Deep Thought
If I have to hear one more time about billionaires losing their wealth and how if they aren’t doing well then the rest of the world isn’t either I think I might come through the television at someone.
“These billionaires prop up tons of charities around the world” Is what I heard this morning on ABC and because they aren’t multi billionaires, well, they just aren’t going to want to give away their money.
Also this morning I heard that when billionaires lose their billions and are only multi millionaires then, well, they go threw a “huge lifestyle change” that really “effects” them. WTF??
Then last night I heard something along the lines of that we NEED the rich to do well, we need them to be making billions because they are what drives the economy and make people work. That was CBS Evening News last night
Watch last night’s Colbert Report where the WORD segment was called ‘Rand Illusion’.
Rips the whole Going Galt bullshit to shreds. Also makes that snake-faced C, Malkin, look like the looney she is.
Hear an interview on the BBC World Service this morning. FT editor and BBC commentator discussing the Russian tycoons who lost billions when the commodities market dried up (nickel, iron, oil, phosphorus). I think Abramovich lost 18 B USD… still has Chelsea FC though. 🙂
BBC guy asked which is worse; losing $18 of $40 billion or losing your last five grand. He thought it was the latter… I must agree…
The TV millionaires are telling us how important millionaires are? I’m sure there’s no self-interest there. Cry me a river for the billionaires are now merely multi-millionaires. What lifestyle changes are they facing – can they only afford cold water for their bidets?
Millions of baby-boomers have lost the majority of their 401k’s and their homes have lost 40% of their value. Oh yeah, I’m terrified to hear how Bill Gates is going to scrape by.
I do feel bad that charities and arts organizations are suffering. They do important work and I don’t want to see them disappear. However, I do think there is a proliferation of vanity charities that are very specialized and I think some will disappear and some will consolidate with others. I hope that increased science funding, for example, can help cover the gap for some underfunded disease research and that a better healthcare system can catch more people before they fall through the cracks.
UI, cold water in their bidets? That would be the sign of an early spring.
Which means you aren’t bothered by this story:
Personally, I’m not bothered by it, either, but there are real consequences when wealthy people lose money.
Come on, Dana. Everybody is cutting back. I would be astounded if the Arts were insulated from this economy. And there are real consequences when all people lose money. Let’s spread the concern around.
Thanks, Dana, for missing the point completely.