The Myth That The Ultra Rich Aren't Largely Self Made and Inherited Their Fortunes

[william the wie]

Getting out of debt is the first step to getting rich. MikeK is either unable or unwilling to take that step.

 

[MikeK]

For better or for worse, those criminal investigations.

With the mockery of a justice department we have these days there is about a 98% probability prosecution would be based on party affiliation rather than whether or not any crime might have been committed. Plenty of precedent in other countries that have taken the same Socialist cum Communist path Obamerica is walking.

If it appears Obama is moving in a Socialist direction it is only because his secondary objective, "Obamacare," has been the culminating extension of his obligatory goals as a Chicago "community" organizer. But his primary objective as President is and has been accommodation of those who financed his accession -- Wall Street and the banks. President Obama is and always has been in the pocket of the finance industry, which is diametrically opposed to the vaguest suggestion of Socialism.

 

[MikeK]

Getting out of debt is the first step to getting rich. MikeK is either unable or unwilling to take that step.

MikeK is not now nor has he ever been in debt. Nor has he ever been interested in "getting rich."

 

[MikeK]

If you possess personal assets of or near twenty million dollars, of course I envy that kind of advantage. I'd be abnormal if I didn't. But I don't envy it nearly as much as you might think (or wish) that I do. And it's important that you understand it's the luxury potential I envy -- not you. For all I know you could be some kind of creep whom I wouldn't change places with for twenty billion dollars.

Yup, you envy enough to want to steal it by taking by force. That is a lot more envy for 20 million than I have, I'm not willing to steal from anyone.

Actually, if you've managed to accumulate a twenty million dollar fortune I have no problem with that. Enjoy it. That kind of success is what America is about. But if you're not satisfied with that much and you've seen fit to go on hoarding wealth beyond that level it's important you understand the difference between envy and resentment.

Oh yes people who accumulate twenty million should definitely have some guy who doesn't have shit deciding anything more is too much and should be stolen to give to everyone else.

After all they only got that way by exploiting everyone, which you can prove by demanding others watch your 2 hour youtube video.

the only possible motivation for any American to go on hoarding wealth beyond the twenty million dollar range is the pernicious sickness of greed -- which you seem to exemplify.

Lol fail my wife and I are retiring at the end of this year because we're satisfied with how much we have. We're only in our 40s and could certainly work another 20 years to build substantially more wealth, but have no interest in accumulating money for the sake of accumulating money. Have enough for a simple middle class life and that is all we need.

So again MikeK who hasn't done shit and doesn't have shit is pretending to know about things he doesn't understand and looking like a fool because of it.

And the bottom line to this discussion is you are as full of shit as a Christmas goose.

 

[SteadyMercury]

And the bottom line to this discussion is you are as full of shit as a Christmas goose.

Translation: I fail at justifying my greedy and envy that make me want to steal from others more successful than me.

 

[HenryBHough]

And the bottom line to this discussion is you are as full of shit as a Christmas goose.

Somehow the above seems to have oozed out of the "Favourite Foods and Recipes" forum.......

But Thank You Mikey for sharing yours!

 

[william the wie]

And the bottom line to this discussion is you are as full of shit as a Christmas goose.

Somehow the above seems to have oozed out of the "Favourite Foods and Recipes" forum.......

But Thank You Mikey for sharing yours!

sounds about right.

 

[rdean]

Bill Gates came from such humble beginnings:

His father was a prominent lawyer, and his mother served on the board of directors for First Interstate BancSystem and the United Way. Gates's maternal grandfather was JW Maxwell, a national bank president. It's a wonder he ever learned to work living with such slackers.

 

[OnePercenter]

Finally something on which we can agree!

That exactly matches my own experience. Thing is, though, that at about a million two it becomes routine and just not nearly as much fun.

You've 'outted' yourself. Making money is ALWAYS fun and it NEVER gets old. The key is to exert as little effort in making it.

Alas the old reading comprehension rears its ugly head.

I did not say making money gets old. That's your wisdom.

I did not say making money becomes "not fun" - only that it's not nearly as much fun when it becomes the norm. Comparatives - were they always a challenge to you?

No, but subjective rants have always been fun to play with.

 

[HenryBHough]

You've 'outted' yourself. Making money is ALWAYS fun and it NEVER gets old. The key is to exert as little effort in making it.

Alas the old reading comprehension rears its ugly head.

I did not say making money gets old. That's your wisdom.

I did not say making money becomes "not fun" - only that it's not nearly as much fun when it becomes the norm. Comparatives - were they always a challenge to you?

No, but subjective rants have always been fun to play with.

Wow, I diverted you from that hole in your pocket?

Fan-TASTIC!

 

[bripat9643]

Bill Gates came from such humble beginnings:

His father was a prominent lawyer, and his mother served on the board of directors for First Interstate BancSystem and the United Way. Gates's maternal grandfather was JW Maxwell, a national bank president. It's a wonder he ever learned to work living with such slackers.

His father wasn't a billionaire or even a multi-millionaire, and that's all that matters. There are millions of people in this country who come from circumstances similar to those Bill Gates experienced. The claim that the super wealthy all inherited their money is obviously false.

 

[MikeK]

Bill Gates came from such humble beginnings:

His father was a prominent lawyer, and his mother served on the board of directors for First Interstate BancSystem and the United Way. Gates's maternal grandfather was JW Maxwell, a national bank president. It's a wonder he ever learned to work living with such slackers.

Our economic system is analogous to an intricate computer program in that it can be "hacked" by those with knowledge of its permutations and weaknesses. While its known vulnerabilities are protected by anti-tampering regulations, most of which were put in place by the FDR Administration, others remain subject to manipulation by knowledgeable individuals who understand how to best exploit them.

In keeping with that analogy it may be said that if Bill Gates derived from an ordinary family background his discoveries and activities in the field of microcomputers would unquestionably have made him rich. But because he had access to a family of financial "hackers" he was in a position to lawfully employ the most deviously effective "hacking" techniques available in exploiting the financial capabilities of this important new technology to bring about what in fact is the most profitable example of monopolistic practice in the history of finance.

If it were possible for lawmakers who impose protective financial regulations to anticipate the kind of maneuvers employed by Gates to monopolize the microcomputer industry, while Gates would undoubtedly have become rich he could not have managed to hoard such a massive share of the Nation's wealth resources.

 

[CrusaderFrank]

From the Forbes top billionaires list:

1. Bill Gates - Self made billionaire.
2. Carlos Slim - Modest family origins, self made billionaire.
3. Warren Buffet - Self made billionaire.
4. Amancio Ortega - Very humble origins, father was a railway worker.
5. Larry Ellison - Self made billionaire.
6. and 7. Koch Brothers - 99.9996% of their wealth was created by them, the rest was inherited.
8. Sheldon Adelson - His father drove a taxi, and his mother ran a knitting shop.
9. Christy Walton and Family - Inherited wealth
10. Jim Walton - Inherited wealth

Out of 10 people on this list, only 2 inherited their wealth (the other 8 inherited much less than even 1% of their net worth).

Also there is little resemblance of the Fores 400 today that there was 20 or 30 years ago. It's a very dynamic system. If it worked as the Zombie-Left suggested there'd be no movement at all because the rich have a stranglehold on the economy and just siphon from the middle class

 

[bripat9643]

Bill Gates came from such humble beginnings:

His father was a prominent lawyer, and his mother served on the board of directors for First Interstate BancSystem and the United Way. Gates's maternal grandfather was JW Maxwell, a national bank president. It's a wonder he ever learned to work living with such slackers.

Our economic system is analogous to an intricate computer program in that it can be "hacked" by those with knowledge of its permutations and weaknesses. While its known vulnerabilities are protected by anti-tampering regulations, most of which were put in place by the FDR Administration, others remain subject to manipulation by knowledgeable individuals who understand how to best exploit them.

In keeping with that analogy it may be said that if Bill Gates derived from an ordinary family background his discoveries and activities in the field of microcomputers would unquestionably have made him rich. But because he had access to a family of financial "hackers" he was in a position to lawfully employ the most deviously effective "hacking" techniques available in exploiting the financial capabilities of this important new technology to bring about what in fact is the most profitable example of monopolistic practice in the history of finance.

If it were possible for lawmakers who impose protective financial regulations to anticipate the kind of maneuvers employed by Gates to monopolize the microcomputer industry, while Gates would undoubtedly have become rich he could not have managed to hoard such a massive share of the Nation's wealth resources.

So what are these "hacking techniques" that Gates used to "monopolize the microcomputer industry?"