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.”
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.
It’s from 2012 but it’s very good, and interactive.
If you live in a wealthy part of the country it is very likely that you are represented in Congress by a Democrat. Often a very “liberal” Democrat. Why is this?
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.
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%.
Funny thing about those who rise on the shoulders of the proletariat. They always seem to enjoy being rich. Why is that?
It is interesting to hear (some) people praise Mr. Bernanke for having “saved” the United States and the world from Great Depression II. This praise is misplaced to say the least.
Senators are paid well, but they have significant expenses too. How Harry Reid has become such a rich man while in the Senate is a question worth exploring. The Washington Times is poking around..
There is some serious simple wisdom in the attached article.
Good report. Our system of crony capitalism has cut many people out of upward mobility, or at least made it much harder to get ahead. In our current system the established players compound their wealth with the help of the state.