Why I’m Not Rich……..
Here’s the question: Why aren’t all the smart people rich?
The Answer: The basic problem with the free enterprise system is that it often rewards the wrong people with the money……
As economist Walter Bagehot pointed out,“At particular times a great deal of stupid people have a great deal of stupid money.”
I’m really poor…. Somebody pass me that panhandle, please…….
January 5th, 2006 at 9:12 pm
The old axiom “only in America” is not as true as it once was. I’d be willing to bet that most “wealthy” people nowdays, inherited it. Sure there are folks that do make quite a bit of money, but the really big money people had it passed on to them. Just my opinion. For what it’s worth, there’s a man over there, what it is ain’t exactly fear……………
January 6th, 2006 at 7:28 am
“Hey, look, what’s that sound?…. Everybody look what’s goin’ down…..” ….. Yeah, Sunn, I have to agree with you, I think most people these days watch their money and investments closer than they did before 911 (just as a reference point), unless they already had more money than brains….
January 6th, 2006 at 3:53 pm
Well…….we all know about the robber barons of the 20’s, the family fortunes and concentrated wealth. But, damn it, this is America. There’s still room for the little guy to make it. It isn’t all about inherited wealth. Jack Abramoff made it.
(And lost it. If it wasn’t for hubris I bet he”d still be trucking)
January 6th, 2006 at 11:34 pm
My dad used to tell me, “Son, I’m sorry a wasn’t born rich instead of so damn good lookin'”.
I wish he had been born rich instead of so damn clever. But money isn’t everything. A couple
of years ago my wife and I (together) were making around a hundred grand a year. Now, we’re
flirting with the poverty line, yet we’ve never been happier.
January 7th, 2006 at 6:53 am
Randalf, you and Anon are takin’ this a bit off track…. You’ve gone into the “Money Can’t Buy You Love” and “Little guy does good” areas, of which, either would make a great post (hint-hint)….. This post was about undeserving people acquiring fortunes….. Now, whether, they are happy or not, we don’t know…. Maybe they are so stupid and live in such a different world than us, that they, at least, think they’re happy….. Personally, my one major fault has always been money management…. I’ve always valued family and friends, fair play, and doing the right thing over making and/or hording lots of money….. I guess that’s why I don’t do too well selling off personal possessions, but I’m a hell of a consumer….. I tend to keep the old dollar in circulation – too much most of the time…..
January 7th, 2006 at 9:35 am
If you take away the dudes that have made millions from some original or bizarre Internet type enterprise, not too many people entrepreneur their way into becoming millionaires, as they once did in this country. Maybe that’s because there are no longer any original ideas, or nothing that hasn’t been done before (particularly in music IMHO). Oh, hell, I’m just an old geezer, what do I know?
January 7th, 2006 at 1:19 pm
Having too much money for too long eventually makes you dumb.
January 7th, 2006 at 3:13 pm
Yes, I did get off the track. I was really responding to Sunn’s comment.
” Why aren’t all smart people rich”? Some are rich. Some have more important things to do and don’t care. If we are talking about REAL money, the deck is stacked against you. You can get in the game for smaller stakes if you walk the walk. Huge concentrated wealth is another matter. That’s a different club.
January 7th, 2006 at 4:59 pm
MR: I thought you have always had a good knack for liquidating your personal assets quite profitably, the only flaw I have seen is selling it too soon ie: 1971 Dodge Challenger 426 Hemi Trac-Pak Package For (Price Undisclosed) now MSRP $110.000. But I digress, the people that have the wealth now, most do not have a conseince I would rather be able to look at myself in the mirror each day and be poor than be wealthy and be afraid to show my face to my friends and employees.
January 7th, 2006 at 5:03 pm
Anon, I knew you were replying to Sunn’s comment – I was just trying to con some new posts out of anyone other than me….. You know, I like to sit back and make comments without responsibility every once in a while….. But, really, this blog thing is addictive….. I look forward to new posts and comments as soon as my little peepers open up in the morning…. Thanks to all for the support, but don’t expect any pay-offs, you’ll just have to get stupid to get rich…. I think DRS’s comment #7 applies to more than just money – Too much of anything for too long would produce a single-mindedness dumbing effect (what did I just say?)….
January 8th, 2006 at 11:23 am
” Too much of anything for too long would produce a single-mindedness dumbing effect (what did I just say?)âŠ.”
Great comment,MR. Have seen this happen all too often, including myself, at times.
January 8th, 2006 at 1:35 pm
It seems that the consensus here is that someone who has lots of wealth is evil, or will be evil soon-after acquiring wealth. They may not be happy, sharing, or friendly, but is that equal to evil? This BusinessWeek article, The New Face of Philanthropy, shows that many of the new super rich give substantial portions of their personal wealth. BusinessWeek ranked 50 of the most generous donors in America, who together has given $41 billion over the past five years. Of course there are also what BusinessWeek calls “wealthy laggards” who give only a few percent of their fortune.
Regarding new American millionaires: This article from the National Center for Policy Analysis sez that one of every 36 American workers is a millionaire and most of those say there was poverty in their family two generations ago. Check out this quote:
That article was from 1999. More recently (2004 and 2005 respectively) CNN reported that 1 in 125 Americans are millionaires and the number of millionaires in America reached record highs in 2004, hitting 7.5 million. The articles indicate that much of the wealth is from investing in stocks and mutual funds. Here are some stats from the latter article:
Of course, a million dollars doesn’t get you what it once did…
January 8th, 2006 at 2:28 pm
WHAT?????? “One of every 36 American workers is a millionaires.” Whoops! That just changed before my very eyes to one in 125. Jek, your sitting at your computer typing up these myths as I read.
Have to agree with Mr. Jek, if that’s his real name. With an infinite number of monkeys out there typing, and you know who you are, there’s probably going to be a honest, responsible person with a lot of money somewhere. Let’s find the deviant.
January 8th, 2006 at 7:31 pm
Anon, I’m sure you’re right. My point is just that the “American Dream” is no longer what it once was. Only in America (Don King), right? Only in America, what? You can become wealthy by being a con artist, born liar, etc. is what that tells me. I recall in my “hippy” days wealth was thought of as the root of evil. However, once a few of my hippy friends started making a lot of money, then it was no longer taboo. Quite funny, as well as ironic how things turned out, huh? I’m not trying to judge anyone, just stating the facts, ma’am.
January 8th, 2006 at 9:00 pm
Couple of things, Mr. Anon: The 1 in 36 applies to American workers and the 1 in 125 applies to all Americans, or does it?. Either way, the articles are 5 years apart (spread across the tech bubble) AND probably somewhat wrong in exact data. (It depends on how well they applied statistic methods.) My point is that there are plenty of millionaires that didn’t inherit their money. Maybe you live next door to one.
January 9th, 2006 at 12:58 am
As MR pointed out, old Randalf got “off track”. I’m off track most of the time–good thing I’m not
a train.
I don’t equate wealth with evil, and I applaud the philanthropic efforts of the Bill Gateses and Ted
Turners of the world. I don’t personally know any wealthy people, so it would be rather presumptuous
of me to judge them. If I were going to judge them, first I would have to define “wealth” in a more
precise way. A million bucks ain’t what it used to be. I recently met a gentleman from Aspen, CO who
told me that, “The billionaires are driving out the millionaires there”. From his tone, I assume that
he was a mere millionaire. As was stated by Mr. Jek, many of the wealthiest Americans aquired that
wealth before the advent of the labor movement, environmental protection laws, and a host of other
“impediments” that exist today. But don’t feel too sorry for the entreprenuers of today. They can
always go to third world countries to foul the air and water and to fill their sweatshops with children.
January 9th, 2006 at 11:59 am
Cant say I disagree with anything that has been said so far. How to add it all up? “Its easier for a camel to pass through the eye of a needle than for a rich man to get into heaven” but not imposable. You can acquire wealth any number of ways, some more probable than others. Money is E V I L or not. Seems humans and society are neither one thing or the other. Will Bill Gates make it to heaven? Is all that accumulated wealth doing good or evil? Are we morally evolving as a species? Man, my head just exploded.
January 10th, 2006 at 3:24 pm
I’ve got some brain epoxy for you, Anon….. It’s even gray and wrinkled….. Just make sure you don’t leave any pieces out, because it’s a one-way glue and we wouldn’t want you to have a lop-sided head…..
Personally, I wouldn’t mind high-diving into a couple of million dollar bills….. I’d even contemplate their evilness one by one as I count them…. One for me…. Two for me… Three for me…. None for anyone else…. Maybe I do need to think about it…. I do know, in this time period, in this country, ya can’t live or die without it (unless you’re a veteran, and then they’ll pay $255.00 for your funeral)…..
January 10th, 2006 at 5:00 pm
What do you get for $255?
January 10th, 2006 at 5:58 pm
A trash can and a 21 BB-gun salute…. What else would you need?…..
January 10th, 2006 at 8:26 pm
Better than a poke in the eye with a sharp stick!