parte, los gobiernos dependen de los ingresos fiscales de ingresos más altos sufren las consecuencias de sus pérdidas. En un capítulo, Frank descomprime la peor crisis de presupuesto en la historia de California, como resultado de la evaporación de gran riqueza en beta de la caída de las punto-com. Ya no es el único gobierno hizo tan vulnerable.- 17 de noviembre 2011, 2:03 PM ET
'High-Beta Rich incautadas por la policía en OWS Raid
Robert Frank
Cuando la policía allanó el campamento de la calle Ocupar pared, sino que también se apoderó de la Biblioteca Ocupar , una colección de más de 5.000 libros acumulados por los manifestantes.
- Lauren Comito
Los libros fueron arrojados los informes en un contenedor de basura cuando la policía limpió el parque. Ayer por la mañana, los bibliotecarios OWS hizo una caminata a un garaje de saneamiento en la calle 57 para recuperar algunos de los libros, muchos de los cuales sufrieron graves daños. El resto de los libros parece que todavía falta (y Jason Boog en Galleycat informes de que una incursión segundo libro se produjo ayer por la noche).
Galleycat publicó una foto de una pila de libros dañados que estaba sentado en el garaje de saneamiento antes de ser llevados de vuelta al centro. En la parte superior de la pila es un título poco probable: " Los ricos de alta Beta . "(Gracias a Mateo Budman en la Junta de Revisión de la Conferencia para traer esto a mi atención).
Como los lectores saben riqueza Informe, "Los ricos de alta Beta" es un apolítica tour-de-la fuerza del nuevo auge y caída ricos. Que no requiere mayores impuestos a los ricos (o para reducir los impuestos, o cualquier otra política fiscal). No dice que los ricos son héroes o villanos. Es la historia de una nueva casta de millonarios maníacos y sobre-apalancado multimillonarios que ir a través de ampliaciones de serie - la creación de daños colaterales al resto de la economía y el gobierno.
No es exactamente espera de lectura para un público ocupan. Como Gillian Tett, del Financial Times, escribió en su reseña de "High-Beta rico": "¿Qué se debe la falta de jet-propietaria de la población de todo esto? Muchos pueden resoplar con desprecio, sobre todo los que están sentados en Ocupar Wall Street. Después de todo, para todos los millonarios - o millonario - que ha perdido un avión, muchos han permanecido ultra ricos ".
Eso es verdad. Y tal vez por eso "High-Beta Rich" un llamamiento a los ocupantes. Resoplando con desdén puede ser divertido. Y luego está el valor de la investigación de la oposición - contrainteligencia en cómo el jet-propietarios (y ex-jet-propietarios) del mundo son realmente vivir y de pensar y decir.
Es posible que no se ajusten a su agenda. Pero tal vez se encrespa en la tienda con una historia sobre un multimillonario que va a la quiebra es lo que los ocupantes necesitas después de un duro día de protesta. Y en la guerra contra el 1%, que ayuda a saber a tu enemigo.
¿Por qué cree usted que la "alta Beta Rich" un llamamiento a los ocupantes?
21 de noviembre 2011
Reseña del libro: El Alto-Beta Rich - ¿Cómo los ricos maníaco nos llevará hasta el próximo boom, la burbuja y caída
Esta revisión corrió en la edición del 21 de noviembre del Hamilton Spectator .
El Alto-Beta Rich: ¿Cómo el maníaco ricos nos llevará a el próximo auge, la burbuja y caída
Por Robert Frank
Corona de negocios ($ 30)
Tim Blixseth creció en la pobreza en zonas rurales de Oregon con una cuchara oxidada en la boca. Edra era una madre soltera a los 17 años que trabajaba en el turno de noche en un restaurante. Se conocieron en los años 1970 en un restaurante de Edra administrados.
Avance rápido a 2006. El chico de bienestar anterior era ahora uno de los más ricos de Estados Unidos los hombres con un patrimonio neto estimado en $ 1.2 mil millones. El de Blixseth había hecho su fortuna en la madera y de bienes raíces y publicó un exclusivo campo de golf y estación de esquí en Montana para los millonarios y multimillonarios.
Propiedad de la Blixseth de siete casas, una isla privada en el Caribe, un castillo en Francia, dos yates, jets Gulfstream y su y su Rolls Royce Phantom. Se emplean 110 personas.
El de Blixseth había fijado su residencia con otros de nuevo cuño millonarios y multimillonarios en una nación que el autor y el Wall Street Journal Robert Frank llamadas Richistan.
Richistan es el hogar de la versión beta de alta ricos. Ellos son el subproducto de un sistema financiero que premie la toma de riesgos extremos, el endeudamiento, la especulación y el gasto. Los super-ricos ya no hacer las cosas o negocios propios. Que deben su fortuna a las acciones, ofertas y la ingeniería financiera.
Frank dice que las fortunas de los ricos beta de alta se han convertido en tan monumental y aparentemente permanentes como sus fortalezas 30,000 pies cuadrados que ellos llaman hogar.
Sin embargo, su éxito y la riqueza se basa en una ilusión. La alta beta ricos son como los humanos las acciones tecnológicas, propenso a cambios bruscos y rápidos ciclos de creación y destrucción de valor. Ya en 2008, el ciclo de creación de valor comenzó en una espiral descendente. Los residentes de Richistan pánico.
A mediados de 2009, los millonarios de Estados Unidos había perdido casi un tercio de su fortuna en el más grande de una sola vez la destrucción de la riqueza desde la década de 1930. Ingresos para el un uno por ciento de los asalariados en los EE.UU. cayó tres veces más de lo que hicieron por ganan en Estados Unidos como un todo.
En el invierno de 2010, la fiesta había terminado para el extendido demasiado de Blixseth. El mercado inmobiliario se estrelló. El complejo Montana se hundió y fue vendido por menos de 10 por ciento de su valor de tasación. Que no podían cubrir un préstamo de $ 375 millones. Su personal de 110 fueron despedidos. Incluso el servicio telefónico fue cortado. Tim y Edna se divorció y Edna se declaró en quiebra personal, pasando de la pobreza a la riqueza a la pobreza.
Aunque es difícil de derramar una lágrima por el de Blixseth, Frank dice que todos deben tener miedo de lo que está pasando a la beta de alta ricos. Mucho miedo.
"A pesar de estos choques puede parecer irrelevante e incluso divertida para el resto de nosotros, que cada vez se hacen sentir en nuestra vida financiera y política que los ricos dominan cada vez más de la economía y la financiación de los gobiernos. En lugar de ver la crisis financiera, salvado por los pelos para los ricos, puede haber sido una advertencia de que lo peor está por venir. "
Mientras que la economía del chorreo es despedido en la mayoría de sectores, gota a gota las pérdidas están siendo muy real. "Como les va a la alta beta ricos, así va el resto del país."
En 2010, el mejor pagadas cinco por ciento de los hogares estadounidenses representaban el 37 por ciento de todos los gastos del consumidor. Los ricos son los que más gastan dominante en la economía del consumidor EE.UU.. Así que cuando los ricos de repente dejar de gastar por elección o circunstancia, la economía tiene un gran éxito y muchos de nosotros terminan sin trabajo.
La beta también a los gobiernos ricos de alto respaldo. En los EE.UU., el un uno por ciento de los estadounidenses pagan más de 38 por ciento de impuestos sobre la renta federal, mientras que el 40 por ciento pagan pocos o ningún impuesto.
Una parte creciente de los programas de gobierno dependerá de la fortuna hizo y perdió por una minoría de ricos beta alta. "Las masas en el fondo requieren un mayor financiamiento para los derechos y los programas sociales", dice Frank. "Pero los que están en la parte superior, que son cada vez más el pago de esos programas, ejercerá una influencia enorme sobre los políticos a través de su dinero y ejercer presión para bajar los impuestos. El resultado es que los gobiernos tienen más subidas y bajadas y el déficit permanente ".
Desafortunadamente, no hay una solución fácil para la riqueza beta alta. "Para resolver el problema requiere resolver dos problemas mucho más grande: la financiarización de la riqueza y el aumento de la desigualdad", dice Frank. Los gobiernos muestran poco interés en que reina en los mercados financieros y los economistas no se ponen de acuerdo sobre una causa, y mucho menos una solución, a la desigualdad económica.
"Los problemas se reducen a los debates simplistas acerca de impuestos a los ricos o la reducción del gobierno o castigar a Goldman Sachs -. Todo lo cual puede ser políticamente satisfactoria y quizá incluso útil, pero lejos de una solución"
Frank le ofrece algunos consejos de supervivencia para aquellos de nosotros que no viven en Richistan.
Para predecir mejor, donde el gasto, impuestos y puestos de trabajo están dirigidos y evitar sorpresas desagradables, tenemos que ver el mercado de valores en lugar de medidas económicas tradicionales.
Los gobiernos, las empresas y los individuos necesitan para tomar dinero de la mesa, ahorrando más en épocas de auge para que podamos sobrellevar los bustos.
Tenemos que dejar de actuar ricos y que se deje engañar por todo lo que reluce. La riqueza no resuelve los problemas, sino que sólo crea otros diferentes y no sólo para los residentes de Richistan.
"Estos consejos no nos va a deshacerse de beta alta riqueza o de su contagio", dice Frank. "Pero que nos permitan construir diques más económico y psicológico que nos protegen contra las tormentas y las inundaciones que viene."Publicado a las 15:43 | Permalink ShareThis
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A continuación se enumeran enlaces de los blogs que hacen referencia Revisión bibliográfica: El Alto-Beta Rich - ¿Cómo los ricos maníaco nos llevará hasta el próximo boom, la burbuja y caída :Comentarios en:
¿Cómo 'High-Beta Rich' atracones sacudir la economía
¿Cómo 'High-Beta Rich' atracones sacudir la economía
por NPR Personal
Ampliar Jake ChessumAccording a Wall Street Journal Robert Frank escritor, para algunos de los de alta beta gran riqueza, es un "espejismo en el desierto", en donde la fachada de adornos de fantasía oculta una enorme deuda."Los ricos no sólo son cada vez más ricos - son cada vez más peligroso." Eso es de acuerdo al nuevo libro de Robert Frank - El Alto-Beta Rich: ¿Cómo el maníaco ricos nos llevará hasta el próximo boom, la burbuja y caída - que sostiene que el gastar mucho de la parte superior del 1 por ciento se han convertido en "la fuerza más inestable en la economía".el tamaño del texto A A A16 de noviembre 2011
Frank, un escritor y blogger de The Wall Street Journal, las conversaciones con Neal NPR Conan acerca de cómo algunos de los habitantes de Richistan - la tierra de los aviones privados, yates y millones de dólares, relojes que Frank explora en un libro anterior - han perdido sus fortunas , y llevado el estadounidense medio con ellos.
Destaca la entrevista
Sobre por qué los estadounidenses más ricos son tan peligrosas
"Antes de empezar este libro, que acaba de asumir que la riqueza era como una escalera mecánica en los Estados Unidos, que el 1 por ciento fueron siempre a cada vez más ricos y el resto de nosotros no lo eran. De hecho, cuando empecé a mirar a la gente y las estadísticas sobre la riqueza, lo que he aprendido es que el 1 por ciento se ha convertido en la parte más volátil e inestable de nuestra economía, que tiene esta gente de estrellarse en y fuera de la 1 por ciento debido a la naturaleza cambiante de la riqueza manera se crea hoy en día, sino también [a causa] de la cultura de gasto y endeudamiento que hemos visto en cosas como yates sombra [de los barcos que siguen a los yates de los súper ricos, llevando a sus coches y helicópteros] y chorros zombi ".
En los aviones de zombie
"Un avión de zombie es un avión que ha sido comprado por una persona que en un momento valió la pena ... $ 100 millones, tal vez $ 200 millones, tal vez millones de dólares, y que les prestaron el dinero para comprar el avión, y luego cayeron los precios del jet. Su fortuna cayó, y, básicamente, los chorros fueron al revés. Ellos tenían un valor inferior al valor real del préstamo.
Los ricos de alta Beta
¿Cómo los ricos maníaco nos llevará al próximo boom, la burbuja, y Busto
por Robert Frank
Tapa dura, 239 páginas | compraMás información sobre este libro:
"Así que los bancos no los quieren de vuelta. Las personas que las de propiedad no los quieren de vuelta. Así que, como consecuencia de ello, usted tiene todas estas [privado] aviones que están volando alrededor, miles de ellos ... que los propietarios no han podido pagar y los bancos no quieren volver ".
Sobre cómo el comportamiento de los super-ricos ha cambiado con el tiempo
"Cuando uno mira hacia atrás en el 1 por ciento o los ricos, como quiera que los definen, antes de 1982 fueron la línea plana en la escala de ingresos. Ellos fueron los más conservadores en Estados Unidos. Cuando los tiempos eran buenos en los Estados Unidos, el 1 por ciento no lo hizo tan bien. Cuando los tiempos son malos, no lo hicieron tan mal como todos los demás.
"De repente, en 1982, año en que yo llamo el año mágico de la riqueza, el 1 por ciento, lo que solía ser como los abstemios de nuestra economía, se convirtió en el bebedores compulsivos.
"Y cuando los tiempos eran buenos, lo hicieron dos o tres veces mejor que los demás. Cuando los tiempos eran malos, lo hicieron dos o tres veces peor. Así que si nos fijamos en las tres últimas recesiones, el 1 por ciento perdió dos a tres veces los ingresos que el resto de los Estados Unidos perdieron. Y, sabes, parte de ella tiene que ver con más y más de la riqueza de hoy en día está ligado a la bolsa de valores, si se trata de ejecutivos que se pagan en acciones o alguien que está empezando una empresa y se lo público con una oferta pública inicial.
"Y el mercado de valores es más de 20 veces más volátil que la economía real".
El montar a caballo junto con los hombres de recompra de Richistan
"Nos dio la vuelta, y nos tomamos un avión, y nos tomamos un yate. Y para cualquiera que tenga algún tipo de envidia o el resentimiento contra los ricos, le recomiendo esta experiencia.
"... En 2010, habían tomado un valor de más de $ 100 millones de cosas. Y el verdadero arte de ser un hombre de alta gama repo es no tener los ricos pierden el orgullo o perder la cara, y al tipo de fingir como, 'Bueno, estoy seguro de que están pagando por él, y estoy seguro de todo está bien. Pero sólo voy a poner este avión en el almacenamiento, y luego, cuando usted trabaja con el banco, usted sabe, puede que me haga saber. "
"... Para la mayoría de la clase media - que reciben sus coches adoptadas o lo que sea - es más acerca de la fuerza justa. Se trata más de tomarlo. Aquí, hay una especie de negociación sutil, y se ha convertido en una industria muy rentable, no sólo para él, sino para todos los otros hombres reporto que toman aviones y yates y caballos de carrera pura sangre incluso.
"Esta gente rica se utilizan para salirse con la suya, así que si no reaccionan a la negociación sutil, que básicamente dice: 'Mira, no es una toma mis cosas." Y por lo que [los hombres han repo] han disparado, que han sido atropellados por Mercedes, ya sabes, he tenido todo tipo de cosas les suceden. Pero fue interesante. Ustedes saben, han asistido a este terminal de jet privado en Orlando, Florida, y estar con ellos cuando irrumpieron en el terminal de jet privado y tomó un avión es emocionante, pero también es una señal de que, ya sabes, la riqueza ha cambiado.
"Quiero decir, el hecho de que estos chicos ni siquiera existe es una señal de que la riqueza es diferente en Estados Unidos."
Extracto: "Los ricos de alta Beta '
Introducción: Dejando el Gulfstream
En la primavera de 2006, en el pico brillante de la Segunda Edad de Oro de Estados Unidos, volé a Palm Springs, California, para cumplir con uno de los nuevos millonarios de la nación.
Su nombre era Tim Blixseth. Y, como muchos nuevos millonarios en el momento, había más personal de la casa que podía contar. "En algún lugar cerca de un centenar fue su mejor suposición en ese momento (en realidad era 110). Cuando llegué, fui recibido por uno de sus secuaces, una astilladora chofer filipino llamado Jesse, pantalones de vestir y una camisa blanca crujiente de polo, el uniforme universal de los ayudantes de los ricos.
"Bienvenido, Mr. Frank!", Dijo Jesse. "Voy a llevarte a la residencia."
Jesse y yo subimos a su tierra Rover brillante negro, y me entregó una de agua fría Fiyi y una toalla con olor a limón de un refrigerador en el reposabrazos. Salimos del aeropuerto y se fue en la Ruta 111, más allá de la centros comerciales, concesionarios de automóviles, y los restaurantes de comida rápida, y hacia el desierto. El sol se ponía detrás de los picos de color naranja de las montañas de Santa Rosa, y una brisa fresca noche surcaban el valle desde el Mar de Salton. Entramos en una pequeña calle llena de hileras de casas de estuco y jardines de cactus, y después de unos dos kilómetros de la carretera llegó a su fin a las dos puertas de madera.
Las puertas se dispararon más de veinte metros de altura, con intrincados tallados de flores y pájaros levantan letras gigantes bloques en la parte superior que decía: Porcupine Creek.
Jesse tomó su radio portátil. "Car tres con el señor Frank ahora en propiedad", dijo.
Una voz respondió: "Entrada concedido, seguir adelante."
Las puertas se abrieron para revelar un exuberante, lleno de agua país de las maravillas - un marcado contraste con el árido desierto que dejábamos atrás.
El camino recién lavada se llena de flores tropicales, palmeras y farolas antiguas francesas que se habían alineado una vez de los Campos Elíseos. Arroyos y cascadas gorgoteaba junto a la carretera. Los pájaros cantaban, y los equipos de jardineros, todos vestidos de blanco a juego camisas de polo y pantalones caqui, saludó a nuestro paso. Cuando llegamos a la cima de la colina en primer lugar, Jesse lento para ofrecer una visión de un campo de golf de diecinueve hoyos, se extiende por 240 acres al pie de las montañas como una gran alfombra de bienvenida verde.
"¿Vive en una comunidad de golf?", Le pregunté Jesse. Jesse se rió. "Es su campo de golf."
Mientras consideraba la practicidad de tener y mantener su propio campo de golf en medio del desierto, llegamos a un camino de entrada frente a una pantalla igual de impresionante: una fuente de agua el modelo de la famosa fuente de Bellagio en Las Vegas ("pero más grande ", insistió Blixseth), tiro arco iluminado de agua en el cielo. Detrás de la fuente, la casa principal, quedó a la vista - una mansión mediterránea en expansión, el aumento de más de tres pisos con balcones tallados, pórticos, columnas y grandes ventanales. Estaba iluminada por decenas de antorchas al aire libre y rodeado de villas de invitados, piscina y jardines.
Llegamos a la sala de entrada imperial, donde dos de tamaño natural en terracota soldados chinos hacían guardia frente a un par de leones de bronce. La puerta de la casa se abrió, y estalló con Tim - una sonrisa, el hombre compacto con una camisa hawaiana y pantalones cortos.
"Roberto" dijo, sosteniendo una copa de Chardonnay. "Bienvenidos a nuestra humilde morada. No es mucho, pero nosotros lo llamamos en casa ".
En 2006, Tim era poco conocido fuera de un pequeño círculo de gente rica en Palm Springs y California. Pero él estaba a punto de aterrizar en la lista de Forbes como una de las personas más ricas de América, con un valor neto estimado de $ 1.2 millones.
Tim y su esposa saliente rubio, Edra, habían hecho su fortuna en la madera y de bienes raíces. Su mayor trofeo y su mayor fuente de riqueza era el Yellowstone Club, un recorrido de 10,000 acres y centro de esquí ubicado en las Montañas Rocosas de Montana que contó Bill Gates, el ciclo estrella Greg LeMond, y el ex vicepresidente Dan Quayle, como miembros, junto con el anfitrión de otros jefes de las empresas recientemente ricos y los ejecutivos de finanzas. Oficialmente, los miembros tenían que tener un patrimonio neto mínimo de $ 7 millones a unirse, pero la mayoría eran mucho más ricos, ya que tenían que construir una casa en Yellowstone y comprar un terreno, que cuestan más de $ 2 millones por hectárea. Una vez aprobada, tenían el plazo de un campo de golf y la estación de esquí poblada exclusivamente por los millonarios y multimillonarios compañeros. No había que preocuparse por los ocasionales no son ricos intrusos que se puede encontrar en, por ejemplo, Aspen o Palm Beach. Disfrutaron de las góndolas con calefacción y CEO de usar las pistas de esquí, con nombres como "Glades Learjet" y "EBITDA" (un término empresarial que significa "ganancias antes de impuestos, depreciación y amortización").
El Yellowstone Club fue un gran éxito. Para el año 2006, los terrenos se vendían a cinco veces su precio original. El club no sólo hizo Tim y Edra ricos, sino también los convirtió en los posaderos no oficial de la nueva elite, ya que fue sede de la ultra-ricos de Silicon Valley, Hollywood, Wall Street y Washington. Porcupine Creek se jactó muro tras muro de fotografías de la Blixseths con George Bush, Arnold Schwarzenegger, Gerald Ford, Mariel Hemingway, y otras personalidades.
Su estilo de vida fue pedir disculpas excesivo, incluso para los estándares de mediados de los años 2000. Eran dueños de dos yates, tres jets privados, dos Rolls-Royce Phantom (él y ella), siete casas, una isla privada en el Caribe, y un castillo en Francia.
Porcupine Creek personal de 110 mantienen el hogar como un resort de cinco estrellas. Hubo un personal de cocina de doce dotación de cinco cocinas. Había niños toallas en la piscina, y los camareros y cocineros de cerca todas las mesas o en el patio. Un día, Tim me estaba conduciendo por el campo de golf, cuando un camarero apareció de detrás de un seto para volver a llenar mi copa de vino. Había caddies, masajistas, los guardias de seguridad, conductores, jardineros, y expertos en tecnología para atender a cada necesidad.
Tenían una casa club con hombres y para las mujeres vestuarios, una tienda de golf, y una sala de equipos - a pesar de que la Blixseths a veces eran los únicos jugadores en el campo, acompañados de sus perros llamados Learjet y G2 (por Gulfstream).
Cada habitación y baño en la propiedad estaba equipada con barras de jabón y ropas adornadas con el logotipo de la casa, un sonriente puercoespín marrón. Cuando le pregunté por qué Edra necesarios para ejecutar su casa como un hotel de lujo, que era muy prosaico. "Esa es la manera que siempre hemos hecho las cosas, con los estándares de cinco estrellas. Los empleados estaban felices de tener los puestos de trabajo y nos sentimos felices de darles trabajo. No sólo nunca fue pensado en los costos ".
Extraído de El Alto-Beta Rich: ¿Cómo los ricos maníaco nos llevará hasta el próximo boom, la burbuja, y el busto. Derechos de autor 2011 por Robert Frank. Reproducido con permiso de Crown Business, una marca del Grupo Crown Publishing, una división de Random House, Inc., Nueva York.Bookle +: Sid Harth: Michael Stern Hart, no más: Sid Harth
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The Wealth Report
Robert Frank looks at the culture and economy of the wealthy.- December 15, 2011, 1:40 PM ET
The New Four-Letter Word in GOP Politics: Rich
- There are 38 Comment(s)
- Sort by:
- Oldest
- Newest
- To report offensive comments email wealth@wsj.com
- 3:07 pm December 15, 2011
- Tony wrote:
All politicians can be considered wealthy especially those running for President. In modern times has there ever been a Presidential candidate who had a net worth of less than $1 million? I don’t think so.
- 3:32 pm December 15, 2011
- Scary Times wrote:
Looks like we are going to have to leave the labelling of success as a good thing to the Chinese.
I went to engineering school at OSU with a bunch of guys from China. They set the grade curve every time and adamantly consider success to be a good thing. In contrast, many American college age students spend their time sleeping in tents, not working, and whining that the rich owe them more entitlements.
You tell me, how is this going to end…?
Obama and the democrats have absolutely destroyed the work ethic of this country! We can fire them in November, but I feel that they have already done too much damage to recover.
- 3:37 pm December 15, 2011
- @Scary Times wrote:
I think we need to divorce wealth and success (or failure) in this discussion. One of America’s biggest competitive advantages has always been the cultural permission to fail. In most of the rest of the developed world, failure carries such a stigma that people are afraid to try new things. The expression “Oh well, at least you tried,” carries no weight in the UK, France or Japan. In fact, in Silicon Valley entrepreneurs seek out engineers and others who have tried and failed at something because they’re that much farther along the innovative learning curve.
- 3:40 pm December 15, 2011
- JKF in NYC wrote:
Scary Times, how have Obama and the Democrats destroyed the country’s work ethic?
- 3:46 pm December 15, 2011
- Miguel wrote:
The resentment is not about wealth but rather how it was obtained. I think all Americans respect the self-made man or woman. It’s the coddled offspring of the rich who did nothing to earn their wealth that people resent – that, and people who made their fortune at the expense of others. Mitt Romney meets both criteria. Still, the most dangerous person in the world is the idiot son of a rich and powerful man who decides to go into politics. For evidence of that you need look no further than George W. Bush.
- 3:55 pm December 15, 2011
- @ Miguel wrote:
If you think Mitt Romney didn’t earn his wealth on his own, then you need to get your facts straight.
- 4:02 pm December 15, 2011
- Louis wrote:
Mitt Romney probably talks to God. As a former archbishop in the Mormon Church he probably feels pretty good about himself, very self-righteous. In fact, if I didn’t know better, I’d say that God appointed him to be president and that God wants him to have the nomination. And, that since he has led such a clean exemplary life he has been ordained by God himself to be the next president of the United States.
Funny thing, though, I don’t know how he reconciles his own net worth of $190 million with Newt’s paltry $6!
- 4:13 pm December 15, 2011
- Scary Times wrote:
Re: JKF in NYC
Wealth is the scorecard of hard work and success.
Obama and the democrats have launched a major class warfare campaign as a means to divide the country and retain their political power, A casualty of this strategy is they have vlified the rich, and in turn, the hard working and successful. China does not have this issue. I can tell you first hand that China’s engineering students are not shy about working hard to become successful and “Rich” – and unlike the US under the liberal regime, they are encouraged to be this way by their government.
By contrast, our would-be engineering students are getting high in Zucotti Park, acting as pons of Obama’s “community organizer” skills and making everyone who still exhibits a strong work eithic their villain.
So I repeat, Obama and the democrats have absolutely destroyed the work ethic of this country! We can fire them in November, but I feel that they have already done too much damage to recover. .
- 4:46 pm December 15, 2011
- EllenG wrote:
I think the big question is can a POOR candidate become president of the United States?
The next question, if the person is poor, it doesn’t say too much about the person’s criteria for success or intellect or drive or ambition or how that person could contribute to the economic success of this nation, or even figure out how to be successful.
I think we really have to look at the total picture of the person. Look at Obama, he made some money from Bill Ayers writing his books. Bill Ayers and his leftist radical group wanted a puppet in the White House and they know they couldn’t bankroll Obama directly so Ayers wrote a couple of books and Obama has millions through no effort on his part other than talking about himself.
I respect Mitt Romney and the way he made his wealth. But I want whoever can beat Obama to be the Republican candidate, so I could care less about a candidate’s wealth.
A.B.O. 2012
- 4:50 pm December 15, 2011
- Che Limbaugh wrote:
Being rich is fine, good and encouraged. The problem is being a republican.
- 4:57 pm December 15, 2011
- Amy wrote:
Scary Times, you mean that Obama and his policies and his staff are so clever, so nefarious, and so evil that they have succeeded at destroying our Calvinist work ethic? Scary Times, you are indeed scary…and a republican, and probably a god-fearing one at that. And that makes you not just stupid, but a stupid idiot (many notches greater than a mere stoopid).
- 5:00 pm December 15, 2011
- sheeple wrote:
When Americans are making lots of money, have a little excess for a new car.. nobody complains about the rich. It’s when people feel they CAN become rich and wealthy themselves, that door is open, the rich are adored. In times of duress, your average American feels that there is no means to achieve this. As a result, they resent the rich who unfairly have had an opportunity they didn’t. Dashing the hope kills the dream. There is something to be said about earned versus idiot heirs inheriting the fortune.. don’t be mistaken, Romney has made alot of money on his ability, but when your father is CEO of American Motors you’ve got some cards that others do not.
- 5:15 pm December 15, 2011
- Scary Times wrote:
Re: Amy -
I share your intense anger about my first-hand experiences while going through engineering school at OSU with a bunch of Chinese students. They are clearly more motivated to work hard and become rich/successful than their US-based “Occupy” counterparts, But you are expressing your anger, and name calling, at the wrong person. I am just the messenger, please focus your rage on Obama and the democrats for creating the reality that I simply observed.
And yes, Obama, along with Rev. Wright and Bill Ayers, are that clever, and nefarious. Unfortunately.
- 5:20 pm December 15, 2011
- Unearned Wealth wrote:
Too many people out there as example of folks who did not earn their wealth, i.e., trust babies, ex-spouses, securities con-artists like Madoff (and, for a while, many of his “investors”), CEOs of companies they ran into the dirt but still awarded themselves huge golden parachutes, etc.
People get sick of watching these folks cry about how badly they are treated — if their wealth gets forcibly reapportioned, so much the better for society.
(But with so many of the unearned wealth folks, you don’t have to do it forcibly as many of them end up losing it to scams and bad investment schemes anyhow — you can give them money, but you can’t fix stupid.)
- 5:22 pm December 15, 2011
- JIm wrote:
Oh, come on. Obama wrote his own books. That doesn’t make him a good president, but he did write his own books. Bringing up conspiracy theories detracts from the real issues.
- 5:32 pm December 15, 2011
- Hey Robert wrote:
To respond to “Unearned Wealth”, can you supply some data? Although television and movies usually depict rich people as “trust babies”, the stats actually tell a very different story. I think you even said in your book that the average tenure of wealth in this country is 13 years; and it was usually earned the long hard way. (also see a book called, “The Millionaire Next Door”). The problem is that the story of someone working their way up a corporate ladder for 30 years, until they finally qualify as rich for a couple years, just isn’t that exciting to watch on the tube….But Obama is more than happy to play on this mis-characterization in his bid to divide the country with class warfare, as pointed out by several others above…
- 5:35 pm December 15, 2011
- Ludwig wrote:
Sheeple; most of us have to begin from scratch, from home plate as it were. Unfortunately, I think some folks ignore the advantages of folks like Mitt who are born on 3rd base.
- 5:42 pm December 15, 2011
- To Ludwig wrote:
I think that you make a good general point. However, if you look at Romney specifically, he got his undergraduate degree from BYU, which is a school that anyone with moderately good grades can attend. After graduating valedictorian, he enrolled at Harvard’s JD/MBA program, where he also did very well academically. It was his success at Harvard that spring-boarded him into a career at Bain.
It is not as if anything was handed to him. He was no “legacy” admit at either school. He has earned every one of his accomplishments.
- 5:45 pm December 15, 2011
- Miguel wrote:
Hey @ Miguel, take a look at what Romney did to American Pad & Paper (Ampad) in 1992 while he was running Bain Capital for an example of how he made his money (what he didn’t get from Daddy). If you consider using a hedge fund to pillage and plunder a company as “earning money” then I guess I stand corrected.
- 5:52 pm December 15, 2011
- Ludwig wrote:
Not complaining; just an observatino, but individuals born on 3rd base always have the advantages inherent of being born on 3rd base. Sort’a like Paris Hilton.
- 5:52 pm December 15, 2011
- Jim wrote:
The fact that you confuse “hedge fund” with “private equity fund” shows your ignorance.
Regarding your actual point, you should research the topic of private equity a little more. You sound like a person that yells at the local bank for foreclosing on one person’s house. Foreclosure is an ugly process, but it does not mean that all banks are evil.
- 5:55 pm December 15, 2011
- DAB wrote:
Republicans don’t understand the picture they are portraying. Romney calls $10,000 a drop in the bucket while 50% of Americans are poor (22,350 for a family of 4) or low income (under $45000/year). Republicans accuse teachers of being overpaid (average income $45,000/year according to payscale.com) and UAW workers of manking $70/hour when in fact they make on average $28/hour. Rebpulicans hold up an extension on tax relief of $1000/year for most Americans to prevent a stop to the Bush tax cuts for the nation’s wealthiest people who think that $10,000 is pocket change! And then Republicans wonder why Obama beats every one of the Republican candidates in polling!
- 5:55 pm December 15, 2011
- Bob Osso wrote:
Jim; I don’t believe that bringing up conspiracy theories detracts from the real issues. Bringing them up exposes the real issues of the individuals who brought them up: GOP supporters are nuts.
- 6:01 pm December 15, 2011
- Jim wrote:
@ Miguel
Sorry for the double post, but my comment at 5:52 was directed at you. And by the way, I apologize for using the word “ignorance.” The recent studies must be true- this anonymous posting stuff is apparently bringing out the worst in me!
- 6:13 pm December 15, 2011
- John wrote:
I actually watched the debates with my wife and of all the notable moments, the $10,000 bet wasn’t even on the radar screen for us…Not because we are rich by any stretch of the imagination, but because he was obviously confident enough in his position that he was willing to back it up with a $10K bet….In my own life, if I know I am right, I’ve been known to say, I’ll bet you $10M…(e.g. I know I’m right)…..Can’t for the life of me figure out why the media focused so much on this sound-byte, but now reading the above, I guess it plays into the whole democrat playbook of class warfare…..Ironic.
- 6:33 pm December 15, 2011
- Mike wrote:
To Scary Times – I feel like you just read my mind. I went to engineering school at Indiana and had the exact same experience. And its not just the Chinese, the Japs broke the curve for us….And the only courses I could get better grades in were the liberal arts courses…But I also fear for our country….Unless someone gets in charge and starts talking about praising people for their success and hard work, Asia is going to kick our butt. And while we might try to blame Obama and his Occupy followers, it will actually be the fault of every voter who let it happen….I’m glad I’m kind of old, but feel really sorry for our young people….
- 7:52 pm December 15, 2011
- Peter Bradshaw wrote:
Let’s look to the fall of the British Empire. It started in the minds of the people, when folk start to scoff at the friuts of smart labour you know the show is nearing its end. But maybe I am overreacting, politicians when desperate resort to diabolical and puerile tactics.
- 11:21 pm December 15, 2011
- Mike Jones wrote:
it’s funny to see all these millionaire oligarchs fooling the Tea Partiers into believing that they understand the plight of the common American. Meanwhile, the Hobbits can’t even afford to fill their gas tanks on their broken down 20 year old trucks. This is better than any reality show.
- 4:23 am December 16, 2011
- @ Tony wrote:
Yeah Obama
- 8:48 am December 16, 2011
- Who is Forrest Gump? wrote:
Get the butter and the popcorn — the GOP clown show continues!
- 9:39 am December 16, 2011
- Anonymous wrote:
@Mike, IN Engr –
I am also an engineer, from Mizzou. Thankfully we had one blonde haired blue eyed dude who set the curves in my engineering courses and physics. The dude was not liked anymore than your dislike of the foreign nationals. But this dude is different — he really knew at a young age to apply himself to school, well before entering college. And he’s a heavy beer drinker :) “ME” like Budweiser!
- 11:19 am December 16, 2011
- Bob Cronin wrote:
Let me reiterate – this election will be the mother of all class wars. The fact that Romney cannot increase his percent of GOP voters is a pretty good indication that the rank and file resent the wealthy as much as Democrats do (that and his LDS Church membership).
- 12:06 pm December 16, 2011
- Righteous wrote:
I am poor and it pisses me off. I think the government should tax 100% of anyone’s income over $50,000. The government is smarter than it’s citizens. I mean just look at Pelosi and Reid. They should give all the rich people’s money to me so I can just smoke pot and chill. Go Obama
P.s. Can we tax the rich People in China too. This will solve the problem of them being more motivated than us.
- 4:01 pm December 16, 2011
- heynow wrote:
What is really scary is how Career civil servants can become wealthy while in office.
- 4:27 pm December 16, 2011
- @Engineers wrote:
To OSU, IN, and Mizzou — those Asians generally come from families whose parents eschew personal comforts and indulgences in favor of devoting the family’s resources and savings to children’s upbringing and even university tuition. Regardless of schooling ambitions, the Asian kids grow up in an environment where the objective of being able to look after their parents and if necessary, others of the younger generations is not laudable, but the norm. You bet, those would-be engineers know they have to work hard, because the culture of the Entitlement Society is not their heirtage or expectation.
- 1:09 am December 17, 2011
- Test wrote:
test
- 2:01 am December 17, 2011
- turnerjersey wrote:
BEREA, Ohio (AP)Browns quarterback Colt McCoy has been ruled out for Sunday and tight end Benjamin Watson is done for the season, both victims of concussions. STRETCH RUNIt’s do or die as the NFL playoffs are fast approaching. Week 14 imagesMcCoy is still experiencing headaches and having other symptoms from his concussion, sustained last week on an illegal helmet-to-helmet hit by Pittsburgh linebacker James Harrison.The second-year QB was sent home for the fourth time this week before Friday’s practice. Afterward, coach Pat Shurmur announced that backup Seneca Wallace will start in McCoy’s place on Sunday at Arizona.McCoy, who had his head snapped back by Harrison’s shot to his face mask, is not traveling with the team. Shurmur said there has been no discussion about putting the second-year QB on IR.The Browns also placed Watson on injured reserve, ending his season with three games left. Watson suffered his third concussion since July last week against the Steelers. Watson, who was Cleveland’s leading receiver last season and had 37 catches this year, visited a specialist on head injuries earlier this week.”He’s disappointed,” said Shurmur, who has spoken with Watson. “But it’s the right course of action right now. He wishes he could still be with us but we’ll make this move now and hopefully get him back next year.”Shurmur said Watson did not discuss the possibility of retiring with him.Shurmur added that fullback Owen Marecic is also out this week. He also sustained a concussion – his second in a month – against the Steelers.To replace Marecic, the Browns have activated fullback Eddie Williams. http://www.panthersteamproshop.com/
- 9:17 pm December 17, 2011
- Sid Harth wrote:
My dear Mr Roberts, Oops, wrong Mister, Mr Frank,
Frankly, Oops, Justifiably, Oops, just justly, I am Sid Harth.
How nice it must be to be Mr Know-it-all.
I love you. Not that nasty way. I am not above lying, cheating, double dipping, Oops, double-talking, Oops, double-bubbling. I wanted to say, you are my most favored nation, Oops, Most Favored Nincompoop.
Definition of ‘Most Favored Nation Clause’
A level of status given to one country by another and enforced by the World Trade Organization. A country grants this clause to another nation if it is interested in increasing trade with that country. Countries achieving most favored nation status are given specific trade advantages such as reduced tariffs on imported goods.
Special consideration is given to countries that are classified as “developing” by the World Trade Organization.
During the Clinton presidency, congressional representatives heartily debated the merit of granting most favored nation status (MFN) to China and Vietnam. Proponents of granting MFN status argued that a reduction in tariffs on Chinese and Vietnamese goods would give the American consumer access to quality products at relatively low prices, and would serve to enhance a mutually beneficial trade relationship with the two rapidly developing economies.
Meanwhile, opponents argued that granting MFN status to the two nations would be unfair given their history of human rights violations. Others thought that the inflow of cheaper goods from the China or Vietnam could put some Americans out of work.
Stop me anytime you feel like, cuzz, I am unstoppable, when it comes to money-talk. It ain’t your private pastime.
I can do anything you do but better.
Pastime: something that amuses and serves to make time pass agreeably : diversion
…and I am Sid harth@topcogitoergosum.com
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December 2, 2011 12:05 am
Book review: The High-Beta Rich
By Daniel Ben-amiProtests such as Occupy Wall Street and the demonstration outside London’s St Paul’s Cathedral have probably only intensified the popular preoccupation with the lives of the rich. Slogans such as “we are the 99 per cent” naturally raise questions about the remaining 1 per cent. Of course, the wealthy have long been the subject of both fascination and condemnation. Popular television series such as the UK’s Downton Abbey and the USA’s Real Housewives, along with teen dramas such as 90210, Gossip Girl and The OC, give a voyeuristic glimpse into the supposed lives of the loaded. At the same time high-profile media figures such as Arianna Huffington, Paul Krugman, Joseph Stiglitz and Elizabeth Warren bemoan widening inequality in US society.
The publication of The High-Beta Rich therefore comes at an opportune time. Robert Frank, a veteran Wall Street Journal writer, presents vivid sketches of how the rich, and the formerly rich, really live. He also advances some interesting ideas on how the nature of the wealthy has changed since 1982. His book is a sequel to Richistan, published in 2007, in which he profiled the lives of the rich before the recent financial bust.
Frank’s new book is based on interviews with more than 100 people with net worths (or former net worths) of $10m or more. These include the Blixseth family, former billionaires who had to lay off all 110 staff in their enormous residence; the Siegels, who had to abandon the largest private house in the US before it was completed; and Jack Warner, who built a fortune from various business, but ended up a penniless handyman.
It is also a tale of how the financial crash has affected the US more generally. It includes numerous unemployed butlers, unoccupied mansions and falling tax revenue for fiscally-pressed state governments. In addition, Frank tells the story of upmarket repo men who specialise in repossessing planes, yachts and the like from indebted millionaires.
The “high-beta” in the book’s title refers to how the nature of wealth has changed since the 1980s. A high-beta investment is one that is relatively volatile. For instance, if a stock moves, say, 2 per cent a day on average while the market moves by 1 per cent it is said to be a high-beta stock. The high-beta rich are those who made much of their wealth from volatile financial assets.
Frank argues that 1982 was a watershed year for the wealthy. That was when the incomes of the top 1 per cent started to drift out of line with those in the rest of the economy. He points to three reasons why that year was a turning point in the nature of wealth: deregulation and pro-government policies; technological innovation; and financial speculation.
The rich gained enormously as the financial bubble bolstered their incomes, although they also lost heavily after the Lehman crash of 2008. Of course, losing a personal Gulfstream jet or private yacht can still leave many of the super-rich hugely wealthy.
Although the book is both astute and entertaining, it is let down by a disappointing epilogue, entitled “the future of high-beta wealth”. The epilogue claims to offer five tips to help governments, companies and individuals survive in the age of high-beta wealth. In the event, it provides broader observations on the nature of wealth, many of which are highly questionable.
Most strikingly, Frank endorses the argument put forward by Alan Greenspan, a former chairman of the Federal Reserve, that the stock market drives the economy. As Frank puts it: “In an economy dominated by the rich, S&P is the new GDP.” In confusing real wealth and paper wealth, Frank echoes the mistake made by many of the high-beta rich whom he profiles.
If someone has a stock portfolio of, for example, $100m, it does not represent real wealth. Rather it is a claim on the profits that it is believed the underlying companies are likely to make in the future. If expectations change, the value of the portfolio can easily slump, as many of the wealthy have discovered to their horror.
The confusion between real wealth and paper wealth helps explain why many of the rich were surprised to see their fortunes plummet from 2008 onwards. It is also an obstacle to understanding the forces that drive the creation of prosperity.
The writer is the author of ‘Ferraris for All’ (Policy Press, 2010)
The High-Beta Rich: Why the unstable super-wealthy will lead us to the next boom, bubble and bust, by Robert Frank, Crown Business, RRP$26
Photo: Anna Lisa Sang
When police raided the Occupy Wall Street encampment, they also seized the Occupy Library, a collection of more than 5,000 books amassed by the protesters.
The books were reportedly tossed into a dumpster when police cleared out the park. Yesterday morning, OWS librarians trekked to a sanitation garage on 57th Street to retrieve some of the books, many of which were badly damaged. The rest of the books still appear to be missing (and Jason Boog at Galleycat reports that a second book raid occurred last night).
Galleycat ran a photo of one pile of damaged books that was sitting in the sanitation garage before they were brought back downtown. At the top of the pile is an unlikely title: “The High-Beta Rich.” (Thanks to Matthew Budman at The Conference Board Review for bringing this to my attention).
As Wealth Report readers know, “The High-Beta Rich” is a nonpolitical tour-de-force of the new boom-and-bust rich. It doesn’t call for higher taxes on the rich (or for lower taxes, or any tax policy). It doesn’t say the rich are heroes or villains. It’s the story of a new breed of manic millionaires and over-leveraged billionaires who go through serial blowups – creating collateral damage to the rest of the economy and government.
Not exactly expected reading for an Occupy crowd. As Gillian Tett of the Financial Times wrote in her review of “High-Beta Rich”: “What should the non-jet-owning population make of this? Many may snort with derision, particularly those sitting in Occupy Wall Street. After all, for every millionaire – or billionaire – who has lost a jet, many more have remained ultra rich.”
True enough. And perhaps that’s why “High-Beta Rich” appealed to the Occupiers. Snorting with derision can be fun. And then there’s the value of opposition research – counterintelligence on how the jet-owners (and former jet-owners) of the world are truly living and thinking and saying.
It may not conform to their agenda. But maybe curling up in the tent with a story about a billionaire who goes bankrupt is just what the Occupiers need after a hard day of protesting. And in the war against 1%, it helps to know thine enemy.
Why do you think the “High-Beta Rich” appeals to the Occupiers?
"The rich are not only getting richer — they are becoming more dangerous." That's according to Robert Frank's new book — The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble and Bust — which argues that the spending binges of the top 1 percent have become "the most unstable force in the economy."
Frank, a writer and blogger for The Wall Street Journal, talks with NPR's Neal Conan about how some of the inhabitants of Richistan — the land of private jets, yachts and million-dollar watches that Frank explores in a previous book — have lost their fortunes, and taken average Americans with them.
"Before I started this book, I just assumed that wealth was like an escalator in America, that the 1 percent were always just getting richer and the rest of us were not. In fact, when I started to look at both the people and the statistics on wealth, what I learned is that the 1 percent has become the most volatile and unsteady part of our economy; that you have these people crashing in and out of the 1 percent due to the changing nature of the way wealth is created today, but also [due to] the culture of spending and borrowing that we've seen on things like shadow yachts [the boats that follow the yachts of the super-rich, carrying their cars and helicopters] and zombie jets."
On zombie jets
by Robert Frank
"A zombie jet is a jet that has been purchased by a person that at one point was worth ... $100 million, maybe $200 million, maybe a billion dollars, and they borrowed the money to buy the jet, and then jet prices fell. Their own fortunes fell, and basically the jets were upside down. They were worth less than the actual loan value.
"So the banks didn't want them back. The people who owned them didn't want them back. So as a result, you've got all these [private] jets that are flying around, thousands of them ... that the owners haven't been able to pay for and the banks don't want back."
On how the behavior of the super-rich has changed over time
"When you look back at the 1 percent or the wealthy, however you want to define them, before 1982 they were the flat line on the income scale. They were the most conservative in America. When times were good in America, the 1 percent didn't do quite as well. When times are bad, they didn't do as badly as everyone else.
"Suddenly, in 1982, the year I call the magic year for wealth, the 1 percent, which used to be like the teetotalers of our economy, became the binge drinkers.
"And when times were good, they did two or three times better than everyone else. When times were bad, they did two or three times worse. So if you look at the last three recessions, the top 1 percent lost two to three times in income what the rest of America lost. And, you know, part of it has to do with more and more of today's wealth is tied to the stock market, whether it's executives who are paid in stock or somebody who's starting a company and takes it public with an IPO.
"And the stock market is more than 20 times as volatile as the real economy."
On riding along with the repo men of Richistan
"We went around, and we took a plane, and we took a yacht. And for anybody who has any kind of envy or resentment against the rich, I highly recommend this experience.
"... In 2010, they had taken more than $100 million worth of stuff. And the real art to being a high-end repo man is to not have the wealthy lose pride or lose face, and to sort of pretend like, 'Well, I'm sure you're paying for it, and I'm sure everything's fine. But I'll just put this plane in storage, and then when you work it out with the bank, you know, you can let me know.'
"... For most of the middle class — they get their cars taken or whatever — it's more about just force. It's more about taking it. Here, there's this sort of subtle negotiation, and it's become a very profitable industry, not just for him, but for all these other repo men who take jets and yachts and even thoroughbred race horses.
"These wealthy people are used to getting their way, so if they don't react to the subtle negotiation, they basically say, 'Look, no one's taking my stuff.' And so [repo men have] been shot at, they've been run over by Mercedes, you know, they've had all kinds of things happen to them. But it was interesting. You know, we were at this private jet terminal in Orlando, Fla., and to be with them as they stormed into this private jet terminal and took a plane is exciting, but it's also a sign that, you know, wealth has changed.
"I mean, the fact that these guys even exist is a sign that wealth is different in America."
Introduction: Giving Up The Gulfstream
In the spring of 2006, at the glittering peak of America's Second Gilded Age, I flew to Palm Springs, California, to meet one of the nation's newest billionaires.
His name was Tim Blixseth. And, like many new billionaires at the time, he had more household staff than he could count. "Somewhere around a hundred was his best guess at the time (it was actually 110). When I landed, I was greeted by one of his minions, a chipper Filipino chauffeur named Jesse, wearing khakis and a crisp white polo shirt, the universal uniform for helpers of the rich.
"Welcome, Mr. Frank!" Jesse said. "I'll be taking you to the residence."
Jesse and I climbed into his shiny black Land Rover, and he handed me a cold Fiji water and a lemon-scented towel from a cooler in the armrest. We pulled out of the airport and drove on Route 111, past the strip malls, car dealerships, and fast-food restaurants, and out toward the open desert. The sun was setting behind the orange peaks of the Santa Rosa Mountains, and a cool night breeze drifted across the valley from the Salton Sea. We turned onto a small road lined with neat rows of stucco homes and cactus gardens, and after about a mile the road came to an end at two wooden gates.
The gates soared more than twenty feet high, with intricate carvings of flowers and birds rising up giant block letters at the top that read: Porcupine Creek.
Jesse picked up his handheld radio. "Car three with Mr. Frank now at property," he said.
A voice answered: "Entry granted, proceed."
The gates swung open to reveal a lush, water-filled wonderland — a stark contrast to the parched desert we were leaving behind.
The freshly washed driveway was lined with tropical flowers, palm trees, and antique French streetlamps that had once lined the Champs-Elysees. Streams and waterfalls gurgled alongside the road. Birds sang, and teams of gardeners, all wearing matching white polo shirts and khakis, waved as we passed by. When we reached the top of the first hill, Jesse slowed down to offer a view of a nineteen-hole golf course stretching for 240 acres at the foot of the mountains like a vast green welcome mat.
"Does he live in a golf community?" I asked Jesse. Jesse laughed. "It's his golf course."
As I considered the practicality of owning and maintaining your own golf course in the middle of the desert, we pulled up to a circular driveway in front of an equally impressive display: a water fountain modeled after the famed Bellagio fountain in Las Vegas ("but bigger," Blixseth insisted), shooting brightly lit arcs of water into the sky. Behind the fountain, the main house came into view — a sprawling Mediterranean mansion, rising over three stories with carved balconies, porticos, pillars, and large picture windows. It was lit by dozens of outdoor torches and surrounded by guest villas, pools, and gardens.
We pulled up to the imperial entry hall, where two life-size terra-cotta Chinese soldiers stood guard in front of a pair of bronze lions. The front door of the house opened, and out burst Tim — a smiling, compact man in a Hawaiian shirt and cargo shorts.
"Roberto!" he said, holding out a glass of Chardonnay. "Welcome to our humble abode. It's not much, but we call it home."
In 2006, Tim was little known outside a small circle of rich people in Palm Springs and California. But he was about to land on the Forbes list as one of the richest people in America, with an estimated net worth of $1.2 billion.
Tim and his outgoing blond wife, Edra, had made their fortune in timber and real estate. Their biggest trophy and their greatest source of wealth was the Yellowstone Club, a 10,000-acre private golf and ski resort nestled in the Montana Rockies that counted Bill Gates, cycling star Greg LeMond, and former vice president Dan Quayle as members, along with host of other recently rich corporate chiefs and finance executives. Officially, members had to have a minimum net worth of $7 million to join, but most were far richer, since they had to build a home at Yellowstone and buy land, which cost more than $2 million an acre. Once approved, they had the run of a golf course and ski area populated solely by fellow millionaires and billionaires. No one had to worry about the occasional non-rich interlopers you might encounter in, say, Aspen or Palm Beach. They enjoyed heated gondolas and CEO-friendly ski trails with names such as "Learjet Glades" and "EBITDA" (a corporate term that means "earnings before taxes, depreciation, and amortization").
The Yellowstone Club was a huge success. By 2006, plots of land were selling for five times their original price. The club not only made Tim and Edra rich but also turned them into the unofficial innkeepers of the new elite, as they hosted the ultra-wealthy of Silicon Valley, Hollywood, Wall Street, and Washington. Porcupine Creek boasted wall after wall of photographs of the Blixseths with George Bush, Arnold Schwarzenegger, Gerald Ford, Mariel Hemingway, and other notables.
Their lifestyle was unapologetically excessive, even by the stanDards of the mid-2000s. They owned two yachts, three private jets, two Rolls-Royce Phantoms (his and hers), seven homes, a private island in the Caribbean, and a castle in France.
Porcupine Creek's staff of 110 maintained the home like a five-star resort. There was a kitchen staff of twelve manning five kitchens. There were towel boys by the pool, and waiters and chefs near every table or patio. One day, Tim was driving me around the golf course when a waiter popped up from behind a hedge to refill my wineglass. There were caddies, masseuses, security guards, drivers, gardeners, and technology experts to attend to every need.
They had a clubhouse with men's and women's locker rooms, a pro shop, and an equipment room — even though the Blixseths were sometimes the only players on the course, accompanied by their dogs named Learjet and G2 (for Gulfstream).
Every guest room and bathroom on the property was stocked with new bars of soap and robes emblazoned with the house logo, a smiling brown porcupine. When I asked Edra why she needed to run her house like a luxury resort, she was very matter-of-fact. "That's the way we've always done things, with five-star standards. The employees were happy to have the jobs and we were happy to employ them. There was just never any thought to costs."
Excerpted from The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust. Copyright 2011 by Robert Frank. Reprinted by Permission of Crown Business, an imprint of the Crown Publishing Group, a division of Random House, Inc., New York.
The publication of The High-Beta Rich therefore comes at an opportune time. Robert Frank, a veteran Wall Street Journal writer, presents vivid sketches of how the rich, and the formerly rich, really live. He also advances some interesting ideas on how the nature of the wealthy has changed since 1982. His book is a sequel to Richistan, published in 2007, in which he profiled the lives of the rich before the recent financial bust.
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It is also a tale of how the financial crash has affected the US more generally. It includes numerous unemployed butlers, unoccupied mansions and falling tax revenue for fiscally-pressed state governments. In addition, Frank tells the story of upmarket repo men who specialise in repossessing planes, yachts and the like from indebted millionaires.
The Blixseths were … typical of America’s 21st-century wealth boom, in which real estate tycoons, entrepreneurs and financiers could make colossal fortunes almost overnight with the right mix of luck, hard work, bluster and asset bubbles.
Frank argues that 1982 was a watershed year for the wealthy. That was when the incomes of the top 1 per cent started to drift out of line with those in the rest of the economy. He points to three reasons why that year was a turning point in the nature of wealth: deregulation and pro-government policies; technological innovation; and financial speculation.
The rich gained enormously as the financial bubble bolstered their incomes, although they also lost heavily after the Lehman crash of 2008. Of course, losing a personal Gulfstream jet or private yacht can still leave many of the super-rich hugely wealthy.
Although the book is both astute and entertaining, it is let down by a disappointing epilogue, entitled “the future of high-beta wealth”. The epilogue claims to offer five tips to help governments, companies and individuals survive in the age of high-beta wealth. In the event, it provides broader observations on the nature of wealth, many of which are highly questionable.
Most strikingly, Frank endorses the argument put forward by Alan Greenspan, a former chairman of the Federal Reserve, that the stock market drives the economy. As Frank puts it: “In an economy dominated by the rich, S&P is the new GDP.” In confusing real wealth and paper wealth, Frank echoes the mistake made by many of the high-beta rich whom he profiles.
If someone has a stock portfolio of, for example, $100m, it does not represent real wealth. Rather it is a claim on the profits that it is believed the underlying companies are likely to make in the future. If expectations change, the value of the portfolio can easily slump, as many of the wealthy have discovered to their horror.
The confusion between real wealth and paper wealth helps explain why many of the rich were surprised to see their fortunes plummet from 2008 onwards. It is also an obstacle to understanding the forces that drive the creation of prosperity.
The writer is the author of ‘Ferraris for All’ (Policy Press, 2010)
The High-Beta Rich: Why the unstable super-wealthy will lead us to the next boom, bubble and bust, by Robert Frank, Crown Business, RRP$26
Book Review: 'The High-Beta Rich'
November 18, 2011
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I don't normally do book reviews, but I recently read Robert Frank's "The High-Beta Rich." Now this is not the same Robert Frank who wrote an economics textbook with Ben Bernanke. He's WSJ's wealth reporter who also wrote "Richistan: A Journey through the American Wealth Boom." In "High-Beta Rich," Frank revisits the lives of some of the people he profiled in Richistan, and follows up on what has happened to them in the years since he wrote the first book in 2006. By 2011, some of these rich people have since gone from riches to rags, or merely to less affluence. He also follows up on some people whose jobs it was to serve the needs of the rich, and profiles how many of them are now finding it hard to secure stable jobs from the rich since the 2008 economic crisis.
The book's central theme is how the rich's fortunes now depend largely on rising asset values, and how asset price movements correspondingly affect their over-all wealth, and so affect their consumption of services, and hence, employment of a lot of people. The book tells stories of formerly rich people, how they came into big wealth during the two decades of continuous rise in debt and asset values, and the rise in conspicuous consumption that came with it. It relates anecdotes of people who bought rich man's toys such as Maseratis, yachts, private jets, and hired private armies of household help, from personal chefs, personal masseuses to household managers a.k.a. butlers. It tells of their experiences finding themselves suddenly back in the world of the non-rich, losing mansions, and then letting go of their butlers .
The book tells of how the rich and their money took over previously more egalitarian towns, such as Aspen, and the rising cost of living that drove away the locals and the economy that thrived on serving those locals, and how in its place arose an economy that simply caters to the whims and demands of the very rich. In one of the chapters, this statement is sticks out:
I would also have appreciated a furthering of this idea:
Nonetheless, if you want a change from reading long serious economic tomes of how and why the economy now experiences more frequent booms and busts, and want to lose yourself in amusing stories of the 'high-beta rich,' then this book is worth a read. I found it so when reading my review book.
e High-Beta Rich." Now this is not the same Robert Frank who wrote an economics textbook with Ben Bernanke. He's WSJ's wealth reporter who also wrote "Richistan: A Journey through the American Wealth Boom." In "High-Beta Rich," Frank revisits the lives of some of the people he profiled in Richistan, and follows up on what has happened to them in the years since he wrote the first book in 2006. By 2011, some of these rich people have since gone from riches to rags, or merely to less affluence. He also follows up on some people whose jobs it was to serve the needs of the rich, and profiles how many of them are now finding it hard to secure stable jobs from the rich since the 2008 economic crisis.The book's central theme is how the rich's fortunes now depend largely on rising asset values, and how asset price movements correspondingly affect their over-all wealth, and so affect their consumption of services, and hence, employment of a lot of people. The book tells stories of formerly rich people, how they came into big wealth during the two decades of continuous rise in debt and asset values, and the rise in conspicuous consumption that came with it. It relates anecdotes of people who bought rich man's toys such as Maseratis, yachts, private jets, and hired private armies of household help, from personal chefs, personal masseuses to household managers a.k.a. butlers. It tells of their experiences finding themselves suddenly back in the world of the non-rich, losing mansions, and then letting go of their butlers .
The book tells of how the rich and their money took over previously more egalitarian towns, such as Aspen, and the rising cost of living that drove away the locals and the economy that thrived on serving those locals, and how in its place arose an economy that simply caters to the whims and demands of the very rich. In one of the chapters, this statement is sticks out:
When the waves of high-beta wealth come crashing down, they can affect an entire town like Aspen as well as a much larger canvas like the American consumer economy. In a plutonomy, we're all occasional butlers now, relying in the increasingly erratic jobs and spending of the wealthy.Frank then elevates the discussion to the state government level and profiles California, which as he shows, has over the years grown more dependent on tax revenue from a few large income tax payers who are largely high-beta rich from Silicon Valley. This stands out:
I have a problem with one of the author's proposed solutions to the problem of over-dependence on the high-beta rich - that governments, companies, and individuals need to save more during booms so they ride out the busts. This coordinated desire by all sectors of the economy to suddenly save simultaneously is precisely what turns the booms into sudden busts. While the author is referring to local governments, which could literally run out of money, it would have been better if he had made a distinction between a local government, which is merely a currency user, and a sovereign currency-issuing federal government. That sovereign assumes the counter-party role of doing the dissaving whenever the other sectors, the companies and individuals, suddenly stop spending, so as to ensure that the whole economy doesn't suddenly grind to a complete halt.
The masses at the bottom require increased funding for entitlements and social programs. But those at the top, who are increasingly paying for those programs, will exert an outsize influence on politicians through their money and will lobby for lower tax rates. The result is that governments will have more booms and busts and permanent deficits.
I would also have appreciated a furthering of this idea:
In the age of high-beta wealth, most of the spending and taxpaying in America will be directed by the stock market. As Greenspan noted, stocks are no longer just measurements of growth and decline, but the main drivers of both. In an economy dominated by the rich, S&P is the new GDP.While I agree with this statement, I would take it further and say that therein lies the main problem: that S&P is the new GDP, and that people have moved away from the idea of acquiring and maintaing wealth via continuous investment in actual companies, and into getting rich by buying and cashing out at the right time. Nobody plays for the long haul anymore, including those who originally got rich the classic way. Many eventually sell out and use the sudden liquidity speculating in short term investments instead, which while in aggregate results in the self-perpetuating effect of increasing the prices of those very same investments, does not really result in creating new productive endeavours, which is a prerequisite for growing GDP, which is then a prerequisite for the continuous rise in S&P. Without real investments and real growth in the real economy, S&P growth coming from just more money chasing the same investments is not sustainable, and the money being taken out of the real economy will eventually make itself evident with the S&P boom and bust. (He does profile one guy near the end who gets it).
Nonetheless, if you want a change from reading long serious economic tomes of how and why the economy now experiences more frequent booms and busts, and want to lose yourself in amusing stories of the 'high-beta rich,' then this book is worth a read. I found it so when reading my review book.
This article is tagged with: Books
Book review: The High-Beta Rich
By Jordan Timm | November 17, 2011Photo: Anna Lisa Sang
THE HIGH-BETA RICH: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust
(Crown Business)
Robert Frank
Who knows how many of those hunkered down in Occupy Your Town protests keep up with the work of veteran Wall Street Journal wealth reporter Frank, but his new book skewers the so-called 1%, or at least the “high-beta” portion of it. The term is normally used in the markets to describe stocks whose rises and falls are exaggerated beyond those of the market in general. These are not your father’s plutocrats, these “human tech stocks of our economy, prone to violent swings and rapid cycles of value creation and destruction.”
Fine, if nobody else is affected; it’s hard to muster sympathy for the bankrupt billionaires who have had the coral repossessed from their giant aquariums. But Frank believes we’re seeing “growing contagion from their financial manias.” For one thing, their outlay is even more volatile than their incomes, and when the top 5% of earners account for 37% of consumer spending, it draws the broader American economy into their influence. For another, governments dependent on tax revenue from high earners suffer the fallout from their losses. In one chapter, Frank unpacks the worst budget crisis in California’s history, a result of the vaporization of high-beta wealth in the dot-com bust. It’s no longer the only government made so vulnerable.
(Crown Business)
Robert Frank
Who knows how many of those hunkered down in Occupy Your Town protests keep up with the work of veteran Wall Street Journal wealth reporter Frank, but his new book skewers the so-called 1%, or at least the “high-beta” portion of it. The term is normally used in the markets to describe stocks whose rises and falls are exaggerated beyond those of the market in general. These are not your father’s plutocrats, these “human tech stocks of our economy, prone to violent swings and rapid cycles of value creation and destruction.”
Fine, if nobody else is affected; it’s hard to muster sympathy for the bankrupt billionaires who have had the coral repossessed from their giant aquariums. But Frank believes we’re seeing “growing contagion from their financial manias.” For one thing, their outlay is even more volatile than their incomes, and when the top 5% of earners account for 37% of consumer spending, it draws the broader American economy into their influence. For another, governments dependent on tax revenue from high earners suffer the fallout from their losses. In one chapter, Frank unpacks the worst budget crisis in California’s history, a result of the vaporization of high-beta wealth in the dot-com bust. It’s no longer the only government made so vulnerable.
- November 17, 2011, 2:03 PM ET
‘High-Beta Rich’ Seized by Police in OWS Raid
By Robert Frank
- Lauren Comito
The books were reportedly tossed into a dumpster when police cleared out the park. Yesterday morning, OWS librarians trekked to a sanitation garage on 57th Street to retrieve some of the books, many of which were badly damaged. The rest of the books still appear to be missing (and Jason Boog at Galleycat reports that a second book raid occurred last night).
Galleycat ran a photo of one pile of damaged books that was sitting in the sanitation garage before they were brought back downtown. At the top of the pile is an unlikely title: “The High-Beta Rich.” (Thanks to Matthew Budman at The Conference Board Review for bringing this to my attention).
As Wealth Report readers know, “The High-Beta Rich” is a nonpolitical tour-de-force of the new boom-and-bust rich. It doesn’t call for higher taxes on the rich (or for lower taxes, or any tax policy). It doesn’t say the rich are heroes or villains. It’s the story of a new breed of manic millionaires and over-leveraged billionaires who go through serial blowups – creating collateral damage to the rest of the economy and government.
Not exactly expected reading for an Occupy crowd. As Gillian Tett of the Financial Times wrote in her review of “High-Beta Rich”: “What should the non-jet-owning population make of this? Many may snort with derision, particularly those sitting in Occupy Wall Street. After all, for every millionaire – or billionaire – who has lost a jet, many more have remained ultra rich.”
True enough. And perhaps that’s why “High-Beta Rich” appealed to the Occupiers. Snorting with derision can be fun. And then there’s the value of opposition research – counterintelligence on how the jet-owners (and former jet-owners) of the world are truly living and thinking and saying.
It may not conform to their agenda. But maybe curling up in the tent with a story about a billionaire who goes bankrupt is just what the Occupiers need after a hard day of protesting. And in the war against 1%, it helps to know thine enemy.
Why do you think the “High-Beta Rich” appeals to the Occupiers?
November 21, 2011
Book review: The High-Beta Rich -- How the Manic Wealthy Will Take Us to the Next Boom, Bubble and Bust
This review ran in the Nov. 21 edition of the Hamilton Spectator.
The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble and Bust
By Robert Frank
Crown Business ($30)
Tim Blixseth grew up poor in rural Oregon with a rusty spoon in his mouth. Edra was a single mom at 17 who worked the night shift at a diner. They met back in the 1970s at a restaurant Edra managed.
Fast forward to 2006. The former welfare kid was now one of America’s wealthiest men with a net worth estimated at $1.2 billion. The Blixseth’s had made their fortune on timber and real estate and ran an exclusive golf and ski resort in Montana for millionaires and billionaires.
The Blixseth’s owned seven homes, a private island in the Caribbean, a castle in France, two yachts, Gulfstream jets and his and her Rolls Royce Phantoms. They employed 110 staff.
The Blixseth’s had taken up residence with other freshly minted billionaires and millionaires in a nation that author and Wall Street Journal reporter Robert Frank calls Richistan.
Richistan is home to the high beta rich. They’re the by-product of a financial system that rewards extreme risk-taking, borrowing, speculation and spending. The super-rich no longer make things or own businesses. They owe their fortunes to stocks, deals and financial engineering.
Frank says the fortunes of the high beta rich have become as monumental and seemingly permanent as their 30,000 square foot fortresses that they call home.
But their success and wealth is built on an illusion. The high beta rich are like human tech stocks, prone to wild swings and rapid cycles of value creation and destruction. Back in 2008, the value creation cycle kicked into a downward spiral. The residents of Richistan panicked.
By mid-2009, America’s millionaires had lost about a third of their fortunes in the greatest one-time destruction of wealth since the 1930s. Incomes for the top one per cent of earners in the U.S. fell three times as much as they did for American earners as a whole.
By the winter of 2010, the party was over for the overextended Blixseth’s. The real estate market crashed. The Montana resort went under and was sold for less than 10 per cent of its appraised value. They couldn’t cover a $375 million loan. Their 110 staff were let go. Even the phone service was cut off. Tim and Edna divorced and Edna filed for personal bankruptcy, going from rags to riches to rags.
While it’s hard to shed a tear for the Blixseth’s, Frank says we should all be afraid of what’s happening to the high beta rich. Very afraid.
“While these shocks may seem irrelevant and even amusing to the rest of us, they will increasingly reverberate through our financial and political life as the rich dominate more and more of the economy and funding for governments. Rather than viewing the financial crisis as a narrow escape for the rich, it may have been a warning that the worst is yet to come.”
While trickle-down economics is dismissed in most quarters, trickle down losses are proving very real. “As go the high-beta wealthy, so goes the rest of the country.”
By 2010, the top-earning five per cent of American households accounted for 37 per cent of all consumer outlays. The wealthy are the dominant spenders in the U.S. consumer economy. So when the rich suddenly stop spending by choice or circumstance, the economy takes a massive hit and lots of us wind up out of work.
The high beta rich also backstop governments. In the U.S., the top one per cent of Americans pay more than 38 per cent of federal income taxes while the bottom 40 per cent pay little or no tax.
An increasing share of government programs will depend on the fortunes made and lost by a minority of high beta rich. “The masses at the bottom require increased funding for entitlements and social programs,” says Frank. “But those at the top, who are increasingly paying for those programs, will exert an outsize influence on politicians through their money and will lobby for lower taxes. The result is that governments will have more booms and busts and permanent deficits.”
Unfortunately, there’s no easy fix for high beta wealth. “To solve the problem requires solving two much bigger problems: the financialization of wealth and rising inequality,” says Frank. Governments show little interest in reigning in financial markets and economists can’t agree on a cause, much less a solution, to economic inequality.
“The issues get reduced to oversimplified debates about taxing the rich or shrinking government or punishing Goldman Sachs – all of which may be politically satisfying and maybe even helpful, but far from a solution.”
Frank does offer some survival tips for those of us not living in Richistan.
To better predict where spending, taxes and jobs are headed and avoid nasty surprises, we need to watch the stock market rather than traditional economic measures.
Governments, companies and individuals need to take money off the table, saving more during booms so we can ride out busts.
We need to stop acting rich and being fooled by all that glitters. Wealth doesn’t solve problems; it just creates different ones and not only for the residents of Richistan.
“These tips won’t rid us of high-beta wealth or its contagion,” says Frank. “But they might allow us to build better financial and psychological levees to protect us against the coming storms and floods.”
The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble and Bust
By Robert Frank
Crown Business ($30)
Tim Blixseth grew up poor in rural Oregon with a rusty spoon in his mouth. Edra was a single mom at 17 who worked the night shift at a diner. They met back in the 1970s at a restaurant Edra managed.
Fast forward to 2006. The former welfare kid was now one of America’s wealthiest men with a net worth estimated at $1.2 billion. The Blixseth’s had made their fortune on timber and real estate and ran an exclusive golf and ski resort in Montana for millionaires and billionaires.
The Blixseth’s owned seven homes, a private island in the Caribbean, a castle in France, two yachts, Gulfstream jets and his and her Rolls Royce Phantoms. They employed 110 staff.
The Blixseth’s had taken up residence with other freshly minted billionaires and millionaires in a nation that author and Wall Street Journal reporter Robert Frank calls Richistan.
Richistan is home to the high beta rich. They’re the by-product of a financial system that rewards extreme risk-taking, borrowing, speculation and spending. The super-rich no longer make things or own businesses. They owe their fortunes to stocks, deals and financial engineering.
Frank says the fortunes of the high beta rich have become as monumental and seemingly permanent as their 30,000 square foot fortresses that they call home.
But their success and wealth is built on an illusion. The high beta rich are like human tech stocks, prone to wild swings and rapid cycles of value creation and destruction. Back in 2008, the value creation cycle kicked into a downward spiral. The residents of Richistan panicked.
By mid-2009, America’s millionaires had lost about a third of their fortunes in the greatest one-time destruction of wealth since the 1930s. Incomes for the top one per cent of earners in the U.S. fell three times as much as they did for American earners as a whole.
By the winter of 2010, the party was over for the overextended Blixseth’s. The real estate market crashed. The Montana resort went under and was sold for less than 10 per cent of its appraised value. They couldn’t cover a $375 million loan. Their 110 staff were let go. Even the phone service was cut off. Tim and Edna divorced and Edna filed for personal bankruptcy, going from rags to riches to rags.
While it’s hard to shed a tear for the Blixseth’s, Frank says we should all be afraid of what’s happening to the high beta rich. Very afraid.
“While these shocks may seem irrelevant and even amusing to the rest of us, they will increasingly reverberate through our financial and political life as the rich dominate more and more of the economy and funding for governments. Rather than viewing the financial crisis as a narrow escape for the rich, it may have been a warning that the worst is yet to come.”
While trickle-down economics is dismissed in most quarters, trickle down losses are proving very real. “As go the high-beta wealthy, so goes the rest of the country.”
By 2010, the top-earning five per cent of American households accounted for 37 per cent of all consumer outlays. The wealthy are the dominant spenders in the U.S. consumer economy. So when the rich suddenly stop spending by choice or circumstance, the economy takes a massive hit and lots of us wind up out of work.
The high beta rich also backstop governments. In the U.S., the top one per cent of Americans pay more than 38 per cent of federal income taxes while the bottom 40 per cent pay little or no tax.
An increasing share of government programs will depend on the fortunes made and lost by a minority of high beta rich. “The masses at the bottom require increased funding for entitlements and social programs,” says Frank. “But those at the top, who are increasingly paying for those programs, will exert an outsize influence on politicians through their money and will lobby for lower taxes. The result is that governments will have more booms and busts and permanent deficits.”
Unfortunately, there’s no easy fix for high beta wealth. “To solve the problem requires solving two much bigger problems: the financialization of wealth and rising inequality,” says Frank. Governments show little interest in reigning in financial markets and economists can’t agree on a cause, much less a solution, to economic inequality.
“The issues get reduced to oversimplified debates about taxing the rich or shrinking government or punishing Goldman Sachs – all of which may be politically satisfying and maybe even helpful, but far from a solution.”
Frank does offer some survival tips for those of us not living in Richistan.
To better predict where spending, taxes and jobs are headed and avoid nasty surprises, we need to watch the stock market rather than traditional economic measures.
Governments, companies and individuals need to take money off the table, saving more during booms so we can ride out busts.
We need to stop acting rich and being fooled by all that glitters. Wealth doesn’t solve problems; it just creates different ones and not only for the residents of Richistan.
“These tips won’t rid us of high-beta wealth or its contagion,” says Frank. “But they might allow us to build better financial and psychological levees to protect us against the coming storms and floods.”
Posted at 03:43 PM | Permalink ShareThis
Technorati Tags: business book review, Hamilton Spectator, High Beta Rich, Jay Robb, Robert Frank
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Comments on:
How 'High-Beta Rich' Binges Shake Up The Economy
Mark Novak (Markthought1962) wrote:
Some of the rich buy really fast cars and drive them down winding road and do not feel any pain when they crash. Some really good stone masons are given the job of creating a nice statue for their tombstone.
Thursday, November 17, 2011 3:31:54 PM
Some of the rich buy really fast cars and drive them down winding road and do not feel any pain when they crash. Some really good stone masons are given the job of creating a nice statue for their tombstone.
Thursday, November 17, 2011 3:31:54 PM
Theo Buck (BUCK_of_ages) wrote:
@Jason Carney of course you realize that Cicero was an Oligarchist
Thursday, November 17, 2011 3:21:19 PM
@Jason Carney of course you realize that Cicero was an Oligarchist
Thursday, November 17, 2011 3:21:19 PM
Bernard Gaieck (BenGaieck) wrote:
Okay, since my previous comment was deleted, I will submit this reference citation in its place to make my point:
"Drug Abuse trends among Wall St. Investors"
http://www.treatmentsolutionsnetwork.com/blog/index.php/2010/08/23/drug-abuse-trends-among-wall-street-investors/
Thursday, November 17, 2011 3:03:04 PM
Okay, since my previous comment was deleted, I will submit this reference citation in its place to make my point:
"Drug Abuse trends among Wall St. Investors"
http://www.treatmentsolutionsnetwork.com/blog/index.php/2010/08/23/drug-abuse-trends-among-wall-street-investors/
Thursday, November 17, 2011 3:03:04 PM
Michael Difani (emdee) wrote:
When I was in college in the late 60's at SD State and UC San Diego I think there were a handful of billionaires, including Howard R. Hughes, Jean Paul Getty and a few other oil tycoons besides some shipping magnates. Old Henry Ford may have been one by 1930; according to a 2008 book, "The Outliers", robber baron John D. Rockefeller was the richest human ever with over $300 billion in 2008 dollars; he was on top of the two page list along with two Vanderbilts and Carnegie.
Thursday, November 17, 2011 2:51:23 PM
When I was in college in the late 60's at SD State and UC San Diego I think there were a handful of billionaires, including Howard R. Hughes, Jean Paul Getty and a few other oil tycoons besides some shipping magnates. Old Henry Ford may have been one by 1930; according to a 2008 book, "The Outliers", robber baron John D. Rockefeller was the richest human ever with over $300 billion in 2008 dollars; he was on top of the two page list along with two Vanderbilts and Carnegie.
Thursday, November 17, 2011 2:51:23 PM
Roger Williams (citizen04) wrote:
I keep hearing this recurring notion that we "need" the super rich to help infuse the lower percentiles with jobs and wealth.
I am not sure if I completely agree with such sentiments. I think that there is enough buying power amongst ourselves as the 99-percenters to keep our economy going. It might be true that the top five percent pays upto about 40% of all taxes, but make this seem as though the remaining 60% is a small sum. That remaining 60% translates into trillions of dollars.
We need to raise our children with an entrepreneurial spirit, as opposed to this "get-a-job-when-you-get-your-college-degree" mentality. Yes, we all CAN BE entreprenuers.
Thursday, November 17, 2011 2:44:23 PM
I keep hearing this recurring notion that we "need" the super rich to help infuse the lower percentiles with jobs and wealth.
I am not sure if I completely agree with such sentiments. I think that there is enough buying power amongst ourselves as the 99-percenters to keep our economy going. It might be true that the top five percent pays upto about 40% of all taxes, but make this seem as though the remaining 60% is a small sum. That remaining 60% translates into trillions of dollars.
We need to raise our children with an entrepreneurial spirit, as opposed to this "get-a-job-when-you-get-your-college-degree" mentality. Yes, we all CAN BE entreprenuers.
Thursday, November 17, 2011 2:44:23 PM
Jaime Bolton (AuntieJ) wrote:
"I mean, the fact that these guys even exist is a sign that wealth is different in America."
That sentence right there means I will never read this book. Yes, things change but there have ALWAYS been people at all levels of society who have overspent their income or who have suffered reversals in their fortunes that meant their possessions were repossessed. Lloyds of London began to insure shipping in the 1600s, when even rich people could lose their homes or possessions when a ship was lost in a storm or the markets weren't as good as predicted. Ever since there has been a combination of collateral, possessions and debt, there have been people who will repossess your stuff if you can't pay. The fact that you either don't understand that, or are mistating things in order to sell books means I have no interest in the rest of your book even if you have some great points in there.
Thursday, November 17, 2011 2:41:37 PM
"I mean, the fact that these guys even exist is a sign that wealth is different in America."
That sentence right there means I will never read this book. Yes, things change but there have ALWAYS been people at all levels of society who have overspent their income or who have suffered reversals in their fortunes that meant their possessions were repossessed. Lloyds of London began to insure shipping in the 1600s, when even rich people could lose their homes or possessions when a ship was lost in a storm or the markets weren't as good as predicted. Ever since there has been a combination of collateral, possessions and debt, there have been people who will repossess your stuff if you can't pay. The fact that you either don't understand that, or are mistating things in order to sell books means I have no interest in the rest of your book even if you have some great points in there.
Thursday, November 17, 2011 2:41:37 PM
Tom Orth (whymaniawhy) wrote:
Yes yes. Buy the government to favor the rich, enabling the extreme concentration of wealth. Then when nobody else has any money, claim the rich are really important because they have all of the money and are the only ones who can afford to buy stuff and employ people. Can you play "find the fallacy" with this one?
Thursday, November 17, 2011 2:19:26 PM
Yes yes. Buy the government to favor the rich, enabling the extreme concentration of wealth. Then when nobody else has any money, claim the rich are really important because they have all of the money and are the only ones who can afford to buy stuff and employ people. Can you play "find the fallacy" with this one?
Thursday, November 17, 2011 2:19:26 PM
Alex Gray (AGray) wrote:
Maybe we should Tax these “job creators" more so they do not have such excess wealth to waist on their perverse projects of wretched excess and self aggrandizement.
Furthermore maybe there would be better consumer spending if this much capital was not controlled by the whims so few people.
Thursday, November 17, 2011 2:16:43 PM
Maybe we should Tax these “job creators" more so they do not have such excess wealth to waist on their perverse projects of wretched excess and self aggrandizement.
Furthermore maybe there would be better consumer spending if this much capital was not controlled by the whims so few people.
Thursday, November 17, 2011 2:16:43 PM
Deb Dedon (gimmick) wrote:
Concentrating (via policy) such enormous wealth in a tiny fraction of the population is beyond foolhardy. When one tiny basket carries too many economic eggs, the results can be disastrous, which we should know by now. Fads in profiteering (tech bubble, housing bubble, loan-sharking bubble) exposes the nest eggs of all of us.
The current anger expressed at Wall Street is deserved, but we, the people, need to devise the means to insulate our own futures from the caprice, stupidity and greed of the over-influential '1%'. Removing what capital we can command from their sticky fingers is a first step, but where to put it?
Pointing fingers, toting signs and shaking fists only draws attention. We need to draft a plan, and we must not wait for Congress to grow up and remember their real job descriptions, representing the people. No corporation can outweigh all of us.
Thursday, November 17, 2011 2:14:56 PM
Concentrating (via policy) such enormous wealth in a tiny fraction of the population is beyond foolhardy. When one tiny basket carries too many economic eggs, the results can be disastrous, which we should know by now. Fads in profiteering (tech bubble, housing bubble, loan-sharking bubble) exposes the nest eggs of all of us.
The current anger expressed at Wall Street is deserved, but we, the people, need to devise the means to insulate our own futures from the caprice, stupidity and greed of the over-influential '1%'. Removing what capital we can command from their sticky fingers is a first step, but where to put it?
Pointing fingers, toting signs and shaking fists only draws attention. We need to draft a plan, and we must not wait for Congress to grow up and remember their real job descriptions, representing the people. No corporation can outweigh all of us.
Thursday, November 17, 2011 2:14:56 PM
jason carney (allende) wrote:
IF OUR FOUNDING FATHERS HAD BEEN CONSERVATIVES WE'D ALL BE CANADIAN.
Thursday, November 17, 2011 2:14:04 PM
IF OUR FOUNDING FATHERS HAD BEEN CONSERVATIVES WE'D ALL BE CANADIAN.
Thursday, November 17, 2011 2:14:04 PM
jason carney (allende) wrote:
classical liberal ideology guided the hands of the enlightment to draft OUr Consitution and the bill of rights which yet have to be interpreted with any accuracy to date.
Conservatism is a corruption of our Republic as drafted by our fore fathers. A tyranny of the spirit of freedom. Exclusive of the solutions or of any real lasting and permanent good for anyone but themselves as individuals. This is what Tyranny looks like. See Above.
Thursday, November 17, 2011 2:12:35 PM
classical liberal ideology guided the hands of the enlightment to draft OUr Consitution and the bill of rights which yet have to be interpreted with any accuracy to date.
Conservatism is a corruption of our Republic as drafted by our fore fathers. A tyranny of the spirit of freedom. Exclusive of the solutions or of any real lasting and permanent good for anyone but themselves as individuals. This is what Tyranny looks like. See Above.
Thursday, November 17, 2011 2:12:35 PM
jason carney (allende) wrote:
A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banners openly against the city. But the traitor moves among those within the gates freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears no traitor; he speaks in the accents familiar to his
victims, and he wears their face and their garments, and he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation; he works secretly and unknown in the night to undermine the pillars of a city; he infects the body politic so that it can no longer resist. — Marcus Cicero, speaking to Caesar, Crassus, Pompey and the Roman Senate.
Thursday, November 17, 2011 2:11:53 PM
A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banners openly against the city. But the traitor moves among those within the gates freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears no traitor; he speaks in the accents familiar to his
victims, and he wears their face and their garments, and he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation; he works secretly and unknown in the night to undermine the pillars of a city; he infects the body politic so that it can no longer resist. — Marcus Cicero, speaking to Caesar, Crassus, Pompey and the Roman Senate.
Thursday, November 17, 2011 2:11:53 PM
Bernard Gaieck (BenGaieck) wrote:
This comment has been removed because it did not meet the NPR.org Community Discussion Rules.
Thursday, November 17, 2011 2:11:27 PM
This comment has been removed because it did not meet the NPR.org Community Discussion Rules.
Thursday, November 17, 2011 2:11:27 PM
jason carney (allende) wrote:
STARRING AS JOHN C. CALHOUN IN CONTEMPORARY TREASON, stage play;
RUPERT MURDOCH, GLEN BECK, HANNITY, JAY LE_NO, HANK PAULSON, DICK CHENEY, DAVE MILLER and their affiliate enablers of the toxic.
Thursday, November 17, 2011 2:11:11 PM
STARRING AS JOHN C. CALHOUN IN CONTEMPORARY TREASON, stage play;
RUPERT MURDOCH, GLEN BECK, HANNITY, JAY LE_NO, HANK PAULSON, DICK CHENEY, DAVE MILLER and their affiliate enablers of the toxic.
Thursday, November 17, 2011 2:11:11 PM
Wild Thang (inknowtime) wrote:
The rich have to work even harder to stay rich and the fear of falling must be high unless they are clueless about their good fortunes... the real rich seem to be making and selling the bubbles, and then making money on the decline too... housing bubble caused by people allowed to try and play the bubble for property value gain since there is nothing in our bankrupt society they could otherwise do to get ahead or stay above water and then they crash and burn and enabled by local govt's addicted to the property taxes to stay ahaed too... the vulture capitalism that sped up in the 80's is the sign of our moral decline just as much as the failure of communism. In fact the lack of competition for social responsibility has helped produce the euphoric celebration of pure greed as the only remaining principle as our species faces the limits of our planet and having to live within them with a blank stare and nary a care... we are on a crash course with our own arrogance as humans as top predators and only ourselves to fed on.
Thursday, November 17, 2011 2:10:16 PM
The rich have to work even harder to stay rich and the fear of falling must be high unless they are clueless about their good fortunes... the real rich seem to be making and selling the bubbles, and then making money on the decline too... housing bubble caused by people allowed to try and play the bubble for property value gain since there is nothing in our bankrupt society they could otherwise do to get ahead or stay above water and then they crash and burn and enabled by local govt's addicted to the property taxes to stay ahaed too... the vulture capitalism that sped up in the 80's is the sign of our moral decline just as much as the failure of communism. In fact the lack of competition for social responsibility has helped produce the euphoric celebration of pure greed as the only remaining principle as our species faces the limits of our planet and having to live within them with a blank stare and nary a care... we are on a crash course with our own arrogance as humans as top predators and only ourselves to fed on.
Thursday, November 17, 2011 2:10:16 PM
Carrie Nance (LaSenorita) wrote:
I don't think I'm able to believe in the idea that the ultra rich do worse in times of bad. Haven't we all heard of the huge company salaries and bonuses despite our times of bustedness? Didn't the rich recover faster from the 2008 stock market tanking while the middle class 401Ks are still floundering?
Thursday, November 17, 2011 1:58:58 PM
I don't think I'm able to believe in the idea that the ultra rich do worse in times of bad. Haven't we all heard of the huge company salaries and bonuses despite our times of bustedness? Didn't the rich recover faster from the 2008 stock market tanking while the middle class 401Ks are still floundering?
Thursday, November 17, 2011 1:58:58 PM
Tony Montana (Nickles) wrote:
These expenditures pale in comparison to the housing bubble created by the over exuberant middle class.
Oh yea... with the help of our governments monetary policies.
Thursday, November 17, 2011 1:45:11 PM
These expenditures pale in comparison to the housing bubble created by the over exuberant middle class.
Oh yea... with the help of our governments monetary policies.
Thursday, November 17, 2011 1:45:11 PM
KoKo Paterson (The_Talking_Ape) wrote:
Sure, there is volatility, but what about volume? What about leverage? Can the idiotic excesses of the super-wealthy significantly affect the rest of the economy? In what way? Etc.
Thursday, November 17, 2011 1:34:08 PM
Sure, there is volatility, but what about volume? What about leverage? Can the idiotic excesses of the super-wealthy significantly affect the rest of the economy? In what way? Etc.
Thursday, November 17, 2011 1:34:08 PM
Christi T (Clvrgrl7) wrote:
"We went around and we took a plane and we took a yacht. And for anybody who has any kind of envy or resentment against the rich, I highly recommend this experience."
--------------------------
I am not envious nor do I harbor any resentment because people are rich. For me, I am disgusted at how they got there for the most part. Either on the backs of everyone else or at the expense of everyone else.
Thursday, November 17, 2011 1:28:50 PM
"We went around and we took a plane and we took a yacht. And for anybody who has any kind of envy or resentment against the rich, I highly recommend this experience."
--------------------------
I am not envious nor do I harbor any resentment because people are rich. For me, I am disgusted at how they got there for the most part. Either on the backs of everyone else or at the expense of everyone else.
Thursday, November 17, 2011 1:28:50 PM
Jerry Alexander (humansmakegods) wrote:
Good point, Gary Yokie. As if the uber poor and unemployed are not going to react with 'no one's taking my stuff', shots fired, repomen run over with Impalas.
Thursday, November 17, 2011 1:12:39 PM
Good point, Gary Yokie. As if the uber poor and unemployed are not going to react with 'no one's taking my stuff', shots fired, repomen run over with Impalas.
Thursday, November 17, 2011 1:12:39 PM
How 'High-Beta Rich' Binges Shake Up The Economy
by NPR Staff
EnlargeJake ChessumAccording to Wall Street Journal writer Robert Frank, for some of the high-beta rich, wealth is a "mirage in the desert," wherein the facade of fancy trappings conceals massive debt.
Frank, a writer and blogger for The Wall Street Journal, talks with NPR's Neal Conan about how some of the inhabitants of Richistan — the land of private jets, yachts and million-dollar watches that Frank explores in a previous book — have lost their fortunes, and taken average Americans with them.
Interview Highlights
On why the richest Americans are so dangerous"Before I started this book, I just assumed that wealth was like an escalator in America, that the 1 percent were always just getting richer and the rest of us were not. In fact, when I started to look at both the people and the statistics on wealth, what I learned is that the 1 percent has become the most volatile and unsteady part of our economy; that you have these people crashing in and out of the 1 percent due to the changing nature of the way wealth is created today, but also [due to] the culture of spending and borrowing that we've seen on things like shadow yachts [the boats that follow the yachts of the super-rich, carrying their cars and helicopters] and zombie jets."
On zombie jets
The High-Beta Rich
How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bustby Robert Frank
Hardcover, 239 pages | purchase
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"So the banks didn't want them back. The people who owned them didn't want them back. So as a result, you've got all these [private] jets that are flying around, thousands of them ... that the owners haven't been able to pay for and the banks don't want back."
On how the behavior of the super-rich has changed over time
"When you look back at the 1 percent or the wealthy, however you want to define them, before 1982 they were the flat line on the income scale. They were the most conservative in America. When times were good in America, the 1 percent didn't do quite as well. When times are bad, they didn't do as badly as everyone else.
"Suddenly, in 1982, the year I call the magic year for wealth, the 1 percent, which used to be like the teetotalers of our economy, became the binge drinkers.
"And when times were good, they did two or three times better than everyone else. When times were bad, they did two or three times worse. So if you look at the last three recessions, the top 1 percent lost two to three times in income what the rest of America lost. And, you know, part of it has to do with more and more of today's wealth is tied to the stock market, whether it's executives who are paid in stock or somebody who's starting a company and takes it public with an IPO.
"And the stock market is more than 20 times as volatile as the real economy."
On riding along with the repo men of Richistan
"We went around, and we took a plane, and we took a yacht. And for anybody who has any kind of envy or resentment against the rich, I highly recommend this experience.
"... In 2010, they had taken more than $100 million worth of stuff. And the real art to being a high-end repo man is to not have the wealthy lose pride or lose face, and to sort of pretend like, 'Well, I'm sure you're paying for it, and I'm sure everything's fine. But I'll just put this plane in storage, and then when you work it out with the bank, you know, you can let me know.'
"... For most of the middle class — they get their cars taken or whatever — it's more about just force. It's more about taking it. Here, there's this sort of subtle negotiation, and it's become a very profitable industry, not just for him, but for all these other repo men who take jets and yachts and even thoroughbred race horses.
"These wealthy people are used to getting their way, so if they don't react to the subtle negotiation, they basically say, 'Look, no one's taking my stuff.' And so [repo men have] been shot at, they've been run over by Mercedes, you know, they've had all kinds of things happen to them. But it was interesting. You know, we were at this private jet terminal in Orlando, Fla., and to be with them as they stormed into this private jet terminal and took a plane is exciting, but it's also a sign that, you know, wealth has changed.
"I mean, the fact that these guys even exist is a sign that wealth is different in America."
Excerpt: 'The High-Beta Rich'
In the spring of 2006, at the glittering peak of America's Second Gilded Age, I flew to Palm Springs, California, to meet one of the nation's newest billionaires.
His name was Tim Blixseth. And, like many new billionaires at the time, he had more household staff than he could count. "Somewhere around a hundred was his best guess at the time (it was actually 110). When I landed, I was greeted by one of his minions, a chipper Filipino chauffeur named Jesse, wearing khakis and a crisp white polo shirt, the universal uniform for helpers of the rich.
"Welcome, Mr. Frank!" Jesse said. "I'll be taking you to the residence."
Jesse and I climbed into his shiny black Land Rover, and he handed me a cold Fiji water and a lemon-scented towel from a cooler in the armrest. We pulled out of the airport and drove on Route 111, past the strip malls, car dealerships, and fast-food restaurants, and out toward the open desert. The sun was setting behind the orange peaks of the Santa Rosa Mountains, and a cool night breeze drifted across the valley from the Salton Sea. We turned onto a small road lined with neat rows of stucco homes and cactus gardens, and after about a mile the road came to an end at two wooden gates.
The gates soared more than twenty feet high, with intricate carvings of flowers and birds rising up giant block letters at the top that read: Porcupine Creek.
Jesse picked up his handheld radio. "Car three with Mr. Frank now at property," he said.
A voice answered: "Entry granted, proceed."
The gates swung open to reveal a lush, water-filled wonderland — a stark contrast to the parched desert we were leaving behind.
The freshly washed driveway was lined with tropical flowers, palm trees, and antique French streetlamps that had once lined the Champs-Elysees. Streams and waterfalls gurgled alongside the road. Birds sang, and teams of gardeners, all wearing matching white polo shirts and khakis, waved as we passed by. When we reached the top of the first hill, Jesse slowed down to offer a view of a nineteen-hole golf course stretching for 240 acres at the foot of the mountains like a vast green welcome mat.
"Does he live in a golf community?" I asked Jesse. Jesse laughed. "It's his golf course."
As I considered the practicality of owning and maintaining your own golf course in the middle of the desert, we pulled up to a circular driveway in front of an equally impressive display: a water fountain modeled after the famed Bellagio fountain in Las Vegas ("but bigger," Blixseth insisted), shooting brightly lit arcs of water into the sky. Behind the fountain, the main house came into view — a sprawling Mediterranean mansion, rising over three stories with carved balconies, porticos, pillars, and large picture windows. It was lit by dozens of outdoor torches and surrounded by guest villas, pools, and gardens.
We pulled up to the imperial entry hall, where two life-size terra-cotta Chinese soldiers stood guard in front of a pair of bronze lions. The front door of the house opened, and out burst Tim — a smiling, compact man in a Hawaiian shirt and cargo shorts.
"Roberto!" he said, holding out a glass of Chardonnay. "Welcome to our humble abode. It's not much, but we call it home."
In 2006, Tim was little known outside a small circle of rich people in Palm Springs and California. But he was about to land on the Forbes list as one of the richest people in America, with an estimated net worth of $1.2 billion.
Tim and his outgoing blond wife, Edra, had made their fortune in timber and real estate. Their biggest trophy and their greatest source of wealth was the Yellowstone Club, a 10,000-acre private golf and ski resort nestled in the Montana Rockies that counted Bill Gates, cycling star Greg LeMond, and former vice president Dan Quayle as members, along with host of other recently rich corporate chiefs and finance executives. Officially, members had to have a minimum net worth of $7 million to join, but most were far richer, since they had to build a home at Yellowstone and buy land, which cost more than $2 million an acre. Once approved, they had the run of a golf course and ski area populated solely by fellow millionaires and billionaires. No one had to worry about the occasional non-rich interlopers you might encounter in, say, Aspen or Palm Beach. They enjoyed heated gondolas and CEO-friendly ski trails with names such as "Learjet Glades" and "EBITDA" (a corporate term that means "earnings before taxes, depreciation, and amortization").
The Yellowstone Club was a huge success. By 2006, plots of land were selling for five times their original price. The club not only made Tim and Edra rich but also turned them into the unofficial innkeepers of the new elite, as they hosted the ultra-wealthy of Silicon Valley, Hollywood, Wall Street, and Washington. Porcupine Creek boasted wall after wall of photographs of the Blixseths with George Bush, Arnold Schwarzenegger, Gerald Ford, Mariel Hemingway, and other notables.
Their lifestyle was unapologetically excessive, even by the stanDards of the mid-2000s. They owned two yachts, three private jets, two Rolls-Royce Phantoms (his and hers), seven homes, a private island in the Caribbean, and a castle in France.
Porcupine Creek's staff of 110 maintained the home like a five-star resort. There was a kitchen staff of twelve manning five kitchens. There were towel boys by the pool, and waiters and chefs near every table or patio. One day, Tim was driving me around the golf course when a waiter popped up from behind a hedge to refill my wineglass. There were caddies, masseuses, security guards, drivers, gardeners, and technology experts to attend to every need.
They had a clubhouse with men's and women's locker rooms, a pro shop, and an equipment room — even though the Blixseths were sometimes the only players on the course, accompanied by their dogs named Learjet and G2 (for Gulfstream).
Every guest room and bathroom on the property was stocked with new bars of soap and robes emblazoned with the house logo, a smiling brown porcupine. When I asked Edra why she needed to run her house like a luxury resort, she was very matter-of-fact. "That's the way we've always done things, with five-star standards. The employees were happy to have the jobs and we were happy to employ them. There was just never any thought to costs."
Excerpted from The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble, and Bust. Copyright 2011 by Robert Frank. Reprinted by Permission of Crown Business, an imprint of the Crown Publishing Group, a division of Random House, Inc., New York.
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Algunos de los coches comprar rico muy rápido y los llevan por camino sinuoso y no sienten ningún dolor cuando se estrellan. Algunos albañiles muy bien se les da la tarea de crear una imagen agradable para su lápida.
Jueves, 17 de noviembre 2011 03:31:54 PM
@ Jason Carney, por supuesto, te das cuenta de que Cicerón era un Oligarchist
Jueves, 17 de noviembre 2011 03:21:19 PM
Muy bien, ya que mi comentario anterior se ha eliminado, presentaré esta cita de referencia en su lugar para hacer mi punto:
"Las tendencias del Abuso de Drogas entre los inversionistas de Wall Street"
Jueves, 17 de noviembre 2011 03:03:04 PM
Cuando estaba en la universidad a finales de los años 60 en SD Estado y de la Universidad de California San Diego creo que hubo un puñado de multimillonarios, incluyendo a Howard R. Hughes, Jean Paul Getty y otros pocos magnates del petróleo, además de algunos magnates de envío. El viejo Henry Ford pudo haber sido uno en 1930, según un libro de 2008, "El Outliers", el barón de ladrón John D. Rockefeller fue el más rico humanos cada vez con más de $ 300 mil millones de dólares de 2008, estaba en la parte superior de la lista de dos páginas a lo largo de con dos Vanderbilt y Carnegie.
Jueves, 17 de noviembre 2011 02:51:23 PM
Sigo oyendo esta idea recurrente de que "necesitamos" los súper ricos para ayudar a infundir los percentiles más bajos de empleo y riqueza.
No estoy seguro si estoy completamente de acuerdo con esos sentimientos. Creo que no hay suficiente poder de compra entre nosotros como el 99-percenters para mantener nuestra economía en marcha. Puede ser cierto que el cinco por ciento paga hasta un 40% de todos los impuestos, sino hacer que esto parezca como si el 60% restante es una suma pequeña. Que se traduce restante 60% en miles de millones de dólares.
Tenemos que educar a nuestros hijos con un espíritu emprendedor, a diferencia de este "para hacer una tarea, cuando-que-hay-el-colegio-grado" mentalidad. Sí, todos podemos ser entreprenuers.
Jueves, 17 de noviembre 2011 02:44:23 PM
"Quiero decir, el hecho de que estos chicos ni siquiera existe es una señal de que la riqueza es diferente en Estados Unidos."
Esa frase significa que allí no va a leer este libro. Sí, las cosas cambian, pero siempre ha habido gente en todos los niveles de la sociedad que han gastado sus ingresos o que han sufrido reveses en fortuna que significaba sus pertenencias fueron recuperadas. Lloyds de Londres comenzó a asegurar la navegación en la década de 1600, cuando incluso los ricos podrían perder sus hogares o sus posesiones, cuando un barco se perdió en una tormenta o los mercados no eran tan buenas como se había predicho. Desde entonces ha habido una combinación de activos de garantía, las posesiones y la deuda, ha habido personas que van a recuperar sus cosas si usted no puede pagar. El hecho de que no entienden que, o son mistating cosas para vender libros significa que no tengo interés en el resto de su libro, incluso si usted tiene algunos grandes puntos de allí.
Jueves, 17 de noviembre 2011 02:41:37 PM
Sí, sí. Comprar el gobierno para favorecer a los ricos, lo que permite la extrema concentración de la riqueza. Entonces, cuando nadie tiene dinero, la afirmación de que los ricos son muy importantes porque tienen todo el dinero y son los únicos que pueden permitirse el lujo de comprar cosas y contratar a personas. ¿Se puede jugar "encontrar la falacia" con este?
Jueves, 17 de noviembre 2011 02:19:26 PM
Tal vez deberíamos impuestos estos "creadores de empleo" más por lo que no tienen tanta riqueza en exceso a la cintura en sus proyectos perversos del exceso de miserables y el engrandecimiento personal.
Por otra parte tal vez no sería mejor el gasto del consumidor, si este capital tanto no fue controlada por los caprichos tan pocas personas.
Jueves, 17 de noviembre 2011 02:16:43 PM
La concentración (a través de la política) como una enorme riqueza en una pequeña fracción de la población está más allá de temerario. Cuando una canasta pequeña lleva los huevos económica de más, los resultados pueden ser desastrosos, que debemos saber a estas alturas. Las modas en la especulación (burbuja tecnológica, la burbuja inmobiliaria, la usura burbuja) expone los ahorros de todos nosotros.
El enojo actual expresado en Wall Street se merece, pero nosotros, el pueblo, la necesidad de idear los medios para aislar a nuestro propio futuro desde el capricho, la estupidez y la codicia de los más influyentes '1% '. La eliminación de lo que el capital nos puede mandar de sus dedos pegajosos es un primer paso, pero ¿dónde ponerlo?
Señalar con el dedo, armados con signos y los puños temblando sólo llama la atención. Tenemos que elaborar un plan, y no debemos esperar a que el Congreso de crecer y recordar sus descripciones de trabajo real, en representación del pueblo. Ninguna corporación puede pesar más que todos nosotros.
Jueves, 17 de noviembre 2011 02:14:56 PM
Si nuestros padres fundadores habían sido conservadores que a todos nos sean canadienses.
Jueves, 17 de noviembre 2011 02:14:04 PM
la ideología liberal clásica guía de la mano de la Ilustración para el proyecto de nuestra Constitución y la ley de los derechos que aún tienen que ser interpretados con precisión hasta la fecha.
El conservadurismo es una corrupción de nuestra República en su redacción por los padres de nuestros ancestros. Una tiranía del espíritu de la libertad. Exclusiva de las soluciones o de un verdadero beneficio duradero y permanente para cualquier persona, pero ellos mismos como individuos. Esto es lo que parece a la tiranía. Véase más arriba.
Jueves, 17 de noviembre 2011 02:12:35 PM
Una nación puede sobrevivir a sus tontos, e incluso los ambiciosos. Pero no puede sobrevivir la traición desde dentro. Un enemigo a las puertas es menos formidable, porque se conoce y lleva sus banderas abiertamente en contra de la ciudad. Sin embargo, el traidor se mueve entre aquellos dentro de las puertas de la libertad, sus susurros astuto robo a través de todos los callejones, escuchó en los pasillos del gobierno mismo. Para el traidor no aparece ningún traidor, habla con el acento familiar a su
las víctimas, y que lleva su rostro y sus vestidos, y apela a la vileza que se encuentra dentro de los corazones de todos los hombres. Se pudre el alma de una nación, sino que trabaja en secreto y desconocido en la noche para minar los pilares de una ciudad, sino que infecta el cuerpo político de modo que ya no puede resistir. - Marcus Cicero, hablar con César, Craso, Pompeyo y el Senado romano.
Jueves, 17 de noviembre 2011 02:11:53 PM
Este comentario ha sido eliminado debido a que no cumplía las Normas de la Comunidad NPR.org discusión .
Jueves, 17 de noviembre 2011 02:11:27 PM
Interpretando a John C. Calhoun en una traición CONTEMPORÁNEO, obra de teatro;
RUPERT MURDOCH, Glen Beck, Hannity, LE_NO JAY, Hank Paulson, Dick Cheney, Miller Dave y sus patrocinadores de la filial de la toxicidad.
Jueves, 17 de noviembre 2011 02:11:11 PM
Los ricos tienen que trabajar aún más para mantenerse ricos y el miedo de caer debe ser alta, a menos que no tienen ni idea acerca de su buena suerte ... la verdadera riqueza parece ser la fabricación y venta de las burbujas, y luego hacer el dinero en el descenso también ... burbuja de la vivienda causados por personas autorizadas a tratar de jugar la burbuja para obtener valor de la propiedad ya no hay nada en nuestra sociedad en quiebra, de otro modo podrían hacer para salir adelante o quedarse fuera del agua y luego se caen y se queman y habilitadas por Gobierno local de adictos a los impuestos de propiedad para estancia ahaed también ... el capitalismo buitre que se aceleró en los años 80 es el signo de nuestra decadencia moral tanto como el fracaso del comunismo. De hecho, la falta de competencia para la responsabilidad social ha ayudado a producir la celebración eufórica de pura codicia como principio único que queda como nuestra especie se enfrenta a los límites de nuestro planeta y tener que vivir dentro de ellos con una mirada en blanco y el cuidado de un nary ... estamos en un curso intensivo con nuestra propia arrogancia, como los seres humanos como los principales depredadores y sólo en nosotros mismos para comer.
Jueves, 17 de noviembre 2011 02:10:16 PM
No creo que soy capaz de creer en la idea de que los ultra ricos les va peor en tiempos de malas. ¿No hemos oído hablar de los sueldos y bonificaciones gran empresa a pesar de nuestros tiempos de bustedness? ¿Acaso los ricos se recuperan más rápido del mercado de valores 2008, mientras que el tanque 401K clase media todavía tambaleante?
Jueves, 17 de noviembre 2011 01:58:58 PM
Estos gastos palidecen en comparación con la burbuja inmobiliaria creada por la clase media más exuberante.
Oh sí ... con la ayuda de nuestros gobiernos de políticas monetarias.
Jueves, 17 de noviembre 2011 01:45:11 PM
Claro, hay volatilidad, pero ¿qué volumen? ¿Qué pasa con el apalancamiento? ¿Puede el exceso idiota de los súper-ricos afectan significativamente el resto de la economía? ¿De qué manera? Etc.
Jueves, 17 de noviembre 2011 01:34:08 PM
"Nos dio la vuelta y tomamos un avión y nos llevó a un yate. Y para cualquiera que tenga algún tipo de envidia o el resentimiento contra los ricos, le recomiendo esta experiencia. "
---------
Yo no soy envidioso ni albergo ningún resentimiento porque la gente rica. Para mí, estoy disgustado por la forma en que llegó allí en su mayor parte. Ya sea en las espaldas de los demás o en detrimento de los demás.
Jueves, 17 de noviembre 2011 01:28:50 PM
Buen punto, Gary Yokie. Como si los pobres y los desempleados uber no van a reaccionar con "nadie está tomando mis cosas", disparos, repomen atropellado con impalas.
Jueves, 17 de noviembre 2011 01:12:39 PM