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Tag Archives: rich

Nancy Pelosi’s Life in the 0.1 Percent

Ms. Pelosi has played the crony capitalism game well. The way she sees it – I promise you this is how she sees it – she’s just doing well, while doing good.

It’s the tune of many a crony.

“See, it’s OK that I live like this, even though I rail against the ‘rich,’ because I am one of the good guys. I’m for more money for welfare, and all sorts of other government programs to help the peasantry…er…the American people. I’m not like those terrible small government people with their tacky attachment to bourgeois values.”

But the enlightened, alas, must suffer such imbeciles. Sigh.

Now where is that lovely 1999 pinot? Just thinking about those teabaggers makes me want to drink.”

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About Inequality: Rich Get Poorer Over Time, Not Richer

I did not grow up with money. But I did work in finance for years and I have known a number of people with significant wealth. I also live in an old money town, Charlottesville, Virginia.

There is an adage about significant wealth which I think holds generally true and that is that “old money” is smaller than “new money.”

Often with older money there is some patriarch a few generations ago who made a pile of cash in some endeavor, rubber, banking, textiles, whatever. And sure, properly taken care of this wealth should grow from generation to generation. And this sometimes happens.

But never underestimate the destructive ability of an idiot son or grandson or grandsons given too much responsibility and too much money. Over time fortunes very often erode. Not always, but often. And they are always split up through the generations.

Of course this assumes a capitalist, or close to capitalist system, not a crony capitalist one like we have now.

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If you had assets before 2008 you’re probably doing fairly well, If you didn’t, well sorry

The great disconnect continues. Those who are tapped into the (crony) financialized system have seen their stocks and bonds do well as the market has ridden a Federal Reserve created bubble. Those who do not have assets, or only real estate assets, (unless they have nice arable farmland) have fallen behind. It’s a case of the rich getting richer and the poor getting poorer, but the situation has been exacerbated by the central bank experiments of the last 6 years.

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Wealthy Clintons Use Trusts to Limit Estate Tax They Back

Look, at a net worth of $100 million the Clintons are not wealthy, they are legitimately rich. They are not the 1%, they are the 1% of the 1%. And surprise surprise, despite all the “have and have not” nonsense coming from Madam Clinton as of late, the Clintons intend on remaining in the 1% of the 1%.

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