Old School Example of a 1%-er: Henry Flagler

[AVG-JOE]

Henry Flagler was a cofounder of Standard Oil during the golden age of American Industrialization between the Civil War and 1900. His second career was basically developing the State of Florida. He is the man who founded the cities of West Palm Beach and Miami, among others, and he built the rail roads that linked the east coast, culminating with a line across the ocean to Key West. He was a ruthless businessman who ate his competition for breakfast and had the state government in his pocket, but he also had vision that extended beyond next quarters profit report.

In 1894, one of the worst freezes in Florida history wiped out crops and citrus groves all the way to The Palm Beaches and thousands lost everything. These were the days before the safety net provided by the USDA and the loss was quite real, devastating farmers, growers and laborers alike. Henry Flagler, stunned by the suffering, dispatched a fellow named James Ingraham on a private relief mission with $100,000 in cash, instructing him to disburse it all and more, rather than have one man, woman or child starve.


Has the modern 1%-er become too dependent on government? Spending millions on political favoritism while expecting the middle class tax payers to subsidize their lower income labor force with Earned Income Tax Credits, Medicaid and Welfare?

​

 

[dreolin]

Henry Flagler was a cofounder of Standard Oil during the golden age of American Industrialization between the Civil War and 1900. His second career was basically developing the State of Florida. He is the man who founded the cities of West Palm Beach and Miami, among others, and he built the rail roads that linked the east coast, culminating with a line across the ocean to Key West. He was a ruthless businessman who ate his competition for breakfast and had the state government in his pocket, but he also had vision that extended beyond next quarters profit report.

In 1894, one of the worst freezes in Florida history wiped out crops and citrus groves all the way to The Palm Beaches and thousands lost everything. These were the days before the safety net provided by the USDA and the loss was quite real, devastating farmers, growers and laborers alike. Henry Flagler, stunned by the suffering, dispatched a fellow named James Ingraham on a private relief mission with $100,000 in cash, instructing him to disburse it all and more, rather than have one man, woman or child starve.


Has the modern 1%-er become too dependent on government? Spending millions on political favoritism while expecting the middle class tax payers to subsidize their lower income labor force with Earned Income Tax Credits, Medicaid and Welfare?

​

I think a lot of it depends on how someone got to be in the top 1%.

And times were different then.

 

[AVG-JOE]

Times were different. While his East Coast Railroad Company was building a line from Miami to Key West at the turn of the last century, Flagler was defending himself in Federal Court in NY against charges of using slave labor for the construction, and his Standard Oil Company stock was about to double in value and productivity with the forced break up of the Standard Oil Trust monopoly in to its various component companies.

Apparently, when regulated accordingly, the free enterprise concept actually works.

 

[The Rabbi]

First off, there was no income tax, so Flagler kept most of what he made, allowing him the resources to give charity on that scale.
Second, with income tax and gov't programs there is no need for such action. Today FEMA would go around doing basically the same. Just less efficiently and with less effect.
After Katrina the big companies like Home Depot and WalMart spent millions of dollars in charity helping those communities, much more efficiently than the gov't did.
Third, the top 20% of income earners pay over 100% of taxes. Middle and low income earners actually pay a negative percentage.

 

[f252863]

Times were different. While his East Coast Railroad Company was building a line from Miami to Key West at the turn of the last century, Flagler was defending himself in Federal Court in NY against charges of using slave labor for the construction, and his Standard Oil Company stock was about to double in value and productivity with the forced break up of the Standard Oil Trust monopoly in to its various component companies.

Apparently, when regulated accordingly, the free enterprise concept actually works.

I never understood why Standard Oil was so bad for our economy that they had to be broken up. Didn't they dramatically lower the price of oil?

 

[Spoonman]

read The Robber Barons, a great book on flagler

 

[zeke]

First off, there was no income tax, so Flagler kept most of what he made, allowing him the resources to give charity on that scale.
Second, with income tax and gov't programs there is no need for such action. Today FEMA would go around doing basically the same. Just less efficiently and with less effect.
After Katrina the big companies like Home Depot and WalMart spent millions of dollars in charity helping those communities, much more efficiently than the gov't did.
Third, the top 20% of income earners pay over 100% of taxes. Middle and low income earners actually pay a negative percentage.

What a joker that rabbit is. I am middle class and I can absolutely fucking guarantee you that I do not have a "negative" tax liability.

You, being dirt poor, must be speaking only for you. And that's a good idea. Don't speak about what you don't know. Just try and make a little more money and you to could help pay some government bills instead of letting the rest of us pay EVERYTHING for you.

 

[zeke]

Henry Flagler was a cofounder of Standard Oil during the golden age of American Industrialization between the Civil War and 1900. His second career was basically developing the State of Florida. He is the man who founded the cities of West Palm Beach and Miami, among others, and he built the rail roads that linked the east coast, culminating with a line across the ocean to Key West. He was a ruthless businessman who ate his competition for breakfast and had the state government in his pocket, but he also had vision that extended beyond next quarters profit report.

In 1894, one of the worst freezes in Florida history wiped out crops and citrus groves all the way to The Palm Beaches and thousands lost everything. These were the days before the safety net provided by the USDA and the loss was quite real, devastating farmers, growers and laborers alike. Henry Flagler, stunned by the suffering, dispatched a fellow named James Ingraham on a private relief mission with $100,000 in cash, instructing him to disburse it all and more, rather than have one man, woman or child starve.


Has the modern 1%-er become too dependent on government? Spending millions on political favoritism while expecting the middle class tax payers to subsidize their lower income labor force with Earned Income Tax Credits, Medicaid and Welfare?

​

I don't believe "dependent" is the correct term. Actually, if I were a plutocrat (top 1%) I would look at the current situation with great satisfaction. Plutocrats wanted the unions gone. Pretty much done. Plutocrats wanted the government to protect their wealth. Done.
Plutocrats wanted to be able to pay wages comparable to those wages paid off shore. Done.

Nah. Me thinks the plutocrats are not dependent on government. Plutocrats are running our government.

And very well pleased with the outcome.

 

[OODA_Loop]

Plutocrats award great stock options too.

 

[The Rabbi]

First off, there was no income tax, so Flagler kept most of what he made, allowing him the resources to give charity on that scale.
Second, with income tax and gov't programs there is no need for such action. Today FEMA would go around doing basically the same. Just less efficiently and with less effect.
After Katrina the big companies like Home Depot and WalMart spent millions of dollars in charity helping those communities, much more efficiently than the gov't did.
Third, the top 20% of income earners pay over 100% of taxes. Middle and low income earners actually pay a negative percentage.

What a joker that rabbit is. I am middle class and I can absolutely fucking guarantee you that I do not have a "negative" tax liability.

You, being dirt poor, must be speaking only for you. And that's a good idea. Don't speak about what you don't know. Just try and make a little more money and you to could help pay some government bills instead of letting the rest of us pay EVERYTHING for you.

A person needs income from either a job or investments to pay taxes, Zeke.

 

[editec]

The 1%?!!!


Try the 1/1000th of 1%/


That said yesterdays MASTERS were more patriotic than most of todays.