Rich as Hell :: tyeebooks.ca: “Fitzgerald was wrong: the rich are just like you and me. No matter how much money they have, they’d feel more secure with twice as much. They tend to spend more than they make. They have trouble teaching their kids the value of a dollar. They even need support from peer groups.”

What I find funny is that the author approaches this class of rich people as a distinct nation:
“They aren’t really living with ordinary Americans, physically or culturally. But most are émigrés from America’s middle class, the wealthiest parvenus in history. They are both a recent phenomenon and a familiar one: Frank sees them as the “Third Wave” of dramatic wealth-building, after the Gilded Age (1865-1890) and the Roaring Twenties (1918-1929). In those eras, the top one percent of Americans held almost half the nation’s wealth.“
Here’s an example of the extravagance of the Upper Richistanis:
“Upper Richistanis, worth $100 million to $1 billion, total just a few thousand. These folks will pay $182,000 for a wristwatch. Billionaireville, by contrast, had 13 residents in 1985 and 400 in 2006. They can hire a consulting firm to tell them what time it is.“
Wow, talk about indulgence! I don’t think I’d ever want to pay $182,000 for a wrist watch.
Here’s another:
“Others gain status by building ever larger yachts: to be in the running these days, your boat needs to be over 500 feet long, cost over $200 million, and offer at least two helipads: one for your own helicopter, and the other for your guests’.”
So it seems the rich are the creme a la crop players of what I’d call the game of shadows in Plato’s allegory of the cave. (Jon would certainly get this reference – hint, hint)
Unfortunately, such extremes of wealth have a way of destroying everything around it. Here’s an example, indirect perhaps, from the article:
“”Despite their huge new fortunes, many of today’s millionaires — and even billionaires — are living beyond their means. The nation’s richest one per cent took on $383 billion in debt between 1995 and 2004, most of it in the form of mortgages and instalment debt. Their debt grew 235 per cent between 1989 and 2004, while their total wealth grew at half that rate.“”
Guess some don’t have the discipline to reign themselves in…
Like a bubble so bloated that it bursts…
I wonder if the adage: Absolute power corrupts absolutely comes into play at some point. (umm… or is that “Absolute greed”?)
Like sheep to the slaughter…
“Meanwhile, the very conspicuous consumption of the Richistanis is driving ordinary Americans to try to keep up. Maybe they can’t afford $2,100 wristwatches, but they have certainly learned to live beyond their means.“
You won’t catch me trying to run that treadmill.
The author also states along the previous point:
“But I wish he had devoted more time to studying the impact of the Richistanis on ordinary Americans. They’re not just working harder to keep up with the Gateses and Ellisons; most middle-class households are increasingly stressed and insecure, with dangerous consequences for their health and life expectancy. However well intentioned, Richistani philanthropy can’t compensate for what happens to ordinary folks because of the income gap.”
As Dennis Raphael and countless other social determinants of health researchers have been shouting into deaf ears for so long.
They say justice is blind. Nay, the unjustly rich are. (How do you beat human nature?)






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