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

[f252863]

MikeK,


Accumulating capital of 20 million dollars requires extremely hard work (unless you seize the money by force).

You make it sound so easy. So how exactly does the average citizen create this wealth by virtue of exploiting his fellow citizens? How do you get started with this process?

 

[Rshermr]

MikeK,


Accumulating capital of 20 million dollars requires extremely hard work (unless you seize the money by force).

You make it sound so easy. So how exactly does the average citizen create this wealth by virtue of exploiting his fellow citizens? How do you get started with this process?

Please read something someday. Then you will not have to ask stupid questions.
Did you think that ceo's produce something??? Now pay attention, if you can. Really, maybe you can only post dogma, and are not capable of paying attention.
CEOs and other high level managers are important to the direction and management of a company. Got it. We, those who live in the rational world, have always known that. However, it is those who work for the ceo who produce. So, assuming productivity is important, perhaps you should value the worker more than the manager. Or, at least, get a clue of what productivity is all about and where it comes from. Because, you see, bill gates has not produced anything for many, many years. Nor have the vast majority of the ultra wealthy.
Now, back to your favorite bat shit crazy con web site for a new quote to cut and paste.

 

[jasonnfree]

MikeK,


Accumulating capital of 20 million dollars requires extremely hard work (unless you seize the money by force).

You make it sound so easy. So how exactly does the average citizen create this wealth by virtue of exploiting his fellow citizens? How do you get started with this process?

I'm not sure about average citizens doing it but seizing land to build a baseball stadium is one way using eminent domain.

 

[jasonnfree]

Really? Just take it eh? No matter how hard people might have worked, no matter how much risk they might have taken to amass a fortune, no matter how much more they might have done for their communities or how many additional jobs they might have created here comes MikeK who will just forcefully steal all their shit worth over an arbitrary number he decided is the most anyone should have.

The notion that it's possible to accumulate a fortune in excess of twenty million dollars by "hard work" is right out of the playbook used by such millionaire propagandists as Rush Limbaugh, Sean Hannity, Glenn Beck, et. al., and it always amazes me how many water-carriers for the super rich these gasbags have managed to recruit. Tell me, how "hard" does one need to work to hoard a billion dollars? Ten billion? Twenty? How about fifty billion dollars? There is only one way to obtain that kind of money and it's by exploiting the hard work of others -- who end up with nothing but debt.

And as far as risk is concerned, the only investors and speculators who take significant risks are those who have very little and stand to lose it all -- which happens every day to many unfortunates who will never recover. Those who manage to accumulate a comfortable bankroll are able to invest part of it without worrying about being ruined. If they lose some they are still in the game. And if you are naïve enough to believe the really high rollers are taking the same kind of risks you or I might be subjected to it's only because you wish to believe that because Rush Limbaugh has convinced you it's true.


If you confiscate half of what I have, or what you have, what is taken is half of very little and we both would be seriously compromised. But if you take half of what the Kochs have they still will have more money than they could ever spend no matter how hard they tried. And if you take everything Bill Gates has except for twenty millions dollars he still has twenty million dollars, which is a fortune by anyone's standard -- but his and other greedy, gluttonous bastards like him.

How would you like to have twenty million dollars? How would you like to have one million dollars? How much money would it take to satisfy you?

Be better if you'd provide some examples instead of asking people to watch a 2 hour video. Specifically how they might apply to someone on the list of rich people, like maybe Bill Gates or Warren Buffet.

Watch the video and learn something.

Try to begin understanding how laissez-faire capitalism and the sickness called greed is destroying this nation. And stop allowing the millionaire propagandists to brainwash you. Try to understand it is them against us and they have you and so many others like you working against your own best interests.

the notion that we have a chance to be rich under obama, the clintons, or any other democrat, has been historically proven to be impossible.

I don't see the difference between Clinton and Obama as opposed to a republican when it comes to wealth creation. Come on, these guys were financed by big money. Clinton actually made it easier by signing away Glass Steagal to free up what banks can do with money.

 

[OnePercenter]

MikeK,


Accumulating capital of 20 million dollars requires extremely hard work (unless you seize the money by force).

You make it sound so easy. So how exactly does the average citizen create this wealth by virtue of exploiting his fellow citizens? How do you get started with this process?

Wrong. The first million is the most difficult, above that amount is a breeze.

 

[OnePercenter]

The notion that it's possible to accumulate a fortune in excess of twenty million dollars by "hard work" is right out of the playbook used by such millionaire propagandists as Rush Limbaugh, Sean Hannity, Glenn Beck, et. al., and it always amazes me how many water-carriers for the super rich these gasbags have managed to recruit. Tell me, how "hard" does one need to work to hoard a billion dollars? Ten billion? Twenty? How about fifty billion dollars? There is only one way to obtain that kind of money and it's by exploiting the hard work of others -- who end up with nothing but debt.

And as far as risk is concerned, the only investors and speculators who take significant risks are those who have very little and stand to lose it all -- which happens every day to many unfortunates who will never recover. Those who manage to accumulate a comfortable bankroll are able to invest part of it without worrying about being ruined. If they lose some they are still in the game. And if you are naïve enough to believe the really high rollers are taking the same kind of risks you or I might be subjected to it's only because you wish to believe that because Rush Limbaugh has convinced you it's true.


If you confiscate half of what I have, or what you have, what is taken is half of very little and we both would be seriously compromised. But if you take half of what the Kochs have they still will have more money than they could ever spend no matter how hard they tried. And if you take everything Bill Gates has except for twenty millions dollars he still has twenty million dollars, which is a fortune by anyone's standard -- but his and other greedy, gluttonous bastards like him.

How would you like to have twenty million dollars? How would you like to have one million dollars? How much money would it take to satisfy you?


Watch the video and learn something.

Try to begin understanding how laissez-faire capitalism and the sickness called greed is destroying this nation. And stop allowing the millionaire propagandists to brainwash you. Try to understand it is them against us and they have you and so many others like you working against your own best interests.

the notion that we have a chance to be rich under obama, the clintons, or any other democrat, has been historically proven to be impossible.

I don't see the difference between Clinton and Obama as opposed to a republican when it comes to wealth creation. Come on, these guys were financed by big money. Clinton actually made it easier by signing away Glass Steagal to free up what banks can do with money.

I hope you're kidding.

Reagan allowed health insurance companies to invest their customers policy payments in high risk investments.

Bush turned his back when sub-prime monies were funneled into mortgage back securities.

 

[oldfart]

MikeK,


Accumulating capital of 20 million dollars requires extremely hard work (unless you seize the money by force).

You make it sound so easy. So how exactly does the average citizen create this wealth by virtue of exploiting his fellow citizens? How do you get started with this process?

Wrong. The first million is the most difficult, above that amount is a breeze.

I see the financials of a lot of small businesses. The first $250,000 of liquid assets is the nut. Once there, you just have to avoid being stupid. What amazes me is the number of folks who earn $150,000 and up for a couple of decades and can't scratch up $25,000 to start their business. Getting the money to invest is the hard part. Remember Romney's advice for getting started in business? Borrow a million from your family.

 

[HenryBHough]

MikeK,


Accumulating capital of 20 million dollars requires extremely hard work (unless you seize the money by force).

You make it sound so easy. So how exactly does the average citizen create this wealth by virtue of exploiting his fellow citizens? How do you get started with this process?

Wrong. The first million is the most difficult, above that amount is a breeze.

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.

 

[OnePercenter]

MikeK,


Accumulating capital of 20 million dollars requires extremely hard work (unless you seize the money by force).

You make it sound so easy. So how exactly does the average citizen create this wealth by virtue of exploiting his fellow citizens? How do you get started with this process?

Wrong. The first million is the most difficult, above that amount is a breeze.

I see the financials of a lot of small businesses. The first $250,000 of liquid assets is the nut. Once there, you just have to avoid being stupid. What amazes me is the number of folks who earn $150,000 and up for a couple of decades and can't scratch up $25,000 to start their business. Getting the money to invest is the hard part. Remember Romney's advice for getting started in business? Borrow a million from your family.

Which proves my point: Ninety-nine percent of business owners have no business being in business.

This leads me to a second point. Why would you use your own money to start a business? After all, it's your money, and if your idea is so good then bring someone else in to enjoy the success and profits. It also allows you to take an objective look through others eyes as to whether your idea is viable.

 

[OnePercenter]

MikeK,


Accumulating capital of 20 million dollars requires extremely hard work (unless you seize the money by force).

You make it sound so easy. So how exactly does the average citizen create this wealth by virtue of exploiting his fellow citizens? How do you get started with this process?

Wrong. The first million is the most difficult, above that amount is a breeze.

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.

 

[HenryBHough]

Wrong. The first million is the most difficult, above that amount is a breeze.

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?

 

[SteadyMercury]

The notion that it's possible to accumulate a fortune in excess of twenty million dollars by "hard work" is right out of the playbook used by such millionaire propagandists as Rush Limbaugh, Sean Hannity, Glenn Beck, et. al., and it always amazes me how many water-carriers for the super rich these gasbags have managed to recruit.

And this comes form your vast experience in being successful enough to accumulate this kind of wealth? Somehow I doubt it, the only vibe I get from you is envy and resentment, not success at anything.

What kind of hours did you put in when you were a top executive of a large company?

And if you are naïve enough to believe the really high rollers are taking the same kind of risks you or I might be subjected to it's only because you wish to believe that because Rush Limbaugh has convinced you it's true.

I've never listened to Rush Limbaugh in my life, but I guess it is good we can officially label you as one of those narrow minded partisan retards who can only think about issues in terms of political ideology and by attacking your assumption of others' source. Trust me, it only makes you look stupid. Not as stupid as "me boy" Rshmer but pretty close.

If you confiscate half of what I have, or what you have, what is taken is half of very little and we both would be seriously compromised.

And here lies the source of your angst. You don't have shit, haven't accomplished shit, and hate everyone else who has.

How would you like to have twenty million dollars? How would you like to have one million dollars? How much money would it take to satisfy you?

I would like very much to have twenty million dollars, I do enjoy having a million dollars, and I'm already satisfied with what I have.

Watch the video and learn something.

In other words you can't provide specific examples or link it to your arguments because all you've got is demands others spend two hours of their day watching a youtube video. Please come back to the thread when you are willing to present something more than "watch my video"

 

[MikeK]

the notion that we have a chance to be rich under obama, the clintons, or any other democrat, has been historically proven to be impossible.

If you're talking about starting from scratch you probably are right. But don't ignore the fact that bankers took home more than $25billion in bonuses last year as the Koch Brothers increased their holdings by $12billion.

That is what un-constrained capitalism is about.

 

[MikeK]

The notion that it's possible to accumulate a fortune in excess of twenty million dollars by "hard work" is right out of the playbook used by such millionaire propagandists as Rush Limbaugh, Sean Hannity, Glenn Beck, et. al., and it always amazes me how many water-carriers for the super rich these gasbags have managed to recruit.

And this comes form your vast experience in being successful enough to accumulate this kind of wealth? Somehow I doubt it, the only vibe I get from you is envy and resentment, not success at anything.

What kind of hours did you put in when you were a top executive of a large company?

And if you are naïve enough to believe the really high rollers are taking the same kind of risks you or I might be subjected to it's only because you wish to believe that because Rush Limbaugh has convinced you it's true.

I've never listened to Rush Limbaugh in my life, but I guess it is good we can officially label you as one of those narrow minded partisan retards who can only think about issues in terms of political ideology and by attacking your assumption of others' source. Trust me, it only makes you look stupid. Not as stupid as "me boy" Rshmer but pretty close.



And here lies the source of your angst. You don't have shit, haven't accomplished shit, and hate everyone else who has.

How would you like to have twenty million dollars? How would you like to have one million dollars? How much money would it take to satisfy you?

I would like very much to have twenty million dollars, I do enjoy having a million dollars, and I'm already satisfied with what I have.

Watch the video and learn something.

In other words you can't provide specific examples or link it to your arguments because all you've got is demands others spend two hours of their day watching a youtube video. Please come back to the thread when you are willing to present something more than "watch my video"

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.

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. While it probably is impossible for you to understand my political position, which inclines to socialism, I regard greed as more menacing to the stability of America than any foreign enemy is or ever has been, and 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.

 

[HenryBHough]

Once a limit is set on savings there is nothing to prevent lowering the limit.

Remember how the federal income tax as sold as being so small that it wouldn't even be noticed?

Once you start a tax it grows. Once you start a tax you're also inviting abuse.

 

[Indeependent]

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).

Sheldon Adelson - Mob Money
Koch Brothers - Given their first millions

I anticipated this, that is why I wrote 99.99996% on the Koch brothers. You are now trying to change the subject.

Lol at Sheldon Adelson = Mob Money Another attempt at a diversion from the facts.

Sheldon Adelson = Prostitution and Gambling.
Bill Gates...lying and suing his way to the top.

 

[MikeK]

Once a limit is set on savings there is nothing to prevent lowering the limit.

Or raising it.

Remember how the federal income tax as sold as being so small that it wouldn't even be noticed?

Yes, I do. And while I have no argument against the point you're making I will say maintenance of a nation such as the U.S. requires a substantial income tax. The problem is not the tax but the waste, mismanagement, corruption and outright theft, the elimination of which would substantially reduce the required tax level.

Once you start a tax it grows.

If it's a reasonable tax, and if the nation the tax is supporting grows, it is expected that the tax will grow in proportion. But the pivotal concern is excess.

Once you start a tax you're also inviting abuse.

True. But whether or not abuse does in fact occur depends on the quality and effectiveness of government, both of which have severely diminished throughout the past three decades.

The bottom line to all of this is America's desperate need for radical changes in government -- beginning with a progression of intensive investigations, criminal prosecutions, and severe penalties. If we can get that going the rest will follow.

 

[HenryBHough]

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.

 

[Againsheila]

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).

None of them started out poor.

 

[SteadyMercury]

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.