anyone who attacks the rich are just jealous that theyu themselves are not rich. and it always seems to be the leftwing socialists who do the most complaining. and why are these folk not rich? because they are either too stupid, or too lazy to make money.
On Sep 12, 5:26 pm, Gaar <[EMAIL PROTECTED]> wrote: > Misfortune? > > The Poor in the U.S. Live in better conditions than the AVERAGE > European... > > Imagine that. > > On Sep 12, 2:17 pm, Frank <[EMAIL PROTECTED]> wrote: > > > Nothing to gloat over here, and less you like gloating over the > > misfortune of your own people. > > > On Sep 13, 6:37 am, Gaar <[EMAIL PROTECTED]> wrote: > > > > He is very jealous, obviously... > > > > On Sep 12, 1:36 pm, mark <[EMAIL PROTECTED]> wrote: > > > > > jealous? > > > > > On Sep 12, 4:35 pm, Frank <[EMAIL PROTECTED]> wrote: > > > > > > WSWS : News & Analysis : North America > > > > > The very rich in America: “The kind of money you cannot comprehend” > > > > > By David Walsh > > > > > 19 April 2006 > > > > > > Use this version to print | Send this link by email | Email the author > > > > > > “Let me tell you about the very rich,” F. Scott Fitzgerald famously > > > > > wrote in a 1926 story, “They are different from you and me.” But even > > > > > Fitzgerald could not have imagined how different “from you and me” the > > > > > very rich would become in America eight decades later. > > > > > > The sums that the very wealthy have at their disposal in the US are > > > > > almost unimaginable: Oil executive Lee Raymond receiving some $400 > > > > > million in a retirement package; the 2005 compensation of bank > > > > > chairman Richard Fairbank totaling some $280 million; Omid Korestani, > > > > > head of Google’s global sales, exercising stock options providing him > > > > > with $288 million last year. > > > > > > The accumulation is brazen. What once would have been considered a > > > > > somewhat discreditable fact of social life, the proliferation of > > > > > billionaires, is now hailed as a sign of America’s success. The demise > > > > > of the Soviet Union and the supposed absence of any alternative to > > > > > capitalism, the putrefaction of the AFL-CIO trade unions, the > > > > > ignominious collapse of American liberalism and the lack to this point > > > > > of broad-based, organized political opposition to the ruling elite and > > > > > its two parties have rendered the American financial aristocracy > > > > > “dizzy with success.” These people have lost their heads. > > > > > > In the face of public outrage over oil company profits and soaring > > > > > gasoline prices, Exxon arrogantly defended Raymond’s hundreds of > > > > > millions, arguing that they were rewarding the executive’s > > > > > “outstanding leadership of the business, continued strengthening of > > > > > our worldwide competitive position, and continuing progress toward > > > > > achieving long-range strategic goals.” The company added that it > > > > > considered Raymond’s compensation package “appropriately positioned.” > > > > > > In a study published in October 2005, three accounting professors > > > > > reported that negative, even occasionally scathing press coverage, > > > > > “does not substantively change corporate behaviour with regard to pay > > > > > packages.” The American establishment is all but impervious to the > > > > > sentiments of the broad masses of the population. In response to a > > > > > recent report detailing the immense and growing social gap, a > > > > > spokesman for New York state’s Business Council told a reporter that > > > > > the incomes earned by his state’s rich were “something that everybody > > > > > who cares about New York should be pleased about.” > > > > > > An insulated world of immense wealth exists as never before, at least > > > > > in modern US history. The number of Americans with assets of $1 > > > > > million or more reached 7.5 million in 2004, according to a survey > > > > > conducted by the Spectrem Group. Beyond that, however, are those who > > > > > possess “Ultra High Net Worth” (a mellifluous term invented by Merrill > > > > > Lynch circa 2001): individuals in households with $5 million or more > > > > > in net worth. In a country of 300 million people, the UHNW form a very > > > > > small percentage of the population, but a not insignificant number in > > > > > absolute terms. Economic, political and cultural life in America is to > > > > > an enormous extent organized for their benefit. > > > > > > This is not simply obscene or unjust, it is socially irrational and > > > > > immensely destructive. How is it possible to allocate resources, > > > > > repair and renew the infrastructure, carry out any type of long-term > > > > > economic planning, cure any social ills, when the official guiding > > > > > principle is the ability of an oligarchic elite to accumulate ever- > > > > > greater personal wealth? The gravitational pull of such wealth asserts > > > > > itself in every aspect of life. > > > > > > The New York Times reported last year on a relatively new phenomenon, > > > > > magazines oriented entirely toward the very wealthy. Absolute > > > > > Publishing, the Times noted, had just started up a publication called > > > > > Absolute, “for distribution to New Yorkers with an estimated annual > > > > > household income of at least $500,000.” > > > > > > The editor of Absolute, Ernest J, Renzulli, is aiming for an audience > > > > > of only 60,000 New York residents. He found his target readership “by > > > > > winnowing databases of the most affluent New York ZIP codes with > > > > > people who have bought houses for more than $2 million and people who > > > > > have registered cars, boats or planes that cost more than $75,000.” > > > > > > “It’s a small number,” the Times quoted Mr. Renzulli as saying. “But > > > > > this is not a magazine that’s about mass reach. It’s about reaching > > > > > the tip of the pyramid.” > > > > > > The Times take note of Michael Silverstein, an executive with the > > > > > Boston Consulting Group and co-author of Trading Up: The New American > > > > > Luxury. Silverstein estimates that by 2010 Americans will spend $1 > > > > > trillion on luxury goods. The Times continues: “In an ever more > > > > > fragmented media world, the rich are becoming their own niche. They > > > > > may be diverse connoisseurs of fashion, yachting or jewelry, but they > > > > > share one important trait: a seemingly bottomless supply of disposable > > > > > income.” > > > > > > It must indeed be a predicament to be saddled with tens of millions or > > > > > hundreds of millions of dollars, or more—how is one to spend such > > > > > sums? Those “awash in cash” (the Times’ phrase) must rack their brains > > > > > and devote hours to the problem. How could one ever rest? Would not a > > > > > person require a certain degree of inventiveness to come up with ways > > > > > of spending such a fortune? > > > > > > Judging by the results in published reports—no, not particularly. By > > > > > and large, the fabulously wealthy have derived their fortunes from > > > > > inheritance, the stock market, the real estate bubble, fortunate > > > > > investments in technology or, perhaps, American militarism: in short, > > > > > from semi-automatic economic and social processes associated with the > > > > > lowering of living standards for millions in the US and the super- > > > > > exploitation of masses of people in impoverished countries in other > > > > > parts of the world. They are not startling or outstanding in any > > > > > fashion, except perhaps in the depth of their greed and > > > > > shortsightedness. > > > > > > So we learn that Microsoft’s Paul Allen owns a $250-million, 414-foot > > > > > “gigayacht,” with seven decks, two helicopter landing pads, a swimming > > > > > pool, a basketball court, an infirmary, a garage for Land Rovers, a > > > > > movie theater, a concert space for 260 and a recording studio. Not to > > > > > be outdone, Larry Ellison of software giant Oracle had his giant yacht > > > > > built 452 feet long. Ellison’s vessel has five stories, 82 rooms, “a > > > > > wine cellar the size of most beach bungalows, a dozen yacht-length > > > > > tenders, and a generator capable of providing enough electricity for a > > > > > small town in Idaho or Maine... Final cost: $377 million.” (Associated > > > > > Press) > > > > > > The wealthy elite are also purchasing their own widebody airplanes, > > > > > reports Business Week—Airbus A340s and Boeing 777s, which list for > > > > > over $100 million—as “airborne penthouses.” Customized outfitting may > > > > > add $25 to $30 million to the cost. > > > > > > The “supercar” business is also thriving. Ocean Drive, one of the new > > > > > magazines aimed at the affluent, carries a piece on Michael Fux, whose > > > > > Sleep Innovations manufactures Memory Foam products. Fux has collected > > > > > some 50 luxury cars. He recently took possession of a $2 million > > > > > Ferrari FXX, one of only 20 in the world. > > > > > > USA Today, in a piece describing the new “super-rich supercar > > > > > fanatics” who collect Ferraris and Maseratis and Bugattis, cites the > > > > > comments of one auto broker in southern California, “There’s a whole > > > > > new breed of collector that has emerged in the last three-four years. > > > > > Almost all make the kind of money you cannot comprehend.” > > > > > > Yet great unease persists in these circles. A yacht broker told > > > > > Associated Press that “a sea change in attitude among America’s > > > > > superrich” has taken place in the wake of September 11. “Clients are > > > > > telling me, ‘Hey, I could have been in the Twin Towers. That could > > > > > have been me jumping out a window.’ The thinking among wealthy people > > > > > now is, you can die anytime. Nobody can protect you. So you might as > > > > > well spend your money now and enjoy it.” > > > > > > Likewise, in its analysis of the trends driving the purchase of jumbo > > > > > jets by wealthy individuals, Business Week notes: “Because of > > > > > increased concern over security, especially post-September 11, some > > > > > businesspeople now use their aircraft as > > ... > > read more » --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
