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Keyword: wealth

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  • Black Money Matters

    08/01/2015 6:18:46 AM PDT · by Kaslin · 24 replies
    Townhall.com ^ | August 1, 2015 | Harry R. Jackson, Jr
    No one living has missed the slogan “ Black Lives Matter”! Even presidential contenders have been scolded because of their opinions about this slogan. But what about the economics of the black and brown communities? As the United States continues to become increasingly racially and ethnically diverse, the wealth gap between the races has reached a 24 year high. According to the Pew Research Center, white households today have about 16 times the wealth of black households, compared to having just 8 times the wealth in 2010. There are many reasons for this widening gap, but according to a policy...
  • Bloomberg: Donald Trump is overstating his wealth by more than $7 billion

    07/28/2015 7:20:44 AM PDT · by SeekAndFind · 52 replies
    Business Insider ^ | 07/28/2015 | Colin Campbell
    Real-estate magnate Donald Trump frequently touts his wealth on the presidential campaign trail. But a new report essentially accuses the GOP candidate of overstating his net worth by billions of dollars.Bloomberg reporters Caleb Melby and Richard Rubin, citing an analysis by the Bloomberg Billionaires Index, reported Thursday that Trump was actually worth about $2.9 billion.That's more than $7 billion less than Trump has said.In a statement earlier this month, Trump's campaign wrote that the real-estate developer and television personality has seen his net worth rocket upward even in just the past year."Real-estate values in New York City, San Francisco, Miami,...
  • We finally know a lot more about Donald Trump's 'massive' net worth

    07/25/2015 7:23:04 AM PDT · by SeekAndFind · 11 replies
    Business Insider ^ | 07/25/2015 | Brett LoGiurato
    The world learned much about real-estate mogul Donald Trump's wealth this week, as the Federal Election Commission released a 92-page personal-financial-disclosure report filed by the Republican presidential candidate as part of his nascent campaign. Trump's campaign released a statement on July 15, when he filed disclosure with the FEC, saying it would reveal a "massive" net worth "in excess of TEN BILLION DOLLARS." The report still does not completely detail Trump's fortune, as it deals mostly with ranges. "For instance, they have boxes once a certain number is reached that simply state $50 million or more. Many of these boxes...
  • Economics 101 - Reagan vs Obama

    07/17/2015 6:56:24 AM PDT · by Paul46360 · 4 replies
    YOUTUBE ^ | 7-17-15 | zeo221
    Capitalism vs Socialism - Economics 101 - Reagan vs Obama
  • Pew Research: Being At the US Poverty Line Makes You In The Top 16% of All Human Beings

    07/11/2015 11:26:18 PM PDT · by 2ndDivisionVet · 15 replies
    Forbes ^ | July 10, 2015 | Tim Worstall
    One of the things that I have been trying to point out around here is that the United States doesn’t actually have poverty by the way that the rest of the world understands this word, “poverty”. Most certainly, there are people in the US, in America, who have more than others. This is inequality. And yet we have myriads, almost myriads of myrmidons, telling us that this equals poverty. And I’m sorry, but these two things are just not the same. Inequality is not poverty: poverty is not inequality. And now we’ve got this latest set of numbers from Pew...
  • Let’s Hope Machines Take Our Jobs: We Want Wealth, Not Jobs

    07/09/2015 9:13:02 PM PDT · by 2ndDivisionVet · 63 replies
    The Market Oracle ^ | June 11, 2015 | Peter St. Onge
    Peter St. Onge writes: The job-threatening rise of the machines is an economically illiterate meme that refuses to die. We’re actually probably in the early stages of it, a bull-market in neo-luddism, if you will. Bastiat’s “Candlemakers Petititon” answered this one long ago, but today I’ll run a little thought experiment that owes it all to good old Bastiat. Let’s say Weird Al Yankovic invents a machine capable of making everything with a single push of a button. The first thing he does is print up a bunch of machines and sell them for a ton. Weird Al is now...
  • Four Reasons the Left Should Love Capitalism But Doesn’t

    07/08/2015 4:00:17 PM PDT · by Kaslin · 8 replies
    Townhall.com ^ | July 8, 2015 | Carl Jackson
    Capitalism has a new competitor and its name is "shame." The left is determined to make capitalism morally reprehensible. Cloaked in provocative terms like "income inequality," wealth redistribution has become the popular economic philosophy in America today, but it doesn't hold a candle to capitalism. When your first grade teacher asked the class "what do you want to be when you get big?" I'm doubtful anyone raised their hand to say "ooh, ooh, a welfare recipient!" I'm also certain your classmates never pointed to posters of their teen idols to say "anyone but them!" In other words, socialism isn't natural;...
  • Rubio was terrible with money. No, wait… Rubio was too rich!

    06/30/2015 6:36:19 AM PDT · by SeekAndFind · 6 replies
    Hotair ^ | 06/30/2015 | Jazz Shaw
    The New York Times made it clear to us last month with hilarious results: Marco Rubio was terrible with money. He wasn’t earning enough and couldn’t manage what little he had very well. He overextended his limited income with extravagant purchases of fishing boats and handsome brick driveways in front of his home which had windows too large for polite society. Well, that story hit the political scene like a bag of wet mice smacking onto the pavement. But now comes round two! The Washington Post counters with an argument that Rubio quickly translated his “political star power” into...
  • Pope Francis’s ‘holy war’ on capitalism and toxic inequality [Revelation 16]

    06/18/2015 3:49:10 PM PDT · by Jan_Sobieski · 52 replies
    Market Watch ^ | Nov 18, 2014 | Paul Farrell
    Big first-year anniversary for anticapitalist, anticonservative, socialist Pope Francis. Fortune magazine ranks him first among the “World’s 50 Greatest Leaders.” Tenure unlimited. Now he’s in an ideological war with U.S. Senate Majority boss Mitch McConnell’s Big Oil backed GOP as well as conservative ideologues. At war in America’s unstable, endlessly fickle, myopic, rigged political arena. [...] [...] Yes, Pope Francis is celebrating his one-year anniversary since laying down his anticapitalism manifesto for his army of 1.2 billion Catholics worldwide. He’s also been removing conservative cardinals and bishops from leadership roles. He’s hell-bent on changing the world fast. And his mandate...
  • Millionaires control 41% of world's wealth, expected to take more

    06/16/2015 8:36:13 AM PDT · by 2ndDivisionVet · 56 replies
    CNBC's Inside Wealth ^ | June 15, 2015 | Robert Frank
    (VIDEO-AT-LINK) Millionaires are expected to control nearly half of the world's personal wealth by 2019, according to a new study, suggesting that the wealth gap will continue to widen. The Global Wealth report from Boston Consulting Group (BCG) said the number of millionaires in the world grew to 17 million in 2014, up from 15 million in 2013. The world's millionaires now control 41 percent of the $164 trillion in global private wealth, up from 40 percent in 2013. The report said millionaires are expected to control 46 percent of the world's wealth in 2019. The growing fortunes of the...
  • Asia just overtook Europe in wealth for the first time in centuries — and North America is next

    06/15/2015 9:30:42 AM PDT · by SeekAndFind · 7 replies
    Business Insider ^ | 06/15/2015 | Mike Bird
    The Asia-Pacific region steamed past Europe in terms of private financial wealth in 2014, according to estimates released by Boston Consulting Group on Monday. In 2014, BCG estimates that eastern and western Europe combined had a private wealth of $42.5 trillion, beaten by Asia-Pacific's rapidly growing pile, now worth $47.3 trillion. The Asia-Pacific figures exclude Japan, which gets its own estimate.BCG doesn't provide a long-run estimate for when the last time Asia-Pacific was likely wealthier than Europe. The report has been produced for 15 years, but given the performance of the two continents throughout history, it's likely to have been...
  • U.S. household net worth increases to $84.9 trillion

    06/12/2015 7:04:13 AM PDT · by SeekAndFind · 14 replies
    Reuters ^ | 06/12/2015
    The net worth of U.S. households rose in the first quarter due to the rising value of homes and investments, a positive sign for the outlook for consumer spending. The increase added $1.6 trillion to the total wealth of American families, putting it at a new record high of $84.9 trillion, a report by the Federal Reserve showed on Thursday. While the economy and consumer spending was sluggish in much of the first quarter, the data suggests U.S. households are on a better financial footing and consumers may open their wallets more. Many economists believe that consumers spend a few...
  • About Inequality: Rich Get Poorer Over Time, Not Richer

    06/09/2015 5:35:40 AM PDT · by SeekAndFind · 9 replies
    IBD ^ | 06/09/2015 | BY STEPHEN MOORE AND ROB ARNOTT
    It's no secret that the Democrats' 2016 presidential campaign theme will be class warfare — or as Hillary Clinton calls it, "toppling the rich." Which is "rich," given her own wealth. The left has bought all in to the claim by academics like French economist Thomas Piketty, who argues that capitalism is creating vast dynasties of wealth that are hoarded by a select few oligarchies, with money being handed down from one generation of trust-fund babies to the next. This narrative is mostly rubbish. While today's rich are much richer than the rich of past generations, the rotation among the...
  • The myth of the idle rich: Prosperous families put in many more hours at work than poor ones

    06/08/2015 4:55:05 AM PDT · by SeekAndFind · 29 replies
    Washington Times ^ | 06/07/2015 | By Stephen Moore and Joel Griffith
    President Obama recently acknowledged what every sane person knows to be true: The best anti-poverty program is a job. Mr. Obama said this at a recent conference on poverty. But he continues to repeat a falsehood over and over. This is the claim that the poor work just as hard as the rich do. Well, yes, many people in poor households heroically work very hard at low wages to take care of their families. No doubt about that. Yet the average poor family doesn’t work nearly as much as the rich families do. And that’s a key reason why these...
  • Reparations Would Help Close Wealth Gap in America

    06/04/2015 11:01:47 PM PDT · by 2ndDivisionVet · 78 replies
    The questions around reparations to descendants of slaves in America often trigger strident conversations. These discussions lay bare how race continues to affect the nation - despite the unfounded protestations by Americans that race holds little relevance to their lives. The "coded racial appeals" that Ian Haney Lopez has written in his informative book, "Dog Whistle Politics: How Coded Racial Appeals Have Reinvented Racism & Wrecked The Middle Class," is must reading for all Americans and provides a foundation for how racism endures and evolves. In this week's guest blog, Michael Holzman provides additional thought suggesting the moral debt America...
  • China gets a new billionaire every week: Wealthy Chinese are getting even richer really fast.

    05/26/2015 10:03:17 PM PDT · by 2ndDivisionVet · 28 replies
    CNN Money ^ | May 26, 2015 | Sophia Yan
    A new billionaire was created almost every week in China in the first quarter of 2015, according to a report by UBS and PricewaterhouseCoopers. Wealth creation is booming for the Chinese -- supported by strong economic growth and robust capital markets -- and it's all happened in the last 15 years, said Francis Liu, a managing director at UBS Wealth Management. They're primarily pulling in the big bucks from real estate, technology, healthcare and other consumer industries, he said. In 2014, there were about 200 billionaires in China, versus 570 in the U.S., according to UBS. Chinese billionaires are also...
  • Indian Americans richest community in the US with median income of $100,547

    05/08/2015 10:30:30 PM PDT · by cold start · 53 replies
    India Tv ^ | 2 May 2015
    Washington: The median income of Indian-Americans, which is the richest ethnic community in the US, in the year 2013 was $100,547, Census Bureau said in its latest report. The figure is almost double the national median income and significantly more than even white, non-Hispanic Americans whose median income is approximately $57,000. In its latest report, the US Census Bureau said Indian Americans are the third largest Asian community in the United States after Chinese and Filipinos. The Chinese (except Taiwanese) population was the largest Asian group, followed by Filipinos (3.6 million), Indian American (3.5 million), Vietnamese (1.9 million), Koreans (1.8...
  • The remarkable life and lessons of Ronald Read, the $8 million janitor

    04/25/2015 5:18:08 AM PDT · by SeekAndFind · 12 replies
    Washington Post ^ | 04/24/2015 | By Barry Ritholtz
    You may have read about the remarkable life and times of Ronald Read. He was the gas station attendant and lifelong resident of Windham County, Vt., who had quietly accumulated a portfolio worth a fortune. As the Brattleboro ­Reformer reported earlier this year, Read died last June at age 92. Despite his relatively modest wages, he left an estate with “stock holdings and property” valued at nearly $8 million. His bequest was to leave most of it to the Brattleboro Memorial Hospital and Brooks Memorial Library. His close friends and family were shocked when they learned the value of his...
  • Magnates who won't leave wealth to kids

    04/24/2015 5:16:03 PM PDT · by SoFloFreeper · 36 replies
    [Gene Simmons]The bass guitarist for Kiss was raised by a single mother and has said in a television interview that his children will not get rich off his money. They will receive a small inheritance, Simmons says, but "every year they should be forced to get up out of bed and go out and work and make their own way." He has not decided what he'll do with his fortune, but he currently sponsors more than 140 African children through ChildFund.
  • Outcome Inequality

    04/23/2015 1:51:25 PM PDT · by Kaslin · 34 replies
    Townhall.com ^ | April 23, 2015 | Derek Hunter
    Democrats think they have the issue of the 2016 election: income inequality. The theory is that so few Americans control so much of the wealth in the country that the rest of us, the “99 percent,” will rise up and demand “fairness.” It’s jealously, plain and simple. And its success, as much as there has been, is based on ignorance.Bill Gates is worth more than you or I ever will be. Actually, he’s worth more than you, me, and pretty much everyone we know ever will be. But he’s not rich because we’re poor. In fact, we’re not poor at...
  • Hillary at meeting with economists: We need to “topple” the wealthiest one percent

    04/21/2015 9:10:52 AM PDT · by SeekAndFind · 50 replies
    Hotair ^ | 04/21/2015 | AllahPundit
    The first thing I thought of while reading this was Romney trying to impress CPAC a few years ago by calling himself “severely” conservative. Coming from a committed populist ideologue like Elizabeth Warren, this might sound ominous. Coming from Hillary, it reeks of someone trying way, way too hard to sound like they’re part of the tribe. In her 2008 campaign, Mrs. Clinton touted the prosperity of the 1990s. Today, the trade deals, Wall Street deregulation, and deficit reduction Mr. Clinton oversaw are often blamed as contributing to the current divide between a tiny sliver of the wealthiest and...
  • When will the stock market crash?

    04/18/2015 9:26:05 AM PDT · by The Louiswu · 76 replies
    Me | 4/18/15 | TheLouiswu
    Looking over past threads and several articles I about the stock market I was wondering if anyone has any definite information on when the next stock market crash would come and how bad will it be?
  • The Ticket to Prosperity

    04/08/2015 4:37:01 AM PDT · by Kaslin · 8 replies
    Townhall.com ^ | April 8, 2015 | Walter E. Williams
    Gaza is home to Palestinian people, who have suffered injustices and have a history of legitimate grievances against both Israel and Arab governments. If there's one immutable fact of life, it is that history cannot be changed or controlled. What can be changed and controlled is the future. That points to the most tragic aspect of people in poor territories such as Gaza -- focusing attention on the past, which they can do nothing about, and not paying enough attention to the future. In the case of Palestinians, the first order of business is to recognize that they cannot militarily...
  • Where The Top 0.002% Of The World Live [See Map]

    03/16/2015 12:33:57 PM PDT · by SeekAndFind · 24 replies
    Zero Hedge ^ | 03/16/2015 | Tyler Durden
    We’ve talked quite a bit in the past about the foreign oligarch demand-driven boom in Manhattan real estate prices and the dollar strength-induced bust in the market for luxury Miami condos. As the dollar continues to surge and signs emerge that the hot money laundering trade may be waning, here are some clues as to where the 0.002 percenters of the world can be found going forward. Mapping the number of people with $30 million or more in assets by city…...and the breakdown looks like this…More from Citylab:  Things have changed since the last edition of the report. Now London...
  • Why Many Rich People Are Frugal-Unusual mindset of many rich...and why you might want to adopt it

    03/07/2015 3:16:45 PM PST · by 2ndDivisionVet · 38 replies
    Psychology Today's How To Do Life Blog ^ | March 6, 2015 | Marty Nemko Ph.D.
    I have a client I'll call Linda Loaded. When making coffee, she is so frugal that she puts less coffee into the coffeemaker than she should and compensates by, when the coffee is ready, squeezing the filter with the hot grounds in her hand to get the concentrated coffee into her cup, incurring a bit of pain. To save a few pennies. She is worth $10 million dollars. Not surprisingly, I asked her why she does it. LL: Being not wasteful is core to who I am, why I'm worth $10 million, and why I'm able to live a life...
  • Where millionaires are moving—and fleeing—around the world

    03/06/2015 7:17:36 AM PST · by SeekAndFind · 15 replies
    CNBC ^ | 03/05/2015 | Robert Frank
    Money moves around the world faster than ever. And millionaires, it turns out, are becoming just as global. According to a new study from global real estate consultant Knight Frank with Fragomen, the immigration specialist for the wealthy, more millionaires than ever are looking for homes in other countries. Their overseas interests range from pied-a-terres and beach homes to a place where they can house their children while they attend school overseas. A growing number are also looking for primary residences to move their families entirely and obtain new citizenship. So where are millionaires moving from and going to to?...
  • Stopping Obama and the Kleptocrats

    02/12/2015 3:00:38 PM PST · by Kaslin · 5 replies
    Townhall.com ^ | February 12, 2015 | Robert Knight
    In 1973, National Lampoon put a dog on its cover with a gun to the animal’s head. The tongue-in-cheek headline was: “If you don’t buy this magazine, we’ll kill this dog.” In the same vein, President Obama might as well be preparing a new cover, with a frightened elderly lady, and a headline saying, “Raise the debt limit again or we’ll kill this woman.” Mr. Obama threatens to withhold Social Security checks each time the debt limit deadline nears, ignoring the fact that even if the limit were met, the government could pay its debt obligation and all Social Security...
  • Winter blues? Rich kids of Instagram show you how to get over them

    02/10/2015 5:41:22 AM PST · by C19fan · 6 replies
    UK Daily Mail ^ | February 10, 2015 | Staff
    As snow batters the the eastern United States and temperatures plummet in Britain, the summer months and the chance of a holiday for some seem like a dream away. But for these kids, it is a simple and accessible reality. The wintry weather is another excuse for Instagram's wealthiest youngsters to escape in their private jets or sports cars to holiday homes and penthouses suites around the world, just to get some sun.
  • ‘Poor people don’t plan long-term. We’ll just get our hearts broken’

    01/26/2015 12:46:36 AM PST · by CorporateStepsister · 45 replies
    The Guardian ^ | Sunday 21 September 2014 | Linda Tirado
    In the autumn of 2013 I was in my first term of school in a decade. I had two jobs; my husband, Tom, was working full-time; and we were raising our two small girls. It was the first time in years that we felt like maybe things were looking like they’d be OK for a while. After a gruelling shift at work, I was unwinding online when I saw a question from someone on a forum I frequented: Why do poor people do things that seem so self-destructive? I thought I could at least explain what I’d seen and how...
  • If you don’t understand how people fall into poverty, you’re probably a sociopath

    01/25/2015 6:20:29 PM PST · by 2ndDivisionVet · 59 replies
    The Guardian & Observer ^ | January 24, 2015 | Lucy Mangan
    Why don’t abused women just leave their partners? Why don’t poor people just spend less? Why do people in positions of power ask so many stupid questions? ‘Inequality has become a challenge to us as moral beings’Last week, I took part in a comedy night to raise money for the charity Refuge, which supports women and children who have experienced domestic violence. It was a great night: partly because it raised several thousands of pounds for the cause; partly because it was sponsored by Benefit cosmetics, and the idea of a benefit being sponsored by Benefit pleased me greatly; and...
  • Oxfam says the Richest 1% Control More Than Half The World's Wealth

    01/19/2015 6:27:32 AM PST · by SeekAndFind · 31 replies
    American Thinker ^ | 01/19/2015 | Pedro Gonzales
    The NYT published a press release from Oxfam claiming that the richest 1% control more than half the world's wealth. I don't know if that's true, but if it is... who cares? Even if it is true, where exactly is this money being held? Investors with interests in finance, insurance and health saw the biggest windfalls, Oxfam said. Using data from Forbes magazine’s list of billionaires, it said those listed as having interests in the pharmaceutical and health care industries saw their net worth jump by 47 percent. Oh, they're being held in businesses. Businesses, that, you know, employ...
  • Envy in a Time of Inequality

    01/18/2015 7:13:06 PM PST · by Ray76 · 21 replies
    Acton Institute ^ | Nov 5, 2014 | Samuel Gregg
    Envy, I’ve often thought, is the very worst human emotion. The epic Biblical narrative of Cain’s slaying of Abel reminds us that people have been jealous of others’ successes and well-being from time immemorial. When mixed, however, with the near-obsession with inequality that dominates much public discourse these days, there’s a serious risk that envy — and desires to appease it — can start driving public policy in ways that aren’t economically wise or politically healthy. Remarks like “you didn’t build that” or François Hollande’s notorious 2012 “I don’t like the rich” statement don’t of course come out of a...
  • Sorry, But YOU Don’t Pay Enough Taxes

    01/14/2015 6:45:31 AM PST · by safetysign · 11 replies
    Joe For America ^ | )1/13/2015 | Michael Becker
    Democrats, fresh off a resounding stomping last November, are convinced that the reason they lost is because they’re not giving away enough of your money.
  • Milton Friedman: Government's Responsibility to the Poor

    12/30/2014 10:11:53 AM PST · by Jan_Sobieski · 22 replies
    Free to Choose Network ^ | 1978 | Milton Friedman
    Milton Friedman 1978. From a lecture given at Stanford University, he instructs students and faculty on how free markets are the number one tool in the universe to reduce poverty. In the video he disparages government programs that discourage productivity, undermine minority advancement, and actually create poverty...
  • Where the Rich Park Wealth

    12/30/2014 5:38:54 AM PST · by SeekAndFind · 10 replies
    Barron's ^ | 12/30/2014 | Robert Milburn
    Don’t invest in your home, don’t even invest heavily in the stock market, but invest instead in yourself and the fruits of your work. That’s the path to serious riches – and what America’s wealthiest do.That at least is what emerges from the research of Edward Wolff, the economist at New York University. His study, based on Federal Reserve stats, shows that the top 1%— worth $7.8 million or more— keep nearly half of their wealth tied up in their closely-held businesses. This is not an entirely novel revelation. The Wolff study underscores what Penta previously noted in our blog...
  • How Catholic Monks Made the West Rich

    12/11/2014 4:20:39 PM PST · by Enza Ferreri · 20 replies
    Enza Ferreri Blog ^ | Enza Ferreri
    Why is the West richer than other parts of the world? What creates wealth? The scientific journal Science Nordic reports that a new PhD thesis tries to find an answer to these questions, very topical in times of bailouts and double-dip recessions and very challenging for economists, in Medieval history. And it discovers that it was the Roman Catholic order of Cistercian Monks that left a long-lasting legacy of cultivation of the virtues which made the West prosperous. ...One of the clues the thesis follows begins in France in 1098, when a breakaway group of monks formed a new...
  • U.S. PRESIDENTS, RANKED BY WEALTH [Using 2010 dollars]

    12/10/2014 7:20:16 AM PST · by SoFloFreeper · 5 replies
    supercompressor.com ^ | 10/15/14 | ETHAN WOLFF-MANN
    îť„ expand slideshow to fullscreen U.S. Presidents, Ranked By Wealth U.S. Presidents, Ranked By Wealth jornal.us Posted on 10/15/14 By Ethan Wolff-Mann @ewolffmann Share on Facebook Pin it on Pinterest Tweet this article Share this article on Google+ 197339 America might not have a royal family, but it's sure had a pretty large correlation between wealth and power, especially in our early years. Fueled by a heavy dose of curiosity, Wikipedia, and the public domain repository of presidential portraits, below we've ranked all the presidents by net worth*.Perhaps the biggest conclusions from this list? Family money + law firms...
  • Chris Rock’s econ bombshell: What his “riots in the streets” prediction says about American Dream

    12/05/2014 8:28:49 PM PST · by 2ndDivisionVet · 40 replies
    Salon ^ | December 3, 2014 | Elias Isquith
    Comedian reveals what it means to be rich today -- and how little the average American really understands about it. I’ve already written a bit about Chris Rock’s must-read interview with Frank Rich and, as much as I enjoy the comedian’s work, I didn’t expect to be returning to it quite so soon. But although Rock’s comments on racism initially drew the most attention, a recent study from Gregory Clark, a researcher at University of California, Davis, has got me thinking that the comedian’s most insightful (and potentially radical) statement came earlier in the interview, during a brief digression about...
  • UC Davis Economics Professor: There Is No American Dream

    11/28/2014 9:28:39 AM PST · by SES1066 · 35 replies
    CBS Sacramento CA ^ | 11/26/14 | Steve Large
    DAVIS (CBS13) — A UC Davis economics professorhas determined there is no American Dream. Gregory Clark is sharing his research as a hard truth with no hope—whether or not you can get ahead in America is as predictable as any formula.
  • Another Widening Gap: The Haves vs. the Have-Mores

    11/17/2014 5:22:02 AM PST · by 2ndDivisionVet · 14 replies
    The New York Times ^ | November 15, 2014 | Robert Frank
    Philip Rushton has been selling private jets to the global rich for more than three decades. In just about every economic cycle, sales of small jets and big jets tended to move together — rising and falling with financial markets and fortunes of the wealthy. Now, however, the jet market is splitting in two. Sales of the largest, most expensive private jets — including private jumbo jets — are soaring, with higher prices and long waiting lists. Smaller, cheaper jets, however, are piling up on the nation’s private-jet tarmacs with big discounts and few buyers. “The real demand is at...
  • If You’re Not Rich, Divorce Can Be Financially Devastating

    11/15/2014 10:24:30 AM PST · by SeekAndFind · 40 replies
    New York Times ^ | 11/15/2014 | TERESA TRITCH
    There is a long list of women* who have amassed personal fortunes by divorcing rich husbands — and as far as I can tell, they deserved every penny. This week Sue Ann Hamm joined it when a court ordered her ex-husband, Harold Hamm, the Oklahoma oil man, to pay her some $1 billion in cash and assets, or about $38 million per year of a 26-year marriage. Ms. Hamm plans to appeal on the grounds that the award grossly undervalues her share of the wealth accumulated during the marriage, Reuters reported on Thursday. If Ms. Hamm gets anywhere near half...
  • Trustafarians Want to Tell You How to Live

    10/31/2014 6:51:54 AM PDT · by C19fan · 15 replies
    The Daily Beast ^ | October 31, 2014 | Joel Kotkin
    Americans have always prided themselves on being a nation of the self-made, where class and the accident of birth did not determine success. Yet increasingly we are changing into a society where lineage does matter—and likely this process has just started, threatening not only our future prosperity but the very nature of our society. In some ways the emerging age of inheritance stems from the success Americans enjoyed over the past half century. Think not only of the wealthy entrepreneurs, but the vast middle class that purchased their homes, often for what in hindsight look like very low sums, and...
  • New York Dominates 2014 List of America's Most Expensive ZIP Codes

    10/18/2014 8:42:06 PM PDT · by 2ndDivisionVet · 9 replies
    Forbes Magazine's Life Blog ^ | October 8, 2014 | Erin Carlyle
    In Atherton, Calif., 94027, the most expensive home currently on the market is a 12,840-square-foot Mediterranean mansion with a $21.988 million price tag. Not a millionaire? Good luck finding a place to live in this Silicon Valley enclave. The least expensive home for sale in the 94027 ZIP code is a 1,370-square-foot, two-bedroom, two-bath bungalow. In other words, a starter home–with an asking price of $1.499 million. The median price of the 24 homes listed for sale over the summer was $9.03 million, making Atherton the most expensive ZIP code in America for the second year in a row. “Atherton...
  • Where Do the World’s Wealthiest People Live?

    10/15/2014 7:48:07 AM PDT · by SeekAndFind · 15 replies
    Wall Street Journal ^ | 10/15/2014 | By NICK TIMIRAOS
    When it comes to producing millionaires, the U.S. still leads the pack. Between July 2013 and July 2014, the ranks of Americans with a net worth exceeding $1 million grew by 1.63 million, or more than one-third of the 3.84 million adults worldwide who saw their net worth exceed $1 million over that span, according to a new report on global wealth from Credit Suisse CSGN.VX -3.56%. Overall, the U.S. was home to around 14.2 million millionaires, or more than 40% of those in the world. After the U.S., the United Kingdom, France and Germany added more millionaires than...
  • Harry Reid’s Bodyguard Attacks Jason Mattera for Asking a Simple Question

    10/09/2014 2:07:07 PM PDT · by afraidfortherepublic · 40 replies
    PJ Tattler ^ | 10-9-14
    Crapitalism author Jason Mattera wanted to ask Sen. Harry Reid (D-NV) a simple question: How did Reid, who was born in poverty, become so rich while working for the government? So he caught up with Reid recently to ask him about it. Reid refused to answer at all. Suddenly, one of Reid’s bodyguards took it upon himself to stop the questioning. He attacked Mattera while Reid just kept silently walking on. Take a look. (Video at source) By the way, Jason has accepted Bob Beckel’s challenge to fight, after Mattera targeted IRS targeting scandal honcho Lois Lerner.
  • Obama slams the rich at the home of a guy named Rich Richman

    10/09/2014 8:05:33 AM PDT · by SeekAndFind · 36 replies
    New York Times ^ | 10/09/2014 | Richard Johnson
    President Obama blasted Republicans as the party of “billionaires” on Tuesday while mingling with high-rollers at the $26 million estate of Rich Richman — yes, that’s his real name — in Greenwich, Connectiut. Richman, who built his $10 billion company developing rental housing, lives in the Conyers Farm area, where the minimum lot size is 10 acres. Twenty-five donors paid $32,400 each to get their photo taken with the president. Others paid $10,000 for dinner. While Obama was schmoozing — and the press pool was playing billiards in the basement — he was also soliciting donations for House Democrats in...
  • America's Missing Wealth: The Real Cost of Government Will Stun You

    10/07/2014 6:44:27 AM PDT · by SeekAndFind · 5 replies
    Forbes ^ | 10/07/2014 | Rich Karlgaard
    “COMPOUND INTEREST is the eighth wonder of the world.” Did Albert Einstein say this? He should have. It’s true. Few grasp compounding’s power. Or they do, but the need for quick gratification overwhelms their good sense. On the radio someone asks Dave Ramsey, the money guru with an avid following among the heartland’s middle class, whether it’s okay to take out a payday loan for special occasions. “Like what?” asks Ramsey. “Um, tickets to the state fair,” the caller answers. Now, understand that Ramsey is a debt hawk who hates credit cards. The idiocy of taking out a usurious payday...
  • How Not to Be Poor [What the schools are NOT teaching our kids]

    09/30/2014 11:31:19 AM PDT · by SeekAndFind · 26 replies
    Pajamas Media ^ | 09/30/2014 | Helen Smith
    I read over Kathy Shaidle’s piece on the ways in which one can stay out of poverty. While a lot of the poor lifestyle decisions she points out make sense for avoiding poverty, such as finishing high school or not having numerous kids while a teenager, or even avoiding smoking, my experience as a therapist has taught me that education on how not to be poor is an important component for helping people to avoid poverty. Let me explain.Most books like Peter Thiel’s Zero to One: Notes on Startups, or How to Build the Future tell one how to get...
  • Bill Gates Tops Forbes’ Richest Americans List For 21st Straight Year

    09/29/2014 8:14:43 PM PDT · by SeekAndFind · 14 replies
    Headlines and Global News ^ | 09/29/2014 | Emily Morgan
    An American worth less than $1.55 billion could not land on this year's "The Forbes 400," the annual ranking for the richest people in America. The cut-off increase from last year's $1.3 billion disqualified 113 poor billionaires for this year's list. Bill Gates once again lorded over his fellow wealthy Americans for the 21st consecutive year with a healthy $81 billion, up $9 billion from 2013. He outpaced Warren Buffet ($67 billion), Larry Ellison ($50 billion) and the Koch brothers' Charles and David (each worth $42 billion) to round out the top five. Michael Bloomberg ($35 billion) managed to slide...
  • Alibaba Founder Jack Ma: If you’re still poor at 35, you deserve it!

    09/23/2014 7:33:32 PM PDT · by SeekAndFind · 85 replies
    Vulcan Post ^ | 09/23/2014 | Zach Ho
    You are poor because you have no ambition.Jack Ma: Before I founded Alibaba, I invited 24 friends to my house to discuss the business opportunity. After discussing for a full two hours, they were still confused — I have to say that I may not have put myself across in a clear manner manner then. The verdict: 23 out of the 24 people in the room told me to drop the idea, for a multitude of reasons, such as: ‘you do not know anything about the internet, and more prominently, you do not have the start-up capital for this’...