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We are the one percent. We stand with the 99 percent!

We are the one percent. We stand with the 99 percent!
posted by ennui.bz on Oct 12, 2011 - 211 comments

Fertile ground for demagogues

Robert Reich talks at Google about the biggest problem facing the US economy. [SLYT, 57min]
posted by knave on Sep 1, 2011 - 98 comments

Wealthy French Want to be Taxed More

16 of France's mega-rich signed a petition urging the goverment to raise their taxes. Despite relatively high taxes and a wealth tax signatories such as the L'Oreal heir and the head of a major oil company, Total, are asking the government to raise their taxes to help solve the country's financial issues. Original petition (French).
posted by stp123 on Aug 23, 2011 - 95 comments

Last-Place Aversion: Why America's Poor May Not Be as In Favor of Taxing The Rich as You'd Think

Poverty may be miserable. But being able to feel a bit better-off than someone else makes it a bit more bearable. Economists from the National Bureau of Economic Research suggest that people near the bottom end of financial inequity are less likely to be in favour of programs that will help increase their income if those programs will also help those lower on the scale than they are.
...the authors of the new paper argue that people don’t like to be at the bottom. One paradoxical consequence of this “last-place aversion” is that some poor people may be vociferously opposed to the kinds of policies that would actually raise their own income a bit but that might also push those who are poorer than them into comparable or higher positions. The authors ran a series of experiments where students were randomly allotted sums of money, separated by $1, and informed about the “income distribution” that resulted. They were then given another $2, which they could give either to the person directly above or below them in the distribution. The people who were a spot away from the bottom were the most likely to give the money to the person above them..
This may also explain why Warren Buffet's cry to stop coddling the rich (previously) will continue to fall on deaf ears.
posted by asnider on Aug 16, 2011 - 137 comments

An unfiltered view from the top of the pyramid

In an investment manager's view on the top 1% - referring to the richest Americans by wealth and income - we learn that one needs $1.2 million in net worth to barely slip in the door of the top 1%. But that's just a start: the real power and influence in the U.S., the author argues, resides in the top 0.1%. You can guess who you'll find there: bankers and large-cap CEOs. Relevant quotes include... [more inside]
posted by mark7570 on Aug 4, 2011 - 115 comments

Hoop dreams

The unlevel playing field - "Contrary to popular perception, poverty and broken homes are underrepresented in the NBA, not overrepresented. ... We believe that skills always trump circumstances. But that's a myth."
posted by mrgrimm on Aug 1, 2011 - 16 comments

Meet Australia's and possibly soon the world's richest woman.

You probably haven't heard of Gina Rinehart. However, she's Australia's richest person and will quite possibly be the world's richest person in a few short years. Her currently limited political activity appears primarily directed at maintaining profitability, avoiding taxes and stopping a price on carbon pollution.
posted by wilful on Jun 22, 2011 - 40 comments

Outliers

The World Top Incomes Database (click on "Graphics" and select countries, years and other variables) (via)
posted by vidur on Jun 7, 2011 - 5 comments

Tax Facts Hardly Anyone Knows

9 Things The Rich Don't Want You To Know About Taxes - "4. Many of the very richest pay no current income taxes at all: Paulson made himself $9 billion in fees in just two years. His current tax bill on that $9 billion? Zero... 9. Other countries do it better: no one in Germany or the rest of the modern world goes broke because of accident or illness" (via) [more inside]
posted by kliuless on Apr 18, 2011 - 191 comments

It's the Inequality, Stupid

Eight charts that explain everything that's wrong with America from Motherjones.com
posted by blue_beetle on Feb 22, 2011 - 103 comments

more of the same

Life after Capitalism - Beyond capitalism, it seems, stretches a vista of... capitalism: [more inside]
posted by kliuless on Jan 25, 2011 - 33 comments

entrepreneurial paradise

In Norway, Start-ups Say Ja to Socialism - We venture to the very heart of the hell that is Scandinavian socialism—and find out that it's not so bad. Pricey, yes, but a good place to start and run a company. What exactly does that suggest about the link between taxes and entrepreneurship?
posted by kliuless on Jan 20, 2011 - 52 comments

Why value the donations of rich people more than those of the poor?

How Private Is 'Private Charity'? Private charity may be more accurately described as "private donations coupled with involuntary, tax-financed public subsidies." And it's not fair: "very low-income people paying only payroll taxes get hardly any leverage for their donations. Very high-income people in states with high income-tax rates – such as New Jersey and New York – can through the tax code virtually double the money funneled to a charity per dollar of their own sacrifice." (previously)
posted by kliuless on Jan 17, 2011 - 39 comments

The Rise of the New Global Elite

The Rise of the New Global Elite The new global elite are fabulously wealthy, cosmopolitan, philanthrocapitalist, entrepreneurial, highly driven, frequently self-made, and confident they deserve their success. They are also often unsympathetic to the middle classes of the developed world. Said one senior executive: "...if the transformation of the world economy lifts four people in China and India out of poverty [and] one American drops out of the middle class...that's not such a bad trade."
posted by shivohum on Jan 16, 2011 - 70 comments

Defining Wealth

SEED Magazine: Wealth of Nations: "Shared natural resources underpin the global economy, but our current economic system does not acknowledge their worth. Can a major new effort to assess the costs of biodiversity loss force a paradigm shift in what we value?" [more inside]
posted by zarq on Nov 30, 2010 - 10 comments

Refreshingly blunt

America: The Grim Truth [more inside]
posted by knz on Nov 13, 2010 - 126 comments

The Largest Home In The World

The newest and most exclusive residential tower for this city’s superrich is a cantilevered sheath of steel and glass soaring 27 floors into the sky. The parking garage fills six levels. Three helipads are on the roof. There are terraces upon terraces, airborne swimming pools and hanging gardens in a Blade Runner-meets-Babylon edifice overlooking India’s most dynamic city. There are nine elevators, a spa, a 50-seat theater and a grand ballroom. Hundreds of servants and staff are expected to work inside. And now, finally, after several years of planning and construction, the residents are about to move in. All five of them. [more inside]
posted by Joe Beese on Oct 29, 2010 - 84 comments

Money IS A Thang

Jay-Z, Buffett and Forbes on Success and Giving Back
posted by ThePinkSuperhero on Sep 27, 2010 - 10 comments

World Map, the animated and youtube versions

Which countries have the highest proportion of people living on $1/day? $2/day? $200/day? Which countries have the highest rates of book borrowing? Highest circulation of daily papers? If you just want to see the quick summary in youtube verion of a lot of this data, see the youtube Money video by N.A.S.A. [more inside]
posted by Wolfster on Sep 14, 2010 - 20 comments

Wealthy young Chinese enjoy a classless society

The “Rich Second Generation” (富二代) refers to people who mostly were born after 1980s, Children of early China’s first generation of private entrepreneurs “Rich first Generation” after China’s “opening door policy”. Now they are wealthy because of the inheritance. They enjoy roses, wine tasting, marriage opportunities, studying abroad, 43 luxury vehicles, and legal privileges.
posted by twoleftfeet on Aug 29, 2010 - 16 comments

Plutonomy

Some say the USA is a Plutonomy-an economy dependent on the spending and investing of the wealthy. In a further sign, the top 5% of Americans by income now account for 37% of all consumer outlays (the bottom 80% by contrast share about the same). Consumer spending accounts for roughly two-thirds of U.S. gross domestic product. In a possibly worrisome sign, the wealthy are cutting back on spending.
posted by stbalbach on Aug 6, 2010 - 83 comments

America Doesn't Have Social Classes

"[Bank robber Peter Barry] Lawrence, 71, made his getaway in his wheelchair, with $2,000 in cash on his lap... he took a meandering route down Seventh Avenue until the police caught up with him five minutes later. But that was all part of the plan." And an embedded reporter in Afghanistan notes that "many young soldiers told me that they actually live better in the army, even when deployed, than they did in civilian life, where they couldn't make ends meet, especially when they were trying to pay for college or raise a family by working one or two low-wage jobs" (p. 1). Meanwhile, "parents of means are now resorting to buying franchise businesses to keep their adult children employed." Economic life in contemporary America.
posted by rkent on Aug 3, 2010 - 48 comments

mad as hell

Dylan Ratigan's Howard Beale Moment (via se) [more inside]
posted by kliuless on Jul 19, 2010 - 35 comments

The Net Worth of the U.S. Presidents

The Net Worth of the U.S. Presidents
posted by twoleftfeet on May 24, 2010 - 54 comments

Who rules America? Wealth, income and power.

Who rules America? Wealth, income and power Next time you hear "Fair and Balanced" Fox News whining about the socialist wealth redistribution agenda of the Obama "regime", refer back to this. Goes a long way towards explaining why 47% of Americans don't pay income tax.
posted by Daddy-O on Apr 15, 2010 - 61 comments

funemployment

How a New Jobless Era Will Transform America
The Great Recession may be over, but this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture, and the character of our society for years to come. (via rw)
posted by kliuless on Feb 11, 2010 - 84 comments

Roughly 1 in 4 Americans is employed to keep fellow citizens in line and protect private wealth

“Being willing to sit in a boring classroom for 12 years, and then sign up for four more years and then sign up for three or more years after that—well, that’s a pretty good measure of your willingness to essentially do what you’re told,” - The Santa Fe Reporter talks to Economist Samuel Bowles about New Mexico's income gap, welfare, social mobility, and a radical way to help. (Via)
posted by The Whelk on Feb 5, 2010 - 47 comments

Nails Goes to Wall Street

Lenny Dykstra was lauded for his heroics with the Mets and Philles. After his career, Dykstra became well-known as a post-career athlete success story. Then the truth started coming out... [more inside]
posted by reenum on Oct 27, 2009 - 22 comments

I'd buy that for a $1M

Maybe you shouldn't buy that.
posted by Brandon Blatcher on May 16, 2009 - 63 comments

Most Expensive

The Most Expensive Journal blogs about $4,200 computer keyboards, $2.7 million guitars, and $11 million watches.
posted by Joe Beese on May 2, 2009 - 44 comments

Dating A Banker Anonymous

Dating A Banker Anonymous Are you or someone you love dating a banker? If so, we are here to support you through these difficult times. Dating A Banker Anonymous (DABA) is a safe place where women can come together – free from the scrutiny of feminists– and share their tearful tales of how the mortgage meltdown has affected their relationships. Via
posted by ColdChef on Jan 28, 2009 - 167 comments

haven't had a dream in a long time

'You loser!" screamed Katie, aiming a vase at her husband. "You've destroyed my life,'' she continued, hurling it. "Just look at my hair, look at my nails! You loser, you jerk, you nobody."

Katie's husband, Jack, whose property portfolio disintegrated in the financial crash, had just told his wife that she would have to cut back on her thrice-weekly visits to Nicky Clarke, the nail salon in Harvey Nichols, and the oxygen facials, chemical peels and seaweed wraps at Space NK.
posted by plexi on Nov 28, 2008 - 91 comments

The forgotten Holocaust

In 1943, while the Allies were busy battling the Axis Powers and the Nazi Regime, there was another kind of war that was being waged against a helpless populace (living on the Indian Sub-continent). A war that has been largely ignored by the mass media and the history books of our time. It is known as the Great Bengal Famine, and ended up causing the death of an estimated 1.5 million to 4 million people.
posted by hadjiboy on Aug 30, 2008 - 34 comments

Neuroses of the Rich and Famous

Psychotherapy in the Age of Obscene Wealth
posted by Weebot on Jul 9, 2008 - 67 comments

Richer than Croesus?

The Sunday Times have published the 2008 edition of their annual Rich List. The full list of the 1000 wealthiest people in Britain is not online yet but they have published a list of the top 150 (pdf). So now you're richer than Croesus what do you spend your wealth on? [more inside]
posted by electricinca on Apr 27, 2008 - 28 comments

America's Middle Class

Livin' Large - To hear the Lou Dobbses and Bill O'Reillys of the world--not to mention politicians ranging from Ron Paul to Hillary Clinton--the middle class of America (however you define that term) has never had it so tough. Between credit squeezes, out-of-control immigration, rising costs of education and health care and everything else, it's all darkness out there for those of us who are neither millionaires nor welfare cases, right? (A video presented by Drew Carey and reason.tv)
posted by blue_beetle on Feb 5, 2008 - 120 comments

Shifting Sands

Shifting Sands. A great series from the Globe and Mail on the Alberta Tar Sands: An Empire Made of Goo, Black gold, Texas tea, The hollowing out of small Atlantic towns, Where rich and poor Albertas collide, Norway the gold standard for managing oil wealth, The climatic costs of rapid growth.
posted by chunking express on Feb 1, 2008 - 32 comments

What Happened to My Forty Acres and a Mule, Fool?

40 acres and a mule has been a slogan of African-American economic aspirations ever since the legislation creating the Freedman's Bureau promised ex-slaves parcels not exceeding forty acres each, to the loyal refugees and freedmen. General William Tecumseh Sherman's Special Field Order No. 15 decreed that the land on slave plantations be seized and distributed to freed slaves, but Andrew Johnson rescinded the order and vetoed expansion of the Freedman's Bureau. Both Henry Louis Gates and Dalton Conley have associated the failure to grant freed slaves their "40 acres and a mule" with the wealth gap between black and white Americans, but now an economics grad student, Melinda Miller, has brought important quantitative data to the debate in a new research paper. [more inside]
posted by jonp72 on Dec 14, 2007 - 43 comments

Class dismissed.

How rich is rich? [more inside]
posted by anotherpanacea on Nov 27, 2007 - 53 comments

Economic Consequences

The Economic Consequences of Mr. Bush. "The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup." [Via Firedoglake.]
posted by homunculus on Nov 18, 2007 - 70 comments

Treasury: Income Mobility Substantial. Pew: But Not Enough.

A new U.S. Treasury Report (press release) reports that tax returns from 1996 to 2005 show that income mobility in the U.S. is "considerable," with rising earnings, and top earners who often stumble. The WSJ crows. Pew releases its own research (reports, press release) on income inequality today with a multi-decade outlook, but summarizes the findings as that American families' income mobility is still highly dependent on their parents' position. Forbes and a The New Republic blog try to reconcile the reports. Meanwhile, blacks appear to be downwardly mobile.
posted by shivohum on Nov 13, 2007 - 45 comments

Mind the Gap

Mind the Gap: an essay by Paul Graham on wealth, riches, poverty, and why income inequality might not be so bad. [more inside]
posted by hoverboards don't work on water on Oct 11, 2007 - 139 comments

California Inspects Spector and cannot decide. There is more to this than meets the eye.

California Where the Rich do Fine While the Poor are Doing Time "Hell, you got to live with it, there's nothing else to live with except mendacity, is there?" Big Daddy, Cat On A Hot Tin Roof
posted by Rancid Badger on Sep 26, 2007 - 37 comments

112 Millionaires Drown In Hilarious Accident

Ocean Residences by Four Seasons is your own private apartment aboard a giant cruise ship (one of 112 similar apartments aboardship). For those afflicted with both wanderlust and an unimaginable amount of money, the online brochure makes a somewhat compelling case for having no fixed abode.
posted by jonson on Aug 27, 2007 - 40 comments

Mucho Denero

Bill Gates no longer the Richest private citizen in the world. In other news, Larry Ellison still doesn't have any eyebrows.
posted by delmoi on Jul 4, 2007 - 38 comments

Pith

Why we should not make mean log of wealth big though years to act are long (.pdf) by Paul Samuelson. (via)
posted by Kwantsar on Mar 13, 2007 - 22 comments

The 'greater fool' theory writ large

The Motley Fool's new CAPS stock-picking system keeps track of your stock picks and whether they outperformed or underperformed the market. Then everyone's picks are aggregated, weighted by the quality of their past records, to rank individual stocks. Here's how it works. (more inside)
posted by ikkyu2 on Oct 4, 2006 - 13 comments

Down with Labor AND Management!

As Labor Day 2006 winds to a close, America's long & twisted history with Organized Labor seems to never come to rest on any one side of the fence, opinion wise. While we hate the idea of the evil CEO crushing the employees underfoot, there's something profoundly un-American about bolshevikism. This excellent collection of political cartoons from Life Magazine from the early decades of the 20th Century explores both sides of the debate, reminding us at the end of the day that nobody loves a fat man.
posted by jonson on Sep 4, 2006 - 21 comments

Think of it as evolution in action.

Little Citadels. "Dine, shop, live, work, and be entertained in a unique and alluring environment," says the Time Warner Center website - all without ever stepping outside your gleaming Manhattan skyscraper. San Jose's Santana Row, which at first glance seemed no more than a Beverly Center you can live in, is now being compared favorably to urban European living. And MGM-Mirage's new, mysterious and costly ($7 billion!) Project CityCenter brings the trend to Las Vegas - with gambling, of course. They're not Arcosantis - and they don't, as yet, require an Oath of Fealty - but by all accounts they're thriving. What do they have in common? Wealthy tenants, megacorporate sponsors, and a shared desire to integrate efficient, conspicuous consumption into every aspect of civic life. Paolo Soleri may have been right after all - maybe he just forgot to account for the effects of capitalism.
posted by ikkyu2 on Aug 28, 2006 - 24 comments

Look upon my frozen blue face, ye Mighty, and Despair!

What’s the best way to dispose of an accumulated fortune? Conventional wisdom tells us that you can’t take it with you. The inevitability of death has inspired otherwise ruthless men to contribute to the larger community with the goal of establishing a posthumous legacy. Carnegie built libraries. Bill Gates is working on global health initiatives. But the conventional wisdom on this matter could be wrong. And with that in mind, some wealthy men are choosing to turn themselves into cryonic popsicles and put their wealth in trust funds in the hope that at some point in the future, Science will be able to revive them.
posted by jason's_planet on Aug 21, 2006 - 52 comments

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