174 posts tagged with wealth.
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Born sinner, the opposite of a winner

Why is there Poverty? An Animated History. From WhyPoverty.net. [more inside]
posted by Potomac Avenue on Dec 19, 2013 - 5 comments

Wealth Distribution and the Free Market

Wealthy Entitlement: Income inequality undermines the fairness of a free market
posted by stp123 on Sep 7, 2013 - 28 comments

"Elites preying on the weak, the gullible, the marginal, the poor."

"We condition the poor and the working class to go to war. We promise them honor, status, glory, and adventure. We promise boys they will become men. We hold these promises up against the dead-end jobs of small-town life, the financial dislocations, credit card debt, bad marriages, lack of health insurance, and dread of unemployment. The military is the call of the Sirens, the enticement that has for generations seduced young Americans working in fast food restaurants or behind the counters of Walmarts to fight and die for war profiteers and elites."
-- War is Betrayal. Persistent Myths of Combat, an essay by Chris Hedges of Truthdig. Responses within. [more inside]
posted by zarq on Aug 9, 2013 - 57 comments

Are you being served?

A survey by a high-end estate agent has revealed that there are more domestic servants in the exclusive London district of Mayfair now than 200 years ago, and indeed, in the élite London neighbourhoods which have been bought up by absentee oligarchs, often only the lights in the servants' quarters are on at night. For those who fancy a life of serving the super-rich, there are courses to prepare them for catering to their masters' exacting whims. But it's not all rosy at the top; the prices of luxury goods (including foie gras, Patek Philippe watches, paintings by artists such as Cézanne and Rothko) in the basket used to calculate the Affluent Luxury Living Index have been rising at a rate exceeding inflation.
posted by acb on Jul 14, 2013 - 53 comments

How New Yorkers Make It There

New York magazine, via Reddit, compares how much people in New York City get paid to do thier jobs.
posted by The Whelk on Jun 16, 2013 - 86 comments

"Things are meant to be for a reason"

'It could have been us, but things happen. Sometimes it's better to be patient than right." Mindy Cradell has little regret about letting an older woman in front of her, while standing in line for the lottery. That woman, Gloria Mackenzie, became the sole winner of the $590 million Powerball jackpot, the largest in the history of American lotteries.
posted by Brandon Blatcher on Jun 7, 2013 - 64 comments

Mapping transit inequality

Dan Grover and Mike Belfrage have mapped transit inequality in the Bay Area after reading a New Yorker piece on the New York City subway (previously). The ways in which a widening income gap are changing the demography of San Francisco have been widely reported of late (previously, previously). The project's code is available if you'd like to try mapping your own city.
posted by liketitanic on May 8, 2013 - 25 comments

Le gauche caviar

So, what's the problem with champagne socialism? Are well-off advocates of left-wing positions hypocrites? How does one square egalitarian convictions with personal affluence?
posted by acb on Apr 16, 2013 - 79 comments

Material Poverty & Privilege in India

What would a poverty map of India look like?
posted by Gyan on Apr 14, 2013 - 10 comments

End Extreme Wealth

Many of these people live in a very limited environment. They have never been outside the finance district, gated communities, or the typical holiday resorts of the extreme wealthy.
Do they know it's Christmas? [more inside]
posted by bricksNmortar on Apr 10, 2013 - 30 comments

Tax-haven-gate

ICIJ has 2.5 million files from over 120,000 offshore legal entities covering 30 years of emails and financial records from from 10 offshore tax havens.. [more inside]
posted by jeffburdges on Apr 4, 2013 - 60 comments

Incommensurable values

Economists and the theory of politics - "why unions were often well worth any deadweight cost" [more inside]
posted by kliuless on Mar 25, 2013 - 27 comments

"there were echoes ... of a Gilded Age critique of plutocracy"

Before Greed: Americans Didn't Aways Yearn For Riches. A response: An Embarassement Of Riches: Literature And The Ethics Of Wealth In The Gilded Age. Both from Boston Review. [more inside]
posted by the man of twists and turns on Mar 7, 2013 - 19 comments

Hanging Ourselves By Our Bootstraps

A well-executed and terrifying visual representation of exactly how stratified wealth is in America. It's far worse than you could have imagined. [SLYT]
posted by erstwhile ungulate on Mar 3, 2013 - 147 comments

Gold plating the cuckoo clock

BBC: Some 70% of Swiss voters appear to have supported plans to give shareholders a veto on compensation and ban big payouts for new and departing managers, projected referendum results suggest. One of the organisers of the referendum, Brigitte Moser Harder, told the BBC she thought the Swiss people agreed with the proposals because the gap between rich and poor had become wider. "From the beginning, 2006, we had the support of the people of Switzerland because you know not everybody in Switzerland is rich." [more inside]
posted by Wordshore on Mar 3, 2013 - 15 comments

Where the nation's highest earners live

The Washington Post has posted a clickable county map of the United States, illustrating the percentage of households in the top 5% of national income (based on data from the US Census Bureau).
posted by msbubbaclees on Feb 13, 2013 - 79 comments

It wasn't an aesthetic statement, really.

"American Pastoral" inadvertently reveals Brooks and Halard to be deeply insecure, crass noveau riche, lowballing their renovations by hiring desperate, dirt-cheap Chinese laborers, and whining about maids who can't get to work on time, just because Hurricane Sandy knocked out train service. Where's the Vogue-style profiles of those poor souls? [more inside]
posted by Alterity on Feb 1, 2013 - 75 comments

Google Invades

Rebecca Solnit on how Silicon Valley corporations are transforming San Francisco: I weathered the dot-com boom of the late 1990s as an observer, but I sold my apartment to a Google engineer last year and ventured out into both the rental market (for the short term) and home buying market (for the long term) with confidence that my long standing in this city and respectable finances would open a path. That confidence got crushed fast. It turned out that the competition for any apartment in San Francisco was so intense that you had to respond to the listings – all on San Francisco-based Craigslist of course, the classifieds website that whittled away newspaper ad revenue nationally – within a few hours of their posting to receive a reply from the landlord or agency. The listings for both rentals and homes for sale often mentioned their proximity to the Google or Apple bus stops. [more inside]
posted by liketitanic on Jan 31, 2013 - 143 comments

Rich Blocks, Poor Blocks

See how much money people make in every neighborhood in every city in America with Rich Blocks, Poor Blocks, a map that displays wealth distributions across US cities (and states).
posted by EvaDestruction on Jan 4, 2013 - 59 comments

Jack Whittaker's Powerball tragedy.

The day would come when many West Virginians recalled the story of Jack's Powerball Christmas with a shudder at the magnitude of ruination: families asunder, precious lambs six feet under, folks undone by the lure of all that easy money.
posted by Egg Shen on Nov 29, 2012 - 68 comments

You mean they sat on the platform with you?

In the spirit of the Nobel season, Yasha Levine discusses the history of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel as a PR gimmick for laissez-faire economics, and how its existence is an affront to the Nobel legacy.
posted by clarknova on Oct 26, 2012 - 26 comments

Sinking.

How Venice's 1% put an end to social mobility, and what the US can learn from it - SLNYTOP
posted by The Whelk on Oct 14, 2012 - 50 comments

If Only T. Boone Pickens Had Died

T. Boone Pickens and other wealthy, elderly Oklahoma State alums decided to participate in a scheme named "Call of a Lifetime", where they would allow the university to take out $10 million life insurance policies on them. What could go wrong?
posted by reenum on Oct 7, 2012 - 66 comments

use value vs. exchange value

What Is Value? What Is Money? (via via) [more inside]
posted by kliuless on Sep 1, 2012 - 15 comments

Versailles, Florida

Orlando, FL - 10 ac, 90K sq ft, 13 bed, 30 bath, 20 car garage, 3 pools, 2 tennis cts, bowling alley, skating rink - $100M [more inside]
posted by Egg Shen on Jul 28, 2012 - 140 comments

Rich Kids Of Instagram

Rich Kids Of Instagram
posted by gwint on Jul 18, 2012 - 136 comments

"Just the idea of holding money can make people selfish."

How Money Makes People Act Less Human: Earlier this year, [Paul] Piff, who is 30, published a paper in the Proceedings of the National Academy of Sciences that made him semi-famous. Titled “Higher Social Class Predicts Increased Unethical Behavior,” it showed through quizzes, online games, questionnaires, in-lab manipulations, and field studies that living high on the socioeconomic ladder can, colloquially speaking, dehumanize people. It can make them less ethical, more selfish, more insular, and less compassionate than other people. It can make them more likely, as Piff demonstrated in one of his experiments, to take candy from a bowl of sweets designated for children. “While having money doesn’t necessarily make anybody anything,” Piff says, “the rich are way more likely to prioritize their own self-interests above the interests of other people. It makes them more likely to exhibit characteristics that we would stereotypically associate with, say, assholes.”
posted by Mooski on Jul 3, 2012 - 70 comments

See Paradise for a mere $625,000 a week.

Jon Ronson (whose book The Psychopath Test was the basis of a This American Life episode ) interviews folks living in America at several varied levels of income in: GQ - Amber Waves of Green.
posted by 1f2frfbf on Jun 29, 2012 - 39 comments

the dawn of a Star Trek generation

In Praise of Leisure - "Imagine a world in which most people worked only 15 hours a week. They would be paid as much as, or even more than, they now are, because the fruits of their labor would be distributed more evenly across society. Leisure would occupy far more of their waking hours than work. It was exactly this prospect that John Maynard Keynes conjured up in a little essay published in 1930 called 'Economic Possibilities for Our Grandchildren.' Its thesis was simple. As technological progress made possible an increase in the output of goods per hour worked, people would have to work less and less to satisfy their needs, until in the end they would have to work hardly at all... He thought this condition might be reached in about 100 years — that is, by 2030." (via) [more inside]
posted by kliuless on Jun 22, 2012 - 117 comments

The War Against Youth

The recession didn't gut the prospects of American young people. The Baby Boomers took care of that.
posted by ClanvidHorse on Apr 1, 2012 - 317 comments

if I can do it, so can you!

6 Things Rich People Need to Stop Saying. (SLCracked by David Wong) [more inside]
posted by changeling on Mar 6, 2012 - 223 comments

Marriage is a luxury good

Marriage is a luxury good [NYT] After steadily rising for five decades, the share of children born to unmarried women has crossed a threshold: more than half of births to American women under 30 occur outside marriage. [more inside]
posted by modernnomad on Feb 18, 2012 - 66 comments

Hetty Green

Best known for the (exaggerated) tales of her miserliness, Hetty Green was arguably the greatest female investor in history. During the 1907 Bankers' Panic, her loan of $1.1 million helped keep New York City solvent. Her estate - greater than that of J.P. Morgan's - was valued at more than $2 billion in today's money. [more inside]
posted by Trurl on Feb 5, 2012 - 18 comments

Life After Capitalism

One thing we can be certain of is that capitalism will end. Maybe not soon, but probably before too long; humanity has never before managed to craft an eternal social system, after all, and capitalism is a notably more precarious and volatile order than most of those that preceded it. The question, then, is what will come next.
posted by The Whelk on Dec 24, 2011 - 85 comments

The Stealthy Wealthy

As the Occupy protests spread, the latest phenomenon to emerge is the Stealthy Wealthy. Sensitive to negative perceptions of extreme wealth inequality in hard times, and concerned about the possibility of history repeating itself, the super-rich have been swapping their limousines for nondescript-looking yet luxuriously outfitted cargo vans.
posted by acb on Nov 29, 2011 - 94 comments

John D. Rockefeller

Mr. Rockefeller has not squandered his income. He has applied it for thirty-five years to accumulating not only oil property but real estate — railroad stock, iron mines, copper mines, anything and everything which could be bought cheap by temporary depressing and made to yield rich by his able management. For thirty-five years he has worked for special privileges giving him advantages over competitors, for thirty-five years he has patiently laid net-works around property he wanted, until he had it surely corralled and could seize it; for thirty-five years he has depreciated values when necessary to get his prey. And to-day he still is busy. In almost every great financial manoeuvre [sic] in the country is felt his supple, smooth hand with its grip of steel, and while he directs that which is big, nothing is too small for him to grasp. [more inside]
posted by Trurl on Nov 16, 2011 - 7 comments

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

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