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“You’ll drive yourself to madness if you try to draw lines between people who make money from producing worthy things and those who don’t. There will always be people who make a lot of money in ways you don’t think add value. Money doesn’t care how it’s made. Don’t bother fighting that. The 28 year old banker with a $2mm bonus is so much less poisonous than redistributive statism.”
rf…where would you categorize someone who has a net worth of $5MM and it generates $73,000 a year for them in dividend income and that’s their only source of income????
You’ll drive yourself to madness if you try to draw lines between people who make money from producing worthy things and those who don’t. There will always be people who make a lot of money in ways you don’t think add value. Money doesn’t care how it’s made. Don’t bother fighting that. The 28 year old banker with a $2mm bonus is so much less poisonous than redistributive statism.
“You’ll drive yourself to madness if you try to draw lines between people who make money from producing worthy things and those who don’t. There will always be people who make a lot of money in ways you don’t think add value. Money doesn’t care how it’s made. Don’t bother fighting that. The 28 year old banker with a $2mm bonus is so much less poisonous than redistributive statism.”
Worth repeating!
rf…where would you categorize someone who has a net worth of $5MM and it generates $73,000 a year for them in dividend income and that’s their only source of income????
Median household income
New York City $46,335
New York State $67,635
U.S. $54,595
New York City:
Median household income owner occupied $73,660
Median household income renter occupied $36,882
2009-2010 estimates
http://www.areavibes.com/new+york-ny/employment/
(in the table, the first column is NYC and the second is NYS)
Daytrading produces absolutely nothing either. You think that’s wrong too???
And this as opposed to making overpriced clothing for people to show off with???? What does that “produce” for society??????
You’ll drive yourself to madness if you try to draw lines between people who make money from producing worthy things and those who don’t. There will always be people who make a lot of money in ways you don’t think add value. Money doesn’t care how it’s made. Don’t bother fighting that. The 28 year old banker with a $2mm bonus is so much less poisonous than redistributive statism.
Great, dibs – they’re gorgeous!
“what about all the RMBS guys?”
What about them?
Arkady….I won the pair of flip glasses.
“If some guy brings in $1b of business, he should make $100MM or more on that.”
what about all the RMBS guys?
they “earned” a ton of wealth, and produced absolutely nothing.
it’s easy to “earn” a bunch when you have lobbyists spending tons of money to deregulate your industry.