The Rich really are different — as today’s chart porn reveals.
It has to do with inflation — the High Cost of Living Extremely Well Index. It turns out that this HCLEWI has been skyrockting, as the chart below, courtesy of Forbes, shows:
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This is but one of a very cool collection of charts in a book I happened across in Barnes & Noble yesterday: All the Money in the World.
Chock full of "Infographics," it is a look at the lives,
culture, and financial habits of the unbelievably rich.
The book delves into the Forbes 400 — businessmen and women, sports
stars, entertainment figures and wealthy heirs all get profiled in
gritty but fascinating detail.
"blue collar billionaires," "West
Coast money," "giving it away" and, naturally, "power and politics."
There’s several more graphics at Amazon
Source:
All the Money in the World: How the Forbes 400 Make–and Spend–Their Fortunes
That looks like a fun read, thanks for pointing it out.
Off Topic:
I was worried we would turn around mid-day… But Fortunately CNBC has brought the markets pollyanna Angel of death on: Dennis kneale.
If you were a Bull, and you saw and heard this guy trying to make your case… You would sell too.
If anyone can send the market down it’s him.
OT:
The chutzpah of Albert Lord is simply amazing…
Go listen to the Sallie Mae call towards the end when the “Q&A” period starts.
that is what is wrong with the people in charge…not giving a shit about anyone but themselves.
Here’s a link to a link:
http://www.minyanville.com/articles/abk-mbi-slm-mer-gis/index/a/15275
scroll down to the second item and the MP# link
Ciao
MS
I think I’m going to start myself a shoe business.
I should be able to sell some shoes for 10,000$. 400$ seems quite cheap!
I went all the way with Sallie Mae…..but I didn’t love her in the morning.
On another note, I see the ratings cartel are realizing the obvious and downgrading the bond/mtg insurance companies.
Anyone smell smoke? I’d swear I heard fire engines. Fire equity withdrawl, coming to a neighborhood near you?
Is it coincidental that just as I finished wathing this:
http://www.storyofstuff.com/
I read this post!
“that is what is wrong with the people in charge…not giving a shit about anyone but themselves.”
They DON’T have to give a shit…that is the problem Numero Uno. Shareholders have no say, politicians are bought by these guys, and a growing sense of infinite entitlement permeates the sub-culture of the people in charge.
Basically, an almost complete lack of checks and balances. Everyone for themselves, the culture of the mercenary, the “others” be damned.
To think that this can pass as a “society”.
hmmph!
As long as there are so many off-topics, here is a holiday present.
http://www.pandb.org/episodes1.php
Prometheus and Bob – the complete saga.
Can’t we make people who write these books (and the WSJ and Barron’s for that matter) use log scales? Lets pass a law.
That’s it!
Typepad filter has burned any once of patience I might have had.
The stupid fuckwadism integrated into their algorithm makes mockery of the human faculty known as thought.
Their kwality kontrol iz awe some.
These people think that when they defecate, a bloom of lily and lavender invades the space they occupy.
I’m against log scales when it comes to this kind of thing. Sure, log scales will give allow you to accurately portray quantitative information in a much smaller (or at least shorter) figure.
The problem is that most of the average joes think you would find “a log scale” at a lumber yard.
For more on the super wealthy, also sans log scales, check out this post:
http://afferentinput.blogspot.com/2007/12/if-america-had-100-and-100-people.html
This shows how the various pieces of the pie have changed since 1979 using the recently released CBO data. Let’s just say that a rising tide lifts all yachts. For the bottom 90% with leaky dinghies, however…
… I saw “independant Lens” about Nader, I didn’t/would never vote for him… But compleatly support his right to run. It reminded me that even politics/ethics are cyclical.
Point being; I think “Amorality” is a Crowded Trade, Time to go short.
messr Lauda
would’nt that (theoretically) trigger a fresh new set of write offs that everyone assumes is over???
That’s how I read it….
BTW You got a raw deal at Ferrari when I came in……I recall with fond memories that 1/2 point you snookered over on Al in ’84
Ciao
MS
I was also filtered when I tried to paraphrase a popular song lyric. I have intentionally transposed two letters to see if I can slip past (is this China or what?)
update: That didn’t work so I am letting readers fill in the blank.
Will the rev……ion be televised?
How this is even legal just defies description:
Albert Lord Sells over $35 million in stock LESS THAN A WEEK AGO
http://finance.yahoo.com/q/it?s=SLM
maybe Angelo needs a roommate…..
Ciao
MS
“…I went all the way with Sallie Mae…..but I didn’t love her in the morning.”
_______________
Too freekin’ funny! Ha!
Well that worked – but how can words be filtered without knowing the context? Perhaps I was posting about Ben Franklin and the American Rev……ion or that the internet had triggered a rev……ion in new technology.
Who would try to post a comment under such conditions?
Not me again.
I think that the bad news has hit a point of being overwhelming.
and CNBC was like “well, we knew the insurers were in trouble.”
And the consequence of that has yet to be… Digested.
and it’s the holidays, and people, including me, don’t want to be at trading desks.
aren’t there some retail numbers coming in?
maybe Angelo needs a roommate…..
Ciao
MS
Posted by: michael schumacher | Dec 19, 2007 2:17:28 PM
_____
Corrected: maybe Angelo will need a cellmate…
Angelo Mozilla is peanuts in the chutzpah category when compared to Albert Lord.
That a stock transaction…..PERIOD… was even allowed to occur 3 trading days BEFORE a conference call is just astounding.
This is up there with the likes of Kozlowski, Ebbbers, and the rest of there ilk.
Depending on how those shares were held they should have never allowed that to occur in the context of a blackout period. You can call up as many times as you like but the administrator is “supposed” to deny any transactions in the blackout period….or did they do away with that for “public servants” when I was’nt looking…….
most likely some special rule that gets invoked for friends of Hank’s when they are about to loose alot of GS’s money.
If this is allowed to stand then pray for all of us as the rules (and they were hardly enforced to begin with) are now gone.
“now let’s get the fuck out of here”
Albert Black 12/19/07
Not Amused to say the least……..
MS
If I am not mistaken, I think I saw somewhere that he had a margin call and it was a forced liquidation. Speaking of Mr. Lord of course.
MS
‘Professor’ Prost is a truely nice guy, for a frog. I hear he’s riding bikes now.
the metal detector thing got me… I assume he was talking metaphorically… and it was some kind of call screening…
I expected to hear some kind of
“you better bring a Fucken, Gun next time asshole, cause I’m playen for keeps”
will be interesting to see if directors at SLM or even the FRB (as SLM another effed-up GSE) try to step into this mess. even the losers on CNBC must understand the depth of weirdness at the top of American companies. (another note: how bout vaunted Flowers’ private equity bid at $60 not that long ago. an awful lot of folks looking stupid right now. also Icahn’s $22 bid for the FL builder now flirting w bankruptcy. whew. close call, Carl)
forced or not it still is very wrong to sell or buy that amount 3 days before a CC.
That is why we are supposed to have a system that prevents that from happening. Or so I thought….silly me.
Schultze over at SBUX did much the same thing last year and made sure that no one was going to sell above him. Remember his quality epiphany??.that was three days after a $33 million sale.
The rules are not the same for us.
Ciao
MS
CPI is a lie to keep salaries and COLA’s for the working class low. This allows the rich to get richer, and accounts for the increasing gap between middle class and the top 1 & 10 percent.
Actual CPI is closer to CLEWI. Thats why in 1982 1 household member making an average wage could support a family of 4, today it requires 2. It ain’t hard to figure out people.
Interesting that CPI and CLEWI both do not take into account of taxes. For the middle class, taxes of one form or another account for 47% of their income, maybe we would not have the debt we have if the rich pay the same amount.
Can’t do that you say because the rich invest in the knowledge and tools of production. Well, not exactly, they also invest in debt, and the production they invest is in China, and they do invest in companies who need a loan to downsize and move to China.
They certainly are not investing in infrastructure, every time I come back to the US it looks more like a 3rd world country to my eyes.