|
|
#11
04-09-2007, 10:33 PM
|
|||
|
|||
Re: The Truth About the Rich
[ QUOTE ]
In the words of Gordon Gekko: "And I'm not talking about some four-hundred thousand dollar a year, working Wall Street stiff, flying first-class, being comfortable. I'm talking about liquid. Rich enough to buy your own jet, rich enough not to waste time. Fifty, a hundred-million dollars Buddy. A player. Or nothing" [/ QUOTE ] yeah it's really weird that movie came out in mid/late 80's so twenty years ago so that means that with inflation you have to double it. So today gecko would say 100-200 million. The whole fiat money system is really insidious. I don't think the average person has any idea what this hidden tax really does to them. 
|
|
#13
04-09-2007, 10:51 PM
|
|||
|
|||
|
Re: The Truth About the Rich
[ QUOTE ]
This doesnt seem that surprising given that we are only talking about households with > 1M in net household assets. [/ QUOTE ] How do you think the numbers would change if you went to, say, $100MM?
|
|
#14
04-09-2007, 10:56 PM
|
|||
|
|||
|
Re: The Truth About the Rich
[ QUOTE ]
[ QUOTE ] This doesnt seem that surprising given that we are only talking about households with > 1M in net household assets. [/ QUOTE ] How do you think the numbers would change if you went to, say, $100MM? [/ QUOTE ] How do you think these numbers would remain unchanged if we went to, say, $100MM?
|
|
#15
04-09-2007, 11:20 PM
|
|||
|
|||
|
Re: The Truth About the Rich
[ QUOTE ]
[ QUOTE ] [ QUOTE ] This doesnt seem that surprising given that we are only talking about households with > 1M in net household assets. [/ QUOTE ] How do you think the numbers would change if you went to, say, $100MM? [/ QUOTE ] How do you think these numbers would remain unchanged if we went to, say, $100MM? [/ QUOTE ] I've made no claims that they would or would not. I just asked for an opinion, since sam_h said that looking at $1MM+ made these numbers unsurprising - that implies that other numbers would produce different results, and I'm wondering what his basis for that is, and how he thinks those different numbers will look. If I had to guess, I would reckon these numbers would be tilted even more heavily in favor of the self-made as you move up to $100MM. First of all, you'll note that the inherentance tax becomes much more significant at this level, decreasing the number of $100MM heirs for any given $100MM+ estate size. Secondly, estates of this size are much, much more likely to be heavily endowed to foundations, etc. Thirdly, there's no counter-balancing factor that makes estates this size *more* likely to be inherited rather than self-made. So, what you got?
|
|
#16
04-09-2007, 11:21 PM
|
|||
|
|||
Re: The Truth About the Rich
|
|
#17
04-09-2007, 11:22 PM
|
|||
|
|||
|
Re: The Truth About the Rich
[ QUOTE ]
I don't know if I would equate having a million dollars in net worth as being "rich." According to that article, the median millionare earns about 130K a year. [/ QUOTE ] That pretty much flies in the face of all the Democratic propaganda I've ever seen.
|
|
#18
04-09-2007, 11:37 PM
|
|||
|
|||
|
Re: The Truth About the Rich
[ QUOTE ]
[/ QUOTE ] Wow, that's pretty huge for a mere 20 years. Amazingly huge. So to extrapolate less than 30% of the original wealthy will be wealthy after 40 years? Less than 15% after 60? After a century, we're talking like less than 5%!!! I guess that doesn't take into account that some of those who moved down will move back up though. Note that I love how they used that trick of using 79-00 to try and make it look like 3 decades. Classic.
|
|
#19
04-09-2007, 11:38 PM
|
|||
|
|||
|
Re: The Truth About the Rich
[ QUOTE ]
[/ QUOTE ] As much as you want to pretend otherwise, this data (like previous data shown in this forum) supports the assertion that our system has quite a bit of socioeconomic mobility. Less than half who start in the bottom 20% stay there, only about half who start in the top 20% stay there. I'd guess that few if any societies in history could make that claim.
|
|
#20
04-10-2007, 12:56 AM
|
|||
|
|||
|
Re: The Truth About the Rich
[ QUOTE ]
[ QUOTE ] [/ QUOTE ] As much as you want to pretend otherwise, this data (like previous data shown in this forum) supports the assertion that our system has quite a bit of socioeconomic mobility. Less than half who start in the bottom 20% stay there, only about half who start in the top 20% stay there. I'd guess that few if any societies in history could make that claim. [/ QUOTE ] I guess I missed all the posts where people claim that there is no socioeconomic mobility.
|
 |
|
|
Linear Mode
